# RECOMM CO.,LTD.: business model and financials

> Latest period: FY ending Sep 2025, consolidated, IFRS
> Unit: JPY millions
> Sources: 有価証券報告書－第32期(2024/10/01－2025/09/30) (S100XD4C)
> Page: https://vizora.meequs.com/en/company/recomm
> Retrieved: 2026-09-30T18:22:47.805Z

## Company

Recomm, founded in 1994, is a company in Business Process Outsourcing listed on TSE Standard. It has 484 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | RECOMM CO.,LTD. |
| Ticker | 3323 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3323.T) |
| Listing | TSE Standard |
| Head office | 東京都渋谷区代々木三丁目25番3号 |
| Representative (per filing) | 代表取締役社長 兼 グループCEO 兼 海外事業本部長 伊藤秀博 |
| Founded | Sep 1994 |
| Share capital | ¥2.45B |
| Employees (consolidated) | 484 |
| Average salary (parent only) | ¥5.4M |
| Fiscal year end | September |
| Corporate number | 8010401085763 |
| EDINET | E02971 |
| Industries (Vizora) | Business Process Outsourcing, Printers & Office Equipment, Specialty Trading & Wholesale |

> Profile source: annual securities report (S100XD4C, filed 2025-12-25). As of filing

## Five-axis industry profile

Primary industry: Specialty Trading & Wholesale (2025-09-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 91.9 | 179 |
| Profitability | 55.9 | 185 |
| Cash conversion | 60.1 | 179 |
| Efficiency | 14.9 | 185 |

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 64% of Recomm's sales come from Overseas solution, with Domestic Solution and Business Process Re-engineering making up much of the rest.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed +12.0% from the prior year, operating profit +51.4%.

## Company structure

- Segment revenue mix: Overseas solution 64.3%、Domestic Solution 31.3%、Business Process Re-engineering 4.4%
- Revenue → net income: ¥13088331000 → ¥295752000
- Net income → operating cash flow: ¥295752000 → ¥472006000（difference ¥176254000）
- Main uses of operating cash flow: CapEx ¥212695000 / dividends ¥131083000 / buybacks ¥35504000
- Change in cash: ¥-295008000
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 | ¥13.1B |  |
| Operating income | ¥407.9M | Margin 3.1% |
| Net income | ¥196.7M | Margin 1.5% |
| Free cash flow | ¥259.3M |  |
| Largest business | Overseas solution | of segment revenue 64.3% |
| Employees (consolidated) | 484 |  |
| EPS | ¥2.43 |  |
| Diluted EPS | ¥2.43 |  |
| Book value per share | ¥65.28 |  |
| Equity ratio | 39.8% | Derived from disclosed figures |
| Shares outstanding | 82,670,255 |  |
| Treasury shares | 1,938,900 |  |
| Shareholders | 24,462 |  |
| Average salary (parent only) | ¥5.4M | Filing company only |
| Cash ratio | 21.1% | Cash ÷ revenue 20.5% |
| Vs. industry median margin | +0.2 pp | Specialty Trading & Wholesale |
| ROE | 3.9% | Derived from disclosed figures |
| ROA | 1.6% | Derived from disclosed figures |

## Notable figures

- FY2025, operating cash flow is 2.4× net income
- FY2025, one segment accounts for 70% of positive segment profit
- FY2025, employees -6% while operating income rose 51%

## What changed in 5 years

| Metric | FY ending Sep 2020 | FY ending Sep 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥7147210000 | ¥13088331000 | +83.1% |
| Operating income | ¥-143913000 | ¥407907000 | — |
| Operating margin | -2.0% | 3.1% | +5.1 pp |
| Employees | 502 people | 484 people | -3.6% |
| Cash and equivalents | ¥3363963000 | ¥2680672000 | -20.3% |

### Change in segment revenue mix

Span: FY ending Sep 2020 → FY ending Sep 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 国内ソリューション事業 → 国内ソリューション事業 | 31.0% |
| ITソリューション事業 → 事業再編・廃止 | 26.0% |
| エネルギーソリューション事業 → 事業再編・廃止 | 15.0% |
| 海外法人事業 → 事業再編・廃止 | 10.7% |
| BPR事業 → BPR事業 | 3.3% |
| BPO事業 → 事業再編・廃止 | 3.3% |
| 海外法人事業 → 事業再編・廃止 | 10.7% |
| 新設・再編 → 国内ソリューション事業 | 0.3% |
| 新設・再編 → 海外ソリューション事業 | 64.3% |
| 新設・再編 → BPR事業 | 1.1% |

Segment revenue source references: 10 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Overseas solution | 4 years | +58.0% | ¥8417516000 | 5.8% | 2 |
| Domestic Solution | 5 years | -3.6% | ¥4096893000 | 4.7% | 2 |
| Business Process Re-engineering | 5 years | +2.1% | ¥573921000 | 2.0% | 2 |

