# Neural Group 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8期(2025/01/01－2025/12/31) (S100XV3Y)
> Page: https://vizora.meequs.com/en/company/neural-group
> Retrieved: 2026-09-30T20:25:27.263Z

## Company

Neural Group, founded in 2018, is a company in Software & SaaS listed on TSE Growth. It has 204 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Neural Group Inc. |
| Ticker | 4056 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4056.T) |
| Listing | TSE Growth |
| Head office | 東京都千代田区有楽町一丁目1番2号 |
| Representative (per filing) | 代表取締役社長 重松 路威 |
| Founded | Jan 2018 |
| Share capital | ¥10M |
| Employees (consolidated) | 204 |
| Average salary (parent only) | ¥7.4M |
| Fiscal year end | December |
| Corporate number | 5010001189158 |
| EDINET | E35841 |
| Industries (Vizora) | Software & SaaS |

> Profile source: annual securities report (S100XV3Y, filed 2026-03-30). As of filing

## Five-axis industry profile

Primary industry: Software & SaaS (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 93.8 | 105 |
| Profitability | 11.4 | 145 |
| Efficiency | 52.8 | 145 |

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)

- Neural Group brought in ¥3.3B in revenue.
- Operating profit was close to zero, a slight loss per ¥100 of sales.
- Revenue changed -7.5% from the prior year, operating profit -118.7%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥3.3B |  |
| Operating income | -¥6.7M | Margin -0.2% |
| Net income | -¥116.2M | Margin -3.5% |
| Free cash flow | ¥149.4M |  |
| Employees (consolidated) | 204 |  |
| EPS | ¥-13.88 |  |
| Book value per share | ¥119.55 |  |
| Equity ratio | 44.1% |  |
| Shares outstanding | 17,191,031 |  |
| Treasury shares | 100 |  |
| Shareholders | 6,876 |  |
| Average salary (parent only) | ¥7.4M | Filing company only |
| Cash ratio | 51.9% | Cash ÷ revenue 66.0% |
| Vs. industry median margin | -12.6 pp | Software & SaaS |
| ROA | -3.2% | Derived from disclosed figures |

## Notable figures

- FY2025, revenue is 3.3× its level five years ago
- FY2025, cash is 52% of total assets

## What changed in 5 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥762789000 | ¥3299035000 | — |
| Operating income | ¥170818000 | ¥-6663000 | — |
| Operating margin | 22.4% | -0.2% | -22.6 pp |
| Employees | 38 people | 204 people | — |
| Cash and equivalents | ¥1424812000 | ¥2176092000 | — |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 3,299 | 100.0% | S100XV3Y |
| Cost of revenue | 1,154 | 35.0% | S100XV3Y |
| Gross profit | 2,145 | 65.0% | S100XV3Y |
| SG&A | 2,152 | 65.2% | S100XV3Y |
| Operating income | -7 | -0.2% | S100XV3Y |
| Ordinary income | -47 | -1.4% | S100XV3Y |
| Pretax income | -53 | -1.6% | S100XV3Y |
| Income tax | 54 | 1.6% | S100XV3Y |
| Net income | -108 | -3.3% | S100XV3Y |
| Net income attributable to owners | -116 | -3.5% | S100XV3Y |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 35 |
| SG&A | 65 |
| Operating income | 0 |
| (Ref.) Net income | -4 |

