# ZETA 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21期(2025/01/01－2025/12/31) (S100XVUK)
> Page: https://vizora.meequs.com/en/company/zeta
> Retrieved: 2026-09-30T21:34:36.378Z

## Company

Zeta, founded in 2005, is a company in Software & SaaS listed on TSE Growth. It has 80 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | ZETA INC. |
| Ticker | 6031 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6031.T) |
| Listing | TSE Growth |
| Head office | 東京都世田谷区三軒茶屋二丁目11番22号 |
| Representative (per filing) | 代表取締役社長CEO 山﨑 徳之 |
| Founded | Aug 2005 |
| Share capital | ¥96.8M |
| Employees (consolidated) | 80 |
| Average salary (parent only) | ¥5.9M |
| Fiscal year end | December |
| Website | www.zeta.inc (https://www.zeta.inc/) |
| Corporate number | 3010701018824 |
| EDINET | E31089 |
| Industries (Vizora) | Software & SaaS |

> Profile source: annual securities report (S100XVUK, filed 2026-03-31). As of filing

## Five-axis industry profile

Primary industry: Software & SaaS (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 75.5 | 145 |
| Cash conversion | 18.4 | 128 |
| Efficiency | 27.9 | 145 |

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)

- Zeta brought in ¥1.86B in revenue.
- Out of every ¥100 of sales, about ¥21 is left as operating profit.
- Revenue changed +172.7% 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: ¥1858712000 → ¥231005000
- Net income → operating cash flow: ¥231005000 → ¥293328000（difference ¥62323000）
- Main uses of operating cash flow: CapEx ¥35470000 / dividends ¥82302000 / buybacks ¥59975000
- Change in cash: ¥158178000
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 | ¥1.86B |  |
| Operating income | ¥396.2M | Margin 21.3% |
| Net income | ¥231M | Margin 12.4% |
| Free cash flow | ¥257.9M |  |
| Employees (consolidated) | 80 |  |
| EPS | ¥11.25 |  |
| Diluted EPS | ¥11.24 |  |
| Book value per share | ¥44.92 |  |
| Equity ratio | 30.7% |  |
| Shares outstanding | 25,768,600 |  |
| Treasury shares | 5,336,800 |  |
| Shareholders | 3,271 |  |
| Average salary (parent only) | ¥5.9M | Filing company only |
| Cash ratio | 57.7% | Cash ÷ revenue 92.6% |
| Vs. industry median margin | +8.9 pp | Software & SaaS |
| ROE | 26.4% | Derived from disclosed figures |
| ROA | 8.0% | Derived from disclosed figures |

## Notable figures

- FY2025, cash is 58% of total assets

## What changed in 1 years

| Metric | FY ending Jun 2024 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥1417349000 | ¥1858712000 | +31.1% |
| Operating income | ¥176184000 | ¥396178000 | +124.9% |
| Operating margin | 12.4% | 21.3% | +8.9 pp |
| Employees | 71 people | 80 people | +12.7% |
| Cash and equivalents | ¥1144385000 | ¥1720618000 | +50.4% |

### Change in segment revenue mix

Span: FY ending Jun 2024 → 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 | 1,859 | 100.0% | S100XVUK |
| Cost of revenue | 334 | 18.0% | S100XVUK |
| Gross profit | 1,524 | 82.0% | S100XVUK |
| SG&A | 1,128 | 60.7% | S100XVUK |
| Operating income | 396 | 21.3% | S100XVUK |
| Ordinary income | 369 | 19.9% | S100XVUK |
| Pretax income | 358 | 19.3% | S100XVUK |
| Income tax | 127 | 6.8% | S100XVUK |
| Net income | 231 | 12.4% | S100XVUK |
| Net income attributable to owners | 231 | 12.4% | S100XVUK |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 18 |
| SG&A | 61 |
| Operating income | 21 |
| (Ref.) Net income | 12 |

### Margin funnel

Gross margin 82.0% → Operating margin 21.3% → Net margin 12.4%
Derived from reported figures (DERIVED).

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 682 | 1,859 | 1,177 | +172.7% |
| Gross profit | 483 | 1,524 | 1,041 | +215.4% |
| Operating income | -116 | 396 | 513 | — |
| Net income attributable to owners | 193 | 231 | 38 | +19.9% |
| Operating cash flow | -108 | 293 | 401 | — |
| Free cash flow | -126 | 258 | 384 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Jun 2024 | 1,417 | 176 | 12.4% | 85 | 178 | 158 | S100VJ81 |
| FY ending Dec 2024 | 682 | -116 | -17.1% | 193 | -108 | -126 | S100XVUK |
| FY ending Dec 2025 | 1,859 | 396 | 21.3% | 231 | 293 | 258 | S100XVUK |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥23.2M |
| Operating income per employee (consolidated) | ¥5M |
| Net income per employee (consolidated) | ¥2.9M |

