# CellSource Co.,Ltd.: business model and financials

> Latest period: FY ending Oct 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第10期(2024/11/01－2025/10/31) (S100XHWF)
> Page: https://vizora.meequs.com/en/company/cellsource
> Retrieved: 2026-09-30T20:55:06.763Z

## Company

CellSource, founded in 2015, is a company in CRO & Clinical Testing listed on TSE Prime. It has 148 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | CellSource Co., Ltd. |
| Ticker | 4880 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4880.T) |
| Listing | TSE Prime |
| Head office | 東京都渋谷区渋谷一丁目23番21号 |
| Representative (per filing) | 代表取締役社長CEO 山川 雅之 |
| Founded | Nov 2015 |
| Share capital | ¥1.43B |
| Employees (consolidated) | 148 |
| Average salary (parent only) | ¥6.6M |
| Fiscal year end | October |
| Website | www.cellsource.co.jp (https://www.cellsource.co.jp/) |
| Corporate number | 3010401121829 |
| EDINET | E35169 |
| Industries (Vizora) | CRO & Clinical Testing |

> Profile source: annual securities report (S100XHWF, filed 2026-01-28). As of filing

## Five-axis industry profile

Primary industry: CRO & Clinical Testing (2025-10-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 26.9 | 13 |
| Cash conversion | 77.3 | 11 |
| Efficiency | 19.2 | 13 |

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)

- CellSource brought in ¥3.71B in revenue.
- Out of every ¥100 of sales, about ¥4 is left as operating profit.
- Revenue changed -14.8% from the prior year, operating profit +29.1%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥3711455000 → ¥10659000
- Net income → operating cash flow: ¥10659000 → ¥333095000（difference ¥322436000）
- Main uses of operating cash flow: CapEx ¥50114000 / dividends ¥98859000 / buybacks —
- Change in cash: ¥390904000
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 | ¥3.71B |  |
| Operating income | ¥166.7M | Margin 4.5% |
| Net income | ¥10.7M | Margin 0.3% |
| Free cash flow | ¥283M |  |
| Employees (consolidated) | 148 |  |
| EPS | ¥-0.95 |  |
| Diluted EPS | ¥0.54 |  |
| Book value per share | ¥296.32 |  |
| Equity ratio | 84.0% |  |
| Shares outstanding | 19,819,962 |  |
| Treasury shares | 500 |  |
| Shareholders | 10,383 |  |
| Average salary (parent only) | ¥6.6M | Filing company only |
| Cash ratio | 67.1% | Cash ÷ revenue 127.0% |
| Vs. industry median margin | -1 pp | CRO & Clinical Testing |
| ROE | 0.2% | Derived from disclosed figures |
| ROA | 0.2% | Derived from disclosed figures |

## Notable figures

- FY2025, operating cash flow is 31.3× net income
- FY2025, cash is 67% of total assets

## What changed in 5 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Oct 2020 | FY ending Oct 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥1855475000 | ¥3711455000 | — |
| Operating income | ¥415551000 | ¥166708000 | — |
| Operating margin | 22.4% | 4.5% | -17.9 pp |
| Employees | 68 people | 148 people | — |
| Cash and equivalents | ¥1757015000 | ¥4711820000 | — |

### Change in segment revenue mix

Span: FY ending Oct 2020 → FY ending Oct 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 再生医療関連事業 → 事業再編・廃止 | 90.8% |
| コンシューマー事業 → 事業再編・廃止 | 9.2% |

Segment revenue source references: 2 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 3,711 | 100.0% | S100XHWF |
| Cost of revenue | 1,624 | 43.8% | S100XHWF |
| Gross profit | 2,087 | 56.2% | S100XHWF |
| SG&A | 1,921 | 51.8% | S100XHWF |
| Operating income | 167 | 4.5% | S100XHWF |
| Ordinary income | 168 | 4.5% | S100XHWF |
| Pretax income | 110 | 3.0% | S100XHWF |
| Income tax | 99 | 2.7% | S100XHWF |
| Net income | 11 | 0.3% | S100XHWF |
| Net income attributable to owners | 11 | 0.3% | S100XHWF |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 44 |
| SG&A | 52 |
| Operating income | 4 |
| (Ref.) Net income | 0 |

### Margin funnel

Gross margin 56.2% → Operating margin 4.5% → Net margin 0.3%
Derived from reported figures (DERIVED).

