# pluszero: business model and financials

> Latest period: FY ending Oct 2025, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第8期(2024/11/01－2025/10/31) (S100XHEY)
> Page: https://vizora.meequs.com/en/company/pluszero
> Retrieved: 2026-09-30T20:22:42.270Z

## Company

pluszero, founded in 2017, is a company in IT Services & System Integration listed on TSE Growth. It has 113 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | pluszero, Inc. |
| Ticker | 5132 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5132.T) |
| Listing | TSE Growth |
| Head office | 東京都世田谷区北沢二丁目6番10号 仙田ビル4階 |
| Representative (per filing) | 代表取締役会長兼CEO 小代 義行 |
| Founded | Jun 2017 |
| Share capital | ¥36.3M |
| Employees (consolidated) | 113 |
| Average salary (parent only) | ¥6.8M |
| Fiscal year end | October |
| Website | plus-zero.co.jp (https://plus-zero.co.jp/) |
| Corporate number | 7010901042439 |
| EDINET | E38008 |
| Industries (Vizora) | IT Services & System Integration |

> Profile source: annual securities report (S100XHEY, filed 2026-01-26). As of filing

## Five-axis industry profile

Primary industry: IT Services & System Integration (2025-10-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 95.2 | 157 |
| Profitability | 98.7 | 196 |
| Cash conversion | 54.3 | 185 |
| Efficiency | 24.2 | 196 |

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)

- pluszero brought in ¥1.55B in revenue.
- Out of every ¥100 of sales, about ¥33 is left as operating profit.
- Revenue changed +26.9% from the prior year, operating profit +106.1%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥1.55B |  |
| Operating income | ¥516.7M | Margin 33.4% |
| Net income | ¥366.5M | Margin 23.7% |
| Free cash flow | — |  |
| Employees (consolidated) | 113 |  |
| EPS | ¥47.25 |  |
| Diluted EPS | ¥45.1 |  |
| Book value per share | ¥194.68 |  |
| Equity ratio | 81.7% |  |
| Shares outstanding | 7,786,176 |  |
| Treasury shares | 300 |  |
| Shareholders | 2,712 |  |
| Average salary (parent only) | ¥6.8M | Filing company only |
| Cash ratio | 64.4% | Cash ÷ revenue 77.2% |
| Vs. industry median margin | +24.5 pp | IT Services & System Integration |
| ROE | 27.7% | Derived from disclosed figures |
| ROA | 22.4% | Derived from disclosed figures |

## Notable figures

- FY2025, revenue is 3.0× its level five years ago
- FY2025, cash is 64% of total assets
- FY2025, operating income keeps 33 per ¥100 of revenue

## What changed in 4 years

| Metric | FY ending Oct 2021 | FY ending Oct 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥507617000 | ¥1546369000 | +204.6% |
| Operating income | ¥-80570000 | ¥516654000 | — |
| Operating margin | -15.9% | 33.4% | +49.3 pp |
| Employees | 54 people | 113 people | +109.3% |
| Cash and equivalents | ¥138657000 | ¥1193766000 | +760.9% |

### Change in segment revenue mix

Span: FY ending Oct 2021 → FY ending Oct 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 1,546 | 100.0% | S100XHEY |
| Cost of revenue | 642 | 41.5% | S100XHEY |
| Gross profit | 905 | 58.5% | S100XHEY |
| SG&A | 388 | 25.1% | S100XHEY |
| Operating income | 517 | 33.4% | S100XHEY |
| Ordinary income | 520 | 33.6% | S100XHEY |
| Pretax income | 517 | 33.5% | S100XHEY |
| Income tax | 151 | 9.7% | S100XHEY |
| Net income | 367 | 23.7% | S100XHEY |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 42 |
| SG&A | 25 |
| Operating income | 33 |
| (Ref.) Net income | 24 |

### Margin funnel

Gross margin 58.5% → Operating margin 33.4% → Net margin 23.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +26.9%; Core profit growth: +106.1%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 3.94×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 1,219 | 1,546 | 328 | +26.9% |
| Gross profit | 702 | 905 | 202 | +28.8% |
| Operating income | 251 | 517 | 266 | +106.1% |
| Operating cash flow | 204 | 433 | 229 | +112.1% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Oct 2021 | 508 | -81 | -15.9% | -79 | -83 | -84 | S100Q0S6 |
| FY ending Oct 2022 | 726 | 128 | 17.6% | 121 | 115 | — | S100SOS0 |
| FY ending Oct 2023 | 894 | 163 | 18.2% | 121 | 91 | 0 | S100V4ZT |
| FY ending Oct 2024 | 1,219 | 251 | 20.6% | 154 | 204 | 114 | S100XHEY |
| FY ending Oct 2025 | 1,546 | 517 | 33.4% | 367 | 433 | — | S100XHEY |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥13.7M |
| Operating income per employee (consolidated) | ¥4.6M |
| Net income per employee (consolidated) | ¥3.2M |

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

| History | FY ending Oct 2021 | FY ending Oct 2022 | FY ending Oct 2023 | FY ending Oct 2024 | FY ending Oct 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 54 | 64 | 85 | 100 | 113 |
| Average salary (parent company) | — | ¥6.2M | ¥6.4M | ¥6.5M | ¥6.8M |
| Average age (parent company) | — | 30.3 years | 31.0 years | 30.8 years | 31.1 years |
| Average tenure (parent company) | — | 2.1 years | 2.5 years | 2.7 years | 3.0 years |

