# Unite and Grow Inc.: business model and financials

> Latest period: FY ending Dec 2025, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第21期(2025/01/01－2025/12/31) (S100XRU1)
> Page: https://vizora.meequs.com/en/company/ug-inc
> Retrieved: 2026-09-30T21:39:45.450Z

## Company

Unite and Grow, founded in 2014, is a company in IT Services & System Integration listed on TSE Growth. It has 307 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Unite and Grow Inc. |
| Ticker | 4486 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4486.T) |
| Listing | TSE Growth |
| Head office | 東京都千代田区神田駿河台四丁目3番地 |
| Representative (per filing) | 代表取締役社長 須田 騎一朗 |
| Founded | Jan 2014 |
| Share capital | ¥349.4M |
| Employees (consolidated) | 307 |
| Average salary (parent only) | ¥6.4M |
| Fiscal year end | December |
| Website | www.ug-inc.net (https://www.ug-inc.net/) |
| Corporate number | 4011101061083 |
| EDINET | E35307 |
| Industries (Vizora) | IT Services & System Integration |

> Profile source: annual securities report (S100XRU1, filed 2026-03-19). As of filing

## Five-axis industry profile

Primary industry: IT Services & System Integration (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 86 | 196 |
| Cash conversion | 79.7 | 185 |
| Efficiency | 35.5 | 196 |

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)

- Unite and Grow brought in ¥3.51B in revenue.
- Out of every ¥100 of sales, about ¥16 is left as operating profit.
- Revenue changed +18.5% from the prior year, operating profit +41.7%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥3514731000 → ¥410894000
- Net income → operating cash flow: ¥410894000 → ¥679981000（difference ¥269087000）
- Main uses of operating cash flow: CapEx ¥36379000 / dividends ¥214655000 / buybacks —
- Change in cash: ¥207707000
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 | ¥3.51B |  |
| Operating income | ¥560.4M | Margin 15.9% |
| Net income | ¥410.9M | Margin 11.7% |
| Free cash flow | ¥643.6M |  |
| Employees (consolidated) | 307 |  |
| EPS | ¥52.05 |  |
| Diluted EPS | ¥51.79 |  |
| Book value per share | ¥283.34 |  |
| Equity ratio | 64.5% |  |
| Shares outstanding | 7,963,200 |  |
| Treasury shares | 200 |  |
| Shareholders | 2,626 |  |
| Average salary (parent only) | ¥6.4M | Filing company only |
| Cash ratio | 65.5% | Cash ÷ revenue 64.7% |
| Vs. industry median margin | +7 pp | IT Services & System Integration |
| ROE | 19.2% | Derived from disclosed figures |
| ROA | 12.5% | Derived from disclosed figures |

## Notable figures

- FY2025, cash is 65% of total assets

## What changed in 4 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Dec 2021 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥2075338000 | ¥3514731000 | — |
| Operating income | ¥289438000 | ¥560387000 | — |
| Operating margin | 13.9% | 15.9% | +2 pp |
| Employees | 194 people | 307 people | — |
| Cash and equivalents | ¥1734897000 | ¥2275639000 | — |

### Change in segment revenue mix

Span: FY ending Dec 2021 → FY ending Dec 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| インソーシング事業 → 事業再編・廃止 | 46.2% |
| インソーシング事業 → 事業再編・廃止 | 46.2% |
| セキュリティ事業 → 事業再編・廃止 | 3.8% |
| セキュリティ事業 → 事業再編・廃止 | 3.8% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 3,515 | 100.0% | S100XRU1 |
| Cost of revenue | 1,873 | 53.3% | S100XRU1 |
| Gross profit | 1,642 | 46.7% | S100XRU1 |
| SG&A | 1,081 | 30.8% | S100XRU1 |
| Operating income | 560 | 15.9% | S100XRU1 |
| Ordinary income | 562 | 16.0% | S100XRU1 |
| Pretax income | 562 | 16.0% | S100XRU1 |
| Income tax | 151 | 4.3% | S100XRU1 |
| Net income | 411 | 11.7% | S100XRU1 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 53 |
| SG&A | 31 |
| Operating income | 16 |
| (Ref.) Net income | 12 |

