# FINDEX Inc.: 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41期(2025/01/01－2025/12/31) (S100XTNK)
> Page: https://vizora.meequs.com/en/company/findex
> Retrieved: 2026-09-30T20:24:16.790Z

## Company

Findex, founded in 1985, is a company in IT Services & System Integration listed on TSE Prime. It has 325 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | FINDEX Inc. |
| Ticker | 3649 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3649.T) |
| Listing | TSE Prime |
| Head office | 東京都千代田区大手町一丁目7番2号 |
| Representative (per filing) | 代表取締役社長 相原 輝夫 |
| Founded | Jan 1985 |
| Share capital | ¥254.3M |
| Employees (consolidated) | 325 |
| Average salary (parent only) | ¥6.1M |
| Fiscal year end | December |
| Website | findex.co.jp (https://findex.co.jp/) |
| Corporate number | 9500001003380 |
| EDINET | E25283 |
| Industries (Vizora) | IT Services & System Integration, Health Tech |

> Profile source: annual securities report (S100XTNK, filed 2026-03-25). As of filing

## Five-axis industry profile

Primary industry: Health Tech (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 25 | 14 |
| Profitability | 91.7 | 18 |
| Cash conversion | 67.6 | 17 |
| Efficiency | 63.9 | 18 |

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 93% of Findex's sales come from Medical Business, with Public Business and Health Tech Business making up much of the rest.
- Out of every ¥100 of sales, about ¥29 is left as operating profit.
- Revenue changed +4.6% from the prior year, operating profit +17.3%.

## Company structure

- Segment revenue mix: Medical Business 93.1%、Public Business 5.8%、Health Tech Business 1.0%
- Revenue → net income: ¥6109941000 → ¥1278403000
- Net income → operating cash flow: ¥1278403000 → ¥1652441000（difference ¥374038000）
- Main uses of operating cash flow: CapEx ¥296738000 / dividends ¥408138000 / buybacks ¥1001947000
- Change in cash: ¥-55504000
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 | ¥6.11B |  |
| Operating income | ¥1.79B | Margin 29.3% |
| Net income | ¥1.26B | Margin 20.6% |
| Free cash flow | ¥1.36B |  |
| Largest business | Medical Business | of segment revenue 93.1% |
| Employees (consolidated) | 325 |  |
| EPS | ¥48.08 |  |
| Book value per share | ¥224.32 |  |
| Equity ratio | 79.9% |  |
| Shares outstanding | 26,608,800 |  |
| Treasury shares | 2,068,000 |  |
| Shareholders | 3,739 |  |
| Average salary (parent only) | ¥6.1M | Filing company only |
| Cash ratio | 22.9% | Cash ÷ revenue 25.5% |
| Vs. industry median margin | +15.5 pp | Health Tech |
| ROE | 22.6% | Derived from disclosed figures |
| ROA | 18.6% | Derived from disclosed figures |

## Notable figures

- FY2025, buybacks were 2.5× dividends
- FY2025, one segment accounts for 95% of positive segment profit
- FY2025, operating income keeps 29 per ¥100 of revenue

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥4004859000 | ¥6109941000 | +52.6% |
| Operating income | ¥636283000 | ¥1790029000 | +181.3% |
| Operating margin | 15.9% | 29.3% | +13.4 pp |
| Employees | 276 people | 325 people | +17.8% |
| Cash and equivalents | ¥1972330000 | ¥1558886000 | -21.0% |

### 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 |
| --- | ---: |
| システム開発事業 → 事業再編・廃止 | 99.5% |
| ヘルステック事業 → 事業再編・廃止 | 0.5% |
| 新設・再編 → 医療ビジネス | 93.1% |
| 新設・再編 → 公共ビジネス | 5.8% |
| 新設・再編 → ヘルステックビジネス | 1.0% |

Segment revenue source references: 5 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Medical Business | 3 years | +9.4% | ¥5691403000 | 33.3% | 2 |
| Public Business | 3 years | +43.1% | ¥355184000 | 30.9% | 2 |
| Health Tech Business | 3 years | -2.9% | ¥63353000 | -339.3% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 6,110 | 100.0% | S100XTNK |
| Cost of revenue | 2,125 | 34.8% | S100XTNK |
| Gross profit | 3,985 | 65.2% | S100XTNK |
| SG&A | 2,195 | 35.9% | S100XTNK |
| Operating income | 1,790 | 29.3% | S100XTNK |
| Ordinary income | 1,841 | 30.1% | S100XTNK |
| Pretax income | 1,784 | 29.2% | S100XTNK |
| Income tax | 506 | 8.3% | S100XTNK |
| Net income | 1,278 | 20.9% | S100XTNK |
| Net income attributable to owners | 1,257 | 20.6% | S100XTNK |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 35 |
| SG&A | 36 |
| Operating income | 29 |
| (Ref.) Net income | 21 |

