# Stmn, 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10期(2025/01/01－2025/12/31) (S100XTWU)
> Page: https://vizora.meequs.com/en/company/stmn
> Retrieved: 2026-09-30T19:05:56.306Z

## Company

Stmn, founded in 2016, is a company in Software & SaaS listed on TSE Growth. It has 198 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Stmn, Inc. |
| Ticker | 4019 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4019.T) |
| Listing | TSE Growth |
| Head office | 愛知県名古屋市中村区下広井町一丁目14-8 |
| Representative (per filing) | 代表取締役社長執行役員CEO 大西 泰平 |
| Founded | Jan 2016 |
| Share capital | ¥82.8M |
| Employees (consolidated) | 198 |
| Average salary (parent only) | ¥6.6M |
| Fiscal year end | December |
| Website | stmn.co.jp (https://stmn.co.jp/) |
| Corporate number | 7180001121985 |
| EDINET | E36155 |
| Industries (Vizora) | Software & SaaS |

> Profile source: annual securities report (S100XTWU, filed 2026-03-26). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 98.6 | 105 |
| Profitability | 35.5 | 145 |
| Cash conversion | 4.3 | 128 |
| Efficiency | 94.8 | 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)

- Stmn brought in ¥3.82B in revenue.
- Out of every ¥100 of sales, about ¥8 is left as operating profit.
- Revenue changed +41.8% from the prior year, operating profit +29.6%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥3817816000 → ¥208147000
- Net income → operating cash flow: ¥208147000 → ¥962000（difference ¥-207185000）
- Main uses of operating cash flow: CapEx ¥45662000 / dividends ¥35001000 / buybacks ¥22000
- Change in cash: ¥18000000
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 | ¥3.82B |  |
| Operating income | ¥291.2M | Margin 7.6% |
| Net income | ¥208.1M | Margin 5.5% |
| Free cash flow | -¥44.7M |  |
| Employees (consolidated) | 198 |  |
| EPS | ¥24.52 |  |
| Diluted EPS | ¥24.29 |  |
| Book value per share | ¥174.56 |  |
| Equity ratio | 60.5% |  |
| Shares outstanding | 8,781,500 |  |
| Treasury shares | 100 |  |
| Shareholders | 2,654 |  |
| Average salary (parent only) | ¥6.6M | Filing company only |
| Cash ratio | 45.1% | Cash ÷ revenue 29.0% |
| Vs. industry median margin | -4.8 pp | Software & SaaS |
| ROE | 14.9% | Derived from disclosed figures |
| ROA | 9.0% | Derived from disclosed figures |

## Notable figures

- FY2025, cash is 45% 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 | ¥620719000 | ¥3817816000 | — |
| Operating income | ¥21402000 | ¥291225000 | — |
| Operating margin | 3.4% | 7.6% | +4.2 pp |
| Employees | 59 people | 198 people | — |
| Cash and equivalents | ¥1291490000 | ¥1105781000 | — |

