# Sharing Innovations: 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18期(2025/01/01－2025/12/31) (S100XS7T)
> Page: https://vizora.meequs.com/en/company/sharing-innovations
> Retrieved: 2026-09-30T21:35:06.325Z

## Company

Sharing Innovations, founded in 2008, is a company in IT Services & System Integration listed on TSE Growth. It has 212 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Sharing Innovations Inc. |
| Ticker | 4178 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4178.T) |
| Listing | TSE Growth |
| Head office | 東京都渋谷区恵比寿四丁目20番3号 |
| Representative (per filing) | 代表取締役社長 信田 人 |
| Founded | Jun 2008 |
| Share capital | ¥436.5M |
| Employees (consolidated) | 212 |
| Average salary (parent only) | ¥4.9M |
| Fiscal year end | December |
| Website | sharing-innovations.com (https://sharing-innovations.com/) |
| Corporate number | 5010601039720 |
| EDINET | E36366 |
| Industries (Vizora) | IT Services & System Integration, Internet Services & Apps |

> Profile source: annual securities report (S100XS7T, filed 2026-03-24). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 15.6 | 157 |
| Profitability | 13 | 196 |
| Cash conversion | 77.6 | 185 |
| Efficiency | 85.5 | 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)

- About 91% of Sharing Innovations's sales come from Digital transformation business, with Platform business making up much of the rest.
- Out of every ¥100 of sales, about ¥2 is left as operating profit.
- Revenue changed -13.8% from the prior year, operating profit -58.0%.

## Company structure

- Segment revenue mix: Digital transformation business 91.1%、Platform business 8.9%
- Revenue → net income: ¥4458053000 → ¥23971000
- Net income → operating cash flow: ¥23971000 → ¥114920000（difference ¥90949000）
- Main uses of operating cash flow: CapEx ¥312000 / dividends — / buybacks —
- Change in cash: ¥89931000
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 | ¥4.46B |  |
| Operating income | ¥100.4M | Margin 2.3% |
| Net income | ¥24M | Margin 0.5% |
| Free cash flow | ¥114.6M |  |
| Largest business | Digital transformation business | of segment revenue 91.1% |
| Employees (consolidated) | 212 |  |
| EPS | ¥2.05 |  |
| Diluted EPS | ¥1.95 |  |
| Book value per share | ¥424.83 |  |
| Equity ratio | 69.0% |  |
| Shares outstanding | 3,793,300 |  |
| Treasury shares | 49,700 |  |
| Shareholders | 1,102 |  |
| Average salary (parent only) | ¥4.9M | Filing company only |
| Cash ratio | 50.6% | Cash ÷ revenue 26.4% |
| Vs. industry median margin | -6.7 pp | IT Services & System Integration |
| ROE | 1.5% | Derived from disclosed figures |
| ROA | 1.0% | Derived from disclosed figures |

## Notable figures

- FY2025, operating cash flow is 4.8× net income
- FY2025, one segment accounts for 88% of positive segment profit
- FY2025, cash is 51% of total assets

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥3782005000 | ¥4458053000 | +17.9% |
| Operating income | ¥273987000 | ¥100369000 | -63.4% |
| Operating margin | 7.2% | 2.3% | -5 pp |
| Employees | 228 people | 212 people | -7.0% |
| Cash and equivalents | ¥462527000 | ¥1178521000 | +154.8% |

### 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 |
| --- | ---: |
| デジタルトランスフォーメーション事業 → デジタルトランスフォーメーション事業 | 89.5% |
| プラットフォーム事業 → プラットフォーム事業 | 8.9% |
| プラットフォーム事業 → 事業再編・廃止 | 1.6% |
| 新設・再編 → デジタルトランスフォーメーション事業 | 1.6% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 4,458 | 100.0% | S100XS7T |
| Cost of revenue | 3,568 | 80.0% | S100XS7T |
| Gross profit | 890 | 20.0% | S100XS7T |
| SG&A | 790 | 17.7% | S100XS7T |
| Operating income | 100 | 2.3% | S100XS7T |
| Ordinary income | 93 | 2.1% | S100XS7T |
| Pretax income | 88 | 2.0% | S100XS7T |
| Income tax | 65 | 1.4% | S100XS7T |
| Net income | 24 | 0.5% | S100XS7T |
| Net income attributable to owners | 24 | 0.5% | S100XS7T |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 80 |
| SG&A | 18 |
| Operating income | 2 |
| (Ref.) Net income | 1 |

