# TeamSpirit Inc.: business model and financials

> Latest period: FY ending Aug 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第29期(2024/09/01－2025/08/31) (S100X6JN)
> Page: https://vizora.meequs.com/en/company/teamspirit
> Retrieved: 2026-09-30T20:28:38.423Z

## Company

TeamSpirit, founded in 1996, is a company in Software & SaaS listed on TSE Growth. It has 207 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | TeamSpirit Inc. |
| Ticker | 4397 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4397.T) |
| Listing | TSE Growth |
| Head office | 東京都千代田区内幸町二丁目1番6号 |
| Representative (per filing) | 代表取締役CEO 道下 和良 |
| Founded | Nov 1996 |
| Share capital | ¥850.8M |
| Employees (consolidated) | 207 |
| Average salary (parent only) | ¥7.1M |
| Fiscal year end | August |
| Website | corp.teamspirit.com (https://corp.teamspirit.com/) |
| Corporate number | 1010001116826 |
| EDINET | E34225 |
| Industries (Vizora) | Software & SaaS |

> Profile source: annual securities report (S100X6JN, filed 2025-11-26). As of filing

## Five-axis industry profile

Primary industry: Software & SaaS (2025-08-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 65.2 | 105 |
| Profitability | 25.2 | 145 |
| Cash conversion | 81.6 | 128 |
| Efficiency | 76.9 | 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)

- TeamSpirit brought in ¥4.92B in revenue.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed +11.3% from the prior year, and it swung back to an operating profit.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥4922684000 → ¥362659000
- Net income → operating cash flow: ¥362659000 → ¥442961000（difference ¥80302000）
- Main uses of operating cash flow: CapEx ¥468000 / dividends — / buybacks —
- Change in cash: ¥399420000
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 | ¥4.92B |  |
| Operating income | ¥269.8M | Margin 5.5% |
| Net income | ¥362.7M | Margin 7.4% |
| Free cash flow | ¥442.5M |  |
| Employees (consolidated) | 207 |  |
| EPS | ¥23.22 |  |
| Diluted EPS | ¥23.22 |  |
| Book value per share | ¥97.55 |  |
| Equity ratio | 36.1% |  |
| Shares outstanding | 16,509,500 |  |
| Treasury shares | 17,900 |  |
| Shareholders | 5,279 |  |
| Average salary (parent only) | ¥7.1M | Filing company only |
| Cash ratio | 65.8% | Cash ÷ revenue 59.8% |
| Vs. industry median margin | -7 pp | Software & SaaS |
| ROE | 25.9% | Derived from disclosed figures |
| ROA | 8.9% | Derived from disclosed figures |

## Notable figures

- FY2025, cash is 66% of total assets

## What changed in 5 years

| Metric | FY ending Aug 2020 | FY ending Aug 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥2445661000 | ¥4922684000 | +101.3% |
| Operating income | ¥285846000 | ¥269831000 | -5.6% |
| Operating margin | 11.7% | 5.5% | -6.2 pp |
| Employees | 114 people | 207 people | +81.6% |
| Cash and equivalents | ¥2173924000 | ¥2942807000 | +35.4% |

### Change in segment revenue mix

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

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 4,923 | 100.0% | S100X6JN |
| Cost of revenue | 2,938 | 59.7% | S100X6JN |
| Gross profit | 1,984 | 40.3% | S100X6JN |
| SG&A | 1,715 | 34.8% | S100X6JN |
| Operating income | 270 | 5.5% | S100X6JN |
| Ordinary income | 278 | 5.6% | S100X6JN |
| Pretax income | 278 | 5.6% | S100X6JN |
| Income tax | -85 | -1.7% | S100X6JN |
| Net income | 363 | 7.4% | S100X6JN |
| Net income attributable to owners | 363 | 7.4% | S100X6JN |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 60 |
| SG&A | 35 |
| Operating income | 5 |
| (Ref.) Net income | 7 |

