# LTS, 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24期(2025/01/01－2025/12/31) (S100XRW4)
> Page: https://vizora.meequs.com/en/company/lt-s
> Retrieved: 2026-09-30T19:42:04.083Z

## Company

LTS, founded in 2002, is a company in HR & Staffing listed on TSE Prime. It has 1,003 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | LTS, Inc. |
| Ticker | 6560 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6560.T) |
| Listing | TSE Prime |
| Head office | 東京都港区元赤坂一丁目3番13号 |
| Representative (per filing) | 代表取締役 社長執行役員 樺島 弘明 |
| Founded | Mar 2002 |
| Share capital | ¥839M |
| Employees (consolidated) | 1,003 |
| Average salary (parent only) | ¥6.7M |
| Fiscal year end | December |
| Website | lt-s.jp (https://lt-s.jp/) |
| Corporate number | 8011101053812 |
| EDINET | E33588 |
| Industries (Vizora) | HR & Staffing, Consulting |

> Profile source: annual securities report (S100XRW4, filed 2026-03-23). As of filing

## Five-axis industry profile

Primary industry: Consulting (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 85.5 | 31 |
| Profitability | 26.1 | 44 |
| Cash conversion | 5.7 | 44 |
| Efficiency | 78.4 | 44 |

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 91% of LTS's sales come from Professional service business, with Platform business making up much of the rest.
- Out of every ¥100 of sales, about ¥7 is left as operating profit.
- Revenue changed +3.1% from the prior year, operating profit +7.0%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥17.1B |  |
| Operating income | ¥1.19B | Margin 6.9% |
| Net income | ¥696M | Margin 4.1% |
| Free cash flow | -¥515M |  |
| Largest business | Professional service business | of segment revenue 91.3% |
| Employees (consolidated) | 1,003 |  |
| EPS | ¥307.59 |  |
| Diluted EPS | ¥306.34 |  |
| Book value per share | ¥1014.75 |  |
| Equity ratio | 46.3% |  |
| Shares outstanding | 4,725,085 |  |
| Treasury shares | 321,900 |  |
| Shareholders | 1,643 |  |
| Average salary (parent only) | ¥6.7M | Filing company only |
| Cash ratio | 33.7% | Cash ÷ revenue 19.7% |
| Vs. industry median margin | -2.6 pp | Consulting |
| ROE | 15.3% | Derived from disclosed figures |
| ROA | 6.5% | Derived from disclosed figures |

## Notable figures

- FY2025, buybacks were 3.7× dividends
- FY2025, revenue is 2.3× its level five years ago
- FY2025, one segment accounts for 100% of positive segment profit

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥5555735000 | ¥17101000000 | +207.8% |
| Operating income | ¥478608000 | ¥1185000000 | +147.6% |
| Operating margin | 8.6% | 6.9% | -1.7 pp |
| Employees | 379 people | 1,003 people | +164.6% |
| Cash and equivalents | ¥2479226000 | ¥3376000000 | +36.2% |

### 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 |
| --- | ---: |
| プロフェッショナルサービス事業 → プロフェッショナルサービス事業 | 91.3% |
| プロフェッショナルサービス事業 → 事業再編・廃止 | 5.3% |
| プラットフォーム事業 → プラットフォーム事業 | 3.4% |
| 新設・再編 → プラットフォーム事業 | 5.3% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 17,101 | 100.0% | S100XRW4 |
| Cost of revenue | 11,008 | 64.4% | S100XRW4 |
| Gross profit | 6,092 | 35.6% | S100XRW4 |
| SG&A | 4,906 | 28.7% | S100XRW4 |
| Operating income | 1,185 | 6.9% | S100XRW4 |
| Ordinary income | 1,293 | 7.6% | S100XRW4 |
| Pretax income | 1,006 | 5.9% | S100XRW4 |
| Income tax | 311 | 1.8% | S100XRW4 |
| Net income | 695 | 4.1% | S100XRW4 |
| Net income attributable to owners | 696 | 4.1% | S100XRW4 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 64 |
| SG&A | 29 |
| Operating income | 7 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 35.6% → Operating margin 6.9% → Net margin 4.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +3.1%; Core profit growth: +7.0%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.30×
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 | 16,592 | 17,101 | 509 | +3.1% |
| Gross profit | 5,903 | 6,092 | 189 | +3.2% |
| Operating income | 1,107 | 1,185 | 78 | +7.0% |
| Net income attributable to owners | 973 | 696 | -277 | -28.5% |
| Operating cash flow | 816 | -326 | -1,142 | -140.0% |
| Free cash flow | 540 | -515 | -1,055 | -195.4% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 3,791 | 308 | 8.1% | 202 | 239 | 194 | S100KYPD |
| FY ending Dec 2020 | 5,556 | 479 | 8.6% | 270 | 469 | 389 | S100NOJC |
| FY ending Dec 2021 | 7,375 | 600 | 8.1% | 388 | 422 | 332 | S100QF2G |
| FY ending Dec 2022 | 9,637 | 501 | 5.2% | 233 | 255 | -33 | S100T6VC |
| FY ending Dec 2023 | 12,242 | 712 | 5.8% | 454 | 647 | 568 | S100VIVS |
| FY ending Dec 2024 | 16,592 | 1,107 | 6.7% | 973 | 816 | 540 | S100XRW4 |
| FY ending Dec 2025 | 17,101 | 1,185 | 6.9% | 696 | -326 | -515 | S100XRW4 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥17M |
| Operating income per employee (consolidated) | ¥1.2M |
| Net income per employee (consolidated) | ¥693.9K |