### Margin funnel

Gross margin 46.7% → Operating margin 15.9% → Net margin 11.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +18.5%; Core profit growth: +41.7%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.26×
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 | 2,967 | 3,515 | 548 | +18.5% |
| Gross profit | 1,379 | 1,642 | 263 | +19.1% |
| Operating income | 395 | 560 | 165 | +41.7% |
| Operating cash flow | 566 | 680 | 114 | +20.1% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 1,624 | 205 | 12.7% | 134 | 261 | 247 | S100L16Z |
| FY ending Dec 2020 | 1,733 | 217 | 12.5% | 159 | 236 | 225 | S100NRBF |
| FY ending Dec 2021 | 2,075 | 289 | 13.9% | 198 | 433 | 367 | S100QGYL |
| FY ending Dec 2022 | 2,336 | 324 | 13.9% | 238 | 213 | 173 | S100T4EA |
| FY ending Dec 2023 | 2,668 | 392 | 14.7% | 306 | 374 | 227 | S100T4EA |
| FY ending Dec 2023 | 2,552 | 370 | 14.5% | 306 | 374 | — | S100VGKP |
| FY ending Dec 2024 | 2,967 | 395 | 13.3% | 384 | 566 | — | S100XRU1 |
| FY ending Dec 2025 | 3,515 | 560 | 15.9% | 411 | 680 | 644 | S100XRU1 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥11.4M |
| Operating income per employee (consolidated) | ¥1.8M |
| Net income per employee (consolidated) | ¥1.3M |

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 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 209 | 244 | 243 | 275 | 307 |
| Average salary (parent company) | ¥6.2M | ¥6.3M | — | ¥6.3M | ¥6.4M |
| Average age (parent company) | 35.8 years | 35.3 years | — | 35.0 years | 34.9 years |
| Average tenure (parent company) | 4.7 years | 4.7 years | — | 4.2 years | 4.2 years |

Year over year: Employees (consolidated) +11.6% · Revenue (consolidated) +18.5%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 680 | 19.3% | S100XRU1 |
| Capital expenditure | 36 | 1.0% | S100XRU1 |
| Free cash flow | 644 | 18.3% | 算出 |
| Investing cash flow | -258 | -7.3% | S100XRU1 |
| Financing cash flow | -214 | -6.1% | S100XRU1 |
| Dividends paid | 215 | 6.1% | S100XRU1 |
| Change in cash | 208 | 5.9% | S100XRU1 |
| Cash and equivalents | 2,276 | 64.7% | S100XRU1 |

## 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 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,488 | 1,632 | 1,470 | 2,068 | 2,276 | S100T4EA, S100XRU1 |
| Total assets | 2,367 | 2,612 | 2,482 | 3,079 | 3,475 | S100T4EA, S100VGKP, S100XRU1 |
| Net assets | 1,600 | 1,846 | 1,741 | 2,041 | 2,240 | S100T4EA, S100XRU1 |
| Share capital | 344 | 346 | 346 | 348 | 349 | S100T4EA, S100VGKP, S100XRU1 |
| Property, plant and equipment | 78 | 75 | 74 | 83 | 70 | S100T4EA, S100VGKP, S100XRU1 |
| Intangible assets excluding goodwill | 46 | 177 | 177 | 160 | 118 | S100T4EA, S100VGKP, S100XRU1 |
| Investment securities | — | — | — | 10 | 25 | S100XRU1 |
| Current assets | 2,177 | 2,293 | 2,130 | 2,740 | 3,151 | S100T4EA, S100VGKP, S100XRU1 |
| Current liabilities | 741 | 736 | 712 | 1,004 | 1,222 | S100T4EA, S100VGKP, S100XRU1 |
| Short-term borrowings | 50 | — | — | — | — | S100T4EA |
| Total liabilities | 767 | 766 | 742 | 1,038 | 1,235 | S100T4EA, S100VGKP, S100XRU1 |
| Equity attributable to owners of parent | 1,600 | 1,846 | 1,741 | 2,041 | 2,240 | S100T4EA, S100VGKP, S100XRU1 |
| Retained earnings | 971 | 1,214 | 1,108 | 1,405 | 1,601 | S100T4EA, S100VGKP, S100XRU1 |
| Treasury stock | -39 | -39 | -39 | -39 | -39 | S100T4EA, S100VGKP, S100XRU1 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 66% | S100XRU1 |
| Property, plant and equipment | 2% | S100XRU1 |
| Intangibles and goodwill | 3% | S100XRU1 |
| Investment securities | 1% | S100XRU1 |
| Other assets | 28% | S100XRU1 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 36% | S100XRU1 |
| Equity | 64% | S100XRU1 |

