# Safie 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12期(2025/01/01－2025/12/31) (S100XUXF)
> Page: https://vizora.meequs.com/en/company/safie
> Retrieved: 2026-09-30T21:44:08.147Z

## Company

Safie, founded in 2015, is a company in Software & SaaS listed on TSE Growth. It has 548 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Safie Inc. |
| Ticker | 4375 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4375.T) |
| Listing | TSE Growth |
| Head office | 東京都品川区西品川一丁目1番1号 |
| Representative (per filing) | 代表取締役社長CEO 佐渡島 隆平 |
| Founded | May 2015 |
| Share capital | ¥5.65B |
| Employees (consolidated) | 548 |
| Average salary (parent only) | ¥7.7M |
| Fiscal year end | December |
| Website | safie.co.jp (https://safie.co.jp/) |
| Corporate number | 7010701030065 |
| EDINET | E36946 |
| Industries (Vizora) | Software & SaaS |

> Profile source: annual securities report (S100XUXF, filed 2026-03-27). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 10 | 145 |
| Efficiency | 94.1 | 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)

- Safie brought in ¥19B in revenue.
- Operating profit was close to zero, a slight loss per ¥100 of sales.
- Revenue changed +26.4% from the prior year.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥19B |  |
| Operating income | -¥81.6M | Margin -0.4% |
| Net income | ¥437.9M | Margin 2.3% |
| Free cash flow | ¥60.6M |  |
| Employees (consolidated) | 548 |  |
| EPS | ¥7.7 |  |
| Diluted EPS | ¥7.61 |  |
| Book value per share | ¥164.53 |  |
| Equity ratio | 75.0% |  |
| Shares outstanding | 55,729,765 |  |
| Treasury shares | 32,500 |  |
| Shareholders | 7,744 |  |
| Average salary (parent only) | ¥7.7M | Filing company only |
| Cash ratio | 47.3% | Cash ÷ revenue 30.1% |
| Vs. industry median margin | -12.9 pp | Software & SaaS |
| ROE | 5.0% | Derived from disclosed figures |
| ROA | 3.8% | Derived from disclosed figures |

## Notable figures

- FY2025, cash is 47% 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 | ¥5047642000 | ¥19029026000 | — |
| Operating income | ¥-119573000 | ¥-81587000 | — |
| Operating margin | -2.4% | -0.4% | +1.9 pp |
| Employees | 135 people | 548 people | — |
| Cash and equivalents | ¥1540096000 | ¥5720149000 | — |

### 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 | 19,029 | 100.0% | S100XUXF |
| Cost of revenue | 9,520 | 50.0% | S100XUXF |
| Gross profit | 9,509 | 50.0% | S100XUXF |
| SG&A | 9,590 | 50.4% | S100XUXF |
| Operating income | -82 | -0.4% | S100XUXF |
| Ordinary income | -119 | -0.6% | S100XUXF |
| Pretax income | 279 | 1.5% | S100XUXF |
| Income tax | -158 | -0.8% | S100XUXF |
| Net income | 437 | 2.3% | S100XUXF |
| Net income attributable to owners | 438 | 2.3% | S100XUXF |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 50 |
| SG&A | 50 |
| Operating income | 0 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 50.0% → Operating margin -0.4% → Net margin 2.3%
Derived from reported figures (DERIVED).

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 15,050 | 19,029 | 3,979 | +26.4% |
| Gross profit | 7,336 | 9,509 | 2,172 | +29.6% |
| Operating income | -581 | -82 | 499 | — |
| Net income attributable to owners | -1,552 | 438 | 1,990 | — |
| Operating cash flow | -101 | 124 | 225 | — |
| Free cash flow | -151 | 61 | 211 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2020 | 5,048 | -120 | -2.4% | -99 | -318 | -327 | S100NSVK |
| FY ending Dec 2021 | 8,457 | -76 | -0.9% | -174 | -276 | -374 | S100NSVK |
| FY ending Dec 2022 | 9,253 | -1,284 | -13.9% | -1,434 | -1,538 | -1,559 | S100T86P |
| FY ending Dec 2023 | 11,817 | -1,092 | -9.2% | -1,439 | -1,386 | -1,583 | S100VI1H |
| FY ending Dec 2024 | 15,050 | -581 | -3.9% | -1,552 | -101 | -151 | S100XUXF |
| FY ending Dec 2025 | 19,029 | -82 | -0.4% | 438 | 124 | 61 | S100XUXF |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥34.7M |
| Operating income per employee (consolidated) | -¥148.9K |
| Net income per employee (consolidated) | ¥799.1K |

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) | 256 | 337 | 428 | 470 | 548 |
| Average salary (parent company) | ¥6.3M | ¥6.6M | ¥7.2M | ¥7.2M | ¥7.7M |
| Average age (parent company) | 34.6 years | 34.8 years | 35.0 years | 35.2 years | 35.4 years |
| Average tenure (parent company) | 1.5 years | 1.8 years | 2.0 years | 2.6 years | 2.9 years |

Year over year: Employees (consolidated) +16.6% · Revenue (consolidated) +26.4%

## 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 | 124 | 0.6% | S100XUXF |
| Capital expenditure | 63 | 0.3% | S100XUXF |
| Free cash flow | 61 | 0.3% | 算出 |
| Investing cash flow | -1,206 | -6.3% | S100XUXF |
| Financing cash flow | 104 | 0.5% | S100XUXF |
| Share buyback | 0 | 0.0% | S100XUXF |
| Change in cash | -979 | -5.1% | S100XUXF |
| Cash and equivalents | 5,720 | 30.1% | S100XUXF |

