# Funai Soken Holdings Incorporated: 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56期(2025/01/01－2025/12/31) (S100XUVD)
> Page: https://vizora.meequs.com/en/company/funai-soken-holdings
> Retrieved: 2026-09-30T21:10:28.678Z

## Company

Funai Soken Holdings, founded in 1970, is a company in IT Services & System Integration listed on TSE Prime. It has 1,651 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Funai Soken Holdings Incorporated |
| Ticker | 9757 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9757.T) |
| Listing | TSE Prime |
| Head office | 東京都中央区八重洲二丁目2番1号 (注)2025年4月1日から本店所在地が上記のように移転しており ます。 |
| Representative (per filing) | 代表取締役社長 グループCEO 中谷 貴之 |
| Founded | Mar 1970 |
| Share capital | ¥3.13B |
| Employees (consolidated) | 1,651 |
| Average salary (parent only) | ¥7.4M |
| Fiscal year end | December |
| Website | hd.funaisoken.co.jp (https://hd.funaisoken.co.jp/) |
| Corporate number | 1120001069955 |
| EDINET | E04817 |
| Industries (Vizora) | IT Services & System Integration, Consulting, Warehouses & Logistics Facilities |

> Profile source: annual securities report (S100XUVD, filed 2026-03-27). As of filing

## Five-axis industry profile

Primary industry: Consulting (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 17.7 | 31 |
| Profitability | 87.5 | 44 |
| Cash conversion | 55.7 | 44 |
| Efficiency | 28.4 | 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)

- About 73% of Funai Soken Holdings's sales come from Management consulting business, with Digital solution and Logistics making up much of the rest.
- Out of every ¥100 of sales, about ¥26 is left as operating profit.
- Revenue changed +8.8% from the prior year, operating profit +5.9%.

## Company structure

- Segment revenue mix: Management consulting business 73.4%、Digital solution 13.5%、Logistics 13.1%
- Revenue → net income: ¥33330043000 → ¥6532353000
- Net income → operating cash flow: ¥6532353000 → ¥7903588000（difference ¥1371235000）
- Main uses of operating cash flow: CapEx ¥994225000 / dividends ¥3703953000 / buybacks ¥2501840000
- Change in cash: ¥3012751000
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 | ¥33.3B |  |
| Operating income | ¥8.81B | Margin 26.4% |
| Net income | ¥6.53B | Margin 19.6% |
| Free cash flow | ¥6.91B |  |
| Largest business | Management consulting business | of segment revenue 73.4% |
| Employees (consolidated) | 1,651 |  |
| EPS | ¥67.55 |  |
| Diluted EPS | ¥66.7 |  |
| Book value per share | ¥112.43 |  |
| Equity ratio | 72.4% |  |
| Shares outstanding | 50,000,000 |  |
| Treasury shares | 4,557,500 |  |
| Shareholders | 18,660 |  |
| Average salary (parent only) | ¥7.4M | Filing company only |
| Cash ratio | 38.7% | Cash ÷ revenue 40.1% |
| Vs. industry median margin | +16.9 pp | Consulting |
| ROE | 26.7% | Derived from disclosed figures |
| ROA | 19.8% | Derived from disclosed figures |

## Notable figures

- FY2025, one segment accounts for 93% of positive segment profit
- FY2025, operating income keeps 26 per ¥100 of revenue
- FY2025, cash is 39% of total assets

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥25027840000 | ¥33330043000 | +33.2% |
| Operating income | ¥4982455000 | ¥8813297000 | +76.9% |
| Operating margin | 19.9% | 26.4% | +6.5 pp |
| Employees | 1,303 people | 1,651 people | +26.7% |
| Cash and equivalents | ¥12216419000 | ¥13359167000 | +9.4% |