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 4,355 | 3,711 | -644 | -14.8% |
| Gross profit | 2,417 | 2,087 | -330 | -13.6% |
| Operating income | 129 | 167 | 38 | +29.1% |
| Operating cash flow | 592 | 333 | -259 | -43.7% |
| Free cash flow | 52 | 283 | 231 | +443.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Oct 2019 | 1,612 | 327 | 20.3% | 200 | 195 | 142 | S100KLBT |
| FY ending Oct 2020 | 1,855 | 416 | 22.4% | 274 | 330 | 298 | S100NA9K |
| FY ending Oct 2021 | 2,922 | 992 | 34.0% | 651 | 898 | 837 | S100Q0TB |
| FY ending Oct 2022 | 4,274 | 1,571 | 36.8% | 1,018 | 848 | 748 | S100SOC8 |
| FY ending Oct 2023 | 4,511 | 1,221 | 27.1% | 923 | 847 | 488 | S100V5YX |
| FY ending Oct 2024 | 4,355 | 129 | 3.0% | 238 | 592 | 52 | S100V5YX |
| FY ending Oct 2025 | 3,711 | 167 | 4.5% | 11 | 333 | 283 | S100XHWF |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥25.1M |
| Operating income per employee (consolidated) | ¥1.1M |
| Net income per employee (consolidated) | ¥72K |

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

| History | FY ending Oct 2021 | FY ending Oct 2022 | FY ending Oct 2023 | FY ending Oct 2024 | FY ending Oct 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 90 | 109 | 151 | 157 | 148 |
| Average salary (parent company) | ¥5.9M | ¥6.5M | ¥6.6M | ¥6.4M | ¥6.6M |
| Average age (parent company) | 36.2 years | 37.0 years | 37.0 years | 37.0 years | 37.6 years |
| Average tenure (parent company) | 2.2 years | 2.6 years | 2.5 years | 2.8 years | 3.2 years |

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Oct 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 333 | 9.0% | S100XHWF |
| Capital expenditure | 50 | 1.4% | S100XHWF |
| Free cash flow | 283 | 7.6% | 算出 |
| Investing cash flow | -3 | -0.1% | S100XHWF |
| Financing cash flow | 61 | 1.6% | S100XHWF |
| Dividends paid | 99 | 2.7% | S100XHWF |
| Change in cash | 391 | 10.5% | S100XHWF |
| Cash and equivalents | 4,712 | 127.0% | S100XHWF |

## 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 Oct 2021 | FY ending Oct 2022 | FY ending Oct 2023 | FY ending Oct 2024 | FY ending Oct 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 2,409 | 3,124 | 4,781 | 4,321 | 4,712 | S100SOC8, S100V5YX, S100XHWF |
| Total assets | 3,365 | 4,600 | 6,880 | 7,075 | 7,024 | S100Q0TB, S100SOC8, S100V5YX, S100XHWF |
| Net assets | 2,720 | 3,786 | 6,202 | 6,037 | 6,017 | S100SOC8, S100V5YX, S100XHWF |
| Share capital | 679 | 689 | 1,425 | 1,426 | 1,428 | S100Q0TB, S100SOC8, S100V5YX, S100XHWF |
| Inventories | 2 | 1 | — | — | — | S100Q0TB, S100SOC8 |
| Property, plant and equipment | 110 | 166 | 659 | 1,135 | 989 | S100Q0TB, S100SOC8, S100V5YX, S100XHWF |
| Intangible assets excluding goodwill | 11 | 10 | 20 | 58 | 56 | S100Q0TB, S100SOC8, S100V5YX, S100XHWF |
| Investment securities | 144 | 171 | 152 | 177 | 111 | S100Q0TB, S100SOC8, S100V5YX, S100XHWF |
| Current assets | 2,946 | 4,077 | 5,589 | 5,069 | 5,488 | S100Q0TB, S100SOC8, S100V5YX, S100XHWF |
| Current liabilities | 634 | 814 | 452 | 442 | 443 | S100Q0TB, S100SOC8, S100V5YX, S100XHWF |
| Total liabilities | 645 | 814 | 678 | 1,038 | 1,007 | S100Q0TB, S100SOC8, S100V5YX, S100XHWF |
| Equity attributable to owners of parent | 2,703 | 3,741 | 6,136 | 5,981 | 5,896 | S100Q0TB, S100SOC8, S100V5YX, S100XHWF |
| Retained earnings | 1,436 | 2,454 | 3,377 | 3,220 | 3,132 | S100Q0TB, S100SOC8, S100V5YX, S100XHWF |
| Treasury stock | -1 | -2 | -2 | -2 | -2 | S100Q0TB, S100SOC8, S100V5YX, S100XHWF |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 67% | S100XHWF |
| Property, plant and equipment | 14% | S100XHWF |
| Intangibles and goodwill | 1% | S100XHWF |
| Investment securities | 2% | S100XHWF |
| Other assets | 16% | S100XHWF |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 14% | S100XHWF |
| Equity | 86% | S100XHWF |
| Other liabilities | 0% | S100XHWF |

