GMO TECH
GMO TECH Holdings, Inc.
Company highlights
The largest segment by revenue is Support business, at 93.4% of the total.
Key figures
Period Jan 2025 to Dec 2025ConsolidatedJapanese GAAP
Company profile
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Disclosed data
Business activities and revenue composition
GMO TECH
Revenue and profit by business segment
Period Jan 2025 to Dec 2025Source Annual securities reportsConsolidated・Disclosed
| Business | Net sales to external customers | Operating income | ||
|---|---|---|---|---|
| This year | Share | This year | Margin | |
| Support business | ¥6.5 billion | 93.4% | ¥0.7 billion | 10.2% |
| Real esateTech Business | ¥0.5 billion | 6.6% | ¥-57.00 million | -12.5% |
| Total of the businesses | ¥6.9 billion | 100.0% | ||
Revenue and profit
GMO TECH
Period Jan 2025 to Dec 2025Source Annual securities reports
Amounts by account
| Group | Account | Amount | Consolidated / Non-consolidated |
|---|---|---|---|
| Selling, general and administrative expenses | Payrolls and allowances | ¥0.9 billion | Consolidated |
| Commission fees | ¥0.5 billion | Consolidated | |
| Rents | ¥43.00 million | Parent only | |
| Directors' compensations | ¥33.00 million | Parent only | |
| Provision of allowance for doubtful accounts | ¥12.00 million | Consolidated | |
| Profit by stage | Gross profit (loss) | ¥3.4 billion | Consolidated |
| Net income | ¥1.5 billion | Consolidated | |
| Operating income | ¥0.5 billion | Consolidated | |
| Ordinary income | ¥0.5 billion | Consolidated |
GMO TECH
Selling, general and administrative expenses
Period Jan 2025 to Dec 2025Source Annual securities reports
- Payrolls and allowances ¥0.9 billion
- Commission fees ¥0.5 billion
- Rents ¥0.0 billion
- Directors' compensations ¥0.0 billion
- Provision of allowance for doubtful accounts ¥0.0 billion
- Other (not itemized) ¥1.4 billion
Performance, financial position and capital allocation
Recent performance trends
Consolidated indicators (14 items)
| Item | 4 years ago | 3 years ago | 2 years ago | Last year | This year |
|---|---|---|---|---|---|
| Net sales | Could not be retrieved | Could not be retrieved | Could not be retrieved | Could not be retrieved | ¥6.9 billion |
| Ordinary income (loss) | Could not be retrieved | Could not be retrieved | Could not be retrieved | Could not be retrieved | ¥0.5 billion |
| Net income (loss) attributable to owners of parent | Could not be retrieved | Could not be retrieved | Could not be retrieved | Could not be retrieved | ¥1.5 billion |
| Comprehensive income | Could not be retrieved | Could not be retrieved | Could not be retrieved | Could not be retrieved | ¥1.6 billion |
| Net assets | Could not be retrieved | Could not be retrieved | Could not be retrieved | Could not be retrieved | ¥4.0 billion |
| Total assets | Could not be retrieved | Could not be retrieved | Could not be retrieved | Could not be retrieved | ¥5.7 billion |
| Net assets per share | Could not be retrieved | Could not be retrieved | Could not be retrieved | Could not be retrieved | 2,533.34 yen |
| Basic earnings (loss) per share | Could not be retrieved | Could not be retrieved | Could not be retrieved | Could not be retrieved | 1,300.49 yen |
| Equity-to-asset ratio | Could not be retrieved | Could not be retrieved | Could not be retrieved | Could not be retrieved | 69.9% |
| Return on equity | Could not be retrieved | Could not be retrieved | Could not be retrieved | Could not be retrieved | 59.0% |
| Net cash provided by (used in) operating activities | Could not be retrieved | Could not be retrieved | Could not be retrieved | Could not be retrieved | ¥0.3 billion |
| Net cash provided by (used in) investing activities | Could not be retrieved | Could not be retrieved | Could not be retrieved | Could not be retrieved | ¥-0.2 billion |