## 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 | 11,549 | 8,672 | 7,117 | 6,699 | 5,720 | S100NSVK, S100VI1H, S100XUXF |
| Total assets | 13,721 | 12,726 | 11,702 | 11,024 | 12,081 | S100NSVK, S100T86P, S100VI1H, S100XUXF |
| Net assets | 12,531 | 11,241 | 10,017 | 8,569 | 9,225 | S100NSVK, S100VI1H, S100XUXF |
| Share capital | 5,405 | 5,477 | 5,584 | 5,617 | 5,651 | S100NSVK, S100T86P, S100VI1H, S100XUXF |
| Property, plant and equipment | 93 | — | — | 0 | 15 | S100NSVK, S100XUXF |
| Investment securities | — | 1,056 | 1,241 | 568 | 329 | S100T86P, S100VI1H, S100XUXF |
| Current assets | 13,515 | 11,235 | 10,254 | 10,246 | 10,932 | S100NSVK, S100T86P, S100VI1H, S100XUXF |
| Current liabilities | 1,064 | 1,390 | 1,626 | 2,409 | 2,813 | S100NSVK, S100T86P, S100VI1H, S100XUXF |
| Long-term borrowings | 126 | 94 | 3 | 1 | — | S100NSVK, S100T86P, S100VI1H, S100XUXF |
| Total liabilities | 1,190 | 1,484 | 1,685 | 2,455 | 2,856 | S100NSVK, S100T86P, S100VI1H, S100XUXF |
| Non-controlling interests | — | — | — | 22 | 126 | S100XUXF |
| Equity attributable to owners of parent | 12,526 | 11,236 | 10,012 | 8,525 | 9,041 | S100NSVK, S100T86P, S100VI1H, S100XUXF |
| Retained earnings | -769 | -2,203 | -3,642 | -5,195 | -4,757 | S100NSVK, S100T86P, S100VI1H, S100XUXF |
| Treasury stock | -0 | -0 | -0 | -0 | -0 | S100NSVK, S100T86P, S100VI1H, S100XUXF |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 47% | S100XUXF |
| Property, plant and equipment | 0% | S100XUXF |
| Investment securities | 3% | S100XUXF |
| Other assets | 50% | S100XUXF |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 24% | S100XUXF |
| Equity | 76% | S100XUXF |
| Other liabilities | 0% | S100XUXF |

### 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 | 13,721 | 12,726 | 11,702 | 11,024 | 12,081 |
| Equity | 12,531 | 11,241 | 10,017 | 8,569 | 9,225 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 11,549 | 8,672 | 7,117 | 6,699 | 5,720 |

## 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% | S100XUXF |
| Fixed assets ÷ total assets | 0.1% | S100XUXF |
| Goodwill ÷ parent equity | — | —, S100XUXF |

### 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) | 47.3% |
| Cash ÷ revenue | 30.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | -314 JPY mn (of net income -71.8%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.3% |
| Investing CF relative to operating CF | 976.4% |

## 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 | — | —× | -1.3% | —× | — | S100NSVK |
| 2022 | — | —× | -11.3% | —× | — | S100T86P |
| 2023 | — | —× | -11.8% | —× | — | S100VI1H |
| 2024 | — | —× | -13.7% | —× | — | S100XUXF |
| 2025 | 2.3% | 1.65× | 3.8% | 1.32× | 5.0% | S100XUXF |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 佐渡島 隆平 | Major shareholder | 23.8% | 2025-12-31 |
| 下崎 守朗 | Major shareholder | 8.4% | 2025-12-31 |
| ソニーネットワークコミュニケーションズ株式会社 | Major shareholder | 8.3% | 2025-12-31 |
| 森本 数馬 | Major shareholder | 7.4% | 2025-12-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 5.7% | 2025-12-31 |
| オリックス株式会社 | Major shareholder | 4.7% | 2025-12-31 |
| キヤノンマーケティングジャパン株式会社 | Major shareholder | 4.7% | 2025-12-31 |
| 関西電力株式会社 | Major shareholder | 3.5% | 2025-12-31 |
| ＧＯＶＥＲＮＭＥＮＴ ＯＦ ＮＯＲＷＡＹ 常任代理人 シティバンク | Major shareholder | 2.0% | 2025-12-31 |
| ＳＴＡＴＥ ＳＴＲＥＥＴ ＢＡＮＫ ＡＮＤ ＴＲＵＳＴ ＣＯＭＰＡＮＹ ５０５０１２ 常任代理人 株式会社みずほ銀行 | Major shareholder | 1.5% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第12期(2025/01/01－2025/12/31) | S100XUXF | 2026-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XUXF,, |
| 有価証券報告書－第11期(2024/01/01－2024/12/31) | S100VI1H | 2025-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VI1H,, |
| 訂正有価証券報告書－第10期(2023/01/01－2023/12/31) | S100T86P | 2024-04-05 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T86P,, |
| 有価証券報告書－第9期(2022/01/01－2022/12/31) | S100QIU3 | 2023-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QIU3,, |
| 有価証券報告書－第8期(令和3年1月1日－令和3年12月31日) | S100NSVK | 2022-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NSVK,, |

## 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).