# HITO-Communications Holdings,Inc.: business model and financials

> Latest period: FY ending Aug 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第7期(2024/09/01－2025/08/31) (S100X6V1)
> Page: https://vizora.meequs.com/en/company/hito-communications-holdings
> Retrieved: 2026-09-30T19:14:05.399Z

## Company

HITO-Communications Holdings, founded in 2019, is a company in E-commerce listed on TSE Prime. It has 1,411 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | HITO-Communications Holdings,Inc. |
| Ticker | 4433 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4433.T) |
| Listing | TSE Prime |
| Head office | 東京都豊島区東池袋一丁目9番6号 |
| Representative (per filing) | 代表取締役社長グループCEO 安井豊明 |
| Founded | Mar 2019 |
| Share capital | ¥450M |
| Employees (consolidated) | 1,411 |
| Average salary (parent only) | ¥8.3M |
| Fiscal year end | August |
| Website | www.hitocom-hd.com (https://www.hitocom-hd.com/) |
| Corporate number | 6013301043545 |
| EDINET | E34538 |
| Industries (Vizora) | E-commerce, HR & Staffing, Business Process Outsourcing, Catalog & TV Shopping, Specialty Trading & Wholesale |

> Profile source: annual securities report (S100X6V1, filed 2025-11-27). As of filing

## Five-axis industry profile

Primary industry: Business Process Outsourcing (2025-08-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 2.8 | 18 |
| Profitability | 50 | 21 |
| Cash conversion | 67.6 | 17 |
| Efficiency | 59.5 | 21 |

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 41% of HITO-Communications Holdings's sales come from Outsourcing, with Wholesale business and E-Commerce and TV-Commerce support business making up much of the rest.
- Out of every ¥100 of sales, about ¥4 is left as operating profit.
- Revenue changed +8.6% from the prior year, operating profit +59.1%.

## Company structure

- Segment revenue mix: Outsourcing 40.6%、Wholesale business 26.2%、E-Commerce and TV-Commerce support business 14.6%、Temporary employee placement 13.8%、Other 4.8%
- Revenue → net income: ¥63596000000 → ¥1059000000
- Net income → operating cash flow: ¥1059000000 → ¥3406000000（difference ¥2347000000）
- Main uses of operating cash flow: CapEx ¥2383000000 / dividends ¥635000000 / buybacks —
- Change in cash: ¥-2232000000
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 | ¥63.6B |  |
| Operating income | ¥2.5B | Margin 3.9% |
| Net income | ¥853M | Margin 1.3% |
| Free cash flow | ¥1.02B |  |
| Largest business | Outsourcing | of segment revenue 40.6% |
| Employees (consolidated) | 1,411 |  |
| EPS | ¥63.24 |  |
| Book value per share | ¥650.95 |  |
| Equity ratio | 42.6% |  |
| Shares outstanding | 17,899,333 |  |
| Treasury shares | 56,900 |  |
| Shareholders | 15,965 |  |
| Average salary (parent only) | ¥8.3M | Filing company only |
| Cash ratio | 28.6% | Cash ÷ revenue 18.4% |
| Vs. industry median margin | 0 pp | Business Process Outsourcing |
| ROE | 4.9% | Derived from disclosed figures |
| ROA | 2.1% | Derived from disclosed figures |

## Notable figures

- FY2025, operating cash flow is 4.0× net income
- FY2025, cash is 29% of total assets

## What changed in 5 years

| Metric | FY ending Aug 2020 | FY ending Aug 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥71499000000 | ¥63596000000 | -11.1% |
| Operating income | ¥3149000000 | ¥2495000000 | -20.8% |
| Operating margin | 4.4% | 3.9% | -0.5 pp |
| Employees | 827 people | 1,411 people | +70.6% |
| Cash and equivalents | ¥8734000000 | ¥11681000000 | +33.7% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| アウトソーシング事業 → アウトソーシング事業 | 30.9% |
| 人材派遣事業 → 人材派遣事業 | 10.3% |
| EC・TC支援事業 → EC・TC支援事業 | 14.6% |
| EC・TC支援事業 → 事業再編・廃止 | 29.6% |
| ホールセール事業 → ホールセール事業 | 10.8% |
| その他 → その他 | 3.9% |
| 新設・再編 → アウトソーシング事業 | 9.7% |
| 新設・再編 → 人材派遣事業 | 3.6% |
| 新設・再編 → ホールセール事業 | 15.4% |
| 新設・再編 → その他 | 0.8% |

