# Livesense 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20期(2025/01/01－2025/12/31) (S100XSWS)
> Page: https://vizora.meequs.com/en/company/livesense
> Retrieved: 2026-09-30T20:18:01.508Z

## Company

Livesense, founded in 2006, is a company in HR & Staffing listed on TSE Standard. It has 254 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Livesense Inc. |
| Ticker | 6054 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6054.T) |
| Listing | TSE Standard |
| Head office | 東京都港区海岸1丁目7番1号 |
| Representative (per filing) | 代表取締役社長兼執行役員 村上 太一 |
| Founded | Feb 2006 |
| Share capital | ¥237.2M |
| Employees (consolidated) | 254 |
| Average salary (parent only) | ¥6.3M |
| Fiscal year end | December |
| Website | www.livesense.co.jp (https://www.livesense.co.jp/) |
| Corporate number | 9011001063308 |
| EDINET | E26032 |
| Industries (Vizora) | HR & Staffing |

> Profile source: annual securities report (S100XSWS, filed 2026-03-26). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 25.7 | 68 |
| Profitability | 4 | 88 |
| Efficiency | 34.7 | 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)

- Livesense brought in ¥5.64B in revenue.
- It lost about ¥6 for every ¥100 of sales at the operating level.
- Revenue changed -10.8% from the prior year, operating profit -437.0%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥5.64B |  |
| Operating income | -¥368.8M | Margin -6.5% |
| Net income | -¥22.3M | Margin -0.4% |
| Free cash flow | -¥654.4M |  |
| Employees (consolidated) | 254 |  |
| EPS | ¥-1.52 |  |
| Book value per share | ¥149.96 |  |
| Equity ratio | 88.1% |  |
| Shares outstanding | 28,160,000 |  |
| Treasury shares | 595,600 |  |
| Shareholders | 4,750 |  |
| Average salary (parent only) | ¥6.3M | Filing company only |
| Cash ratio | 76.9% | Cash ÷ revenue 64.5% |
| Vs. industry median margin | -15.1 pp | HR & Staffing |
| ROA | -0.5% | Derived from disclosed figures |

## Notable figures

- FY2025, cash is 77% of total assets

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥4078911000 | ¥5639875000 | +38.3% |
| Operating income | ¥-1129096000 | ¥-368801000 | — |
| Operating margin | -27.7% | -6.5% | +21.1 pp |
| Employees | 280 people | 254 people | -9.3% |
| Cash and equivalents | ¥3031742000 | ¥3639547000 | +20.0% |

### 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 | 5,640 | 100.0% | S100XSWS |
| Cost of revenue | 1,429 | 25.3% | S100XSWS |
| Gross profit | 4,210 | 74.7% | S100XSWS |
| SG&A | 4,579 | 81.2% | S100XSWS |
| Operating income | -369 | -6.5% | S100XSWS |
| Ordinary income | -295 | -5.2% | S100XSWS |
| Pretax income | 83 | 1.5% | S100XSWS |
| Income tax | 87 | 1.5% | S100XSWS |
| Net income | -3 | -0.1% | S100XSWS |
| Net income attributable to owners | -22 | -0.4% | S100XSWS |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 25 |
| SG&A | 81 |
| Operating income | -6 |
| (Ref.) Net income | 0 |

### Margin funnel

Gross margin 74.7% → Operating margin -6.5% → Net margin -0.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Turned to a loss
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 | 6,320 | 5,640 | -680 | -10.8% |
| Gross profit | 4,739 | 4,210 | -528 | -11.2% |
| Operating income | 109 | -369 | -478 | -437.0% |
| Net income attributable to owners | 197 | -22 | -220 | -111.3% |
| Operating cash flow | 264 | -652 | -917 | -346.7% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 6,190 | -6 | -0.1% | 1,250 | 256 | 240 | S100L0LK |
| FY ending Dec 2020 | 4,079 | -1,129 | -27.7% | -1,090 | -1,991 | -1,999 | S100NSR5 |
| FY ending Dec 2021 | 4,180 | -1,112 | -26.6% | -944 | -361 | — | S100QGXW |
| FY ending Dec 2022 | 4,758 | 284 | 6.0% | 538 | 731 | — | S100T4C8 |
| FY ending Dec 2023 | 5,654 | 485 | 8.6% | 716 | 3 | -6 | S100VGRK |
| FY ending Dec 2024 | 6,320 | 109 | 1.7% | 197 | 264 | — | S100XSWS |
| FY ending Dec 2025 | 5,640 | -369 | -6.5% | -22 | -652 | -654 | S100XSWS |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥22.2M |
| Operating income per employee (consolidated) | -¥1.5M |
| Net income per employee (consolidated) | -¥87.7K |

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) | 243 | 207 | 225 | 245 | 254 |
| Average salary (parent company) | ¥5.5M | ¥5.3M | ¥6.2M | ¥6.3M | ¥6.3M |
| Average age (parent company) | 33.2 years | 33.2 years | 34.7 years | 35.6 years | 35.4 years |
| Average tenure (parent company) | 4.6 years | 5.0 years | 5.4 years | 5.6 years | 5.5 years |

Year over year: Employees (consolidated) +3.7% · Revenue (consolidated) -10.8%

## 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 | -652 | -11.6% | S100XSWS |
| Capital expenditure | 2 | 0.0% | S100XSWS |
| Free cash flow | -654 | -11.6% | 算出 |
| Investing cash flow | 376 | 6.7% | S100XSWS |
| Financing cash flow | -10 | -0.2% | S100XSWS |
| Change in cash | -286 | -5.1% | S100XSWS |
| Cash and equivalents | 3,640 | 64.5% | S100XSWS |