### 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 |
| --- | ---: |
| 経営コンサルティング事業 → 経営コンサルティング事業 | 73.4% |
| 経営コンサルティング事業 → 事業再編・廃止 | 5.9% |
| ロジスティクス事業 → ロジスティクス事業 | 11.0% |
| ダイレクトリクルーティング事業 → 事業再編・廃止 | 9.7% |
| 新設・再編 → ロジスティクス事業 | 2.1% |
| 新設・再編 → デジタルソリューション事業 | 13.5% |

Segment revenue source references: 6 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Management consulting business | 5 years | +5.1% | ¥24471655000 | 34.2% | 2 |
| Digital solution | 3 years | +8.1% | ¥4504290000 | -2.1% | 2 |
| Logistics | 5 years | +10.5% | ¥4354097000 | 14.0% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 33,330 | 100.0% | S100XUVD |
| Cost of revenue | 20,282 | 60.9% | S100XUVD |
| Gross profit | 13,048 | 39.1% | S100XUVD |
| SG&A | 4,235 | 12.7% | S100XUVD |
| Operating income | 8,813 | 26.4% | S100XUVD |
| Ordinary income | 8,842 | 26.5% | S100XUVD |
| Pretax income | 9,237 | 27.7% | S100XUVD |
| Income tax | 2,705 | 8.1% | S100XUVD |
| Net income | 6,532 | 19.6% | S100XUVD |
| Net income attributable to owners | 6,526 | 19.6% | S100XUVD |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 61 |
| SG&A | 13 |
| Operating income | 26 |
| (Ref.) Net income | 20 |

### Margin funnel

Gross margin 39.1% → Operating margin 26.4% → Net margin 19.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +8.8%; Core profit growth: +5.9%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.67×
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 | 30,645 | 33,330 | 2,685 | +8.8% |
| Gross profit | 11,861 | 13,048 | 1,187 | +10.0% |
| Operating income | 8,324 | 8,813 | 489 | +5.9% |
| Net income attributable to owners | 5,993 | 6,526 | 533 | +8.9% |
| Operating cash flow | 7,011 | 7,904 | 893 | +12.7% |
| Free cash flow | 6,045 | 6,909 | 864 | +14.3% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 25,753 | 5,705 | 22.2% | 3,868 | 4,522 | 4,108 | S100KYOQ |
| FY ending Dec 2020 | 25,028 | 4,982 | 19.9% | 3,499 | 3,516 | 3,292 | S100NR23 |
| FY ending Dec 2021 | 22,816 | 6,359 | 27.9% | 4,379 | 5,214 | 4,996 | S100QG8A |
| FY ending Dec 2022 | 25,635 | 7,101 | 27.7% | 4,990 | 4,960 | 4,604 | S100T3PR |
| FY ending Dec 2023 | 28,239 | 7,248 | 25.7% | 5,202 | 5,479 | 4,829 | S100VHI7 |
| FY ending Dec 2024 | 30,645 | 8,324 | 27.2% | 5,993 | 7,011 | 6,045 | S100XUVD |
| FY ending Dec 2025 | 33,330 | 8,813 | 26.4% | 6,526 | 7,904 | 6,909 | S100XUVD |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥20.2M |
| Operating income per employee (consolidated) | ¥5.3M |
| Net income per employee (consolidated) | ¥4M |

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) | 1,317 | 1,382 | 1,535 | 1,535 | 1,651 |
| Average salary (parent company) | ¥6.7M | ¥7M | ¥6.7M | ¥6.7M | ¥7.4M |
| Average age (parent company) | 39.8 years | 39.1 years | 39.4 years | 40.6 years | 40.1 years |
| Average tenure (parent company) | 10.2 years | 9.2 years | 9.4 years | 9.7 years | 9.8 years |

