# PORTERS CORPORATION: 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25期(2025/01/01－2025/12/31) (S100XSOH)
> Page: https://vizora.meequs.com/en/company/porters
> Retrieved: 2026-09-30T20:27:16.371Z

## Company

Porters, founded in 2001, is a company in Software & SaaS listed on TSE Growth. It has 144 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | PORTERS CORPORATION |
| Ticker | 5126 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5126.T) |
| Listing | TSE Growth |
| Head office | 東京都港区赤坂八丁目5番34号 |
| Representative (per filing) | 代表取締役社長 西森 康二 |
| Founded | Aug 2001 |
| Share capital | ¥65M |
| Employees (consolidated) | 144 |
| Average salary (parent only) | ¥7M |
| Fiscal year end | December |
| Website | www.porters.jp (https://www.porters.jp/) |
| Corporate number | 1010401046887 |
| EDINET | E37926 |
| Industries (Vizora) | Software & SaaS, HR & Staffing |

> Profile source: annual securities report (S100XSOH, filed 2026-03-23). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 63.8 | 145 |
| Cash conversion | 7.4 | 128 |
| Efficiency | 77.6 | 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)

- About 99% of Porters's sales come from HR-Tech, with Global HR-Tech making up much of the rest.
- Out of every ¥100 of sales, about ¥17 is left as operating profit.
- Revenue changed +11.1% from the prior year, operating profit -8.4%.

## Company structure

- Segment revenue mix: HR-Tech 99.5%、Global HR-Tech 0.5%
- Revenue → net income: ¥2137000000 → ¥89000000
- Net income → operating cash flow: ¥89000000 → ¥146000000（difference ¥57000000）
- Main uses of operating cash flow: CapEx ¥208000000 / dividends — / buybacks —
- Change in cash: ¥88000000
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 | ¥2.14B |  |
| Operating income | ¥358M | Margin 16.8% |
| Net income | ¥129M | Margin 6.0% |
| Free cash flow | -¥62M |  |
| Largest business | HR-Tech | of segment revenue 99.5% |
| Employees (consolidated) | 144 |  |
| EPS | ¥-15.59 |  |
| Diluted EPS | ¥76.37 |  |
| Book value per share | ¥853.49 |  |
| Equity ratio | 73.5% |  |
| Shares outstanding | 1,631,700 |  |
| Shareholders | 298 |  |
| Average salary (parent only) | ¥7M | Filing company only |
| Cash ratio | 49.5% | Cash ÷ revenue 43.4% |
| Vs. industry median margin | +4.3 pp | Software & SaaS |
| ROE | 9.6% | Derived from disclosed figures |
| ROA | 7.3% | Derived from disclosed figures |

## Notable figures

- FY2025, one segment accounts for 100% of positive segment profit
- FY2025, cash is 49% of total assets

## What changed in 4 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Dec 2021 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥1100629000 | ¥2137000000 | — |
| Operating income | ¥222373000 | ¥358000000 | — |
| Operating margin | 20.2% | 16.8% | -3.5 pp |
| Employees | 46 people | 144 people | — |
| Cash and equivalents | ¥682944000 | ¥928000000 | — |

### 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.

| Flow | Revenue share |
| --- | ---: |
| 新設・再編 → HR-Tech事業 | 99.5% |
| 新設・再編 → Global HR-Tech事業 | 0.5% |

Segment revenue source references: 2 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 2,137 | 100.0% | S100XSOH |
| Cost of revenue | 536 | 25.1% | S100XSOH |
| Gross profit | 1,601 | 74.9% | S100XSOH |
| SG&A | 1,242 | 58.1% | S100XSOH |
| Operating income | 358 | 16.8% | S100XSOH |
| Ordinary income | 368 | 17.2% | S100XSOH |
| Pretax income | 245 | 11.5% | S100XSOH |
| Income tax | 156 | 7.3% | S100XSOH |
| Net income | 89 | 4.2% | S100XSOH |
| Net income attributable to owners | 129 | 6.0% | S100XSOH |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 25 |
| SG&A | 58 |
| Operating income | 17 |
| (Ref.) Net income | 6 |

### Margin funnel

Gross margin 74.9% → Operating margin 16.8% → Net margin 6.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +11.1%; Core profit growth: -8.4%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -0.76×
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 | 1,923 | 2,137 | 214 | +11.1% |
| Gross profit | 1,477 | 1,601 | 124 | +8.4% |
| Operating income | 391 | 358 | -33 | -8.4% |
| Net income attributable to owners | 268 | 129 | -139 | -51.9% |
| Operating cash flow | -88 | 146 | 234 | — |
| Free cash flow | -287 | -62 | 225 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2021 | 1,101 | 222 | 20.2% | 153 | 193 | — | S100QFZ0 |
| FY ending Dec 2022 | 1,290 | 338 | 26.2% | 223 | 286 | 262 | S100QFZ0 |
| FY ending Dec 2023 | 1,587 | 377 | 23.8% | 267 | 298 | — | S100VGIR |
| FY ending Dec 2024 | 1,923 | 391 | 20.3% | 268 | -88 | -287 | S100XSOH |
| FY ending Dec 2025 | 2,137 | 358 | 16.8% | 129 | 146 | -62 | S100XSOH |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥14.8M |
| Operating income per employee (consolidated) | ¥2.5M |
| Net income per employee (consolidated) | ¥895.8K |

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) | 46 | 56 | 75 | 110 | 144 |
| Average salary (parent company) | — | ¥5.5M | ¥6M | ¥6M | ¥7M |
| Average age (parent company) | — | 34.8 years | 35.3 years | 36.5 years | 36.0 years |
| Average tenure (parent company) | — | 3.9 years | 4.2 years | 4.0 years | 4.4 years |

