# Link and Motivation Inc.: business model and financials

> Latest period: FY ending Dec 2025, consolidated, IFRS
> Unit: JPY millions
> Sources: 有価証券報告書－第26期(2025/01/01－2025/12/31) (S100XSV5)
> Page: https://vizora.meequs.com/en/company/link-and-motivation
> Retrieved: 2026-09-30T21:07:08.089Z

## Company

Link and Motivation, founded in 2000, is a company in HR & Staffing listed on TSE Prime. It has 1,629 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Link and Motivation Inc. |
| Ticker | 2170 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2170.T) |
| Listing | TSE Prime |
| Head office | 東京都中央区銀座四丁目12番15号 歌舞伎座タワー |
| Representative (per filing) | 代表取締役会長 小笹 芳央 |
| Founded | Mar 2000 |
| Share capital | ¥1.38B |
| Employees (consolidated) | 1,629 |
| Average salary (parent only) | ¥7M |
| Fiscal year end | December |
| Website | www.lmi.ne.jp (https://www.lmi.ne.jp/) |
| Corporate number | 5010001068254 |
| EDINET | E05727 |
| Industries (Vizora) | HR & Staffing, PR & IR Services, Consulting, Education |

> Profile source: annual securities report (S100XSV5, filed 2026-03-24). As of filing

## Five-axis industry profile

Primary industry: HR & Staffing (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 24.3 | 68 |
| Profitability | 60.8 | 88 |
| Cash conversion | 74.4 | 80 |
| Efficiency | 33.5 | 88 |

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 46% of Link and Motivation's sales come from Matching sivision, with Organizational development division and Individual development division making up much of the rest.
- Out of every ¥100 of sales, about ¥10 is left as operating profit.
- Revenue changed +10.8% from the prior year, operating profit -23.4%.

## Company structure

- Segment revenue mix: Matching sivision 45.8%、Organizational development division 39.8%、Individual development division 14.3%、Other 0.0%
- Revenue → net income: ¥41522000000 → ¥2020000000
- Net income → operating cash flow: ¥2020000000 → ¥5246000000（difference ¥3226000000）
- Main uses of operating cash flow: CapEx ¥656000000 / dividends ¥1634000000 / buybacks ¥0
- Change in cash: ¥-232000000
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 | ¥41.5B |  |
| Operating income | ¥4.2B | Margin 10.1% |
| Net income | ¥1.62B | Margin 3.9% |
| Free cash flow | ¥4.59B |  |
| Largest business | Matching sivision | of segment revenue 45.8% |
| Employees (consolidated) | 1,629 |  |
| EPS | ¥14.97 |  |
| Diluted EPS | ¥14.94 |  |
| Book value per share | ¥103.78 |  |
| Equity ratio | 33.1% | Derived from disclosed figures |
| Shares outstanding | 110,937,011 |  |
| Treasury shares | 200 |  |
| Shareholders | 14,403 |  |
| Average salary (parent only) | ¥7M | Filing company only |
| Cash ratio | 27.7% | Cash ÷ revenue 27.4% |
| Vs. industry median margin | +1.5 pp | HR & Staffing |
| ROE | 13.0% | Derived from disclosed figures |
| ROA | 4.4% | Derived from disclosed figures |

## Notable figures

- FY2025, operating cash flow is 3.2× net income
- FY2025, cash is 28% of total assets

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥30785000000 | ¥41522000000 | +34.9% |
| Operating income | ¥860000000 | ¥4204000000 | +388.8% |
| Operating margin | 2.8% | 10.1% | +7.3 pp |
| Employees | 1,498 people | 1,629 people | +8.7% |
| Cash and equivalents | ¥6449000000 | ¥11374000000 | +76.4% |

### 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 |
| --- | ---: |
| 組織開発Division → 組織開発Division | 30.9% |
| 個人開発Division → 個人開発Division | 14.3% |
| 個人開発Division → 事業再編・廃止 | 7.5% |
| マッチングDivision → マッチングDivision | 45.8% |
| マッチングDivision → 事業再編・廃止 | 1.4% |
| その他 → その他 | 0.0% |
| その他 → 事業再編・廃止 | 0.0% |
| 新設・再編 → 組織開発Division | 8.9% |

Segment revenue source references: 8 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Matching sivision | 5 years | +5.5% | ¥19022000000 | — | 2 |
| Organizational development division | 5 years | +11.7% | ¥16539000000 | — | 2 |
| Individual development division | 5 years | -2.4% | ¥5951000000 | — | 2 |
| Other | 5 years | -12.9% | ¥9000000 | — | 2 |