### Margin funnel

Gross margin 20.0% → Operating margin 2.3% → Net margin 0.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -13.8%; Core profit growth: -58.0%
Operating leverage (core profit growth ÷ revenue growth): 4.22×
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 | 5,169 | 4,458 | -711 | -13.8% |
| Gross profit | 1,099 | 890 | -209 | -19.0% |
| Operating income | 239 | 100 | -139 | -58.0% |
| Net income attributable to owners | 137 | 24 | -113 | -82.5% |
| Operating cash flow | 268 | 115 | -153 | -57.0% |
| Free cash flow | 262 | 115 | -148 | -56.3% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 2,725 | 146 | 5.4% | 74 | 187 | — | S100L30U |
| FY ending Dec 2020 | 3,782 | 274 | 7.2% | 177 | 138 | — | S100NRW4 |
| FY ending Dec 2021 | 4,477 | 380 | 8.5% | 243 | 314 | 312 | S100QF76 |
| FY ending Dec 2022 | 5,189 | 169 | 3.3% | 97 | 97 | 83 | S100T5DO |
| FY ending Dec 2023 | 5,058 | 124 | 2.5% | 34 | 64 | 62 | S100VGXD |
| FY ending Dec 2024 | 5,169 | 239 | 4.6% | 137 | 268 | 262 | S100XS7T |
| FY ending Dec 2025 | 4,458 | 100 | 2.3% | 24 | 115 | 115 | S100XS7T |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥21M |
| Operating income per employee (consolidated) | ¥473.4K |
| Net income per employee (consolidated) | ¥113.1K |

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) | 289 | 335 | 321 | 257 | 212 |
| Average salary (parent company) | ¥4.1M | ¥4.3M | ¥4.1M | ¥4.4M | ¥4.9M |
| Average age (parent company) | 31.5 years | 30.6 years | 31.8 years | 34.2 years | 36.6 years |
| Average tenure (parent company) | 2.2 years | 3.1 years | 3.8 years | 4.9 years | 5.8 years |

Year over year: Employees (consolidated) -17.5% · Revenue (consolidated) -13.8%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Digital transformation business | 4,062 | 91.1% | 369 | 9.1% |
| Platform business | 396 | 8.9% | 52 | 13.2% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Digital transformation business | 91.1% | 87.6% | -3.5 | 9.1% |
| Platform business | 8.9% | 12.4% | 3.5 | 13.2% |

Segment → industry: Digital transformation business → IT Services & System Integration / Platform business → Internet Services & Apps

## 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 | 115 | 2.6% | S100XS7T |
| Capital expenditure | 0 | 0.0% | S100XS7T |
| Free cash flow | 115 | 2.6% | 算出 |
| Investing cash flow | -43 | -1.0% | S100XS7T |
| Financing cash flow | 18 | 0.4% | S100XS7T |
| Change in cash | 90 | 2.0% | S100XS7T |
| Cash and equivalents | 1,179 | 26.4% | S100XS7T |