Segment revenue source references: 10 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Outsourcing | 5 years | +3.2% | ¥25831000000 | 2.5% | 2 |
| Wholesale business | 5 years | +16.7% | ¥16679000000 | 5.9% | 2 |
| E-Commerce and TV-Commerce support business | 5 years | -21.7% | ¥9253000000 | 3.5% | 2 |
| Temporary employee placement | 5 years | +3.7% | ¥8786000000 | 5.6% | 2 |
| Other | 5 years | +1.5% | ¥3044000000 | 2.0% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 63,596 | 100.0% | S100X6V1 |
| Cost of revenue | 50,684 | 79.7% | S100X6V1 |
| Gross profit | 12,912 | 20.3% | S100X6V1 |
| SG&A | 10,416 | 16.4% | S100X6V1 |
| Operating income | 2,495 | 3.9% | S100X6V1 |
| Ordinary income | 2,504 | 3.9% | S100X6V1 |
| Pretax income | 2,070 | 3.3% | S100X6V1 |
| Income tax | 1,011 | 1.6% | S100X6V1 |
| Net income | 1,059 | 1.7% | S100X6V1 |
| Net income attributable to owners | 853 | 1.3% | S100X6V1 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 80 |
| SG&A | 16 |
| Operating income | 4 |
| (Ref.) Net income | 1 |

### Margin funnel

Gross margin 20.3% → Operating margin 3.9% → Net margin 1.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +8.6%; Core profit growth: +59.1%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 6.86×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 58,547 | 63,596 | 5,049 | +8.6% |
| Gross profit | 12,097 | 12,912 | 815 | +6.7% |
| Operating income | 1,568 | 2,495 | 927 | +59.1% |
| Net income attributable to owners | -43 | 853 | 896 | — |
| Operating cash flow | 980 | 3,406 | 2,426 | +247.6% |
| Free cash flow | 26 | 1,023 | 997 | +3834.6% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Aug 2019 | 63,819 | 2,991 | 4.7% | 1,723 | 2,459 | 2,194 | S100K9ZZ |
| FY ending Aug 2020 | 71,499 | 3,149 | 4.4% | 1,370 | 3,663 | 3,408 | S100MYGV |
| FY ending Aug 2021 | 84,225 | 4,787 | 5.7% | 2,774 | 3,065 | 2,363 | S100PPT2 |
| FY ending Aug 2022 | 64,130 | 5,739 | 8.9% | 3,227 | 5,332 | 4,862 | S100SDAX |
| FY ending Aug 2023 | 63,980 | 4,198 | 6.6% | 1,885 | 2,525 | 1,832 | S100UV56 |
| FY ending Aug 2024 | 58,547 | 1,568 | 2.7% | -43 | 980 | 26 | S100X6V1 |
| FY ending Aug 2025 | 63,596 | 2,495 | 3.9% | 853 | 3,406 | 1,023 | S100X6V1 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥45.1M |
| Operating income per employee (consolidated) | ¥1.8M |
| Net income per employee (consolidated) | ¥604.5K |

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

| History | FY ending Aug 2021 | FY ending Aug 2022 | FY ending Aug 2023 | FY ending Aug 2024 | FY ending Aug 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 859 | 821 | 1,274 | 1,405 | 1,411 |
| Average salary (parent company) | ¥7.2M | ¥7.5M | ¥7.5M | ¥7.2M | ¥8.3M |
| Average age (parent company) | 44.7 years | 45.6 years | 44.4 years | 47.4 years | 48.5 years |
| Average tenure (parent company) | 7.5 years | 8.2 years | 10.1 years | 11.2 years | 11.1 years |

