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

> Latest period: FY ending Sep 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第25期(2024/10/01－2025/09/30) (S100XACD)
> Page: https://vizora.meequs.com/en/company/leoclan
> Retrieved: 2026-09-30T21:03:35.900Z

## Company

Leoclan, founded in 2001, is a company in Health Tech listed on TSE Standard. It has 155 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | LEOCLAN Co.,Ltd. |
| Ticker | 7681 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7681.T) |
| Listing | TSE Standard |
| Head office | 大阪府摂津市千里丘二丁目4番26号 |
| Representative (per filing) | 代表取締役社長 竹内 興次 |
| Founded | Jan 2001 |
| Share capital | ¥546M |
| Employees (consolidated) | 155 |
| Average salary (parent only) | ¥6.8M |
| Fiscal year end | September |
| Website | www.leoclan.co.jp (https://www.leoclan.co.jp/) |
| Corporate number | 1120901010233 |
| EDINET | E34455 |
| Industries (Vizora) | Health Tech, Specialty Trading & Wholesale, Takeout & Delivery Meals, Hospitals & Medical Services |

> Profile source: annual securities report (S100XACD, filed 2025-12-17). As of filing

## Five-axis industry profile

Primary industry: Specialty Trading & Wholesale (2025-09-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 11.5 | 179 |
| Profitability | 19.2 | 185 |
| Cash conversion | 7 | 179 |
| Efficiency | 73.2 | 185 |

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 94% of Leoclan's sales come from Total medical solution business, with Remote image diagnosis service business and Food service making up much of the rest.
- Out of every ¥100 of sales, about ¥1 is left as operating profit.
- Revenue changed +8.5% from the prior year, operating profit +61.9%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥21.5B |  |
| Operating income | ¥288.3M | Margin 1.3% |
| Net income | ¥152.8M | Margin 0.7% |
| Free cash flow | -¥168.8M |  |
| Largest business | Total medical solution business | of segment revenue 94.3% |
| Employees (consolidated) | 155 |  |
| EPS | ¥37.14 |  |
| Diluted EPS | ¥37.01 |  |
| Book value per share | ¥885.47 |  |
| Equity ratio | 51.8% |  |
| Shares outstanding | 5,922,000 |  |
| Treasury shares | 200 |  |
| Shareholders | 509 |  |
| Average salary (parent only) | ¥6.8M | Filing company only |
| Cash ratio | 43.7% | Cash ÷ revenue 22.1% |
| Vs. industry median margin | -1.5 pp | Specialty Trading & Wholesale |
| ROE | 2.8% | Derived from disclosed figures |
| ROA | 1.4% | Derived from disclosed figures |

## Notable figures

- FY2025, one segment accounts for 80% of positive segment profit
- FY2025, employees -9% while operating income rose 62%
- FY2025, cash is 44% of total assets

## What changed in 5 years

| Metric | FY ending Sep 2020 | FY ending Sep 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥21996890000 | ¥21489527000 | -2.3% |
| Operating income | ¥204372000 | ¥288291000 | +41.1% |
| Operating margin | 0.9% | 1.3% | +0.4 pp |
| Employees | 157 people | 155 people | -1.3% |
| Cash and equivalents | ¥4430782000 | ¥4746830000 | +7.1% |

### 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.

| Flow | Revenue share |
| --- | ---: |
| メディカルトータルソリューション事業 → メディカルトータルソリューション事業 | 94.3% |
| メディカルトータルソリューション事業 → 事業再編・廃止 | 1.1% |
| 遠隔画像診断サービス事業 → 遠隔画像診断サービス事業 | 2.6% |
| 給食事業 → 給食事業 | 1.9% |
| 給食事業 → 事業再編・廃止 | 0.2% |
| 新設・再編 → 遠隔画像診断サービス事業 | 1.2% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total medical solution business | 5 years | -0.7% | ¥20257605000 | 1.5% | 2 |
| Remote image diagnosis service business | 5 years | +7.7% | ¥822326000 | 8.4% | 2 |
| Food service | 5 years | -2.2% | ¥409595000 | 2.2% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 21,490 | 100.0% | S100XACD |
| Cost of revenue | 18,748 | 87.2% | S100XACD |
| Gross profit | 2,742 | 12.8% | S100XACD |
| SG&A | 2,454 | 11.4% | S100XACD |
| Operating income | 288 | 1.3% | S100XACD |
| Ordinary income | 309 | 1.4% | S100XACD |
| Pretax income | 309 | 1.4% | S100XACD |
| Income tax | 137 | 0.6% | S100XACD |
| Net income | 172 | 0.8% | S100XACD |
| Net income attributable to owners | 153 | 0.7% | S100XACD |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 87 |
| SG&A | 12 |
| Operating income | 1 |
| (Ref.) Net income | 1 |