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) | 440 | 497 | 965 | 1,022 | 1,003 |
| Average salary (parent company) | ¥5.8M | ¥5.9M | ¥5.6M | ¥5.8M | ¥6.7M |
| Average age (parent company) | 34.4 years | 34.9 years | 34.5 years | 34.5 years | 34.8 years |
| Average tenure (parent company) | 4.0 years | 4.0 years | 4.0 years | 4.0 years | 4.0 years |

Year over year: Employees (consolidated) -1.9% · Revenue (consolidated) +3.1%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Professional service business | 15,608 | 91.3% | 1,211 | 7.8% |
| Platform business | 1,492 | 8.7% | -25 | -1.7% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Professional service business | 91.3% | 100.0% | 8.7 | 7.8% |
| Platform business | 8.7% | — | — | -1.7% |

Loss-making segment (excluded from profit shares): Platform business -25 JPY mn

Segment → industry: Platform business → HR & Staffing / Professional service business → Consulting

## 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 | -326 | -1.9% | S100XRW4 |
| Capital expenditure | 189 | 1.1% | S100XRW4 |
| Free cash flow | -515 | -3.0% | 算出 |
| Investing cash flow | -135 | -0.8% | S100XRW4 |
| Financing cash flow | -1,600 | -9.4% | S100XRW4 |
| Dividends paid | 136 | 0.8% | S100XRW4 |
| Share buyback | 499 | 2.9% | S100XRW4 |
| Change in cash | -2,062 | -12.1% | S100XRW4 |
| Cash and equivalents | 3,376 | 19.7% | S100XRW4 |

## 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 | 2,224 | 2,776 | 3,840 | 5,439 | 3,376 | S100T6VC, S100VIVS, S100XRW4 |
| Total assets | 5,080 | 5,596 | 11,976 | 11,402 | 10,031 | S100QF2G, S100T6VC, S100VIVS, S100XRW4 |
| Net assets | 2,077 | 3,249 | 3,618 | 4,566 | 4,763 | S100T6VC, S100VIVS, S100XRW4 |
| Share capital | 575 | 728 | 742 | 767 | 839 | S100QF2G, S100T6VC, S100VIVS, S100XRW4 |
| Property, plant and equipment | 53 | 273 | 2,714 | 1,237 | 1,289 | S100QF2G, S100T6VC, S100VIVS, S100XRW4 |
| Intangible assets excluding goodwill | 282 | 103 | 1,188 | 876 | 747 | S100QF2G, S100T6VC, S100VIVS, S100XRW4 |
| Goodwill | 141 | 100 | 804 | 561 | 488 | S100QF2G, S100T6VC, S100VIVS, S100XRW4 |
| Investment securities | 128 | 164 | 1,005 | 560 | 551 | S100QF2G, S100T6VC, S100VIVS, S100XRW4 |
| Current assets | 4,206 | 4,615 | 6,487 | 8,281 | 6,877 | S100QF2G, S100T6VC, S100VIVS, S100XRW4 |
| Current liabilities | 2,216 | 1,829 | 3,692 | 3,653 | 3,102 | S100QF2G, S100T6VC, S100VIVS, S100XRW4 |
| Short-term borrowings | — | — | 280 | 40 | — | S100VIVS, S100XRW4 |
| Long-term borrowings | 682 | 409 | 4,011 | 2,981 | 1,959 | S100QF2G, S100T6VC, S100VIVS, S100XRW4 |
| Total liabilities | 3,003 | 2,346 | 8,358 | 6,835 | 5,268 | S100QF2G, S100T6VC, S100VIVS, S100XRW4 |
| Non-controlling interests | 0 | 5 | 49 | 1 | — | S100QF2G, S100T6VC, S100VIVS, S100XRW4 |
| Equity attributable to owners of parent | 2,076 | 3,217 | 3,499 | 4,438 | 4,642 | S100QF2G, S100T6VC, S100VIVS, S100XRW4 |
| Retained earnings | 1,278 | 1,510 | 1,964 | 2,944 | 3,504 | S100QF2G, S100T6VC, S100VIVS, S100XRW4 |
| Treasury stock | -284 | — | -200 | -293 | -793 | S100QF2G, S100VIVS, S100XRW4 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 34% | S100XRW4 |
| Property, plant and equipment | 13% | S100XRW4 |
| Intangibles and goodwill | 12% | S100XRW4 |
| Investment securities | 5% | S100XRW4 |
| Other assets | 36% | S100XRW4 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 53% | S100XRW4 |
| Equity | 47% | S100XRW4 |