Year over year: Employees (consolidated) +0.4% · Revenue (consolidated) +8.6%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Outsourcing | 25,831 | 40.6% | 647 | 2.5% |
| Temporary employee placement | 8,786 | 13.8% | 492 | 5.6% |
| E-Commerce and TV-Commerce support business | 9,253 | 14.6% | 328 | 3.5% |
| Wholesale business | 16,679 | 26.2% | 983 | 5.9% |
| Other | 3,044 | 4.8% | 62 | 2.0% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Outsourcing | 40.6% | 25.8% | -14.9 | 2.5% |
| Temporary employee placement | 13.8% | 19.6% | 5.8 | 5.6% |
| E-Commerce and TV-Commerce support business | 14.6% | 13.1% | -1.5 | 3.5% |
| Wholesale business | 26.2% | 39.1% | 12.9 | 5.9% |
| Other | 4.8% | 2.5% | -2.3 | 2.0% |

Segment → industry: E-Commerce and TV-Commerce support business → E-commerce / Temporary employee placement → HR & Staffing / Outsourcing → Business Process Outsourcing / E-Commerce and TV-Commerce support business → Catalog & TV Shopping / Wholesale business → Specialty Trading & Wholesale

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 3,406 | 5.4% | S100X6V1 |
| Capital expenditure | 2,383 | 3.7% | S100X6V1 |
| Free cash flow | 1,023 | 1.6% | 算出 |
| Investing cash flow | -3,600 | -5.7% | S100X6V1 |
| Financing cash flow | -2,033 | -3.2% | S100X6V1 |
| Dividends paid | 635 | 1.0% | S100X6V1 |
| Change in cash | -2,232 | -3.5% | S100X6V1 |
| Cash and equivalents | 11,681 | 18.4% | S100X6V1 |

## 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 Aug 2021 | FY ending Aug 2022 | FY ending Aug 2023 | FY ending Aug 2024 | FY ending Aug 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 9,596 | 13,149 | 16,121 | 13,859 | 11,681 | S100SDAX, S100UV56, S100X6V1 |
| Total assets | 31,177 | 34,225 | 42,554 | 40,103 | 40,822 | S100PPT2, S100SDAX, S100UV56, S100X6V1 |
| Net assets | 14,932 | 17,920 | 19,085 | 18,614 | 18,907 | S100SDAX, S100UV56, S100X6V1 |
| Share capital | 450 | 450 | 450 | 450 | 450 | S100PPT2, S100SDAX, S100UV56, S100X6V1 |
| Trade receivables | 10,760 | — | — | — | — | S100PPT2 |
| Property, plant and equipment | 2,228 | 2,205 | 2,282 | 2,515 | 4,712 | S100PPT2, S100SDAX, S100UV56, S100X6V1 |
| Intangible assets excluding goodwill | 4,872 | 4,286 | 8,681 | 7,983 | 7,116 | S100PPT2, S100SDAX, S100UV56, S100X6V1 |
| Goodwill | 3,984 | 3,465 | 7,543 | 6,841 | 6,106 | S100PPT2, S100SDAX, S100UV56, S100X6V1 |
| Investment securities | 501 | 434 | 675 | 672 | 600 | S100PPT2, S100SDAX, S100UV56, S100X6V1 |
| Current assets | 22,179 | 25,693 | 29,048 | 27,247 | 25,939 | S100PPT2, S100SDAX, S100UV56, S100X6V1 |
| Current liabilities | 11,948 | 12,584 | 13,220 | 12,763 | 13,880 | S100PPT2, S100SDAX, S100UV56, S100X6V1 |
| Short-term borrowings | 100 | 100 | 100 | 100 | 100 | S100PPT2, S100SDAX, S100UV56, S100X6V1 |
| Long-term borrowings | 3,729 | 3,135 | 9,353 | 7,714 | 6,756 | S100PPT2, S100SDAX, S100UV56, S100X6V1 |
| Total liabilities | 16,244 | 16,305 | 23,468 | 21,488 | 21,915 | S100PPT2, S100SDAX, S100UV56, S100X6V1 |
| Non-controlling interests | 850 | 998 | 1,216 | 1,377 | 1,533 | S100PPT2, S100SDAX, S100UV56, S100X6V1 |
| Equity attributable to owners of parent | 14,052 | 16,809 | 17,778 | 17,144 | 17,344 | S100PPT2, S100SDAX, S100UV56, S100X6V1 |
| Retained earnings | 13,415 | 16,172 | 17,336 | 16,702 | 16,903 | S100PPT2, S100SDAX, S100UV56, S100X6V1 |
| Treasury stock | -99 | -100 | -100 | -100 | -100 | S100PPT2, S100SDAX, S100UV56, S100X6V1 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 29% | S100X6V1 |
| Property, plant and equipment | 12% | S100X6V1 |
| Intangibles and goodwill | 32% | S100X6V1 |
| Investment securities | 1% | S100X6V1 |
| Other assets | 26% | S100X6V1 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 54% | S100X6V1 |
| Equity | 46% | S100X6V1 |

