# ImageONE Co.,Ltd.: business model and financials

> Latest period: FY ending Sep 2025, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第42期(2024/10/01－2025/09/30) (S100XAH7)
> Page: https://vizora.meequs.com/en/company/imageone
> Retrieved: 2026-09-30T18:04:24.195Z

## Company

ImageONE, founded in 1984, is a company in Health Tech listed on TSE Standard. It has 42 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | ImageONE Co., Ltd. |
| Ticker | 2667 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2667.T) |
| Listing | TSE Standard |
| Head office | 東京都品川区大崎一丁目6番3号 |
| Representative (per filing) | 代表取締役社長 川倉歩 |
| Founded | Apr 1984 |
| Share capital | ¥3.03B |
| Employees (consolidated) | 42 |
| Average salary (parent only) | ¥6.4M |
| Fiscal year end | September |
| Website | www.imageone.co.jp (https://www.imageone.co.jp/) |
| Corporate number | 9011101002149 |
| EDINET | E02922 |
| Industries (Vizora) | Health Tech, Specialty Trading & Wholesale |

> Profile source: annual securities report (S100XAH7, filed 2025-12-23). As of filing

## Key points (generated from figures)

- About 76% of ImageONE's sales come from Healthcare solution, with Global Environment Solution Business making up much of the rest.
- It lost about ¥47 for every ¥100 of sales at the operating level.
- Revenue changed -44.6% from the prior year.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥866.6M |  |
| Operating income | -¥410.4M | Margin -47.4% |
| Net income | -¥559.3M | Margin -64.5% |
| Free cash flow | -¥459.4M |  |
| Largest business | Healthcare solution | of segment revenue 75.9% |
| Employees (consolidated) | 42 |  |
| EPS | ¥-50.46 |  |
| Book value per share | ¥52.56 |  |
| Equity ratio | 48.9% |  |
| Shares outstanding | 13,035,700 |  |
| Treasury shares | 74,500 |  |
| Shareholders | 6,349 |  |
| Average salary (parent only) | ¥6.4M | Filing company only |
| Cash ratio | 40.4% | Cash ÷ revenue 64.9% |
| Vs. industry median margin | -61.2 pp | Health Tech |
| ROA | -37.8% | Derived from disclosed figures |

## Notable figures

- FY2025, operating loss is 47 per ¥100 of revenue
- FY2025, cash is 40% of total assets

## What changed in 4 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Sep 2021 | FY ending Sep 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥2435592000 | ¥866599000 | — |
| Operating income | ¥-331145000 | ¥-410383000 | — |
| Operating margin | -13.6% | -47.4% | -33.8 pp |
| Employees | 50 people | 42 people | — |
| Cash and equivalents | ¥1635254000 | ¥562690000 | — |

### Change in segment revenue mix

Span: FY ending Sep 2021 → FY ending Sep 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| ヘルスケアソリューション事業 → ヘルスケアソリューション事業 | 40.4% |
| 地球環境ソリューション事業 → 地球環境ソリューション事業 | 24.1% |
| 地球環境ソリューション事業 → 事業再編・廃止 | 35.5% |
| 新設・再編 → ヘルスケアソリューション事業 | 35.5% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 867 | 100.0% | S100XAH7 |
| Cost of revenue | 616 | 71.1% | S100XAH7 |
| Gross profit | 250 | 28.9% | S100XAH7 |
| SG&A | 661 | 76.2% | S100XAH7 |
| Operating income | -410 | -47.4% | S100XAH7 |
| Ordinary income | -448 | -51.7% | S100XAH7 |
| Pretax income | -555 | -64.0% | S100XAH7 |
| Income tax | 4 | 0.5% | S100XAH7 |
| Net income | -559 | -64.5% | S100XAH7 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 71 |
| SG&A | 76 |
| Operating income | -47 |
| (Ref.) Net income | -65 |

### Margin funnel

Gross margin 28.9% → Operating margin -47.4% → Net margin -64.5%
Derived from reported figures (DERIVED).

