# Hi-CRATES CO.,LTD.: business model and financials

> Latest period: FY ending Sep 2025, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第48期(2024/10/01－2025/09/30) (S100XCQ7)
> Page: https://vizora.meequs.com/en/company/hi-crates
> Retrieved: 2026-09-30T21:36:09.461Z

## Company

Hi-CRATES, founded in 1978, is a company in Health Tech listed on TSE Standard. It has 117 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | TOWA Hi SYSTEM CO.,LTD. |
| Ticker | 4172 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4172.T) |
| Listing | TSE Standard |
| Head office | 岡山市北区野田三丁目12番33号 |
| Representative (per filing) | 取締役社長執行役員 飯塚 正也 |
| Founded | Mar 1978 |
| Share capital | ¥343.1M |
| Employees (consolidated) | 117 |
| Average salary (parent only) | ¥5.4M |
| Fiscal year end | September |
| Website | www.towa-hi-sys.co.jp (https://www.towa-hi-sys.co.jp/) |
| Corporate number | 2260001004724 |
| EDINET | E36002 |
| Industries (Vizora) | Health Tech |

> Profile source: annual securities report (S100XCQ7, filed 2025-12-24). As of filing

## Five-axis industry profile

Primary industry: Health Tech (2025-09-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 3.6 | 14 |
| Profitability | 80.6 | 18 |
| Cash conversion | 55.9 | 17 |
| Efficiency | 13.9 | 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)

- Hi-CRATES brought in ¥2.41B in revenue.
- Out of every ¥100 of sales, about ¥23 is left as operating profit.
- Revenue changed +13.9% from the prior year, operating profit +30.2%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥2406943000 → ¥448093000
- Net income → operating cash flow: ¥448093000 → ¥461223000（difference ¥13130000）
- Main uses of operating cash flow: CapEx ¥42479000 / dividends ¥227147000 / buybacks ¥188000
- Change in cash: ¥-501350000
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 | ¥2.41B |  |
| Operating income | ¥549.6M | Margin 22.8% |
| Net income | ¥448.1M | Margin 18.6% |
| Free cash flow | ¥418.7M |  |
| Employees (consolidated) | 117 |  |
| EPS | ¥201.13 |  |
| Book value per share | ¥1883.48 |  |
| Equity ratio | 88.9% |  |
| Shares outstanding | 2,228,000 |  |
| Shareholders | 1,041 |  |
| Average salary (parent only) | ¥5.4M | Filing company only |
| Cash ratio | 23.4% | Cash ÷ revenue 45.9% |
| Vs. industry median margin | +9 pp | Health Tech |
| ROE | 10.9% | Derived from disclosed figures |
| ROA | 9.9% | Derived from disclosed figures |

## Notable figures

- FY2025, parent-company salary changed +27% over five years

## What changed in 5 years

| Metric | FY ending Sep 2020 | FY ending Sep 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥1910043000 | ¥2406943000 | +26.0% |
| Operating income | ¥384200000 | ¥549606000 | +43.1% |
| Operating margin | 20.1% | 22.8% | +2.7 pp |
| Employees | 127 people | 117 people | -7.9% |
| Cash and equivalents | ¥1731666000 | ¥1103767000 | -36.3% |

### Change in segment revenue mix

Span: FY ending Sep 2020 → FY ending Sep 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 2,407 | 100.0% | S100XCQ7 |
| Cost of revenue | 553 | 23.0% | S100XCQ7 |
| Gross profit | 1,854 | 77.0% | S100XCQ7 |
| SG&A | 1,304 | 54.2% | S100XCQ7 |
| Operating income | 550 | 22.8% | S100XCQ7 |
| Ordinary income | 652 | 27.1% | S100XCQ7 |
| Pretax income | 651 | 27.0% | S100XCQ7 |
| Income tax | 203 | 8.4% | S100XCQ7 |
| Net income | 448 | 18.6% | S100XCQ7 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 23 |
| SG&A | 54 |
| Operating income | 23 |
| (Ref.) Net income | 19 |

