# Altech Corporation: 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45期(2025/01/01－2025/12/31) (S100XTGN)
> Page: https://vizora.meequs.com/en/company/altech-4641
> Retrieved: 2026-09-30T19:42:00.278Z

## Company

Altech, founded in 1971, is a company in HR & Staffing listed on TSE Prime. It has 6,265 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Altech Corporation |
| Ticker | 4641 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4641.T) |
| Listing | TSE Prime |
| Head office | 神奈川県横浜市西区みなとみらい二丁目3番5号 |
| Representative (per filing) | 代表取締役社長 須藤 泰志 |
| Founded | Jan 1971 |
| Share capital | ¥2.35B |
| Employees (consolidated) | 6,265 |
| Average salary (parent only) | ¥5.6M |
| Fiscal year end | December |
| Website | www.alpsgiken.co.jp (https://www.alpsgiken.co.jp/) |
| Corporate number | 5020001090389 |
| EDINET | E04954 |
| Industries (Vizora) | HR & Staffing, Plant Engineering & Building Services, Nursing Care |

> Profile source: annual securities report (S100XTGN, filed 2026-03-25). As of filing

## Five-axis industry profile

Primary industry: HR & Staffing (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 36 | 68 |
| Profitability | 63.1 | 88 |
| Cash conversion | 18.1 | 80 |
| Efficiency | 75.6 | 88 |

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 91% of Altech's sales come from Outsourcing service, with Global service and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥10 is left as operating profit.
- Revenue changed +5.6% from the prior year, operating profit +4.6%.

## Company structure

- Segment revenue mix: Outsourcing service 91.0%、Global service 8.8%、Other 0.2%
- Revenue → net income: ¥52649756000 → ¥3997391000
- Net income → operating cash flow: ¥3997391000 → ¥3373943000（difference ¥-623448000）
- Main uses of operating cash flow: CapEx ¥194417000 / dividends ¥1770105000 / buybacks ¥675431000
- Change in cash: ¥675170000
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 | ¥52.6B |  |
| Operating income | ¥5.4B | Margin 10.3% |
| Net income | ¥3.98B | Margin 7.6% |
| Free cash flow | ¥3.18B |  |
| Largest business | Outsourcing service | of segment revenue 91.0% |
| Employees (consolidated) | 6,265 |  |
| EPS | ¥178.43 |  |
| Book value per share | ¥883.44 |  |
| Equity ratio | 69.5% |  |
| Shares outstanding | 20,746,000 |  |
| Treasury shares | 1,129,700 |  |
| Shareholders | 9,522 |  |
| Average salary (parent only) | ¥5.6M | Filing company only |
| Cash ratio | 45.1% | Cash ÷ revenue 25.1% |
| Vs. industry median margin | +1.6 pp | HR & Staffing |
| ROE | 21.4% | Derived from disclosed figures |
| ROA | 13.9% | Derived from disclosed figures |

## Notable figures

- FY2025, one segment accounts for 90% of positive segment profit
- FY2025, cash is 45% of total assets

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥35753733000 | ¥52649756000 | +47.3% |
| Operating income | ¥3640561000 | ¥5397487000 | +48.3% |
| Operating margin | 10.2% | 10.3% | +0.1 pp |
| Employees | 5,303 people | 6,265 people | +18.1% |
| Cash and equivalents | ¥7998171000 | ¥13225578000 | +65.4% |

### 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 |
| --- | ---: |
| アウトソーシングサービス事業 → 事業再編・廃止 | 48.5% |
| アウトソーシングサービス事業 → アウトソーシングサービス事業 | 48.5% |
| グローバル事業 → 事業再編・廃止 | 1.5% |
| グローバル事業 → グローバル事業 | 1.5% |
| 新設・再編 → アウトソーシングサービス事業 | 42.5% |
| 新設・再編 → グローバル事業 | 7.3% |
| 新設・再編 → その他 | 0.2% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Outsourcing service | 5 years | +6.7% | ¥47925640000 | 10.3% | 2 |
| Global service | 5 years | +34.8% | ¥4614253000 | 11.6% | 2 |
| Other | — | — | ¥109861000 | -59.3% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 52,650 | 100.0% | S100XTGN |
| Cost of revenue | 40,537 | 77.0% | S100XTGN |
| Gross profit | 12,112 | 23.0% | S100XTGN |
| SG&A | 6,715 | 12.8% | S100XTGN |
| Operating income | 5,397 | 10.3% | S100XTGN |
| Ordinary income | 5,543 | 10.5% | S100XTGN |
| Pretax income | 5,613 | 10.7% | S100XTGN |
| Income tax | 1,616 | 3.1% | S100XTGN |
| Net income | 3,997 | 7.6% | S100XTGN |
| Net income attributable to owners | 3,981 | 7.6% | S100XTGN |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 77 |
| SG&A | 13 |
| Operating income | 10 |
| (Ref.) Net income | 8 |