Year over year: Employees (consolidated) +7.6% · Revenue (consolidated) +8.8%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Management consulting business | 24,472 | 73.4% | 8,369 | 34.2% |
| Logistics | 4,354 | 13.1% | 610 | 14.0% |
| Digital solution | 4,504 | 13.5% | -96 | -2.1% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Management consulting business | 73.4% | 93.2% | 19.8 | 34.2% |
| Logistics | 13.1% | 6.8% | -6.3 | 14.0% |
| Digital solution | 13.5% | — | — | -2.1% |

Loss-making segment (excluded from profit shares): Digital solution -96 JPY mn

Segment → industry: Digital solution → IT Services & System Integration / Management consulting business → Consulting / Logistics → Warehouses & Logistics Facilities

## 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 | 7,904 | 23.7% | S100XUVD |
| Capital expenditure | 994 | 3.0% | S100XUVD |
| Free cash flow | 6,909 | 20.7% | 算出 |
| Investing cash flow | 1,964 | 5.9% | S100XUVD |
| Financing cash flow | -6,849 | -20.5% | S100XUVD |
| Dividends paid | 3,704 | 11.1% | S100XUVD |
| Share buyback | 2,502 | 7.5% | S100XUVD |
| Change in cash | 3,013 | 9.0% | S100XUVD |
| Cash and equivalents | 13,359 | 40.1% | S100XUVD |

## 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 | 14,675 | 17,031 | 12,894 | 10,346 | 13,359 | S100T3PR, S100VHI7, S100XUVD |
| Total assets | 30,928 | 33,011 | 31,631 | 31,439 | 34,493 | S100QG8A, S100T3PR, S100VHI7, S100XUVD |
| Net assets | 25,711 | 27,701 | 25,726 | 24,990 | 25,788 | S100T3PR, S100VHI7, S100XUVD |
| Share capital | 3,125 | 3,125 | 3,125 | 3,125 | 3,125 | S100QG8A, S100T3PR, S100VHI7, S100XUVD |
| Trade receivables | 3,192 | — | — | — | — | S100NR23 |
| Property, plant and equipment | 5,917 | 5,814 | 6,146 | 6,507 | 2,669 | S100QG8A, S100T3PR, S100VHI7, S100XUVD |
| Intangible assets excluding goodwill | 705 | 831 | 1,125 | 661 | 1,688 | S100QG8A, S100T3PR, S100VHI7, S100XUVD |
| Goodwill | — | 12 | 355 | 266 | 1,125 | S100T3PR, S100VHI7, S100XUVD |
| Investment securities | 4,242 | 3,102 | 3,221 | 2,265 | 3,181 | S100QG8A, S100T3PR, S100VHI7, S100XUVD |
| Current assets | 19,049 | 22,283 | 18,658 | 17,757 | 20,711 | S100QG8A, S100T3PR, S100VHI7, S100XUVD |
| Current liabilities | 5,053 | 5,067 | 5,666 | 6,275 | 8,515 | S100QG8A, S100T3PR, S100VHI7, S100XUVD |
| Trade payables | 536 | 552 | 537 | 602 | 473 | S100QG8A, S100T3PR, S100VHI7, S100XUVD |
| Short-term borrowings | 200 | 200 | 200 | 200 | 250 | S100QG8A, S100T3PR, S100VHI7, S100XUVD |
| Long-term borrowings | — | 100 | 100 | — | 25 | S100T3PR, S100VHI7, S100XUVD |
| Total liabilities | 5,217 | 5,310 | 5,905 | 6,449 | 8,705 | S100QG8A, S100T3PR, S100VHI7, S100XUVD |
| Non-controlling interests | — | — | — | — | 19 | S100XUVD |
| Equity attributable to owners of parent | 24,934 | 27,089 | 25,093 | 24,205 | 24,679 | S100QG8A, S100T3PR, S100VHI7, S100XUVD |
| Retained earnings | 22,688 | 25,108 | 26,579 | 25,410 | 28,221 | S100QG8A, S100T3PR, S100VHI7, S100XUVD |
| Treasury stock | -3,826 | -4,100 | -7,558 | -7,276 | -9,614 | S100QG8A, S100T3PR, S100VHI7, S100XUVD |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 39% | S100XUVD |
| Property, plant and equipment | 8% | S100XUVD |
| Intangibles and goodwill | 8% | S100XUVD |
| Investment securities | 9% | S100XUVD |
| Other assets | 36% | S100XUVD |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 1% | S100XUVD |
| Other liabilities | 24% | S100XUVD |
| Equity | 75% | S100XUVD |