### Margin funnel

Gross margin 77.0% → Operating margin 22.8% → Net margin 18.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +13.9%; Core profit growth: +30.2%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.18×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Sep 2024 → FY ending Sep 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 2,114 | 2,407 | 293 | +13.9% |
| Gross profit | 1,602 | 1,854 | 252 | +15.7% |
| Operating income | 422 | 550 | 127 | +30.2% |
| Operating cash flow | 504 | 461 | -43 | -8.6% |
| Free cash flow | 492 | 419 | -74 | -14.9% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Sep 2019 | 1,906 | 382 | 20.0% | 237 | 282 | 277 | S100KGNN |
| FY ending Sep 2020 | 1,910 | 384 | 20.1% | 245 | 430 | 406 | S100N4JX |
| FY ending Sep 2021 | 2,370 | 602 | 25.4% | 376 | 248 | 128 | S100PVH4 |
| FY ending Sep 2022 | 2,215 | 416 | 18.8% | 316 | 343 | 244 | S100SJGH |
| FY ending Sep 2023 | 2,042 | 231 | 11.3% | 259 | 61 | -113 | S100V154 |
| FY ending Sep 2024 | 2,114 | 422 | 20.0% | 402 | 504 | 492 | S100XCQ7 |
| FY ending Sep 2025 | 2,407 | 550 | 22.8% | 448 | 461 | 419 | S100XCQ7 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥20.6M |
| Operating income per employee (consolidated) | ¥4.7M |
| Net income per employee (consolidated) | ¥3.8M |

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

| History | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 143 | 134 | 134 | 117 | 117 |
| Average salary (parent company) | ¥4.2M | ¥4M | ¥4.2M | ¥4.9M | ¥5.4M |
| Average age (parent company) | 33.5 years | 35.1 years | 35.1 years | 37.4 years | 38.6 years |
| Average tenure (parent company) | 7.0 years | 8.0 years | 8.2 years | 9.8 years | 10.3 years |

Year over year: Employees (consolidated) 0.0% · Revenue (consolidated) +13.9%

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Sep 2025, non-consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 461 | 19.2% | S100XCQ7 |
| Capital expenditure | 42 | 1.8% | S100XCQ7 |
| Free cash flow | 419 | 17.4% | 算出 |
| Investing cash flow | -735 | -30.5% | S100XCQ7 |
| Financing cash flow | -227 | -9.4% | S100XCQ7 |
| Dividends paid | 227 | 9.4% | S100XCQ7 |
| Share buyback | 0 | 0.0% | S100XCQ7 |
| Change in cash | -501 | -20.8% | S100XCQ7 |
| Cash and equivalents | 1,104 | 45.9% | S100XCQ7 |

## 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 Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,850 | 1,489 | 1,093 | 1,605 | 1,104 | S100SJGH, S100V154, S100XCQ7 |
| Total assets | 4,018 | 4,046 | 4,062 | 4,376 | 4,722 | S100PVH4, S100SJGH, S100V154, S100XCQ7 |
| Net assets | 3,503 | 3,590 | 3,734 | 3,934 | 4,196 | S100SJGH, S100V154, S100XCQ7 |
| Share capital | 343 | 343 | 343 | 343 | 343 | S100PVH4, S100SJGH, S100V154, S100XCQ7 |
| Property, plant and equipment | 740 | 734 | 715 | 694 | 726 | S100PVH4, S100SJGH, S100V154, S100XCQ7 |
| Intangible assets excluding goodwill | 75 | 131 | 255 | 209 | 162 | S100PVH4, S100SJGH, S100V154, S100XCQ7 |
| Investment securities | 500 | 854 | 711 | 1,389 | 1,285 | S100PVH4, S100SJGH, S100V154, S100XCQ7 |
| Current assets | 2,636 | 2,261 | 2,306 | 1,984 | 2,442 | S100PVH4, S100SJGH, S100V154, S100XCQ7 |
| Current liabilities | 470 | 408 | 279 | 387 | 466 | S100PVH4, S100SJGH, S100V154, S100XCQ7 |
| Total liabilities | 515 | 456 | 328 | 442 | 526 | S100PVH4, S100SJGH, S100V154, S100XCQ7 |
| Equity attributable to owners of parent | 3,503 | 3,597 | 3,759 | 3,983 | 4,203 | S100PVH4, S100SJGH, S100V154, S100XCQ7 |
| Retained earnings | 2,862 | 2,956 | 3,119 | 3,342 | 3,563 | S100PVH4, S100SJGH, S100V154, S100XCQ7 |
| Treasury stock | — | — | -0 | -0 | -0 | S100V154, S100XCQ7 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 23% | S100XCQ7 |
| Property, plant and equipment | 15% | S100XCQ7 |
| Intangibles and goodwill | 4% | S100XCQ7 |
| Investment securities | 27% | S100XCQ7 |
| Other assets | 31% | S100XCQ7 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 11% | S100XCQ7 |
| Equity | 89% | S100XCQ7 |
| Other liabilities | 0% | S100XCQ7 |