### Margin funnel

Gross margin 65.0% → Operating margin -0.2% → Net margin -3.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Turned to a loss
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 | 3,565 | 3,299 | -266 | -7.5% |
| Gross profit | 2,367 | 2,145 | -222 | -9.4% |
| Operating income | 36 | -7 | -42 | -118.7% |
| Net income attributable to owners | -61 | -116 | -55 | — |
| Operating cash flow | 195 | 150 | -44 | -22.8% |
| Free cash flow | 190 | 149 | -40 | -21.3% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 311 | -133 | -42.7% | -139 | -199 | -246 | S100L3IS |
| FY ending Dec 2020 | 763 | 171 | 22.4% | 147 | 138 | -3 | S100L3IS |
| FY ending Dec 2021 | 1,010 | 20 | 2.0% | 11 | -1 | -256 | S100ROJE |
| FY ending Dec 2022 | 2,879 | -312 | -10.8% | -909 | -318 | -456 | S100T6VE |
| FY ending Dec 2023 | 3,178 | -659 | -20.7% | -650 | -387 | -455 | S100WKEJ |
| FY ending Dec 2024 | 3,565 | 36 | 1.0% | -61 | 195 | 190 | S100XV3Y |
| FY ending Dec 2025 | 3,299 | -7 | -0.2% | -116 | 150 | 149 | S100XV3Y |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥16.2M |
| Operating income per employee (consolidated) | -¥32.7K |
| Net income per employee (consolidated) | -¥569.6K |

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) | 52 | 190 | 263 | 219 | 204 |
| Average salary (parent company) | ¥7.5M | ¥8.7M | ¥8.4M | ¥7.9M | ¥7.4M |
| Average age (parent company) | 33.2 years | 35.8 years | 35.6 years | 36.7 years | 37.5 years |
| Average tenure (parent company) | 1.6 years | 2.1 years | 2.6 years | 3.2 years | 3.3 years |

Year over year: Employees (consolidated) -6.8% · Revenue (consolidated) -7.5%

## 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 | 150 | 4.6% | S100XV3Y |
| Capital expenditure | 1 | 0.0% | S100XV3Y |
| Free cash flow | 149 | 4.5% | 算出 |
| Investing cash flow | -29 | -0.9% | S100XV3Y |
| Financing cash flow | 1,395 | 42.3% | S100XV3Y |
| Change in cash | 1,517 | 46.0% | S100XV3Y |
| Cash and equivalents | 2,176 | 66.0% | S100XV3Y |

## 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 | 1,426 | 1,008 | 803 | 659 | 2,176 | S100T6VE, S100WKEJ, S100XV3Y |
| Total assets | 2,420 | 3,803 | 3,291 | 2,977 | 4,197 | S100ROJE, S100T6VE, S100WKEJ, S100XV3Y |
| Net assets | 1,323 | 432 | 468 | 614 | 1,877 | S100T6VE, S100WKEJ, S100XV3Y |
| Share capital | 65 | 79 | 419 | 12 | 10 | S100ROJE, S100T6VE, S100WKEJ, S100XV3Y |
| Inventories | 121 | 290 | 282 | 208 | 162 | S100ROJE, S100T6VE, S100WKEJ, S100XV3Y |
| Property, plant and equipment | 212 | 89 | 66 | 55 | 61 | S100ROJE, S100T6VE, S100WKEJ, S100XV3Y |
| Intangible assets excluding goodwill | 367 | 1,368 | 1,240 | 1,116 | 986 | S100ROJE, S100T6VE, S100WKEJ, S100XV3Y |
| Goodwill | 229 | 1,151 | 1,047 | 944 | 840 | S100ROJE, S100T6VE, S100WKEJ, S100XV3Y |
| Investment securities | — | 167 | 157 | 157 | 157 | S100T6VE, S100WKEJ, S100XV3Y |
| Current assets | 1,759 | 2,030 | 1,629 | 1,510 | 2,870 | S100ROJE, S100T6VE, S100WKEJ, S100XV3Y |
| Current liabilities | 989 | 1,616 | 1,634 | 1,527 | 1,386 | S100ROJE, S100T6VE, S100WKEJ, S100XV3Y |
| Short-term borrowings | 850 | 700 | 700 | 700 | 600 | S100ROJE, S100T6VE, S100WKEJ, S100XV3Y |
| Long-term borrowings | 108 | 1,599 | 1,099 | 745 | 844 | S100ROJE, S100T6VE, S100WKEJ, S100XV3Y |
| Bonds | — | 66 | 30 | 10 | — | S100T6VE, S100WKEJ, S100XV3Y |
| Interest-bearing debt | — | 2,365 | 1,829 | 1,455 | — | 算出 |
| Total liabilities | 1,097 | 3,371 | 2,823 | 2,363 | 2,320 | S100ROJE, S100T6VE, S100WKEJ, S100XV3Y |
| Non-controlling interests | — | 0 | 1 | — | 9 | S100T6VE, S100WKEJ, S100XV3Y |
| Equity attributable to owners of parent | 1,309 | 421 | 451 | 595 | 1,856 | S100ROJE, S100T6VE, S100WKEJ, S100XV3Y |
| Retained earnings | -163 | -1,081 | -1,731 | -1,792 | -420 | S100ROJE, S100T6VE, S100WKEJ, S100XV3Y |
| Treasury stock | -0 | -0 | -1 | -1 | -1 | S100ROJE, S100T6VE, S100WKEJ, S100XV3Y |