## 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 | 952 | 752 | 822 | 1,089 | 1,179 | S100T5DO, S100VGXD, S100XS7T |
| Total assets | 2,103 | 2,029 | 2,319 | 2,452 | 2,330 | S100QF76, S100T5DO, S100VGXD, S100XS7T |
| Net assets | 1,498 | 1,414 | 1,449 | 1,586 | 1,610 | S100T5DO, S100VGXD, S100XS7T |
| Share capital | 437 | 437 | 437 | 437 | 437 | S100QF76, S100T5DO, S100VGXD, S100XS7T |
| Trade receivables | 561 | — | — | — | — | S100QF76 |
| Property, plant and equipment | 1 | 11 | 8 | 4 | 3 | S100QF76, S100T5DO, S100VGXD, S100XS7T |
| Intangible assets excluding goodwill | 465 | 561 | 699 | 588 | 526 | S100QF76, S100T5DO, S100VGXD, S100XS7T |
| Goodwill | 464 | 529 | 673 | 566 | 512 | S100QF76, S100T5DO, S100VGXD, S100XS7T |
| Current assets | 1,590 | 1,424 | 1,569 | 1,818 | 1,779 | S100QF76, S100T5DO, S100VGXD, S100XS7T |
| Current liabilities | 605 | 585 | 668 | 700 | 518 | S100QF76, S100T5DO, S100VGXD, S100XS7T |
| Short-term borrowings | — | — | — | 38 | — | S100XS7T |
| Long-term borrowings | — | — | 202 | 167 | 202 | S100VGXD, S100XS7T |
| Total liabilities | 605 | 615 | 870 | 866 | 720 | S100QF76, S100T5DO, S100VGXD, S100XS7T |
| Equity attributable to owners of parent | 1,497 | 1,414 | 1,450 | 1,587 | 1,610 | S100QF76, S100T5DO, S100VGXD, S100XS7T |
| Retained earnings | 577 | 656 | 681 | 818 | 842 | S100QF76, S100T5DO, S100VGXD, S100XS7T |
| Treasury stock | — | -112 | -101 | -101 | -101 | S100T5DO, S100VGXD, S100XS7T |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 51% | S100XS7T |
| Property, plant and equipment | 0% | S100XS7T |
| Intangibles and goodwill | 44% | S100XS7T |
| Other assets | 5% | S100XS7T |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 31% | S100XS7T |
| Equity | 69% | S100XS7T |
| Other liabilities | 0% | S100XS7T |

### 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 | 2,103 | 2,029 | 2,319 | 2,452 | 2,330 |
| Equity | 1,498 | 1,414 | 1,449 | 1,586 | 1,610 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 952 | 752 | 822 | 1,089 | 1,179 |

## 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) | 0.1% | S100XS7T |
| Fixed assets ÷ total assets | 0.1% | S100XS7T |
| Goodwill ÷ parent equity | 31.8% | S100XS7T |

Goodwill over 4 years: 464 → 512 JPY; total investing cash flow: -427 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) | 50.6% |
| Cash ÷ revenue | 26.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 114.5% |
| Cash vs. profit gap | 91 JPY mn (of net income 379.4%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.0% |
| Investing CF relative to operating CF | 37.2% |

## 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 | 5.4% | 2.13× | 11.6% | 1.40× | 16.2% | S100QF76 |
| 2022 | 1.9% | 2.51× | 4.7% | 1.42× | 6.6% | S100T5DO |
| 2023 | 0.7% | 2.33× | 1.6% | 1.52× | 2.4% | S100VGXD |
| 2024 | 2.7% | 2.17× | 5.7% | 1.57× | 9.0% | S100XS7T |
| 2025 | 0.5% | 1.86× | 1.0% | 1.50× | 1.5% | S100XS7T |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社Orchestra Holdings | Major shareholder | 71.5% | 2025-12-31 |
| 株式会社 SBI証券 | Major shareholder | 5.7% | 2025-12-31 |
| 芝井 敬司 | Major shareholder | 2.1% | 2025-12-31 |
| 上田八木短資株式会社 | Major shareholder | 1.3% | 2025-12-31 |
| 鈴木 昭久 | Major shareholder | 0.9% | 2025-12-31 |
| 青山 泰長 | Major shareholder | 0.8% | 2025-12-31 |
| 塩原 敏也 | Major shareholder | 0.7% | 2025-12-31 |
| 野村證券株式会社 | Major shareholder | 0.6% | 2025-12-31 |
| 中嶋 康彦 | Major shareholder | 0.6% | 2025-12-31 |
| 松井証券株式会社 | Major shareholder | 0.5% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第18期(2025/01/01－2025/12/31) | S100XS7T | 2026-03-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XS7T,, |
| 有価証券報告書－第17期(2024/01/01－2024/12/31) | S100VGXD | 2025-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VGXD,, |
| 有価証券報告書－第16期(2023/01/01－2023/12/31) | S100T5DO | 2024-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T5DO,, |
| 有価証券報告書－第15期(2022/01/01－2022/12/31) | S100QF76 | 2023-03-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QF76,, |
| 有価証券報告書－第14期(令和3年1月1日－令和3年12月31日) | S100NRW4 | 2022-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NRW4,, |
| 有価証券報告書－第13期(令和2年1月1日－令和2年12月31日) | S100L30U | 2021-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L30U,, |

## 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).