# MEDLEY,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17期(2025/01/01－2025/12/31) (S100XUX3)
> Page: https://vizora.meequs.com/en/company/medley
> Retrieved: 2026-09-30T21:06:53.839Z

## Company

Medley, founded in 2009, is a company in Health Tech listed on TSE Prime. It has 1,815 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | MEDLEY,INC. |
| Ticker | 4480 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4480.T) |
| Listing | TSE Prime |
| Head office | 東京都港区六本木六丁目10番1号 |
| Representative (per filing) | 代表取締役社長 瀧口 浩平 |
| Founded | Jun 2009 |
| Share capital | ¥47M |
| Employees (consolidated) | 1,815 |
| Average salary (parent only) | ¥5.6M |
| Fiscal year end | December |
| Corporate number | 4010401082351 |
| EDINET | E33586 |
| Industries (Vizora) | Health Tech, HR & Staffing |

> Profile source: annual securities report (S100XUX3, filed 2026-03-27). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 90.4 | 68 |
| Profitability | 36.9 | 88 |
| Cash conversion | 90.6 | 80 |
| Efficiency | 15.3 | 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 72% of Medley's sales come from Recruitment platform business, with Medical platform business and New development services making up much of the rest.
- Out of every ¥100 of sales, about ¥6 is left as operating profit.
- Revenue changed +25.5% from the prior year, operating profit -7.6%.

## Company structure

- Segment revenue mix: Recruitment platform business 71.5%、Medical platform business 25.5%、New development services 3.0%
- Revenue → net income: ¥36786000000 → ¥975000000
- Net income → operating cash flow: ¥975000000 → ¥3486000000（difference ¥2511000000）
- Main uses of operating cash flow: CapEx ¥494000000 / dividends — / buybacks ¥5326000000
- Change in cash: ¥-10417000000
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 | ¥36.8B |  |
| Operating income | ¥2.15B | Margin 5.8% |
| Net income | ¥975M | Margin 2.7% |
| Free cash flow | ¥2.99B |  |
| Largest business | Recruitment platform business | of segment revenue 71.5% |
| Employees (consolidated) | 1,815 |  |
| EPS | ¥-47.8 |  |
| Diluted EPS | ¥30.47 |  |
| Book value per share | ¥495.25 |  |
| Equity ratio | 35.9% |  |
| Shares outstanding | 32,738,600 |  |
| Treasury shares | 1,838,900 |  |
| Shareholders | 8,896 |  |
| Average salary (parent only) | ¥5.6M | Filing company only |
| Cash ratio | 20.8% | Cash ÷ revenue 23.3% |
| Vs. industry median margin | -2.8 pp | HR & Staffing |
| ROE | 5.5% | Derived from disclosed figures |
| ROA | 2.3% | Derived from disclosed figures |

## Notable figures

- FY2025, operating cash flow is 3.6× net income
- FY2025, revenue is 3.4× 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 | ¥6830791000 | ¥36786000000 | +438.5% |
| Operating income | ¥396094000 | ¥2150000000 | +442.8% |
| Operating margin | 5.8% | 5.8% | 0 pp |
| Employees | 494 people | 1,815 people | +267.4% |
| Cash and equivalents | ¥14052000000 | ¥8575000000 | -39.0% |

### 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.

| Flow | Revenue share |
| --- | ---: |
| 人材プラットフォーム事業 → 人材プラットフォーム事業 | 71.5% |
| 人材プラットフォーム事業 → 事業再編・廃止 | 11.2% |
| 医療プラットフォーム事業 → 医療プラットフォーム事業 | 15.7% |
| 新規開発サービス → 新規開発サービス | 1.6% |
| 新設・再編 → 医療プラットフォーム事業 | 9.8% |
| 新設・再編 → 新規開発サービス | 1.4% |

