# Photosynth: 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12期(2025/01/01－2025/12/31) (S100XV3D)
> Page: https://vizora.meequs.com/en/company/photosynth
> Retrieved: 2026-09-30T21:04:54.593Z

## Company

Photosynth, founded in 2014, is a company in Software & SaaS listed on TSE Growth. It has 155 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Photosynth inc. |
| Ticker | 4379 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4379.T) |
| Listing | TSE Growth |
| Head office | 東京都港区芝五丁目29番11号 |
| Representative (per filing) | 代表取締役社長 河瀬 航大 |
| Founded | Sep 2014 |
| Share capital | ¥30.9M |
| Employees (consolidated) | 155 |
| Average salary (parent only) | ¥6.6M |
| Fiscal year end | December |
| Website | photosynth.co.jp (https://photosynth.co.jp/) |
| Corporate number | 4010701029878 |
| EDINET | E37060 |
| Industries (Vizora) | Software & SaaS |

> Profile source: annual securities report (S100XV3D, filed 2026-03-27). As of filing

## Five-axis industry profile

Primary industry: Software & SaaS (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 78.6 | 105 |
| Profitability | 31.4 | 145 |
| Cash conversion | 87.9 | 128 |
| Efficiency | 53.4 | 145 |

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)

- Photosynth brought in ¥3.38B in revenue.
- Out of every ¥100 of sales, about ¥7 is left as operating profit.
- Revenue changed +14.3% from the prior year, operating profit +202.8%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥3384833000 → ¥229540000
- Net income → operating cash flow: ¥229540000 → ¥549070000（difference ¥319530000）
- Main uses of operating cash flow: CapEx ¥243886000 / dividends — / buybacks ¥49989000
- Change in cash: ¥108220000
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 | ¥3.38B |  |
| Operating income | ¥231.2M | Margin 6.8% |
| Net income | ¥291.8M | Margin 8.6% |
| Free cash flow | ¥305.2M |  |
| Employees (consolidated) | 155 |  |
| EPS | ¥26.51 |  |
| Diluted EPS | ¥26.42 |  |
| Book value per share | ¥163.89 |  |
| Equity ratio | 62.0% |  |
| Shares outstanding | 15,645,200 |  |
| Treasury shares | 200,300 |  |
| Shareholders | 5,436 |  |
| Average salary (parent only) | ¥6.6M | Filing company only |
| Cash ratio | 43.0% | Cash ÷ revenue 49.2% |
| Vs. industry median margin | -5.6 pp | Software & SaaS |
| ROE | 13.0% | Derived from disclosed figures |
| ROA | 8.0% | Derived from disclosed figures |

## Notable figures

- FY2025, revenue is 2.1× its level five years ago
- FY2025, cash is 43% of total assets

## What changed in 4 years

| Metric | FY ending Dec 2021 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥1600164000 | ¥3384833000 | +111.5% |
| Operating income | ¥-848695000 | ¥231162000 | — |
| Operating margin | -53.0% | 6.8% | +59.9 pp |
| Employees | 167 people | 155 people | -7.2% |
| Cash and equivalents | ¥3500340000 | ¥1664657000 | -52.4% |

### Change in segment revenue mix

Span: FY ending Dec 2021 → 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 | 3,385 | 100.0% | S100XV3D |
| Cost of revenue | 842 | 24.9% | S100XV3D |
| Gross profit | 2,543 | 75.1% | S100XV3D |
| SG&A | 2,312 | 68.3% | S100XV3D |
| Operating income | 231 | 6.8% | S100XV3D |
| Ordinary income | 234 | 6.9% | S100XV3D |
| Pretax income | 225 | 6.7% | S100XV3D |
| Income tax | -4 | -0.1% | S100XV3D |
| Net income | 230 | 6.8% | S100XV3D |
| Net income attributable to owners | 292 | 8.6% | S100XV3D |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 25 |
| SG&A | 68 |
| Operating income | 7 |
| (Ref.) Net income | 9 |

