# Mynet Inc.: business model and financials

> Latest period: FY ending Dec 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第20期(2025/01/01－2025/12/31) (S100XRSE)
> Page: https://vizora.meequs.com/en/company/mynet
> Retrieved: 2026-09-30T22:08:17.044Z

## Company

Mynet, founded in 2006, is a company in Games listed on TSE Standard. It has 262 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Mynet Inc. |
| Ticker | 3928 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3928.T) |
| Listing | TSE Standard |
| Head office | 東京都港区北青山二丁目11番3号 |
| Representative (per filing) | 代表取締役社長 岩城 農 |
| Founded | Jun 2006 |
| Share capital | ¥49.6M |
| Employees (consolidated) | 262 |
| Average salary (parent only) | ¥6.6M |
| Fiscal year end | December |
| Website | mynet.co.jp (https://mynet.co.jp/) |
| Corporate number | 7010001100444 |
| EDINET | E31991 |
| Industries (Vizora) | Games, Consulting |

> Profile source: annual securities report (S100XRSE, filed 2026-03-27). As of filing

## Five-axis industry profile

Primary industry: Games (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 23.6 | 36 |
| Profitability | 47.6 | 41 |
| Cash conversion | 79 | 31 |
| Efficiency | 76.8 | 41 |

Each axis is shown independently. Missing values are labeled unavailable; no combined score is calculated. Industry rank is not an investment recommendation.

## Key points (generated from figures)

- About 91% of Mynet's sales come from Game Business, with Non-Game Business making up much of the rest.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed -15.5% from the prior year, operating profit -12.6%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥7.48B |  |
| Operating income | ¥374.5M | Margin 5.0% |
| Net income | ¥228.1M | Margin 3.1% |
| Free cash flow | — |  |
| Largest business | Game Business | of segment revenue 90.9% |
| Employees (consolidated) | 262 |  |
| EPS | ¥67.32 |  |
| Book value per share | ¥97.09 |  |
| Equity ratio | 32.4% |  |
| Shares outstanding | 8,710,334 |  |
| Treasury shares | 157,900 |  |
| Shareholders | 4,587 |  |
| Average salary (parent only) | ¥6.6M | Filing company only |
| Cash ratio | 50.6% | Net cash ¥1.24B · Cash ÷ revenue 31.7% |
| Vs. industry median margin | -0.4 pp | Games |
| ROE | 15.9% | Derived from disclosed figures |
| ROA | 4.8% | Derived from disclosed figures |

## Notable figures

- FY2025, operating cash flow is 3.5× net income
- FY2025, one segment accounts for 85% of positive segment profit
- FY2025, cash is 51% of total assets

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥11533596000 | ¥7478296000 | -35.2% |
| Operating income | ¥1135234000 | ¥374476000 | -67.0% |
| Operating margin | 9.8% | 5.0% | -4.8 pp |
| Employees | 359 people | 262 people | -27.0% |
| Cash and equivalents | ¥2755830000 | ¥2372984000 | -13.9% |

### Change in segment revenue mix

Span: FY ending Dec 2020 → FY ending Dec 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 新設・再編 → ゲーム事業 | 90.9% |
| 新設・再編 → 異業種事業 | 9.1% |

Segment revenue source references: 2 (derived)

## Income statement（FY ending Dec 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 7,478 | 100.0% | S100XRSE |
| Cost of revenue | 4,124 | 55.1% | S100XRSE |
| Gross profit | 3,355 | 44.9% | S100XRSE |
| SG&A | 2,980 | 39.9% | S100XRSE |
| Operating income | 374 | 5.0% | S100XRSE |
| Ordinary income | 308 | 4.1% | S100XRSE |
| Pretax income | 308 | 4.1% | S100XRSE |
| Income tax | 73 | 1.0% | S100XRSE |
| Net income | 235 | 3.1% | S100XRSE |
| Net income attributable to owners | 228 | 3.1% | S100XRSE |

## Per ¥100 of revenue（FY ending Dec 2025）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 55 |
| SG&A | 40 |
| Operating income | 5 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 44.9% → Operating margin 5.0% → Net margin 3.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -15.5%; Core profit growth: -12.6%
Operating leverage (core profit growth ÷ revenue growth): 0.81×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Dec 2024 → FY ending Dec 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 8,846 | 7,478 | -1,368 | -15.5% |
| Gross profit | 3,554 | 3,355 | -199 | -5.6% |
| Operating income | 428 | 374 | -54 | -12.6% |
| Net income attributable to owners | 246 | 228 | -18 | -7.1% |
| Operating cash flow | 329 | 803 | 474 | +144.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 11,650 | -778 | -6.7% | -2,413 | -330 | -850 | S100L1KZ |
| FY ending Dec 2020 | 11,534 | 1,135 | 9.8% | 1,130 | 1,848 | 1,848 | S100NSP6 |
| FY ending Dec 2021 | 10,571 | 578 | 5.5% | 229 | 528 | 499 | S100QI3Z |
| FY ending Dec 2022 | 10,543 | -399 | -3.8% | -1,633 | -149 | -277 | S100T2NK |
| FY ending Dec 2023 | 8,718 | 169 | 1.9% | 143 | 250 | 196 | S100VJZC |
| FY ending Dec 2024 | 8,846 | 428 | 4.8% | 246 | 329 | 126 | S100XRSE |
| FY ending Dec 2025 | 7,478 | 374 | 5.0% | 228 | 803 | — | S100XRSE |