### Margin funnel

Gross margin 40.3% → Operating margin 5.5% → Net margin 7.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Turned profitable
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 4,422 | 4,923 | 501 | +11.3% |
| Gross profit | 1,653 | 1,984 | 331 | +20.0% |
| Operating income | -87 | 270 | 357 | — |
| Net income attributable to owners | -180 | 363 | 543 | — |
| Operating cash flow | 68 | 443 | 375 | +549.0% |
| Free cash flow | 64 | 442 | 379 | +592.1% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Aug 2020 | 2,446 | 286 | 11.7% | 255 | 395 | 313 | S100MYWF |
| FY ending Aug 2021 | 2,897 | 169 | 5.8% | 123 | 265 | 264 | S100POC3 |
| FY ending Aug 2022 | 3,262 | -118 | -3.6% | -90 | -4 | -8 | S100SCMG |
| FY ending Aug 2023 | 3,810 | -220 | -5.8% | -189 | -7 | -7 | S100VP98 |
| FY ending Aug 2024 | 4,422 | -87 | -2.0% | -180 | 68 | 64 | S100X6JN |
| FY ending Aug 2025 | 4,923 | 270 | 5.5% | 363 | 443 | 442 | S100X6JN |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥23.8M |
| Operating income per employee (consolidated) | ¥1.3M |
| Net income per employee (consolidated) | ¥1.8M |

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

| History | FY ending Aug 2021 | FY ending Aug 2022 | FY ending Aug 2023 | FY ending Aug 2024 | FY ending Aug 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 133 | 162 | 196 | 212 | 207 |
| Average salary (parent company) | ¥7.3M | ¥7.4M | ¥7.3M | ¥7.1M | ¥7.1M |
| Average age (parent company) | 37.2 years | 36.5 years | 36.3 years | 36.0 years | 36.4 years |
| Average tenure (parent company) | 2.8 years | 2.9 years | 2.8 years | 3.0 years | 3.5 years |

Year over year: Employees (consolidated) -2.4% · Revenue (consolidated) +11.3%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 443 | 9.0% | S100X6JN |
| Capital expenditure | 0 | 0.0% | S100X6JN |
| Free cash flow | 442 | 9.0% | 算出 |
| Investing cash flow | -22 | -0.4% | S100X6JN |
| Financing cash flow | -34 | -0.7% | S100X6JN |
| Change in cash | 399 | 8.1% | S100X6JN |
| Cash and equivalents | 2,943 | 59.8% | S100X6JN |

## 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 Aug 2021 | FY ending Aug 2022 | FY ending Aug 2023 | FY ending Aug 2024 | FY ending Aug 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 2,448 | 2,409 | 2,365 | 2,543 | 2,943 | S100SCMG, S100VP98, S100X6JN |
| Total assets | 3,172 | 3,365 | 3,517 | 3,693 | 4,473 | S100POC3, S100SCMG, S100VP98, S100X6JN |
| Net assets | 1,577 | 1,535 | 1,392 | 1,229 | 1,624 | S100SCMG, S100VP98, S100X6JN |
| Share capital | 802 | 813 | 833 | 841 | 851 | S100POC3, S100SCMG, S100VP98, S100X6JN |
| Property, plant and equipment | 59 | 51 | 13 | 11 | 9 | S100POC3, S100SCMG, S100VP98, S100X6JN |
| Intangible assets excluding goodwill | 0 | 0 | — | — | 45 | S100POC3, S100SCMG, S100X6JN |
| Goodwill | — | — | — | — | 40 | S100X6JN |
| Current assets | 2,754 | 2,820 | 2,875 | 3,124 | 3,677 | S100POC3, S100SCMG, S100VP98, S100X6JN |
| Current liabilities | 1,595 | 1,830 | 2,125 | 2,464 | 2,849 | S100POC3, S100SCMG, S100VP98, S100X6JN |
| Total liabilities | 1,595 | 1,830 | 2,125 | 2,464 | 2,849 | S100POC3, S100SCMG, S100VP98, S100X6JN |
| Equity attributable to owners of parent | 1,577 | 1,524 | 1,375 | 1,210 | 1,593 | S100POC3, S100SCMG, S100VP98, S100X6JN |
| Retained earnings | -17 | -92 | -281 | -461 | -99 | S100POC3, S100SCMG, S100VP98, S100X6JN |
| Treasury stock | -1 | -1 | -1 | -1 | -1 | S100POC3, S100SCMG, S100VP98, S100X6JN |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 66% | S100X6JN |
| Property, plant and equipment | 0% | S100X6JN |
| Intangibles and goodwill | 2% | S100X6JN |
| Other assets | 32% | S100X6JN |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 64% | S100X6JN |
| Equity | 36% | S100X6JN |

