# Speee, 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18期(2024/10/01－2025/09/30) (S100XC4C)
> Page: https://vizora.meequs.com/en/company/speee
> Retrieved: 2026-09-30T21:03:28.638Z

## Company

Speee, founded in 2007, is a company in Internet Services & Apps listed on TSE Standard. It has 661 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Speee, Inc. |
| Ticker | 4499 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4499.T) |
| Listing | TSE Standard |
| Head office | 東京都港区六本木三丁目2番1号 |
| Representative (per filing) | 代表取締役 大塚 英樹 |
| Founded | Nov 2007 |
| Share capital | ¥2.9B |
| Employees (consolidated) | 661 |
| Average salary (parent only) | ¥5.7M |
| Fiscal year end | September |
| Website | speee.jp (https://speee.jp/) |
| Corporate number | 5010401084611 |
| EDINET | E35632 |
| Industries (Vizora) | Internet Services & Apps, Crypto & Blockchain, Advertising |

> Profile source: annual securities report (S100XC4C, filed 2025-12-22). As of filing

## Five-axis industry profile

Primary industry: Internet Services & Apps (2025-09-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 53.8 | 40 |
| Profitability | 10.8 | 51 |
| Efficiency | 79.8 | 52 |

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 69% of Speee's sales come from legacyIndustriesdx, with dxconsulting making up much of the rest.
- It lost about ¥4 for every ¥100 of sales at the operating level.
- Revenue changed +4.5% from the prior year, operating profit -227.7%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥16.4B |  |
| Operating income | -¥685.7M | Margin -4.2% |
| Net income | -¥950.7M | Margin -5.8% |
| Free cash flow | -¥864.1M |  |
| Largest business | legacyIndustriesdx | of segment revenue 68.9% |
| Employees (consolidated) | 661 |  |
| EPS | ¥-84.83 |  |
| Book value per share | ¥634.99 |  |
| Equity ratio | 49.2% |  |
| Shares outstanding | 11,494,750 |  |
| Treasury shares | 13,900 |  |
| Shareholders | 4,672 |  |
| Average salary (parent only) | ¥5.7M | Filing company only |
| Cash ratio | 63.4% | Cash ÷ revenue 57.2% |
| Vs. industry median margin | -11.8 pp | Internet Services & Apps |
| ROA | -7.6% | Derived from disclosed figures |

## Notable figures

- FY2025, one segment accounts for 65% of positive segment profit
- FY2025, cash is 63% of total assets

## What changed in 5 years

| Metric | FY ending Sep 2020 | FY ending Sep 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥9347734000 | ¥16435177000 | +75.8% |
| Operating income | ¥777786000 | ¥-685717000 | -188.2% |
| Operating margin | 8.3% | -4.2% | -12.5 pp |
| Employees | 325 people | 661 people | +103.4% |
| Cash and equivalents | ¥4979609000 | ¥9395236000 | +88.7% |

### Change in segment revenue mix

Span: FY ending Sep 2020 → FY ending Sep 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| MarTech → 事業再編・廃止 | 30.9% |
| 不動産DX → 事業再編・廃止 | 19.0% |
| X-Tech → 事業再編・廃止 | 19.0% |
| マーケティングDX → 事業再編・廃止 | 30.9% |
| その他 → 事業再編・廃止 | 0.1% |
| 新設・再編 → レガシー産業DX | 68.9% |
| 新設・再編 → DXコンサルティング | 31.1% |

Segment revenue source references: 7 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 16,435 | 100.0% | S100XC4C |
| Cost of revenue | 3,623 | 22.0% | S100XC4C |
| Gross profit | 12,812 | 78.0% | S100XC4C |
| SG&A | 13,498 | 82.1% | S100XC4C |
| Operating income | -686 | -4.2% | S100XC4C |
| Ordinary income | -661 | -4.0% | S100XC4C |
| Pretax income | -770 | -4.7% | S100XC4C |
| Income tax | 181 | 1.1% | S100XC4C |
| Net income | -951 | -5.8% | S100XC4C |
| Net income attributable to owners | -951 | -5.8% | S100XC4C |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 22 |
| SG&A | 82 |
| Operating income | -4 |
| (Ref.) Net income | -6 |

