# Silicon Studio Corporation: business model and financials

> Latest period: FY ending Nov 2025, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第27期(2024/12/01－2025/11/30) (S100XNL3)
> Page: https://vizora.meequs.com/en/company/silicon-studio
> Retrieved: 2026-09-30T22:08:12.320Z

## Company

Silicon Studio, founded in 1999, is a company in Software & SaaS listed on TSE Standard. It has 260 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Silicon Studio Corporation |
| Ticker | 3907 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3907.T) |
| Listing | TSE Standard |
| Head office | 東京都渋谷区恵比寿一丁目21番3号 |
| Representative (per filing) | 代表取締役社長 梶谷 眞一郎 |
| Founded | Nov 1999 |
| Share capital | ¥466M |
| Employees (consolidated) | 260 |
| Average salary (parent only) | ¥6.3M |
| Fiscal year end | November |
| Website | www.siliconstudio.co.jp (https://www.siliconstudio.co.jp/) |
| Corporate number | 5011001033280 |
| EDINET | E31256 |
| Industries (Vizora) | Software & SaaS, HR & Staffing, Games |

> Profile source: annual securities report (S100XNL3, filed 2026-02-26). As of filing

## Five-axis industry profile

Primary industry: Software & SaaS (2025-11-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 15.5 | 145 |
| Cash conversion | 85.5 | 128 |
| Efficiency | 91.4 | 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)

- About 62% of Silicon Studio's sales come from Development promotion and support, with Human resource making up much of the rest.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed +15.0% from the prior year, operating profit +10.5%.

## Company structure

- Segment revenue mix: Development promotion and support 61.9%、Human resource 38.1%
- Revenue → net income: ¥4303000000 → ¥206000000
- Net income → operating cash flow: ¥206000000 → ¥322000000（difference ¥116000000）
- Main uses of operating cash flow: CapEx ¥46000000 / dividends — / buybacks —
- Change in cash: ¥348000000
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 | ¥4.3B |  |
| Operating income | ¥147M | Margin 3.4% |
| Net income | ¥206M | Margin 4.8% |
| Free cash flow | ¥276M |  |
| Largest business | Development promotion and support | of segment revenue 61.9% |
| Employees (consolidated) | 260 |  |
| EPS | ¥75.06 |  |
| Book value per share | ¥675.63 |  |
| Equity ratio | 66.2% |  |
| Shares outstanding | 2,973,900 |  |
| Treasury shares | 203,900 |  |
| Shareholders | 2,593 |  |
| Average salary (parent only) | ¥6.3M | Filing company only |
| Cash ratio | 56.6% | Cash ÷ revenue 36.8% |
| Vs. industry median margin | -9 pp | Software & SaaS |
| ROE | 11.8% | Derived from disclosed figures |
| ROA | 8.0% | Derived from disclosed figures |

## Notable figures

- FY2025, cash is 57% of total assets

## What changed in 4 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Nov 2021 | FY ending Nov 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥3986000000 | ¥4303000000 | — |
| Operating income | ¥-96000000 | ¥147000000 | — |
| Operating margin | -2.4% | 3.4% | +5.8 pp |
| Employees | 255 people | 260 people | — |
| Cash and equivalents | ¥1028000000 | ¥1585000000 | — |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| 開発推進・支援 → 開発推進・支援 | 58.0% |
| 人材 → 人材 | 38.1% |
| 人材 → 事業再編・廃止 | 3.7% |
| その他 → 事業再編・廃止 | 0.2% |
| 新設・再編 → 開発推進・支援 | 3.9% |