### 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 | 30,928 | 33,011 | 31,631 | 31,439 | 34,493 |
| Equity | 25,711 | 27,701 | 25,726 | 24,990 | 25,788 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 14,675 | 17,031 | 12,894 | 10,346 | 13,359 |

## 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) | 8.0% | S100XUVD |
| Fixed assets ÷ total assets | 7.7% | S100XUVD |
| Goodwill ÷ parent equity | 4.6% | S100XUVD |

### 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) | 38.7% |
| Cash ÷ revenue | 40.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 89.7% |
| Cash vs. profit gap | 1,377 JPY mn (of net income 21.1%) |
| Shareholder returns / net income | 95.1% |
| Shareholder returns / FCF | 89.8% |
| Shareholder payments — dividends / net income | 56.8% |
| Shareholder payments — dividends / FCF | 53.6% |
| CapEx intensity (capex ÷ revenue) | 3.0% |
| Investing CF relative to operating CF | 24.9% |

## 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 | 19.2% | 0.74× | 14.2% | 1.24× | 17.6% | S100QG8A |
| 2022 | 19.5% | 0.80× | 15.6% | 1.23× | 19.2% | S100T3PR |
| 2023 | 18.4% | 0.87× | 16.1% | 1.24× | 19.9% | S100VHI7 |
| 2024 | 19.6% | 0.97× | 19.0% | 1.28× | 24.3% | S100XUVD |
| 2025 | 19.6% | 1.01× | 19.8% | 1.35× | 26.7% | S100XUVD |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社船井本社 | Major shareholder | 10.9% | 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 | 10.5% | 2025-12-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 5.2% | 2025-12-31 |
| ＮＯＲＴＨＥＲＮ ＴＲＵＳＴ ＣＯ．（ＡＶＦＣ） ＲＥ ＦＩＤＥＬＩＴＹ ＦＵＮＤＳ（常任代理人 香港上海銀行東京支店） | Major shareholder | 5.1% | 2025-12-31 |
| 舩 井 和 子 | Major shareholder | 2.9% | 2025-12-31 |
| ＳＴＡＴＥ ＳＴＲＥＥＴ ＢＡＮＫ ＡＮＤ ＴＲＵＳＴ ＣＯＭＰＡＮＹ ５０５００１（常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 2.6% | 2025-12-31 |
| 日本生命保険相互会社（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 | 2.3% | 2025-12-31 |
| 舩 井 勝 仁 | Major shareholder | 2.3% | 2025-12-31 |
| 株式会社三井住友銀行 | Major shareholder | 2.1% | 2025-12-31 |
| 舩 井 孝 浩 | Major shareholder | 2.0% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第56期(2025/01/01－2025/12/31) | S100XUVD | 2026-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XUVD,, |
| 有価証券報告書－第55期(2024/01/01－2024/12/31) | S100VHI7 | 2025-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VHI7,, |
| 有価証券報告書－第54期(2023/01/01－2023/12/31) | S100T3PR | 2024-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T3PR,, |
| 有価証券報告書－第53期(2022/01/01－2022/12/31) | S100QG8A | 2023-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QG8A,, |
| 有価証券報告書－第52期(令和3年1月1日－令和3年12月31日) | S100NR23 | 2022-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NR23,, |
| 有価証券報告書－第51期(令和2年1月1日－令和2年12月31日) | S100KYOQ | 2021-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KYOQ,, |

## 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).