### Margin funnel

Gross margin 78.0% → Operating margin -4.2% → Net margin -5.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Turned to a loss
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 | 15,722 | 16,435 | 713 | +4.5% |
| Gross profit | 13,058 | 12,812 | -246 | -1.9% |
| Operating income | 537 | -686 | -1,223 | -227.7% |
| Net income attributable to owners | 244 | -951 | -1,195 | -489.3% |
| Operating cash flow | -1,337 | -752 | 585 | — |
| Free cash flow | -1,399 | -864 | 535 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Sep 2019 | 7,421 | 199 | 2.7% | 22 | -192 | -262 | S100KEPQ |
| FY ending Sep 2020 | 9,348 | 778 | 8.3% | 408 | 638 | 541 | S100N3QF |
| FY ending Sep 2021 | 12,693 | 1,137 | 9.0% | 836 | 669 | 552 | S100PTT0 |
| FY ending Sep 2022 | 11,239 | 1,560 | 13.9% | 1,083 | 1,043 | 986 | S100SII7 |
| FY ending Sep 2023 | 13,605 | 810 | 6.0% | -1,042 | 478 | 188 | S100UZY2 |
| FY ending Sep 2024 | 15,722 | 537 | 3.4% | 244 | -1,337 | -1,399 | S100XC4C |
| FY ending Sep 2025 | 16,435 | -686 | -4.2% | -951 | -752 | -864 | S100XC4C |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥24.9M |
| Operating income per employee (consolidated) | -¥1M |
| Net income per employee (consolidated) | -¥1.4M |

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) | 372 | 402 | 498 | 591 | 661 |
| Average salary (parent company) | ¥5.8M | ¥5.7M | ¥5.6M | ¥5.8M | ¥5.7M |
| Average age (parent company) | 29.4 years | 29.4 years | 29.7 years | 29.3 years | 29.6 years |
| Average tenure (parent company) | 2.0 years | 2.0 years | 2.0 years | 2.0 years | 3.0 years |

Year over year: Employees (consolidated) +11.8% · Revenue (consolidated) +4.5%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| legacyIndustriesdx | 11,330 | 68.9% | 977 | 8.6% |
| dxconsulting | 5,106 | 31.1% | 1,835 | 35.9% |
| financedx | — | 0.0% | -1,265 | — |

### 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 | Profit share | Margin |
| --- | ---: | ---: |
| legacyIndustriesdx | 34.7% | 8.6% |
| dxconsulting | 65.3% | 35.9% |
| financedx | — | — |

Loss-making segment (excluded from profit shares): financedx -1,265 JPY mn

Segment → industry: legacyIndustriesdx → Internet Services & Apps / financedx → Crypto & Blockchain / dxconsulting → Advertising

## 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 | -752 | -4.6% | S100XC4C |
| Capital expenditure | 112 | 0.7% | S100XC4C |
| Free cash flow | -864 | -5.3% | 算出 |
| Investing cash flow | -152 | -0.9% | S100XC4C |
| Financing cash flow | 5,310 | 32.3% | S100XC4C |
| Share buyback | 1 | 0.0% | S100XC4C |
| Change in cash | 4,407 | 26.8% | S100XC4C |
| Cash and equivalents | 9,395 | 57.2% | S100XC4C |