## Income statement（FY ending Sep 2025, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 13,088 | 100.0% | S100XD4C |
| Cost of revenue | 9,935 | 75.9% | S100XD4C |
| Gross profit | 3,154 | 24.1% | S100XD4C |
| SG&A | 2,733 | 20.9% | S100XD4C |
| Operating income | 408 | 3.1% | S100XD4C |
| Pretax income | 448 | 3.4% | S100XD4C |
| Income tax | 152 | 1.2% | S100XD4C |
| Net income | 296 | 2.3% | S100XD4C |
| Net income attributable to owners | 197 | 1.5% | S100XD4C |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 76 |
| SG&A | 21 |
| Operating income | 3 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 24.1% → Operating margin 3.1% → Net margin 1.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +12.0%; Core profit growth: +51.4%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 4.29×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Sep 2024 → FY ending Sep 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 11,687 | 13,088 | 1,401 | +12.0% |
| Gross profit | 2,875 | 3,154 | 279 | +9.7% |
| Operating income | 269 | 408 | 139 | +51.4% |
| Net income attributable to owners | 84 | 197 | 113 | +134.3% |
| Operating cash flow | 842 | 472 | -370 | -43.9% |
| Free cash flow | 787 | 259 | -528 | -67.1% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Sep 2019 | 9,858 | 511 | 5.2% | 318 | -113 | -148 | S100KGCL |
| FY ending Sep 2020 | 7,147 | -144 | -2.0% | 364 | 216 | 185 | S100N4W4 |
| FY ending Sep 2021 | 6,628 | 211 | 3.2% | -317 | 391 | 373 | S100PZDP |
| FY ending Sep 2022 | 8,920 | 413 | 4.6% | 352 | 266 | 197 | S100SJMP |
| FY ending Sep 2023 | 9,510 | 450 | 4.7% | 315 | -105 | -147 | S100V0V3 |
| FY ending Sep 2024 | 11,687 | 269 | 2.3% | 84 | 842 | 787 | S100XD4C |
| FY ending Sep 2025 | 13,088 | 408 | 3.1% | 197 | 472 | 259 | S100XD4C |

## People and productivity（FY ending Sep 2025, consolidated, IFRS）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥27M |
| Operating income per employee (consolidated) | ¥842.8K |
| Net income per employee (consolidated) | ¥406.4K |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 463 | 429 | 470 | 514 | 484 |
| Average salary (parent company) | ¥5.5M | — | ¥5.9M | ¥6M | ¥5.4M |
| Average age (parent company) | 41.0 years | 41.1 years | 40.8 years | 41.9 years | 43.3 years |
| Average tenure (parent company) | 6.3 years | 6.5 years | 7.2 years | 8.8 years | 8.8 years |

Year over year: Employees (consolidated) -5.8% · Revenue (consolidated) +12.0%

## Segments（FY ending Sep 2025, consolidated, IFRS、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Domestic Solution | 4,097 | 31.3% | 194 | 4.7% |
| Overseas solution | 8,418 | 64.3% | 486 | 5.8% |
| Business Process Re-engineering | 574 | 4.4% | 11 | 2.0% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Domestic Solution | 31.3% | 28.1% | -3.2 | 4.7% |
| Overseas solution | 64.3% | 70.3% | 6.0 | 5.8% |
| Business Process Re-engineering | 4.4% | 1.6% | -2.7 | 2.0% |

Segment → industry: Business Process Re-engineering → Business Process Outsourcing / Domestic Solution → Printers & Office Equipment / Overseas solution → Specialty Trading & Wholesale / Domestic Solution → Specialty Trading & Wholesale

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Sep 2025, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 472 | 3.6% | S100XD4C |
| Capital expenditure | 213 | 1.6% | S100XD4C |
| Free cash flow | 259 | 2.0% | 算出 |
| Investing cash flow | -333 | -2.5% | S100XD4C |
| Financing cash flow | -443 | -3.4% | S100XD4C |
| Dividends paid | 131 | 1.0% | S100XD4C |
| Share buyback | 36 | 0.3% | S100XD4C |
| Change in cash | -295 | -2.3% | S100XD4C |
| Cash and equivalents | 2,681 | 20.5% | S100XD4C |

