# Hybrid Technologies Co., Ltd.: business model and financials

> Latest period: FY ending Sep 2025, consolidated, IFRS
> Unit: JPY millions
> Sources: 有価証券報告書－第10期(2024/10/01－2025/09/30) (S100XBWA)
> Page: https://vizora.meequs.com/en/company/hybrid-technologies
> Retrieved: 2026-09-30T19:40:57.362Z

## Company

Hybrid Technologies is a company in IT Services & System Integration listed on TSE Growth. It has 408 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Hybrid Technologies Co., Ltd. |
| Ticker | 4260 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4260.T) |
| Listing | TSE Growth |
| Head office | 東京都中央区新川2-22-1いちご新川ビル5F (注)2025年12月22日から本店は下記に移転する予定であります。 東京都中野区本町3-31-11Daiwa中野坂上ビル6F |
| Representative (per filing) | 代表取締役社長 平川 和真 |
| Share capital | ¥919.6M |
| Employees (consolidated) | 408 |
| Average salary (parent only) | ¥5.7M |
| Fiscal year end | September |
| Website | www.hybrid-technologies.co.jp (https://www.hybrid-technologies.co.jp/) |
| Corporate number | 4012401031387 |
| EDINET | E37192 |
| Industries (Vizora) | IT Services & System Integration |

> Profile source: annual securities report (S100XBWA, filed 2025-12-19). As of filing

## Five-axis industry profile

Primary industry: IT Services & System Integration (2025-09-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 71.7 | 157 |
| Profitability | 6.9 | 196 |
| Cash conversion | 12.2 | 185 |
| Efficiency | 11.5 | 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)

- Hybrid Technologies brought in ¥3.02B in revenue.
- Out of every ¥100 of sales, about ¥1 is left as operating profit.
- Revenue changed -3.5% from the prior year, operating profit -73.3%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥3.02B |  |
| Operating income | ¥28.9M | Margin 1.0% |
| Net income | ¥18.7M | Margin 0.6% |
| Free cash flow | -¥595K |  |
| Employees (consolidated) | 408 |  |
| EPS | ¥1.64 |  |
| Diluted EPS | ¥1.58 |  |
| Book value per share | ¥170.04 |  |
| Equity ratio | 54.8% | Derived from disclosed figures |
| Shares outstanding | 11,455,548 |  |
| Shareholders | 2,666 |  |
| Average salary (parent only) | ¥5.7M | Filing company only |
| Cash ratio | 23.6% | Cash ÷ revenue 30.3% |
| Vs. industry median margin | -8 pp | IT Services & System Integration |
| ROE | 0.8% | Derived from disclosed figures |
| ROA | 0.5% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Sep 2020 | FY ending Sep 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥1735437000 | ¥3024742000 | +74.3% |
| Operating income | ¥101395000 | ¥28941000 | -71.5% |
| Operating margin | 5.8% | 1.0% | -4.9 pp |
| Employees | 476 people | 408 people | -14.3% |
| Cash and equivalents | ¥485761000 | ¥916620000 | +88.7% |

### 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, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 3,025 | 100.0% | S100XBWA |
| Cost of revenue | 2,006 | 66.3% | S100XBWA |
| Gross profit | 1,019 | 33.7% | S100XBWA |
| SG&A | 1,002 | 33.1% | S100XBWA |
| Operating income | 29 | 1.0% | S100XBWA |
| Pretax income | -15 | -0.5% | S100XBWA |
| Income tax | -69 | -2.3% | S100XBWA |
| Net income | 55 | 1.8% | S100XBWA |
| Net income attributable to owners | 19 | 0.6% | S100XBWA |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 66 |
| SG&A | 33 |
| Operating income | 1 |
| (Ref.) Net income | 1 |

### Margin funnel

Gross margin 33.7% → Operating margin 1.0% → Net margin 0.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -3.5%; Core profit growth: -73.3%
Operating leverage (core profit growth ÷ revenue growth): 20.83×
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 | 3,135 | 3,025 | -110 | -3.5% |
| Gross profit | 974 | 1,019 | 45 | +4.6% |
| Operating income | 108 | 29 | -79 | -73.3% |
| Net income attributable to owners | 53 | 19 | -34 | -64.7% |
| Operating cash flow | 362 | 12 | -350 | -96.8% |
| Free cash flow | 352 | -1 | -352 | -100.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Sep 2019 | 1,520 | — | — | 89 | 232 | — | S100SJNY |
| FY ending Sep 2020 | 1,735 | 101 | 5.8% | 44 | 242 | 223 | S100N5JX |
| FY ending Sep 2021 | 1,702 | 111 | 6.5% | 75 | 209 | 191 | S100PW39 |
| FY ending Sep 2022 | 2,408 | 288 | 12.0% | 250 | 345 | 318 | S100SJNY |
| FY ending Sep 2023 | 2,906 | 257 | 8.8% | 160 | 261 | 198 | S100V0A3 |
| FY ending Sep 2024 | 3,135 | 108 | 3.5% | 53 | 362 | 352 | S100XBWA |
| FY ending Sep 2025 | 3,025 | 29 | 1.0% | 19 | 12 | -1 | S100XBWA |

## People and productivity（FY ending Sep 2025, consolidated, IFRS）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥7.4M |
| Operating income per employee (consolidated) | ¥70.9K |
| Net income per employee (consolidated) | ¥45.9K |