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 1,563 | 867 | -696 | -44.6% |
| Gross profit | -116 | 250 | 366 | — |
| Operating income | -845 | -410 | 434 | — |
| Operating cash flow | -207 | -447 | -240 | — |
| Free cash flow | -231 | -459 | -229 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Sep 2019 | 1,880 | -44 | -2.3% | 243 | -20 | -85 | S100KF35 |
| FY ending Sep 2020 | 1,980 | -452 | -22.9% | -602 | 157 | -193 | S100N3NM |
| FY ending Sep 2021 | 2,436 | -331 | -13.6% | -504 | -521 | -558 | S100N3NM |
| FY ending Sep 2022 | 3,301 | -301 | -9.1% | -508 | -318 | -1,120 | S100SP1S |
| FY ending Sep 2023 | 2,975 | -685 | -23.0% | -648 | 39 | -4 | S100SP1S |
| FY ending Sep 2023 | 2,970 | -662 | -22.3% | -643 | 39 | — | S100V5WM |
| FY ending Sep 2024 | 1,563 | -845 | -54.0% | -890 | -207 | -231 | S100XAH7 |
| FY ending Sep 2025 | 867 | -410 | -47.4% | -559 | -447 | -459 | S100XAH7 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥20.6M |
| Operating income per employee (consolidated) | -¥9.8M |
| Net income per employee (consolidated) | -¥13.3M |

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

| History | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 48 | 51 | 51 | 43 | 42 |
| Average salary (parent company) | ¥6M | ¥6.8M | — | ¥6.3M | ¥6.4M |
| Average age (parent company) | 44.1 years | 41.0 years | — | 41.7 years | 42.8 years |
| Average tenure (parent company) | 5.8 years | 4.6 years | — | 4.9 years | 5.5 years |

Year over year: Employees (consolidated) -2.3% · Revenue (consolidated) -44.6%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Healthcare solution | 658 | 75.9% | -63 | -9.6% |
| Global Environment Solution Business | 209 | 24.1% | -14 | -6.7% |

### 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 | Margin |
| --- | ---: | ---: |
| Healthcare solution | 75.9% | -9.6% |
| Global Environment Solution Business | 24.1% | -6.7% |

Loss-making segment (excluded from profit shares): Healthcare solution -63 JPY mn

Loss-making segment (excluded from profit shares): Global Environment Solution Business -14 JPY mn

Segment → industry: Healthcare solution → Health Tech / Global Environment Solution Business → Specialty Trading & Wholesale

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -447 | -51.6% | S100XAH7 |
| Capital expenditure | 12 | 1.4% | S100XAH7 |
| Free cash flow | -459 | -53.0% | 算出 |
| Investing cash flow | -61 | -7.0% | S100XAH7 |
| Financing cash flow | 517 | 59.7% | S100XAH7 |
| Change in cash | 9 | 1.0% | S100XAH7 |
| Cash and equivalents | 563 | 64.9% | S100XAH7 |