### Margin funnel

Gross margin 65.2% → Operating margin 29.3% → Net margin 20.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +4.6%; Core profit growth: +17.3%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 3.77×
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 | 5,841 | 6,110 | 269 | +4.6% |
| Gross profit | 3,553 | 3,985 | 432 | +12.1% |
| Operating income | 1,525 | 1,790 | 265 | +17.3% |
| Net income attributable to owners | 1,162 | 1,257 | 95 | +8.1% |
| Operating cash flow | 1,899 | 1,652 | -246 | -13.0% |
| Free cash flow | 1,596 | 1,356 | -240 | -15.1% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 4,282 | 743 | 17.4% | 499 | 1,670 | 1,299 | S100L22W |
| FY ending Dec 2020 | 4,005 | 636 | 15.9% | 430 | 543 | 281 | S100NSHJ |
| FY ending Dec 2021 | 4,969 | 921 | 18.5% | 636 | 750 | 481 | S100QGXP |
| FY ending Dec 2022 | 4,541 | 1,029 | 22.6% | 723 | 694 | 380 | S100T5J2 |
| FY ending Dec 2023 | 5,192 | 1,497 | 28.8% | 1,059 | 843 | 560 | S100VHZP |
| FY ending Dec 2024 | 5,841 | 1,525 | 26.1% | 1,162 | 1,899 | 1,596 | S100XTNK |
| FY ending Dec 2025 | 6,110 | 1,790 | 29.3% | 1,257 | 1,652 | 1,356 | S100XTNK |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥18.8M |
| Operating income per employee (consolidated) | ¥5.5M |
| Net income per employee (consolidated) | ¥3.9M |

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) | 282 | 282 | 290 | 311 | 325 |
| Average salary (parent company) | ¥5.4M | ¥5.3M | ¥5.7M | ¥5.9M | ¥6.1M |
| Average age (parent company) | 38.1 years | 38.9 years | 39.6 years | 40.0 years | 40.2 years |
| Average tenure (parent company) | 6.3 years | 6.8 years | 6.3 years | 7.7 years | 8.0 years |

Year over year: Employees (consolidated) +4.5% · Revenue (consolidated) +4.6%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Medical Business | 5,691 | 93.1% | 1,895 | 33.3% |
| Public Business | 355 | 5.8% | 110 | 30.9% |
| Health Tech Business | 63 | 1.0% | -215 | -339.3% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Medical Business | 93.1% | 94.5% | 1.4 | 33.3% |
| Public Business | 5.8% | 5.5% | -0.3 | 30.9% |
| Health Tech Business | 1.0% | — | — | -339.3% |

Loss-making segment (excluded from profit shares): Health Tech Business -215 JPY mn

Segment → industry: Public Business → IT Services & System Integration / Health Tech Business → Health Tech / Medical Business → Health Tech

## 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 | 1,652 | 27.0% | S100XTNK |
| Capital expenditure | 297 | 4.9% | S100XTNK |
| Free cash flow | 1,356 | 22.2% | 算出 |
| Investing cash flow | -298 | -4.9% | S100XTNK |
| Financing cash flow | -1,410 | -23.1% | S100XTNK |
| Dividends paid | 408 | 6.7% | S100XTNK |
| Share buyback | 1,002 | 16.4% | S100XTNK |
| Change in cash | -56 | -0.9% | S100XTNK |
| Cash and equivalents | 1,559 | 25.5% | S100XTNK |