## 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 | 4,763 | 5,675 | 6,643 | 4,989 | 9,395 | S100SII7, S100UZY2, S100XC4C |
| Total assets | 7,604 | 8,923 | 11,296 | 10,116 | 14,814 | S100PTT0, S100SII7, S100UZY2, S100XC4C |
| Net assets | 4,848 | 5,940 | 5,044 | 5,418 | 7,290 | S100SII7, S100UZY2, S100XC4C |
| Share capital | 1,372 | 1,377 | 1,424 | 1,489 | 2,901 | S100PTT0, S100SII7, S100UZY2, S100XC4C |
| Trade receivables | 1,885 | 2,211 | 2,722 | 3,007 | 3,084 | S100PTT0, S100SII7, S100UZY2, S100XC4C |
| Property, plant and equipment | 133 | 123 | 426 | 389 | 369 | S100PTT0, S100SII7, S100UZY2, S100XC4C |
| Intangible assets excluding goodwill | 148 | 154 | 137 | 124 | 49 | S100PTT0, S100SII7, S100UZY2, S100XC4C |
| Investment securities | 68 | 117 | 51 | 203 | 234 | S100PTT0, S100SII7, S100UZY2, S100XC4C |
| Current assets | 6,786 | 8,152 | 9,658 | 8,367 | 13,023 | S100PTT0, S100SII7, S100UZY2, S100XC4C |
| Current liabilities | 2,208 | 2,544 | 4,920 | 3,450 | 4,211 | S100PTT0, S100SII7, S100UZY2, S100XC4C |
| Long-term borrowings | 460 | 378 | 878 | 700 | 3,131 | S100PTT0, S100SII7, S100UZY2, S100XC4C |
| Total liabilities | 2,756 | 2,983 | 6,251 | 4,699 | 7,524 | S100PTT0, S100SII7, S100UZY2, S100XC4C |
| Equity attributable to owners of parent | 4,847 | 5,940 | 5,042 | 5,415 | 7,287 | S100PTT0, S100SII7, S100UZY2, S100XC4C |
| Retained earnings | 2,114 | 3,196 | 2,154 | 2,399 | 1,448 | S100PTT0, S100SII7, S100UZY2, S100XC4C |
| Treasury stock | -0 | -0 | -1 | -1 | -2 | S100PTT0, S100SII7, S100UZY2, S100XC4C |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 63% | S100XC4C |
| Receivables | 21% | S100XC4C |
| Property, plant and equipment | 3% | S100XC4C |
| Intangibles and goodwill | 0% | S100XC4C |
| Investment securities | 2% | S100XC4C |
| Other assets | 11% | S100XC4C |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 51% | S100XC4C |
| Equity | 49% | S100XC4C |

### 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 | 7,604 | 8,923 | 11,296 | 10,116 | 14,814 |
| Equity | 4,848 | 5,940 | 5,044 | 5,418 | 7,290 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 4,763 | 5,675 | 6,643 | 4,989 | 9,395 |

## 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) | 2.2% | S100XC4C |
| Fixed assets ÷ total assets | 2.5% | S100XC4C |
| Goodwill ÷ parent equity | — | —, S100XC4C |

### 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) | 63.4% |
| Cash ÷ revenue | 57.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | 199 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.7% |
| Investing CF relative to operating CF | — |

## 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 | 6.6% | 1.67× | 11.0% | 1.57× | 17.2% | S100PTT0 |
| 2022 | 9.6% | 1.36× | 13.1% | 1.53× | 20.1% | S100SII7 |
| 2023 | — | —× | -10.3% | —× | — | S100UZY2 |
| 2024 | 1.6% | 1.47× | 2.3% | 2.05× | 4.7% | S100XC4C |
| 2025 | — | —× | -7.6% | —× | — | S100XC4C |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 大塚 英樹 | Major shareholder | 22.5% | 2025-09-30 |
| 株式会社Print | Major shareholder | 21.9% | 2025-09-30 |
| 久田 哲史 | Major shareholder | 19.1% | 2025-09-30 |
| 渡邉 昌司 | Major shareholder | 5.4% | 2025-09-30 |
| 西田 正孝 | Major shareholder | 0.9% | 2025-09-30 |
| 本多 航 | Major shareholder | 0.8% | 2025-09-30 |
| 池田 卯之介 | Major shareholder | 0.7% | 2025-09-30 |
| ＵＢＳ ＡＧ ＬＯＮＤＯＮ ＡＳＩＡ ＥＱＵＩＴＩＥＳ （常任代理人：シティバンク、エヌ・エイ東京支店） | Major shareholder | 0.5% | 2025-09-30 |
| 田口 政実 | Major shareholder | 0.5% | 2025-09-30 |
| 株式会社バルーン | Major shareholder | 0.5% | 2025-09-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第18期(2024/10/01－2025/09/30) | S100XC4C | 2025-12-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XC4C,, |
| 有価証券報告書－第17期(2023/10/01－2024/09/30) | S100UZY2 | 2024-12-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UZY2,, |
| 有価証券報告書－第16期(2022/10/01－2023/09/30) | S100SII7 | 2023-12-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SII7,, |
| 有価証券報告書－第15期(令和3年10月1日－令和4年9月30日) | S100PTT0 | 2022-12-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PTT0,, |
| 有価証券報告書－第14期(令和2年10月1日－令和3年9月30日) | S100N3QF | 2021-12-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100N3QF,, |
| 有価証券報告書－第13期(令和1年10月1日－令和2年9月30日) | S100KEPQ | 2020-12-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KEPQ,, |

## 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).