# WirelessGate, 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22期(2025/01/01－2025/12/31) (S100XSUO)
> Page: https://vizora.meequs.com/en/company/wirelessgate
> Retrieved: 2026-09-30T20:57:55.364Z

## Company

WirelessGate, founded in 2004, is a company in Broadband & ISPs listed on TSE Standard. It has 55 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | WirelessGate, Inc. |
| Ticker | 9419 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9419.T) |
| Listing | TSE Standard |
| Head office | 東京都品川区東品川二丁目2番20号 |
| Representative (per filing) | 代表取締役CEO 成田 徹 |
| Founded | Jan 2004 |
| Share capital | ¥933.1M |
| Employees (consolidated) | 55 |
| Average salary (parent only) | ¥7.1M |
| Fiscal year end | December |
| Website | kmasterplus.pronexus.co.jp (https://kmasterplus.pronexus.co.jp/) |
| Corporate number | 2010701015153 |
| EDINET | E26675 |
| Industries (Vizora) | Broadband & ISPs |

> Profile source: annual securities report (S100XSUO, filed 2026-03-24). As of filing

## Five-axis industry profile

Primary industry: Broadband & ISPs (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 5.6 | 9 |
| Cash conversion | 50 | 9 |
| Efficiency | 83.3 | 9 |

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)

- WirelessGate brought in ¥8.35B in revenue.
- Out of every ¥100 of sales, about ¥2 is left as operating profit.
- Revenue changed -1.3% from the prior year, operating profit -44.0%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥8348613000 → ¥281057000
- Net income → operating cash flow: ¥281057000 → ¥168455000（difference ¥-112602000）
- Main uses of operating cash flow: CapEx ¥3965000 / dividends — / buybacks —
- Change in cash: ¥-146682000
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 | ¥8.35B |  |
| Operating income | ¥171.1M | Margin 2.0% |
| Net income | ¥281.1M | Margin 3.4% |
| Free cash flow | ¥164.5M |  |
| Employees (consolidated) | 55 |  |
| EPS | ¥30.71 |  |
| Diluted EPS | ¥30.7 |  |
| Book value per share | ¥151.48 |  |
| Equity ratio | 36.1% |  |
| Shares outstanding | 10,938,574 |  |
| Treasury shares | 58,000 |  |
| Shareholders | 5,513 |  |
| Average salary (parent only) | ¥7.1M | Filing company only |
| Cash ratio | 38.1% | Cash ÷ revenue 20.2% |
| Vs. industry median margin | -8.6 pp | Broadband & ISPs |
| ROE | 17.6% | Derived from disclosed figures |
| ROA | 6.4% | Derived from disclosed figures |

## Notable figures

- FY2025, cash is 38% 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 | ¥9776033000 | ¥8348613000 | — |
| Operating income | ¥-283909000 | ¥171119000 | — |
| Operating margin | -2.9% | 2.0% | +5 pp |
| Employees | 26 people | 55 people | — |
| Cash and equivalents | ¥1360954000 | ¥1683111000 | — |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 8,349 | 100.0% | S100XSUO |
| Cost of revenue | 3,914 | 46.9% | S100XSUO |
| Gross profit | 4,434 | 53.1% | S100XSUO |
| SG&A | 4,263 | 51.1% | S100XSUO |
| Operating income | 171 | 2.0% | S100XSUO |
| Ordinary income | 173 | 2.1% | S100XSUO |
| Pretax income | 209 | 2.5% | S100XSUO |
| Income tax | -72 | -0.9% | S100XSUO |
| Net income | 281 | 3.4% | S100XSUO |
| Net income attributable to owners | 281 | 3.4% | S100XSUO |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 47 |
| SG&A | 51 |
| Operating income | 2 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 53.1% → Operating margin 2.0% → Net margin 3.4%
Derived from reported figures (DERIVED).

