# PLAID, Inc.: business model and financials

> Latest period: FY ending Sep 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 訂正有価証券報告書－第14期(2024/10/01－2025/09/30) (S100XBSL)
> Page: https://vizora.meequs.com/en/company/plaid
> Retrieved: 2026-09-30T21:34:31.017Z

## Company

Plaid, founded in 2011, is a company in Software & SaaS listed on TSE Growth. It has 531 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | PLAID,Inc. |
| Ticker | 4165 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4165.T) |
| Listing | TSE Growth |
| Head office | 東京都中央区銀座六丁目10番1号 GINZA SIX10階 |
| Representative (per filing) | 代表取締役執行役員CEO 倉橋 健太 |
| Founded | Oct 2011 |
| Share capital | ¥3.18B |
| Employees (consolidated) | 531 |
| Average salary (parent only) | ¥9.4M |
| Fiscal year end | September |
| Website | plaid.co.jp (https://plaid.co.jp/) |
| Corporate number | 7010401096035 |
| EDINET | E34973 |
| Industries (Vizora) | Software & SaaS |

> Profile source: annual securities report (S100XBSL, filed 2025-12-19). As of filing

## Five-axis industry profile

Primary industry: Software & SaaS (2025-09-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 44.5 | 145 |
| Cash conversion | 43.4 | 128 |
| Efficiency | 92.8 | 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)

- Plaid brought in ¥13.4B in revenue.
- Out of every ¥100 of sales, about ¥11 is left as operating profit.
- Revenue changed +21.9% from the prior year, operating profit +448.8%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥13396474000 → ¥1104952000
- Net income → operating cash flow: ¥1104952000 → ¥1376503000（difference ¥271551000）
- Main uses of operating cash flow: CapEx ¥105097000 / dividends — / buybacks ¥232000
- Change in cash: ¥1857054000
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 | ¥13.4B |  |
| Operating income | ¥1.43B | Margin 10.7% |
| Net income | ¥1.1B | Margin 8.2% |
| Free cash flow | ¥1.27B |  |
| Employees (consolidated) | 531 |  |
| EPS | ¥37.81 |  |
| Diluted EPS | ¥37.31 |  |
| Book value per share | ¥123.67 |  |
| Equity ratio | 49.3% |  |
| Shares outstanding | 41,154,591 |  |
| Treasury shares | 174,600 |  |
| Shareholders | 8,265 |  |
| Average salary (parent only) | ¥9.4M | Filing company only |
| Cash ratio | 68.4% | Cash ÷ revenue 49.3% |
| Vs. industry median margin | -1.8 pp | Software & SaaS |
| ROE | 27.9% | Derived from disclosed figures |
| ROA | 13.0% | Derived from disclosed figures |

## Notable figures

- FY2025, revenue is 2.5× its level five years ago
- FY2025, cash is 68% of total assets

## What changed in 5 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Sep 2020 | FY ending Sep 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥4007850000 | ¥13396474000 | — |
| Operating income | ¥-1079316000 | ¥1431874000 | — |
| Operating margin | -26.9% | 10.7% | +37.6 pp |
| Employees | 190 people | 531 people | — |
| Cash and equivalents | ¥2091698000 | ¥6601979000 | — |

### Change in segment revenue mix

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

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 13,396 | 100.0% | S100XBSL |
| Cost of revenue | 3,608 | 26.9% | S100XBSL |
| Gross profit | 9,788 | 73.1% | S100XBSL |
| SG&A | 8,356 | 62.4% | S100XBSL |
| Operating income | 1,432 | 10.7% | S100XBSL |
| Ordinary income | 1,381 | 10.3% | S100XBSL |
| Pretax income | 1,346 | 10.0% | S100XBSL |
| Income tax | 241 | 1.8% | S100XBSL |
| Net income | 1,105 | 8.2% | S100XBSL |
| Net income attributable to owners | 1,099 | 8.2% | S100XBSL |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 27 |
| SG&A | 62 |
| Operating income | 11 |
| (Ref.) Net income | 8 |

