# Sincere Co., 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18期(2025/01/01－2025/12/31) (S100XUH3)
> Page: https://vizora.meequs.com/en/company/sincere
> Retrieved: 2026-09-30T20:20:49.870Z

## Company

Sincere, founded in 2008, is a company in Medical Devices listed on TSE Standard. It has 60 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Sincere Co., LTD. |
| Ticker | 7782 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7782.T) |
| Listing | TSE Standard |
| Head office | 東京都文京区本郷1丁目28番34号 |
| Representative (per filing) | 代表取締役執行役員社長 中村 研 |
| Founded | Sep 2008 |
| Share capital | ¥273.4M |
| Employees (consolidated) | 60 |
| Average salary (parent only) | ¥7.1M |
| Fiscal year end | December |
| Website | www.sincere-vision.com (https://www.sincere-vision.com/) |
| Corporate number | 5010001121120 |
| EDINET | E32784 |
| Industries (Vizora) | Medical Devices, Software & SaaS, Beauty Salons |

> Profile source: annual securities report (S100XUH3, filed 2026-03-27). As of filing

## Five-axis industry profile

Primary industry: Medical Devices (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 77.6 | 38 |
| Profitability | 29.5 | 39 |
| Cash conversion | 40.8 | 38 |
| Efficiency | 98.7 | 39 |

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 94% of Sincere's sales come from Contact lens business, with System business and Consulting business making up much of the rest.
- Out of every ¥100 of sales, about ¥7 is left as operating profit.
- Revenue changed +14.0% from the prior year, operating profit +8.2%.

## Company structure

- Segment revenue mix: Contact lens business 93.6%、System business 6.0%、Consulting business 0.4%
- Revenue → net income: ¥7456078000 → ¥264345000
- Net income → operating cash flow: ¥264345000 → ¥366841000（difference ¥102496000）
- Main uses of operating cash flow: CapEx ¥13293000 / dividends ¥121414000 / buybacks —
- Change in cash: ¥-229497000
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 | ¥7.46B |  |
| Operating income | ¥524.5M | Margin 7.0% |
| Net income | ¥264.3M | Margin 3.5% |
| Free cash flow | ¥353.5M |  |
| Largest business | Contact lens business | of segment revenue 93.6% |
| Employees (consolidated) | 60 |  |
| EPS | ¥43.12 |  |
| Book value per share | ¥439.02 |  |
| Equity ratio | 52.4% |  |
| Shares outstanding | 6,862,200 |  |
| Treasury shares | 328,700 |  |
| Shareholders | 4,135 |  |
| Average salary (parent only) | ¥7.1M | Filing company only |
| Cash ratio | 30.8% | Cash ÷ revenue 22.2% |
| Vs. industry median margin | -4.1 pp | Medical Devices |
| ROE | 10.0% | Derived from disclosed figures |
| ROA | 4.9% | Derived from disclosed figures |

## Notable figures

- FY2025, one segment accounts for 87% of positive segment profit
- FY2025, cash is 31% of total assets

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥4188300000 | ¥7456078000 | +78.0% |
| Operating income | ¥209969000 | ¥524522000 | +149.8% |
| Operating margin | 5.0% | 7.0% | +2 pp |
| Employees | 41 people | 60 people | +46.3% |
| Cash and equivalents | ¥1155827000 | ¥1658880000 | +43.5% |

### 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 |
| --- | ---: |
| 新設・再編 → コンタクトレンズ事業 | 93.6% |
| 新設・再編 → コンサルティング事業 | 0.4% |
| 新設・再編 → システム事業 | 6.0% |

