# Livero Inc.: business model and financials

> Latest period: FY ending Dec 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 訂正有価証券報告書－第17期(2025/01/01－2025/12/31) (S100YB2Z)
> Page: https://vizora.meequs.com/en/company/livero
> Retrieved: 2026-09-30T20:25:06.346Z

## Company

Livero, founded in 2025, is a company in Internet Services & Apps listed on TSE Growth. It has 147 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Livero Inc. |
| Ticker | 9245 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9245.T) |
| Listing | TSE Growth |
| Head office | 東京都港区虎ノ門三丁目8番8号NTT虎ノ門ビル3F |
| Representative (per filing) | 代表取締役社長 鹿島 秀俊 |
| Founded | Sep 2025 |
| Share capital | ¥453.5M |
| Employees (consolidated) | 147 |
| Average salary (parent only) | ¥4.8M |
| Fiscal year end | December |
| Website | www.livero.co.jp (https://www.livero.co.jp/) |
| Corporate number | 1010901024558 |
| EDINET | E36883 |
| Industries (Vizora) | Internet Services & Apps |

> Profile source: annual securities report (S100YB2Z, filed 2026-06-12). As of filing

## Five-axis industry profile

Primary industry: Internet Services & Apps (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 61.3 | 40 |
| Profitability | 73.5 | 51 |
| Cash conversion | 59.3 | 43 |
| Efficiency | 20.2 | 52 |

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)

- Livero brought in ¥4.36B in revenue.
- Out of every ¥100 of sales, about ¥17 is left as operating profit.
- Revenue changed +21.7% from the prior year, operating profit +67.0%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥4364484000 → ¥531616000
- Net income → operating cash flow: ¥531616000 → ¥963787000（difference ¥432171000）
- Main uses of operating cash flow: CapEx ¥114514000 / dividends ¥157013000 / buybacks ¥75000
- Change in cash: ¥366563000
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 | ¥4.36B |  |
| Operating income | ¥760.3M | Margin 17.4% |
| Net income | ¥531.6M | Margin 12.2% |
| Free cash flow | ¥849.3M |  |
| Employees (consolidated) | 147 |  |
| EPS | ¥95.77 |  |
| Diluted EPS | ¥86.15 |  |
| Book value per share | ¥487.12 |  |
| Equity ratio | 35.3% |  |
| Shares outstanding | 5,405,500 |  |
| Treasury shares | 100,000 |  |
| Shareholders | 1,613 |  |
| Average salary (parent only) | ¥4.8M | Filing company only |
| Cash ratio | 31.0% | Cash ÷ revenue 53.2% |
| Vs. industry median margin | +9.8 pp | Internet Services & Apps |
| ROE | 21.7% | Derived from disclosed figures |
| ROA | 8.0% | Derived from disclosed figures |

## Notable figures

- FY2025, employees -4% while operating income rose 67%
- FY2025, cash is 31% of total assets

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥2136583000 | ¥4364484000 | +104.3% |
| Operating income | ¥315024000 | ¥760303000 | +141.3% |
| Operating margin | 14.7% | 17.4% | +2.7 pp |
| Employees | 92 people | 147 people | +59.8% |
| Cash and equivalents | ¥880915000 | ¥2320408000 | +163.4% |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 4,364 | 100.0% | S100YB2Z |
| Cost of revenue | 1,229 | 28.2% | S100YB2Z |
| Gross profit | 3,136 | 71.8% | S100YB2Z |
| SG&A | 2,375 | 54.4% | S100YB2Z |
| Operating income | 760 | 17.4% | S100YB2Z |
| Ordinary income | 765 | 17.5% | S100YB2Z |
| Pretax income | 765 | 17.5% | S100YB2Z |
| Income tax | 234 | 5.4% | S100YB2Z |
| Net income | 532 | 12.2% | S100YB2Z |
| Net income attributable to owners | 532 | 12.2% | S100YB2Z |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 28 |
| SG&A | 55 |
| Operating income | 17 |
| (Ref.) Net income | 12 |