### Balance sheet history

| Metric | FY ending Aug 2021 | FY ending Aug 2022 | FY ending Aug 2023 | FY ending Aug 2024 | FY ending Aug 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 31,177 | 34,225 | 42,554 | 40,103 | 40,822 |
| Equity | 14,932 | 17,920 | 19,085 | 18,614 | 18,907 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 9,596 | 13,149 | 16,121 | 13,859 | 11,681 |

## 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) | 7.4% | S100X6V1 |
| Fixed assets ÷ total assets | 11.5% | S100X6V1 |
| Goodwill ÷ parent equity | 35.2% | S100X6V1 |

Goodwill over 4 years: 3,984 → 6,106 JPY; total investing cash flow: -11,953 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) | 28.6% |
| Cash ÷ revenue | 18.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 136.5% |
| Cash vs. profit gap | 2,553 JPY mn (of net income 299.3%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 74.4% |
| Shareholder payments — dividends / FCF | 62.1% |
| CapEx intensity (capex ÷ revenue) | 3.7% |
| Investing CF relative to operating CF | 105.7% |

## 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 | 3.3% | 2.70× | 8.9% | 2.22× | 19.7% | S100PPT2 |
| 2022 | 5.0% | 1.96× | 9.9% | 2.12× | 20.9% | S100SDAX |
| 2023 | 2.9% | 1.67× | 4.9% | 2.22× | 10.9% | S100UV56 |
| 2024 | — | —× | -0.1% | —× | — | S100X6V1 |
| 2025 | 1.3% | 1.57× | 2.1% | 2.35× | 4.9% | S100X6V1 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 野村信託銀行株式会社(信託口2052116) | Major shareholder | 30.9% | 2025-08-31 |
| 株式会社ダッチパートナーズ | Major shareholder | 11.8% | 2025-08-31 |
| みずほ信託銀行株式会社有価証券管理信託0700026 | Major shareholder | 9.8% | 2025-08-31 |
| 管理信託(A001)受託者 株式会社ＳＭＢＣ信託銀行 | Major shareholder | 8.0% | 2025-08-31 |
| 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 | 5.5% | 2025-08-31 |
| 日本マスタートラスト信託銀行株式会社(信託口) | Major shareholder | 4.1% | 2025-08-31 |
| 三井住友信託銀行株式会社（信託口 甲１号） | Major shareholder | 2.2% | 2025-08-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 2.1% | 2025-08-31 |
| 安井 豊明 | Major shareholder | 1.2% | 2025-08-31 |
| 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 | 1.0% | 2025-08-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第7期(2024/09/01－2025/08/31) | S100X6V1 | 2025-11-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100X6V1,, |
| 有価証券報告書－第6期(2023/09/01－2024/08/31) | S100UV56 | 2024-11-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UV56,, |
| 有価証券報告書－第5期(2022/09/01－2023/08/31) | S100SDAX | 2023-11-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SDAX,, |
| 有価証券報告書－第4期(令和3年9月1日－令和4年8月31日) | S100PPT2 | 2022-11-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PPT2,, |
| 有価証券報告書－第3期(令和2年9月1日－令和3年8月31日) | S100MYGV | 2021-11-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MYGV,, |
| 有価証券報告書－第2期(令和1年9月1日－令和2年8月31日) | S100K9ZZ | 2020-11-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100K9ZZ,, |

## 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).