# HOUSEI Inc.: 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30期(2025/01/01－2025/12/31) (S100XU4M)
> Page: https://vizora.meequs.com/en/company/housei
> Retrieved: 2026-09-30T20:25:54.657Z

## Company

Housei, founded in 2014, is a company in IT Services & System Integration listed on TSE Growth. It has 456 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | HOUSEI Inc. |
| Ticker | 5035 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5035.T) |
| Listing | TSE Growth |
| Head office | 東京都新宿区津久戸町1番8号神楽坂AKビル9階 |
| Representative (per filing) | 代表取締役社長 管 祥紅 |
| Founded | Aug 2014 |
| Share capital | ¥656.1M |
| Employees (consolidated) | 456 |
| Average salary (parent only) | ¥5.8M |
| Fiscal year end | December |
| Website | www.housei-inc.com (https://www.housei-inc.com/) |
| Corporate number | 7010701008994 |
| EDINET | E37790 |
| Industries (Vizora) | IT Services & System Integration |

> Profile source: annual securities report (S100XU4M, filed 2026-03-26). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 19.4 | 157 |
| Profitability | 6.4 | 196 |
| Cash conversion | 99.7 | 185 |
| Efficiency | 24.7 | 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 88% of Housei's sales come from Domestic IT Business, with Overseas IT Business making up much of the rest.
- Out of every ¥100 of sales, about ¥1 is left as operating profit.
- Revenue changed -2.8% from the prior year, operating profit -53.5%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥4.78B |  |
| Operating income | ¥36.5M | Margin 0.8% |
| Net income | -¥195.1M | Margin -4.1% |
| Free cash flow | ¥952.4M |  |
| Largest business | Domestic IT Business | of segment revenue 87.6% |
| Employees (consolidated) | 456 |  |
| EPS | ¥-38.35 |  |
| Book value per share | ¥340.47 |  |
| Equity ratio | 64.0% |  |
| Shares outstanding | 7,094,200 |  |
| Treasury shares | 302,100 |  |
| Shareholders | 2,121 |  |
| Average salary (parent only) | ¥5.8M | Filing company only |
| Cash ratio | 29.7% | Cash ÷ revenue 29.7% |
| Vs. industry median margin | -8.2 pp | IT Services & System Integration |
| ROA | -3.9% | Derived from disclosed figures |

## Notable figures

- FY2025, buybacks were 2.5× dividends
- FY2025, one segment accounts for 72% of positive segment profit
- FY2025, cash is 30% of total assets

## What changed in 4 years

| Metric | FY ending Dec 2021 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥4102113000 | ¥4779287000 | +16.5% |
| Operating income | ¥202964000 | ¥36549000 | -82.0% |
| Operating margin | 4.9% | 0.8% | -4.2 pp |
| Employees | 326 people | 456 people | +39.9% |
| Cash and equivalents | ¥1091418000 | ¥1419927000 | +30.1% |

### Change in segment revenue mix

Span: FY ending Dec 2021 → 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 |
| --- | ---: |
| 情報システム → 事業再編・廃止 | 98.2% |
| 越境EC → 事業再編・廃止 | 1.8% |
| 新設・再編 → 国内IT事業 | 87.6% |
| 新設・再編 → 海外IT事業 | 12.4% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 4,779 | 100.0% | S100XU4M |
| Cost of revenue | 3,264 | 68.3% | S100XU4M |
| Gross profit | 1,515 | 31.7% | S100XU4M |
| SG&A | 1,479 | 30.9% | S100XU4M |
| Operating income | 37 | 0.8% | S100XU4M |
| Ordinary income | 54 | 1.1% | S100XU4M |
| Pretax income | -204 | -4.3% | S100XU4M |
| Income tax | 5 | 0.1% | S100XU4M |
| Net income | -209 | -4.4% | S100XU4M |
| Net income attributable to owners | -195 | -4.1% | S100XU4M |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 68 |
| SG&A | 31 |
| Operating income | 1 |
| (Ref.) Net income | -4 |

