# eXmotion Co.,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18期(2024/12/01－2025/11/30) (S100XN3A)
> Page: https://vizora.meequs.com/en/company/exmotion
> Retrieved: 2026-09-30T21:06:48.226Z

## Company

eXmotion, founded in 2008, is a company in Consulting listed on TSE Growth. It has 88 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | eXmotion Co.,Ltd. |
| Ticker | 4394 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4394.T) |
| Listing | TSE Growth |
| Head office | 東京都品川区大崎二丁目11番1号 |
| Representative (per filing) | 代表取締役社長 渡辺 博之 |
| Founded | Sep 2008 |
| Share capital | ¥454.2M |
| Employees (consolidated) | 88 |
| Average salary (parent only) | ¥7.2M |
| Fiscal year end | November |
| Website | www.corporate.exmotion.co.jp (https://www.corporate.exmotion.co.jp/) |
| Corporate number | 5010401077862 |
| EDINET | E34140 |
| Industries (Vizora) | Consulting |

> Profile source: annual securities report (S100XN3A, filed 2026-02-25). As of filing

## Five-axis industry profile

Primary industry: Consulting (2025-11-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 69.3 | 44 |
| Cash conversion | 76.1 | 44 |
| Efficiency | 14.8 | 44 |

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)

- eXmotion brought in ¥1.39B in revenue.
- Out of every ¥100 of sales, about ¥14 is left as operating profit.
- Revenue changed +7.9% from the prior year, operating profit +22.1%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥1386816000 → ¥127466000
- Net income → operating cash flow: ¥127466000 → ¥252316000（difference ¥124850000）
- Main uses of operating cash flow: CapEx ¥45143000 / dividends ¥57259000 / buybacks —
- Change in cash: ¥151456000
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 | ¥1.39B |  |
| Operating income | ¥190M | Margin 13.7% |
| Net income | ¥127.5M | Margin 9.2% |
| Free cash flow | ¥207.2M |  |
| Employees (consolidated) | 88 |  |
| EPS | ¥34.37 |  |
| Diluted EPS | ¥34.3 |  |
| Book value per share | ¥553.17 |  |
| Equity ratio | 89.9% |  |
| Shares outstanding | 3,025,500 |  |
| Shareholders | 1,316 |  |
| Average salary (parent only) | ¥7.2M | Filing company only |
| Cash ratio | 77.6% | Cash ÷ revenue 103.9% |
| Vs. industry median margin | +4.2 pp | Consulting |
| ROE | 7.8% | Derived from disclosed figures |
| ROA | 7.0% | Derived from disclosed figures |

## Notable figures

- FY2025, cash is 78% of total assets

## What changed in 5 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Nov 2020 | FY ending Nov 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥877186000 | ¥1386816000 | — |
| Operating income | ¥89311000 | ¥189955000 | — |
| Operating margin | 10.2% | 13.7% | +3.5 pp |
| Employees | 64 people | 88 people | — |
| Cash and equivalents | ¥1320000000 | ¥1440766000 | — |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 1,387 | 100.0% | S100XN3A |
| Cost of revenue | 809 | 58.3% | S100XN3A |
| Gross profit | 578 | 41.7% | S100XN3A |
| SG&A | 388 | 28.0% | S100XN3A |
| Operating income | 190 | 13.7% | S100XN3A |
| Ordinary income | 194 | 14.0% | S100XN3A |
| Pretax income | 194 | 14.0% | S100XN3A |
| Income tax | 67 | 4.8% | S100XN3A |
| Net income | 127 | 9.2% | S100XN3A |
| Net income attributable to owners | 127 | 9.2% | S100XN3A |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 58 |
| SG&A | 28 |
| Operating income | 14 |
| (Ref.) Net income | 9 |