## People and productivity（FY ending Dec 2025, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥28.5M |
| Operating income per employee (consolidated) | ¥1.4M |
| Net income per employee (consolidated) | ¥870.7K |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 352 | 347 | 272 | 260 | 262 |
| Average salary (parent company) | ¥5.9M | ¥6M | ¥6.1M | ¥6.3M | ¥6.6M |
| Average age (parent company) | 34.7 years | 35.2 years | 36.4 years | 37.4 years | 38.7 years |
| Average tenure (parent company) | 4.2 years | 4.7 years | 5.3 years | 6.2 years | 6.9 years |

Year over year: Employees (consolidated) +0.8% · Revenue (consolidated) -15.5%

## Segments（FY ending Dec 2025, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Game Business | 6,797 | 90.9% | 318 | 4.7% |
| Non-Game Business | 681 | 9.1% | 57 | 8.3% |

### segmentMix — Revenue and profit mix

Calculated from disclosed figures (DERIVED). Shares use total segment revenue and total positive segment profit respectively. Difference = profit share − revenue share (pt). Inter-segment sales may prevent reconciliation to company revenue.

| Segment | Revenue share | Profit share | Difference (pt) | Margin |
| --- | ---: | ---: | ---: | ---: |
| Game Business | 90.9% | 84.8% | -6.1 | 4.7% |
| Non-Game Business | 9.1% | 15.2% | 6.1 | 8.3% |

Segment → industry: Game Business → Games / Non-Game Business → Consulting

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Dec 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 803 | 10.7% | S100XRSE |
| Investing cash flow | -327 | -4.4% | S100XRSE |
| Financing cash flow | -493 | -6.6% | S100XRSE |
| Change in cash | -16 | -0.2% | S100XRSE |
| Cash and equivalents | 2,373 | 31.7% | S100XRSE |

## Balance sheet

Figures are as of each fiscal year end. Derived values are marked as such in the source column. Lease liabilities are excluded from interest-bearing debt.

| Metric | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 3,479 | 1,943 | 1,531 | 2,389 | 2,373 | S100T2NK, S100VJZC, S100XRSE |
| Total assets | 5,815 | 4,360 | 3,743 | 4,840 | 4,689 | S100QI3Z, S100T2NK, S100VJZC, S100XRSE |
| Net assets | 2,818 | 996 | 1,254 | 1,517 | 1,521 | S100T2NK, S100VJZC, S100XRSE |
| Share capital | 46 | 50 | 50 | 50 | 50 | S100QI3Z, S100T2NK, S100VJZC, S100XRSE |
| Property, plant and equipment | 74 | 53 | 20 | 19 | 16 | S100QI3Z, S100T2NK, S100VJZC, S100XRSE |
| Intangible assets excluding goodwill | 249 | 88 | 289 | 388 | 688 | S100QI3Z, S100T2NK, S100VJZC, S100XRSE |
| Goodwill | 223 | 31 | 188 | 133 | 98 | S100QI3Z, S100T2NK, S100VJZC, S100XRSE |
| Investment securities | 182 | 215 | 240 | 246 | 211 | S100QI3Z, S100T2NK, S100VJZC, S100XRSE |
| Current assets | 4,991 | 3,616 | 2,904 | 3,927 | 3,524 | S100QI3Z, S100T2NK, S100VJZC, S100XRSE |
| Current liabilities | 1,642 | 1,773 | 1,685 | 1,828 | 2,046 | S100QI3Z, S100T2NK, S100VJZC, S100XRSE |
| Short-term borrowings | — | — | 235 | — | 34 | S100VJZC, S100XRSE |
| Long-term borrowings | 543 | 662 | 315 | 800 | 708 | S100QI3Z, S100T2NK, S100VJZC, S100XRSE |
| Bonds | 800 | 770 | 470 | 680 | 390 | S100QI3Z, S100T2NK, S100VJZC, S100XRSE |
| Interest-bearing debt | — | — | 1,020 | — | 1,132 | 算出 |
| Total liabilities | 2,997 | 3,364 | 2,489 | 3,323 | 3,168 | S100QI3Z, S100T2NK, S100VJZC, S100XRSE |
| Non-controlling interests | — | — | 99 | 123 | — | S100VJZC, S100XRSE |
| Equity attributable to owners of parent | 2,806 | 975 | 1,117 | 1,366 | 1,495 | S100QI3Z, S100T2NK, S100VJZC, S100XRSE |
| Retained earnings | 1,373 | -366 | -223 | 16 | 231 | S100QI3Z, S100T2NK, S100VJZC, S100XRSE |
| Treasury stock | -0 | -100 | -100 | -90 | -55 | S100QI3Z, S100T2NK, S100VJZC, S100XRSE |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 51% | S100XRSE |
| Property, plant and equipment | 0% | S100XRSE |
| Intangibles and goodwill | 17% | S100XRSE |
| Investment securities | 4% | S100XRSE |
| Other assets | 28% | S100XRSE |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Interest-bearing debt | 24% | 算出 |
| Other liabilities | 43% | S100XRSE |
| Equity | 33% | S100XRSE |