## Income statement（FY ending Dec 2025, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 41,522 | 100.0% | S100XSV5 |
| Cost of revenue | 18,917 | 45.6% | S100XSV5 |
| Gross profit | 22,605 | 54.4% | S100XSV5 |
| SG&A | 16,925 | 40.8% | S100XSV5 |
| Operating income | 4,204 | 10.1% | S100XSV5 |
| Pretax income | 4,223 | 10.2% | S100XSV5 |
| Income tax | 2,202 | 5.3% | S100XSV5 |
| Net income | 2,020 | 4.9% | S100XSV5 |
| Net income attributable to owners | 1,621 | 3.9% | S100XSV5 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 46 |
| SG&A | 41 |
| Other operating | 3 |
| Operating income | 10 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 54.4% → Operating margin 10.1% → Net margin 3.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +10.8%; Core profit growth: -23.4%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -2.15×
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 | 37,458 | 41,522 | 4,064 | +10.8% |
| Gross profit | 19,884 | 22,605 | 2,721 | +13.7% |
| Operating income | 5,485 | 4,204 | -1,281 | -23.4% |
| Net income attributable to owners | 3,691 | 1,621 | -2,070 | -56.1% |
| Operating cash flow | 5,638 | 5,246 | -392 | -7.0% |
| Free cash flow | 4,830 | 4,590 | -240 | -5.0% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2016 | 33,321 | — | — | 1,804 | 1,843 | — | S100L2XF |
| FY ending Dec 2017 | 29,378 | — | — | 2,107 | 2,944 | — | S100NRT2 |
| FY ending Dec 2018 | 32,793 | — | — | 1,945 | 3,611 | — | S100QGZW |
| FY ending Dec 2019 | 38,191 | 2,007 | 5.3% | 1,086 | 3,827 | 2,718 | S100L2XF |
| FY ending Dec 2020 | 30,785 | 860 | 2.8% | -996 | 3,970 | 3,049 | S100NRT2 |
| FY ending Dec 2021 | 32,644 | 2,066 | 6.3% | 918 | 4,316 | 3,097 | S100QGZW |
| FY ending Dec 2022 | 32,776 | 3,627 | 11.1% | 2,058 | 3,550 | 2,517 | S100T54Q |
| FY ending Dec 2023 | 33,969 | 4,623 | 13.6% | 2,842 | 4,342 | 3,686 | S100VGLZ |
| FY ending Dec 2024 | 37,458 | 5,485 | 14.6% | 3,691 | 5,638 | 4,830 | S100XSV5 |
| FY ending Dec 2025 | 41,522 | 4,204 | 10.1% | 1,621 | 5,246 | 4,590 | S100XSV5 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥25.5M |
| Operating income per employee (consolidated) | ¥2.6M |
| Net income per employee (consolidated) | ¥995.1K |

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) | 1,493 | 1,505 | 1,470 | 1,484 | 1,629 |
| Average salary (parent company) | ¥6.7M | ¥6.6M | ¥6.4M | ¥6.9M | ¥7M |
| Average age (parent company) | 31.7 years | 31.5 years | 31.8 years | 32.1 years | 32.5 years |
| Average tenure (parent company) | 5.8 years | 5.6 years | 5.9 years | 6.2 years | 6.4 years |

Year over year: Employees (consolidated) +9.8% · Revenue (consolidated) +10.8%

## Segments（FY ending Dec 2025, consolidated, IFRS、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Organizational development division | 16,539 | 39.8% | — | — |
| Individual development division | 5,951 | 14.3% | — | — |
| Matching sivision | 19,022 | 45.8% | — | — |
| Other | 9 | 0.0% | — | — |

### 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 |
| --- | ---: |
| Organizational development division | 39.8% |
| Individual development division | 14.3% |
| Matching sivision | 45.8% |
| Other | 0.0% |

Segment → industry: Matching sivision → HR & Staffing / Organizational development division → PR & IR Services / Organizational development division → Consulting / Individual development division → Education

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 5,246 | 12.6% | S100XSV5 |
| Capital expenditure | 656 | 1.6% | S100XSV5 |
| Free cash flow | 4,590 | 11.1% | 算出 |
| Investing cash flow | -5,248 | -12.6% | S100XSV5 |
| Financing cash flow | -194 | -0.5% | S100XSV5 |
| Dividends paid | 1,634 | 3.9% | S100XSV5 |
| Share buyback | 0 | 0.0% | S100XSV5 |
| Change in cash | -232 | -0.6% | S100XSV5 |
| Cash and equivalents | 11,374 | 27.4% | S100XSV5 |