### Balance sheet history

| Metric | FY ending Oct 2021 | FY ending Oct 2022 | FY ending Oct 2023 | FY ending Oct 2024 | FY ending Oct 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 3,365 | 4,600 | 6,880 | 7,075 | 7,024 |
| Equity | 2,720 | 3,786 | 6,202 | 6,037 | 6,017 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 2,409 | 3,124 | 4,781 | 4,321 | 4,712 |

## 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) | 26.6% | S100XHWF |
| Fixed assets ÷ total assets | 14.1% | S100XHWF |
| Goodwill ÷ parent equity | — | —, S100XHWF |

### 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) | 67.1% |
| Cash ÷ revenue | 127.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 199.8% |
| Cash vs. profit gap | 322 JPY mn (of net income 3025.0%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 927.5% |
| Shareholder payments — dividends / FCF | 34.9% |
| CapEx intensity (capex ÷ revenue) | 1.4% |
| Investing CF relative to operating CF | 1.0% |

## 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 | 22.3% | 0.87× | 19.4% | 1.24× | 24.1% | S100Q0TB |
| 2022 | 23.8% | 1.07× | 25.6% | 1.24× | 31.6% | S100SOC8 |
| 2023 | 20.5% | 0.79× | 16.1% | 1.16× | 18.7% | S100V5YX |
| 2024 | 5.5% | 0.62× | 3.4% | 1.15× | 3.9% | S100V5YX |
| 2025 | 0.3% | 0.53× | 0.2% | 1.19× | 0.2% | S100XHWF |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 山川 雅之 | Major shareholder | 36.2% | 2025-10-31 |
| シリアルインキュベート株式会社 | Major shareholder | 9.6% | 2025-10-31 |
| 裙本 理人 | Major shareholder | 6.8% | 2025-10-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 5.5% | 2025-10-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 0.9% | 2025-10-31 |
| 楽天証券株式会社共有口 | Major shareholder | 0.7% | 2025-10-31 |
| 貴田 純一 | Major shareholder | 0.6% | 2025-10-31 |
| 花木 博彦 | Major shareholder | 0.4% | 2025-10-31 |
| セルソース社員持株会 | Major shareholder | 0.3% | 2025-10-31 |
| 雨宮 猛 | Major shareholder | 0.3% | 2025-10-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第10期(2024/11/01－2025/10/31) | S100XHWF | 2026-01-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XHWF,, |
| 有価証券報告書－第9期(2023/11/01－2024/10/31) | S100V5YX | 2025-01-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100V5YX,, |
| 有価証券報告書－第8期(2022/11/01－2023/10/31) | S100SOC8 | 2024-01-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SOC8,, |
| 有価証券報告書－第7期(2021/11/01－2022/10/31) | S100Q0TB | 2023-01-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Q0TB,, |
| 有価証券報告書－第6期(令和2年11月1日－令和3年10月31日) | S100NA9K | 2022-01-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NA9K,, |
| 有価証券報告書－第5期(令和1年11月1日－令和2年10月31日) | S100KLBT | 2021-01-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KLBT,, |

## 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).