# Living Technologies Inc.: 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22期(2024/10/01－2025/09/30) (S100XDJI)
> Page: https://vizora.meequs.com/en/company/living-technologies
> Retrieved: 2026-09-30T20:26:03.991Z

## Company

Living Technologies, founded in 2004, is a company in Internet Services & Apps listed on TSE Growth. It has 87 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Living Technologies Inc. |
| Ticker | 4445 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4445.T) |
| Listing | TSE Growth |
| Head office | 東京都中央区日本橋堀留町一丁目8番12号 |
| Representative (per filing) | 代表取締役社長 川合 大無 |
| Founded | Jan 2004 |
| Share capital | ¥194.3M |
| Employees (consolidated) | 87 |
| Average salary (parent only) | ¥6.2M |
| Fiscal year end | September |
| Website | www.lvn.co.jp (https://www.lvn.co.jp/) |
| Corporate number | 9010001086161 |
| EDINET | E34513 |
| Industries (Vizora) | Internet Services & Apps |

> Profile source: annual securities report (S100XDJI, filed 2025-12-26). As of filing

## Five-axis industry profile

Primary industry: Internet Services & Apps (2025-09-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 65.7 | 51 |
| Cash conversion | 29.1 | 43 |
| Efficiency | 56.7 | 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)

- Living Technologies brought in ¥3.59B in revenue.
- Out of every ¥100 of sales, about ¥14 is left as operating profit.
- Revenue changed +0.6% from the prior year, operating profit +143.2%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥3592752000 → ¥314575000
- Net income → operating cash flow: ¥314575000 → ¥452261000（difference ¥137686000）
- Main uses of operating cash flow: CapEx ¥9489000 / dividends — / buybacks ¥147831000
- Change in cash: ¥39710000
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 | ¥3.59B |  |
| Operating income | ¥503.6M | Margin 14.0% |
| Net income | ¥314.6M | Margin 8.8% |
| Free cash flow | ¥442.8M |  |
| Employees (consolidated) | 87 |  |
| EPS | ¥148.06 |  |
| Diluted EPS | ¥147.89 |  |
| Book value per share | ¥1334.48 |  |
| Equity ratio | 51.6% |  |
| Shares outstanding | 1,343,744 |  |
| Treasury shares | 45,400 |  |
| Shareholders | 1,171 |  |
| Average salary (parent only) | ¥6.2M | Filing company only |
| Cash ratio | 57.4% | Cash ÷ revenue 53.2% |
| Vs. industry median margin | +6.4 pp | Internet Services & Apps |
| ROE | 19.3% | Derived from disclosed figures |
| ROA | 9.3% | Derived from disclosed figures |

## Notable figures

- FY2025, employees -15% while operating income rose 143%
- FY2025, cash is 57% of total assets

## What changed in 5 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Sep 2020 | FY ending Sep 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥2444396000 | ¥3592752000 | — |
| Operating income | ¥34142000 | ¥503602000 | — |
| Operating margin | 1.4% | 14.0% | +12.6 pp |
| Employees | 70 people | 87 people | — |
| Cash and equivalents | ¥1188856000 | ¥1910712000 | — |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 3,593 | 100.0% | S100XDJI |
| Operating income | 504 | 14.0% | S100XDJI |
| Ordinary income | 474 | 13.2% | S100XDJI |
| Pretax income | 472 | 13.1% | S100XDJI |
| Income tax | 158 | 4.4% | S100XDJI |
| Net income | 315 | 8.8% | S100XDJI |
| Net income attributable to owners | 315 | 8.8% | S100XDJI |

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

| Part | JPY |
| --- | ---: |
| Operating expenses | 86 |
| Operating income | 14 |
| (Ref.) Net income | 9 |

### Margin funnel

Operating margin 14.0% → Net margin 8.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +0.6%; Core profit growth: +143.2%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 226.27×
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 | 3,570 | 3,593 | 23 | +0.6% |
| Operating income | 207 | 504 | 297 | +143.2% |
| Net income attributable to owners | 114 | 315 | 201 | +175.9% |
| Operating cash flow | 103 | 452 | 349 | +337.7% |
| Free cash flow | 96 | 443 | 346 | +359.3% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Sep 2019 | 1,873 | 266 | 14.2% | 171 | 83 | 74 | S100KG8Q |
| FY ending Sep 2020 | 2,444 | 34 | 1.4% | 5 | -68 | -72 | S100N4RU |
| FY ending Sep 2021 | 3,243 | 139 | 4.3% | 89 | 98 | 96 | S100PW9E |
| FY ending Sep 2022 | 3,030 | 380 | 12.5% | 235 | 309 | 302 | S100SJKK |
| FY ending Sep 2023 | 3,375 | 462 | 13.7% | 302 | 254 | 227 | S100SJKK |
| FY ending Sep 2024 | 3,570 | 207 | 5.8% | 114 | 103 | 96 | S100XDJI |
| FY ending Sep 2025 | 3,593 | 504 | 14.0% | 315 | 452 | 443 | S100XDJI |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥41.3M |
| Operating income per employee (consolidated) | ¥5.8M |
| 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 Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 77 | 86 | 83 | 102 | 87 |
| Average salary (parent company) | ¥5.2M | ¥5M | ¥5M | ¥5.5M | ¥6.2M |
| Average age (parent company) | 30.6 years | 31.3 years | 32.7 years | 32.8 years | 34.0 years |
| Average tenure (parent company) | 2.1 years | 2.5 years | 3.0 years | 3.0 years | 3.7 years |

