# NETSTARS Co.,Ltd.: 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17期(2025/01/01－2025/12/31) (S100XTGZ)
> Page: https://vizora.meequs.com/en/company/netstars
> Retrieved: 2026-09-30T18:56:00.897Z

## Company

Netstars, founded in 2009, is a company in Cashless Payments listed on TSE Growth. It has 221 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | NETSTARS Co.,Ltd. |
| Ticker | 5590 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5590.T) |
| Listing | TSE Growth |
| Head office | 東京都中央区八丁堀三丁目3番5号 |
| Representative (per filing) | 代表取締役社長CEO 李剛 |
| Founded | Feb 2009 |
| Share capital | ¥4.49B |
| Employees (consolidated) | 221 |
| Average salary (parent only) | ¥6.9M |
| Fiscal year end | December |
| Website | www.netstars.co.jp (https://www.netstars.co.jp/) |
| Corporate number | 9010001141627 |
| EDINET | E38957 |
| Industries (Vizora) | Cashless Payments |

> Profile source: annual securities report (S100XTGZ, filed 2026-03-25). As of filing

## Key points (generated from figures)

- Netstars brought in ¥4.79B in revenue.
- Out of every ¥100 of sales, about ¥6 is left as operating profit.
- Revenue changed +22.7% from the prior year, and it swung back to an operating profit.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥4788117000 → ¥485016000
- Net income → operating cash flow: ¥485016000 → ¥2377131000（difference ¥1892115000）
- Main uses of operating cash flow: CapEx ¥115781000 / dividends — / buybacks —
- Change in cash: ¥2334408000
Segment shares use total reported segment revenue, which may include inter-segment sales. The cash bridge is operating cash flow minus net income and combines non-cash items and working-capital effects.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥4.79B |  |
| Operating income | ¥293.1M | Margin 6.1% |
| Net income | ¥485M | Margin 10.1% |
| Free cash flow | ¥2.26B |  |
| Employees (consolidated) | 221 |  |
| EPS | ¥27.36 |  |
| Diluted EPS | ¥26.79 |  |
| Book value per share | ¥457.82 |  |
| Equity ratio | 19.9% |  |
| Shares outstanding | 16,828,800 |  |
| Shareholders | 2,677 |  |
| Average salary (parent only) | ¥6.9M | Filing company only |
| Cash ratio | 94.4% | Cash ÷ revenue 756.2% |
| Vs. industry median margin | -7.1 pp | Cashless Payments |
| ROE | 6.7% | Derived from disclosed figures |
| ROA | 1.3% | Derived from disclosed figures |

## Notable figures

- FY2025, operating cash flow is 4.9× net income
- FY2025, cash is 94% of total assets

## What changed in 3 years

| Metric | FY ending Dec 2022 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥2987067000 | ¥4788117000 | +60.3% |
| Operating income | ¥-554741000 | ¥293083000 | — |
| Operating margin | -18.6% | 6.1% | +24.7 pp |
| Employees | 217 people | 221 people | +1.8% |
| Cash and equivalents | ¥19746334000 | ¥36209760000 | +83.4% |

### Change in segment revenue mix

Span: FY ending Dec 2022 → FY ending Dec 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 4,788 | 100.0% | S100XTGZ |
| Cost of revenue | 1,122 | 23.4% | S100XTGZ |
| Gross profit | 3,666 | 76.6% | S100XTGZ |
| SG&A | 3,373 | 70.4% | S100XTGZ |
| Operating income | 293 | 6.1% | S100XTGZ |
| Ordinary income | 443 | 9.3% | S100XTGZ |
| Pretax income | 402 | 8.4% | S100XTGZ |
| Income tax | -83 | -1.7% | S100XTGZ |
| Net income | 485 | 10.1% | S100XTGZ |
| Net income attributable to owners | 485 | 10.1% | S100XTGZ |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 23 |
| SG&A | 71 |
| Operating income | 6 |
| (Ref.) Net income | 10 |

### Margin funnel

Gross margin 76.6% → Operating margin 6.1% → Net margin 10.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Turned profitable
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 | 3,902 | 4,788 | 886 | +22.7% |
| Gross profit | 2,978 | 3,666 | 688 | +23.1% |
| Operating income | -84 | 293 | 377 | — |
| Net income attributable to owners | -38 | 485 | 523 | — |
| Operating cash flow | 7,510 | 2,377 | -5,133 | -68.3% |
| Free cash flow | 7,362 | 2,261 | -5,101 | -69.3% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2022 | 2,987 | -555 | -18.6% | -573 | 3,216 | 2,813 | S100T640 |
| FY ending Dec 2023 | 3,721 | -322 | -8.6% | -348 | 6,011 | 5,828 | S100VHQQ |
| FY ending Dec 2024 | 3,902 | -84 | -2.2% | -38 | 7,510 | 7,362 | S100XTGZ |
| FY ending Dec 2025 | 4,788 | 293 | 6.1% | 485 | 2,377 | 2,261 | S100XTGZ |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥21.7M |
| Operating income per employee (consolidated) | ¥1.3M |
| Net income per employee (consolidated) | ¥2.2M |