Segment revenue source references: 5 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 4,303 | 100.0% | S100XNL3 |
| Cost of revenue | 2,412 | 56.1% | S100XNL3 |
| Gross profit | 1,890 | 43.9% | S100XNL3 |
| SG&A | 1,743 | 40.5% | S100XNL3 |
| Operating income | 147 | 3.4% | S100XNL3 |
| Ordinary income | 148 | 3.4% | S100XNL3 |
| Pretax income | 199 | 4.6% | S100XNL3 |
| Income tax | -6 | -0.1% | S100XNL3 |
| Net income | 206 | 4.8% | S100XNL3 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 56 |
| SG&A | 41 |
| Operating income | 3 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 43.9% → Operating margin 3.4% → Net margin 4.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +15.0%; Core profit growth: +10.5%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.70×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 3,741 | 4,303 | 562 | +15.0% |
| Gross profit | 1,761 | 1,890 | 129 | +7.3% |
| Operating income | 133 | 147 | 14 | +10.5% |
| Operating cash flow | 92 | 322 | 230 | +250.0% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Nov 2019 | 4,594 | 45 | 1.0% | 158 | 325 | 205 | S100KVO4 |
| FY ending Nov 2020 | 4,134 | 73 | 1.8% | 16 | 28 | -87 | S100NLR5 |
| FY ending Nov 2021 | 3,986 | -96 | -2.4% | -101 | 107 | -29 | S100QANK |
| FY ending Nov 2022 | 4,510 | 381 | 8.4% | 254 | 566 | 527 | S100SY5X |
| FY ending Nov 2023 | 4,554 | 238 | 5.2% | 200 | 121 | 93 | S100VB2F |
| FY ending Nov 2024 | 4,414 | 143 | 3.2% | 87 | 92 | 4 | S100VB2F |
| FY ending Nov 2024 | 3,741 | 133 | 3.6% | 87 | 92 | — | S100XNL3 |
| FY ending Nov 2025 | 4,303 | 147 | 3.4% | 206 | 322 | 276 | S100XNL3 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥16.6M |
| Operating income per employee (consolidated) | ¥565.4K |
| Net income per employee (consolidated) | ¥792.3K |

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

| History | FY ending Nov 2022 | FY ending Nov 2023 | FY ending Nov 2024 | FY ending Nov 2024 | FY ending Nov 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 261 | 275 | 262 | 202 | 260 |
| Average salary (parent company) | ¥5.9M | ¥6.8M | ¥6.8M | — | ¥6.3M |
| Average age (parent company) | 38.7 years | 38.8 years | 38.9 years | — | 40.1 years |
| Average tenure (parent company) | 4.9 years | 5.7 years | 6.0 years | — | 7.2 years |

Year over year: Employees (consolidated) +28.7% · Revenue (consolidated) +15.0%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Development promotion and support | 2,661 | 61.9% | 369 | 13.9% |
| Human resource | 1,641 | 38.1% | 301 | 18.3% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Development promotion and support | 61.9% | 55.1% | -6.8 | 13.9% |
| Human resource | 38.1% | 44.9% | 6.8 | 18.3% |

Segment → industry: Development promotion and support → Software & SaaS / Human resource → HR & Staffing / Development promotion and support → Games

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 322 | 7.5% | S100XNL3 |
| Capital expenditure | 46 | 1.1% | S100XNL3 |
| Free cash flow | 276 | 6.4% | 算出 |
| Investing cash flow | -46 | -1.1% | S100XNL3 |
| Financing cash flow | 73 | 1.7% | S100XNL3 |
| Change in cash | 348 | 8.1% | S100XNL3 |
| Cash and equivalents | 1,585 | 36.8% | S100XNL3 |

## 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 Nov 2022 | FY ending Nov 2023 | FY ending Nov 2024 | FY ending Nov 2024 | FY ending Nov 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,679 | 1,503 | 1,236 | 1,195 | 1,585 | S100VB2F, S100XNL3 |
| Total assets | 3,440 | 3,159 | 2,945 | 2,377 | 2,802 | S100SY5X, S100VB2F, S100XNL3 |
| Net assets | 1,702 | 1,758 | 1,738 | 1,648 | 1,854 | S100VB2F, S100XNL3 |
| Share capital | 466 | 466 | 466 | 466 | 466 | S100SY5X, S100VB2F, S100XNL3 |
| Property, plant and equipment | 115 | 110 | 99 | 85 | 104 | S100SY5X, S100VB2F, S100XNL3 |
| Intangible assets excluding goodwill | 36 | 20 | 67 | 67 | 52 | S100SY5X, S100VB2F, S100XNL3 |
| Investment securities | 164 | 166 | 138 | 69 | 69 | S100SY5X, S100VB2F, S100XNL3 |
| Current assets | 2,941 | 2,684 | 2,486 | 1,996 | 2,391 | S100SY5X, S100VB2F, S100XNL3 |
| Current liabilities | 1,546 | 1,025 | 989 | 511 | 705 | S100SY5X, S100VB2F, S100XNL3 |
| Short-term borrowings | 350 | — | — | — | — | S100SY5X |
| Long-term borrowings | 162 | 344 | 184 | 184 | 207 | S100SY5X, S100VB2F, S100XNL3 |
| Total liabilities | 1,737 | 1,401 | 1,206 | 729 | 948 | S100SY5X, S100VB2F, S100XNL3 |
| Equity attributable to owners of parent | 1,702 | 1,755 | 1,739 | 1,648 | 1,854 | S100SY5X, S100VB2F, S100XNL3 |
| Retained earnings | -738 | -537 | -450 | -540 | -334 | S100SY5X, S100VB2F, S100XNL3 |
| Treasury stock | -122 | -269 | -373 | -373 | -373 | S100SY5X, S100VB2F, S100XNL3 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 57% | S100XNL3 |
| Property, plant and equipment | 4% | S100XNL3 |
| Intangibles and goodwill | 2% | S100XNL3 |
| Investment securities | 2% | S100XNL3 |
| Other assets | 35% | S100XNL3 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 34% | S100XNL3 |
| Equity | 66% | S100XNL3 |

