# ROBOT PAYMENT: business model and financials

> Latest period: FY ending Dec 2025, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第26期(2025/01/01－2025/12/31) (S100XUUD)
> Page: https://vizora.meequs.com/en/company/robot-payment
> Retrieved: 2026-09-30T19:05:52.400Z

## Company

Robot Payment, founded in 2000, is a company in Software & SaaS listed on TSE Growth. It has 140 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | ROBOT PAYMENT INC. |
| Ticker | 4374 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4374.T) |
| Listing | TSE Growth |
| Head office | 東京都渋谷区神宮前六丁目19番20号 |
| Representative (per filing) | 代表取締役 清久 健也 |
| Founded | Oct 2000 |
| Share capital | ¥244.5M |
| Employees (consolidated) | 140 |
| Average salary (parent only) | ¥6.2M |
| Fiscal year end | December |
| Website | www.robotpayment.co.jp (https://www.robotpayment.co.jp/) |
| Corporate number | 7011001051017 |
| EDINET | E36901 |
| Industries (Vizora) | Software & SaaS, Cashless Payments |

> Profile source: annual securities report (S100XUUD, filed 2026-03-27). As of filing

## Key points (generated from figures)

- About 61% of Robot Payment's sales come from Payment, with FinancialCloud making up much of the rest.
- Out of every ¥100 of sales, about ¥24 is left as operating profit.
- Revenue changed +17.9% from the prior year, operating profit +61.4%.

## Company structure

- Segment revenue mix: Payment 61.0%、FinancialCloud 39.0%
- Revenue → net income: ¥3256436000 → ¥542126000
- Net income → operating cash flow: ¥542126000 → ¥3825730000（difference ¥3283604000）
- Main uses of operating cash flow: CapEx ¥47268000 / dividends ¥56420000 / buybacks ¥320084000
- Change in cash: ¥1839775000
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 | ¥3.26B |  |
| Operating income | ¥774.4M | Margin 23.8% |
| Net income | ¥542.1M | Margin 16.6% |
| Free cash flow | ¥3.78B |  |
| Largest business | Payment | of segment revenue 61.0% |
| Employees (consolidated) | 140 |  |
| EPS | ¥146.71 |  |
| Diluted EPS | ¥139.69 |  |
| Book value per share | ¥345.16 |  |
| Equity ratio | 15.0% |  |
| Shares outstanding | 3,815,994 |  |
| Treasury shares | 122,000 |  |
| Shareholders | 1,562 |  |
| Average salary (parent only) | ¥6.2M | Filing company only |
| Cash ratio | 67.2% | Cash ÷ revenue 175.8% |
| Vs. industry median margin | +10.5 pp | Cashless Payments |
| ROE | 48.8% | Derived from disclosed figures |
| ROA | 7.2% | Derived from disclosed figures |

## Notable figures

- FY2025, operating cash flow is 7.1× net income
- FY2025, buybacks were 5.7× dividends
- FY2025, revenue is 2.3× its level five years ago

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥1078123000 | ¥3256436000 | +202.0% |
| Operating income | ¥86242000 | ¥774392000 | +797.9% |
| Operating margin | 8.0% | 23.8% | +15.8 pp |
| Employees | 77 people | 140 people | +81.8% |
| Cash and equivalents | ¥2476314000 | ¥5723604000 | +131.1% |

### 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 |
| --- | ---: |
| ペイメント → ペイメント | 61.0% |
| ペイメント → 事業再編・廃止 | 7.5% |
| フィナンシャルクラウド → フィナンシャルクラウド | 31.5% |
| 新設・再編 → フィナンシャルクラウド | 7.5% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 3,256 | 100.0% | S100XUUD |
| Cost of revenue | 291 | 8.9% | S100XUUD |
| Gross profit | 2,966 | 91.1% | S100XUUD |
| SG&A | 2,191 | 67.3% | S100XUUD |
| Operating income | 774 | 23.8% | S100XUUD |
| Ordinary income | 790 | 24.3% | S100XUUD |
| Pretax income | 790 | 24.3% | S100XUUD |
| Income tax | 248 | 7.6% | S100XUUD |
| Net income | 542 | 16.6% | S100XUUD |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 9 |
| SG&A | 67 |
| Operating income | 24 |
| (Ref.) Net income | 17 |