## 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 2022 | FY ending Sep 2023 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 630 | 826 | 823 | 554 | 563 | S100SP1S, S100XAH7 |
| Total assets | 3,226 | 2,839 | 2,668 | 1,569 | 1,393 | S100SP1S, S100V5WM, S100XAH7 |
| Net assets | 2,466 | 1,818 | 1,649 | 736 | 718 | S100SP1S, S100XAH7 |
| Share capital | 2,778 | 2,778 | 2,778 | 2,778 | 3,028 | S100SP1S, S100V5WM, S100XAH7 |
| Property, plant and equipment | 999 | 288 | 104 | 0 | 0 | S100SP1S, S100V5WM, S100XAH7 |
| Intangible assets excluding goodwill | 34 | 21 | 21 | 6 | 2 | S100SP1S, S100V5WM, S100XAH7 |
| Investment securities | 2 | 2 | 2 | 213 | 254 | S100SP1S, S100V5WM, S100XAH7 |
| Current assets | 1,910 | 2,266 | 2,261 | 1,288 | 1,100 | S100SP1S, S100V5WM, S100XAH7 |
| Current liabilities | 724 | 1,000 | 999 | 825 | 671 | S100SP1S, S100V5WM, S100XAH7 |
| Short-term borrowings | 50 | — | — | — | — | S100SP1S |
| Long-term borrowings | 29 | 16 | 16 | 6 | — | S100SP1S, S100V5WM, S100XAH7 |
| Total liabilities | 760 | 1,020 | 1,019 | 834 | 675 | S100SP1S, S100V5WM, S100XAH7 |
| Equity attributable to owners of parent | 2,442 | 1,795 | 1,625 | 735 | 676 | S100SP1S, S100V5WM, S100XAH7 |
| Retained earnings | -1,614 | -2,262 | -2,432 | -3,321 | -3,881 | S100SP1S, S100V5WM, S100XAH7 |
| Treasury stock | -112 | -112 | -112 | -112 | -112 | S100SP1S, S100V5WM, S100XAH7 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 41% | S100XAH7 |
| Intangibles and goodwill | 0% | S100XAH7 |
| Investment securities | 18% | S100XAH7 |
| Other assets | 41% | S100XAH7 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 48% | S100XAH7 |
| Equity | 52% | S100XAH7 |
| Other liabilities | 0% | S100XAH7 |

### Balance sheet history

| Metric | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 3,226 | 2,839 | 2,668 | 1,569 | 1,393 |
| Equity | 2,466 | 1,818 | 1,649 | 736 | 718 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 630 | 826 | 823 | 554 | 563 |

## 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) | 0.0% | S100XAH7 |
| Fixed assets ÷ total assets | 0.0% | S100XAH7 |
| Goodwill ÷ parent equity | — | —, S100XAH7 |

### 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) | 40.4% |
| Cash ÷ revenue | 64.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | 112 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 1.4% |
| Investing CF relative to operating CF | — |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | — | —× | -15.8% | —× | — | S100SP1S |
| 2023 | — | —× | -21.4% | —× | — | S100SP1S |
| 2023 | — | —× | -24.1% | —× | — | S100XAH7, S100V5WM |
| 2024 | — | —× | -42.0% | —× | — | S100XAH7 |
| 2025 | — | —× | -37.8% | —× | — | S100XAH7 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ＧＦＡ株式会社（注）１ | Major shareholder | 8.6% | 2025-09-30 |
| 楽天証券株式会社 | Major shareholder | 4.8% | 2025-09-30 |
| 日本証券金融株式会社 | Major shareholder | 3.1% | 2025-09-30 |
| 河合 マーロン | Major shareholder | 3.1% | 2025-09-30 |
| 株式会社ＳＢＩ証券 | Major shareholder | 3.0% | 2025-09-30 |
| 内山 成児 | Major shareholder | 2.6% | 2025-09-30 |
| 株式会社ＦＤ | Major shareholder | 2.1% | 2025-09-30 |
| ＭＴＭ Ｃａｐｉｔａｌ株式会社 | Major shareholder | 2.1% | 2025-09-30 |
| 星山 崇行 | Major shareholder | 1.5% | 2025-09-30 |
| ＪＰＩＷ合同会社 | Major shareholder | 1.3% | 2025-09-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第42期(2024/10/01－2025/09/30) | S100XAH7 | 2025-12-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XAH7,, |
| 有価証券報告書－第41期(2023/10/01－2024/09/30) | S100V5WM | 2025-01-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100V5WM,, |
| 有価証券報告書－第40期(2022/10/01－2023/09/30) | S100SP1S | 2024-01-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SP1S,, |
| 有価証券報告書－第39期(令和3年10月1日－令和4年9月30日) | S100PVRB | 2022-12-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PVRB,, |
| 有価証券報告書－第38期(令和2年10月1日－令和3年9月30日) | S100N3NM | 2021-12-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100N3NM,, |
| 有価証券報告書－第37期(令和1年10月1日－令和2年9月30日) | S100KF35 | 2020-12-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KF35,, |

## 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).