# Power Solutions, 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24期(2025/01/01－2025/12/31) (S100XU6D)
> Page: https://vizora.meequs.com/en/company/powersolutions
> Retrieved: 2026-09-30T19:48:24.147Z

## Company

Power Solutions, founded in 2002, is a company in IT Services & System Integration listed on TSE Growth. It has 481 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Power Solutions, Ltd. |
| Ticker | 4450 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4450.T) |
| Listing | TSE Growth |
| Head office | 東京都千代田区九段北一丁目13番5号 |
| Representative (per filing) | 代表取締役社長 高橋 忠郎 |
| Founded | Jan 2002 |
| Share capital | ¥507.8M |
| Employees (consolidated) | 481 |
| Average salary (parent only) | ¥6.9M |
| Fiscal year end | December |
| Website | www.powersolutions.co.jp (https://www.powersolutions.co.jp/) |
| Corporate number | 6010001106038 |
| EDINET | E35137 |
| Industries (Vizora) | IT Services & System Integration |

> Profile source: annual securities report (S100XU6D, filed 2026-03-26). As of filing

## Five-axis industry profile

Primary industry: IT Services & System Integration (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 48.7 | 196 |
| Cash conversion | 91.1 | 185 |
| Efficiency | 54.3 | 196 |

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)

- Power Solutions brought in ¥8.1B in revenue.
- Out of every ¥100 of sales, about ¥9 is left as operating profit.
- Revenue changed +20.0% from the prior year, operating profit +35.0%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥8099962000 → ¥429970000
- Net income → operating cash flow: ¥429970000 → ¥1080761000（difference ¥650791000）
- Main uses of operating cash flow: CapEx ¥14866000 / dividends ¥70945000 / buybacks —
- Change in cash: ¥524457000
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 | ¥8.1B |  |
| Operating income | ¥713.2M | Margin 8.8% |
| Net income | ¥388.1M | Margin 4.8% |
| Free cash flow | ¥1.07B |  |
| Employees (consolidated) | 481 |  |
| EPS | ¥80.76 |  |
| Diluted EPS | ¥77.91 |  |
| Book value per share | ¥1026.08 |  |
| Equity ratio | 54.6% |  |
| Shares outstanding | 3,135,406 |  |
| Treasury shares | 9,800 |  |
| Shareholders | 4,370 |  |
| Average salary (parent only) | ¥6.9M | Filing company only |
| Cash ratio | 31.5% | Cash ÷ revenue 25.4% |
| Vs. industry median margin | -0.1 pp | IT Services & System Integration |
| ROE | 11.5% | Derived from disclosed figures |
| ROA | 6.3% | Derived from disclosed figures |

## Notable figures

- FY2025, operating cash flow is 2.8× net income
- FY2025, revenue is 2.1× its level five years ago
- FY2025, cash is 31% of total assets

