# Voltage Incorporation: business model and financials

> Latest period: FY ending Jun 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第26期(2024/07/01－2025/06/30) (S100WRYE)
> Page: https://vizora.meequs.com/en/company/voltage
> Retrieved: 2026-09-30T21:01:30.508Z

## Company

Voltage Incorporation, founded in 1999, is a company in Games listed on TSE Standard. It has 143 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Voltage Incorporation |
| Ticker | 3639 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3639.T) |
| Listing | TSE Standard |
| Head office | 東京都渋谷区恵比寿四丁目20番3号恵比寿ガーデンプレイスタワー |
| Representative (per filing) | 代表取締役社長 津谷 祐司 |
| Founded | Sep 1999 |
| Share capital | ¥1.25B |
| Employees (consolidated) | 143 |
| Average salary (parent only) | ¥5.4M |
| Fiscal year end | June |
| Website | www.voltage.co.jp (https://www.voltage.co.jp/) |
| Corporate number | 7011001036785 |
| EDINET | E24392 |
| Industries (Vizora) | Games |

> Profile source: annual securities report (S100WRYE, filed 2025-09-29). As of filing

## Five-axis industry profile

Primary industry: Games (2025-06-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 6.9 | 36 |
| Profitability | 25.6 | 41 |
| Cash conversion | 88.7 | 31 |
| Efficiency | 57.3 | 41 |

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)

- Voltage Incorporation brought in ¥2.82B in revenue.
- Operating profit was close to zero, a slight profit per ¥100 of sales.
- Revenue changed -18.5% 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: ¥2818440000 → ¥13309000
- Net income → operating cash flow: ¥13309000 → ¥41556000（difference ¥28247000）
- Main uses of operating cash flow: CapEx ¥43001000 / dividends ¥26000 / buybacks —
- Change in cash: ¥31159000
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 | ¥2.82B |  |
| Operating income | ¥14.6M | Margin 0.5% |
| Net income | ¥13.3M | Margin 0.5% |
| Free cash flow | -¥1.4M |  |
| Employees (consolidated) | 143 |  |
| EPS | ¥2.07 |  |
| Diluted EPS | ¥2.06 |  |
| Book value per share | ¥340.49 |  |
| Equity ratio | 78.3% |  |
| Shares outstanding | 6,518,975 |  |
| Treasury shares | 91,500 |  |
| Shareholders | 5,314 |  |
| Average salary (parent only) | ¥5.4M | Filing company only |
| Cash ratio | 47.4% | Cash ÷ revenue 47.0% |
| Vs. industry median margin | -4.9 pp | Games |
| ROE | 0.6% | Derived from disclosed figures |
| ROA | 0.5% | Derived from disclosed figures |

## Notable figures

- FY2025, operating cash flow is 3.1× net income
- FY2025, revenue is 0.4× its level five years ago
- FY2025, cash is 47% of total assets

## What changed in 5 years

| Metric | FY ending Jun 2020 | FY ending Jun 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥6587274000 | ¥2818440000 | -57.2% |
| Operating income | ¥-86286000 | ¥14583000 | — |
| Operating margin | -1.3% | 0.5% | +1.8 pp |
| Employees | 231 people | 143 people | -38.1% |
| Cash and equivalents | ¥1530928000 | ¥1325515000 | -13.4% |

### Change in segment revenue mix

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

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 2,818 | 100.0% | S100WRYE |
| Cost of revenue | 1,343 | 47.7% | S100WRYE |
| Gross profit | 1,475 | 52.3% | S100WRYE |
| SG&A | 1,461 | 51.8% | S100WRYE |
| Operating income | 15 | 0.5% | S100WRYE |
| Ordinary income | 18 | 0.6% | S100WRYE |
| Pretax income | 18 | 0.6% | S100WRYE |
| Income tax | 4 | 0.2% | S100WRYE |
| Net income | 13 | 0.5% | S100WRYE |
| Net income attributable to owners | 13 | 0.5% | S100WRYE |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 48 |
| SG&A | 52 |
| Operating income | 0 |
| (Ref.) Net income | 0 |