### Margin funnel

Gross margin 91.1% → Operating margin 23.8% → Net margin 16.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +17.9%; Core profit growth: +61.4%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 3.43×
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 | 2,762 | 3,256 | 494 | +17.9% |
| Gross profit | 2,487 | 2,966 | 479 | +19.3% |
| Operating income | 480 | 774 | 295 | +61.4% |
| Operating cash flow | 639 | 3,826 | 3,187 | +499.1% |
| Free cash flow | 559 | 3,778 | 3,219 | +575.7% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2020 | 1,078 | 86 | 8.0% | 110 | -876 | -1,026 | S100NT0X |
| FY ending Dec 2021 | 1,395 | 201 | 14.4% | 135 | 1,020 | 906 | S100QIUK |
| FY ending Dec 2022 | 1,731 | -59 | -3.4% | -30 | -631 | -801 | S100T6MT |
| FY ending Dec 2023 | 2,214 | 229 | 10.3% | 148 | 761 | 629 | S100VHKK |
| FY ending Dec 2024 | 2,762 | 480 | 17.4% | 321 | 639 | 559 | S100XUUD |
| FY ending Dec 2025 | 3,256 | 774 | 23.8% | 542 | 3,826 | 3,778 | S100XUUD |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥23.3M |
| Operating income per employee (consolidated) | ¥5.5M |
| Net income per employee (consolidated) | ¥3.9M |

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) | 78 | 106 | 113 | 128 | 140 |
| Average salary (parent company) | ¥5.1M | ¥5.5M | ¥5.5M | ¥6M | ¥6.2M |
| Average age (parent company) | 31.2 years | 31.1 years | 31.8 years | 32.3 years | 32.8 years |
| Average tenure (parent company) | 2.5 years | 2.6 years | 2.6 years | 2.7 years | 3.0 years |

Year over year: Employees (consolidated) +9.4% · Revenue (consolidated) +17.9%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Payment | 1,987 | 61.0% | 972 | 48.9% |
| FinancialCloud | 1,269 | 39.0% | 284 | 22.4% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Payment | 61.0% | 77.4% | 16.4 | 48.9% |
| FinancialCloud | 39.0% | 22.6% | -16.4 | 22.4% |

Segment → industry: FinancialCloud → Software & SaaS / Payment → Cashless Payments

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 3,826 | 117.5% | S100XUUD |
| Capital expenditure | 47 | 1.5% | S100XUUD |
| Free cash flow | 3,778 | 116.0% | 算出 |
| Investing cash flow | -1,653 | -50.8% | S100XUUD |
| Financing cash flow | -333 | -10.2% | S100XUUD |
| Dividends paid | 56 | 1.7% | S100XUUD |
| Share buyback | 320 | 9.8% | S100XUUD |
| Change in cash | 1,840 | 56.5% | S100XUUD |
| Cash and equivalents | 5,724 | 175.8% | S100XUUD |

## 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 | 3,567 | 2,735 | 3,333 | 3,884 | 5,724 | S100T6MT, S100VHKK, S100XUUD |
| Total assets | 4,916 | 4,642 | 5,719 | 6,607 | 8,515 | S100QIUK, S100T6MT, S100VHKK, S100XUUD |
| Net assets | 590 | 555 | 776 | 1,146 | 1,294 | S100T6MT, S100VHKK, S100XUUD |
| Share capital | 222 | 222 | 222 | 222 | 244 | S100QIUK, S100T6MT, S100VHKK, S100XUUD |
| Property, plant and equipment | 5 | 10 | 8 | 6 | 4 | S100QIUK, S100T6MT, S100VHKK, S100XUUD |
| Intangible assets excluding goodwill | 342 | 415 | 430 | 374 | 279 | S100QIUK, S100T6MT, S100VHKK, S100XUUD |
| Investment securities | 37 | 28 | 127 | 188 | 992 | S100QIUK, S100T6MT, S100VHKK, S100XUUD |
| Current assets | 4,502 | 4,134 | 5,133 | 6,016 | 7,175 | S100QIUK, S100T6MT, S100VHKK, S100XUUD |
| Current liabilities | 4,276 | 4,081 | 4,943 | 5,456 | 7,221 | S100QIUK, S100T6MT, S100VHKK, S100XUUD |
| Long-term borrowings | 38 | 6 | — | — | — | S100QIUK, S100T6MT |
| Total liabilities | 4,325 | 4,087 | 4,943 | 5,461 | 7,221 | S100QIUK, S100T6MT, S100VHKK, S100XUUD |
| Equity attributable to owners of parent | 566 | 536 | 684 | 1,005 | 1,215 | S100QIUK, S100T6MT, S100VHKK, S100XUUD |
| Retained earnings | 221 | 192 | 340 | 661 | 1,146 | S100QIUK, S100T6MT, S100VHKK, S100XUUD |
| Treasury stock | — | -0 | -0 | -0 | -320 | S100T6MT, S100VHKK, S100XUUD |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 67% | S100XUUD |
| Property, plant and equipment | 0% | S100XUUD |
| Intangibles and goodwill | 3% | S100XUUD |
| Investment securities | 12% | S100XUUD |
| Other assets | 18% | S100XUUD |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 85% | S100XUUD |
| Equity | 15% | S100XUUD |