### 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 | 5,080 | 5,596 | 11,976 | 11,402 | 10,031 |
| Equity | 2,077 | 3,249 | 3,618 | 4,566 | 4,763 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 2,224 | 2,776 | 3,840 | 5,439 | 3,376 |

## 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) | 7.5% | S100XRW4 |
| Fixed assets ÷ total assets | 12.9% | S100XRW4 |
| Goodwill ÷ parent equity | 10.5% | S100XRW4 |

Goodwill over 4 years: 141 → 488 JPY; total investing cash flow: -2,384 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) | 33.7% |
| Cash ÷ revenue | 19.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -27.5% |
| Cash vs. profit gap | -1,022 JPY mn (of net income -146.8%) |
| Shareholder returns / net income | 91.2% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 19.5% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 1.1% |
| 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 | 5.3% | 1.45× | 7.6% | 2.45× | 18.7% | S100QF2G |
| 2022 | 2.4% | 1.81× | 4.4% | 2.02× | 8.8% | S100T6VC |
| 2023 | 3.7% | 1.39× | 5.2% | 2.62× | 13.5% | S100VIVS |
| 2024 | 5.9% | 1.42× | 8.3% | 2.95× | 24.5% | S100XRW4 |
| 2025 | 4.1% | 1.60× | 6.5% | 2.36× | 15.3% | S100XRW4 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 樺島 弘明 | Major shareholder | 13.3% | 2025-12-31 |
| 株式会社クレスコ | Major shareholder | 6.8% | 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 | 6.5% | 2025-12-31 |
| 金藤 正樹 | Major shareholder | 5.7% | 2025-12-31 |
| 株式会社ＳＢＩ証券 | Major shareholder | 5.4% | 2025-12-31 |
| ＦＰＴジャパンホールディングス株式会社 | Major shareholder | 5.0% | 2025-12-31 |
| 李 成一 | Major shareholder | 5.0% | 2025-12-31 |
| ＧＯＬＤＭＡＮ，ＳＡＣＨＳ ＆ ＣＯ | Major shareholder | 5.0% | 2025-12-31 |
| 塚原 厚 | Major shareholder | 4.6% | 2025-12-31 |
| 株式会社ＫＡＨ | Major shareholder | 4.5% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第24期(2025/01/01－2025/12/31) | S100XRW4 | 2026-03-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XRW4,, |
| 有価証券報告書－第23期(2024/01/01－2024/12/31) | S100VIVS | 2025-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VIVS,, |
| 有価証券報告書－第22期(2023/01/01－2023/12/31) | S100T6VC | 2024-04-01 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T6VC,, |
| 有価証券報告書－第21期(2022/01/01－2022/12/31) | S100QF2G | 2023-03-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QF2G,, |
| 有価証券報告書－第20期(令和3年1月1日－令和3年12月31日) | S100NOJC | 2022-03-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NOJC,, |
| 有価証券報告書－第19期(令和2年1月1日－令和2年12月31日) | S100KYPD | 2021-03-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KYPD,, |

## 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).