## What changed in 5 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥2678264000 | ¥8099962000 | — |
| Operating income | ¥83121000 | ¥713170000 | — |
| Operating margin | 3.1% | 8.8% | +5.7 pp |
| Employees | 162 people | 481 people | — |
| Cash and equivalents | ¥878242000 | ¥2056363000 | — |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 8,100 | 100.0% | S100XU6D |
| Cost of revenue | 5,321 | 65.7% | S100XU6D |
| Gross profit | 2,779 | 34.3% | S100XU6D |
| SG&A | 2,065 | 25.5% | S100XU6D |
| Operating income | 713 | 8.8% | S100XU6D |
| Ordinary income | 703 | 8.7% | S100XU6D |
| Pretax income | 680 | 8.4% | S100XU6D |
| Income tax | 250 | 3.1% | S100XU6D |
| Net income | 430 | 5.3% | S100XU6D |
| Net income attributable to owners | 388 | 4.8% | S100XU6D |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 66 |
| SG&A | 25 |
| Operating income | 9 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 34.3% → Operating margin 8.8% → Net margin 4.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +20.0%; Core profit growth: +35.0%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.75×
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 | 6,748 | 8,100 | 1,352 | +20.0% |
| Gross profit | 2,253 | 2,779 | 526 | +23.4% |
| Operating income | 528 | 713 | 185 | +35.0% |
| Net income attributable to owners | 327 | 388 | 61 | +18.5% |
| Operating cash flow | -116 | 1,081 | 1,197 | — |
| Free cash flow | -310 | 1,066 | 1,376 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 2,872 | 347 | 12.1% | 223 | 311 | 303 | S100L31J |
| FY ending Dec 2020 | 2,678 | 83 | 3.1% | 70 | -34 | -70 | S100L31J |
| FY ending Dec 2021 | 3,801 | 361 | 9.5% | 254 | 372 | 321 | S100QHX5 |
| FY ending Dec 2022 | 5,313 | 471 | 8.9% | 318 | 431 | 427 | S100T6A8 |
| FY ending Dec 2023 | 5,932 | 474 | 8.0% | 447 | -79 | -281 | S100VG92 |
| FY ending Dec 2024 | 6,748 | 528 | 7.8% | 327 | -116 | -310 | S100XU6D |
| FY ending Dec 2025 | 8,100 | 713 | 8.8% | 388 | 1,081 | 1,066 | S100XU6D |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥16.8M |
| Operating income per employee (consolidated) | ¥1.5M |
| Net income per employee (consolidated) | ¥806.8K |

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) | 231 | 262 | 333 | 379 | 481 |
| Average salary (parent company) | ¥7M | ¥7.1M | ¥7M | ¥7.6M | ¥6.9M |
| Average age (parent company) | 35.7 years | 35.5 years | 35.5 years | 38.3 years | 35.0 years |
| Average tenure (parent company) | 5.5 years | 5.9 years | 6.0 years | 5.8 years | 6.3 years |

Year over year: Employees (consolidated) +26.9% · Revenue (consolidated) +20.0%

## 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 | 1,081 | 13.3% | S100XU6D |
| Capital expenditure | 15 | 0.2% | S100XU6D |
| Free cash flow | 1,066 | 13.2% | 算出 |
| Investing cash flow | -290 | -3.6% | S100XU6D |
| Financing cash flow | -267 | -3.3% | S100XU6D |
| Dividends paid | 71 | 0.9% | S100XU6D |
| Change in cash | 524 | 6.5% | S100XU6D |
| Cash and equivalents | 2,056 | 25.4% | S100XU6D |

## 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 | 992 | 1,345 | 1,838 | 1,532 | 2,056 | S100T6A8, S100VG92, S100XU6D |
| Total assets | 2,818 | 3,419 | 4,938 | 5,716 | 6,538 | S100QHX5, S100T6A8, S100VG92, S100XU6D |
| Net assets | 1,919 | 2,288 | 2,795 | 3,307 | 3,802 | S100T6A8, S100VG92, S100XU6D |
| Share capital | 378 | 399 | 429 | 471 | 508 | S100QHX5, S100T6A8, S100VG92, S100XU6D |
| Property, plant and equipment | 38 | 24 | 46 | 42 | 62 | S100QHX5, S100T6A8, S100VG92, S100XU6D |
| Intangible assets excluding goodwill | 186 | 111 | 312 | 399 | 392 | S100QHX5, S100T6A8, S100VG92, S100XU6D |
| Goodwill | 87 | 29 | 67 | 203 | 239 | S100QHX5, S100T6A8, S100VG92, S100XU6D |
| Investment securities | 220 | 289 | 380 | 388 | 458 | S100QHX5, S100T6A8, S100VG92, S100XU6D |
| Current assets | 2,099 | 2,717 | 3,369 | 4,110 | 4,459 | S100QHX5, S100T6A8, S100VG92, S100XU6D |
| Current liabilities | 885 | 1,125 | 1,477 | 1,862 | 2,195 | S100QHX5, S100T6A8, S100VG92, S100XU6D |
| Long-term borrowings | — | — | 650 | 459 | 342 | S100VG92, S100XU6D |
| Bonds | — | — | — | 30 | 20 | S100XU6D |
| Total liabilities | 899 | 1,131 | 2,143 | 2,409 | 2,735 | S100QHX5, S100T6A8, S100VG92, S100XU6D |
| Non-controlling interests | — | — | — | 132 | 233 | S100XU6D |
| Equity attributable to owners of parent | 1,919 | 2,287 | 2,793 | 3,172 | 3,563 | S100QHX5, S100T6A8, S100VG92, S100XU6D |
| Retained earnings | 1,195 | 1,513 | 1,960 | 2,255 | 2,572 | S100QHX5, S100T6A8, S100VG92, S100XU6D |
| Treasury stock | -11 | -12 | -12 | -12 | -12 | S100QHX5, S100T6A8, S100VG92, S100XU6D |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 31% | S100XU6D |
| Property, plant and equipment | 1% | S100XU6D |
| Intangibles and goodwill | 10% | S100XU6D |
| Investment securities | 7% | S100XU6D |
| Other assets | 51% | S100XU6D |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 42% | S100XU6D |
| Equity | 58% | S100XU6D |

