# E-SUPPORTLINK,Ltd.: business model and financials

> Latest period: FY ending Nov 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第28期(2024/12/01－2025/11/30) (S100XNBS)
> Page: https://vizora.meequs.com/en/company/e-supportlink
> Retrieved: 2026-09-30T19:09:17.433Z

## Company

E-Supportlink, founded in 1998, is a company in Software & SaaS listed on TSE Standard. It has 174 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | E-SUPPORTLINK, Ltd. |
| Ticker | 2493 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2493.T) |
| Listing | TSE Standard |
| Head office | 東京都豊島区高田二丁目17番22号 |
| Representative (per filing) | 代表取締役会長 兼 CEO 堀内信介 |
| Founded | Oct 1998 |
| Share capital | ¥2.72B |
| Employees (consolidated) | 174 |
| Average salary (parent only) | ¥6.2M |
| Fiscal year end | November |
| Website | www.e-supportlink.com (https://www.e-supportlink.com/) |
| Corporate number | 2013301018864 |
| EDINET | E05611 |
| Industries (Vizora) | Software & SaaS, Agriculture & Seeds, Business Process Outsourcing, Specialty Trading & Wholesale |

> Profile source: annual securities report (S100XNBS, filed 2026-02-26). As of filing

## Five-axis industry profile

Primary industry: Software & SaaS (2025-11-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 16.7 | 105 |
| Profitability | 13.4 | 145 |
| Cash conversion | 0.4 | 128 |
| Efficiency | 68.6 | 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)

- About 62% of E-Supportlink's sales come from Operations support business consignment, with Agricultural support business making up much of the rest.
- Out of every ¥100 of sales, about ¥2 is left as operating profit.
- Revenue changed +19.7% from the prior year, operating profit -13.6%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥6.47B |  |
| Operating income | ¥141.6M | Margin 2.2% |
| Net income | ¥146.8M | Margin 2.3% |
| Free cash flow | -¥378.6M |  |
| Largest business | Operations support business consignment | of segment revenue 62.1% |
| Employees (consolidated) | 174 |  |
| EPS | ¥29.46 |  |
| Book value per share | ¥833.98 |  |
| Equity ratio | 60.7% |  |
| Shares outstanding | 4,424,800 |  |
| Treasury shares | 300 |  |
| Shareholders | 21,641 |  |
| Average salary (parent only) | ¥6.2M | Filing company only |
| Cash ratio | 23.0% | Cash ÷ revenue 21.7% |
| Vs. industry median margin | -10.3 pp | Software & SaaS |
| ROE | 4.1% | Derived from disclosed figures |
| ROA | 2.5% | Derived from disclosed figures |

## Notable figures

- FY2025, one segment accounts for 100% of positive segment profit
- FY2025, segment profit share differs by 38 points

## What changed in 5 years

| Metric | FY ending Nov 2020 | FY ending Nov 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥5653207000 | ¥6470128000 | +14.5% |
| Operating income | ¥265018000 | ¥141550000 | -46.6% |
| Operating margin | 4.7% | 2.2% | -2.5 pp |
| Employees | 247 people | 174 people | -29.6% |
| Cash and equivalents | ¥3010784000 | ¥1406387000 | -53.3% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| オペレーション支援事業 → オペレーション支援事業 | 62.1% |
| オペレーション支援事業 → 事業再編・廃止 | 17.8% |
| 農業支援事業 → 農業支援事業 | 20.2% |
| 新設・再編 → 農業支援事業 | 17.8% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 6,470 | 100.0% | S100XNBS |
| Cost of revenue | 4,321 | 66.8% | S100XNBS |
| Gross profit | 2,149 | 33.2% | S100XNBS |
| SG&A | 2,008 | 31.0% | S100XNBS |
| Operating income | 142 | 2.2% | S100XNBS |
| Ordinary income | 157 | 2.4% | S100XNBS |
| Pretax income | 109 | 1.7% | S100XNBS |
| Income tax | -38 | -0.6% | S100XNBS |
| Net income | 147 | 2.3% | S100XNBS |
| Net income attributable to owners | 147 | 2.3% | S100XNBS |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 67 |
| SG&A | 31 |
| Operating income | 2 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 33.2% → Operating margin 2.2% → Net margin 2.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +19.7%; Core profit growth: -13.6%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -0.69×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 5,407 | 6,470 | 1,063 | +19.7% |
| Gross profit | 1,903 | 2,149 | 246 | +12.9% |
| Operating income | 164 | 142 | -22 | -13.6% |
| Net income attributable to owners | 135 | 147 | 11 | +8.5% |
| Operating cash flow | -220 | -226 | -6 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Nov 2019 | 5,562 | 261 | 4.7% | 89 | 675 | 381 | S100KVFZ |
| FY ending Nov 2020 | 5,653 | 265 | 4.7% | 117 | 568 | 483 | S100NK9G |
| FY ending Nov 2021 | 5,187 | -95 | -1.8% | -942 | 289 | 132 | S100QAKC |
| FY ending Nov 2022 | 4,851 | 214 | 4.4% | 155 | -505 | -668 | S100SYT6 |
| FY ending Nov 2023 | 4,564 | 82 | 1.8% | 47 | 247 | -34 | S100VAS7 |
| FY ending Nov 2024 | 5,407 | 164 | 3.0% | 135 | -220 | — | S100XNBS |
| FY ending Nov 2025 | 6,470 | 142 | 2.2% | 147 | -226 | -379 | S100XNBS |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥37.2M |
| Operating income per employee (consolidated) | ¥813.5K |
| Net income per employee (consolidated) | ¥843.5K |