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 8,463 | 8,349 | -114 | -1.3% |
| Gross profit | 4,248 | 4,434 | 186 | +4.4% |
| Operating income | 306 | 171 | -134 | -44.0% |
| Operating cash flow | 229 | 168 | -61 | -26.5% |
| Free cash flow | 228 | 164 | -63 | -27.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 11,330 | 97 | 0.9% | 111 | 239 | 170 | S100L1U8 |
| FY ending Dec 2020 | 10,745 | 72 | 0.7% | -139 | 240 | 149 | S100NPUL |
| FY ending Dec 2021 | 9,776 | -284 | -2.9% | -389 | 297 | 267 | S100QGEZ |
| FY ending Dec 2022 | 8,531 | 191 | 2.2% | 26 | 184 | — | S100T3ON |
| FY ending Dec 2022 | 8,531 | 191 | 2.2% | 26 | 184 | — | S100QGEZ |
| FY ending Dec 2023 | 8,483 | 225 | 2.6% | 241 | 424 | 421 | S100VGCF |
| FY ending Dec 2024 | 8,463 | 306 | 3.6% | 284 | 229 | 228 | S100VGCF |
| FY ending Dec 2025 | 8,349 | 171 | 2.0% | 281 | 168 | 164 | S100XSUO |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥151.8M |
| Operating income per employee (consolidated) | ¥3.1M |
| Net income per employee (consolidated) | ¥5.1M |

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

| History | FY ending Dec 2022 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 25 | 25 | 28 | 32 | 55 |
| Average salary (parent company) | — | ¥6.4M | ¥6.7M | ¥6.9M | ¥7.1M |
| Average age (parent company) | — | 39.2 years | 40.1 years | 42.5 years | 42.8 years |
| Average tenure (parent company) | — | 4.2 years | 4.6 years | 4.6 years | 5.1 years |

## 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 | 168 | 2.0% | S100XSUO |
| Capital expenditure | 4 | 0.0% | S100XSUO |
| Free cash flow | 164 | 2.0% | 算出 |
| Investing cash flow | -498 | -6.0% | S100XSUO |
| Financing cash flow | 183 | 2.2% | S100XSUO |
| Change in cash | -147 | -1.8% | S100XSUO |
| Cash and equivalents | 1,683 | 20.2% | S100XSUO |

## 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 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,352 | 1,450 | 1,779 | 1,830 | 1,683 | S100VGCF, S100QGEZ, S100XSUO |
| Total assets | 2,788 | 2,940 | 2,969 | 2,992 | 4,412 | S100T3ON, S100QGEZ, S100VGCF, S100XSUO |
| Net assets | 772 | 924 | 1,015 | 1,316 | 1,597 | S100VGCF, S100QGEZ, S100XSUO |
| Share capital | 908 | 908 | 908 | 933 | 933 | S100T3ON, S100QGEZ, S100VGCF, S100XSUO |
| Property, plant and equipment | 39 | 39 | 24 | 16 | 446 | S100T3ON, S100QGEZ, S100VGCF, S100XSUO |
| Intangible assets excluding goodwill | 3 | 3 | 1 | 1 | 620 | S100T3ON, S100QGEZ, S100VGCF, S100XSUO |
| Goodwill | — | — | — | — | 575 | S100XSUO |
| Investment securities | 84 | 248 | 75 | 62 | 42 | S100T3ON, S100QGEZ, S100VGCF, S100XSUO |
| Current assets | 2,488 | 2,586 | 2,743 | 2,810 | 3,045 | S100T3ON, S100QGEZ, S100VGCF, S100XSUO |
| Current liabilities | 2,005 | 2,005 | 1,943 | 1,666 | 2,025 | S100T3ON, S100QGEZ, S100VGCF, S100XSUO |
| Short-term borrowings | 500 | 500 | 500 | 300 | 25 | S100T3ON, S100QGEZ, S100VGCF, S100XSUO |
| Long-term borrowings | — | — | — | — | 715 | S100XSUO |
| Total liabilities | 2,015 | 2,016 | 1,953 | 1,676 | 2,816 | S100T3ON, S100QGEZ, S100VGCF, S100XSUO |
| Equity attributable to owners of parent | 739 | 891 | 980 | 1,314 | 1,595 | S100T3ON, S100QGEZ, S100VGCF, S100XSUO |
| Retained earnings | -889 | -1,135 | -648 | -364 | -83 | S100T3ON, S100QGEZ, S100VGCF, S100XSUO |
| Treasury stock | -128 | -128 | -128 | -128 | -128 | S100T3ON, S100QGEZ, S100VGCF, S100XSUO |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 38% | S100XSUO |
| Property, plant and equipment | 10% | S100XSUO |
| Intangibles and goodwill | 27% | S100XSUO |
| Investment securities | 1% | S100XSUO |
| Other assets | 24% | S100XSUO |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 64% | S100XSUO |
| Equity | 36% | S100XSUO |