## 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 | 2,046 | 2,288 | 2,563 | 1,614 | 1,559 | S100T5J2, S100VHZP, S100XTNK |
| Total assets | 4,557 | 4,981 | 5,934 | 6,684 | 6,808 | S100QGXP, S100T5J2, S100VHZP, S100XTNK |
| Net assets | 3,513 | 4,043 | 4,845 | 5,607 | 5,467 | S100T5J2, S100VHZP, S100XTNK |
| Share capital | 254 | 254 | 254 | 254 | 254 | S100QGXP, S100T5J2, S100VHZP, S100XTNK |
| Trade receivables | 1,219 | — | — | — | — | S100QGXP |
| Property, plant and equipment | 71 | 103 | 89 | 80 | 86 | S100QGXP, S100T5J2, S100VHZP, S100XTNK |
| Intangible assets excluding goodwill | 239 | 251 | 290 | 311 | 300 | S100QGXP, S100T5J2, S100VHZP, S100XTNK |
| Investment securities | 57 | 57 | 199 | 2,315 | 2,218 | S100QGXP, S100T5J2, S100VHZP, S100XTNK |
| Current assets | 3,706 | 4,128 | 5,007 | 3,582 | 3,744 | S100QGXP, S100T5J2, S100VHZP, S100XTNK |
| Current liabilities | 826 | 654 | 773 | 774 | 1,027 | S100QGXP, S100T5J2, S100VHZP, S100XTNK |
| Short-term borrowings | 20 | — | — | — | — | S100QGXP |
| Total liabilities | 1,044 | 938 | 1,089 | 1,077 | 1,341 | S100QGXP, S100T5J2, S100VHZP, S100XTNK |
| Non-controlling interests | 3 | 4 | 7 | 5 | 26 | S100QGXP, S100T5J2, S100VHZP, S100XTNK |
| Equity attributable to owners of parent | 3,505 | 4,039 | 4,844 | 5,617 | 5,483 | S100QGXP, S100T5J2, S100VHZP, S100XTNK |
| Retained earnings | 3,845 | 4,373 | 5,158 | 5,907 | 6,755 | S100QGXP, S100T5J2, S100VHZP, S100XTNK |
| Treasury stock | -818 | -813 | -792 | -772 | -1,752 | S100QGXP, S100T5J2, S100VHZP, S100XTNK |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 23% | S100XTNK |
| Property, plant and equipment | 1% | S100XTNK |
| Intangibles and goodwill | 4% | S100XTNK |
| Investment securities | 33% | S100XTNK |
| Other assets | 39% | S100XTNK |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 20% | S100XTNK |
| Equity | 80% | S100XTNK |

### 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 | 4,557 | 4,981 | 5,934 | 6,684 | 6,808 |
| Equity | 3,513 | 4,043 | 4,845 | 5,607 | 5,467 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 2,046 | 2,288 | 2,563 | 1,614 | 1,559 |

## 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) | 1.4% | S100XTNK |
| Fixed assets ÷ total assets | 1.3% | S100XTNK |
| Goodwill ÷ parent equity | — | —, S100XTNK |

### 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) | 22.9% |
| Cash ÷ revenue | 25.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 92.3% |
| Cash vs. profit gap | 395 JPY mn (of net income 31.5%) |
| Shareholder returns / net income | 112.2% |
| Shareholder returns / FCF | 104.0% |
| Shareholder payments — dividends / net income | 32.5% |
| Shareholder payments — dividends / FCF | 30.1% |
| CapEx intensity (capex ÷ revenue) | 4.9% |
| Investing CF relative to operating CF | 18.0% |

## 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 | 12.8% | 1.09× | 14.0% | 1.30× | 18.1% | S100QGXP |
| 2022 | 15.9% | 0.95× | 15.2% | 1.26× | 19.2% | S100T5J2 |
| 2023 | 20.4% | 0.95× | 19.4% | 1.23× | 23.8% | S100VHZP |
| 2024 | 19.9% | 0.93× | 18.4% | 1.21× | 22.2% | S100XTNK |
| 2025 | 20.6% | 0.91× | 18.6% | 1.22× | 22.6% | S100XTNK |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 相原 輝夫 | Major shareholder | 31.4% | 2025-12-31 |
| 日本マスタートラスト信託銀行株式会社 （信託口） | Major shareholder | 11.8% | 2025-12-31 |
| みずほ信託銀行株式会社有価証券管理信託 0700067 | Major shareholder | 5.9% | 2025-12-31 |
| みずほ信託銀行株式会社有価証券管理信託 0700068 | Major shareholder | 5.9% | 2025-12-31 |
| 株式会社愛媛銀行 | Major shareholder | 3.9% | 2025-12-31 |
| 竹村 敬司 | Major shareholder | 3.9% | 2025-12-31 |
| THE BANK OF NEW YORK MELLON 140040 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 3.6% | 2025-12-31 |
| CACEIS BANK/QUINTET LUXEMBOURG SUB AC / UCITS CUSTOMERS ACCOUNT （常任代理人 香港上海銀行東京支店） | Major shareholder | 2.2% | 2025-12-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 1.4% | 2025-12-31 |
| SCBHK AC LIECHTENSTEINISCHE LANDESBANK AG （常任代理人 株式会社三菱UFJ銀行） | Major shareholder | 1.1% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第41期(2025/01/01－2025/12/31) | S100XTNK | 2026-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XTNK,, |
| 有価証券報告書－第40期(2024/01/01－2024/12/31) | S100VHZP | 2025-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VHZP,, |
| 有価証券報告書－第39期(2023/01/01－2023/12/31) | S100T5J2 | 2024-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T5J2,, |
| 有価証券報告書－第38期(2022/01/01－2022/12/31) | S100QGXP | 2023-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QGXP,, |
| 有価証券報告書－第37期(令和3年1月1日－令和3年12月31日) | S100NSHJ | 2022-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NSHJ,, |
| 有価証券報告書－第36期(令和2年1月1日－令和2年12月31日) | S100L22W | 2021-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L22W,, |

## 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).