# Human Technologies, Inc.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第15期(2025/04/01－2026/03/31) (S100YL5B)
> Page: https://vizora.meequs.com/en/company/h-t
> Retrieved: 2026-09-30T21:34:17.826Z

## Company

Human Technologies, founded in 2001, is a company in Software & SaaS listed on TSE Growth. It has 336 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Human Technologies, Inc. |
| Ticker | 5621 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5621.T) |
| Listing | TSE Growth |
| Head office | 東京都港区元赤坂一丁目6番6号 |
| Representative (per filing) | 代表取締役社長 家﨑 晃一 |
| Founded | Nov 2001 |
| Share capital | ¥860.7M |
| Employees (consolidated) | 336 |
| Average salary (parent only) | ¥6.5M |
| Fiscal year end | March |
| Website | www.h-t.co.jp (https://www.h-t.co.jp/) |
| Corporate number | 9010001144019 |
| EDINET | E39194 |
| Industries (Vizora) | Software & SaaS |

> Profile source: annual securities report (S100YL5B, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: Software & SaaS (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 81.4 | 105 |
| Profitability | 69.3 | 145 |
| Cash conversion | 13.7 | 128 |
| Efficiency | 74.8 | 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)

- Human Technologies brought in ¥7.5B in revenue.
- Out of every ¥100 of sales, about ¥18 is left as operating profit.
- Revenue changed +23.8% from the prior year, operating profit +47.2%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥7496323000 → ¥1016322000
- Net income → operating cash flow: ¥1016322000 → ¥935665000（difference ¥-80657000）
- Main uses of operating cash flow: CapEx ¥46455000 / dividends ¥196660000 / buybacks ¥93000
- Change in cash: ¥-1628407000
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 | ¥7.5B |  |
| Operating income | ¥1.37B | Margin 18.3% |
| Net income | ¥1.02B | Margin 13.6% |
| Free cash flow | ¥889.2M |  |
| Employees (consolidated) | 336 |  |
| EPS | ¥108.05 |  |
| Book value per share | ¥544.22 |  |
| Equity ratio | 77.6% |  |
| Shares outstanding | 9,593,200 |  |
| Shareholders | 1,342 |  |
| Average salary (parent only) | ¥6.5M | Filing company only |
| Cash ratio | 34.6% | Cash ÷ revenue 31.3% |
| Vs. industry median margin | +5.8 pp | Software & SaaS |
| ROE | 21.1% | Derived from disclosed figures |
| ROA | 16.0% | Derived from disclosed figures |

## Notable figures

- FY2026, cash is 35% of total assets

## What changed in 3 years

| Metric | FY ending Mar 2023 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥4223373000 | ¥7496323000 | +77.5% |
| Operating income | ¥328570000 | ¥1370570000 | +317.1% |
| Operating margin | 7.8% | 18.3% | +10.5 pp |
| Employees | 281 people | 336 people | +19.6% |
| Cash and equivalents | ¥1843968000 | ¥2345674000 | +27.2% |

### Change in segment revenue mix

Span: FY ending Mar 2023 → FY ending Mar 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

## Income statement（FY ending Mar 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 7,496 | 100.0% | S100YL5B |
| Cost of revenue | 2,646 | 35.3% | S100YL5B |
| Gross profit | 4,850 | 64.7% | S100YL5B |
| SG&A | 3,480 | 46.4% | S100YL5B |
| Operating income | 1,371 | 18.3% | S100YL5B |
| Ordinary income | 1,384 | 18.5% | S100YL5B |
| Pretax income | 1,384 | 18.5% | S100YL5B |
| Income tax | 367 | 4.9% | S100YL5B |
| Net income | 1,016 | 13.6% | S100YL5B |
| Net income attributable to owners | 1,016 | 13.6% | S100YL5B |

## Per ¥100 of revenue（FY ending Mar 2026）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 35 |
| SG&A | 47 |
| Operating income | 18 |
| (Ref.) Net income | 14 |