Year over year: Employees (consolidated) +13.0% · Revenue (consolidated) +26.9%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 433 | 28.0% | S100XHEY |
| Investing cash flow | -162 | -10.5% | S100XHEY |
| Financing cash flow | 21 | 1.4% | S100XHEY |
| Change in cash | 293 | 18.9% | S100XHEY |
| Cash and equivalents | 1,194 | 77.2% | S100XHEY |

## 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 Oct 2021 | FY ending Oct 2022 | FY ending Oct 2023 | FY ending Oct 2024 | FY ending Oct 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 139 | 806 | 762 | 901 | 1,194 | S100SOS0, S100V4ZT, S100XHEY |
| Total assets | 252 | 1,019 | 1,166 | 1,413 | 1,854 | S100Q0S6, S100SOS0, S100V4ZT, S100XHEY |
| Net assets | 128 | 820 | 949 | 1,128 | 1,516 | S100SOS0, S100V4ZT, S100XHEY |
| Share capital | 100 | 100 | 13 | 26 | 36 | S100Q0S6, S100SOS0, S100V4ZT, S100XHEY |
| Property, plant and equipment | 4 | 3 | 8 | 7 | 6 | S100Q0S6, S100SOS0, S100V4ZT, S100XHEY |
| Intangible assets excluding goodwill | 9 | 27 | 97 | 150 | 248 | S100Q0S6, S100SOS0, S100V4ZT, S100XHEY |
| Investment securities | 3 | — | 52 | 3 | 1 | S100Q0S6, S100V4ZT, S100XHEY |
| Current assets | 230 | 948 | 951 | 1,171 | 1,532 | S100Q0S6, S100SOS0, S100V4ZT, S100XHEY |
| Current liabilities | 123 | 199 | 217 | 285 | 339 | S100Q0S6, S100SOS0, S100V4ZT, S100XHEY |
| Long-term borrowings | 1 | — | — | — | — | S100Q0S6 |
| Total liabilities | 125 | 199 | 217 | 285 | 339 | S100Q0S6, S100SOS0, S100V4ZT, S100XHEY |
| Equity attributable to owners of parent | 128 | 820 | 949 | 1,128 | 1,516 | S100Q0S6, S100SOS0, S100V4ZT, S100XHEY |
| Retained earnings | -81 | 42 | 163 | 317 | 684 | S100Q0S6, S100SOS0, S100V4ZT, S100XHEY |
| Treasury stock | -0 | -0 | -0 | -0 | -0 | S100Q0S6, S100SOS0, S100V4ZT, S100XHEY |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 65% | S100XHEY |
| Property, plant and equipment | 0% | S100XHEY |
| Intangibles and goodwill | 13% | S100XHEY |
| Investment securities | 0% | S100XHEY |
| Other assets | 22% | S100XHEY |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 18% | S100XHEY |
| Equity | 82% | S100XHEY |

### Balance sheet history

| Metric | FY ending Oct 2021 | FY ending Oct 2022 | FY ending Oct 2023 | FY ending Oct 2024 | FY ending Oct 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 252 | 1,019 | 1,166 | 1,413 | 1,854 |
| Equity | 128 | 820 | 949 | 1,128 | 1,516 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 139 | 806 | 762 | 901 | 1,194 |

## 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% | S100XHEY |
| Fixed assets ÷ total assets | 0.3% | S100XHEY |
| Goodwill ÷ parent equity | — | —, S100XHEY |

### 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) | 64.4% |
| Cash ÷ revenue | 77.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 83.8% |
| Cash vs. profit gap | 67 JPY mn (of net income 18.2%) |
| 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 | 37.4% |

## 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 | — | —× | -31.4% | —× | — | S100Q0S6 |
| 2022 | 16.6% | 1.14× | 19.0% | 1.34× | 25.4% | S100SOS0 |
| 2023 | 13.5% | 0.82× | 11.1% | 1.23× | 13.6% | S100V4ZT |
| 2024 | 12.6% | 0.94× | 11.9% | 1.24× | 14.8% | S100XHEY |
| 2025 | 23.7% | 0.95× | 22.4% | 1.24× | 27.7% | S100XHEY |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 小代 義行 | Major shareholder | 25.8% | 2025-10-31 |
| 永田 基樹 | Major shareholder | 11.9% | 2025-10-31 |
| 森 遼太 | Major shareholder | 11.0% | 2025-10-31 |
| 小代 愛 | Major shareholder | 5.1% | 2025-10-31 |
| 株式会社アビスト | Major shareholder | 4.0% | 2025-10-31 |
| 株式会社日本カストディ銀行(信託口) | Major shareholder | 3.4% | 2025-10-31 |
| 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% | 2025-10-31 |
| 楽天証券株式会社共有口 | Major shareholder | 1.6% | 2025-10-31 |
| 株式会社SBI証券 | Major shareholder | 1.3% | 2025-10-31 |
| 野呂 祥 | Major shareholder | 0.9% | 2025-10-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第8期(2024/11/01－2025/10/31) | S100XHEY | 2026-01-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XHEY,, |
| 有価証券報告書－第7期(2023/11/01－2024/10/31) | S100V4ZT | 2025-01-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100V4ZT,, |
| 有価証券報告書－第6期(2022/11/01－2023/10/31) | S100SOS0 | 2024-01-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SOS0,, |
| 有価証券報告書－第5期(2021/11/01－2022/10/31) | S100Q0S6 | 2023-01-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Q0S6,, |

## 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).