| Net cash provided by (used in) financing activities | Could not be retrieved | Could not be retrieved | Could not be retrieved | Could not be retrieved | ¥-0.4 billion |
| Cash and cash equivalents | Could not be retrieved | Could not be retrieved | Could not be retrieved | Could not be retrieved | ¥3.0 billion |
Parent only indicators (13 items)
| Item | 4 years ago | 3 years ago | 2 years ago | Last year | This year |
|---|---|---|---|---|---|
| Operating revenue | Could not be retrieved | Could not be retrieved | Could not be retrieved | Could not be retrieved | ¥0.7 billion |
| Ordinary income (loss) | Could not be retrieved | Could not be retrieved | Could not be retrieved | Could not be retrieved | ¥0.5 billion |
| Net income (loss) | Could not be retrieved | Could not be retrieved | Could not be retrieved | Could not be retrieved | ¥0.4 billion |
| Capital stock | Could not be retrieved | Could not be retrieved | Could not be retrieved | Could not be retrieved | ¥0.1 billion |
| Total number of issued shares (common stock) | Could not be retrieved | Could not be retrieved | Could not be retrieved | Could not be retrieved | 1,625,626 shares |
| Net assets | Could not be retrieved | Could not be retrieved | Could not be retrieved | Could not be retrieved | ¥3.1 billion |
| Total assets | Could not be retrieved | Could not be retrieved | Could not be retrieved | Could not be retrieved | ¥3.5 billion |
| Net assets per share | Could not be retrieved | Could not be retrieved | Could not be retrieved | Could not be retrieved | 1,919.01 yen |
| Dividend per share | Could not be retrieved | Could not be retrieved | Could not be retrieved | Could not be retrieved | 246.6 yen |
| Basic earnings (loss) per share | Could not be retrieved | Could not be retrieved | Could not be retrieved | Could not be retrieved | 287.64 yen |
| Equity-to-asset ratio | Could not be retrieved | Could not be retrieved | Could not be retrieved | Could not be retrieved | 89.5% |
| Return on equity | Could not be retrieved | Could not be retrieved | Could not be retrieved | Could not be retrieved | 14.4% |
| Payout ratio | Could not be retrieved | Could not be retrieved | Could not be retrieved | Could not be retrieved | 85.7% |
Dividend history
| Fiscal year | Annual dividend per share | Of which interim | Payout ratio (as reported, parent only) | Flag |
|---|---|---|---|---|
| FY ending 12/2025 | ¥246.6 | Could not be retrieved | 85.7% |
Shareholder composition
Share ownership by holder category
GMO TECH
Unit %Source Annual securities reports
- Financial institutions0.01%
- Securities firms2.34%
- Other corporations56.65%
- Foreign holders (institutions)0.62%
- Foreign holders (individuals)0.07%
- Individuals and others40.30%
Major shareholders
| Rank | Shareholder | Shareholding ratio | Shares held |
|---|---|---|---|
| 1 | GMOインターネットグループ株式会社 | 51.75% | 816,980 |
| 2 | 鈴木 明人 | 12.26% | 193,560 |
| 3 | 高畠 靖雄 | 3.84% | 60,600 |
| 4 | 株式会社ティーエーケー | 2.27% | 35,910 |
| 5 | 九鬼 伸哉 | 1.49% | 23,600 |
| 6 | PC投資事業有限責任組合 | 1.36% | 21,475 |
| 7 | 楽天証券株式会社 | 1.32% | 20,900 |
| 8 | 三田村 徹彦 | 1.01% | 15,900 |
| 9 | 松尾 志郎 | 0.89% | 14,000 |
| 10 | GMOTECH従業員持株会 | 0.79% | 12,410 |
Research and development expenses and capital expenditure
Revenue scale in the same industry
GMO TECH
Source Annual securities reports of each company
Services: 671 companies · revenue · largest first・each company’s latest fiscal year・consolidated (parent-only where no consolidated figures)・Disclosed
- 1 RecruitFY Mar 2026 ¥3.7T
- 2 Sumitomo Mitsui Finance and LeasingFY Mar 2026 ¥2.6T
- 3 Rakuten GroupFY Dec 2025 ¥2.5T
- … 366 companies
- 370 FAN CommunicationsFY Dec 2025 ¥7.1B
- 371 NIPPON PALLET POOLFY Mar 2025 ¥6.9B
- 372 GMO TECHThis companyFY Dec 2025 ¥6.9B
- 373 virtualexFY Mar 2026 ¥6.9B