### Margin funnel

Gross margin 73.1% → Operating margin 10.7% → Net margin 8.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +21.9%; Core profit growth: +448.8%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 20.52×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 10,993 | 13,396 | 2,404 | +21.9% |
| Gross profit | 7,870 | 9,788 | 1,919 | +24.4% |
| Operating income | 261 | 1,432 | 1,171 | +448.8% |
| Net income attributable to owners | 321 | 1,099 | 778 | +242.7% |
| Operating cash flow | 900 | 1,377 | 476 | +52.9% |
| Free cash flow | 843 | 1,271 | 429 | +50.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Sep 2019 | 2,937 | -534 | -18.2% | -841 | -623 | -639 | S100KGCX |
| FY ending Sep 2020 | 4,008 | -1,079 | -26.9% | -1,207 | -1,013 | -1,076 | S100KGCX |
| FY ending Sep 2021 | 5,445 | 171 | 3.1% | -107 | 411 | 391 | S100PUIT |
| FY ending Sep 2022 | 7,295 | -883 | -12.1% | -931 | -809 | -884 | S100SNDD |
| FY ending Sep 2023 | 8,634 | -881 | -10.2% | -2,109 | -325 | -372 | S100UZ8M |
| FY ending Sep 2024 | 10,993 | 261 | 2.4% | 321 | 900 | 843 | S100XBSL |
| FY ending Sep 2025 | 13,396 | 1,432 | 10.7% | 1,099 | 1,377 | 1,271 | S100XBSL |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥25.2M |
| Operating income per employee (consolidated) | ¥2.7M |
| Net income per employee (consolidated) | ¥2.1M |

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

| History | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 262 | 337 | 397 | 449 | 531 |
| Average salary (parent company) | ¥9.5M | ¥9.8M | ¥10.4M | ¥9.6M | ¥9.4M |
| Average age (parent company) | 33.7 years | 34.1 years | 34.6 years | 35.1 years | 35.2 years |
| Average tenure (parent company) | 2.6 years | 2.7 years | 2.9 years | 2.8 years | 2.8 years |

Year over year: Employees (consolidated) +18.3% · Revenue (consolidated) +21.9%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 1,377 | 10.3% | S100XBSL |
| Capital expenditure | 105 | 0.8% | S100XBSL |
| Free cash flow | 1,271 | 9.5% | 算出 |
| Investing cash flow | -385 | -2.9% | S100XBSL |
| Financing cash flow | 865 | 6.5% | S100XBSL |
| Share buyback | 0 | 0.0% | S100XBSL |
| Change in cash | 1,857 | 13.9% | S100XBSL |
| Cash and equivalents | 6,602 | 49.3% | S100XBSL |

## 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 Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 4,172 | 4,241 | 3,827 | 4,745 | 6,602 | S100SNDD, S100UZ8M, S100XBSL |
| Total assets | 6,984 | 7,091 | 6,219 | 7,300 | 9,649 | S100PUIT, S100SNDD, S100UZ8M, S100XBSL |
| Net assets | 4,953 | 4,070 | 2,749 | 3,203 | 4,812 | S100SNDD, S100UZ8M, S100XBSL |
| Share capital | 2,643 | 2,690 | 2,946 | 3,091 | 3,185 | S100PUIT, S100SNDD, S100UZ8M, S100XBSL |
| Trade receivables | 646 | 710 | 980 | — | — | S100PUIT, S100SNDD |
| Property, plant and equipment | 34 | 61 | 58 | 61 | 52 | S100PUIT, S100SNDD, S100UZ8M, S100XBSL |
| Intangible assets excluding goodwill | 1,605 | 1,445 | 340 | 144 | 167 | S100PUIT, S100SNDD, S100UZ8M, S100XBSL |
| Goodwill | 1,605 | 1,445 | 340 | 144 | 110 | S100PUIT, S100SNDD, S100UZ8M, S100XBSL |
| Investment securities | 85 | 110 | 56 | 50 | 339 | S100PUIT, S100SNDD, S100UZ8M, S100XBSL |
| Current assets | 4,957 | 5,149 | 5,301 | 6,243 | 8,326 | S100PUIT, S100SNDD, S100UZ8M, S100XBSL |
| Current liabilities | 1,640 | 1,882 | 2,462 | 3,576 | 3,624 | S100PUIT, S100SNDD, S100UZ8M, S100XBSL |
| Short-term borrowings | 200 | 200 | 2 | 100 | — | S100PUIT, S100SNDD, S100UZ8M, S100XBSL |
| Long-term borrowings | 390 | 1,126 | 991 | 521 | 1,212 | S100PUIT, S100SNDD, S100UZ8M, S100XBSL |
| Total liabilities | 2,030 | 3,021 | 3,471 | 4,097 | 4,837 | S100PUIT, S100SNDD, S100UZ8M, S100XBSL |
| Non-controlling interests | 90 | 12 | 149 | 56 | 26 | S100PUIT, S100SNDD, S100UZ8M, S100XBSL |
| Equity attributable to owners of parent | 4,860 | 4,024 | 2,550 | 3,162 | 4,727 | S100PUIT, S100SNDD, S100UZ8M, S100XBSL |
| Retained earnings | -2,385 | -3,316 | -5,425 | -5,104 | -4,005 | S100PUIT, S100SNDD, S100UZ8M, S100XBSL |
| Treasury stock | -0 | -0 | -0 | -0 | -1 | S100PUIT, S100SNDD, S100UZ8M, S100XBSL |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 68% | S100XBSL |
| Property, plant and equipment | 1% | S100XBSL |
| Intangibles and goodwill | 3% | S100XBSL |
| Investment securities | 3% | S100XBSL |
| Other assets | 25% | S100XBSL |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 50% | S100XBSL |
| Equity | 50% | S100XBSL |
| Other liabilities | 0% | S100XBSL |