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

| History | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 217 | 223 | 223 | 221 |
| Average salary (parent company) | — | ¥6.3M | ¥6.3M | ¥6.9M |
| Average age (parent company) | — | 37.2 years | 37.5 years | 38.2 years |
| Average tenure (parent company) | — | 3.1 years | 3.8 years | 3.8 years |

Year over year: Employees (consolidated) -0.9% · Revenue (consolidated) +22.7%

## 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 | 2,377 | 49.6% | S100XTGZ |
| Capital expenditure | 116 | 2.4% | S100XTGZ |
| Free cash flow | 2,261 | 47.2% | 算出 |
| Investing cash flow | -112 | -2.3% | S100XTGZ |
| Financing cash flow | 66 | 1.4% | S100XTGZ |
| Change in cash | 2,334 | 48.8% | S100XTGZ |
| Cash and equivalents | 36,210 | 756.2% | S100XTGZ |

## 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 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 19,746 | 26,522 | 33,875 | 36,210 | S100VHQQ, S100XTGZ |
| Total assets | 21,579 | 28,356 | 35,740 | 38,354 | S100T640, S100VHQQ, S100XTGZ |
| Net assets | 6,463 | 7,067 | 7,107 | 7,633 | S100VHQQ, S100XTGZ |
| Share capital | 3,984 | 4,451 | 4,456 | 4,489 | S100T640, S100VHQQ, S100XTGZ |
| Property, plant and equipment | 30 | 34 | 25 | 26 | S100T640, S100VHQQ, S100XTGZ |
| Intangible assets excluding goodwill | 756 | 726 | 649 | 517 | S100T640, S100VHQQ, S100XTGZ |
| Goodwill | 20 | 12 | 3 | — | S100T640, S100VHQQ, S100XTGZ |
| Investment securities | 251 | 251 | 326 | 283 | S100T640, S100VHQQ, S100XTGZ |
| Current assets | 20,407 | 27,217 | 34,607 | 37,242 | S100T640, S100VHQQ, S100XTGZ |
| Current liabilities | 15,116 | 21,288 | 28,633 | 30,721 | S100T640, S100VHQQ, S100XTGZ |
| Total liabilities | 15,116 | 21,288 | 28,633 | 30,721 | S100T640, S100VHQQ, S100XTGZ |
| Equity attributable to owners of parent | 6,411 | 6,998 | 6,970 | 7,528 | S100T640, S100VHQQ, S100XTGZ |
| Retained earnings | -4,793 | -5,140 | -5,178 | -4,686 | S100T640, S100VHQQ, S100XTGZ |
| Treasury stock | — | — | -0 | -0 | S100XTGZ |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 94% | S100XTGZ |
| Property, plant and equipment | 0% | S100XTGZ |
| Intangibles and goodwill | 1% | S100XTGZ |
| Investment securities | 1% | S100XTGZ |
| Other assets | 4% | S100XTGZ |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 80% | S100XTGZ |
| Equity | 20% | S100XTGZ |
| Other liabilities | 0% | S100XTGZ |

### Balance sheet history

| Metric | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: |
| Total assets | 21,579 | 28,356 | 35,740 | 38,354 |
| Equity | 6,463 | 7,067 | 7,107 | 7,633 |
| Interest-bearing debt | — | — | — | — |
| Cash | 19,746 | 26,522 | 33,875 | 36,210 |

## 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) | 0.5% | S100XTGZ |
| Fixed assets ÷ total assets | 0.1% | S100XTGZ |
| Goodwill ÷ parent equity | — | —, S100XTGZ |

### 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) | 94.4% |
| Cash ÷ revenue | 756.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 811.1% |
| Cash vs. profit gap | 1,892 JPY mn (of net income 390.1%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 2.4% |
| Investing CF relative to operating CF | 4.7% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | — | —× | -2.7% | —× | — | S100T640 |
| 2023 | — | —× | -1.4% | —× | — | S100VHQQ |
| 2024 | — | —× | -0.1% | —× | — | S100XTGZ |
| 2025 | 10.1% | 0.13× | 1.3% | 5.11× | 6.7% | S100XTGZ |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 李剛 | Major shareholder | 19.7% | 2025-12-31 |
| KJP2 L.P. （常任代理人 香港上海銀行東京支店 カストディ業務部） | Major shareholder | 12.2% | 2025-12-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 7.8% | 2025-12-31 |
| MLPFS CUSTODY ACCOUNT（常任代理人 BOFA証券株式会社） | Major shareholder | 7.4% | 2025-12-31 |
| 株式会社ＳＢＩ証券 | Major shareholder | 4.5% | 2025-12-31 |
| PHILLIP SECURITIES (HONG KONG) LIMITED（常任代理人 フィリップ証券株式会社） | Major shareholder | 4.0% | 2025-12-31 |
| 楽天証券株式会社共有口 | Major shareholder | 3.9% | 2025-12-31 |
| 王鯤 | Major shareholder | 3.6% | 2025-12-31 |
| 吉田興佳 | Major shareholder | 3.6% | 2025-12-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 3.1% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第17期(2025/01/01－2025/12/31) | S100XTGZ | 2026-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XTGZ,, |
| 有価証券報告書－第16期(2024/01/01－2024/12/31) | S100VHQQ | 2025-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VHQQ,, |
| 有価証券報告書－第15期(2023/01/01－2023/12/31) | S100T640 | 2024-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T640,, |

## 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).