### Margin funnel

Gross margin 23.0% → Operating margin 10.3% → Net margin 7.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +5.6%; Core profit growth: +4.6%
Growth quality: similar-growth
Operating leverage (core profit growth ÷ revenue growth): 0.82×
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 | 49,859 | 52,650 | 2,791 | +5.6% |
| Gross profit | 11,594 | 12,112 | 518 | +4.5% |
| Operating income | 5,160 | 5,397 | 238 | +4.6% |
| Net income attributable to owners | 3,677 | 3,981 | 304 | +8.3% |
| Operating cash flow | 4,585 | 3,374 | -1,211 | -26.4% |
| Free cash flow | 4,353 | 3,180 | -1,173 | -27.0% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 36,371 | 4,015 | 11.0% | 2,908 | 3,109 | 2,887 | S100L0YP |
| FY ending Dec 2020 | 35,754 | 3,641 | 10.2% | 3,058 | 3,901 | 3,824 | S100NQ9G |
| FY ending Dec 2021 | 39,262 | 3,876 | 9.9% | 3,096 | 3,170 | 3,069 | S100QGF0 |
| FY ending Dec 2022 | 43,648 | 4,649 | 10.7% | 3,417 | 3,664 | 3,561 | S100T4X7 |
| FY ending Dec 2023 | 46,216 | 4,982 | 10.8% | 3,696 | 3,214 | 2,989 | S100VHAL |
| FY ending Dec 2024 | 49,859 | 5,160 | 10.3% | 3,677 | 4,585 | 4,353 | S100XTGN |
| FY ending Dec 2025 | 52,650 | 5,397 | 10.3% | 3,981 | 3,374 | 3,180 | S100XTGN |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥8.4M |
| Operating income per employee (consolidated) | ¥861.5K |
| Net income per employee (consolidated) | ¥635.4K |

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) | 5,423 | 5,879 | 6,107 | 6,206 | 6,265 |
| Average salary (parent company) | ¥5M | ¥5.1M | ¥5.3M | ¥5.4M | ¥5.6M |
| Average age (parent company) | 35.7 years | 35.7 years | 35.9 years | 36.2 years | 35.7 years |
| Average tenure (parent company) | 9.0 years | 9.2 years | 9.4 years | 9.8 years | 9.9 years |

Year over year: Employees (consolidated) +1.0% · Revenue (consolidated) +5.6%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Outsourcing service | 47,926 | 91.0% | 4,927 | 10.3% |
| Global service | 4,614 | 8.8% | 533 | 11.6% |
| Other | 110 | 0.2% | -65 | -59.3% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Outsourcing service | 91.0% | 90.2% | -0.8 | 10.3% |
| Global service | 8.8% | 9.8% | 1.0 | 11.6% |
| Other | 0.2% | — | — | -59.3% |

Loss-making segment (excluded from profit shares): Other -65 JPY mn

Segment → industry: Global service → HR & Staffing / Outsourcing service → HR & Staffing / Global service → Plant Engineering & Building Services / Other → Nursing Care

## 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 | 3,374 | 6.4% | S100XTGN |
| Capital expenditure | 194 | 0.4% | S100XTGN |
| Free cash flow | 3,180 | 6.0% | 算出 |
| Investing cash flow | -243 | -0.5% | S100XTGN |
| Financing cash flow | -2,469 | -4.7% | S100XTGN |
| Dividends paid | 1,770 | 3.4% | S100XTGN |
| Share buyback | 675 | 1.3% | S100XTGN |
| Change in cash | 675 | 1.3% | S100XTGN |
| Cash and equivalents | 13,226 | 25.1% | S100XTGN |

## 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 | 9,293 | 10,004 | 10,738 | 12,550 | 13,226 | S100T4X7, S100VHAL, S100XTGN |
| Total assets | 22,545 | 24,275 | 25,026 | 28,077 | 29,311 | S100QGF0, S100T4X7, S100VHAL, S100XTGN |
| Net assets | 14,635 | 15,742 | 16,867 | 18,743 | 20,437 | S100T4X7, S100VHAL, S100XTGN |
| Share capital | 2,347 | 2,347 | 2,347 | 2,347 | 2,347 | S100QGF0, S100T4X7, S100VHAL, S100XTGN |
| Trade receivables | 5,465 | — | — | — | — | S100QGF0 |
| Property, plant and equipment | 3,273 | 3,178 | 3,156 | 3,948 | 3,880 | S100QGF0, S100T4X7, S100VHAL, S100XTGN |
| Intangible assets excluding goodwill | 473 | 384 | 284 | 206 | 195 | S100QGF0, S100T4X7, S100VHAL, S100XTGN |
| Goodwill | 327 | 243 | 159 | 90 | 64 | S100QGF0, S100T4X7, S100VHAL, S100XTGN |
| Investment securities | 1,139 | 1,050 | 1,024 | 953 | 1,235 | S100QGF0, S100T4X7, S100VHAL, S100XTGN |
| Current assets | 16,331 | 18,152 | 19,263 | 21,644 | 22,789 | S100QGF0, S100T4X7, S100VHAL, S100XTGN |
| Current liabilities | 7,442 | 8,133 | 7,838 | 8,939 | 8,471 | S100QGF0, S100T4X7, S100VHAL, S100XTGN |
| Trade payables | 310 | 459 | 356 | 433 | — | S100QGF0, S100T4X7, S100VHAL |
| Short-term borrowings | 774 | 274 | 224 | 210 | 209 | S100QGF0, S100T4X7, S100VHAL, S100XTGN |
| Long-term borrowings | 120 | 45 | 21 | 11 | 2 | S100QGF0, S100T4X7, S100VHAL, S100XTGN |
| Total liabilities | 7,910 | 8,533 | 8,159 | 9,334 | 8,874 | S100QGF0, S100T4X7, S100VHAL, S100XTGN |
| Non-controlling interests | 33 | 54 | 45 | 52 | 62 | S100QGF0, S100T4X7, S100VHAL, S100XTGN |
| Equity attributable to owners of parent | 14,029 | 15,118 | 16,096 | 17,911 | 19,353 | S100QGF0, S100T4X7, S100VHAL, S100XTGN |
| Retained earnings | 13,489 | 11,973 | 13,689 | 15,478 | 16,013 | S100QGF0, S100T4X7, S100VHAL, S100XTGN |
| Treasury stock | -4,931 | -1,987 | -2,739 | -2,725 | -1,792 | S100QGF0, S100T4X7, S100VHAL, S100XTGN |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 45% | S100XTGN |
| Property, plant and equipment | 13% | S100XTGN |
| Intangibles and goodwill | 1% | S100XTGN |
| Investment securities | 4% | S100XTGN |
| Other assets | 37% | S100XTGN |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 30% | S100XTGN |
| Equity | 70% | S100XTGN |