## 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 Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 2,993 | 2,706 | 2,626 | 2,976 | 2,681 | S100SJMP, S100V0V3, S100XD4C |
| Total assets | 8,251 | 9,240 | 10,844 | 12,646 | 12,704 | S100PZDP, S100SJMP, S100V0V3, S100XD4C |
| Net assets | 4,177 | 4,641 | 4,954 | 5,295 | 5,409 | S100SJMP, S100V0V3, S100XD4C |
| Share capital | 2,446 | 2,448 | 2,448 | 2,448 | 2,450 | S100PZDP, S100SJMP, S100V0V3, S100XD4C |
| Property, plant and equipment | 77 | 288 | 590 | 655 | 689 | S100PZDP, S100SJMP, S100V0V3, S100XD4C |
| Goodwill | 1,202 | 1,259 | 1,278 | 2,376 | 2,396 | S100PZDP, S100SJMP, S100V0V3, S100XD4C |
| Current assets | 5,841 | 6,704 | 7,957 | 8,365 | 8,178 | S100PZDP, S100SJMP, S100V0V3, S100XD4C |
| Total liabilities | 4,074 | 4,599 | 5,890 | 7,351 | 7,295 | S100PZDP, S100SJMP, S100V0V3, S100XD4C |
| Equity attributable to owners of parent | 3,677 | 4,326 | 4,690 | 4,964 | 5,055 | S100PZDP, S100SJMP, S100V0V3, S100XD4C |
| Retained earnings | -1,049 | -698 | -461 | -514 | -448 | S100PZDP, S100SJMP, S100V0V3, S100XD4C |
| Treasury stock | -84 | -111 | -111 | -111 | -146 | S100PZDP, S100SJMP, S100V0V3, S100XD4C |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 21% | S100XD4C |
| Property, plant and equipment | 5% | S100XD4C |
| Intangibles and goodwill | 19% | — |
| Other assets | 55% | S100XD4C |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 57% | S100XD4C |
| Equity | 43% | S100XD4C |

### Balance sheet history

| Metric | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 8,251 | 9,240 | 10,844 | 12,646 | 12,704 |
| Equity | 4,177 | 4,641 | 4,954 | 5,295 | 5,409 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 2,993 | 2,706 | 2,626 | 2,976 | 2,681 |

## 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) | 5.3% | S100XD4C |
| Fixed assets ÷ total assets | 5.4% | S100XD4C |
| Goodwill ÷ parent equity | 47.4% | S100XD4C |

Goodwill over 4 years: 1,202 → 2,396 JPY; total investing cash flow: -3,304 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) | 21.1% |
| Cash ÷ revenue | 20.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 115.7% |
| Cash vs. profit gap | 275 JPY mn (of net income 139.9%) |
| Shareholder returns / net income | 84.7% |
| Shareholder returns / FCF | 64.2% |
| Shareholder payments — dividends / net income | 66.6% |
| Shareholder payments — dividends / FCF | 50.6% |
| CapEx intensity (capex ÷ revenue) | 1.6% |
| Investing CF relative to operating CF | 70.5% |

## 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 | — | —× | -3.8% | —× | — | S100PZDP |
| 2022 | 3.9% | 1.02× | 4.0% | 2.19× | 8.8% | S100SJMP |
| 2023 | 3.3% | 0.95× | 3.1% | 2.23× | 7.0% | S100V0V3 |
| 2024 | 0.7% | 1.00× | 0.7% | 2.43× | 1.7% | S100XD4C |
| 2025 | 1.5% | 1.03× | 1.6% | 2.53× | 3.9% | S100XD4C |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 伊藤 秀博（常任代理人 三田証券株式会社） | Major shareholder | 6.3% | 2025-09-30 |
| 楽天証券株式会社 | Major shareholder | 4.7% | 2025-09-30 |
| 株式会社ＳＢＩ証券 | Major shareholder | 2.0% | 2025-09-30 |
| 松井証券株式会社 | Major shareholder | 1.3% | 2025-09-30 |
| 野村證券株式会社 | Major shareholder | 1.1% | 2025-09-30 |
| 日本証券金融株式会社 | Major shareholder | 0.9% | 2025-09-30 |
| 島田 喜美子 | Major shareholder | 0.8% | 2025-09-30 |
| 黒須 俊輔 | Major shareholder | 0.7% | 2025-09-30 |
| レカム従業員持株会 | Major shareholder | 0.7% | 2025-09-30 |
| 島田 明弘 | Major shareholder | 0.6% | 2025-09-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第32期(2024/10/01－2025/09/30) | S100XD4C | 2025-12-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XD4C,, |
| 有価証券報告書－第31期(2023/10/01－2024/09/30) | S100V0V3 | 2024-12-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100V0V3,, |
| 有価証券報告書－第30期(2022/10/01－2023/09/30) | S100SJMP | 2023-12-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SJMP,, |
| 訂正有価証券報告書－第29期(2021/10/01－2022/09/30) | S100PZDP | 2023-01-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PZDP,, |
| 有価証券報告書－第28期(令和2年10月1日－令和3年9月30日) | S100N4W4 | 2021-12-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100N4W4,, |
| 有価証券報告書－第27期(令和1年10月1日－令和2年9月30日) | S100KGCL | 2020-12-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KGCL,, |

## 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).