### Balance sheet history

| Metric | FY ending Dec 2022 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 2,788 | 2,940 | 2,969 | 2,992 | 4,412 |
| Equity | 772 | 924 | 1,015 | 1,316 | 1,597 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,352 | 1,450 | 1,779 | 1,830 | 1,683 |

## 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) | 5.3% | S100XSUO |
| Fixed assets ÷ total assets | 10.1% | S100XSUO |
| Goodwill ÷ parent equity | 36.1% | S100XSUO |

### 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) | 38.1% |
| Cash ÷ revenue | 20.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 98.4% |
| Cash vs. profit gap | -113 JPY mn (of net income -40.1%) |
| 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 | 295.9% |

## 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 | 0.3% | 3.06× | 0.9% | 3.77× | 3.5% | S100VGCF, S100T3ON |
| 2022 | 0.3% | 2.90× | 0.9% | 3.30× | 2.9% | S100QGEZ |
| 2023 | 2.8% | 2.86× | 8.1% | 3.03× | 24.6% | S100VGCF |
| 2024 | 3.4% | 2.84× | 9.5% | 2.60× | 24.8% | S100VGCF |
| 2025 | 3.4% | 1.89× | 6.4% | 2.77× | 17.6% | S100XSUO |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社ヨドバシカメラ | Major shareholder | 13.0% | 2025-12-31 |
| UH Partners 2投資事業有限責任組合 | Major shareholder | 6.7% | 2025-12-31 |
| 光通信KK投資事業有限責任組合 | Major shareholder | 6.5% | 2025-12-31 |
| 株式会社ライフイン24group | Major shareholder | 5.5% | 2025-12-31 |
| 池田 武弘 | Major shareholder | 4.6% | 2025-12-31 |
| 藤沢 昭和 | Major shareholder | 3.7% | 2025-12-31 |
| 原田 実 | Major shareholder | 2.0% | 2025-12-31 |
| 小幡 正行 | Major shareholder | 1.8% | 2025-12-31 |
| 株式会社WRIソリューション | Major shareholder | 1.3% | 2025-12-31 |
| 光通信株式会社 | Major shareholder | 1.0% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第22期(2025/01/01－2025/12/31) | S100XSUO | 2026-03-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XSUO,, |
| 有価証券報告書－第21期(2024/01/01－2024/12/31) | S100VGCF | 2025-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VGCF,, |
| 有価証券報告書－第20期(2023/01/01－2023/12/31) | S100T3ON | 2024-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T3ON,, |
| 有価証券報告書－第19期(2022/01/01－2022/12/31) | S100QGEZ | 2023-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QGEZ,, |
| 有価証券報告書－第18期(令和3年1月1日－令和3年12月31日) | S100NPUL | 2022-03-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NPUL,, |
| 有価証券報告書－第17期(令和2年1月1日－令和2年12月31日) | S100L1U8 | 2021-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L1U8,, |

## 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).