### Balance sheet history

| Metric | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 6,984 | 7,091 | 6,219 | 7,300 | 9,649 |
| Equity | 4,953 | 4,070 | 2,749 | 3,203 | 4,812 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 4,172 | 4,241 | 3,827 | 4,745 | 6,602 |

## 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) | 0.4% | S100XBSL |
| Fixed assets ÷ total assets | 0.5% | S100XBSL |
| Goodwill ÷ parent equity | 2.3% | S100XBSL |

Goodwill over 4 years: 1,605 → 110 JPY; total investing cash flow: -1,989 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) | 68.4% |
| Cash ÷ revenue | 49.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 96.1% |
| Cash vs. profit gap | 277 JPY mn (of net income 25.2%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.8% |
| Investing CF relative to operating CF | 27.9% |

## 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 | — | —× | -1.5% | —× | — | S100PUIT |
| 2022 | — | —× | -13.2% | —× | — | S100SNDD |
| 2023 | — | —× | -31.7% | —× | — | S100UZ8M |
| 2024 | 2.9% | 1.63× | 4.7% | 2.37× | 11.2% | S100XBSL |
| 2025 | 8.2% | 1.58× | 13.0% | 2.15× | 27.9% | S100XBSL |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 倉橋健太 | Major shareholder | 26.8% | 2025-09-30 |
| 柴山直樹 | Major shareholder | 17.2% | 2025-09-30 |
| 田畑正吾 | Major shareholder | 9.5% | 2025-09-30 |
| 株式会社日本カストディ銀行 | Major shareholder | 3.5% | 2025-09-30 |
| Google International LLC (常任代理人 みずほ証券株式会社) | Major shareholder | 3.5% | 2025-09-30 |
| 日本マスタートラスト信託銀行株式会社 | Major shareholder | 1.7% | 2025-09-30 |
| セブンオークスキャピタル株式会社 | Major shareholder | 1.5% | 2025-09-30 |
| 株式会社SBI証券 | Major shareholder | 1.4% | 2025-09-30 |
| THE BANK OF NEW YORK133595. （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.4% | 2025-09-30 |
| 楽天証券株式会社 | Major shareholder | 1.3% | 2025-09-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 訂正有価証券報告書－第14期(2024/10/01－2025/09/30) | S100XBSL | 2025-12-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XBSL,, |
| 有価証券報告書－第13期(2023/10/01－2024/09/30) | S100UZ8M | 2024-12-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UZ8M,, |
| 訂正有価証券報告書－第12期(2022/10/01－2023/09/30) | S100SNDD | 2024-01-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SNDD,, |
| 有価証券報告書－第11期(令和3年10月1日－令和4年9月30日) | S100PUIT | 2022-12-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PUIT,, |
| 有価証券報告書－第10期(令和2年10月1日－令和3年9月30日) | S100N4IA | 2021-12-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100N4IA,, |
| 有価証券報告書－第9期(令和1年10月1日－令和2年9月30日) | S100KGCX | 2020-12-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KGCX,, |

## 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).