### Margin funnel

Gross margin 75.1% → Operating margin 6.8% → Net margin 8.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +14.3%; Core profit growth: +202.8%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 14.19×
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 | 2,962 | 3,385 | 423 | +14.3% |
| Gross profit | 2,269 | 2,543 | 274 | +12.1% |
| Operating income | 76 | 231 | 155 | +202.8% |
| Net income attributable to owners | 155 | 292 | 137 | +88.0% |
| Operating cash flow | 389 | 549 | 160 | +41.2% |
| Free cash flow | 178 | 305 | 127 | +71.7% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2021 | 1,600 | -849 | -53.0% | -866 | -575 | -945 | S100QIXR |
| FY ending Dec 2022 | 1,994 | -609 | -30.5% | -578 | -426 | -1,399 | S100T722 |
| FY ending Dec 2023 | 2,493 | -221 | -8.9% | -175 | 219 | -325 | S100VHWW |
| FY ending Dec 2024 | 2,962 | 76 | 2.6% | 155 | 389 | 178 | S100XV3D |
| FY ending Dec 2025 | 3,385 | 231 | 6.8% | 292 | 549 | 305 | S100XV3D |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥21.8M |
| Operating income per employee (consolidated) | ¥1.5M |
| Net income per employee (consolidated) | ¥1.9M |

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) | 167 | 167 | 150 | 143 | 155 |
| Average salary (parent company) | ¥6M | ¥6.3M | ¥6.5M | ¥6.6M | ¥6.6M |
| Average age (parent company) | 33.7 years | 34.2 years | 34.7 years | 35.7 years | 35.4 years |
| Average tenure (parent company) | 1.7 years | 2.0 years | 2.9 years | 3.1 years | 3.0 years |

Year over year: Employees (consolidated) +8.4% · Revenue (consolidated) +14.3%

## 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 | 549 | 16.2% | S100XV3D |
| Capital expenditure | 244 | 7.2% | S100XV3D |
| Free cash flow | 305 | 9.0% | 算出 |
| Investing cash flow | -465 | -13.8% | S100XV3D |
| Financing cash flow | 25 | 0.7% | S100XV3D |
| Share buyback | 50 | 1.5% | S100XV3D |
| Change in cash | 108 | 3.2% | S100XV3D |
| Cash and equivalents | 1,665 | 49.2% | S100XV3D |

## 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 | 3,500 | 1,854 | 1,575 | 1,556 | 1,665 | S100T722, S100VHWW, S100XV3D |
| Total assets | 4,308 | 3,472 | 3,597 | 3,440 | 3,872 | S100QIXR, S100T722, S100VHWW, S100XV3D |
| Net assets | 2,680 | 2,201 | 2,129 | 2,162 | 2,485 | S100T722, S100VHWW, S100XV3D |
| Share capital | 1,610 | 50 | 57 | 72 | 31 | S100QIXR, S100T722, S100VHWW, S100XV3D |
| Property, plant and equipment | 323 | 956 | 1,184 | 1,170 | 1,162 | S100QIXR, S100T722, S100VHWW, S100XV3D |
| Intangible assets excluding goodwill | 27 | 299 | 404 | 142 | 363 | S100QIXR, S100T722, S100VHWW, S100XV3D |
| Goodwill | — | — | — | — | 265 | S100XV3D |
| Investment securities | — | — | 41 | 48 | 76 | S100VHWW, S100XV3D |
| Current assets | 3,878 | 2,115 | 1,876 | 1,869 | 2,062 | S100QIXR, S100T722, S100VHWW, S100XV3D |
| Current liabilities | 1,226 | 974 | 1,353 | 1,213 | 1,326 | S100QIXR, S100T722, S100VHWW, S100XV3D |
| Short-term borrowings | 30 | — | — | — | — | S100QIXR |
| Long-term borrowings | 374 | 271 | 88 | 42 | 39 | S100QIXR, S100T722, S100VHWW, S100XV3D |
| Total liabilities | 1,628 | 1,271 | 1,467 | 1,278 | 1,387 | S100QIXR, S100T722, S100VHWW, S100XV3D |
| Non-controlling interests | 40 | 99 | 180 | 25 | 85 | S100QIXR, S100T722, S100VHWW, S100XV3D |
| Equity attributable to owners of parent | 2,640 | 2,101 | 1,945 | 2,129 | 2,373 | S100QIXR, S100T722, S100VHWW, S100XV3D |
| Retained earnings | -2,051 | -588 | -763 | -608 | 276 | S100QIXR, S100T722, S100VHWW, S100XV3D |
| Treasury stock | — | — | — | — | -50 | S100XV3D |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 43% | S100XV3D |
| Property, plant and equipment | 30% | S100XV3D |
| Intangibles and goodwill | 16% | S100XV3D |
| Investment securities | 2% | S100XV3D |
| Other assets | 9% | S100XV3D |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 36% | S100XV3D |
| Equity | 64% | S100XV3D |
| Other liabilities | 0% | S100XV3D |