### Balance sheet history

| Metric | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 5,815 | 4,360 | 3,743 | 4,840 | 4,689 |
| Equity | 2,818 | 996 | 1,254 | 1,517 | 1,521 |
| Interest-bearing debt | — | — | 1,020 | — | 1,132 |
| Cash | 3,479 | 1,943 | 1,531 | 2,389 | 2,373 |

## Asset intensity and goodwill

Ratios are derived from reported values. Goodwill is used only when separately reported, never inferred from combined intangible assets.

| Metric | Value | Sources |
| --- | ---: | ---: |
| Asset intensity (fixed assets ÷ revenue) | 0.2% | S100XRSE |
| Fixed assets ÷ total assets | 0.3% | S100XRSE |
| Goodwill ÷ parent equity | 6.5% | S100XRSE |

Goodwill over 4 years: 223 → 98 JPY; total investing cash flow: -2,140 JPY. This does not imply causation.

### Cash quality

Net cash = cash − interest-bearing debt. Net debt ratio = (interest-bearing debt − cash) ÷ positive operating cash flow. Omit when debt components are incomplete; other ratios are derived from reported figures.

| Metric | Value |
| --- | ---: |
| Cash ratio (cash ÷ total assets) | 50.6% |
| Cash ÷ revenue | 31.7% |
| Net cash (cash − interest-bearing debt) | ¥1.24B |
| Net debt ÷ operating cash flow | -1.55× |
| Cash conversion (operating CF ÷ operating income) | 214.5% |
| Cash vs. profit gap | 575 JPY mn (of net income 252.1%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | — |
| Investing CF relative to operating CF | 40.7% |

## ROA and ROE

ROE is decomposed into net margin × asset turnover × financial leverage. Leverage can raise ROE, so the ratio alone does not assess a company's condition. Ending balances are used without a prior year; total equity approximates parent equity when unavailable.

| Period | Net margin | Asset turnover | ROA | Financial leverage | ROE | Sources |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 2.2% | 1.82× | 3.9% | 2.07× | 8.2% | S100QI3Z |
| 2022 | — | —× | -32.1% | —× | — | S100T2NK |
| 2023 | 1.6% | 2.15× | 3.5% | 3.87× | 13.7% | S100VJZC |
| 2024 | 2.8% | 2.06× | 5.7% | 3.46× | 19.8% | S100XRSE |
| 2025 | 3.1% | 1.57× | 4.8% | 3.33× | 15.9% | S100XRSE |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 上原 仁 | Major shareholder | 14.5% | 2025-12-31 |
| 株式会社SBI証券 | Major shareholder | 5.0% | 2025-12-31 |
| 楽天証券株式会社 | Major shareholder | 5.0% | 2025-12-31 |
| 西村 裕二 | Major shareholder | 2.7% | 2025-12-31 |
| 株式会社セガ | Major shareholder | 2.6% | 2025-12-31 |
| 笠原 健治 | Major shareholder | 2.4% | 2025-12-31 |
| 三菱UFJeスマート証券株式会社 | Major shareholder | 1.6% | 2025-12-31 |
| 山下 良久 | Major shareholder | 1.3% | 2025-12-31 |
| 中辻 哲朗 | Major shareholder | 1.2% | 2025-12-31 |
| 籔谷 直樹 | Major shareholder | 1.2% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第20期(2025/01/01－2025/12/31) | S100XRSE | 2026-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XRSE,, |
| 訂正有価証券報告書－第19期(2024/01/01－2024/12/31) | S100VJZC | 2025-04-02 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VJZC,, |
| 有価証券報告書－第18期(2023/01/01－2023/12/31) | S100T2NK | 2024-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T2NK,, |
| 有価証券報告書－第17期(2022/01/01－2022/12/31) | S100QI3Z | 2023-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QI3Z,, |
| 有価証券報告書－第16期(令和3年1月1日－令和3年12月31日) | S100NSP6 | 2022-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NSP6,, |
| 有価証券報告書－第15期(令和2年1月1日－令和2年12月31日) | S100L1KZ | 2021-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L1KZ,, |

## Definitions

- Amounts are in millions of JPY (rounded). The period is stated in each table heading
- Operating margin = operating income ÷ revenue. Net income is attributable to owners of the parent when disclosed
- Free cash flow (FCF) = operating cash flow − capital expenditure
- ¥100 model = breakdown per ¥100 of revenue (rounded so parts sum to 100)
- Segment revenues include inter-segment sales and may not sum to consolidated revenue
- Source IDs are EDINET document IDs (docID). "算出" (derived) means computed from other disclosed values
- All figures are extracted mechanically from filings. AI-written text never generates figures
- Source: company filings submitted to EDINET (Financial Services Agency of Japan). Figures were extracted, edited and processed, and charts and text were created, by Vizora — not by the FSA (used under the Public Data License v1.0).