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) | 511 | 554 | 568 | 539 | 408 |
| Average salary (parent company) | ¥5.7M | ¥5.7M | ¥5.7M | ¥5.7M | ¥5.7M |
| Average age (parent company) | 34.7 years | 34.8 years | 35.1 years | 35.5 years | 36.2 years |
| Average tenure (parent company) | 2.3 years | 2.3 years | 2.5 years | 2.9 years | 3.7 years |

Year over year: Employees (consolidated) -24.3% · Revenue (consolidated) -3.5%

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Sep 2025, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 12 | 0.4% | S100XBWA |
| Capital expenditure | 12 | 0.4% | S100XBWA |
| Free cash flow | -1 | -0.0% | 算出 |
| Investing cash flow | -540 | -17.9% | S100XBWA |
| Financing cash flow | 93 | 3.1% | S100XBWA |
| Change in cash | -443 | -14.6% | S100XBWA |
| Cash and equivalents | 917 | 30.3% | S100XBWA |

## 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 | 500 | 1,809 | 1,297 | 1,359 | 917 | S100SJNY, S100V0A3, S100XBWA |
| Total assets | 1,343 | 2,965 | 3,847 | 4,066 | 3,892 | S100PW39, S100SJNY, S100V0A3, S100XBWA |
| Net assets | 571 | 2,125 | 2,333 | 2,279 | 2,172 | S100SJNY, S100V0A3, S100XBWA |
| Share capital | 225 | 893 | 908 | 916 | 920 | S100PW39, S100SJNY, S100V0A3, S100XBWA |
| Property, plant and equipment | 45 | 42 | 82 | 64 | 22 | S100PW39, S100SJNY, S100V0A3, S100XBWA |
| Goodwill | — | — | 377 | 826 | 1,113 | S100V0A3, S100XBWA |
| Current assets | 826 | 2,294 | 1,858 | 1,731 | 1,335 | S100PW39, S100SJNY, S100V0A3, S100XBWA |
| Total liabilities | 772 | 840 | 1,514 | 1,788 | 1,720 | S100PW39, S100SJNY, S100V0A3, S100XBWA |
| Equity attributable to owners of parent | 571 | 2,125 | 2,333 | 2,281 | 2,133 | S100PW39, S100SJNY, S100V0A3, S100XBWA |
| Retained earnings | 62 | 311 | 471 | 524 | 409 | S100PW39, S100SJNY, S100V0A3, S100XBWA |
| Treasury stock | — | — | -0 | -0 | -0 | S100V0A3, S100XBWA |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 23% | S100XBWA |
| Property, plant and equipment | 1% | S100XBWA |
| Intangibles and goodwill | 29% | — |
| Other assets | 47% | S100XBWA |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 44% | S100XBWA |
| Equity | 56% | S100XBWA |

### 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 | 1,343 | 2,965 | 3,847 | 4,066 | 3,892 |
| Equity | 571 | 2,125 | 2,333 | 2,279 | 2,172 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 500 | 1,809 | 1,297 | 1,359 | 917 |

## 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) | 0.7% | S100XBWA |
| Fixed assets ÷ total assets | 0.6% | S100XBWA |
| Goodwill ÷ parent equity | 52.2% | S100XBWA |

### 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) | 23.6% |
| Cash ÷ revenue | 30.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 40.5% |
| Cash vs. profit gap | -7 JPY mn (of net income -37.4%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.4% |
| Investing CF relative to operating CF | 4607.7% |

## 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 | 4.4% | 1.27× | 5.6% | 2.35× | 13.2% | S100PW39 |
| 2022 | 10.4% | 1.12× | 11.6% | 1.60× | 18.5% | S100SJNY |
| 2023 | 5.5% | 0.85× | 4.7% | 1.53× | 7.2% | S100V0A3 |
| 2024 | 1.7% | 0.79× | 1.3% | 1.71× | 2.3% | S100XBWA |
| 2025 | 0.6% | 0.76× | 0.5% | 1.80× | 0.8% | S100XBWA |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| Soltec Investments Pte. Ltd. （常任代理人 平川 和真） （常任代理人 みずほ証券株式会社） | Major shareholder | 34.5% | 2025-09-30 |
| 株式会社エアトリ | Major shareholder | 27.2% | 2025-09-30 |
| チャン バン ミン | Major shareholder | 4.1% | 2025-09-30 |
| 柳川 昌紀 | Major shareholder | 3.7% | 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 | 3.2% | 2025-09-30 |
| Evolable Asia Co., Ltd. （常任代理人 平川 和真） | Major shareholder | 3.1% | 2025-09-30 |
| 株式会社柳川商会 | Major shareholder | 1.3% | 2025-09-30 |
| 御所野 侃 | Major shareholder | 1.1% | 2025-09-30 |
| 平川 和真 | Major shareholder | 1.1% | 2025-09-30 |
| BNYM SA/NV FOR BNYM FOR BNYM GCM CLIENT ACCOUNT EPS MPJ （常任代理人 株式会社三菱ＵＦＪ銀行） | Major shareholder | 0.9% | 2025-09-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第10期(2024/10/01－2025/09/30) | S100XBWA | 2025-12-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XBWA,, |
| 有価証券報告書－第9期(2023/10/01－2024/09/30) | S100V0A3 | 2024-12-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100V0A3,, |
| 有価証券報告書－第8期(2022/10/01－2023/09/30) | S100SJNY | 2023-12-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SJNY,, |
| 有価証券報告書－第7期(令和3年10月1日－令和4年9月30日) | S100PW39 | 2022-12-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PW39,, |
| 有価証券報告書－第6期(令和2年10月1日－令和3年9月30日) | S100N5JX | 2021-12-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100N5JX,, |

## 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).