Segment revenue source references: 3 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Contact lens business | 3 years | +7.7% | ¥6976206000 | 9.9% | 2 |
| System business | — | — | ¥448872000 | 20.2% | 2 |
| Consulting business | 3 years | +83.7% | ¥31000000 | 44.4% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 7,456 | 100.0% | S100XUH3 |
| Cost of revenue | 5,077 | 68.1% | S100XUH3 |
| Gross profit | 2,379 | 31.9% | S100XUH3 |
| SG&A | 1,854 | 24.9% | S100XUH3 |
| Operating income | 525 | 7.0% | S100XUH3 |
| Ordinary income | 515 | 6.9% | S100XUH3 |
| Pretax income | 450 | 6.0% | S100XUH3 |
| Income tax | 185 | 2.5% | S100XUH3 |
| Net income | 264 | 3.5% | S100XUH3 |
| Net income attributable to owners | 264 | 3.5% | S100XUH3 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 68 |
| SG&A | 25 |
| Operating income | 7 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 31.9% → Operating margin 7.0% → Net margin 3.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +14.0%; Core profit growth: +8.2%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.58×
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 | 6,539 | 7,456 | 917 | +14.0% |
| Gross profit | 2,097 | 2,379 | 282 | +13.4% |
| Operating income | 485 | 525 | 40 | +8.2% |
| Net income attributable to owners | 302 | 264 | -37 | -12.4% |
| Operating cash flow | 435 | 367 | -68 | -15.7% |
| Free cash flow | 404 | 354 | -50 | -12.4% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 4,369 | 144 | 3.3% | 76 | 186 | 176 | S100L2VW |
| FY ending Dec 2020 | 4,188 | 210 | 5.0% | 142 | 263 | 254 | S100NSKW |
| FY ending Dec 2021 | 4,557 | 105 | 2.3% | 84 | -424 | -457 | S100QIBO |
| FY ending Dec 2022 | 5,586 | 151 | 2.7% | 66 | -308 | -314 | S100T6C9 |
| FY ending Dec 2023 | 5,961 | 377 | 6.3% | 295 | 246 | 204 | S100VINT |
| FY ending Dec 2024 | 6,539 | 485 | 7.4% | 302 | 435 | 404 | S100XUH3 |
| FY ending Dec 2025 | 7,456 | 525 | 7.0% | 264 | 367 | 354 | S100XUH3 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥124.3M |
| Operating income per employee (consolidated) | ¥8.7M |
| Net income per employee (consolidated) | ¥4.4M |

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 | 42 | 57 | 55 | 60 |
| Average salary (parent company) | ¥6.2M | ¥6M | ¥6.4M | ¥6.6M | ¥7.1M |
| Average age (parent company) | 44.1 years | 44.1 years | 44.7 years | 44.3 years | 45.2 years |
| Average tenure (parent company) | 7.1 years | 7.3 years | 7.7 years | 8.5 years | 8.6 years |

Year over year: Employees (consolidated) +9.1% · Revenue (consolidated) +14.0%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Contact lens business | 6,976 | 93.6% | 691 | 9.9% |
| Consulting business | 31 | 0.4% | 14 | 44.4% |
| System business | 449 | 6.0% | 90 | 20.2% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Contact lens business | 93.6% | 86.9% | -6.7 | 9.9% |
| Consulting business | 0.4% | 1.7% | 1.3 | 44.4% |
| System business | 6.0% | 11.4% | 5.4 | 20.2% |

Segment → industry: Contact lens business → Medical Devices / System business → Software & SaaS / Consulting business → Beauty Salons

## 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 | 367 | 4.9% | S100XUH3 |
| Capital expenditure | 13 | 0.2% | S100XUH3 |
| Free cash flow | 354 | 4.7% | 算出 |
| Investing cash flow | -250 | -3.4% | S100XUH3 |
| Financing cash flow | -339 | -4.5% | S100XUH3 |
| Dividends paid | 121 | 1.6% | S100XUH3 |
| Change in cash | -229 | -3.1% | S100XUH3 |
| Cash and equivalents | 1,659 | 22.2% | S100XUH3 |

