# SpiderPlus & Co.: 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27期(2025/01/01－2025/12/31) (S100XT30)
> Page: https://vizora.meequs.com/en/company/spiderplus
> Retrieved: 2026-09-30T19:48:36.547Z

## Company

SpiderPlus &, founded in 2000, is a company in Software & SaaS listed on TSE Growth. It has 260 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | SpiderPlus & Co. |
| Ticker | 4192 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4192.T) |
| Listing | TSE Growth |
| Head office | 東京都港区虎ノ門二丁目2番1号 |
| Representative (per filing) | 代表取締役社長 伊藤 謙自 |
| Founded | Feb 2000 |
| Share capital | ¥2.51B |
| Employees (consolidated) | 260 |
| Average salary (parent only) | ¥6.2M |
| Fiscal year end | December |
| Website | spiderplus.co.jp (https://spiderplus.co.jp/) |
| Corporate number | 5013301026121 |
| EDINET | E36410 |
| Industries (Vizora) | Software & SaaS |

> Profile source: annual securities report (S100XT30, filed 2026-03-24). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 10.7 | 145 |
| Efficiency | 73.4 | 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)

- SpiderPlus & brought in ¥4.9B in revenue.
- Operating profit was close to zero, a slight loss per ¥100 of sales.
- Revenue changed +20.2% from the prior year.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥4.9B |  |
| Operating income | -¥10.9M | Margin -0.2% |
| Net income | -¥17.4M | Margin -0.4% |
| Free cash flow | -¥107M |  |
| Employees (consolidated) | 260 |  |
| EPS | ¥-1.13 |  |
| Book value per share | ¥74.9 |  |
| Equity ratio | 64.0% |  |
| Shares outstanding | 35,507,400 |  |
| Treasury shares | 100 |  |
| Shareholders | 7,866 |  |
| Average salary (parent only) | ¥6.2M | Filing company only |
| Cash ratio | 59.5% | Cash ÷ revenue 50.6% |
| Vs. industry median margin | -12.7 pp | Software & SaaS |
| ROA | -0.4% | Derived from disclosed figures |

## Notable figures

- FY2025, cash is 60% of total assets

## What changed in 3 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Dec 2022 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥2479404000 | ¥4895537000 | — |
| Operating income | ¥-1142318000 | ¥-10899000 | — |
| Operating margin | -46.1% | -0.2% | +45.8 pp |
| Employees | 180 people | 260 people | — |
| Cash and equivalents | ¥3044793000 | ¥2477419000 | — |

### Change in segment revenue mix

Span: FY ending Dec 2022 → 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 | 4,896 | 100.0% | S100XT30 |
| Cost of revenue | 1,276 | 26.1% | S100XT30 |
| Gross profit | 3,619 | 73.9% | S100XT30 |
| SG&A | 3,630 | 74.1% | S100XT30 |
| Operating income | -11 | -0.2% | S100XT30 |
| Ordinary income | -41 | -0.8% | S100XT30 |
| Pretax income | -40 | -0.8% | S100XT30 |
| Income tax | -23 | -0.5% | S100XT30 |
| Net income | -17 | -0.4% | S100XT30 |
| Net income attributable to owners | -17 | -0.4% | S100XT30 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 26 |
| SG&A | 74 |
| Operating income | 0 |
| (Ref.) Net income | 0 |

### Margin funnel

Gross margin 73.9% → Operating margin -0.2% → Net margin -0.4%
Derived from reported figures (DERIVED).

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 4,072 | 4,896 | 823 | +20.2% |
| Gross profit | 2,769 | 3,619 | 850 | +30.7% |
| Operating income | -519 | -11 | 508 | — |
| Net income attributable to owners | -772 | -17 | 754 | — |
| Operating cash flow | -369 | 79 | 448 | — |
| Free cash flow | -419 | -107 | 312 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2022 | 2,479 | -1,142 | -46.1% | -1,037 | -1,001 | -1,709 | S100QHR6 |
| FY ending Dec 2023 | 3,195 | -443 | -13.9% | -463 | -331 | -414 | S100T4P2 |
| FY ending Dec 2024 | 4,072 | -519 | -12.7% | -772 | -369 | -419 | S100XT30 |
| FY ending Dec 2025 | 4,896 | -11 | -0.2% | -17 | 79 | -107 | S100XT30 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥18.8M |
| Operating income per employee (consolidated) | -¥41.9K |
| Net income per employee (consolidated) | -¥66.8K |

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

| History | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 180 | 176 | 250 | 260 |
| Average salary (parent company) | ¥5.6M | ¥5.6M | ¥5.8M | ¥6.2M |
| Average age (parent company) | 34.5 years | 34.3 years | 35.4 years | 35.3 years |
| Average tenure (parent company) | 2.3 years | 2.8 years | 2.4 years | 2.6 years |