### 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 | 22,545 | 24,275 | 25,026 | 28,077 | 29,311 |
| Equity | 14,635 | 15,742 | 16,867 | 18,743 | 20,437 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 9,293 | 10,004 | 10,738 | 12,550 | 13,226 |

## 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) | 7.4% | S100XTGN |
| Fixed assets ÷ total assets | 13.2% | S100XTGN |
| Goodwill ÷ parent equity | 0.3% | S100XTGN |

Goodwill over 4 years: 327 → 64 JPY; total investing cash flow: -818 JPY. This does not imply causation.

### 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) | 45.1% |
| Cash ÷ revenue | 25.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 62.5% |
| Cash vs. profit gap | -607 JPY mn (of net income -15.3%) |
| Shareholder returns / net income | 61.4% |
| Shareholder returns / FCF | 76.9% |
| Shareholder payments — dividends / net income | 44.5% |
| Shareholder payments — dividends / FCF | 55.7% |
| CapEx intensity (capex ÷ revenue) | 0.4% |
| Investing CF relative to operating CF | 7.2% |

## 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 | 7.9% | 1.74× | 13.7% | 1.61× | 22.1% | S100QGF0 |
| 2022 | 7.8% | 1.86× | 14.6% | 1.61× | 23.4% | S100T4X7 |
| 2023 | 8.0% | 1.87× | 15.0% | 1.58× | 23.7% | S100VHAL |
| 2024 | 7.4% | 1.88× | 13.9% | 1.56× | 21.6% | S100XTGN |
| 2025 | 7.6% | 1.83× | 13.9% | 1.54× | 21.4% | S100XTGN |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| アルプス技研従業員持株会 | Major shareholder | 10.8% | 2025-12-31 |
| 日本マスタートラスト信託銀行 株式会社（その他信託口） | Major shareholder | 6.9% | 2025-12-31 |
| 日本マスタートラスト信託銀行 株式会社（投資信託口） | Major shareholder | 4.8% | 2025-12-31 |
| 公益財団法人とかち財団 | Major shareholder | 3.8% | 2025-12-31 |
| BBH FOR FIDELITY LOW-PRICED STOCK FUND (常任代理人 株式会社三菱UFJ銀行) | Major shareholder | 3.1% | 2025-12-31 |
| 株式会社横浜銀行(常任代理人 株式会社日本カストディ銀行) | Major shareholder | 3.0% | 2025-12-31 |
| 株式会社東邦銀行(常任代理人 日本マスタートラスト信託銀行株式会社) | Major shareholder | 2.4% | 2025-12-31 |
| 野村信託銀行株式会社（投信口） | Major shareholder | 2.2% | 2025-12-31 |
| 株式会社日本カストディ銀行(投資信託口） | Major shareholder | 2.0% | 2025-12-31 |
| STATE STREET BANK AND TRUST COMPANY 505044(常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 1.7% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第45期(2025/01/01－2025/12/31) | S100XTGN | 2026-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XTGN,, |
| 有価証券報告書－第44期(2024/01/01－2024/12/31) | S100VHAL | 2025-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VHAL,, |
| 有価証券報告書－第43期(2023/01/01－2023/12/31) | S100T4X7 | 2024-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T4X7,, |
| 有価証券報告書－第42期(2022/01/01－2022/12/31) | S100QGF0 | 2023-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QGF0,, |
| 有価証券報告書－第41期(令和3年1月1日－令和3年12月31日) | S100NQ9G | 2022-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NQ9G,, |
| 有価証券報告書－第40期(令和2年1月1日－令和2年12月31日) | S100L0YP | 2021-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L0YP,, |

## 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).