# WIZE 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) (S100XTGV)
> Page: https://vizora.meequs.com/en/company/wize
> Retrieved: 2026-09-30T22:22:22.258Z

## Company

Wize, founded in 2004, is a company in Crypto & Blockchain listed on TSE Growth. It has 95 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | MOBCAST HOLDINGS INC. |
| Ticker | 3664 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3664.T) |
| Listing | TSE Growth |
| Head office | 東京都渋谷区東一丁目26番30号 |
| Representative (per filing) | 代表取締役CEO 藪 考樹 |
| Founded | Mar 2004 |
| Share capital | ¥944.6M |
| Employees (consolidated) | 95 |
| Average salary (parent only) | ¥5.8M |
| Fiscal year end | December |
| Website | mobcast.co.jp (https://mobcast.co.jp/) |
| Corporate number | 4010701024945 |
| EDINET | E26596 |
| Industries (Vizora) | Crypto & Blockchain, Investment Funds, Games, Furniture, Interior & Lifestyle Goods |

> Profile source: annual securities report (S100XTGV, filed 2026-03-25). As of filing

## Five-axis industry profile

Primary industry: Furniture, Interior & Lifestyle Goods (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 3.6 | 14 |
| Profitability | 2.8 | 18 |
| Efficiency | 25 | 18 |

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)

- About 99% of Wize's sales come from Lifestyle IP business, with IP investment development business and Digital IP business making up much of the rest.
- It lost about ¥12 for every ¥100 of sales at the operating level.
- Revenue changed -8.6% from the prior year.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥2.81B |  |
| Operating income | -¥327.8M | Margin -11.7% |
| Net income | -¥526.7M | Margin -18.8% |
| Free cash flow | -¥374.9M |  |
| Largest business | Lifestyle IP business | of segment revenue 99.3% |
| Employees (consolidated) | 95 |  |
| EPS | ¥-10.02 |  |
| Book value per share | ¥15.59 |  |
| Equity ratio | 41.1% |  |
| Shares outstanding | 84,638,408 |  |
| Treasury shares | 101 |  |
| Shareholders | 20,986 |  |
| Average salary (parent only) | ¥5.8M | Filing company only |
| Cash ratio | 32.9% | Cash ÷ revenue 37.9% |
| Vs. industry median margin | -16 pp | Furniture, Interior & Lifestyle Goods |
| ROA | -19.2% | Derived from disclosed figures |

## Notable figures

- FY2025, one segment accounts for 100% of positive segment profit
- FY2025, cash is 33% of total assets
- FY2025, operating loss is 12 per ¥100 of revenue

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥6658742000 | ¥2808134000 | -57.8% |
| Operating income | ¥-618750000 | ¥-327818000 | — |
| Operating margin | -9.3% | -11.7% | -2.4 pp |
| Employees | 137 people | 95 people | -30.7% |
| Cash and equivalents | ¥424923000 | ¥1064568000 | +150.5% |

### 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.

| Flow | Revenue share |
| --- | ---: |
| モバイルゲーム事業 → 事業再編・廃止 | 44.0% |
| モータースポーツ事業 → 事業再編・廃止 | 16.3% |
| キッチン雑貨事業 → 事業再編・廃止 | 39.6% |
| その他 → 事業再編・廃止 | 0.2% |
| 新設・再編 → IP投資育成事業 | 0.4% |
| 新設・再編 → ライフスタイルIP事業 | 99.3% |
| 新設・再編 → デジタルIP事業 | 0.3% |

Segment revenue source references: 7 (derived)

## Business growth × margin

X-axis: segment revenue CAGR. Y-axis: latest operating margin. Bubble size: latest revenue. CAGR requires at least two comparable years.

| Segment | CAGR span | Revenue CAGR | Latest revenue | Operating margin | Source refs |
| --- | ---: | ---: | ---: | ---: | ---: |
| Lifestyle IP business | 2 years | -0.5% | ¥2787607000 | 2.7% | 2 |
| IP investment development business | 3 years | +17.6% | ¥11247000 | -647.8% | 2 |
| Digital IP business | 3 years | -77.1% | ¥9279000 | -675.3% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 2,808 | 100.0% | S100XTGV |
| Cost of revenue | 1,125 | 40.1% | S100XTGV |
| Gross profit | 1,683 | 59.9% | S100XTGV |
| SG&A | 2,011 | 71.6% | S100XTGV |
| Operating income | -328 | -11.7% | S100XTGV |
| Ordinary income | -433 | -15.4% | S100XTGV |
| Pretax income | -505 | -18.0% | S100XTGV |
| Income tax | 3 | 0.1% | S100XTGV |
| Net income | -508 | -18.1% | S100XTGV |
| Net income attributable to owners | -527 | -18.8% | S100XTGV |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 40 |
| SG&A | 72 |
| Operating income | -12 |
| (Ref.) Net income | -19 |

### Margin funnel

Gross margin 59.9% → Operating margin -11.7% → Net margin -18.8%
Derived from reported figures (DERIVED).