### Balance sheet history

| Metric | FY ending Aug 2021 | FY ending Aug 2022 | FY ending Aug 2023 | FY ending Aug 2024 | FY ending Aug 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 3,172 | 3,365 | 3,517 | 3,693 | 4,473 |
| Equity | 1,577 | 1,535 | 1,392 | 1,229 | 1,624 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 2,448 | 2,409 | 2,365 | 2,543 | 2,943 |

## 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) | 0.2% | S100X6JN |
| Fixed assets ÷ total assets | 0.2% | S100X6JN |
| Goodwill ÷ parent equity | 2.5% | S100X6JN |

### 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) | 65.8% |
| Cash ÷ revenue | 59.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 164.2% |
| Cash vs. profit gap | 80 JPY mn (of net income 22.1%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.0% |
| Investing CF relative to operating CF | 5.0% |

## 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 | 4.2% | 0.91× | 3.9% | 2.01× | 7.8% | S100POC3 |
| 2022 | — | —× | -2.8% | —× | — | S100SCMG |
| 2023 | — | —× | -5.5% | —× | — | S100VP98 |
| 2024 | — | —× | -5.0% | —× | — | S100X6JN |
| 2025 | 7.4% | 1.21× | 8.9% | 2.91× | 25.9% | S100X6JN |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 荻島 浩司 | Major shareholder | 29.5% | 2025-08-31 |
| Draper Nexus Technology Partners 2号投資事業有限責任組合 | Major shareholder | 9.3% | 2025-08-31 |
| 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 | 4.4% | 2025-08-31 |
| THE BANK OF NEW YORK 133595 （常任代理人 株式会社みずほ銀行） | Major shareholder | 2.9% | 2025-08-31 |
| 株式会社SBI証券 | Major shareholder | 2.0% | 2025-08-31 |
| MSIP CLIENT SECURITIES （常任代理人 モルガン・スタンレーMUFG証券株式会社） | Major shareholder | 2.0% | 2025-08-31 |
| JP JPMSE LUX RE UBS AG LONDON BRANCH EQ CO （常任代理人 株式会社三菱UFJ銀行） | Major shareholder | 1.3% | 2025-08-31 |
| 上田八木短資株式会社 | Major shareholder | 1.2% | 2025-08-31 |
| チームスピリット従業員持株会 | Major shareholder | 1.1% | 2025-08-31 |
| 有本 陽助 | Major shareholder | 1.1% | 2025-08-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第29期(2024/09/01－2025/08/31) | S100X6JN | 2025-11-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100X6JN,, |
| 訂正有価証券報告書－第28期(2023/09/01－2024/08/31) | S100VP98 | 2025-05-02 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VP98,, |
| 有価証券報告書－第27期(2022/09/01－2023/08/31) | S100SCMG | 2023-11-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SCMG,, |
| 有価証券報告書－第26期(令和3年9月1日－令和4年8月31日) | S100POC3 | 2022-11-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100POC3,, |
| 有価証券報告書－第25期(令和2年9月1日－令和3年8月31日) | S100MYWF | 2021-11-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MYWF,, |
| 有価証券報告書－第24期(令和1年9月1日－令和2年8月31日) | S100K98D | 2020-11-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100K98D,, |

## 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).