# Hmcomm Inc.: business model and financials

> Latest period: FY ending Dec 2025, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第14期(2025/01/01－2025/12/31) (S100XTZB)
> Page: https://vizora.meequs.com/en/company/hmcomm
> Retrieved: 2026-09-30T21:01:31.502Z

## Company

Hmcomm, founded in 2012, is a company in Software & SaaS listed on TSE Growth. It has 57 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Hmcomm Inc. |
| Ticker | 265A |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/265A.T) |
| Listing | TSE Growth |
| Head office | 東京都港区浜松町二丁目10番6号 |
| Representative (per filing) | 代表取締役社長CEO 三本 幸司 |
| Founded | Jul 2012 |
| Share capital | ¥222.6M |
| Employees (consolidated) | 57 |
| Average salary (parent only) | ¥7.2M |
| Fiscal year end | December |
| Website | www.hmcom.co.jp (https://www.hmcom.co.jp/) |
| Corporate number | 9020001096754 |
| EDINET | E40058 |
| Industries (Vizora) | Software & SaaS |

> Profile source: annual securities report (S100XTZB, filed 2026-03-25). As of filing

## Five-axis industry profile

Primary industry: Software & SaaS (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 16.2 | 145 |
| Cash conversion | 98.8 | 128 |
| Efficiency | 20.3 | 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)

- Hmcomm brought in ¥1.11B in revenue.
- Out of every ¥100 of sales, about ¥4 is left as operating profit.
- Revenue changed +17.5% from the prior year, operating profit -59.3%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥1.11B |  |
| Operating income | ¥38.6M | Margin 3.5% |
| Net income | ¥18.5M | Margin 1.7% |
| Free cash flow | — |  |
| Employees (consolidated) | 57 |  |
| EPS | ¥4.53 |  |
| Diluted EPS | ¥4.43 |  |
| Book value per share | ¥416.99 |  |
| Equity ratio | 80.7% |  |
| Shares outstanding | 4,097,400 |  |
| Treasury shares | 64,000 |  |
| Shareholders | 2,841 |  |
| Average salary (parent only) | ¥7.2M | Filing company only |
| Cash ratio | 63.2% | Cash ÷ revenue 118.5% |
| Vs. industry median margin | -9 pp | Software & SaaS |
| ROE | 1.1% | Derived from disclosed figures |
| ROA | 0.9% | Derived from disclosed figures |

## Notable figures

- FY2025, operating cash flow is 15.0× net income
- FY2025, cash is 63% of total assets

## What changed in 2 years

| Metric | FY ending Dec 2023 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥801196000 | ¥1112224000 | +38.8% |
| Operating income | ¥83475000 | ¥38573000 | -53.8% |
| Operating margin | 10.4% | 3.5% | -7 pp |
| Employees | 41 people | 57 people | +39.0% |
| Cash and equivalents | ¥1306702000 | ¥1317463000 | +0.8% |

### Change in segment revenue mix

Span: FY ending Dec 2023 → FY ending Dec 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 1,112 | 100.0% | S100XTZB |
| Cost of revenue | 625 | 56.2% | S100XTZB |
| Gross profit | 487 | 43.8% | S100XTZB |
| SG&A | 448 | 40.3% | S100XTZB |
| Operating income | 39 | 3.5% | S100XTZB |
| Ordinary income | 40 | 3.6% | S100XTZB |
| Pretax income | 39 | 3.5% | S100XTZB |
| Income tax | 21 | 1.9% | S100XTZB |
| Net income | 19 | 1.7% | S100XTZB |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 56 |
| SG&A | 40 |
| Operating income | 4 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 43.8% → Operating margin 3.5% → Net margin 1.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +17.5%; Core profit growth: -59.3%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -3.38×
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 | 946 | 1,112 | 166 | +17.5% |
| Gross profit | 434 | 487 | 53 | +12.1% |
| Operating income | 95 | 39 | -56 | -59.3% |
| Operating cash flow | -140 | 278 | 418 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2023 | 801 | 83 | 10.4% | 70 | 104 | — | S100VIRY |
| FY ending Dec 2024 | 946 | 95 | 10.0% | 96 | -140 | — | S100XTZB |
| FY ending Dec 2025 | 1,112 | 39 | 3.5% | 19 | 278 | — | S100XTZB |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥19.5M |
| Operating income per employee (consolidated) | ¥676.7K |
| Net income per employee (consolidated) | ¥324.8K |