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 3,071 | 2,808 | -263 | -8.6% |
| Gross profit | 1,914 | 1,683 | -230 | -12.0% |
| Operating income | -158 | -328 | -170 | — |
| Net income attributable to owners | -169 | -527 | -358 | — |
| Operating cash flow | -193 | -345 | -152 | — |
| Free cash flow | -228 | -375 | -147 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 6,682 | -1,017 | -15.2% | -1,429 | -737 | -939 | S100L26V |
| FY ending Dec 2020 | 6,659 | -619 | -9.3% | -722 | -929 | -1,030 | S100NQU7 |
| FY ending Dec 2021 | 4,537 | -373 | -8.2% | -1,094 | -585 | -694 | S100QG5Y |
| FY ending Dec 2022 | 3,588 | -355 | -9.9% | -449 | -450 | -494 | S100UHI6 |
| FY ending Dec 2023 | 3,372 | -428 | -12.7% | -381 | -205 | -240 | S100VHDJ |
| FY ending Dec 2024 | 3,071 | -158 | -5.1% | -169 | -193 | -228 | S100XTGV |
| FY ending Dec 2025 | 2,808 | -328 | -11.7% | -527 | -345 | -375 | S100XTGV |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥29.6M |
| Operating income per employee (consolidated) | -¥3.5M |
| Net income per employee (consolidated) | -¥5.5M |

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) | 125 | 119 | 119 | 101 | 95 |
| Average salary (parent company) | ¥6.8M | ¥6.3M | ¥6.1M | ¥6.4M | ¥5.8M |
| Average age (parent company) | 43.5 years | 41.3 years | 41.7 years | 40.7 years | 39.5 years |
| Average tenure (parent company) | 2.4 years | 3.0 years | 2.4 years | 3.8 years | 4.7 years |

Year over year: Employees (consolidated) -5.9% · Revenue (consolidated) -8.6%

## Segments（FY ending Dec 2025, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| IP investment development business | 11 | 0.4% | -73 | -647.8% |
| Lifestyle IP business | 2,788 | 99.3% | 76 | 2.7% |
| Digital IP business | 9 | 0.3% | -63 | -675.3% |

### segmentMix — Revenue and profit mix

Calculated from disclosed figures (DERIVED). Shares use total segment revenue and total positive segment profit respectively. Difference = profit share − revenue share (pt). Inter-segment sales may prevent reconciliation to company revenue.

| Segment | Revenue share | Profit share | Difference (pt) | Margin |
| --- | ---: | ---: | ---: | ---: |
| IP investment development business | 0.4% | — | — | -647.8% |
| Lifestyle IP business | 99.3% | 100.0% | 0.7 | 2.7% |
| Digital IP business | 0.3% | — | — | -675.3% |

Loss-making segment (excluded from profit shares): IP investment development business -73 JPY mn

Loss-making segment (excluded from profit shares): Digital IP business -63 JPY mn

Segment → industry: IP investment development business → Crypto & Blockchain / IP investment development business → Investment Funds / Digital IP business → Games / Lifestyle IP business → Furniture, Interior & Lifestyle Goods

## 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 | -345 | -12.3% | S100XTGV |
| Capital expenditure | 30 | 1.1% | S100XTGV |
| Free cash flow | -375 | -13.4% | 算出 |
| Investing cash flow | -365 | -13.0% | S100XTGV |
| Financing cash flow | 1,432 | 51.0% | S100XTGV |
| Share buyback | 0 | 0.0% | S100XTGV |
| Change in cash | 722 | 25.7% | S100XTGV |
| Cash and equivalents | 1,065 | 37.9% | S100XTGV |