### Margin funnel

Gross margin 31.7% → Operating margin 0.8% → Net margin -4.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -2.8%; Core profit growth: -53.5%
Operating leverage (core profit growth ÷ revenue growth): 18.89×
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 | 4,919 | 4,779 | -139 | -2.8% |
| Gross profit | 1,529 | 1,515 | -14 | -0.9% |
| Operating income | 79 | 37 | -42 | -53.5% |
| Net income attributable to owners | 126 | -195 | -321 | -254.8% |
| Operating cash flow | 361 | 1,035 | 674 | +186.6% |
| Free cash flow | 280 | 952 | 672 | +240.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2021 | 4,102 | 203 | 4.9% | 271 | 413 | 380 | S100QHU8 |
| FY ending Dec 2022 | 4,254 | 185 | 4.3% | 135 | 396 | 336 | S100T6AR |
| FY ending Dec 2023 | 4,640 | 156 | 3.4% | 147 | -417 | -504 | S100VIFG |
| FY ending Dec 2024 | 4,919 | 79 | 1.6% | 126 | 361 | 280 | S100XU4M |
| FY ending Dec 2025 | 4,779 | 37 | 0.8% | -195 | 1,035 | 952 | S100XU4M |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥10.5M |
| Operating income per employee (consolidated) | ¥80.2K |
| Net income per employee (consolidated) | -¥427.8K |

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

| History | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 326 | 345 | 355 | 455 | 456 |
| Average salary (parent company) | — | ¥6.4M | ¥5.7M | ¥5.2M | ¥5.8M |
| Average age (parent company) | — | 41.6 years | 40.8 years | 39.6 years | 40.4 years |
| Average tenure (parent company) | — | 8.6 years | 8.4 years | 7.6 years | 7.9 years |

Year over year: Employees (consolidated) +0.2% · Revenue (consolidated) -2.8%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Domestic IT Business | 4,187 | 87.6% | 15 | 0.4% |
| Overseas IT Business | 592 | 12.4% | 6 | 1.0% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Domestic IT Business | 87.6% | 72.4% | -15.2 | 0.4% |
| Overseas IT Business | 12.4% | 27.6% | 15.2 | 1.0% |

Segment → industry: Overseas IT Business → IT Services & System Integration / Domestic IT Business → IT Services & System Integration

## 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 | 1,035 | 21.7% | S100XU4M |
| Capital expenditure | 83 | 1.7% | S100XU4M |
| Free cash flow | 952 | 19.9% | 算出 |
| Investing cash flow | -159 | -3.3% | S100XU4M |
| Financing cash flow | -305 | -6.4% | S100XU4M |
| Dividends paid | 21 | 0.4% | S100XU4M |
| Share buyback | 53 | 1.1% | S100XU4M |
| Change in cash | 580 | 12.1% | S100XU4M |
| Cash and equivalents | 1,420 | 29.7% | S100XU4M |

## 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 | 1,091 | 1,385 | 631 | 840 | 1,420 | S100T6AR, S100VIFG, S100XU4M |
| Total assets | 3,923 | 4,227 | 4,717 | 5,135 | 4,786 | S100QHU8, S100T6AR, S100VIFG, S100XU4M |
| Net assets | 2,354 | 2,954 | 3,187 | 3,303 | 3,079 | S100T6AR, S100VIFG, S100XU4M |
| Share capital | 425 | 632 | 656 | 656 | 656 | S100QHU8, S100T6AR, S100VIFG, S100XU4M |
| Trade receivables | 1,108 | 796 | 1,373 | 854 | 786 | S100QHU8, S100T6AR, S100VIFG, S100XU4M |
| Property, plant and equipment | 798 | 823 | 841 | 863 | 828 | S100QHU8, S100T6AR, S100VIFG, S100XU4M |
| Intangible assets excluding goodwill | 473 | 420 | 696 | 1,056 | 680 | S100QHU8, S100T6AR, S100VIFG, S100XU4M |
| Goodwill | 464 | 405 | 653 | 979 | 626 | S100QHU8, S100T6AR, S100VIFG, S100XU4M |
| Investment securities | — | 9 | 9 | — | 29 | S100T6AR, S100VIFG, S100XU4M |
| Current assets | 2,473 | 2,860 | 3,083 | 3,108 | 3,105 | S100QHU8, S100T6AR, S100VIFG, S100XU4M |
| Current liabilities | 904 | 726 | 1,136 | 1,288 | 1,158 | S100QHU8, S100T6AR, S100VIFG, S100XU4M |
| Trade payables | 146 | 176 | 110 | 266 | 192 | S100QHU8, S100T6AR, S100VIFG, S100XU4M |
| Short-term borrowings | 100 | — | 270 | 235 | — | S100QHU8, S100VIFG, S100XU4M |
| Long-term borrowings | 475 | 375 | 225 | 382 | 394 | S100QHU8, S100T6AR, S100VIFG, S100XU4M |
| Bonds | 30 | — | — | — | — | S100QHU8 |
| Interest-bearing debt | 605 | — | — | — | — | 算出 |
| Total liabilities | 1,569 | 1,273 | 1,530 | 1,832 | 1,707 | S100QHU8, S100T6AR, S100VIFG, S100XU4M |
| Non-controlling interests | — | — | 14 | 16 | 17 | S100VIFG, S100XU4M |
| Equity attributable to owners of parent | 2,277 | 2,824 | 2,999 | 3,015 | 2,745 | S100QHU8, S100T6AR, S100VIFG, S100XU4M |
| Retained earnings | 954 | 1,089 | 1,215 | 1,320 | 1,104 | S100QHU8, S100T6AR, S100VIFG, S100XU4M |
| Treasury stock | — | — | — | -85 | -139 | S100XU4M |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 30% | S100XU4M |
| Receivables | 16% | S100XU4M |
| Property, plant and equipment | 17% | S100XU4M |
| Intangibles and goodwill | 27% | S100XU4M |
| Investment securities | 1% | S100XU4M |
| Other assets | 9% | S100XU4M |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 4% | S100XU4M |
| Other liabilities | 32% | S100XU4M |
| Equity | 64% | S100XU4M |