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

| History | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: |
| Employees (consolidated) | 41 | 38 | 57 |
| Average salary (parent company) | — | ¥6.8M | ¥7.2M |
| Average age (parent company) | — | 39.2 years | 37.9 years |
| Average tenure (parent company) | — | 3.4 years | 2.8 years |

Year over year: Employees (consolidated) +50.0% · Revenue (consolidated) +17.5%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 278 | 25.0% | S100XTZB |
| Investing cash flow | -272 | -24.4% | S100XTZB |
| Financing cash flow | -63 | -5.7% | S100XTZB |
| Share buyback | 66 | 6.0% | S100XTZB |
| Change in cash | -58 | -5.2% | S100XTZB |
| Cash and equivalents | 1,317 | 118.5% | S100XTZB |

## 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 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,307 | 1,375 | 1,317 | S100XTZB |
| Total assets | 1,529 | 1,905 | 2,084 | S100VIRY, S100XTZB |
| Net assets | 1,369 | 1,727 | 1,682 | S100XTZB |
| Share capital | 90 | 221 | 223 | S100VIRY, S100XTZB |
| Property, plant and equipment | 5 | 2 | 2 | S100VIRY, S100XTZB |
| Intangible assets excluding goodwill | 0 | — | 330 | S100VIRY, S100XTZB |
| Goodwill | — | — | 318 | S100XTZB |
| Current assets | 1,489 | 1,836 | 1,543 | S100VIRY, S100XTZB |
| Current liabilities | 123 | 178 | 402 | S100VIRY, S100XTZB |
| Long-term borrowings | 38 | — | — | S100VIRY |
| Total liabilities | 161 | 178 | 402 | S100VIRY, S100XTZB |
| Equity attributable to owners of parent | 1,368 | 1,727 | 1,682 | S100VIRY, S100XTZB |
| Retained earnings | 304 | 400 | 418 | S100VIRY, S100XTZB |
| Treasury stock | — | — | -66 | S100XTZB |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 63% | S100XTZB |
| Property, plant and equipment | 0% | S100XTZB |
| Intangibles and goodwill | 31% | S100XTZB |
| Other assets | 6% | S100XTZB |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 19% | S100XTZB |
| Equity | 81% | S100XTZB |

### Balance sheet history

| Metric | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: |
| Total assets | 1,529 | 1,905 | 2,084 |
| Equity | 1,369 | 1,727 | 1,682 |
| Interest-bearing debt | — | — | — |
| Cash | 1,307 | 1,375 | 1,317 |

## 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) | 0.1% | S100XTZB |
| Fixed assets ÷ total assets | 0.1% | S100XTZB |
| Goodwill ÷ parent equity | 18.9% | S100XTZB |

### 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) | 63.2% |
| Cash ÷ revenue | 118.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 720.2% |
| Cash vs. profit gap | 259 JPY mn (of net income 1400.5%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | — |
| Investing CF relative to operating CF | 97.9% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2023 | 8.7% | 0.52× | 4.6% | 1.12× | 5.1% | S100VIRY |
| 2024 | 10.2% | 0.55× | 5.6% | 1.11× | 6.2% | S100XTZB |
| 2025 | 1.7% | 0.56× | 0.9% | 1.17× | 1.1% | S100XTZB |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 三本 幸司 | Major shareholder | 30.2% | 2025-12-31 |
| 伊藤 かおる | Major shareholder | 14.4% | 2025-12-31 |
| ＤＢＪキャピタル投資事業有限責任組合 | Major shareholder | 5.6% | 2025-12-31 |
| 三本 智美 | Major shareholder | 4.0% | 2025-12-31 |
| 山田 匡和 | Major shareholder | 2.5% | 2025-12-31 |
| 橋本 弥央 | Major shareholder | 2.5% | 2025-12-31 |
| 三菱ＵＦＪｅスマート証券株式会社 | Major shareholder | 1.3% | 2025-12-31 |
| 野村證券株式会社 | Major shareholder | 1.3% | 2025-12-31 |
| 合同会社Ｊ＆ＴＣ Ｆｒｏｎｔｉｅｒ | Major shareholder | 1.2% | 2025-12-31 |
| 楽天証券株式会社共有口 | Major shareholder | 1.0% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第14期(2025/01/01－2025/12/31) | S100XTZB | 2026-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XTZB,, |
| 有価証券報告書－第13期(2024/01/01－2024/12/31) | S100VIRY | 2025-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VIRY,, |

## 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).