# Future  Corporation: 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37期(2025/01/01－2025/12/31) (S100XTFP)
> Page: https://vizora.meequs.com/en/company/future
> Retrieved: 2026-09-30T20:23:16.821Z

## Company

Future, founded in 1989, is a company in IT Services & System Integration listed on TSE Prime. It has 3,624 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Future Corporation |
| Ticker | 4722 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4722.T) |
| Listing | TSE Prime |
| Head office | 東京都品川区大崎一丁目2番2号 |
| Representative (per filing) | 代表取締役会長兼社長 金丸 恭文 |
| Founded | Nov 1989 |
| Share capital | ¥4B |
| Employees (consolidated) | 3,624 |
| Average salary (parent only) | ¥7.9M |
| Fiscal year end | December |
| Website | www.future.co.jp (https://www.future.co.jp/) |
| Corporate number | 6010701018466 |
| EDINET | E05033 |
| Industries (Vizora) | IT Services & System Integration, Internet Services & Apps, E-commerce, Professional Sports |

> Profile source: annual securities report (S100XTFP, filed 2026-03-25). As of filing

## Five-axis industry profile

Primary industry: IT Services & System Integration (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 68.5 | 157 |
| Profitability | 93.1 | 196 |
| Cash conversion | 21.4 | 185 |
| Efficiency | 14.5 | 196 |

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 89% of Future's sales come from IT Consulting and Service Business, with Business innovation business and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥21 is left as operating profit.
- Revenue changed +8.8% from the prior year, operating profit +10.3%.

## Company structure

- Segment revenue mix: IT Consulting and Service Business 88.8%、Business innovation business 11.0%、Other 0.3%
- Revenue → net income: ¥75993000000 → ¥11712000000
- Net income → operating cash flow: ¥11712000000 → ¥8664000000（difference ¥-3048000000）
- Main uses of operating cash flow: CapEx ¥2032000000 / dividends ¥3900000000 / buybacks —
- Change in cash: ¥425000000
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 | ¥76B |  |
| Operating income | ¥16.2B | Margin 21.3% |
| Net income | ¥11.7B | Margin 15.4% |
| Free cash flow | ¥6.63B |  |
| Largest business | IT Consulting and Service Business | of segment revenue 88.8% |
| Employees (consolidated) | 3,624 |  |
| EPS | ¥93.58 |  |
| Book value per share | ¥519.97 |  |
| Equity ratio | 64.4% |  |
| Shares outstanding | 95,328,000 |  |
| Treasury shares | 6,652,000 |  |
| Shareholders | 5,823 |  |
| Average salary (parent only) | ¥7.9M | Filing company only |
| Cash ratio | 33.6% | Cash ÷ revenue 43.2% |
| Vs. industry median margin | +12.4 pp | IT Services & System Integration |
| ROE | 21.6% | Derived from disclosed figures |
| ROA | 12.4% | Derived from disclosed figures |

## Notable figures

- FY2025, one segment accounts for 99% of positive segment profit
- FY2025, cash is 34% of total assets

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥44311243000 | ¥75993000000 | +71.5% |
| Operating income | ¥5235052000 | ¥16176000000 | +209.0% |
| Operating margin | 11.8% | 21.3% | +9.5 pp |
| Employees | 2,281 people | 3,624 people | +58.9% |
| Cash and equivalents | ¥16010000000 | ¥32800000000 | +104.9% |

### 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 |
| --- | ---: |
| ＩＴコンサルティング＆サービス事業 → 事業再編・廃止 | 80.0% |
| ビジネスイノベーション事業 → 事業再編・廃止 | 20.0% |
| その他 → その他 | 0.0% |
| 新設・再編 → ＩＴコンサルティング＆サービス事業 | 88.8% |
| 新設・再編 → ビジネスイノベーション事業 | 11.0% |
| 新設・再編 → その他 | 0.3% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| IT Consulting and Service Business | 2 years | +15.3% | ¥67445000000 | 24.3% | 2 |
| Business innovation business | 2 years | +0.5% | ¥8341000000 | 2.1% | 2 |
| Other | 5 years | +98.8% | ¥206000000 | -40.8% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 75,993 | 100.0% | S100XTFP |
| Cost of revenue | 39,006 | 51.3% | S100XTFP |
| Gross profit | 36,987 | 48.7% | S100XTFP |
| SG&A | 20,810 | 27.4% | S100XTFP |
| Operating income | 16,176 | 21.3% | S100XTFP |
| Ordinary income | 16,672 | 21.9% | S100XTFP |
| Pretax income | 17,259 | 22.7% | S100XTFP |
| Income tax | 5,547 | 7.3% | S100XTFP |
| Net income | 11,712 | 15.4% | S100XTFP |
| Net income attributable to owners | 11,712 | 15.4% | S100XTFP |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 51 |
| SG&A | 28 |
| Operating income | 21 |
| (Ref.) Net income | 15 |