## 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 | 338 | 856 | 474 | 342 | 1,065 | S100UHI6, S100VHDJ, S100XTGV |
| Total assets | 2,790 | 3,171 | 2,496 | 2,247 | 3,238 | S100QG5Y, S100UHI6, S100VHDJ, S100XTGV |
| Net assets | 174 | 752 | 392 | 379 | 1,412 | S100UHI6, S100VHDJ, S100XTGV |
| Share capital | 1,172 | 1,489 | 100 | 180 | 945 | S100QG5Y, S100UHI6, S100VHDJ, S100XTGV |
| Trade receivables | 452 | — | — | — | — | S100QG5Y |
| Property, plant and equipment | 944 | 943 | 925 | 909 | 874 | S100QG5Y, S100UHI6, S100VHDJ, S100XTGV |
| Intangible assets excluding goodwill | 70 | 43 | 43 | 105 | 47 | S100QG5Y, S100UHI6, S100VHDJ, S100XTGV |
| Goodwill | — | — | — | 27 | — | S100XTGV |
| Investment securities | 131 | 127 | 11 | 17 | 24 | S100QG5Y, S100UHI6, S100VHDJ, S100XTGV |
| Current assets | 1,575 | 1,997 | 1,438 | 1,167 | 2,250 | S100QG5Y, S100UHI6, S100VHDJ, S100XTGV |
| Current liabilities | 1,373 | 1,208 | 987 | 796 | 1,273 | S100QG5Y, S100UHI6, S100VHDJ, S100XTGV |
| Trade payables | 325 | — | — | — | — | S100NQU7 |
| Short-term borrowings | 200 | 200 | 200 | 210 | 210 | S100QG5Y, S100UHI6, S100VHDJ, S100XTGV |
| Long-term borrowings | 1,159 | 1,059 | 983 | 957 | 453 | S100QG5Y, S100UHI6, S100VHDJ, S100XTGV |
| Total liabilities | 2,616 | 2,419 | 2,104 | 1,868 | 1,826 | S100QG5Y, S100UHI6, S100VHDJ, S100XTGV |
| Non-controlling interests | — | 16 | 37 | 63 | 82 | S100UHI6, S100VHDJ, S100XTGV |
| Equity attributable to owners of parent | 173 | 735 | 355 | 314 | 1,328 | S100QG5Y, S100UHI6, S100VHDJ, S100XTGV |
| Retained earnings | -1,825 | -2,269 | -972 | -1,141 | -1,667 | S100QG5Y, S100UHI6, S100VHDJ, S100XTGV |
| Treasury stock | — | — | — | -0 | -0 | S100XTGV |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 33% | S100XTGV |
| Property, plant and equipment | 27% | S100XTGV |
| Intangibles and goodwill | 1% | S100XTGV |
| Investment securities | 1% | S100XTGV |
| Other assets | 38% | S100XTGV |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 56% | S100XTGV |
| Equity | 44% | S100XTGV |
| Other liabilities | 0% | S100XTGV |

### 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 | 2,790 | 3,171 | 2,496 | 2,247 | 3,238 |
| Equity | 174 | 752 | 392 | 379 | 1,412 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 338 | 856 | 474 | 342 | 1,065 |

## 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) | 31.1% | S100XTGV |
| Fixed assets ÷ total assets | 27.0% | S100XTGV |
| Goodwill ÷ parent equity | — | —, S100XTGV |

### 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) | 32.9% |
| Cash ÷ revenue | 37.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | 182 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 1.1% |
| Investing CF relative to operating CF | — |

## 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 | — | —× | -39.2% | —× | — | S100QG5Y |
| 2022 | — | —× | -15.1% | —× | — | S100UHI6 |
| 2023 | — | —× | -13.4% | —× | — | S100VHDJ |
| 2024 | — | —× | -7.1% | —× | — | S100XTGV |
| 2025 | — | —× | -19.2% | —× | — | S100XTGV |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 楽天証券株式会社 | Major shareholder | 5.8% | 2025-12-31 |
| 藪 考樹 | Major shareholder | 5.4% | 2025-12-31 |
| 株式会社ファミリーショップワタヤ | Major shareholder | 5.0% | 2025-12-31 |
| 五十畑 輝夫 | Major shareholder | 2.0% | 2025-12-31 |
| BNYM SA/NV FOR BNYM FOR BNY GCM CLIENT ACCOUNTS M LSCB RD（常任代理人 株式会社三菱ＵＦＪ銀行） | Major shareholder | 1.6% | 2025-12-31 |
| 山下 博 | Major shareholder | 1.4% | 2025-12-31 |
| 武上 康介 | Major shareholder | 1.3% | 2025-12-31 |
| 日本証券金融株式会社 | Major shareholder | 1.3% | 2025-12-31 |
| 菅生 真史 | Major shareholder | 1.0% | 2025-12-31 |
| 株式会社SBI証券 | 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) | S100XTGV | 2026-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XTGV,, |
| 有価証券報告書－第21期(2024/01/01－2024/12/31) | S100VHDJ | 2025-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VHDJ,, |
| 訂正有価証券報告書－第20期(2023/01/01－2023/12/31) | S100UHI6 | 2024-10-04 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UHI6,, |
| 有価証券報告書－第19期(2022/01/01－2022/12/31) | S100QG5Y | 2023-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QG5Y,, |
| 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) | S100NQU7 | 2022-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NQU7,, |
| 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) | S100L26V | 2021-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L26V,, |

## 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).