- 374 Japan PC ServiceFY Aug 2025 ¥6.8B
- … 297 companies
Workforce information
Audit and disclosure information
| Item | Value |
|---|---|
| Audit firm | EY新日本有限責任監査法人 |
| Audit fees (this year, total) | ¥41.00 million |
| Non-audit fees (this year, total) | Not applicable |
| Going concern note | Cannot be determined |
| Accounting standard | Japanese GAAP |
Related books, articles and videos
Sources and methodology
Retrieved disclosed figures
Major management indicators (5 years) (27 items)
| Item | Value | Consolidated / Non-consolidated |
|---|---|---|
| Comprehensive income | ¥1.6 billion | Consolidated |
| Net cash provided by (used in) operating activities | ¥0.3 billion | Consolidated |
| Net sales | ¥6.9 billion | Consolidated |
| Net cash provided by (used in) investing activities | ¥-0.2 billion | Consolidated |
| Cash and cash equivalents | ¥3.0 billion | Consolidated |
| Net assets | ¥4.0 billion | Consolidated |
| Ordinary income (loss) | ¥0.5 billion | Consolidated |
| Total assets | ¥5.7 billion | Consolidated |
| Return on equity | 59.0% | Consolidated |
| Equity-to-asset ratio | 69.9% | Consolidated |
| Net income (loss) attributable to owners of parent | ¥1.5 billion | Consolidated |
| Net cash provided by (used in) financing activities | ¥-0.4 billion | Consolidated |
| Basic earnings (loss) per share | 1,300.49 yen | Consolidated |
| Net assets per share | 2,533.34 yen | Consolidated |
| Dividend per share | 246.6 yen | Parent only |
| Operating revenue | ¥0.7 billion | Parent only |
| Net income (loss) | ¥0.4 billion | Parent only |
| Total number of issued shares (common stock) | 1,625,626 shares | Parent only |
| Net assets | ¥3.1 billion | Parent only |
| Ordinary income (loss) | ¥0.5 billion | Parent only |
| Total assets | ¥3.5 billion | Parent only |
| Return on equity | 14.4% | Parent only |
| Equity-to-asset ratio | 89.5% | Parent only |
| Capital stock | ¥0.1 billion | Parent only |
| Payout ratio | 85.7% | Parent only |
| Basic earnings (loss) per share | 287.64 yen | Parent only |
| Net assets per share | 1,919.01 yen | Parent only |
Employees (7 items)
| Item | Value | Consolidated / Non-consolidated |
|---|---|---|
| Number of employees | 414 people | Consolidated |
| Number of employees | 414 people | Consolidated |
| Average length of service (years) | 6.4 years | Parent only |
| Average annual salary | ¥7.03 million | Parent only |
| Average age (years) | 38.8 years old | Parent only |
| Number of employees | 39 people | Parent only |
| Number of employees | 39 people | Parent only |
Property and facilities (1 items)
| Item | Value | Consolidated / Non-consolidated |
|---|---|---|
| Capital expenditures | ¥0.2 billion | Consolidated |
Shares (7 items)
| Item | Value | Consolidated / Non-consolidated |
|---|---|---|
| Number of shares held | 1,215,335 shares | Consolidated |
| Total number of shares held treasury shares etc | 46,885 shares | Consolidated |
| Number of shares | 1,625,626 shares | Consolidated |
| Shareholding ratio treasury shares etc | 2.9% | Consolidated |
| Shareholding ratio | 77.0% | Consolidated |
| Number of shares held in own name treasury shares etc | 46,885 shares | Consolidated |
| Number of voting rights | 15,495 units | Consolidated |
Audit (3 items)
| Item | Value | Consolidated / Non-consolidated |
|---|---|---|
| Fees for audit and attestation services - reporting company | ¥23.00 million | Consolidated |
| Fees for audit and attestation services - total | ¥41.00 million | Consolidated |
| Fees for audit and attestation services - consolidated subsidiaries | ¥18.00 million | Consolidated |
Balance sheet (72 items)
| Item | Value | Consolidated / Non-consolidated |
|---|---|---|
| Other | ¥1.00 million | Consolidated |
| Other | ¥0.2 billion | Consolidated |
| Other | ¥0.2 billion | Consolidated |