### Margin funnel

Gross margin 41.7% → Operating margin 13.7% → Net margin 9.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +7.9%; Core profit growth: +22.1%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.78×
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 | 1,285 | 1,387 | 102 | +7.9% |
| Gross profit | 520 | 578 | 58 | +11.2% |
| Operating income | 156 | 190 | 34 | +22.1% |
| Net income attributable to owners | 99 | 127 | 28 | +28.5% |
| Operating cash flow | 86 | 252 | 166 | +192.2% |
| Free cash flow | 65 | 207 | 142 | +217.1% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Nov 2019 | 976 | 188 | 19.2% | 140 | 147 | 124 | S100KVS3 |
| FY ending Nov 2020 | 877 | 89 | 10.2% | 68 | 86 | 73 | S100NL08 |
| FY ending Nov 2021 | 958 | 144 | 15.0% | 100 | 94 | 90 | S100QB7F |
| FY ending Nov 2022 | 1,048 | 185 | 17.6% | 135 | 143 | 128 | S100QB7F |
| FY ending Nov 2023 | 1,105 | 132 | 11.9% | 7 | 25 | 17 | S100VBMS |
| FY ending Nov 2024 | 1,285 | 156 | 12.1% | 99 | 86 | 65 | S100XN3A |
| FY ending Nov 2025 | 1,387 | 190 | 13.7% | 127 | 252 | 207 | S100XN3A |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥15.8M |
| Operating income per employee (consolidated) | ¥2.2M |
| Net income per employee (consolidated) | ¥1.4M |

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) | 65 | 69 | 78 | 85 | 88 |
| Average salary (parent company) | ¥7.3M | ¥7.5M | ¥7.4M | ¥7M | ¥7.2M |
| Average age (parent company) | 41.1 years | 41.8 years | 42.7 years | 43.4 years | 44.6 years |
| Average tenure (parent company) | 5.0 years | 5.5 years | 6.2 years | 6.1 years | 6.5 years |

Year over year: Employees (consolidated) +3.5% · Revenue (consolidated) +7.9%

## 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 | 252 | 18.2% | S100XN3A |
| Capital expenditure | 45 | 3.3% | S100XN3A |
| Free cash flow | 207 | 14.9% | 算出 |
| Investing cash flow | -45 | -3.2% | S100XN3A |
| Financing cash flow | -56 | -4.0% | S100XN3A |
| Dividends paid | 57 | 4.1% | S100XN3A |
| Change in cash | 151 | 10.9% | S100XN3A |
| Cash and equivalents | 1,441 | 103.9% | S100XN3A |

## 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 | 1,373 | 1,460 | 1,278 | 1,289 | 1,441 | S100QB7F, S100XN3A |
| Total assets | 1,606 | 1,712 | 1,702 | 1,766 | 1,858 | S100QB7F, S100VBMS, S100XN3A |
| Net assets | 1,496 | 1,589 | 1,553 | 1,598 | 1,670 | S100QB7F, S100XN3A |
| Share capital | 448 | 450 | 453 | 453 | 454 | S100QB7F, S100VBMS, S100XN3A |
| Inventories | — | — | 0 | 0 | 0 | S100VBMS, S100XN3A |
| Property, plant and equipment | 16 | 16 | 16 | 24 | 22 | S100QB7F, S100VBMS, S100XN3A |
| Intangible assets excluding goodwill | 27 | 22 | 141 | 109 | 115 | S100QB7F, S100VBMS, S100XN3A |
| Goodwill | — | — | 129 | 100 | 72 | S100VBMS, S100XN3A |
| Current assets | 1,537 | 1,647 | 1,491 | 1,572 | 1,655 | S100QB7F, S100VBMS, S100XN3A |
| Current liabilities | 109 | 123 | 149 | 168 | 188 | S100QB7F, S100VBMS, S100XN3A |
| Total liabilities | 109 | 123 | 149 | 168 | 188 | S100QB7F, S100VBMS, S100XN3A |
| Equity attributable to owners of parent | 1,496 | 1,589 | 1,553 | 1,598 | 1,670 | S100QB7F, S100VBMS, S100XN3A |
| Retained earnings | 609 | 699 | 655 | 700 | 771 | S100QB7F, S100VBMS, S100XN3A |
| Treasury stock | -0 | -0 | -0 | -0 | -0 | S100QB7F, S100VBMS, S100XN3A |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 78% | S100XN3A |
| Inventories | 0% | S100XN3A |
| Property, plant and equipment | 1% | S100XN3A |
| Intangibles and goodwill | 10% | S100XN3A |
| Other assets | 11% | S100XN3A |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 10% | S100XN3A |
| Equity | 90% | S100XN3A |
| Other liabilities | 0% | S100XN3A |

