# HYPER 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36期(2025/01/01－2025/12/31) (S100XUT2)
> Page: https://vizora.meequs.com/en/company/hyper
> Retrieved: 2026-09-30T20:22:49.733Z

## Company

Hyper, founded in 1990, is a company in IT Services & System Integration listed on TSE Standard. It has 340 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | HYPER Inc. |
| Ticker | 3054 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3054.T) |
| Listing | TSE Standard |
| Head office | 東京都中央区日本橋堀留町二丁目9番6号 |
| Representative (per filing) | 代表取締役社長 CEO 望月 真貴子 |
| Founded | May 1990 |
| Share capital | ¥577M |
| Employees (consolidated) | 340 |
| Average salary (parent only) | ¥5.3M |
| Fiscal year end | December |
| Website | www.hyperpc.co.jp (https://www.hyperpc.co.jp/) |
| Corporate number | 6010001026475 |
| EDINET | E05627 |
| Industries (Vizora) | IT Services & System Integration, Specialty Trading & Wholesale, Stationery & Office Supplies |

> Profile source: annual securities report (S100XUT2, filed 2026-03-27). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 1 | 157 |
| Profitability | 13.5 | 196 |
| Cash conversion | 98.1 | 185 |
| Efficiency | 87 | 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 91% of Hyper's sales come from Equipment sales business, with Askul agent business and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥2 is left as operating profit.
- Revenue changed +11.0% from the prior year, operating profit +22.1%.

## Company structure

- Segment revenue mix: Equipment sales business 90.8%、Askul agent business 8.7%、Other 0.5%
- Revenue → net income: ¥13775768000 → ¥240626000
- Net income → operating cash flow: ¥240626000 → ¥822929000（difference ¥582303000）
- Main uses of operating cash flow: CapEx ¥18717000 / dividends ¥68106000 / buybacks —
- Change in cash: ¥747688000
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 | ¥13.8B |  |
| Operating income | ¥320.1M | Margin 2.3% |
| Net income | ¥240.6M | Margin 1.7% |
| Free cash flow | ¥804.2M |  |
| Largest business | Equipment sales business | of segment revenue 90.8% |
| Employees (consolidated) | 340 |  |
| EPS | ¥24.64 |  |
| Diluted EPS | ¥24.53 |  |
| Book value per share | ¥305.45 |  |
| Equity ratio | 44.3% |  |
| Shares outstanding | 9,878,100 |  |
| Treasury shares | 102,400 |  |
| Shareholders | 6,991 |  |
| Average salary (parent only) | ¥5.3M | Filing company only |
| Cash ratio | 45.2% | Cash ÷ revenue 22.6% |
| Vs. industry median margin | -6.6 pp | IT Services & System Integration |
| ROE | 8.2% | Derived from disclosed figures |
| ROA | 3.4% | Derived from disclosed figures |

## Notable figures

- FY2025, operating cash flow is 3.4× net income
- FY2025, one segment accounts for 62% of positive segment profit
- FY2025, cash is 45% of total assets

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥21351579000 | ¥13775768000 | -35.5% |
| Operating income | ¥272186000 | ¥320062000 | +17.6% |
| Operating margin | 1.3% | 2.3% | +1 pp |
| Employees | 269 people | 340 people | +26.4% |
| Cash and equivalents | ¥3065362000 | ¥3106510000 | +1.3% |

### Change in segment revenue mix

Span: FY ending Dec 2020 → 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 |
| --- | ---: |
| ＩＴサービス事業 → ＩＴサービス事業 | 58.0% |
| アスクルエージェント事業 → アスクルエージェント事業 | 8.7% |
| アスクルエージェント事業 → 事業再編・廃止 | 32.8% |
| その他 → その他 | 0.5% |
| 新設・再編 → ＩＴサービス事業 | 32.8% |
| 新設・再編 → その他 | 0.0% |