| Other | ¥0.2 billion | Consolidated |
| Other | ¥2.00 million | Consolidated |
| Valuation difference on available-for-sale securities | ¥34.00 million | Consolidated |
| Software | ¥0.3 billion | Consolidated |
| Software in progress | ¥78.00 million | Consolidated |
| Retained earnings | ¥2.0 billion | Consolidated |
| Notes receivable - trade | ¥1.2 billion | Consolidated |
| Non-current liabilities | ¥0.1 billion | Consolidated |
| Non-current assets | ¥1.1 billion | Consolidated |
| Contract liabilities | ¥0.3 billion | Consolidated |
| Contract assets | ¥7.00 million | Consolidated |
| Investments and other assets | ¥0.7 billion | Consolidated |
| Investment securities | ¥0.5 billion | Consolidated |
| Property, plant and equipment | ¥33.00 million | Consolidated |
| Income taxes payable | ¥40.00 million | Consolidated |
| Accounts payable - other | ¥0.5 billion | Consolidated |
| Shareholders' equity | ¥3.9 billion | Consolidated |
| Current liabilities | ¥1.6 billion | Consolidated |
| Current assets | ¥4.6 billion | Consolidated |
| Accumulated depreciation | ¥-45.00 million | Consolidated |
| Foreign currency translation adjustment | ¥23.00 million | Consolidated |
| Intangible assets | ¥0.4 billion | Consolidated |
| Cash and cash equivalents | ¥3.0 billion | Consolidated |
| Cash and deposits | ¥2.8 billion | Consolidated |
| Net assets | ¥4.0 billion | Consolidated |
| Net assets | ¥4.0 billion | Consolidated |
| Total assets | ¥5.7 billion | Consolidated |
| Deferred tax liabilities | ¥16.00 million | Consolidated |
| Deferred tax assets | ¥39.00 million | Consolidated |
| Treasury stock | ¥-0.3 billion | Consolidated |
| Valuation and translation adjustments | ¥58.00 million | Consolidated |
| Liabilities | ¥1.7 billion | Consolidated |
| Liabilities and net assets | ¥5.7 billion | Consolidated |
| Accounts payable - trade | ¥0.5 billion | Consolidated |
| Allowance for doubtful accounts | ¥-3.00 million | Consolidated |
| Allowance for doubtful accounts | ¥-31.00 million | Consolidated |
| Capital surplus | ¥2.1 billion | Consolidated |
| Capital stock | ¥0.1 billion | Consolidated |
| Asset retirement obligations | ¥24.00 million | Consolidated |
| Long-term loans payable | ¥90.00 million | Consolidated |
| Current portion of long-term loans payable | ¥76.00 million | Consolidated |
| Other | ¥35.00 million | Parent only |
| Other | ¥11.00 million | Parent only |
| Other capital surplus | ¥2.6 billion | Parent only |
| Retained earnings | ¥0.4 billion | Parent only |
| Prepaid expenses | ¥26.00 million | Parent only |
| Non-current assets | ¥2.7 billion | Parent only |
| Accounts receivable - trade | ¥0.1 billion | Parent only |
| Investments and other assets | ¥2.7 billion | Parent only |
| Property, plant and equipment | ¥0 | Parent only |
| Income taxes payable | ¥15.00 million | Parent only |
| Accounts payable - other | ¥0.1 billion | Parent only |
| Shareholders' equity | ¥3.1 billion | Parent only |
| Current liabilities | ¥0.4 billion | Parent only |
| Current assets | ¥0.8 billion | Parent only |
| Accumulated depreciation | ¥-0 | Parent only |
| Cash and deposits | ¥0.6 billion | Parent only |
| Net assets | ¥3.1 billion | Parent only |
| Net assets | ¥3.1 billion | Parent only |
| Total assets | ¥3.5 billion | Parent only |
| Deferred tax assets | ¥1.00 million | Parent only |
| Retained earnings brought forward | ¥0.4 billion | Parent only |
| Treasury stock | ¥-5.00 million | Parent only |
| Liabilities | ¥0.4 billion | Parent only |
| Liabilities and net assets | ¥3.5 billion | Parent only |
| Capital surplus | ¥2.6 billion | Parent only |
| Capital stock | ¥0.1 billion | Parent only |
| Shares of subsidiaries and associates | ¥2.7 billion | Parent only |
| Affiliated company short-term loans payable | ¥0.2 billion | Parent only |
