# SmartDrive inc.: business model and financials

> Latest period: FY ending Sep 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第12期(2024/10/01－2025/09/30) (S100XC5Q)
> Page: https://vizora.meequs.com/en/company/smartdrive
> Retrieved: 2026-09-30T21:31:01.655Z

## Company

SmartDrive, founded in 2013, is a company in Software & SaaS listed on TSE Growth. It has 111 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | SmartDrive inc. |
| Ticker | 5137 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5137.T) |
| Listing | TSE Growth |
| Head office | 東京都千代田区内幸町二丁目1番6号 (2025年4月1日から本店所在地 東京都千代田区有楽町一丁目1番2号が上記のように移転しております。) |
| Representative (per filing) | 代表取締役社長 北川 烈 |
| Founded | Oct 2013 |
| Share capital | ¥28.9M |
| Employees (consolidated) | 111 |
| Average salary (parent only) | ¥7M |
| Fiscal year end | September |
| Website | smartdrive.co.jp (https://smartdrive.co.jp/) |
| Corporate number | 9010901033015 |
| EDINET | E38205 |
| Industries (Vizora) | Software & SaaS |

> Profile source: annual securities report (S100XC5Q, filed 2025-12-22). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 92.9 | 105 |
| Profitability | 54.8 | 145 |
| Cash conversion | 80.1 | 128 |
| Efficiency | 85.2 | 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)

- SmartDrive brought in ¥2.88B in revenue.
- Out of every ¥100 of sales, about ¥13 is left as operating profit.
- Revenue changed +32.5% from the prior year, operating profit +122.9%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥2878647000 → ¥453638000
- Net income → operating cash flow: ¥453638000 → ¥638300000（difference ¥184662000）
- Main uses of operating cash flow: CapEx ¥262006000 / dividends — / buybacks ¥102048000
- Change in cash: ¥50844000
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 | ¥2.88B |  |
| Operating income | ¥390.2M | Margin 13.6% |
| Net income | ¥453.6M | Margin 15.8% |
| Free cash flow | ¥376.3M |  |
| Employees (consolidated) | 111 |  |
| EPS | ¥12.58 |  |
| Diluted EPS | ¥12.15 |  |
| Book value per share | ¥31.08 |  |
| Equity ratio | 47.5% |  |
| Shares outstanding | 37,816,740 |  |
| Treasury shares | 326,600 |  |
| Shareholders | 2,699 |  |
| Average salary (parent only) | ¥7M | Filing company only |
| Cash ratio | 35.8% | Cash ÷ revenue 29.8% |
| Vs. industry median margin | +1.1 pp | Software & SaaS |
| ROE | 47.6% | Derived from disclosed figures |
| ROA | 21.3% | Derived from disclosed figures |

## Notable figures

- FY2025, revenue is 3.5× its level five years ago
- FY2025, cash is 36% of total assets

## What changed in 4 years

| Metric | FY ending Sep 2021 | FY ending Sep 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥827667000 | ¥2878647000 | +247.8% |
| Operating income | ¥-362380000 | ¥390202000 | — |
| Operating margin | -43.8% | 13.6% | +57.3 pp |
| Employees | 64 people | 111 people | +73.4% |
| Cash and equivalents | ¥1307149000 | ¥858015000 | -34.4% |

### Change in segment revenue mix

Span: FY ending Sep 2021 → 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 | 2,879 | 100.0% | S100XC5Q |
| Cost of revenue | 1,112 | 38.6% | S100XC5Q |
| Gross profit | 1,767 | 61.4% | S100XC5Q |
| SG&A | 1,377 | 47.8% | S100XC5Q |
| Operating income | 390 | 13.6% | S100XC5Q |
| Ordinary income | 353 | 12.3% | S100XC5Q |
| Pretax income | 353 | 12.3% | S100XC5Q |
| Income tax | -101 | -3.5% | S100XC5Q |
| Net income | 454 | 15.8% | S100XC5Q |
| Net income attributable to owners | 454 | 15.8% | S100XC5Q |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 39 |
| SG&A | 48 |
| Operating income | 13 |
| (Ref.) Net income | 16 |

### Margin funnel

Gross margin 61.4% → Operating margin 13.6% → Net margin 15.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +32.5%; Core profit growth: +122.9%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 3.79×
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 | 2,173 | 2,879 | 705 | +32.5% |
| Gross profit | 1,367 | 1,767 | 400 | +29.2% |
| Operating income | 175 | 390 | 215 | +122.9% |
| Net income attributable to owners | 266 | 454 | 187 | +70.4% |
| Operating cash flow | 46 | 638 | 592 | +1286.9% |
| Free cash flow | -156 | 376 | 532 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Sep 2021 | 828 | -362 | -43.8% | -328 | -268 | -273 | S100PVFI |
| FY ending Sep 2022 | 1,255 | -319 | -25.4% | -303 | -446 | -462 | S100SJ2W |
| FY ending Sep 2023 | 1,709 | -10 | -0.6% | -29 | -107 | -221 | S100V0AV |
| FY ending Sep 2024 | 2,173 | 175 | 8.1% | 266 | 46 | -156 | S100XC5Q |
| FY ending Sep 2025 | 2,879 | 390 | 13.6% | 454 | 638 | 376 | S100XC5Q |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥25.9M |
| Operating income per employee (consolidated) | ¥3.5M |
| Net income per employee (consolidated) | ¥4.1M |

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) | 64 | 74 | 83 | 94 | 111 |
| Average salary (parent company) | — | ¥7.6M | ¥7.1M | ¥6.9M | ¥7M |
| Average age (parent company) | — | 36.0 years | 36.1 years | 36.0 years | 36.0 years |
| Average tenure (parent company) | — | 3.2 years | 3.3 years | 3.4 years | 4.4 years |