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

| History | FY ending Nov 2021 | FY ending Nov 2022 | FY ending Nov 2023 | FY ending Nov 2024 | FY ending Nov 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 246 | 149 | 145 | 152 | 174 |
| Average salary (parent company) | ¥5.5M | ¥5.7M | ¥6M | ¥6.3M | ¥6.2M |
| Average age (parent company) | 41.0 years | 41.3 years | 42.8 years | 42.5 years | 42.1 years |
| Average tenure (parent company) | 10.1 years | 9.9 years | 10.5 years | 10.5 years | 10.2 years |

Year over year: Employees (consolidated) +14.5% · Revenue (consolidated) +19.7%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Operations support business consignment | 4,015 | 62.1% | 1,309 | 32.6% |
| Agricultural support business | 2,455 | 37.9% | -199 | -8.1% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Operations support business consignment | 62.1% | 100.0% | 37.9 | 32.6% |
| Agricultural support business | 37.9% | — | — | -8.1% |

Loss-making segment (excluded from profit shares): Agricultural support business -199 JPY mn

Segment → industry: Operations support business consignment → Software & SaaS / Agricultural support business → Agriculture & Seeds / Operations support business consignment → Business Process Outsourcing / Agricultural support business → Specialty Trading & Wholesale

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -226 | -3.5% | S100XNBS |
| Capital expenditure | 153 | 2.4% | S100XNBS |
| Free cash flow | -379 | -5.9% | 算出 |
| Investing cash flow | -454 | -7.0% | S100XNBS |
| Financing cash flow | 120 | 1.9% | S100XNBS |
| Dividends paid | 22 | 0.3% | S100XNBS |
| Share buyback | 0 | 0.0% | S100XNBS |
| Change in cash | -560 | -8.7% | S100XNBS |
| Cash and equivalents | 1,406 | 21.7% | S100XNBS |

## 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 Nov 2021 | FY ending Nov 2022 | FY ending Nov 2023 | FY ending Nov 2024 | FY ending Nov 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 4,341 | 3,395 | 3,003 | 1,952 | 1,406 | S100SYT6, S100VAS7, S100XNBS |
| Total assets | 6,124 | 5,490 | 5,569 | 5,444 | 6,106 | S100QAKC, S100SYT6, S100VAS7, S100XNBS |
| Net assets | 3,210 | 3,371 | 3,405 | 3,529 | 3,708 | S100SYT6, S100VAS7, S100XNBS |
| Share capital | 2,722 | 2,722 | 2,722 | 2,722 | 2,722 | S100QAKC, S100SYT6, S100VAS7, S100XNBS |
| Property, plant and equipment | 189 | 176 | 168 | 154 | 189 | S100QAKC, S100SYT6, S100VAS7, S100XNBS |
| Intangible assets excluding goodwill | 264 | 270 | 518 | 732 | 923 | S100QAKC, S100SYT6, S100VAS7, S100XNBS |
| Goodwill | — | — | — | — | 116 | S100XNBS |
| Investment securities | 428 | 425 | 424 | 454 | 508 | S100QAKC, S100SYT6, S100VAS7, S100XNBS |
| Current assets | 5,089 | 4,442 | 4,293 | 3,925 | 4,264 | S100QAKC, S100SYT6, S100VAS7, S100XNBS |
| Current liabilities | 1,501 | 992 | 1,333 | 1,346 | 1,792 | S100QAKC, S100SYT6, S100VAS7, S100XNBS |
| Short-term borrowings | 50 | 50 | 50 | — | 150 | S100QAKC, S100SYT6, S100VAS7, S100XNBS |
| Long-term borrowings | 1,061 | 789 | 490 | 220 | 223 | S100QAKC, S100SYT6, S100VAS7, S100XNBS |
| Total liabilities | 2,914 | 2,119 | 2,164 | 1,915 | 2,398 | S100QAKC, S100SYT6, S100VAS7, S100XNBS |
| Equity attributable to owners of parent | 3,213 | 3,368 | 3,393 | 3,506 | 3,634 | S100QAKC, S100SYT6, S100VAS7, S100XNBS |
| Retained earnings | -127 | 29 | 53 | 167 | 294 | S100QAKC, S100SYT6, S100VAS7, S100XNBS |
| Treasury stock | -1 | -1 | -1 | -1 | -1 | S100QAKC, S100SYT6, S100VAS7, S100XNBS |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 23% | S100XNBS |
| Property, plant and equipment | 3% | S100XNBS |
| Intangibles and goodwill | 17% | S100XNBS |
| Investment securities | 8% | S100XNBS |
| Other assets | 49% | S100XNBS |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 39% | S100XNBS |
| Equity | 61% | S100XNBS |