### Margin funnel

Gross margin 52.3% → Operating margin 0.5% → Net margin 0.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Turned profitable
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 3,457 | 2,818 | -638 | -18.5% |
| Gross profit | 1,831 | 1,475 | -356 | -19.4% |
| Operating income | -94 | 15 | 109 | — |
| Net income attributable to owners | 5 | 13 | 8 | +152.6% |
| Operating cash flow | -41 | 42 | 83 | — |
| Free cash flow | -70 | -1 | 69 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Jun 2019 | 7,120 | -199 | -2.8% | -356 | 220 | 152 | S100JSRW |
| FY ending Jun 2020 | 6,587 | -86 | -1.3% | -161 | -224 | -264 | S100MIY1 |
| FY ending Jun 2021 | 6,903 | 159 | 2.3% | 163 | 233 | 158 | S100P9W3 |
| FY ending Jun 2022 | 5,392 | -363 | -6.7% | -412 | -125 | -181 | S100RVWF |
| FY ending Jun 2023 | 4,258 | -85 | -2.0% | -39 | 60 | 19 | S100UFYP |
| FY ending Jun 2024 | 3,457 | -94 | -2.7% | 5 | -41 | -70 | S100WRYE |
| FY ending Jun 2025 | 2,818 | 15 | 0.5% | 13 | 42 | -1 | S100WRYE |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥19.7M |
| Operating income per employee (consolidated) | ¥102K |
| Net income per employee (consolidated) | ¥93.1K |

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

| History | FY ending Jun 2021 | FY ending Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 238 | 211 | 191 | 165 | 143 |
| Average salary (parent company) | ¥5.1M | ¥4.9M | ¥4.9M | ¥5.2M | ¥5.4M |
| Average age (parent company) | 31.5 years | 31.6 years | 32.8 years | 33.9 years | 34.9 years |
| Average tenure (parent company) | 6.0 years | 6.3 years | 7.3 years | 8.3 years | 9.4 years |

Year over year: Employees (consolidated) -13.3% · Revenue (consolidated) -18.5%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 42 | 1.5% | S100WRYE |
| Capital expenditure | 43 | 1.5% | S100WRYE |
| Free cash flow | -1 | -0.1% | 算出 |
| Investing cash flow | -2 | -0.1% | S100WRYE |
| Financing cash flow | -4 | -0.1% | S100WRYE |
| Dividends paid | 0 | 0.0% | S100WRYE |
| Change in cash | 31 | 1.1% | S100WRYE |
| Cash and equivalents | 1,326 | 47.0% | S100WRYE |

## 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 Jun 2021 | FY ending Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,839 | 1,473 | 1,447 | 1,294 | 1,326 | S100RVWF, S100UFYP, S100WRYE |
| Total assets | 3,513 | 3,060 | 2,954 | 2,836 | 2,795 | S100P9W3, S100RVWF, S100UFYP, S100WRYE |
| Net assets | 2,638 | 2,190 | 2,162 | 2,175 | 2,197 | S100RVWF, S100UFYP, S100WRYE |
| Share capital | 1,251 | 1,251 | 1,251 | 1,251 | 1,251 | S100P9W3, S100RVWF, S100UFYP, S100WRYE |
| Property, plant and equipment | 24 | 20 | 12 | 8 | 15 | S100P9W3, S100RVWF, S100UFYP, S100WRYE |
| Intangible assets excluding goodwill | 41 | 48 | 60 | 52 | 48 | S100P9W3, S100RVWF, S100UFYP, S100WRYE |
| Investment securities | 162 | 322 | 463 | 245 | 407 | S100P9W3, S100RVWF, S100UFYP, S100WRYE |
| Current assets | 2,896 | 2,290 | 2,042 | 2,202 | 2,042 | S100P9W3, S100RVWF, S100UFYP, S100WRYE |
| Current liabilities | 762 | 757 | 665 | 535 | 473 | S100P9W3, S100RVWF, S100UFYP, S100WRYE |
| Short-term borrowings | 30 | 30 | 30 | — | — | S100P9W3, S100RVWF, S100UFYP |
| Long-term borrowings | 114 | 110 | 106 | 102 | 98 | S100P9W3, S100RVWF, S100UFYP, S100WRYE |
| Total liabilities | 875 | 870 | 792 | 661 | 598 | S100P9W3, S100RVWF, S100UFYP, S100WRYE |
| Equity attributable to owners of parent | 2,612 | 2,148 | 2,109 | 2,114 | 2,129 | S100P9W3, S100RVWF, S100UFYP, S100WRYE |
| Retained earnings | 245 | -219 | -258 | -253 | -239 | S100P9W3, S100RVWF, S100UFYP, S100WRYE |
| Treasury stock | -100 | -100 | -100 | -100 | -100 | S100P9W3, S100RVWF, S100UFYP, S100WRYE |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 47% | S100WRYE |
| Property, plant and equipment | 1% | S100WRYE |
| Intangibles and goodwill | 2% | S100WRYE |
| Investment securities | 14% | S100WRYE |
| Other assets | 36% | S100WRYE |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 21% | S100WRYE |
| Equity | 79% | S100WRYE |