Year over year: Employees (consolidated) +18.1% · Revenue (consolidated) +32.5%

## 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 | 638 | 22.2% | S100XC5Q |
| Capital expenditure | 262 | 9.1% | S100XC5Q |
| Free cash flow | 376 | 13.1% | 算出 |
| Investing cash flow | -549 | -19.1% | S100XC5Q |
| Financing cash flow | -39 | -1.4% | S100XC5Q |
| Share buyback | 102 | 3.5% | S100XC5Q |
| Change in cash | 51 | 1.8% | S100XC5Q |
| Cash and equivalents | 858 | 29.8% | S100XC5Q |

## 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 | 1,307 | 845 | 971 | 807 | 858 | S100SJ2W, S100V0AV, S100XC5Q |
| Total assets | 1,510 | 1,145 | 1,508 | 1,862 | 2,394 | S100PVFI, S100SJ2W, S100V0AV, S100XC5Q |
| Net assets | 563 | 46 | 490 | 777 | 1,146 | S100SJ2W, S100V0AV, S100XC5Q |
| Share capital | 100 | 100 | 337 | 21 | 29 | S100PVFI, S100SJ2W, S100V0AV, S100XC5Q |
| Trade receivables | 151 | 166 | — | — | — | S100PVFI |
| Inventories | 19 | 64 | 58 | 132 | 48 | S100PVFI, S100SJ2W, S100V0AV, S100XC5Q |
| Property, plant and equipment | — | 3 | 6 | 8 | 10 | S100SJ2W, S100V0AV, S100XC5Q |
| Intangible assets excluding goodwill | — | 10 | 106 | 243 | 366 | S100SJ2W, S100V0AV, S100XC5Q |
| Investment securities | — | — | — | 30 | 283 | S100XC5Q |
| Current assets | 1,506 | 1,126 | 1,392 | 1,480 | 1,518 | S100PVFI, S100SJ2W, S100V0AV, S100XC5Q |
| Current liabilities | 317 | 569 | 488 | 556 | 687 | S100PVFI, S100SJ2W, S100V0AV, S100XC5Q |
| Long-term borrowings | 630 | 530 | 530 | 530 | 561 | S100PVFI, S100SJ2W, S100V0AV, S100XC5Q |
| Total liabilities | 947 | 1,099 | 1,018 | 1,086 | 1,248 | S100PVFI, S100SJ2W, S100V0AV, S100XC5Q |
| Equity attributable to owners of parent | 554 | 37 | 481 | 769 | 1,138 | S100PVFI, S100SJ2W, S100V0AV, S100XC5Q |
| Retained earnings | -2,436 | -519 | -548 | 265 | 718 | S100PVFI, S100SJ2W, S100V0AV, S100XC5Q |
| Treasury stock | — | — | -0 | -0 | -100 | S100V0AV, S100XC5Q |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 36% | S100XC5Q |
| Inventories | 2% | S100XC5Q |
| Property, plant and equipment | 0% | S100XC5Q |
| Intangibles and goodwill | 15% | S100XC5Q |
| Investment securities | 12% | S100XC5Q |
| Other assets | 35% | S100XC5Q |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 52% | S100XC5Q |
| Equity | 48% | S100XC5Q |

### 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 | 1,510 | 1,145 | 1,508 | 1,862 | 2,394 |
| Equity | 563 | 46 | 490 | 777 | 1,146 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,307 | 845 | 971 | 807 | 858 |

## 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) | 0.3% | S100XC5Q |
| Fixed assets ÷ total assets | 0.4% | S100XC5Q |
| Goodwill ÷ parent equity | — | —, S100XC5Q |

### 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) | 35.8% |
| Cash ÷ revenue | 29.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 163.6% |
| Cash vs. profit gap | 185 JPY mn (of net income 40.7%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 9.1% |
| Investing CF relative to operating CF | 86.0% |

## 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 | — | —× | -21.7% | —× | — | S100PVFI |
| 2022 | — | —× | -22.9% | —× | — | S100SJ2W |
| 2023 | — | —× | -2.2% | —× | — | S100V0AV |
| 2024 | 12.3% | 1.29× | 15.8% | 2.70× | 42.6% | S100XC5Q |
| 2025 | 15.8% | 1.35× | 21.3% | 2.23× | 47.6% | S100XC5Q |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社OMU | Major shareholder | 45.0% | 2025-09-30 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 12.5% | 2025-09-30 |
| TJ2015.FUND LP | Major shareholder | 7.3% | 2025-09-30 |
| Monoful Pte. Ltd. | Major shareholder | 4.3% | 2025-09-30 |
| 楽天証券株式会社 | Major shareholder | 3.6% | 2025-09-30 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 3.5% | 2025-09-30 |
| 野村信託銀行株式会社（投信口） | Major shareholder | 2.1% | 2025-09-30 |
| SMBC日興証券株式会社 | Major shareholder | 1.7% | 2025-09-30 |
| BNY GCM CLIENT ACCOUNT JPRD AC ISG （FE-AC） | Major shareholder | 1.3% | 2025-09-30 |
| 住友三井オートサービス株式会社 | Major shareholder | 0.9% | 2025-09-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第12期(2024/10/01－2025/09/30) | S100XC5Q | 2025-12-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XC5Q,, |
| 有価証券報告書－第11期(2023/10/01－2024/09/30) | S100V0AV | 2024-12-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100V0AV,, |
| 有価証券報告書－第10期(2022/10/01－2023/09/30) | S100SJ2W | 2023-12-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SJ2W,, |
| 有価証券報告書－第9期(令和3年10月1日－令和4年9月30日) | S100PVFI | 2022-12-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PVFI,, |

## 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).