### Margin funnel

Gross margin 12.8% → Operating margin 1.3% → Net margin 0.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +8.5%; Core profit growth: +61.9%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 7.27×
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 | 19,804 | 21,490 | 1,685 | +8.5% |
| Gross profit | 2,619 | 2,742 | 123 | +4.7% |
| Operating income | 178 | 288 | 110 | +61.9% |
| Net income attributable to owners | 136 | 153 | 17 | +12.3% |
| Operating cash flow | 33 | -87 | -120 | -361.9% |
| Free cash flow | -4 | -169 | -165 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Sep 2019 | 36,109 | 1,190 | 3.3% | 733 | 2,765 | 2,656 | S100KF0O |
| FY ending Sep 2020 | 21,997 | 204 | 0.9% | 121 | -1,906 | -1,951 | S100N3F7 |
| FY ending Sep 2021 | 26,347 | 576 | 2.2% | 391 | 1,298 | 1,235 | S100PU2R |
| FY ending Sep 2022 | 29,767 | 651 | 2.2% | 437 | 242 | 195 | S100SHP1 |
| FY ending Sep 2023 | 26,632 | 440 | 1.7% | 271 | 342 | 258 | S100V0D2 |
| FY ending Sep 2024 | 19,804 | 178 | 0.9% | 136 | 33 | -4 | S100XACD |
| FY ending Sep 2025 | 21,490 | 288 | 1.3% | 153 | -87 | -169 | S100XACD |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥138.6M |
| Operating income per employee (consolidated) | ¥1.9M |
| Net income per employee (consolidated) | ¥985.7K |

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) | 162 | 175 | 176 | 170 | 155 |
| Average salary (parent company) | ¥7.2M | ¥6.9M | ¥7.3M | ¥7.1M | ¥6.8M |
| Average age (parent company) | 37.3 years | 37.3 years | 37.6 years | 38.7 years | 39.2 years |
| Average tenure (parent company) | 7.6 years | 7.2 years | 7.5 years | 8.2 years | 8.9 years |

Year over year: Employees (consolidated) -8.8% · Revenue (consolidated) +8.5%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Total medical solution business | 20,258 | 94.3% | 308 | 1.5% |
| Remote image diagnosis service business | 822 | 3.8% | 69 | 8.4% |
| Food service | 410 | 1.9% | 9 | 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 |
| --- | ---: | ---: | ---: | ---: |
| Total medical solution business | 94.3% | 79.8% | -14.5 | 1.5% |
| Remote image diagnosis service business | 3.8% | 17.9% | 14.1 | 8.4% |
| Food service | 1.9% | 2.3% | 0.4 | 2.2% |

Segment → industry: Remote image diagnosis service business → Health Tech / Total medical solution business → Specialty Trading & Wholesale / Food service → Takeout & Delivery Meals / Remote image diagnosis service business → Hospitals & Medical Services

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -87 | -0.4% | S100XACD |
| Capital expenditure | 82 | 0.4% | S100XACD |
| Free cash flow | -169 | -0.8% | 算出 |
| Investing cash flow | -620 | -2.9% | S100XACD |
| Financing cash flow | -101 | -0.5% | S100XACD |
| Dividends paid | 98 | 0.5% | S100XACD |
| Change in cash | -807 | -3.8% | S100XACD |
| Cash and equivalents | 4,747 | 22.1% | S100XACD |

## 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 | 5,389 | 5,460 | 5,517 | 5,554 | 4,747 | S100SHP1, S100V0D2, S100XACD |
| Total assets | 12,965 | 13,468 | 14,694 | 10,660 | 10,869 | S100PU2R, S100SHP1, S100V0D2, S100XACD |
| Net assets | 5,160 | 5,538 | 5,724 | 5,741 | 5,819 | S100SHP1, S100V0D2, S100XACD |
| Share capital | 539 | 539 | 539 | 543 | 546 | S100PU2R, S100SHP1, S100V0D2, S100XACD |
| Trade receivables | 4,820 | — | — | — | — | S100PU2R |
| Property, plant and equipment | 394 | 363 | 347 | 308 | 273 | S100PU2R, S100SHP1, S100V0D2, S100XACD |
| Intangible assets excluding goodwill | 91 | 85 | 83 | 74 | 96 | S100PU2R, S100SHP1, S100V0D2, S100XACD |
| Investment securities | 260 | 229 | 241 | 106 | 607 | S100PU2R, S100SHP1, S100V0D2, S100XACD |
| Current assets | 11,755 | 12,232 | 13,508 | 9,583 | 9,298 | S100PU2R, S100SHP1, S100V0D2, S100XACD |
| Current liabilities | 6,894 | 7,018 | 8,092 | 3,967 | 4,166 | S100PU2R, S100SHP1, S100V0D2, S100XACD |
| Bonds | 93 | — | — | — | — | S100PU2R |
| Total liabilities | 7,805 | 7,930 | 8,970 | 4,918 | 5,050 | S100PU2R, S100SHP1, S100V0D2, S100XACD |
| Non-controlling interests | 126 | 153 | 158 | 172 | 185 | S100PU2R, S100SHP1, S100V0D2, S100XACD |
| Equity attributable to owners of parent | 4,922 | 5,281 | 5,454 | 5,499 | 5,560 | S100PU2R, S100SHP1, S100V0D2, S100XACD |
| Retained earnings | 3,884 | 4,243 | 4,416 | 4,454 | 4,508 | S100PU2R, S100SHP1, S100V0D2, S100XACD |
| Treasury stock | -0 | -0 | -0 | -0 | -0 | S100PU2R, S100SHP1, S100V0D2, S100XACD |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 44% | S100XACD |
| Property, plant and equipment | 2% | S100XACD |
| Intangibles and goodwill | 1% | S100XACD |
| Investment securities | 6% | S100XACD |
| Other assets | 47% | S100XACD |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 46% | S100XACD |
| Equity | 54% | S100XACD |
| Other liabilities | 0% | S100XACD |