### Margin funnel

Gross margin 64.7% → Operating margin 18.3% → Net margin 13.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +23.8%; Core profit growth: +47.2%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.98×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Mar 2025 → FY ending Mar 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 6,055 | 7,496 | 1,441 | +23.8% |
| Gross profit | 4,184 | 4,850 | 666 | +15.9% |
| Operating income | 931 | 1,371 | 440 | +47.2% |
| Net income attributable to owners | 655 | 1,016 | 361 | +55.1% |
| Operating cash flow | 1,026 | 936 | -90 | -8.8% |
| Free cash flow | 788 | 889 | 101 | +12.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2023 | 4,223 | 329 | 7.8% | 238 | 257 | 215 | S100TVYQ |
| FY ending Mar 2024 | 5,035 | 520 | 10.3% | 335 | 398 | 111 | S100W8D4 |
| FY ending Mar 2025 | 6,055 | 931 | 15.4% | 655 | 1,026 | 788 | S100YL5B |
| FY ending Mar 2026 | 7,496 | 1,371 | 18.3% | 1,016 | 936 | 889 | S100YL5B |

## People and productivity（FY ending Mar 2026, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥22.3M |
| Operating income per employee (consolidated) | ¥4.1M |
| Net income per employee (consolidated) | ¥3M |

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

| History | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 281 | 306 | 318 | 336 |
| Average salary (parent company) | — | ¥5.5M | ¥5.8M | ¥6.5M |
| Average age (parent company) | — | 36.9 years | 37.5 years | 38.0 years |
| Average tenure (parent company) | — | 3.4 years | 4.0 years | 4.4 years |

Year over year: Employees (consolidated) +5.7% · Revenue (consolidated) +23.8%

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 936 | 12.5% | S100YL5B |
| Capital expenditure | 46 | 0.6% | S100YL5B |
| Free cash flow | 889 | 11.9% | 算出 |
| Investing cash flow | -2,390 | -31.9% | S100YL5B |
| Financing cash flow | -197 | -2.6% | S100YL5B |
| Dividends paid | 197 | 2.6% | S100YL5B |
| Share buyback | 0 | 0.0% | S100YL5B |
| Change in cash | -1,628 | -21.7% | S100YL5B |
| Cash and equivalents | 2,346 | 31.3% | S100YL5B |

## 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 Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,844 | 3,324 | 3,974 | 2,346 | S100W8D4, S100YL5B |
| Total assets | 2,981 | 4,887 | 5,888 | 6,789 | S100TVYQ, S100W8D4, S100YL5B |
| Net assets | 1,935 | 3,892 | 4,431 | 5,271 | S100W8D4, S100YL5B |
| Share capital | 20 | 861 | 861 | 861 | S100TVYQ, S100W8D4, S100YL5B |
| Property, plant and equipment | 99 | 92 | 92 | 105 | S100TVYQ, S100W8D4, S100YL5B |
| Intangible assets excluding goodwill | 18 | 304 | 468 | 371 | S100TVYQ, S100W8D4, S100YL5B |
| Investment securities | 1 | 1 | 1 | 1 | S100TVYQ, S100W8D4, S100YL5B |
| Current assets | 2,593 | 4,210 | 4,945 | 5,912 | S100TVYQ, S100W8D4, S100YL5B |
| Current liabilities | 1,024 | 996 | 1,456 | 1,518 | S100TVYQ, S100W8D4, S100YL5B |
| Short-term borrowings | 180 | — | — | — | S100TVYQ |
| Long-term borrowings | 22 | — | — | — | S100TVYQ |
| Total liabilities | 1,046 | 996 | 1,456 | 1,518 | S100TVYQ, S100W8D4, S100YL5B |
| Equity attributable to owners of parent | 1,924 | 3,869 | 4,409 | 5,229 | S100TVYQ, S100W8D4, S100YL5B |
| Retained earnings | 1,904 | 2,168 | 2,708 | 3,528 | S100TVYQ, S100W8D4, S100YL5B |
| Treasury stock | — | — | — | -0 | S100YL5B |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 35% | S100YL5B |
| Property, plant and equipment | 2% | S100YL5B |
| Intangibles and goodwill | 5% | S100YL5B |
| Investment securities | 0% | S100YL5B |
| Other assets | 58% | S100YL5B |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 22% | S100YL5B |
| Equity | 78% | S100YL5B |