### Margin funnel

Gross margin 71.8% → Operating margin 17.4% → Net margin 12.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +21.7%; Core profit growth: +67.0%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 3.09×
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 | 3,587 | 4,364 | 778 | +21.7% |
| Gross profit | 2,854 | 3,136 | 282 | +9.9% |
| Operating income | 455 | 760 | 305 | +67.0% |
| Net income attributable to owners | 339 | 532 | 193 | +56.9% |
| Operating cash flow | 828 | 964 | 135 | +16.3% |
| Free cash flow | 694 | 849 | 155 | +22.3% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2020 | 2,137 | 315 | 14.7% | 225 | 227 | 204 | S100O3IG |
| FY ending Dec 2021 | 2,377 | 360 | 15.1% | 239 | 331 | — | S100QGFJ |
| FY ending Dec 2022 | 2,555 | 78 | 3.0% | 51 | 11 | -57 | S100T5WJ |
| FY ending Dec 2023 | 2,901 | 179 | 6.2% | 104 | 497 | 385 | S100VIL9 |
| FY ending Dec 2024 | 3,587 | 455 | 12.7% | 339 | 828 | 694 | S100YB2Z |
| FY ending Dec 2025 | 4,364 | 760 | 17.4% | 532 | 964 | 849 | S100YB2Z |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥29.7M |
| Operating income per employee (consolidated) | ¥5.2M |
| Net income per employee (consolidated) | ¥3.6M |

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) | 107 | 135 | 141 | 153 | 147 |
| Average salary (parent company) | ¥4.6M | ¥4.6M | ¥4.6M | ¥4.9M | ¥4.8M |
| Average age (parent company) | 34.7 years | 34.1 years | 34.3 years | 35.3 years | 36.2 years |
| Average tenure (parent company) | 3.6 years | 3.6 years | 4.2 years | 4.5 years | 5.1 years |

Year over year: Employees (consolidated) -3.9% · Revenue (consolidated) +21.7%

## 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 | 964 | 22.1% | S100YB2Z |
| Capital expenditure | 115 | 2.6% | S100YB2Z |
| Free cash flow | 849 | 19.5% | 算出 |
| Investing cash flow | -480 | -11.0% | S100YB2Z |
| Financing cash flow | -117 | -2.7% | S100YB2Z |
| Dividends paid | 157 | 3.6% | S100YB2Z |
| Share buyback | 0 | 0.0% | S100YB2Z |
| Change in cash | 367 | 8.4% | S100YB2Z |
| Cash and equivalents | 2,320 | 53.2% | S100YB2Z |

## 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 | 1,753 | 1,453 | 1,526 | 1,914 | 2,320 | S100T5WJ, S100VIL9, S100YB2Z |
| Total assets | 3,052 | 3,460 | 4,396 | 5,827 | 7,488 | S100QGFJ, S100T5WJ, S100VIL9, S100YB2Z |
| Net assets | 1,836 | 1,893 | 1,894 | 2,251 | 2,659 | S100T5WJ, S100VIL9, S100YB2Z |
| Share capital | 420 | 424 | 425 | 433 | 454 | S100QGFJ, S100T5WJ, S100VIL9, S100YB2Z |
| Property, plant and equipment | 21 | 17 | 19 | 31 | 35 | S100QGFJ, S100T5WJ, S100VIL9, S100YB2Z |
| Intangible assets excluding goodwill | 87 | 131 | 188 | 239 | 274 | S100QGFJ, S100T5WJ, S100VIL9, S100YB2Z |
| Investment securities | 0 | 107 | 2 | 2 | 2 | S100QGFJ, S100T5WJ, S100VIL9, S100YB2Z |
| Current assets | 2,536 | 2,575 | 3,194 | 4,167 | 5,257 | S100QGFJ, S100T5WJ, S100VIL9, S100YB2Z |
| Current liabilities | 880 | 1,016 | 1,558 | 2,313 | 2,961 | S100QGFJ, S100T5WJ, S100VIL9, S100YB2Z |
| Total liabilities | 1,216 | 1,568 | 2,502 | 3,575 | 4,829 | S100QGFJ, S100T5WJ, S100VIL9, S100YB2Z |
| Equity attributable to owners of parent | 1,835 | 1,892 | 1,894 | 2,249 | 2,646 | S100QGFJ, S100T5WJ, S100VIL9, S100YB2Z |
| Retained earnings | 990 | 1,038 | 1,142 | 1,481 | 1,838 | S100QGFJ, S100T5WJ, S100VIL9, S100YB2Z |
| Treasury stock | — | — | -104 | -104 | -104 | S100VIL9, S100YB2Z |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 31% | S100YB2Z |
| Property, plant and equipment | 0% | S100YB2Z |
| Intangibles and goodwill | 4% | S100YB2Z |
| Investment securities | 0% | S100YB2Z |
| Other assets | 65% | S100YB2Z |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 64% | S100YB2Z |
| Equity | 36% | S100YB2Z |

