# ZenmuTech: business model and financials

> Latest period: FY ending Dec 2025, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 訂正有価証券報告書－第12期(2025/01/01－2025/12/31) (S100Y1PM)
> Page: https://vizora.meequs.com/en/company/zenmutech
> Retrieved: 2026-09-30T21:00:29.524Z

## Company

ZenmuTech, founded in 2014, is a company in Cybersecurity listed on TSE Growth. It has 36 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | ZenmuTech,Inc. |
| Ticker | 338A |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/338A.T) |
| Listing | TSE Growth |
| Head office | 東京都中央区新川二丁目22番1号いちご新川ビル5階 |
| Representative (per filing) | 代表取締役社長CEO 阿部 泰久 |
| Founded | Mar 2014 |
| Share capital | ¥434.4M |
| Employees (consolidated) | 36 |
| Average salary (parent only) | ¥7.5M |
| Fiscal year end | December |
| Website | zenmutech.com (https://zenmutech.com/) |
| Corporate number | 9011001099070 |
| EDINET | E40429 |
| Industries (Vizora) | Cybersecurity |

> Profile source: annual securities report (S100Y1PM, filed 2026-04-30). As of filing

## Key points (generated from figures)

- ZenmuTech brought in ¥851.9M in revenue.
- Out of every ¥100 of sales, about ¥17 is left as operating profit.
- Revenue changed +31.3% from the prior year, operating profit +88.3%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥851.9M |  |
| Operating income | ¥144.1M | Margin 16.9% |
| Net income | ¥155.9M | Margin 18.3% |
| Free cash flow | -¥73.6M |  |
| Employees (consolidated) | 36 |  |
| EPS | ¥120.87 |  |
| Diluted EPS | ¥114.34 |  |
| Book value per share | ¥595.48 |  |
| Equity ratio | 62.9% |  |
| Shares outstanding | 1,359,600 |  |
| Shareholders | 2,521 |  |
| Average salary (parent only) | ¥7.5M | Filing company only |
| Cash ratio | 61.3% | Cash ÷ revenue 92.6% |
| Vs. industry median margin | +2.5 pp | Cybersecurity |
| ROE | 29.9% | Derived from disclosed figures |
| ROA | 16.0% | Derived from disclosed figures |

## Notable figures

- FY2025, cash is 61% of total assets

## What changed in 2 years

| Metric | FY ending Dec 2023 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥440791000 | ¥851943000 | +93.3% |
| Operating income | ¥46983000 | ¥144138000 | +206.8% |
| Operating margin | 10.7% | 16.9% | +6.3 pp |
| Employees | 23 people | 36 people | +56.5% |
| Cash and equivalents | ¥308217000 | ¥788479000 | +155.8% |

### Change in segment revenue mix

Span: FY ending Dec 2023 → 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, non-consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 852 | 100.0% | S100Y1PM |
| Cost of revenue | 85 | 10.0% | S100Y1PM |
| Gross profit | 767 | 90.0% | S100Y1PM |
| SG&A | 623 | 73.1% | S100Y1PM |
| Operating income | 144 | 16.9% | S100Y1PM |
| Ordinary income | 161 | 18.8% | S100Y1PM |
| Pretax income | 161 | 18.8% | S100Y1PM |
| Income tax | 5 | 0.5% | S100Y1PM |
| Net income | 156 | 18.3% | S100Y1PM |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 10 |
| SG&A | 73 |
| Operating income | 17 |
| (Ref.) Net income | 18 |

### Margin funnel

Gross margin 90.0% → Operating margin 16.9% → Net margin 18.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +31.3%; Core profit growth: +88.3%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.82×
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 | 649 | 852 | 203 | +31.3% |
| Gross profit | 589 | 767 | 178 | +30.2% |
| Operating income | 77 | 144 | 68 | +88.3% |
| Operating cash flow | 243 | -27 | -270 | -111.1% |
| Free cash flow | 222 | -74 | -295 | -133.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2023 | 441 | 47 | 10.7% | 73 | 10 | -8 | S100VJ4A |
| FY ending Dec 2024 | 649 | 77 | 11.8% | 79 | 243 | 222 | S100Y1PM |
| FY ending Dec 2025 | 852 | 144 | 16.9% | 156 | -27 | -74 | S100Y1PM |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥23.7M |
| Operating income per employee (consolidated) | ¥4M |
| Net income per employee (consolidated) | ¥4.3M |

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

| History | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: |
| Employees (consolidated) | 23 | 34 | 36 |
| Average salary (parent company) | — | ¥6.6M | ¥7.5M |
| Average age (parent company) | — | 49.8 years | 49.4 years |
| Average tenure (parent company) | — | 4.1 years | 4.6 years |