### 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 | 4,308 | 3,472 | 3,597 | 3,440 | 3,872 |
| Equity | 2,680 | 2,201 | 2,129 | 2,162 | 2,485 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 3,500 | 1,854 | 1,575 | 1,556 | 1,665 |

## 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) | 34.3% | S100XV3D |
| Fixed assets ÷ total assets | 30.0% | S100XV3D |
| Goodwill ÷ parent equity | 11.2% | S100XV3D |

### 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) | 43.0% |
| Cash ÷ revenue | 49.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 237.5% |
| Cash vs. profit gap | 257 JPY mn (of net income 88.2%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 7.2% |
| Investing CF relative to operating CF | 84.8% |

## 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 | — | —× | -20.1% | —× | — | S100QIXR |
| 2022 | — | —× | -14.9% | —× | — | S100T722 |
| 2023 | — | —× | -5.0% | —× | — | S100VHWW |
| 2024 | 5.2% | 0.84× | 4.4% | 1.73× | 7.6% | S100XV3D |
| 2025 | 8.6% | 0.93× | 8.0% | 1.62× | 13.0% | S100XV3D |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 河瀬 航大 | Major shareholder | 15.8% | 2025-12-31 |
| UH Partners ２投資事業有限責任組合 | Major shareholder | 7.8% | 2025-12-31 |
| 光通信KK投資事業有限責任組合 | Major shareholder | 6.8% | 2025-12-31 |
| BBH(LUX)FOR FIDELITY FUNDS PACIFIC POOL(常任代理人 株式会社三菱UFJ銀行) | Major shareholder | 5.8% | 2025-12-31 |
| MF-GB２号投資事業有限責任組合 | Major shareholder | 2.7% | 2025-12-31 |
| 株式会社SBI証券 | Major shareholder | 2.6% | 2025-12-31 |
| 渡邉 宏明 | Major shareholder | 2.3% | 2025-12-31 |
| 楽天証券株式会社 | Major shareholder | 2.1% | 2025-12-31 |
| BSP第３号投資事業有限責任組合 | Major shareholder | 2.0% | 2025-12-31 |
| 熊谷 悠哉 | Major shareholder | 1.8% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第12期(2025/01/01－2025/12/31) | S100XV3D | 2026-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XV3D,, |
| 有価証券報告書－第11期(2024/01/01－2024/12/31) | S100VHWW | 2025-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VHWW,, |
| 有価証券報告書－第10期(2023/01/01－2023/12/31) | S100T722 | 2024-04-01 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T722,, |
| 有価証券報告書－第9期(2022/01/01－2022/12/31) | S100QIXR | 2023-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QIXR,, |
| 有価証券報告書－第8期(令和3年1月1日－令和3年12月31日) | S100NT8X | 2022-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NT8X,, |

## 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).