### 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 | 3,923 | 4,227 | 4,717 | 5,135 | 4,786 |
| Equity | 2,354 | 2,954 | 3,187 | 3,303 | 3,079 |
| Interest-bearing debt | 605 | — | — | — | — |
| Cash | 1,091 | 1,385 | 631 | 840 | 1,420 |

## 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) | 17.3% | S100XU4M |
| Fixed assets ÷ total assets | 17.3% | S100XU4M |
| Goodwill ÷ parent equity | 22.8% | S100XU4M |

Goodwill over 4 years: 464 → 626 JPY; total investing cash flow: -1,175 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) | 29.7% |
| Cash ÷ revenue | 29.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 2831.9% |
| Cash vs. profit gap | 1,230 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | 7.8% |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | 2.2% |
| CapEx intensity (capex ÷ revenue) | 1.7% |
| Investing CF relative to operating CF | 15.4% |

## 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 | 6.6% | 1.05× | 6.9% | 1.72× | 11.9% | S100QHU8 |
| 2022 | 3.2% | 1.04× | 3.3% | 1.60× | 5.3% | S100T6AR |
| 2023 | 3.2% | 1.04× | 3.3% | 1.54× | 5.0% | S100VIFG |
| 2024 | 2.6% | 1.00× | 2.6% | 1.64× | 4.2% | S100XU4M |
| 2025 | — | —× | -3.9% | —× | — | S100XU4M |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| BAIRUIXIANGHONG(HONG KONG)CO.,LIMITED（常任代理人 みずほ証券株式会社）(注) 1、2 | Major shareholder | 29.4% | 2025-12-31 |
| KSK合同会社 (注) 1 | Major shareholder | 26.7% | 2025-12-31 |
| EPSホールディングス株式会社 | Major shareholder | 12.3% | 2025-12-31 |
| メディカル・データ・ビジョン株式会社 | Major shareholder | 2.8% | 2025-12-31 |
| 株式会社SBI証券 | Major shareholder | 1.1% | 2025-12-31 |
| HOUSEI従業員持株会 | Major shareholder | 1.0% | 2025-12-31 |
| SENXIAO CULTURAL COMMUNICATION CO.,LIMITED（常任代理人 みずほ証券株式会社）(注) 3 | Major shareholder | 0.9% | 2025-12-31 |
| JPモルガン証券株式会社 | Major shareholder | 0.8% | 2025-12-31 |
| 楽天証券株式会社 | Major shareholder | 0.8% | 2025-12-31 |
| 馮 海軍 | Major shareholder | 0.7% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第30期(2025/01/01－2025/12/31) | S100XU4M | 2026-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XU4M,, |
| 有価証券報告書－第29期(2024/01/01－2024/12/31) | S100VIFG | 2025-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VIFG,, |
| 有価証券報告書－第28期(2023/01/01－2023/12/31) | S100T6AR | 2024-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T6AR,, |
| 有価証券報告書－第27期(2022/01/01－2022/12/31) | S100QHU8 | 2023-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QHU8,, |

## 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).