### Balance sheet history

| Metric | FY ending Nov 2022 | FY ending Nov 2023 | FY ending Nov 2024 | FY ending Nov 2024 | FY ending Nov 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 3,440 | 3,159 | 2,945 | 2,377 | 2,802 |
| Equity | 1,702 | 1,758 | 1,738 | 1,648 | 1,854 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,679 | 1,503 | 1,236 | 1,195 | 1,585 |

## 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) | 2.4% | S100XNL3 |
| Fixed assets ÷ total assets | 3.7% | S100XNL3 |
| Goodwill ÷ parent equity | — | —, S100XNL3 |

### 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) | 56.6% |
| Cash ÷ revenue | 36.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 219.0% |
| Cash vs. profit gap | 116 JPY mn (of net income 56.3%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 1.1% |
| Investing CF relative to operating CF | 14.3% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 5.6% | 1.31× | 7.4% | 2.02× | 14.9% | S100SY5X |
| 2023 | 4.4% | 1.38× | 6.1% | 1.91× | 11.6% | S100VB2F |
| 2024 | 2.0% | 1.45× | 2.9% | 1.75× | 5.0% | S100VB2F |
| 2024 | 2.3% | 1.57× | 3.7% | 1.44× | 5.3% | S100XNL3 |
| 2025 | 4.8% | 1.66× | 8.0% | 1.48× | 11.8% | S100XNL3 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 梶谷 眞一郎 | Major shareholder | 6.5% | 2025-11-30 |
| 株式会社ディンプス | Major shareholder | 3.4% | 2025-11-30 |
| 株式会社アルゴグラフィックス | Major shareholder | 3.3% | 2025-11-30 |
| 株式会社ＳＢＩ証券 | Major shareholder | 2.4% | 2025-11-30 |
| 株式会社スクウェア・エニックス・ホールディングス | Major shareholder | 2.2% | 2025-11-30 |
| 楽天証券株式会社 | Major shareholder | 2.2% | 2025-11-30 |
| 橋本 和幸 | Major shareholder | 2.0% | 2025-11-30 |
| 株式会社クリーク・アンド・リバー社 | Major shareholder | 1.9% | 2025-11-30 |
| ＴＨＥ ＢＡＮＫ ＯＦ ＮＥＷ ＹＯＲＫ ＭＥＬＬＯＮ（常任代理人株式会社みずほ銀行） | Major shareholder | 1.9% | 2025-11-30 |
| シリコンスタジオ従業員持株会 | Major shareholder | 1.8% | 2025-11-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第27期(2024/12/01－2025/11/30) | S100XNL3 | 2026-02-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XNL3,, |
| 有価証券報告書－第26期(2023/12/01－2024/11/30) | S100VB2F | 2025-02-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VB2F,, |
| 有価証券報告書－第25期(2022/12/01－2023/11/30) | S100SY5X | 2024-02-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SY5X,, |
| 有価証券報告書－第24期(2021/12/01－2022/11/30) | S100QANK | 2023-02-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QANK,, |
| 訂正有価証券報告書－第23期(令和2年12月1日－令和3年11月30日) | S100NLR5 | 2022-03-02 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NLR5,, |
| 有価証券報告書－第22期(令和1年12月1日－令和2年11月30日) | S100KVO4 | 2021-02-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KVO4,, |

## 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).