### 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 | 1,606 | 1,712 | 1,702 | 1,766 | 1,858 |
| Equity | 1,496 | 1,589 | 1,553 | 1,598 | 1,670 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,373 | 1,460 | 1,278 | 1,289 | 1,441 |

## 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) | 1.6% | S100XN3A |
| Fixed assets ÷ total assets | 1.2% | S100XN3A |
| Goodwill ÷ parent equity | 4.3% | S100XN3A |

### 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) | 77.6% |
| Cash ÷ revenue | 103.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 132.8% |
| Cash vs. profit gap | 125 JPY mn (of net income 97.9%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 44.9% |
| Shareholder payments — dividends / FCF | 27.6% |
| CapEx intensity (capex ÷ revenue) | 3.3% |
| Investing CF relative to operating CF | 17.9% |

## 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 | 10.5% | 0.60× | 6.2% | 1.07× | 6.7% | S100QB7F |
| 2022 | 12.8% | 0.63× | 8.1% | 1.08× | 8.7% | S100QB7F |
| 2023 | 0.6% | 0.65× | 0.4% | 1.10× | 0.4% | S100VBMS |
| 2024 | 7.7% | 0.74× | 5.7% | 1.10× | 6.3% | S100XN3A |
| 2025 | 9.2% | 0.77× | 7.0% | 1.11× | 7.8% | S100XN3A |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社ソルクシーズ | Major shareholder | 52.9% | 2025-11-30 |
| 渡辺 博之 | Major shareholder | 4.5% | 2025-11-30 |
| 芳村 美紀 (注) | Major shareholder | 4.0% | 2025-11-30 |
| 井山 幸次 | Major shareholder | 2.1% | 2025-11-30 |
| 山崎 勝明 | Major shareholder | 2.0% | 2025-11-30 |
| 矢上 博英 | Major shareholder | 1.3% | 2025-11-30 |
| 服部 勢 | Major shareholder | 1.2% | 2025-11-30 |
| 大村 貴徳 | Major shareholder | 0.8% | 2025-11-30 |
| ＧＭＯクリック証券株式会社 | Major shareholder | 0.8% | 2025-11-30 |
| 三輪 有史 | Major shareholder | 0.7% | 2025-11-30 |
| 小浜 宗隆 | Major shareholder | 0.7% | 2025-11-30 |
| 斎藤 賢一 | Major shareholder | 0.7% | 2025-11-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第18期(2024/12/01－2025/11/30) | S100XN3A | 2026-02-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XN3A,, |
| 有価証券報告書－第17期(2023/12/01－2024/11/30) | S100VBMS | 2025-02-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VBMS,, |
| 有価証券報告書－第16期(2022/12/01－2023/11/30) | S100SZ8N | 2024-02-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SZ8N,, |
| 有価証券報告書－第15期(2021/12/01－2022/11/30) | S100QB7F | 2023-02-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QB7F,, |
| 有価証券報告書－第14期(令和2年12月1日－令和3年11月30日) | S100NL08 | 2022-02-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NL08,, |
| 有価証券報告書－第13期(令和1年12月1日－令和2年11月30日) | S100KVS3 | 2021-02-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KVS3,, |

## 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).