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

| History | FY ending Jun 2024 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: |
| Employees (consolidated) | 71 | 73 | 80 |
| Average salary (parent company) | — | ¥5.5M | ¥5.9M |
| Average age (parent company) | — | 31.4 years | 30.8 years |
| Average tenure (parent company) | — | 3.4 years | 3.6 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 | 293 | 15.8% | S100XVUK |
| Capital expenditure | 35 | 1.9% | S100XVUK |
| Free cash flow | 258 | 13.9% | 算出 |
| Investing cash flow | -40 | -2.1% | S100XVUK |
| Financing cash flow | -96 | -5.1% | S100XVUK |
| Dividends paid | 82 | 4.4% | S100XVUK |
| Share buyback | 60 | 3.2% | S100XVUK |
| Change in cash | 158 | 8.5% | S100XVUK |
| Cash and equivalents | 1,721 | 92.6% | S100XVUK |

## 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 2024 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,144 | 1,562 | 1,721 | S100XVUK |
| Total assets | 2,091 | 2,757 | 2,984 | S100VJ81, S100XVUK |
| Net assets | 741 | 836 | 920 | S100XVUK |
| Share capital | 93 | 97 | 97 | S100VJ81, S100XVUK |
| Property, plant and equipment | 28 | 39 | 53 | S100VJ81, S100XVUK |
| Intangible assets excluding goodwill | 562 | 523 | 446 | S100VJ81, S100XVUK |
| Goodwill | 4 | 4 | 3 | S100VJ81, S100XVUK |
| Investment securities | — | 14 | 42 | S100XVUK |
| Current assets | 1,449 | 1,799 | 2,194 | S100VJ81, S100XVUK |
| Current liabilities | 662 | 713 | 838 | S100VJ81, S100XVUK |
| Long-term borrowings | 101 | 648 | 892 | S100VJ81, S100XVUK |
| Bonds | 560 | 546 | 312 | S100VJ81, S100XVUK |
| Total liabilities | 1,350 | 1,922 | 2,064 | S100VJ81, S100XVUK |
| Equity attributable to owners of parent | 734 | 831 | 919 | S100VJ81, S100XVUK |
| Retained earnings | 127 | 258 | 406 | S100VJ81, S100XVUK |
| Treasury stock | -997 | -1,037 | -1,097 | S100VJ81, S100XVUK |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 58% | S100XVUK |
| Property, plant and equipment | 2% | S100XVUK |
| Intangibles and goodwill | 15% | S100XVUK |
| Investment securities | 1% | S100XVUK |
| Other assets | 24% | S100XVUK |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 69% | S100XVUK |
| Equity | 31% | S100XVUK |
| Other liabilities | 0% | S100XVUK |

### Balance sheet history

| Metric | FY ending Jun 2024 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: |
| Total assets | 2,091 | 2,757 | 2,984 |
| Equity | 741 | 836 | 920 |
| Interest-bearing debt | — | — | — |
| Cash | 1,144 | 1,562 | 1,721 |

## 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) | 2.9% | S100XVUK |
| Fixed assets ÷ total assets | 1.8% | S100XVUK |
| Goodwill ÷ parent equity | 0.3% | S100XVUK |

### 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) | 57.7% |
| Cash ÷ revenue | 92.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 74.0% |
| Cash vs. profit gap | 62 JPY mn (of net income 27.0%) |
| Shareholder returns / net income | 61.6% |
| Shareholder returns / FCF | 55.2% |
| Shareholder payments — dividends / net income | 35.6% |
| Shareholder payments — dividends / FCF | 31.9% |
| CapEx intensity (capex ÷ revenue) | 1.9% |
| Investing CF relative to operating CF | 13.5% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2024 | 6.0% | 0.68× | 4.1% | 2.85× | 11.5% | S100VJ81 |
| 2024 | 28.3% | 0.25× | 7.0% | 3.32× | 23.2% | S100XVUK |
| 2025 | 12.4% | 0.65× | 8.0% | 3.28× | 26.4% | S100XVUK |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 合同会社アイ・アセットマネジメント | Major shareholder | 18.6% | 2025-12-31 |
| 株式会社レッドポイント | Major shareholder | 9.4% | 2025-12-31 |
| 吉井 伸一郎 | Major shareholder | 8.4% | 2025-12-31 |
| 北城 恪太郎 | Major shareholder | 4.9% | 2025-12-31 |
| 森川 和之 | Major shareholder | 3.0% | 2025-12-31 |
| 株式会社ＳＢＩ証券 | Major shareholder | 2.4% | 2025-12-31 |
| 三津 久直 | Major shareholder | 2.1% | 2025-12-31 |
| ＯＲＳＡＲＡ ＥＬＩＯ | Major shareholder | 1.9% | 2025-12-31 |
| 清水 顕 | Major shareholder | 1.8% | 2025-12-31 |
| 森谷 広樹 | Major shareholder | 1.6% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第21期(2025/01/01－2025/12/31) | S100XVUK | 2026-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XVUK,, |
| 有価証券報告書－第20期(2024/07/01－2024/12/31) | S100VJ81 | 2025-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VJ81,, |

## 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).