Segment revenue source references: 6 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Equipment sales business | 5 years | +0.2% | ¥12505302000 | 1.6% | 2 |
| Askul agent business | 5 years | -33.0% | ¥1198358000 | 9.9% | 2 |
| Other | 5 years | -6.8% | ¥72107000 | 2.2% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 13,776 | 100.0% | S100XUT2 |
| Cost of revenue | 10,383 | 75.4% | S100XUT2 |
| Gross profit | 3,392 | 24.6% | S100XUT2 |
| SG&A | 3,072 | 22.3% | S100XUT2 |
| Operating income | 320 | 2.3% | S100XUT2 |
| Ordinary income | 327 | 2.4% | S100XUT2 |
| Pretax income | 343 | 2.5% | S100XUT2 |
| Income tax | 103 | 0.7% | S100XUT2 |
| Net income | 241 | 1.7% | S100XUT2 |
| Net income attributable to owners | 241 | 1.7% | S100XUT2 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 76 |
| SG&A | 22 |
| Operating income | 2 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 24.6% → Operating margin 2.3% → Net margin 1.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +11.0%; Core profit growth: +22.1%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.01×
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 | 12,410 | 13,776 | 1,366 | +11.0% |
| Gross profit | 3,379 | 3,392 | 14 | +0.4% |
| Operating income | 262 | 320 | 58 | +22.1% |
| Net income attributable to owners | 218 | 241 | 22 | +10.2% |
| Operating cash flow | 198 | 823 | 625 | +315.0% |
| Free cash flow | 184 | 804 | 620 | +336.7% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 25,139 | 545 | 2.2% | 334 | 697 | 646 | S100L00Z |
| FY ending Dec 2020 | 21,352 | 272 | 1.3% | 182 | 260 | 239 | S100ONTH |
| FY ending Dec 2021 | 20,537 | 49 | 0.2% | -53 | 77 | -31 | S100QFPE |
| FY ending Dec 2022 | 10,599 | -45 | -0.4% | -499 | -737 | -759 | S100T51T |
| FY ending Dec 2023 | 11,397 | 121 | 1.1% | 79 | 394 | 376 | S100VLGF |
| FY ending Dec 2024 | 12,410 | 262 | 2.1% | 218 | 198 | 184 | S100XUT2 |
| FY ending Dec 2025 | 13,776 | 320 | 2.3% | 241 | 823 | 804 | S100XUT2 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥40.5M |
| Operating income per employee (consolidated) | ¥941.4K |
| Net income per employee (consolidated) | ¥707.7K |

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) | 288 | 268 | 273 | 322 | 340 |
| Average salary (parent company) | ¥4.9M | ¥4.9M | ¥5M | ¥5.5M | ¥5.3M |
| Average age (parent company) | 38.9 years | 40.0 years | 41.3 years | 42.2 years | 41.1 years |
| Average tenure (parent company) | 10.0 years | 10.3 years | 11.6 years | 11.9 years | 11.3 years |

Year over year: Employees (consolidated) +5.6% · Revenue (consolidated) +11.0%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Equipment sales business | 12,505 | 90.8% | 199 | 1.6% |
| Askul agent business | 1,198 | 8.7% | 119 | 9.9% |
| Other | 72 | 0.5% | 2 | 2.2% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Equipment sales business | 90.8% | 62.2% | -28.5 | 1.6% |
| Askul agent business | 8.7% | 37.3% | 28.6 | 9.9% |
| Other | 0.5% | 0.5% | -0.0 | 2.2% |

Segment → industry: Equipment sales business → IT Services & System Integration / Askul agent business → Specialty Trading & Wholesale / Askul agent business → Stationery & Office Supplies

## 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 | 823 | 6.0% | S100XUT2 |
| Capital expenditure | 19 | 0.1% | S100XUT2 |
| Free cash flow | 804 | 5.8% | 算出 |
| Investing cash flow | 6 | 0.0% | S100XUT2 |
| Financing cash flow | -81 | -0.6% | S100XUT2 |
| Dividends paid | 68 | 0.5% | S100XUT2 |
| Change in cash | 748 | 5.4% | S100XUT2 |
| Cash and equivalents | 3,107 | 22.6% | S100XUT2 |