Accounts unique to this company (6 items)
| Item | Value | Consolidated / Non-consolidated |
|---|---|---|
| Revenue | ¥0.4 billion | Consolidated |
| Revenue | ¥5.00 million | Consolidated |
| Revenue | ¥2.00 million | Consolidated |
| Revenue | ¥0.1 billion | Consolidated |
| Revenue | ¥2.1 billion | Consolidated |
| Revenue | ¥1.2 billion | Consolidated |
Statement of income (66 items)
| Item | Value | Consolidated / Non-consolidated |
|---|---|---|
| Other | ¥4.00 million | Consolidated |
| Other | ¥0 | Consolidated |
| Other comprehensive income | ¥55.00 million | Consolidated |
| Valuation difference on available for sale securities net of tax | ¥31.00 million | Consolidated |
| Dividends from surplus | ¥-0.3 billion | Consolidated |
| Subsidy income | ¥1.00 million | Consolidated |
| Comprehensive income | ¥1.6 billion | Consolidated |
| Interest income | ¥5.00 million | Consolidated |
| Commission fee | ¥3.00 million | Consolidated |
| Operating income | ¥0.5 billion | Consolidated |
| Operating income | ¥0.5 billion | Consolidated |
| Non-operating income | ¥15.00 million | Consolidated |
| Non-operating expenses | ¥54.00 million | Consolidated |
| Net cash provided by (used in) operating activities | ¥0.3 billion | Consolidated |
| Cost of sales | ¥3.5 billion | Consolidated |
| Gross profit (loss) | ¥3.4 billion | Consolidated |
| Net sales | ¥6.9 billion | Consolidated |
| Net sales | ¥6.9 billion | Consolidated |
| Net income | ¥1.5 billion | Consolidated |
| Net income | ¥1.5 billion | Consolidated |
| Net income (loss) | ¥1.5 billion | Consolidated |
| Net income (loss) | ¥1.5 billion | Consolidated |
| Gain on investments in partnership | ¥0 | Consolidated |
| Net cash provided by (used in) investing activities | ¥-0.2 billion | Consolidated |
| Interest expenses | ¥2.00 million | Consolidated |
| Commission fees | ¥0.5 billion | Consolidated |
| Increase by share transfers | ¥1.5 billion | Consolidated |
| Income taxes - current | ¥0.2 billion | Consolidated |
| Income taxes | ¥81.00 million | Consolidated |
| Income taxes - deferred | ¥-76.00 million | Consolidated |
| Foreign exchange losses | ¥51.00 million | Consolidated |
| Foreign currency translation adjustment net of tax | ¥23.00 million | Consolidated |
| Extraordinary income | ¥1.1 billion | Consolidated |
| Effect of exchange rate change on cash and cash equivalents | ¥-11.00 million | Consolidated |
| Net increase (decrease) in cash and cash equivalents | ¥-0.4 billion | Consolidated |
| Income (loss) before income taxes | ¥1.6 billion | Consolidated |
| Income (loss) before income taxes | ¥1.6 billion | Consolidated |
| Ordinary income | ¥0.5 billion | Consolidated |
| Payrolls and allowances-SGA | ¥0.9 billion | Consolidated |
| Purchase of treasury stock | ¥-5.00 million | Consolidated |
| Comprehensive income attributable to owners of parent | ¥1.6 billion | Consolidated |
| Gain on bargain purchase | ¥1.1 billion | Consolidated |
| Net cash provided by (used in) financing activities | ¥-0.4 billion | Consolidated |
| Selling, general and administrative expenses | ¥2.9 billion | Consolidated |
| Provision of allowance for doubtful accounts | ¥12.00 million | Consolidated |
| Other | ¥0 | Parent only |
| Other | ¥0 | Parent only |
| Operating income | ¥0.5 billion | Parent only |
| Operating revenue | ¥0.7 billion | Parent only |
| Non-operating income | ¥0 | Parent only |
| Non-operating expenses | ¥0 | Parent only |
| Operating expenses | ¥0.2 billion | Parent only |
| Rents | ¥43.00 million | Parent only |
| Net income (loss) | ¥0.4 billion | Parent only |
| Net income (loss) | ¥0.4 billion | Parent only |
| Directors' compensations | ¥33.00 million | Parent only |
| Interest expenses | ¥0 | Parent only |
| Commission fees | ¥26.00 million | Parent only |