### Balance sheet history

| Metric | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: |
| Total assets | 2,981 | 4,887 | 5,888 | 6,789 |
| Equity | 1,935 | 3,892 | 4,431 | 5,271 |
| Interest-bearing debt | — | — | — | — |
| Cash | 1,844 | 3,324 | 3,974 | 2,346 |

## 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% | S100YL5B |
| Fixed assets ÷ total assets | 1.5% | S100YL5B |
| Goodwill ÷ parent equity | — | —, S100YL5B |

### 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) | 34.6% |
| Cash ÷ revenue | 31.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 68.3% |
| Cash vs. profit gap | -81 JPY mn (of net income -7.9%) |
| Shareholder returns / net income | 19.4% |
| Shareholder returns / FCF | 22.1% |
| Shareholder payments — dividends / net income | 19.4% |
| Shareholder payments — dividends / FCF | 22.1% |
| CapEx intensity (capex ÷ revenue) | 0.6% |
| Investing CF relative to operating CF | 255.4% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2023 | 5.6% | 1.42× | 8.0% | 1.55× | 12.4% | S100TVYQ |
| 2024 | 6.7% | 1.28× | 8.5% | 1.36× | 11.6% | S100W8D4 |
| 2025 | 10.8% | 1.12× | 12.2% | 1.30× | 15.8% | S100YL5B |
| 2026 | 13.6% | 1.18× | 16.0% | 1.32× | 21.1% | S100YL5B |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ニューホライズン株式会社 | Major shareholder | 37.5% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 12.4% | 2026-03-31 |
| 恵志章夫 | Major shareholder | 12.0% | 2026-03-31 |
| ＤＡＩＷＡ ＣＭ ＳＩＮＧＡＰＯＲＥ ＬＴＤ － ＮＯＭＩＮＥＥ ＯＫＵＨＡＴＡ ＫＡＺＵＹＵＫＩ ＡＮＤ／ＯＲ ＯＫＵＨＡＴＡ ＭＡＭＩＫＯ （常任代理人大和証券株式会社） | Major shareholder | 4.7% | 2026-03-31 |
| ＬＩＣＨＦＩＥＬＤ ＬＰ （常任代理人株式会社三菱ＵＦＪ銀行） | Major shareholder | 3.9% | 2026-03-31 |
| ＴＡＫＵＭＩ ＣＡＰＩＴＡＬ ＭＡＮＡＧＥＭＥＮＴ ＭＡＳＴＥＲ ＦＵＮＤ ＬＰ （常任代理人香港上海銀行東京支店） | Major shareholder | 3.8% | 2026-03-31 |
| 飯泉 満 | Major shareholder | 2.4% | 2026-03-31 |
| 野村證券株式会社 | Major shareholder | 2.2% | 2026-03-31 |
| 吉田 士陽 | Major shareholder | 1.7% | 2026-03-31 |
| ＧＯＬＤＭＡＮ ＳＡＣＨＳ ＩＮＴＥＲＮＡＴＩＯＮＡＬ （常任代理人ゴールドマン・サックス証券株式会社） | Major shareholder | 1.5% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第15期(2025/04/01－2026/03/31) | S100YL5B | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YL5B,, |
| 有価証券報告書－第14期(2024/04/01－2025/03/31) | S100W8D4 | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W8D4,, |
| 有価証券報告書－第13期(2023/04/01－2024/03/31) | S100TVYQ | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TVYQ,, |

## 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).