### 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 | 3,818 | 100.0% | S100XTWU |
| Cost of revenue | 1,016 | 26.6% | S100XTWU |
| Gross profit | 2,802 | 73.4% | S100XTWU |
| SG&A | 2,511 | 65.8% | S100XTWU |
| Operating income | 291 | 7.6% | S100XTWU |
| Ordinary income | 298 | 7.8% | S100XTWU |
| Pretax income | 299 | 7.8% | S100XTWU |
| Income tax | 91 | 2.4% | S100XTWU |
| Net income | 208 | 5.5% | S100XTWU |
| Net income attributable to owners | 208 | 5.5% | S100XTWU |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 26 |
| SG&A | 66 |
| Operating income | 8 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 73.4% → Operating margin 7.6% → Net margin 5.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +41.8%; Core profit growth: +29.6%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.71×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 2,693 | 3,818 | 1,125 | +41.8% |
| Gross profit | 2,090 | 2,802 | 712 | +34.1% |
| Operating income | 225 | 291 | 67 | +29.6% |
| Net income attributable to owners | 137 | 208 | 71 | +51.6% |
| Operating cash flow | 392 | 1 | -391 | -99.8% |
| Free cash flow | 350 | -45 | -394 | -112.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 396 | -36 | -9.2% | -37 | 95 | 92 | S100L1PS |
| FY ending Dec 2020 | 621 | 21 | 3.4% | 4 | 67 | 64 | S100NSN7 |
| FY ending Dec 2021 | 914 | 34 | 3.7% | 37 | 91 | 71 | S100NSN7 |
| FY ending Dec 2022 | 1,301 | 132 | 10.1% | 99 | 163 | 24 | S100T5GW |
| FY ending Dec 2023 | 1,879 | 165 | 8.8% | 125 | 202 | 181 | S100VICM |
| FY ending Dec 2024 | 2,693 | 225 | 8.3% | 137 | 392 | 350 | S100XTWU |
| FY ending Dec 2025 | 3,818 | 291 | 7.6% | 208 | 1 | -45 | S100XTWU |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥19.3M |
| Operating income per employee (consolidated) | ¥1.5M |
| Net income per employee (consolidated) | ¥1.1M |

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) | 69 | 78 | 106 | 134 | 198 |
| Average salary (parent company) | ¥5.1M | ¥5M | ¥5.7M | ¥6.6M | ¥6.6M |
| Average age (parent company) | 30.1 years | 28.6 years | 30.7 years | 31.4 years | 32.1 years |
| Average tenure (parent company) | 1.5 years | 1.6 years | 1.9 years | 1.9 years | 1.8 years |

Year over year: Employees (consolidated) +47.8% · Revenue (consolidated) +41.8%

## 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 | 1 | 0.0% | S100XTWU |
| Capital expenditure | 46 | 1.2% | S100XTWU |
| Free cash flow | -45 | -1.2% | 算出 |
| Investing cash flow | -27 | -0.7% | S100XTWU |
| Financing cash flow | 44 | 1.2% | S100XTWU |
| Dividends paid | 35 | 0.9% | S100XTWU |
| Share buyback | 0 | 0.0% | S100XTWU |
| Change in cash | 18 | 0.5% | S100XTWU |
| Cash and equivalents | 1,106 | 29.0% | S100XTWU |

## 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 | 536 | 834 | 1,044 | 1,088 | 1,106 | S100NSN7, S100VICM, S100XTWU |
| Total assets | 1,361 | 1,533 | 1,838 | 2,166 | 2,452 | S100NSN7, S100T5GW, S100VICM, S100XTWU |
| Net assets | 928 | 1,031 | 1,216 | 1,346 | 1,537 | S100NSN7, S100VICM, S100XTWU |
| Share capital | 608 | 610 | 72 | 79 | 83 | S100NSN7, S100T5GW, S100VICM, S100XTWU |
| Property, plant and equipment | 22 | 150 | 135 | 155 | 164 | S100NSN7, S100T5GW, S100VICM, S100XTWU |
| Intangible assets excluding goodwill | 0 | 9 | 17 | 13 | 11 | S100NSN7, S100T5GW, S100VICM, S100XTWU |
| Investment securities | — | 25 | 22 | 33 | 31 | S100T5GW, S100VICM, S100XTWU |
| Current assets | 1,261 | 1,274 | 1,586 | 1,323 | 1,569 | S100NSN7, S100T5GW, S100VICM, S100XTWU |
| Current liabilities | 404 | 462 | 574 | 784 | 836 | S100NSN7, S100T5GW, S100VICM, S100XTWU |
| Long-term borrowings | 25 | 15 | 18 | 7 | 50 | S100NSN7, S100T5GW, S100VICM, S100XTWU |
| Total liabilities | 433 | 502 | 623 | 820 | 915 | S100NSN7, S100T5GW, S100VICM, S100XTWU |
| Equity attributable to owners of parent | 924 | 1,017 | 1,185 | 1,303 | 1,483 | S100NSN7, S100T5GW, S100VICM, S100XTWU |
| Retained earnings | -232 | -144 | 113 | 215 | 389 | S100NSN7, S100T5GW, S100VICM, S100XTWU |
| Treasury stock | -0 | -0 | -0 | -0 | -0 | S100NSN7, S100T5GW, S100VICM, S100XTWU |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 45% | S100XTWU |
| Property, plant and equipment | 7% | S100XTWU |
| Intangibles and goodwill | 0% | S100XTWU |
| Investment securities | 1% | S100XTWU |
| Other assets | 47% | S100XTWU |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 37% | S100XTWU |
| Equity | 63% | S100XTWU |
| Other liabilities | 0% | S100XTWU |