Segment revenue source references: 6 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Recruitment platform business | 5 years | +36.0% | ¥26319000000 | 34.5% | 2 |
| Medical platform business | 5 years | +54.3% | ¥9378000000 | -4.8% | 2 |
| New development services | 5 years | +58.7% | ¥1088000000 | -70.7% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 36,786 | 100.0% | S100XUX3 |
| Cost of revenue | 13,600 | 37.0% | S100XUX3 |
| Gross profit | 23,186 | 63.0% | S100XUX3 |
| SG&A | 21,036 | 57.2% | S100XUX3 |
| Operating income | 2,150 | 5.8% | S100XUX3 |
| Ordinary income | 2,202 | 6.0% | S100XUX3 |
| Pretax income | 2,380 | 6.5% | S100XUX3 |
| Income tax | 1,404 | 3.8% | S100XUX3 |
| Net income | 975 | 2.7% | S100XUX3 |
| Net income attributable to owners | 975 | 2.7% | S100XUX3 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 37 |
| SG&A | 57 |
| Operating income | 6 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 63.0% → Operating margin 5.8% → Net margin 2.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +25.5%; Core profit growth: -7.6%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -0.30×
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 | 29,302 | 36,786 | 7,484 | +25.5% |
| Gross profit | 18,919 | 23,186 | 4,267 | +22.6% |
| Operating income | 2,326 | 2,150 | -176 | -7.6% |
| Net income attributable to owners | 2,798 | 975 | -1,823 | -65.2% |
| Operating cash flow | 2,447 | 3,486 | 1,039 | +42.5% |
| Free cash flow | 2,159 | 2,992 | 833 | +38.6% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 4,765 | 153 | 3.2% | -381 | 514 | 347 | S100L0V1 |
| FY ending Dec 2020 | 6,831 | 396 | 5.8% | 456 | 806 | 592 | S100NQDO |
| FY ending Dec 2021 | 10,863 | 733 | 6.7% | 563 | 1,038 | 796 | S100QGWO |
| FY ending Dec 2022 | 14,185 | 1,290 | 9.1% | 1,017 | 2,013 | 1,635 | S100T4CH |
| FY ending Dec 2023 | 20,532 | 2,661 | 13.0% | 2,566 | 3,871 | 3,468 | S100VGHP |
| FY ending Dec 2024 | 29,302 | 2,326 | 7.9% | 2,798 | 2,447 | 2,159 | S100XUX3 |
| FY ending Dec 2025 | 36,786 | 2,150 | 5.8% | 975 | 3,486 | 2,992 | S100XUX3 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥20.3M |
| Operating income per employee (consolidated) | ¥1.2M |
| Net income per employee (consolidated) | ¥537.2K |

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) | 719 | 895 | 1,105 | 1,487 | 1,815 |
| Average salary (parent company) | ¥5.1M | ¥5.2M | ¥5.4M | ¥5.7M | ¥5.6M |
| Average age (parent company) | 31.5 years | 31.9 years | 31.7 years | 32.1 years | 33.8 years |
| Average tenure (parent company) | 2.4 years | 2.7 years | 2.8 years | 2.8 years | 3.6 years |

Year over year: Employees (consolidated) +22.1% · Revenue (consolidated) +25.5%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Recruitment platform business | 26,319 | 71.5% | 9,085 | 34.5% |
| Medical platform business | 9,378 | 25.5% | -454 | -4.8% |
| New development services | 1,088 | 3.0% | -769 | -70.7% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Recruitment platform business | 71.5% | 100.0% | 28.5 | 34.5% |
| Medical platform business | 25.5% | — | — | -4.8% |
| New development services | 3.0% | — | — | -70.7% |

Loss-making segment (excluded from profit shares): Medical platform business -454 JPY mn

Loss-making segment (excluded from profit shares): New development services -769 JPY mn

Segment → industry: Medical platform business → Health Tech / New development services → HR & Staffing / Recruitment platform business → HR & Staffing

## 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 | 3,486 | 9.5% | S100XUX3 |
| Capital expenditure | 494 | 1.3% | S100XUX3 |
| Free cash flow | 2,992 | 8.1% | 算出 |
| Investing cash flow | -7,128 | -19.4% | S100XUX3 |
| Financing cash flow | -6,776 | -18.4% | S100XUX3 |
| Share buyback | 5,326 | 14.5% | S100XUX3 |
| Change in cash | -10,417 | -28.3% | S100XUX3 |
| Cash and equivalents | 8,575 | 23.3% | S100XUX3 |