### 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 | 2,420 | 3,803 | 3,291 | 2,977 | 4,197 |
| Equity | 1,323 | 432 | 468 | 614 | 1,877 |
| Interest-bearing debt | — | 2,365 | 1,829 | 1,455 | — |
| Cash | 1,426 | 1,008 | 803 | 659 | 2,176 |

## 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) | 1.9% | S100XV3Y |
| Fixed assets ÷ total assets | 1.5% | S100XV3Y |
| Goodwill ÷ parent equity | 45.2% | S100XV3Y |

Goodwill over 4 years: 229 → 840 JPY; total investing cash flow: -837 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) | 51.9% |
| Cash ÷ revenue | 66.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | 266 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.0% |
| Investing CF relative to operating CF | 19.0% |

## 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 | 1.1% | 0.42× | 0.5% | 1.85× | 0.9% | S100ROJE |
| 2022 | — | —× | -29.2% | —× | — | S100T6VE |
| 2023 | — | —× | -18.3% | —× | — | S100WKEJ |
| 2024 | — | —× | -1.9% | —× | — | S100XV3Y |
| 2025 | — | —× | -3.2% | —× | — | S100XV3Y |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 重松 路威 | Major shareholder | 50.4% | 2025-12-31 |
| 特定金外信託受託者 株式会社ＳＭＢＣ信託銀行 | Major shareholder | 4.1% | 2025-12-31 |
| ソニー株式会社 | Major shareholder | 4.0% | 2025-12-31 |
| 清水 優 | Major shareholder | 3.2% | 2025-12-31 |
| 株式会社ＳＢＩ証券 | Major shareholder | 1.7% | 2025-12-31 |
| 篠塚 孝哉 | Major shareholder | 1.6% | 2025-12-31 |
| ミシュースティン ドミートリ | Major shareholder | 1.0% | 2025-12-31 |
| 楽天証券株式会社 | Major shareholder | 0.9% | 2025-12-31 |
| シニフィアン・アントレプレナーズファンド投資事業有限責任組合 | Major shareholder | 0.6% | 2025-12-31 |
| 一般社団法人共同通信社 | Major shareholder | 0.5% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第8期(2025/01/01－2025/12/31) | S100XV3Y | 2026-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XV3Y,, |
| 訂正有価証券報告書－第7期(2024/01/01－2024/12/31) | S100WKEJ | 2025-08-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WKEJ,, |
| 有価証券報告書－第6期(2023/01/01－2023/12/31) | S100T6VE | 2024-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T6VE,, |
| 訂正有価証券報告書－第5期(2022/01/01－2022/12/31) | S100ROJE | 2023-08-10 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100ROJE,, |
| 有価証券報告書－第4期(令和3年1月1日－令和3年12月31日) | S100NT0J | 2022-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NT0J,, |
| 有価証券報告書－第3期(令和2年1月1日－令和2年12月31日) | S100L3IS | 2021-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L3IS,, |

## 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).