### 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 | 1,361 | 1,533 | 1,838 | 2,166 | 2,452 |
| Equity | 928 | 1,031 | 1,216 | 1,346 | 1,537 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 536 | 834 | 1,044 | 1,088 | 1,106 |

## 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% | S100XTWU |
| Fixed assets ÷ total assets | 6.7% | S100XTWU |
| Goodwill ÷ parent equity | — | —, S100XTWU |

### 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) | 45.1% |
| Cash ÷ revenue | 29.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 0.3% |
| Cash vs. profit gap | -207 JPY mn (of net income -99.5%) |
| Shareholder returns / net income | 16.8% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 16.8% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 1.2% |
| Investing CF relative to operating CF | 2837.2% |

## 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 | 4.0% | 0.67× | 2.7% | 1.47× | 4.0% | S100NSN7 |
| 2022 | 7.6% | 0.85× | 6.5% | 1.51× | 9.8% | S100T5GW |
| 2023 | 6.7% | 1.11× | 7.4% | 1.53× | 11.4% | S100VICM |
| 2024 | 5.1% | 1.35× | 6.9% | 1.61× | 11.0% | S100XTWU |
| 2025 | 5.5% | 1.65× | 9.0% | 1.66× | 14.9% | S100XTWU |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 大西 泰平 | Major shareholder | 17.9% | 2025-12-31 |
| 加藤 厚史 | Major shareholder | 13.7% | 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 | 10.4% | 2025-12-31 |
| 株式会社スターフロンツ | Major shareholder | 4.2% | 2025-12-31 |
| ＮＯＭＵＲＡ ＰＢ ＮＯＭＩＮＥＥＳ ＬＩＭＩＴＥＤ ＯＭＮＩＢＵＳ－ＭＡＲＧＩＮ （ＣＡＳＨＰＢ） （常任代理人 野村證券株式会社） | Major shareholder | 4.1% | 2025-12-31 |
| 株式会社ＪＯＭ | Major shareholder | 2.3% | 2025-12-31 |
| 株式会社ライフワーク | Major shareholder | 2.3% | 2025-12-31 |
| 株式会社ＹＭＳ | Major shareholder | 2.3% | 2025-12-31 |
| 株式会社ＳＢＩ証券 | Major shareholder | 1.8% | 2025-12-31 |
| 株式会社日本カストディ銀行 （信託口） | Major shareholder | 1.7% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第10期(2025/01/01－2025/12/31) | S100XTWU | 2026-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XTWU,, |
| 有価証券報告書－第9期(2024/01/01－2024/12/31) | S100VICM | 2025-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VICM,, |
| 有価証券報告書－第8期(2023/01/01－2023/12/31) | S100T5GW | 2024-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T5GW,, |
| 有価証券報告書－第7期(2022/01/01－2022/12/31) | S100QI1X | 2023-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QI1X,, |
| 有価証券報告書－第6期(令和3年1月1日－令和3年12月31日) | S100NSN7 | 2022-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NSN7,, |
| 有価証券報告書－第5期(令和2年1月1日－令和2年12月31日) | S100L1PS | 2021-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L1PS,, |

## 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).