### 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 | 3,052 | 3,460 | 4,396 | 5,827 | 7,488 |
| Equity | 1,836 | 1,893 | 1,894 | 2,251 | 2,659 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,753 | 1,453 | 1,526 | 1,914 | 2,320 |

## 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) | 0.8% | S100YB2Z |
| Fixed assets ÷ total assets | 0.5% | S100YB2Z |
| Goodwill ÷ parent equity | — | —, S100YB2Z |

### 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) | 31.0% |
| Cash ÷ revenue | 53.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 126.8% |
| Cash vs. profit gap | 432 JPY mn (of net income 81.3%) |
| Shareholder returns / net income | 29.5% |
| Shareholder returns / FCF | 18.5% |
| Shareholder payments — dividends / net income | 29.5% |
| Shareholder payments — dividends / FCF | 18.5% |
| CapEx intensity (capex ÷ revenue) | 2.6% |
| Investing CF relative to operating CF | 49.8% |

## 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 | 10.1% | 0.78× | 7.8% | 1.66× | 13.0% | S100QGFJ |
| 2022 | 2.0% | 0.78× | 1.6% | 1.75× | 2.7% | S100T5WJ |
| 2023 | 3.6% | 0.74× | 2.6% | 2.08× | 5.5% | S100VIL9 |
| 2024 | 9.4% | 0.70× | 6.6% | 2.47× | 16.4% | S100YB2Z |
| 2025 | 12.2% | 0.66× | 8.0% | 2.72× | 21.7% | S100YB2Z |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 鹿島 秀俊 | Major shareholder | 36.1% | 2025-12-31 |
| 横川 尚佳 | Major shareholder | 25.8% | 2025-12-31 |
| 株式会社ベネフィット・ワン | Major shareholder | 8.6% | 2025-12-31 |
| 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 | 4.4% | 2025-12-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 1.8% | 2025-12-31 |
| 株式会社ラストワンマイル | Major shareholder | 1.4% | 2025-12-31 |
| リベロ取引先持株会 | Major shareholder | 1.3% | 2025-12-31 |
| 株式会社ＨＩＴＥＮ | Major shareholder | 1.3% | 2025-12-31 |
| 李 秀礼 | Major shareholder | 1.2% | 2025-12-31 |
| ＧＯＬＤＭＡＮ ＳＡＣＨＳ ＩＮＴＥＲＮＡＴＩＯＮＡＬ （常任代理人 ゴールドマン・サックス証券株式会社 | Major shareholder | 0.7% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 訂正有価証券報告書－第17期(2025/01/01－2025/12/31) | S100YB2Z | 2026-06-12 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YB2Z,, |
| 有価証券報告書－第16期(2024/01/01－2024/12/31) | S100VIL9 | 2025-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VIL9,, |
| 有価証券報告書－第15期(2023/01/01－2023/12/31) | S100T5WJ | 2024-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T5WJ,, |
| 有価証券報告書－第14期(2022/01/01－2022/12/31) | S100QGFJ | 2023-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QGFJ,, |
| 訂正有価証券報告書－第13期(令和3年1月1日－令和3年12月31日) | S100O3IG | 2022-05-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O3IG,, |

## 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).