### 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 | 2,818 | 3,419 | 4,938 | 5,716 | 6,538 |
| Equity | 1,919 | 2,288 | 2,795 | 3,307 | 3,802 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 992 | 1,345 | 1,838 | 1,532 | 2,056 |

## 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) | 0.8% | S100XU6D |
| Fixed assets ÷ total assets | 1.0% | S100XU6D |
| Goodwill ÷ parent equity | 6.7% | S100XU6D |

Goodwill over 4 years: 87 → 239 JPY; total investing cash flow: -769 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) | 31.5% |
| Cash ÷ revenue | 25.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 151.5% |
| Cash vs. profit gap | 693 JPY mn (of net income 178.5%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 18.3% |
| Shareholder payments — dividends / FCF | 6.7% |
| CapEx intensity (capex ÷ revenue) | 0.2% |
| Investing CF relative to operating CF | 26.8% |

## 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 | 6.7% | 1.35× | 9.0% | 1.47× | 13.2% | S100QHX5 |
| 2022 | 6.0% | 1.70× | 10.2% | 1.48× | 15.1% | S100T6A8 |
| 2023 | 7.5% | 1.42× | 10.7% | 1.64× | 17.6% | S100VG92 |
| 2024 | 4.9% | 1.27× | 6.1% | 1.79× | 11.0% | S100XU6D |
| 2025 | 4.8% | 1.32× | 6.3% | 1.82× | 11.5% | S100XU6D |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 合同会社一誠堂 | Major shareholder | 18.2% | 2025-12-31 |
| 合同会社未来企画 | Major shareholder | 16.7% | 2025-12-31 |
| 高橋 忠郎 | Major shareholder | 7.3% | 2025-12-31 |
| 佐藤 成信 | Major shareholder | 5.6% | 2025-12-31 |
| 藤田 勝彦 | Major shareholder | 4.8% | 2025-12-31 |
| 老川 信二郎 | Major shareholder | 2.7% | 2025-12-31 |
| 兼子 浩之 | Major shareholder | 2.6% | 2025-12-31 |
| 三菱ＵＦＪeスマート証券株式会社 | Major shareholder | 2.4% | 2025-12-31 |
| 村澤 大輔 | Major shareholder | 2.1% | 2025-12-31 |
| 槇田 重夫 | Major shareholder | 1.8% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第24期(2025/01/01－2025/12/31) | S100XU6D | 2026-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XU6D,, |
| 有価証券報告書－第23期(2024/01/01－2024/12/31) | S100VG92 | 2025-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VG92,, |
| 有価証券報告書－第22期(2023/01/01－2023/12/31) | S100T6A8 | 2024-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T6A8,, |
| 有価証券報告書－第21期(2022/01/01－2022/12/31) | S100QHX5 | 2023-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QHX5,, |
| 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) | S100NS6H | 2022-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NS6H,, |
| 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) | S100L31J | 2021-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L31J,, |

## 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).