# Mental Health Technologies Co.,Ltd.: 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15期(2025/01/01－2025/12/31) (S100XVL7)
> Page: https://vizora.meequs.com/en/company/mh-tec
> Retrieved: 2026-09-30T19:42:02.715Z

## Company

Mental Health Technologies, founded in 2011, is a company in Health Tech listed on TSE Growth. It has 140 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Mental Health Technologies Co.,Ltd. |
| Ticker | 9218 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9218.T) |
| Listing | TSE Growth |
| Head office | 東京都港区赤坂3-16-11 東海赤坂ビル4階 |
| Representative (per filing) | 代表取締役社長 刀禰 真之介 |
| Founded | Mar 2011 |
| Share capital | ¥554.8M |
| Employees (consolidated) | 140 |
| Average salary (parent only) | ¥6.7M |
| Fiscal year end | December |
| Website | mh-tec.co.jp (https://mh-tec.co.jp/) |
| Corporate number | 2010701026514 |
| EDINET | E37508 |
| Industries (Vizora) | Health Tech, HR & Staffing |

> Profile source: annual securities report (S100XVL7, filed 2026-03-30). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 93.4 | 68 |
| Profitability | 56.3 | 88 |
| Cash conversion | 60.6 | 80 |
| Efficiency | 47.2 | 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 52% of Mental Health Technologies's sales come from Medical work shift business, with Mental health solution business making up much of the rest.
- Out of every ¥100 of sales, about ¥9 is left as operating profit.
- Revenue changed +25.3% from the prior year, operating profit +445.6%.

## Company structure

- Segment revenue mix: Medical work shift business 51.7%、Mental health solution business 48.3%
- Revenue → net income: ¥6435361000 → ¥254901000
- Net income → operating cash flow: ¥254901000 → ¥631989000（difference ¥377088000）
- Main uses of operating cash flow: CapEx ¥131426000 / dividends — / buybacks —
- Change in cash: ¥375513000
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 | ¥6.44B |  |
| Operating income | ¥598.8M | Margin 9.3% |
| Net income | ¥254.9M | Margin 4.0% |
| Free cash flow | ¥500.6M |  |
| Largest business | Medical work shift business | of segment revenue 51.7% |
| Employees (consolidated) | 140 |  |
| EPS | ¥41.8 |  |
| Diluted EPS | ¥41 |  |
| Book value per share | ¥129.89 |  |
| Equity ratio | 25.5% |  |
| Shares outstanding | 10,447,300 |  |
| Shareholders | 11,903 |  |
| Average salary (parent only) | ¥6.7M | Filing company only |
| Cash ratio | 27.8% | Cash ÷ revenue 23.2% |
| Vs. industry median margin | +0.7 pp | HR & Staffing |
| ROE | 20.7% | Derived from disclosed figures |
| ROA | 5.1% | Derived from disclosed figures |

## Notable figures

- FY2025, operating cash flow is 2.5× net income
- FY2025, revenue is 4.4× its level five years ago
- FY2025, one segment accounts for 77% of positive segment profit

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥947040000 | ¥6435361000 | +579.5% |
| Operating income | ¥-145435000 | ¥598776000 | — |
| Operating margin | -15.4% | 9.3% | +24.7 pp |
| Employees | 44 people | 140 people | +218.2% |
| Cash and equivalents | ¥188808000 | ¥1492051000 | +690.2% |

### 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 |
| --- | ---: |
| メンタルヘルスソリューション事業 → 事業再編・廃止 | 70.9% |
| メディカルキャリア支援事業 → 事業再編・廃止 | 11.6% |
| ITソリューション事業 → 事業再編・廃止 | 8.5% |
| その他 → 事業再編・廃止 | 9.1% |
| 新設・再編 → メンタルヘルスソリューション事業 | 48.3% |
| 新設・再編 → メディカルワークシフト事業 | 51.7% |