### Balance sheet history

| Metric | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 2,367 | 2,612 | 2,482 | 3,079 | 3,475 |
| Equity | 1,600 | 1,846 | 1,741 | 2,041 | 2,240 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,488 | 1,632 | 1,470 | 2,068 | 2,276 |

## 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) | 2.0% | S100XRU1 |
| Fixed assets ÷ total assets | 2.0% | S100XRU1 |
| Goodwill ÷ parent equity | — | —, S100XRU1 |

### 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) | 65.5% |
| Cash ÷ revenue | 64.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 121.3% |
| Cash vs. profit gap | 269 JPY mn (of net income 65.5%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 52.2% |
| Shareholder payments — dividends / FCF | 33.4% |
| CapEx intensity (capex ÷ revenue) | 1.0% |
| Investing CF relative to operating CF | 38.0% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 10.2% | 0.99× | 10.1% | 1.48× | 14.9% | S100T4EA |
| 2023 | 11.5% | 1.07× | 12.3% | 1.44× | 17.7% | S100T4EA |
| 2023 | 12.0% | 1.03× | 12.3% | 1.43× | 17.6% | S100XRU1, S100VGKP |
| 2024 | 13.0% | 1.07× | 13.8% | 1.47× | 20.3% | S100XRU1 |
| 2025 | 11.7% | 1.07× | 12.5% | 1.53× | 19.2% | S100XRU1 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| エス・アセットマネジメント株式会社 | Major shareholder | 25.1% | 2025-12-31 |
| 須田 騎一朗 | Major shareholder | 16.1% | 2025-12-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 3.8% | 2025-12-31 |
| 岡 美恵子 | Major shareholder | 2.4% | 2025-12-31 |
| ユナイトアンドグロウ従業員持株会 | Major shareholder | 2.0% | 2025-12-31 |
| 槇田 重夫 | Major shareholder | 1.6% | 2025-12-31 |
| 須田 愛子 | Major shareholder | 1.5% | 2025-12-31 |
| 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 | 1.5% | 2025-12-31 |
| 渡部 裕之 | Major shareholder | 1.4% | 2025-12-31 |
| BANQUE PICTET AND CIE SA RP ACTIONSMARCHES DEVELOPPES SMALL AND MIDCAP（常任代理人 株式会社三菱UFJ銀行） | Major shareholder | 1.4% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第21期(2025/01/01－2025/12/31) | S100XRU1 | 2026-03-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XRU1,, |
| 有価証券報告書－第20期(2024/01/01－2024/12/31) | S100VGKP | 2025-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VGKP,, |
| 有価証券報告書－第19期(2023/01/01－2023/12/31) | S100T4EA | 2024-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T4EA,, |
| 有価証券報告書－第18期(2022/01/01－2022/12/31) | S100QGYL | 2023-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QGYL,, |
| 有価証券報告書－第17期(令和3年1月1日－令和3年12月31日) | S100NRBF | 2022-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NRBF,, |
| 有価証券報告書－第16期(令和2年1月1日－令和2年12月31日) | S100L16Z | 2021-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L16Z,, |

## 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).