## 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 | 4,917 | 6,112 | 7,389 | 8,607 | 11,374 | S100T54Q, S100VGLZ, S100XSV5 |
| Total assets | 30,062 | 28,908 | 30,843 | 33,178 | 40,999 | S100QGZW, S100T54Q, S100VGLZ, S100XSV5 |
| Net assets | 8,648 | 11,243 | 12,940 | 14,384 | 16,817 | S100T54Q, S100VGLZ, S100XSV5 |
| Share capital | 1,380 | 1,380 | 1,380 | 1,380 | 1,380 | S100QGZW, S100T54Q, S100VGLZ, S100XSV5 |
| Property, plant and equipment | 637 | 599 | 604 | 653 | 667 | S100QGZW, S100T54Q, S100VGLZ, S100XSV5 |
| Goodwill | 9,410 | 9,347 | 9,347 | 9,346 | 11,983 | S100QGZW, S100T54Q, S100VGLZ, S100XSV5 |
| Current assets | 9,732 | 10,633 | 12,701 | 13,940 | 17,553 | S100QGZW, S100T54Q, S100VGLZ, S100XSV5 |
| Total liabilities | 21,413 | 17,664 | 17,902 | 18,793 | 24,181 | S100QGZW, S100T54Q, S100VGLZ, S100XSV5 |
| Equity attributable to owners of parent | 7,493 | 9,057 | 10,165 | 11,285 | 13,590 | S100QGZW, S100T54Q, S100VGLZ, S100XSV5 |
| Retained earnings | 4,406 | 5,385 | 7,396 | 9,447 | 9,424 | S100QGZW, S100T54Q, S100VGLZ, S100XSV5 |
| Treasury stock | -320 | -320 | -1,539 | -1,182 | 0 | S100QGZW, S100T54Q, S100VGLZ, S100XSV5 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 28% | S100XSV5 |
| Property, plant and equipment | 2% | S100XSV5 |
| Intangibles and goodwill | 29% | — |
| Other assets | 41% | S100XSV5 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 59% | S100XSV5 |
| Equity | 41% | S100XSV5 |
| Other liabilities | 0% | S100XSV5 |

### 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 | 30,062 | 28,908 | 30,843 | 33,178 | 40,999 |
| Equity | 8,648 | 11,243 | 12,940 | 14,384 | 16,817 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 4,917 | 6,112 | 7,389 | 8,607 | 11,374 |

## 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) | 1.6% | S100XSV5 |
| Fixed assets ÷ total assets | 1.6% | S100XSV5 |
| Goodwill ÷ parent equity | 88.2% | S100XSV5 |

Goodwill over 4 years: 9,410 → 11,983 JPY; total investing cash flow: -7,897 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) | 27.7% |
| Cash ÷ revenue | 27.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 124.8% |
| Cash vs. profit gap | 3,625 JPY mn (of net income 223.6%) |
| Shareholder returns / net income | 100.8% |
| Shareholder returns / FCF | 35.6% |
| Shareholder payments — dividends / net income | 100.8% |
| Shareholder payments — dividends / FCF | 35.6% |
| CapEx intensity (capex ÷ revenue) | 1.6% |
| Investing CF relative to operating CF | 100.0% |

## 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 | 2.8% | 1.09× | 3.1% | 4.01× | 12.3% | S100QGZW |
| 2022 | 6.3% | 1.11× | 7.0% | 3.56× | 24.9% | S100T54Q |
| 2023 | 8.4% | 1.14× | 9.5% | 3.11× | 29.6% | S100VGLZ |
| 2024 | 9.9% | 1.17× | 11.5% | 2.98× | 34.4% | S100XSV5 |
| 2025 | 3.9% | 1.12× | 4.4% | 2.98× | 13.0% | S100XSV5 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社フェニックス | Major shareholder | 32.9% | 2025-12-31 |
| 勝呂 彰 | Major shareholder | 5.9% | 2025-12-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 4.5% | 2025-12-31 |
| リンクアンドモチベーション従業員持株会 | Major shareholder | 4.0% | 2025-12-31 |
| 榊原 清孝 | Major shareholder | 2.7% | 2025-12-31 |
| 坂下 英樹 | Major shareholder | 2.6% | 2025-12-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 2.2% | 2025-12-31 |
| 小笹 芳央 | Major shareholder | 2.0% | 2025-12-31 |
| 株式会社FCE | Major shareholder | 1.5% | 2025-12-31 |
| 田中 弦 | Major shareholder | 1.4% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第26期(2025/01/01－2025/12/31) | S100XSV5 | 2026-03-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XSV5,, |
| 有価証券報告書－第25期(2024/01/01－2024/12/31) | S100VGLZ | 2025-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VGLZ,, |
| 有価証券報告書－第24期(2023/01/01－2023/12/31) | S100T54Q | 2024-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T54Q,, |
| 有価証券報告書－第23期(2022/01/01－2022/12/31) | S100QGZW | 2023-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QGZW,, |
| 有価証券報告書－第22期(令和3年1月1日－令和3年12月31日) | S100NRT2 | 2022-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NRT2,, |
| 有価証券報告書－第21期(令和2年1月1日－令和2年12月31日) | S100L2XF | 2021-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L2XF,, |

## 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).