Year over year: Employees (consolidated) +30.9% · Revenue (consolidated) +11.1%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| HR-Tech | 2,126 | 99.5% | 466 | 21.9% |
| Global HR-Tech | 11 | 0.5% | -109 | -990.9% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| HR-Tech | 99.5% | 100.0% | 0.5 | 21.9% |
| Global HR-Tech | 0.5% | — | — | -990.9% |

Loss-making segment (excluded from profit shares): Global HR-Tech -109 JPY mn

Segment → industry: HR-Tech → Software & SaaS / Global HR-Tech → 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 | 146 | 6.8% | S100XSOH |
| Capital expenditure | 208 | 9.7% | S100XSOH |
| Free cash flow | -62 | -2.9% | 算出 |
| Investing cash flow | -231 | -10.8% | S100XSOH |
| Financing cash flow | 170 | 8.0% | S100XSOH |
| Change in cash | 88 | 4.1% | S100XSOH |
| Cash and equivalents | 928 | 43.4% | S100XSOH |

## 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 | 683 | 937 | 1,112 | 821 | 928 | S100QFZ0, S100XSOH |
| Total assets | 807 | 1,106 | 1,470 | 1,653 | 1,875 | S100QFZ0, S100VGIR, S100XSOH |
| Net assets | 475 | 772 | 1,088 | 1,346 | 1,586 | S100QFZ0, S100XSOH |
| Share capital | 10 | 47 | 47 | 55 | 65 | S100QFZ0, S100VGIR, S100XSOH |
| Property, plant and equipment | 9 | 13 | 10 | 14 | 9 | S100QFZ0, S100VGIR, S100XSOH |
| Intangible assets excluding goodwill | 8 | 22 | 117 | 318 | 407 | S100QFZ0, S100VGIR, S100XSOH |
| Goodwill | — | — | 102 | 81 | — | S100VGIR, S100XSOH |
| Current assets | 725 | 983 | 1,220 | 1,157 | 1,341 | S100QFZ0, S100VGIR, S100XSOH |
| Current liabilities | 291 | 334 | 381 | 307 | 288 | S100QFZ0, S100VGIR, S100XSOH |
| Long-term borrowings | 42 | — | — | — | — | S100QFZ0 |
| Total liabilities | 332 | 334 | 381 | 307 | 288 | S100QFZ0, S100VGIR, S100XSOH |
| Non-controlling interests | — | — | 48 | 8 | 207 | S100VGIR, S100XSOH |
| Equity attributable to owners of parent | 475 | 772 | 1,039 | 1,327 | 1,370 | S100QFZ0, S100VGIR, S100XSOH |
| Retained earnings | 465 | 688 | 955 | 1,226 | 1,304 | S100QFZ0, S100VGIR, S100XSOH |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 50% | S100XSOH |
| Property, plant and equipment | 0% | S100XSOH |
| Intangibles and goodwill | 22% | S100XSOH |
| Other assets | 28% | S100XSOH |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 15% | S100XSOH |
| Equity | 85% | S100XSOH |
| Other liabilities | 0% | S100XSOH |

### 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 | 807 | 1,106 | 1,470 | 1,653 | 1,875 |
| Equity | 475 | 772 | 1,088 | 1,346 | 1,586 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 683 | 937 | 1,112 | 821 | 928 |

## 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) | 0.4% | S100XSOH |
| Fixed assets ÷ total assets | 0.5% | S100XSOH |
| Goodwill ÷ parent equity | — | —, S100XSOH |

### 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) | 49.5% |
| Cash ÷ revenue | 43.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 40.8% |
| Cash vs. profit gap | 17 JPY mn (of net income 13.2%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 9.7% |
| Investing CF relative to operating CF | 158.2% |

## 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 | 13.9% | 1.36× | 18.9% | 1.70× | 32.1% | S100QFZ0 |
| 2022 | 17.3% | 1.35× | 23.3% | 1.53× | 35.7% | S100QFZ0 |
| 2023 | 16.8% | 1.08× | 18.2% | 1.41× | 25.7% | S100VGIR |
| 2024 | 13.9% | 1.23× | 17.2% | 1.32× | 22.7% | S100XSOH |
| 2025 | 6.0% | 1.21× | 7.3% | 1.31× | 9.6% | S100XSOH |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| KAキャピタル株式会社 | Major shareholder | 46.0% | 2025-12-31 |
| 御子柴 智美 | Major shareholder | 10.1% | 2025-12-31 |
| 西森 康二 | Major shareholder | 10.1% | 2025-12-31 |
| 光通信KK投資事業有限責任組合 | 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 | 4.2% | 2025-12-31 |
| MSIP CLIENT SECURITIES （常任代理人 モルガン・スタンレーMUFG証券株式会社） | Major shareholder | 3.0% | 2025-12-31 |
| INTERACTIVE BROKERS LLC （常任代理人 インタラクティブ・ブローカーズ証券株式会社） | Major shareholder | 1.6% | 2025-12-31 |
| ポーターズ社員持株会 | Major shareholder | 1.6% | 2025-12-31 |
| 天野 竜人 | Major shareholder | 1.4% | 2025-12-31 |
| JPモルガン証券株式会社 | Major shareholder | 1.3% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第25期(2025/01/01－2025/12/31) | S100XSOH | 2026-03-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XSOH,, |
| 有価証券報告書－第24期(2024/01/01－2024/12/31) | S100VGIR | 2025-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VGIR,, |
| 有価証券報告書－第23期(2023/01/01－2023/12/31) | S100T4IM | 2024-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T4IM,, |
| 有価証券報告書－第22期(2022/01/01－2022/12/31) | S100QFZ0 | 2023-03-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QFZ0,, |

## 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).