### 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 | 12,965 | 13,468 | 14,694 | 10,660 | 10,869 |
| Equity | 5,160 | 5,538 | 5,724 | 5,741 | 5,819 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 5,389 | 5,460 | 5,517 | 5,554 | 4,747 |

## 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) | 1.3% | S100XACD |
| Fixed assets ÷ total assets | 2.5% | S100XACD |
| Goodwill ÷ parent equity | — | —, S100XACD |

### 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) | 43.7% |
| Cash ÷ revenue | 22.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -30.1% |
| Cash vs. profit gap | -239 JPY mn (of net income -156.7%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 64.4% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.4% |
| 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 1.5% | 2.03× | 3.0% | 2.63× | 7.9% | S100PU2R |
| 2022 | 1.5% | 2.25× | 3.3% | 2.59× | 8.6% | S100SHP1 |
| 2023 | 1.0% | 1.89× | 1.9% | 2.62× | 5.1% | S100V0D2 |
| 2024 | 0.7% | 1.56× | 1.1% | 2.31× | 2.5% | S100XACD |
| 2025 | 0.7% | 2.00× | 1.4% | 1.95× | 2.8% | S100XACD |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社Ａ＆Ｍ | Major shareholder | 33.7% | 2025-09-30 |
| ＵＨ Ｐａｒｔｎｅｒｓ ２投資事業有限責任組合 | Major shareholder | 7.4% | 2025-09-30 |
| 光通信ＫＫ投資事業有限責任組合 | Major shareholder | 6.5% | 2025-09-30 |
| 株式会社ＵＨ Ｐａｒｔｎｅｒｓ ３ | Major shareholder | 3.6% | 2025-09-30 |
| 大阪中小企業投資育成株式会社 | Major shareholder | 3.3% | 2025-09-30 |
| レオクラン従業員持株会 | Major shareholder | 3.1% | 2025-09-30 |
| 杉田 昭吾 | Major shareholder | 2.8% | 2025-09-30 |
| 株式会社ＳＢＩ証券 | Major shareholder | 1.8% | 2025-09-30 |
| 八上 重明 | Major shareholder | 1.4% | 2025-09-30 |
| 和田 公良 | Major shareholder | 1.2% | 2025-09-30 |
| 株式会社ウイン・インターナショナル | Major shareholder | 1.2% | 2025-09-30 |
| 古川 國久 | Major shareholder | 1.2% | 2025-09-30 |
| 医療法人藤井会 | Major shareholder | 1.2% | 2025-09-30 |
| ファスキアホールディングス株式会社 | Major shareholder | 1.2% | 2025-09-30 |
| 株式会社ユニティ建築企画 | Major shareholder | 1.2% | 2025-09-30 |
| セントラルメディカル株式会社 | Major shareholder | 1.2% | 2025-09-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第25期(2024/10/01－2025/09/30) | S100XACD | 2025-12-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XACD,, |
| 訂正有価証券報告書－第24期(2023/10/01－2024/09/30) | S100V0D2 | 2024-12-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100V0D2,, |
| 有価証券報告書－第23期(2022/10/01－2023/09/30) | S100SHP1 | 2023-12-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SHP1,, |
| 有価証券報告書－第22期(令和3年10月1日－令和4年9月30日) | S100PU2R | 2022-12-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PU2R,, |
| 有価証券報告書－第21期(令和2年10月1日－令和3年9月30日) | S100N3F7 | 2021-12-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100N3F7,, |
| 有価証券報告書－第20期(令和1年10月1日－令和2年9月30日) | S100KF0O | 2020-12-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KF0O,, |

## 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).