## 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 | 1,088 | 1,133 | 2,194 | 1,888 | 1,659 | S100T6C9, S100VINT, S100XUH3 |
| Total assets | 3,290 | 3,577 | 5,480 | 5,496 | 5,383 | S100QIBO, S100T6C9, S100VINT, S100XUH3 |
| Net assets | 2,040 | 1,988 | 2,484 | 2,697 | 2,819 | S100T6C9, S100VINT, S100XUH3 |
| Share capital | 273 | 273 | 273 | 273 | 273 | S100QIBO, S100T6C9, S100VINT, S100XUH3 |
| Trade receivables | 880 | — | — | — | — | S100QIBO |
| Property, plant and equipment | 37 | 31 | 57 | 69 | 60 | S100QIBO, S100T6C9, S100VINT, S100XUH3 |
| Intangible assets excluding goodwill | 8 | 49 | 426 | 649 | 589 | S100QIBO, S100T6C9, S100VINT, S100XUH3 |
| Goodwill | — | 41 | 176 | 416 | 369 | S100T6C9, S100VINT, S100XUH3 |
| Investment securities | 0 | 0 | — | — | — | S100QIBO, S100T6C9 |
| Current assets | 3,164 | 3,351 | 4,933 | 4,615 | 4,654 | S100QIBO, S100T6C9, S100VINT, S100XUH3 |
| Current liabilities | 791 | 964 | 2,118 | 2,020 | 2,022 | S100QIBO, S100T6C9, S100VINT, S100XUH3 |
| Short-term borrowings | 200 | 350 | 1,300 | 1,150 | 1,150 | S100QIBO, S100T6C9, S100VINT, S100XUH3 |
| Long-term borrowings | 395 | 539 | 779 | 683 | 465 | S100QIBO, S100T6C9, S100VINT, S100XUH3 |
| Total liabilities | 1,249 | 1,589 | 2,996 | 2,799 | 2,565 | S100QIBO, S100T6C9, S100VINT, S100XUH3 |
| Non-controlling interests | — | — | 73 | — | — | S100VINT |
| Equity attributable to owners of parent | 1,993 | 2,003 | 2,299 | 2,537 | 2,745 | S100QIBO, S100T6C9, S100VINT, S100XUH3 |
| Retained earnings | 1,768 | 1,761 | 2,031 | 2,244 | 2,387 | S100QIBO, S100T6C9, S100VINT, S100XUH3 |
| Treasury stock | -374 | -352 | -323 | -281 | -201 | S100QIBO, S100T6C9, S100VINT, S100XUH3 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 31% | S100XUH3 |
| Property, plant and equipment | 1% | S100XUH3 |
| Intangibles and goodwill | 18% | S100XUH3 |
| Other assets | 50% | S100XUH3 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 48% | S100XUH3 |
| Equity | 52% | S100XUH3 |
| Other liabilities | 0% | S100XUH3 |

### 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 | 3,290 | 3,577 | 5,480 | 5,496 | 5,383 |
| Equity | 2,040 | 1,988 | 2,484 | 2,697 | 2,819 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,088 | 1,133 | 2,194 | 1,888 | 1,659 |

## 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% | S100XUH3 |
| Fixed assets ÷ total assets | 1.1% | S100XUH3 |
| Goodwill ÷ parent equity | 13.5% | S100XUH3 |

### 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) | 30.8% |
| Cash ÷ revenue | 22.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 69.9% |
| Cash vs. profit gap | 102 JPY mn (of net income 38.8%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 45.9% |
| Shareholder payments — dividends / FCF | 34.3% |
| CapEx intensity (capex ÷ revenue) | 0.2% |
| Investing CF relative to operating CF | 68.2% |

## 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 | 1.8% | 1.39× | 2.6% | 1.65× | 4.2% | S100QIBO |
| 2022 | 1.2% | 1.63× | 1.9% | 1.72× | 3.3% | S100T6C9 |
| 2023 | 5.0% | 1.32× | 6.5% | 2.10× | 13.7% | S100VINT |
| 2024 | 4.6% | 1.19× | 5.5% | 2.27× | 12.5% | S100XUH3 |
| 2025 | 3.5% | 1.37× | 4.9% | 2.06× | 10.0% | S100XUH3 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社ユカリア | Major shareholder | 62.0% | 2025-12-31 |
| 中村 研 | Major shareholder | 4.2% | 2025-12-31 |
| 萩原 隼人 | Major shareholder | 1.7% | 2025-12-31 |
| 相原 輝夫 | Major shareholder | 1.1% | 2025-12-31 |
| ＪＰモルガン証券株式会社 | Major shareholder | 0.7% | 2025-12-31 |
| 丸田 稔 | Major shareholder | 0.7% | 2025-12-31 |
| 澁澤 大輔 | Major shareholder | 0.6% | 2025-12-31 |
| 安部 孝一 | Major shareholder | 0.5% | 2025-12-31 |
| 長嶺 英昌 | Major shareholder | 0.4% | 2025-12-31 |
| 南雲 佳恵 | Major shareholder | 0.3% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第18期(2025/01/01－2025/12/31) | S100XUH3 | 2026-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XUH3,, |
| 有価証券報告書－第17期(2024/01/01－2024/12/31) | S100VINT | 2025-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VINT,, |
| 有価証券報告書－第16期(2023/01/01－2023/12/31) | S100T6C9 | 2024-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T6C9,, |
| 有価証券報告書－第15期(2022/01/01－2022/12/31) | S100QIBO | 2023-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QIBO,, |
| 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) | S100NSKW | 2022-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NSKW,, |
| 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) | S100L2VW | 2021-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L2VW,, |

## 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).