### 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 | 4,916 | 4,642 | 5,719 | 6,607 | 8,515 |
| Equity | 590 | 555 | 776 | 1,146 | 1,294 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 3,567 | 2,735 | 3,333 | 3,884 | 5,724 |

## 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) | 0.1% | S100XUUD |
| Fixed assets ÷ total assets | 0.1% | S100XUUD |
| Goodwill ÷ parent equity | — | —, S100XUUD |

### 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) | 67.2% |
| Cash ÷ revenue | 175.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 494.0% |
| Cash vs. profit gap | 3,284 JPY mn (of net income 605.7%) |
| Shareholder returns / net income | 69.4% |
| Shareholder returns / FCF | 10.0% |
| Shareholder payments — dividends / net income | 10.4% |
| Shareholder payments — dividends / FCF | 1.5% |
| CapEx intensity (capex ÷ revenue) | 1.5% |
| Investing CF relative to operating CF | 43.2% |

## 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 | 9.7% | 0.28× | 2.8% | 8.69× | 23.9% | S100QIUK |
| 2022 | — | —× | -0.6% | —× | — | S100T6MT |
| 2023 | 6.7% | 0.43× | 2.9% | 8.49× | 24.3% | S100VHKK |
| 2024 | 11.6% | 0.45× | 5.2% | 7.30× | 38.0% | S100XUUD |
| 2025 | 16.6% | 0.43× | 7.2% | 6.81× | 48.8% | S100XUUD |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ＫＫキャピタル株式会社 | Major shareholder | 41.4% | 2025-12-31 |
| 清久 健也 | Major shareholder | 10.5% | 2025-12-31 |
| GMCM VENTURE CAPITAL PARTNERS Ⅰ INC （常任代理人：濱崎 一真） | Major shareholder | 4.1% | 2025-12-31 |
| 株式会社Orchestra Investment | Major shareholder | 2.9% | 2025-12-31 |
| 木田 裕介 | Major shareholder | 2.8% | 2025-12-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 2.7% | 2025-12-31 |
| ＩＮＴＥＲＡＣＴＩＶＥ ＢＲＯＫＥＲＳ ＬＬＣ （常任代理人：インタラクティブ・ブローカーズ証券株式会社） | Major shareholder | 2.0% | 2025-12-31 |
| ＲＥ ＦＵＮＤ １０７－ＣＬＩＥＮＴ ＡＣ （常任代理人：シティバンク、エヌ・エイ東京支店） | Major shareholder | 2.0% | 2025-12-31 |
| 須田 忠雄 | Major shareholder | 1.5% | 2025-12-31 |
| 株式会社ＳＢＩ証券 | Major shareholder | 1.1% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第26期(2025/01/01－2025/12/31) | S100XUUD | 2026-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XUUD,, |
| 有価証券報告書－第25期(2024/01/01－2024/12/31) | S100VHKK | 2025-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VHKK,, |
| 有価証券報告書－第24期(2023/01/01－2023/12/31) | S100T6MT | 2024-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T6MT,, |
| 有価証券報告書－第23期(2022/01/01－2022/12/31) | S100QIUK | 2023-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QIUK,, |
| 有価証券報告書－第22期(令和3年1月1日－令和3年12月31日) | S100NT0X | 2022-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NT0X,, |

## 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).