Year over year: Employees (consolidated) -14.7% · Revenue (consolidated) +0.6%

## 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 | 452 | 12.6% | S100XDJI |
| Capital expenditure | 9 | 0.3% | S100XDJI |
| Free cash flow | 443 | 12.3% | 算出 |
| Investing cash flow | 80 | 2.2% | S100XDJI |
| Financing cash flow | -493 | -13.7% | S100XDJI |
| Share buyback | 148 | 4.1% | S100XDJI |
| Change in cash | 40 | 1.1% | S100XDJI |
| Cash and equivalents | 1,911 | 53.2% | S100XDJI |

## 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 | 1,096 | 1,262 | 1,108 | 1,871 | 1,911 | S100SJKK, S100XDJI |
| Total assets | 1,849 | 2,008 | 2,125 | 3,401 | 3,329 | S100PW9E, S100SJKK, S100XDJI |
| Net assets | 901 | 1,143 | 1,452 | 1,550 | 1,717 | S100SJKK, S100XDJI |
| Share capital | 194 | 194 | 194 | 194 | 194 | S100PW9E, S100SJKK, S100XDJI |
| Property, plant and equipment | 9 | 8 | 10 | 25 | 30 | S100PW9E, S100SJKK, S100XDJI |
| Intangible assets excluding goodwill | 6 | 9 | 26 | 49 | 37 | S100PW9E, S100SJKK, S100XDJI |
| Investment securities | 9 | 20 | 237 | 517 | 281 | S100PW9E, S100SJKK, S100XDJI |
| Current assets | 1,743 | 1,854 | 1,729 | 2,673 | 2,834 | S100PW9E, S100SJKK, S100XDJI |
| Current liabilities | 651 | 719 | 627 | 848 | 891 | S100PW9E, S100SJKK, S100XDJI |
| Long-term borrowings | 297 | 146 | 46 | 1,003 | 721 | S100PW9E, S100SJKK, S100XDJI |
| Total liabilities | 948 | 865 | 674 | 1,851 | 1,613 | S100PW9E, S100SJKK, S100XDJI |
| Equity attributable to owners of parent | 897 | 1,134 | 1,436 | 1,550 | 1,717 | S100PW9E, S100SJKK, S100XDJI |
| Retained earnings | 541 | 776 | 1,078 | 1,192 | 1,507 | S100PW9E, S100SJKK, S100XDJI |
| Treasury stock | -0 | -0 | -0 | -0 | -148 | S100PW9E, S100SJKK, S100XDJI |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 57% | S100XDJI |
| Property, plant and equipment | 1% | S100XDJI |
| Intangibles and goodwill | 1% | S100XDJI |
| Investment securities | 9% | S100XDJI |
| Other assets | 32% | S100XDJI |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 48% | S100XDJI |
| Equity | 52% | S100XDJI |
| Other liabilities | 0% | S100XDJI |

### 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 | 1,849 | 2,008 | 2,125 | 3,401 | 3,329 |
| Equity | 901 | 1,143 | 1,452 | 1,550 | 1,717 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,096 | 1,262 | 1,108 | 1,871 | 1,911 |

## 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% | S100XDJI |
| Fixed assets ÷ total assets | 0.9% | S100XDJI |
| Goodwill ÷ parent equity | — | —, S100XDJI |

### 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) | 57.4% |
| Cash ÷ revenue | 53.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 89.8% |
| Cash vs. profit gap | 138 JPY mn (of net income 43.8%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.3% |
| Investing CF relative to operating CF | 17.8% |

## 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 | 2.7% | 1.75× | 4.8% | 2.06× | 9.9% | S100PW9E |
| 2022 | 7.8% | 1.57× | 12.2% | 1.90× | 23.2% | S100SJKK |
| 2023 | 9.0% | 1.63× | 14.6% | 1.61× | 23.5% | S100SJKK |
| 2024 | 3.2% | 1.05× | 3.4% | 2.19× | 7.4% | S100XDJI |
| 2025 | 8.8% | 1.07× | 9.3% | 2.06× | 19.3% | S100XDJI |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 川合 大無 | Major shareholder | 42.2% | 2025-09-30 |
| 川合商会株式会社 | Major shareholder | 30.8% | 2025-09-30 |
| 柴田 健一 | Major shareholder | 2.7% | 2025-09-30 |
| ＫＷＳ株式会社 | Major shareholder | 1.2% | 2025-09-30 |
| 片山 喬太 | Major shareholder | 0.8% | 2025-09-30 |
| 渡邉 涼一 | Major shareholder | 0.8% | 2025-09-30 |
| 今 秀信 | Major shareholder | 0.7% | 2025-09-30 |
| 山田 雄太 | Major shareholder | 0.3% | 2025-09-30 |
| 貞松 成 | Major shareholder | 0.3% | 2025-09-30 |
| 小櫻 耕一 | Major shareholder | 0.3% | 2025-09-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第22期(2024/10/01－2025/09/30) | S100XDJI | 2025-12-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XDJI,, |
| 有価証券報告書－第21期(2023/10/01－2024/09/30) | S100V0VQ | 2024-12-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100V0VQ,, |
| 有価証券報告書－第20期(2022/10/01－2023/09/30) | S100SJKK | 2023-12-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SJKK,, |
| 訂正有価証券報告書－第19期(令和3年10月1日－令和4年9月30日) | S100PW9E | 2022-12-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PW9E,, |
| 有価証券報告書－第18期(令和2年10月1日－令和3年9月30日) | S100N4RU | 2021-12-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100N4RU,, |
| 有価証券報告書－第17期(令和1年10月1日－令和2年9月30日) | S100KG8Q | 2020-12-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KG8Q,, |

## 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).