## 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 | 14,017 | 14,351 | 15,351 | 18,993 | 8,575 | S100T4CH, S100VGHP, S100XUX3 |
| Total assets | 20,208 | 21,810 | 25,430 | 45,201 | 41,252 | S100QGWO, S100T4CH, S100VGHP, S100XUX3 |
| Net assets | 14,049 | 15,170 | 17,637 | 20,219 | 14,799 | S100T4CH, S100VGHP, S100XUX3 |
| Share capital | 6,695 | 40 | 47 | 47 | 47 | S100QGWO, S100T4CH, S100VGHP, S100XUX3 |
| Trade receivables | — | — | 1,612 | 2,856 | 3,042 | S100VGHP, S100XUX3 |
| Property, plant and equipment | 166 | 289 | 515 | 490 | 609 | S100QGWO, S100T4CH, S100VGHP, S100XUX3 |
| Intangible assets excluding goodwill | 2,584 | 2,722 | 3,199 | 17,030 | 23,254 | S100QGWO, S100T4CH, S100VGHP, S100XUX3 |
| Goodwill | 819 | 1,029 | 1,491 | 7,876 | 12,861 | S100QGWO, S100T4CH, S100VGHP, S100XUX3 |
| Investment securities | 905 | 1,683 | 1,592 | 392 | 1,192 | S100QGWO, S100T4CH, S100VGHP, S100XUX3 |
| Current assets | 15,541 | 16,198 | 18,932 | 25,337 | 14,820 | S100QGWO, S100T4CH, S100VGHP, S100XUX3 |
| Current liabilities | 3,341 | 4,429 | 6,232 | 10,562 | 11,516 | S100QGWO, S100T4CH, S100VGHP, S100XUX3 |
| Long-term borrowings | 2,172 | 1,604 | 928 | 11,564 | 12,299 | S100QGWO, S100T4CH, S100VGHP, S100XUX3 |
| Total liabilities | 6,158 | 6,640 | 7,792 | 24,981 | 26,453 | S100QGWO, S100T4CH, S100VGHP, S100XUX3 |
| Non-controlling interests | 80 | 88 | 85 | 10 | — | S100QGWO, S100T4CH, S100VGHP, S100XUX3 |
| Equity attributable to owners of parent | 13,968 | 14,788 | 17,543 | 20,223 | 14,998 | S100QGWO, S100T4CH, S100VGHP, S100XUX3 |
| Retained earnings | 520 | 1,236 | 3,802 | 6,601 | 7,576 | S100QGWO, S100T4CH, S100VGHP, S100XUX3 |
| Treasury stock | -1,763 | -1,764 | -1,118 | -621 | -4,843 | S100QGWO, S100T4CH, S100VGHP, S100XUX3 |

### 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 | 20,208 | 21,810 | 25,430 | 45,201 | 41,252 |
| Equity | 14,049 | 15,170 | 17,637 | 20,219 | 14,799 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 14,017 | 14,351 | 15,351 | 18,993 | 8,575 |

## 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) | 1.7% | S100XUX3 |
| Fixed assets ÷ total assets | 1.5% | S100XUX3 |
| Goodwill ÷ parent equity | 85.8% | S100XUX3 |

Goodwill over 4 years: 819 → 12,861 JPY; total investing cash flow: -23,554 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) | 20.8% |
| Cash ÷ revenue | 23.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 162.1% |
| Cash vs. profit gap | 2,511 JPY mn (of net income 257.5%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 1.3% |
| Investing CF relative to operating CF | 204.5% |

## 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 | 5.2% | 0.54× | 2.8% | 1.45× | 4.0% | S100QGWO |
| 2022 | 7.2% | 0.68× | 4.8% | 1.46× | 7.1% | S100T4CH |
| 2023 | 12.5% | 0.87× | 10.9% | 1.46× | 15.9% | S100VGHP |
| 2024 | 9.5% | 0.83× | 7.9% | 1.87× | 14.8% | S100XUX3 |
| 2025 | 2.7% | 0.85× | 2.3% | 2.45× | 5.5% | S100XUX3 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 瀧口 浩平 | Major shareholder | 19.4% | 2025-12-31 |
| 豊田 剛一郎 | Major shareholder | 9.0% | 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 | 6.8% | 2025-12-31 |
| NORTHERN TRUST CO.(AVFC) RE IEDU UCITS CLIENTS NON LENDING 15 PCT TREATY ACCOUNT （常任代理人 香港上海銀行東京支店） | Major shareholder | 6.3% | 2025-12-31 |
| 株式会社日本カストディ銀行(信託口) | Major shareholder | 4.3% | 2025-12-31 |
| GOLDMAN,SACHS & CO.REG | Major shareholder | 3.6% | 2025-12-31 |
| UBS AG LONDON A/C IPB SEGREGATED CLIENT ACCOUNT （常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 3.1% | 2025-12-31 |
| STATE STREET BANK AND TRUST COMPANY 505001 | Major shareholder | 2.7% | 2025-12-31 |
| BNY GCM CLIENT ACCOUNT JPRD AC ISG (FE-AC) （常任代理人 株式会社三菱UFJ銀行） | Major shareholder | 2.6% | 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 | 2.3% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第17期(2025/01/01－2025/12/31) | S100XUX3 | 2026-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XUX3,, |
| 有価証券報告書－第16期(2024/01/01－2024/12/31) | S100VGHP | 2025-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VGHP,, |
| 有価証券報告書－第15期(2023/01/01－2023/12/31) | S100T4CH | 2024-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T4CH,, |
| 有価証券報告書－第14期(2022/01/01－2022/12/31) | S100QGWO | 2023-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QGWO,, |
| 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) | S100NQDO | 2022-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NQDO,, |
| 有価証券報告書－第12期(令和2年1月1日－令和2年12月31日) | S100L0V1 | 2021-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L0V1,, |

## 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).