### Balance sheet history

| Metric | FY ending Jun 2021 | FY ending Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 3,513 | 3,060 | 2,954 | 2,836 | 2,795 |
| Equity | 2,638 | 2,190 | 2,162 | 2,175 | 2,197 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,839 | 1,473 | 1,447 | 1,294 | 1,326 |

## 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) | 0.5% | S100WRYE |
| Fixed assets ÷ total assets | 0.5% | S100WRYE |
| Goodwill ÷ parent equity | — | —, S100WRYE |

### 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) | 47.4% |
| Cash ÷ revenue | 47.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 285.0% |
| Cash vs. profit gap | 28 JPY mn (of net income 212.2%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 0.2% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 1.5% |
| Investing CF relative to operating CF | 4.4% |

## 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 | 2.4% | 1.96× | 4.6% | 1.35× | 6.2% | S100P9W3 |
| 2022 | — | —× | -12.5% | —× | — | S100RVWF |
| 2023 | — | —× | -1.3% | —× | — | S100UFYP |
| 2024 | 0.2% | 1.19× | 0.2% | 1.37× | 0.2% | S100WRYE |
| 2025 | 0.5% | 1.00× | 0.5% | 1.33× | 0.6% | S100WRYE |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 津谷 祐司 | Major shareholder | 10.4% | 2025-06-30 |
| 株式会社サードストリート | Major shareholder | 10.3% | 2025-06-30 |
| 株式会社ＳＢＩ証券 | Major shareholder | 7.4% | 2025-06-30 |
| 津谷 奈々子 | Major shareholder | 5.7% | 2025-06-30 |
| 楽天証券株式会社 | Major shareholder | 3.1% | 2025-06-30 |
| 内藤 征吾 | Major shareholder | 3.0% | 2025-06-30 |
| 日本証券金融株式会社 | Major shareholder | 1.7% | 2025-06-30 |
| ＴＨＥ ＢＡＮＫ ＯＦ ＮＥＷ ＹＯＲＫ ＭＥＬＬＯＮ １４００４０ （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.3% | 2025-06-30 |
| ＢＮＹＭ ＳＡ／ＮＶ ＦＯＲ ＢＮＹＭ ＦＯＲ ＢＮＹＭ ＧＣＭ ＣＬＩＥＮＴ ＡＣＣＴＳ Ｍ ＩＬＭ ＦＥ （常任代理人 株式会社三菱ＵＦＪ銀行） | Major shareholder | 1.2% | 2025-06-30 |
| 星川 輝 | Major shareholder | 1.0% | 2025-06-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第26期(2024/07/01－2025/06/30) | S100WRYE | 2025-09-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WRYE,, |
| 有価証券報告書－第25期(2023/07/01－2024/06/30) | S100UFYP | 2024-09-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UFYP,, |
| 有価証券報告書－第24期(2022/07/01－2023/06/30) | S100RVWF | 2023-09-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RVWF,, |
| 有価証券報告書－第23期(令和3年7月1日－令和4年6月30日) | S100P9W3 | 2022-09-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100P9W3,, |
| 有価証券報告書－第22期(令和2年7月1日－令和3年6月30日) | S100MIY1 | 2021-09-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MIY1,, |
| 有価証券報告書－第21期(令和1年7月1日－令和2年6月30日) | S100JSRW | 2020-09-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100JSRW,, |

## 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).