Segment revenue source references: 6 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 6,435 | 100.0% | S100XVL7 |
| Cost of revenue | 4,309 | 67.0% | S100XVL7 |
| Gross profit | 2,127 | 33.0% | S100XVL7 |
| SG&A | 1,528 | 23.7% | S100XVL7 |
| Operating income | 599 | 9.3% | S100XVL7 |
| Ordinary income | 438 | 6.8% | S100XVL7 |
| Pretax income | 424 | 6.6% | S100XVL7 |
| Income tax | 170 | 2.6% | S100XVL7 |
| Net income | 255 | 4.0% | S100XVL7 |
| Net income attributable to owners | 255 | 4.0% | S100XVL7 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 67 |
| SG&A | 24 |
| Operating income | 9 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 33.0% → Operating margin 9.3% → Net margin 4.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +25.3%; Core profit growth: +445.6%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 17.59×
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 | 5,135 | 6,435 | 1,301 | +25.3% |
| Gross profit | 1,840 | 2,127 | 287 | +15.6% |
| Operating income | 110 | 599 | 489 | +445.6% |
| Net income attributable to owners | -30 | 255 | 285 | — |
| Operating cash flow | 271 | 632 | 361 | +133.6% |
| Free cash flow | 199 | 501 | 301 | +151.4% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2020 | 947 | -145 | -15.4% | -149 | -120 | -120 | S100O271 |
| FY ending Dec 2021 | 1,454 | 138 | 9.5% | 162 | 202 | 181 | S100QN1F |
| FY ending Dec 2022 | 2,288 | 370 | 16.2% | 265 | 377 | 325 | S100T6PH |
| FY ending Dec 2023 | 2,609 | 501 | 19.2% | 441 | 178 | 112 | S100X6V4 |
| FY ending Dec 2024 | 5,135 | 110 | 2.1% | -30 | 271 | 199 | S100XVL7 |
| FY ending Dec 2025 | 6,435 | 599 | 9.3% | 255 | 632 | 501 | S100XVL7 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥46M |
| Operating income per employee (consolidated) | ¥4.3M |
| Net income per employee (consolidated) | ¥1.8M |

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) | 58 | 92 | 92 | 137 | 140 |
| Average salary (parent company) | ¥4.8M | ¥5.7M | ¥6.8M | ¥7.3M | ¥6.7M |
| Average age (parent company) | 37.9 years | 38.7 years | 41.5 years | 42.9 years | 44.1 years |
| Average tenure (parent company) | 2.9 years | 3.1 years | 4.1 years | 5.2 years | 5.9 years |

Year over year: Employees (consolidated) +2.2% · Revenue (consolidated) +25.3%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Mental health solution business | 3,054 | 48.3% | 890 | 29.2% |
| Medical work shift business | 3,269 | 51.7% | 266 | 8.1% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Mental health solution business | 48.3% | 77.0% | 28.7 | 29.2% |
| Medical work shift business | 51.7% | 23.0% | -28.7 | 8.1% |

Segment → industry: Mental health solution business → Health Tech / Medical work shift 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 | 632 | 9.8% | S100XVL7 |
| Capital expenditure | 131 | 2.0% | S100XVL7 |
| Free cash flow | 501 | 7.8% | 算出 |
| Investing cash flow | -324 | -5.0% | S100XVL7 |
| Financing cash flow | 68 | 1.1% | S100XVL7 |
| Change in cash | 376 | 5.8% | S100XVL7 |
| Cash and equivalents | 1,492 | 23.2% | S100XVL7 |