## 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 | 3,027 | 2,505 | 2,525 | 2,359 | 3,107 | S100T51T, S100VLGF, S100XUT2 |
| Total assets | 6,833 | 7,125 | 7,282 | 7,463 | 6,870 | S100QFPE, S100T51T, S100VLGF, S100XUT2 |
| Net assets | 3,363 | 2,776 | 2,767 | 2,920 | 3,072 | S100T51T, S100VLGF, S100XUT2 |
| Share capital | 567 | 569 | 572 | 574 | 577 | S100QFPE, S100T51T, S100VLGF, S100XUT2 |
| Trade receivables | 2,662 | 2,996 | 3,210 | 3,346 | 2,136 | S100QFPE, S100T51T, S100VLGF, S100XUT2 |
| Property, plant and equipment | 127 | 9 | 17 | 30 | 45 | S100QFPE, S100T51T, S100VLGF, S100XUT2 |
| Intangible assets excluding goodwill | 69 | 356 | 345 | 327 | 208 | S100QFPE, S100T51T, S100VLGF, S100XUT2 |
| Goodwill | 22 | — | 58 | 66 | 47 | S100QFPE, S100VLGF, S100XUT2 |
| Investment securities | 86 | 90 | 93 | 44 | 17 | S100QFPE, S100T51T, S100VLGF, S100XUT2 |
| Current assets | 6,423 | 6,505 | 6,600 | 6,768 | 6,338 | S100QFPE, S100T51T, S100VLGF, S100XUT2 |
| Current liabilities | 2,960 | 3,758 | 3,983 | 4,098 | 3,219 | S100QFPE, S100T51T, S100VLGF, S100XUT2 |
| Short-term borrowings | — | 570 | 450 | 350 | 250 | S100T51T, S100VLGF, S100XUT2 |
| Long-term borrowings | 398 | 477 | 335 | 229 | 349 | S100QFPE, S100T51T, S100VLGF, S100XUT2 |
| Total liabilities | 3,470 | 4,349 | 4,514 | 4,543 | 3,798 | S100QFPE, S100T51T, S100VLGF, S100XUT2 |
| Equity attributable to owners of parent | 3,295 | 2,711 | 2,708 | 2,862 | 3,040 | S100QFPE, S100T51T, S100VLGF, S100XUT2 |
| Retained earnings | 2,222 | 1,634 | 1,654 | 1,804 | 1,976 | S100QFPE, S100T51T, S100VLGF, S100XUT2 |
| Treasury stock | -60 | -60 | -88 | -88 | -88 | S100QFPE, S100T51T, S100VLGF, S100XUT2 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 45% | S100XUT2 |
| Receivables | 31% | S100XUT2 |
| Property, plant and equipment | 1% | S100XUT2 |
| Intangibles and goodwill | 4% | S100XUT2 |
| Investment securities | 0% | S100XUT2 |
| Other assets | 19% | S100XUT2 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 55% | S100XUT2 |
| Equity | 45% | S100XUT2 |

### 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 | 6,833 | 7,125 | 7,282 | 7,463 | 6,870 |
| Equity | 3,363 | 2,776 | 2,767 | 2,920 | 3,072 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 3,027 | 2,505 | 2,525 | 2,359 | 3,107 |

## 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) | 0.3% | S100XUT2 |
| Fixed assets ÷ total assets | 0.7% | S100XUT2 |
| Goodwill ÷ parent equity | 1.5% | S100XUT2 |

Goodwill over 4 years: 22 → 47 JPY; total investing cash flow: -497 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) | 45.2% |
| Cash ÷ revenue | 22.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 257.1% |
| Cash vs. profit gap | 582 JPY mn (of net income 242.0%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 28.3% |
| Shareholder payments — dividends / FCF | 8.5% |
| CapEx intensity (capex ÷ revenue) | 0.1% |
| Investing CF relative to operating CF | 0.8% |

## 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 | — | —× | -0.8% | —× | — | S100QFPE |
| 2022 | — | —× | -7.2% | —× | — | S100T51T |
| 2023 | 0.7% | 1.58× | 1.1% | 2.66× | 2.9% | S100VLGF |
| 2024 | 1.8% | 1.68× | 3.0% | 2.65× | 7.8% | S100XUT2 |
| 2025 | 1.7% | 1.92× | 3.4% | 2.43× | 8.2% | S100XUT2 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ララコーポレーション株式会社 | Major shareholder | 24.1% | 2025-12-31 |
| 玉田 宏一 | Major shareholder | 12.8% | 2025-12-31 |
| エプソン販売株式会社 | Major shareholder | 7.2% | 2025-12-31 |
| 遠藤 孝 | Major shareholder | 5.2% | 2025-12-31 |
| 株式会社ミートプランニング | Major shareholder | 4.1% | 2025-12-31 |
| ハイパー従業員持株会 | Major shareholder | 2.8% | 2025-12-31 |
| 関根 俊一 | Major shareholder | 2.6% | 2025-12-31 |
| 株式会社庚伸 | Major shareholder | 1.8% | 2025-12-31 |
| 望月 真貴子 | Major shareholder | 1.5% | 2025-12-31 |
| 株式会社ＳＢＩ証券 | Major shareholder | 1.3% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第36期(2025/01/01－2025/12/31) | S100XUT2 | 2026-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XUT2,, |
| 訂正有価証券報告書－第35期(2024/01/01－2024/12/31) | S100VLGF | 2025-04-10 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VLGF,, |
| 有価証券報告書－第34期(2023/01/01－2023/12/31) | S100T51T | 2024-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T51T,, |
| 有価証券報告書－第33期(2022/01/01－2022/12/31) | S100QFPE | 2023-03-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QFPE,, |
| 訂正有価証券報告書－第32期(令和3年1月1日－令和3年12月31日) | S100ONTH | 2022-07-05 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100ONTH,, |
| 有価証券報告書－第31期(令和2年1月1日－令和2年12月31日) | S100L00Z | 2021-03-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L00Z,, |

## 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).