### Margin funnel

Gross margin 48.7% → Operating margin 21.3% → Net margin 15.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +8.8%; Core profit growth: +10.3%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.18×
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 | 69,878 | 75,993 | 6,115 | +8.8% |
| Gross profit | 33,700 | 36,987 | 3,287 | +9.8% |
| Operating income | 14,667 | 16,176 | 1,509 | +10.3% |
| Net income attributable to owners | 10,322 | 11,712 | 1,390 | +13.5% |
| Operating cash flow | 10,683 | 8,664 | -2,019 | -18.9% |
| Free cash flow | 9,535 | 6,632 | -2,903 | -30.4% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 45,390 | 6,524 | 14.4% | 4,558 | 5,002 | 4,013 | S100L11Z |
| FY ending Dec 2020 | 44,311 | 5,235 | 11.8% | 3,795 | 4,453 | 3,898 | S100NPQU |
| FY ending Dec 2021 | 48,698 | 9,000 | 18.5% | 6,369 | 9,611 | 8,589 | S100QFXO |
| FY ending Dec 2022 | 53,738 | 12,226 | 22.8% | 9,239 | 10,174 | 8,405 | S100T5KL |
| FY ending Dec 2023 | 59,324 | 13,700 | 23.1% | 9,221 | 7,568 | 6,067 | S100VGM1 |
| FY ending Dec 2024 | 69,878 | 14,667 | 21.0% | 10,322 | 10,683 | 9,535 | S100XTFP |
| FY ending Dec 2025 | 75,993 | 16,176 | 21.3% | 11,712 | 8,664 | 6,632 | S100XTFP |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥21M |
| Operating income per employee (consolidated) | ¥4.5M |
| Net income per employee (consolidated) | ¥3.2M |

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) | 2,450 | 2,671 | 2,948 | 3,499 | 3,624 |
| Average salary (parent company) | ¥7.9M | ¥7.3M | ¥8M | ¥8M | ¥7.9M |
| Average age (parent company) | 34.0 years | 33.6 years | 36.1 years | 36.5 years | 36.5 years |
| Average tenure (parent company) | 5.6 years | 4.4 years | 5.9 years | 5.8 years | 6.0 years |

Year over year: Employees (consolidated) +3.6% · Revenue (consolidated) +8.8%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| IT Consulting and Service Business | 67,445 | 88.8% | 16,381 | 24.3% |
| Business innovation business | 8,341 | 11.0% | 178 | 2.1% |
| Other | 206 | 0.3% | -84 | -40.8% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| IT Consulting and Service Business | 88.8% | 98.9% | 10.2 | 24.3% |
| Business innovation business | 11.0% | 1.1% | -9.9 | 2.1% |
| Other | 0.3% | — | — | -40.8% |

Loss-making segment (excluded from profit shares): Other -84 JPY mn

Segment → industry: IT Consulting and Service Business → IT Services & System Integration / Business innovation business → Internet Services & Apps / Business innovation business → E-commerce / Other → Professional Sports

## 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 | 8,664 | 11.4% | S100XTFP |
| Capital expenditure | 2,032 | 2.7% | S100XTFP |
| Free cash flow | 6,632 | 8.7% | 算出 |
| Investing cash flow | -1,391 | -1.8% | S100XTFP |
| Financing cash flow | -6,885 | -9.1% | S100XTFP |
| Dividends paid | 3,900 | 5.1% | S100XTFP |
| Change in cash | 425 | 0.6% | S100XTFP |
| Cash and equivalents | 32,800 | 43.2% | S100XTFP |