### Balance sheet history

| Metric | FY ending Nov 2021 | FY ending Nov 2022 | FY ending Nov 2023 | FY ending Nov 2024 | FY ending Nov 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 6,124 | 5,490 | 5,569 | 5,444 | 6,106 |
| Equity | 3,210 | 3,371 | 3,405 | 3,529 | 3,708 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 4,341 | 3,395 | 3,003 | 1,952 | 1,406 |

## 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% | S100XNBS |
| Fixed assets ÷ total assets | 3.1% | S100XNBS |
| Goodwill ÷ parent equity | 3.2% | S100XNBS |

### 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) | 23.0% |
| Cash ÷ revenue | 21.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -159.6% |
| Cash vs. profit gap | -373 JPY mn (of net income -253.9%) |
| Shareholder returns / net income | 15.1% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 15.1% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 2.4% |
| 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | — | —× | -15.4% | —× | — | S100QAKC |
| 2022 | 3.2% | 0.84× | 2.7% | 1.76× | 4.7% | S100SYT6 |
| 2023 | 1.0% | 0.83× | 0.8% | 1.64× | 1.4% | S100VAS7 |
| 2024 | 2.5% | 0.98× | 2.5% | 1.60× | 3.9% | S100XNBS |
| 2025 | 2.3% | 1.12× | 2.5% | 1.62× | 4.1% | S100XNBS |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社ファーマインド | Major shareholder | 10.1% | 2025-11-30 |
| 株式会社FRACORA | Major shareholder | 7.0% | 2025-11-30 |
| 株式会社フォーカスシステムズ | Major shareholder | 2.3% | 2025-11-30 |
| ピー・エス・アセット・ホールディングス株式会社 | Major shareholder | 2.2% | 2025-11-30 |
| 住友商事株式会社 | Major shareholder | 2.1% | 2025-11-30 |
| 上田八木短資株式会社 | Major shareholder | 0.9% | 2025-11-30 |
| JPモルガン証券株式会社 | Major shareholder | 0.9% | 2025-11-30 |
| 福間 美貴恵 | Major shareholder | 0.6% | 2025-11-30 |
| 堀内 信介 | Major shareholder | 0.6% | 2025-11-30 |
| 楽天証券株式会社共有口 | Major shareholder | 0.5% | 2025-11-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第28期(2024/12/01－2025/11/30) | S100XNBS | 2026-02-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XNBS,, |
| 有価証券報告書－第27期(2023/12/01－2024/11/30) | S100VAS7 | 2025-02-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VAS7,, |
| 有価証券報告書－第26期(2022/12/01－2023/11/30) | S100SYT6 | 2024-02-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SYT6,, |
| 有価証券報告書－第25期(2021/12/01－2022/11/30) | S100QAKC | 2023-02-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QAKC,, |
| 有価証券報告書－第24期(令和2年12月1日－令和3年11月30日) | S100NK9G | 2022-02-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NK9G,, |
| 有価証券報告書－第23期(令和1年12月1日－令和2年11月30日) | S100KVFZ | 2021-02-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KVFZ,, |

## 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).