## 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 | 423 | 660 | 914 | 1,117 | 1,492 | S100T6PH, S100X6V4, S100XVL7 |
| Total assets | 664 | 1,296 | 1,734 | 4,648 | 5,368 | S100QN1F, S100T6PH, S100X6V4, S100XVL7 |
| Net assets | 247 | 655 | 1,116 | 1,295 | 1,567 | S100T6PH, S100X6V4, S100XVL7 |
| Share capital | 460 | 531 | 540 | 546 | 555 | S100QN1F, S100T6PH, S100X6V4, S100XVL7 |
| Property, plant and equipment | 4 | 14 | 38 | 70 | 116 | S100QN1F, S100T6PH, S100X6V4, S100XVL7 |
| Intangible assets excluding goodwill | 44 | 247 | 257 | 2,648 | 2,541 | S100QN1F, S100T6PH, S100X6V4, S100XVL7 |
| Goodwill | — | 187 | 178 | 1,813 | 1,718 | S100T6PH, S100X6V4, S100XVL7 |
| Investment securities | — | — | — | 10 | 58 | S100XVL7 |
| Current assets | 580 | 990 | 1,336 | 1,809 | 2,402 | S100QN1F, S100T6PH, S100X6V4, S100XVL7 |
| Current liabilities | 271 | 507 | 406 | 976 | 1,501 | S100QN1F, S100T6PH, S100X6V4, S100XVL7 |
| Short-term borrowings | — | — | 35 | — | — | S100X6V4 |
| Long-term borrowings | 144 | 134 | 212 | 2,197 | 2,111 | S100QN1F, S100T6PH, S100X6V4, S100XVL7 |
| Total liabilities | 416 | 641 | 618 | 3,353 | 3,802 | S100QN1F, S100T6PH, S100X6V4, S100XVL7 |
| Equity attributable to owners of parent | 247 | 655 | 1,115 | 1,096 | 1,369 | S100QN1F, S100T6PH, S100X6V4, S100XVL7 |
| Retained earnings | -663 | -398 | 43 | 14 | 269 | S100QN1F, S100T6PH, S100X6V4, S100XVL7 |
| Treasury stock | — | -0 | -0 | -0 | -0 | S100T6PH, S100X6V4, S100XVL7 |

### 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 | 664 | 1,296 | 1,734 | 4,648 | 5,368 |
| Equity | 247 | 655 | 1,116 | 1,295 | 1,567 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 423 | 660 | 914 | 1,117 | 1,492 |

## 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) | 1.8% | S100XVL7 |
| Fixed assets ÷ total assets | 2.2% | S100XVL7 |
| Goodwill ÷ parent equity | 125.5% | S100XVL7 |

### 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) | 27.8% |
| Cash ÷ revenue | 23.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 105.5% |
| Cash vs. profit gap | 377 JPY mn (of net income 147.9%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 2.0% |
| Investing CF relative to operating CF | 51.3% |

## 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 | 11.1% | 2.19× | 24.4% | 2.68× | 65.4% | S100QN1F |
| 2022 | 11.6% | 2.34× | 27.1% | 2.17× | 58.8% | S100T6PH |
| 2023 | 16.9% | 1.72× | 29.1% | 1.71× | 49.9% | S100X6V4 |
| 2024 | — | —× | -0.9% | —× | — | S100XVL7 |
| 2025 | 4.0% | 1.28× | 5.1% | 4.06× | 20.7% | S100XVL7 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 刀禰 真之介 | Major shareholder | 35.5% | 2025-12-31 |
| 第一生命保険株式会社 | Major shareholder | 4.6% | 2025-12-31 |
| 株式会社Orchestra Investment | Major shareholder | 4.0% | 2025-12-31 |
| 株式会社シグマクシス・ホールディングス | Major shareholder | 3.7% | 2025-12-31 |
| 吉岡 裕之 | Major shareholder | 3.0% | 2025-12-31 |
| 株式会社バリューＨＲ | Major shareholder | 1.9% | 2025-12-31 |
| 株式会社杏林舎 | Major shareholder | 1.4% | 2025-12-31 |
| 山田 真弘 | Major shareholder | 1.2% | 2025-12-31 |
| 日本生命保険相互会社 | Major shareholder | 1.0% | 2025-12-31 |
| 株式会社ユビキタスＡＩ | Major shareholder | 0.9% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第15期(2025/01/01－2025/12/31) | S100XVL7 | 2026-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XVL7,, |
| 訂正有価証券報告書－第14期(2024/01/01－2024/12/31) | S100X6V4 | 2025-11-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100X6V4,, |
| 有価証券報告書－第13期(2023/01/01－2023/12/31) | S100T6PH | 2024-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T6PH,, |
| 訂正有価証券報告書－第12期(2022/01/01－2022/12/31) | S100QN1F | 2023-04-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QN1F,, |
| 訂正有価証券報告書－第11期(令和3年1月1日－令和3年12月31日) | S100O271 | 2022-05-13 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O271,, |

## 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).