## 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 | 21,430 | 27,552 | 28,215 | 32,374 | 32,800 | S100T5KL, S100VGM1, S100XTFP |
| Total assets | 54,483 | 57,976 | 66,043 | 92,048 | 97,491 | S100QFXO, S100T5KL, S100VGM1, S100XTFP |
| Net assets | 41,801 | 44,829 | 51,387 | 55,489 | 62,755 | S100T5KL, S100VGM1, S100XTFP |
| Share capital | 4,000 | 4,000 | 4,000 | 4,000 | 4,000 | S100QFXO, S100T5KL, S100VGM1, S100XTFP |
| Trade receivables | 7,220 | — | — | — | — | S100QFXO |
| Property, plant and equipment | 1,155 | 1,078 | 1,020 | 1,029 | 2,598 | S100QFXO, S100T5KL, S100VGM1, S100XTFP |
| Intangible assets excluding goodwill | 2,138 | 3,777 | 5,684 | 25,496 | 23,259 | S100QFXO, S100T5KL, S100VGM1, S100XTFP |
| Goodwill | 10 | 401 | 1,083 | 11,168 | 10,473 | S100QFXO, S100T5KL, S100VGM1, S100XTFP |
| Investment securities | 17,697 | 12,856 | 13,770 | 13,048 | 12,544 | S100QFXO, S100T5KL, S100VGM1, S100XTFP |
| Current assets | 32,112 | 38,835 | 44,237 | 50,787 | 57,370 | S100QFXO, S100T5KL, S100VGM1, S100XTFP |
| Current liabilities | 7,906 | 9,860 | 10,842 | 15,874 | 17,054 | S100QFXO, S100T5KL, S100VGM1, S100XTFP |
| Long-term borrowings | — | — | — | 15,000 | 12,143 | S100XTFP |
| Total liabilities | 12,682 | 13,146 | 14,656 | 36,559 | 34,736 | S100QFXO, S100T5KL, S100VGM1, S100XTFP |
| Equity attributable to owners of parent | 31,078 | 37,685 | 43,421 | 50,187 | 58,087 | S100QFXO, S100T5KL, S100VGM1, S100XTFP |
| Retained earnings | 29,299 | 35,858 | 41,537 | 48,227 | 56,038 | S100QFXO, S100T5KL, S100VGM1, S100XTFP |
| Treasury stock | -2,221 | -2,210 | -2,201 | -2,186 | -2,170 | S100QFXO, S100T5KL, S100VGM1, S100XTFP |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 34% | S100XTFP |
| Property, plant and equipment | 3% | S100XTFP |
| Intangibles and goodwill | 34% | S100XTFP |
| Investment securities | 13% | S100XTFP |
| Other assets | 16% | S100XTFP |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 36% | S100XTFP |
| Equity | 64% | S100XTFP |

### 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 | 54,483 | 57,976 | 66,043 | 92,048 | 97,491 |
| Equity | 41,801 | 44,829 | 51,387 | 55,489 | 62,755 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 21,430 | 27,552 | 28,215 | 32,374 | 32,800 |

## 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) | 3.4% | S100XTFP |
| Fixed assets ÷ total assets | 2.7% | S100XTFP |
| Goodwill ÷ parent equity | 18.0% | S100XTFP |

Goodwill over 4 years: 10 → 10,473 JPY; total investing cash flow: -27,524 JPY. This does not imply causation.

### 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) | 33.6% |
| Cash ÷ revenue | 43.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 53.6% |
| Cash vs. profit gap | -3,048 JPY mn (of net income -26.0%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 33.3% |
| Shareholder payments — dividends / FCF | 58.8% |
| CapEx intensity (capex ÷ revenue) | 2.7% |
| Investing CF relative to operating CF | 16.1% |

## 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 | 13.1% | 0.89× | 11.7% | 1.75× | 20.5% | S100QFXO |
| 2022 | 17.2% | 0.96× | 16.4% | 1.64× | 26.9% | S100T5KL |
| 2023 | 15.5% | 0.96× | 14.9% | 1.53× | 22.7% | S100VGM1 |
| 2024 | 14.8% | 0.88× | 13.1% | 1.69× | 22.1% | S100XTFP |
| 2025 | 15.4% | 0.80× | 12.4% | 1.75× | 21.6% | S100XTFP |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 合同会社キーウェスト・ネットワーク | Major shareholder | 34.0% | 2025-12-31 |
| 金丸 恭文 | Major shareholder | 12.5% | 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 | 8.2% | 2025-12-31 |
| ＳＧホールディングス株式会社 | Major shareholder | 4.5% | 2025-12-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 3.6% | 2025-12-31 |
| 野村信託銀行株式会社(投信口) | Major shareholder | 1.7% | 2025-12-31 |
| 石橋 国人 | Major shareholder | 1.4% | 2025-12-31 |
| フューチャー従業員持株会 | Major shareholder | 1.3% | 2025-12-31 |
| モリヤマ ヒロシ | Major shareholder | 1.3% | 2025-12-31 |
| ＢＮＰ ＰＡＲＩＢＡＳ ＬＵＸＥＭＢＯＵＲＧ／２ Ｓ／ＪＡＳＤＥＣ／ＦＩＭ／ＬＵＸＥＭＢＯＵＲＧ ＦＵＮＤＳ／ＵＣＩＴＳ ＡＳＳＥＴＳ（常任代理人 香港上海銀行東京支店） | Major shareholder | 1.0% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第37期(2025/01/01－2025/12/31) | S100XTFP | 2026-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XTFP,, |
| 有価証券報告書－第36期(2024/01/01－2024/12/31) | S100VGM1 | 2025-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VGM1,, |
| 有価証券報告書－第35期(2023/01/01－2023/12/31) | S100T5KL | 2024-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T5KL,, |
| 有価証券報告書－第34期(2022/01/01－2022/12/31) | S100QFXO | 2023-03-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QFXO,, |
| 有価証券報告書－第33期(令和3年1月1日－令和3年12月31日) | S100NPQU | 2022-03-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NPQU,, |
| 有価証券報告書－第32期(令和2年1月1日－令和2年12月31日) | S100L11Z | 2021-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L11Z,, |

## 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).