| Increase by share transfers | ¥2.7 billion | Parent only |
| Income taxes - current | ¥20.00 million | Parent only |
| Income taxes | ¥18.00 million | Parent only |
| Income taxes - deferred | ¥-1.00 million | Parent only |
| Income (loss) before income taxes | ¥0.5 billion | Parent only |
| Ordinary income | ¥0.5 billion | Parent only |
| Payrolls and allowances-SGA | ¥71.00 million | Parent only |
| Purchase of treasury stock | ¥-5.00 million | Parent only |
Statement of changes in equity (3 items)
| Item | Value | Consolidated / Non-consolidated |
|---|---|---|
| Total changes during the period | ¥2.8 billion | Consolidated |
| Net changes in items other than shareholders' equity | ¥55.00 million | Consolidated |
| Total changes during the period | ¥3.1 billion | Parent only |
Statement of cash flows (25 items)
| Item | Value | Consolidated / Non-consolidated |
|---|---|---|
| Other | ¥-72.00 million | Consolidated |
| Increase decrease in notes and accounts payable trade | ¥0 | Consolidated |
| Interest received | ¥5.00 million | Consolidated |
| Interest expenses paid | ¥-2.00 million | Consolidated |
| Decrease (increase) in prepaid expenses | ¥64.00 million | Consolidated |
| Interest income | ¥-5.00 million | Consolidated |
| Decrease increase in notes and accounts receivable trade | ¥-0.1 billion | Consolidated |
| Increase (decrease) in contract liabilities | ¥0.1 billion | Consolidated |
| Payments into time deposits | ¥-0.1 billion | Consolidated |
| Subtotal | ¥0.6 billion | Consolidated |
| Loss gain on investments in partnership | ¥-0 | Consolidated |
| Interest expenses | ¥2.00 million | Consolidated |
| Payments of leasehold and guarantee deposits | ¥-15.00 million | Consolidated |
| Purchase of property plant and equipment | ¥-15.00 million | Consolidated |
| Increase (decrease) in accounts payable-other | ¥18.00 million | Consolidated |
| Income taxes refund (paid) | ¥-0.3 billion | Consolidated |
| Depreciation | ¥76.00 million | Consolidated |
| Foreign exchange loss (gain) | ¥31.00 million | Consolidated |
| Purchase of intangible assets | ¥-0.2 billion | Consolidated |
| Decrease in short term loans payable | ¥-0 | Consolidated |
| Regarding purchase of treasury stock | ¥-5.00 million | Consolidated |
| Gain on bargain purchase | ¥-1.1 billion | Consolidated |
| Increase (decrease) in allowance for doubtful accounts | ¥1.00 million | Consolidated |
| Dividends | ¥-0.3 billion | Consolidated |
| Repayment of long term loans payable | ¥-71.00 million | Consolidated |
Other disclosed items (3 items)
| Item | Value | Consolidated / Non-consolidated |
|---|---|---|
| Net sales to external customers | ¥6.9 billion | Consolidated |
| Depreciation | ¥76.00 million | Consolidated |
| Number of consolidated subsidiaries | 6 companies | Consolidated |
Basic indicators
| Item | Value | Consolidated / Non-consolidated | Source |
|---|---|---|---|
| Net cash provided by (used in) operating activities | ¥0.3 billion | Consolidated | Disclosed |
| Dividend per share | 247 | Parent only | Disclosed |
| Number of employees | 414 | Consolidated | Disclosed |
| Net assets | ¥4.0 billion | Consolidated | Disclosed |
| Net sales | ¥6.9 billion | Consolidated | Disclosed |
| Operating income | ¥0.5 billion | Consolidated | Disclosed |
| Operating revenue | ¥0.7 billion | Parent only | Disclosed |
| Ordinary income | ¥0.5 billion | Consolidated | Disclosed |
| Net income | ¥1.5 billion | Consolidated | Disclosed |
| Total assets | ¥5.7 billion | Consolidated | Disclosed |
| Operating margin | 7.5% | Consolidated | Calculated |
| Net margin | 22.2% | Consolidated | Calculated |
| Sales per employee | 16722222 yen | Consolidated | Calculated |
| Total asset turnover | 1.21 times | Consolidated | Calculated |
| Net assets to total assets | 69.9% | Consolidated | Calculated |