### Balance sheet history

| Metric | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 4,018 | 4,046 | 4,062 | 4,376 | 4,722 |
| Equity | 3,503 | 3,590 | 3,734 | 3,934 | 4,196 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,850 | 1,489 | 1,093 | 1,605 | 1,104 |

## 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) | 30.1% | S100XCQ7 |
| Fixed assets ÷ total assets | 15.4% | S100XCQ7 |
| Goodwill ÷ parent equity | — | —, S100XCQ7 |

### 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) | 23.4% |
| Cash ÷ revenue | 45.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 83.9% |
| Cash vs. profit gap | 13 JPY mn (of net income 2.9%) |
| Shareholder returns / net income | 50.7% |
| Shareholder returns / FCF | 54.3% |
| Shareholder payments — dividends / net income | 50.7% |
| Shareholder payments — dividends / FCF | 54.2% |
| CapEx intensity (capex ÷ revenue) | 1.8% |
| Investing CF relative to operating CF | 159.4% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 15.8% | 0.59× | 9.3% | 1.15× | 10.7% | S100PVH4 |
| 2022 | 14.3% | 0.55× | 7.8% | 1.14× | 8.9% | S100SJGH |
| 2023 | 12.7% | 0.50× | 6.4% | 1.10× | 7.0% | S100V154 |
| 2024 | 19.0% | 0.50× | 9.5% | 1.09× | 10.4% | S100XCQ7 |
| 2025 | 18.6% | 0.53× | 9.9% | 1.11× | 10.9% | S100XCQ7 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 有限会社エス・イー | Major shareholder | 35.0% | 2025-09-30 |
| 石井 滋久 | Major shareholder | 31.8% | 2025-09-30 |
| 東和ハイシステム社員持株会 | Major shareholder | 2.4% | 2025-09-30 |
| 株式会社EPARK | Major shareholder | 2.3% | 2025-09-30 |
| 山本 倫典 | Major shareholder | 2.1% | 2025-09-30 |
| 猪子 久美子 | Major shareholder | 2.1% | 2025-09-30 |
| MSIP CLIENT SECURITIES（常任代理人モルガン・スタンレーMUFG証券株式会社） | Major shareholder | 2.0% | 2025-09-30 |
| 石井 惠美子 | Major shareholder | 1.6% | 2025-09-30 |
| 株式会社SBI証券 | Major shareholder | 1.2% | 2025-09-30 |
| 加藤 丈博 | Major shareholder | 1.1% | 2025-09-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第48期(2024/10/01－2025/09/30) | S100XCQ7 | 2025-12-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XCQ7,, |
| 有価証券報告書－第47期(2023/10/01－2024/09/30) | S100V154 | 2024-12-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100V154,, |
| 有価証券報告書－第46期(2022/10/01－2023/09/30) | S100SJGH | 2023-12-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SJGH,, |
| 有価証券報告書－第45期(令和3年10月1日－令和4年9月30日) | S100PVH4 | 2022-12-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PVH4,, |
| 有価証券報告書－第44期(令和2年10月1日－令和3年9月30日) | S100N4JX | 2021-12-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100N4JX,, |
| 有価証券報告書－第43期(令和1年10月1日－令和2年9月30日) | S100KGNN | 2020-12-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KGNN,, |

## 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).