Year over year: Employees (consolidated) +5.9% · Revenue (consolidated) +31.3%

## 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 | -27 | -3.2% | S100Y1PM |
| Capital expenditure | 47 | 5.5% | S100Y1PM |
| Free cash flow | -74 | -8.6% | 算出 |
| Investing cash flow | -65 | -7.6% | S100Y1PM |
| Financing cash flow | 373 | 43.8% | S100Y1PM |
| Change in cash | 281 | 33.0% | S100Y1PM |
| Cash and equivalents | 788 | 92.6% | S100Y1PM |

## 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 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: |
| Cash and equivalents | 308 | 507 | 788 | S100Y1PM |
| Total assets | 577 | 657 | 1,287 | S100VJ4A, S100Y1PM |
| Net assets | 157 | 238 | 815 | S100Y1PM |
| Share capital | 217 | 220 | 434 | S100VJ4A, S100Y1PM |
| Property, plant and equipment | 2 | 2 | 6 | S100VJ4A, S100Y1PM |
| Intangible assets excluding goodwill | 14 | 20 | 46 | S100VJ4A, S100Y1PM |
| Current assets | 536 | 604 | 1,173 | S100VJ4A, S100Y1PM |
| Current liabilities | 402 | 408 | 472 | S100VJ4A, S100Y1PM |
| Short-term borrowings | — | — | 100 | S100Y1PM |
| Long-term borrowings | 18 | 11 | — | S100VJ4A, S100Y1PM |
| Total liabilities | 421 | 419 | 472 | S100VJ4A, S100Y1PM |
| Equity attributable to owners of parent | 152 | 233 | 810 | S100VJ4A, S100Y1PM |
| Retained earnings | -453 | -374 | -218 | S100VJ4A, S100Y1PM |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 61% | S100Y1PM |
| Property, plant and equipment | 0% | S100Y1PM |
| Intangibles and goodwill | 4% | S100Y1PM |
| Other assets | 35% | S100Y1PM |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 37% | S100Y1PM |
| Equity | 63% | S100Y1PM |
| Other liabilities | 0% | S100Y1PM |

### Balance sheet history

| Metric | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: |
| Total assets | 577 | 657 | 1,287 |
| Equity | 157 | 238 | 815 |
| Interest-bearing debt | — | — | — |
| Cash | 308 | 507 | 788 |

## 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) | 0.7% | S100Y1PM |
| Fixed assets ÷ total assets | 0.5% | S100Y1PM |
| Goodwill ÷ parent equity | — | —, S100Y1PM |

### 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) | 61.3% |
| Cash ÷ revenue | 92.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -18.7% |
| Cash vs. profit gap | -183 JPY mn (of net income -117.3%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 5.5% |
| 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2023 | 16.5% | 0.76× | 12.6% | 3.81× | 48.1% | S100VJ4A |
| 2024 | 12.1% | 1.05× | 12.7% | 3.21× | 40.9% | S100Y1PM |
| 2025 | 18.3% | 0.88× | 16.0% | 1.87× | 29.9% | S100Y1PM |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 岡積 正夫 | Major shareholder | 7.0% | 2025-12-31 |
| セグエグループ株式会社 | Major shareholder | 5.9% | 2025-12-31 |
| 田口 善一 | Major shareholder | 5.2% | 2025-12-31 |
| 有限会社Win4 | Major shareholder | 4.7% | 2025-12-31 |
| ミツイワ株式会社 | Major shareholder | 2.9% | 2025-12-31 |
| 松倉 泉 | Major shareholder | 2.9% | 2025-12-31 |
| ＢＮＹ ＧＣＭ ＣＬＩＥＮＴ ＡＣＣＯＵＮＴ ＪＰＲＤ ＡＣ ＩＳＧ （ＦＥ－ＡＣ） （常任代理人 株式会社三菱ＵＦＪ銀行） | Major shareholder | 2.3% | 2025-12-31 |
| 株式会社ＳＢＩ証券 | Major shareholder | 2.2% | 2025-12-31 |
| 富士通クライアントコンピューティング株式会社 | Major shareholder | 2.1% | 2025-12-31 |
| 楽天証券株式会社共有口 | Major shareholder | 1.9% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 訂正有価証券報告書－第12期(2025/01/01－2025/12/31) | S100Y1PM | 2026-04-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y1PM,, |
| 有価証券報告書－第11期(2024/01/01－2024/12/31) | S100VJ4A | 2025-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VJ4A,, |

## 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).