Year over year: Employees (consolidated) +4.0% · Revenue (consolidated) +20.2%

## 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 | 79 | 1.6% | S100XT30 |
| Capital expenditure | 186 | 3.8% | S100XT30 |
| Free cash flow | -107 | -2.2% | 算出 |
| Investing cash flow | -182 | -3.7% | S100XT30 |
| Financing cash flow | -159 | -3.2% | S100XT30 |
| Change in cash | -263 | -5.4% | S100XT30 |
| Cash and equivalents | 2,477 | 50.6% | S100XT30 |

## 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 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 3,045 | 2,846 | 2,741 | 2,477 | S100T4P2, S100XT30 |
| Total assets | 4,795 | 4,597 | 4,211 | 4,162 | S100T4P2, S100XT30 |
| Net assets | 3,685 | 3,385 | 2,646 | 2,662 | S100T4P2, S100XT30 |
| Share capital | 2,395 | 2,477 | 2,496 | 2,514 | S100T4P2, S100XT30 |
| Property, plant and equipment | 266 | 252 | 227 | 211 | S100T4P2, S100XT30 |
| Intangible assets excluding goodwill | 742 | 684 | 357 | 425 | S100T4P2, S100XT30 |
| Current assets | 3,542 | 3,422 | 3,396 | 3,257 | S100T4P2, S100XT30 |
| Current liabilities | 855 | 1,017 | 1,218 | 1,308 | S100T4P2, S100XT30 |
| Short-term borrowings | 100 | 250 | 500 | 500 | S100T4P2, S100XT30 |
| Long-term borrowings | 248 | 184 | 337 | 183 | S100T4P2, S100XT30 |
| Total liabilities | 1,110 | 1,211 | 1,566 | 1,500 | S100T4P2, S100XT30 |
| Equity attributable to owners of parent | 3,684 | 3,385 | 2,652 | 2,670 | S100T4P2, S100XT30 |
| Retained earnings | -1,383 | -1,846 | -2,618 | -2,635 | S100T4P2, S100XT30 |
| Treasury stock | -0 | -0 | -0 | -0 | S100T4P2, S100XT30 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 60% | S100XT30 |
| Property, plant and equipment | 5% | S100XT30 |
| Intangibles and goodwill | 10% | S100XT30 |
| Other assets | 25% | S100XT30 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 36% | S100XT30 |
| Equity | 64% | S100XT30 |
| Other liabilities | 0% | S100XT30 |

### Balance sheet history

| Metric | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: |
| Total assets | 4,795 | 4,597 | 4,211 | 4,162 |
| Equity | 3,685 | 3,385 | 2,646 | 2,662 |
| Interest-bearing debt | — | — | — | — |
| Cash | 3,045 | 2,846 | 2,741 | 2,477 |

## 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) | 4.3% | S100XT30 |
| Fixed assets ÷ total assets | 5.1% | S100XT30 |
| Goodwill ÷ parent equity | — | —, S100XT30 |

### 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) | 59.5% |
| Cash ÷ revenue | 50.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | 96 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 3.8% |
| Investing CF relative to operating CF | 230.7% |

## 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 | — | —× | -21.6% | —× | — | S100T4P2, S100QHR6 |
| 2023 | — | —× | -9.9% | —× | — | S100T4P2 |
| 2024 | — | —× | -18.3% | —× | — | S100XT30 |
| 2025 | — | —× | -0.4% | —× | — | S100XT30 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 伊藤 謙自 | Major shareholder | 52.9% | 2025-12-31 |
| THE BANK OF NEW YORK 133652 (常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 5.9% | 2025-12-31 |
| 株式会社CHIYOMARU STUDIO | Major shareholder | 2.3% | 2025-12-31 |
| THE BANK OF NEW YORK MELLON 140051(常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 1.7% | 2025-12-31 |
| 増田 寛雄 | Major shareholder | 1.5% | 2025-12-31 |
| 吉田 淳也 | Major shareholder | 1.4% | 2025-12-31 |
| 株式会社SBI証券 | Major shareholder | 1.1% | 2025-12-31 |
| 野田 隆正 | Major shareholder | 1.0% | 2025-12-31 |
| 鈴木 雅人 | Major shareholder | 1.0% | 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 | 0.9% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第27期(2025/01/01－2025/12/31) | S100XT30 | 2026-03-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XT30,, |
| 有価証券報告書－第26期(2024/01/01－2024/12/31) | S100VH9G | 2025-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VH9G,, |
| 有価証券報告書－第25期(2023/01/01－2023/12/31) | S100T4P2 | 2024-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T4P2,, |
| 有価証券報告書－第24期(2022/01/01－2022/12/31) | S100QHR6 | 2023-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QHR6,, |

## 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).