## 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 | 2,705 | 3,560 | 3,647 | 3,926 | 3,640 | S100T4C8, S100VGRK, S100XSWS |
| Total assets | 3,874 | 4,468 | 4,808 | 4,942 | 4,734 | S100QGXW, S100T4C8, S100VGRK, S100XSWS |
| Net assets | 3,099 | 3,357 | 3,981 | 4,207 | 4,210 | S100T4C8, S100VGRK, S100XSWS |
| Share capital | 237 | 237 | 237 | 237 | 237 | S100QGXW, S100T4C8, S100VGRK, S100XSWS |
| Property, plant and equipment | — | 3 | 2 | 0 | 0 | S100T4C8, S100VGRK, S100XSWS |
| Intangible assets excluding goodwill | — | — | 7 | 5 | 5 | S100VGRK, S100XSWS |
| Investment securities | 530 | 181 | 91 | 66 | 54 | S100QGXW, S100T4C8, S100VGRK, S100XSWS |
| Current assets | 3,339 | 4,117 | 4,556 | 4,766 | 4,639 | S100QGXW, S100T4C8, S100VGRK, S100XSWS |
| Current liabilities | 691 | 1,088 | 803 | 721 | 513 | S100QGXW, S100T4C8, S100VGRK, S100XSWS |
| Long-term borrowings | 15 | 20 | 20 | 10 | — | S100QGXW, S100T4C8, S100VGRK, S100XSWS |
| Total liabilities | 775 | 1,111 | 827 | 735 | 524 | S100QGXW, S100T4C8, S100VGRK, S100XSWS |
| Non-controlling interests | — | — | — | 19 | 37 | S100XSWS |
| Equity attributable to owners of parent | 2,697 | 3,237 | 3,953 | 4,173 | 4,158 | S100QGXW, S100T4C8, S100VGRK, S100XSWS |
| Retained earnings | 2,441 | 2,981 | 3,697 | 3,889 | 3,860 | S100QGXW, S100T4C8, S100VGRK, S100XSWS |
| Treasury stock | -207 | -207 | -207 | -178 | -164 | S100QGXW, S100T4C8, S100VGRK, S100XSWS |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 77% | S100XSWS |
| Property, plant and equipment | 0% | S100XSWS |
| Intangibles and goodwill | 0% | S100XSWS |
| Investment securities | 1% | S100XSWS |
| Other assets | 22% | S100XSWS |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 11% | S100XSWS |
| Equity | 89% | S100XSWS |
| Other liabilities | 0% | S100XSWS |

### 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 | 3,874 | 4,468 | 4,808 | 4,942 | 4,734 |
| Equity | 3,099 | 3,357 | 3,981 | 4,207 | 4,210 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 2,705 | 3,560 | 3,647 | 3,926 | 3,640 |

## 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% | S100XSWS |
| Fixed assets ÷ total assets | 0.0% | S100XSWS |
| Goodwill ÷ parent equity | — | —, S100XSWS |

### 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) | 76.9% |
| Cash ÷ revenue | 64.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | -630 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.0% |
| 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 | — | —× | -24.4% | —× | — | S100QGXW |
| 2022 | 11.3% | 1.14× | 12.9% | 1.41× | 18.1% | S100T4C8 |
| 2023 | 12.7% | 1.22× | 15.4% | 1.29× | 19.9% | S100VGRK |
| 2024 | 3.1% | 1.30× | 4.0% | 1.20× | 4.9% | S100XSWS |
| 2025 | — | —× | -0.5% | —× | — | S100XSWS |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 村上 太一 | Major shareholder | 49.7% | 2025-12-31 |
| 桂 大介 | Major shareholder | 9.8% | 2025-12-31 |
| 株式会社SBI証券 | Major shareholder | 3.6% | 2025-12-31 |
| 永井 詳二 | Major shareholder | 2.8% | 2025-12-31 |
| GMOクリック証券株式会社 | Major shareholder | 2.0% | 2025-12-31 |
| 五味 大輔 | Major shareholder | 1.7% | 2025-12-31 |
| 肥田 義光 | Major shareholder | 1.6% | 2025-12-31 |
| 楽天証券株式会社共有口 | Major shareholder | 0.9% | 2025-12-31 |
| 川原 裕也 | Major shareholder | 0.8% | 2025-12-31 |
| THE BANK OF NEW YORK MELLON 140040 （常任代理人株式会社みずほ銀行） | Major shareholder | 0.6% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第20期(2025/01/01－2025/12/31) | S100XSWS | 2026-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XSWS,, |
| 有価証券報告書－第19期(2024/01/01－2024/12/31) | S100VGRK | 2025-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VGRK,, |
| 有価証券報告書－第18期(2023/01/01－2023/12/31) | S100T4C8 | 2024-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T4C8,, |
| 有価証券報告書－第17期(2022/01/01－2022/12/31) | S100QGXW | 2023-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QGXW,, |
| 有価証券報告書－第16期(令和3年1月1日－令和3年12月31日) | S100NSR5 | 2022-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NSR5,, |
| 有価証券報告書－第15期(令和2年1月1日－令和2年12月31日) | S100L0LK | 2021-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L0LK,, |

## 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).