# sinops Inc.: business model and financials

> Latest period: FY ending Dec 2025, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第39期(2025/01/01－2025/12/31) (S100XUCN)
> Page: https://vizora.meequs.com/en/company/sinops
> Retrieved: 2026-09-30T20:56:33.828Z

## Company

sinops, founded in 1987, is a company in Software & SaaS listed on TSE Growth. It has 110 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | sinops Inc. |
| Ticker | 4428 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4428.T) |
| Listing | TSE Growth |
| Head office | 大阪府豊中市新千里東町一丁目5番3号 |
| Representative (per filing) | 代表取締役社長 岡本 数彦 |
| Founded | Oct 1987 |
| Share capital | ¥429.2M |
| Employees (consolidated) | 110 |
| Average salary (parent only) | ¥6.7M |
| Fiscal year end | December |
| Website | www.sinops.jp (https://www.sinops.jp/) |
| Corporate number | 2120001132027 |
| EDINET | E34509 |
| Industries (Vizora) | Software & SaaS |

> Profile source: annual securities report (S100XUCN, filed 2026-03-26). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 62.4 | 105 |
| Profitability | 60.3 | 145 |
| Cash conversion | 68.4 | 128 |
| Efficiency | 50.7 | 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)

- sinops brought in ¥2.04B in revenue.
- Out of every ¥100 of sales, about ¥15 is left as operating profit.
- Revenue changed +14.9% from the prior year, operating profit +99.6%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥2040717000 → ¥217039000
- Net income → operating cash flow: ¥217039000 → ¥389107000（difference ¥172068000）
- Main uses of operating cash flow: CapEx ¥103157000 / dividends ¥100128000 / buybacks —
- Change in cash: ¥187520000
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 | ¥2.04B |  |
| Operating income | ¥309.2M | Margin 15.2% |
| Net income | ¥217M | Margin 10.6% |
| Free cash flow | ¥285.9M |  |
| Employees (consolidated) | 110 |  |
| EPS | ¥34.79 |  |
| Diluted EPS | ¥34.78 |  |
| Book value per share | ¥303.9 |  |
| Equity ratio | 77.8% |  |
| Shares outstanding | 6,259,000 |  |
| Treasury shares | 13,100 |  |
| Shareholders | 2,427 |  |
| Average salary (parent only) | ¥6.7M | Filing company only |
| Cash ratio | 32.8% | Cash ÷ revenue 39.2% |
| Vs. industry median margin | +2.7 pp | Software & SaaS |
| ROE | 11.8% | Derived from disclosed figures |
| ROA | 9.4% | Derived from disclosed figures |

## Notable figures

- FY2025, cash is 33% of total assets

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥909828000 | ¥2040717000 | +124.3% |
| Operating income | ¥22932000 | ¥309231000 | +1248.5% |
| Operating margin | 2.5% | 15.2% | +12.6 pp |
| Employees | 74 people | 110 people | +48.6% |
| Cash and equivalents | ¥1077266000 | ¥800070000 | -25.7% |

### 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, non-consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 2,041 | 100.0% | S100XUCN |
| Cost of revenue | 1,162 | 56.9% | S100XUCN |
| Gross profit | 879 | 43.1% | S100XUCN |
| SG&A | 570 | 27.9% | S100XUCN |
| Operating income | 309 | 15.2% | S100XUCN |
| Ordinary income | 312 | 15.3% | S100XUCN |
| Pretax income | 312 | 15.3% | S100XUCN |
| Income tax | 95 | 4.6% | S100XUCN |
| Net income | 217 | 10.6% | S100XUCN |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 57 |
| SG&A | 28 |
| Operating income | 15 |
| (Ref.) Net income | 11 |

### Margin funnel

Gross margin 43.1% → Operating margin 15.2% → Net margin 10.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +14.9%; Core profit growth: +99.6%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 6.70×
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 | 1,776 | 2,041 | 264 | +14.9% |
| Gross profit | 726 | 879 | 153 | +21.0% |
| Operating income | 155 | 309 | 154 | +99.6% |
| Operating cash flow | 116 | 389 | 273 | +235.7% |
| Free cash flow | -96 | 286 | 382 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 1,081 | 301 | 27.9% | 193 | -15 | -106 | S100L2BC |
| FY ending Dec 2020 | 910 | 23 | 2.5% | 8 | 225 | 89 | S100NR1W |
| FY ending Dec 2021 | 1,202 | 143 | 11.9% | 101 | 465 | 359 | S100QHSY |
| FY ending Dec 2022 | 1,455 | 225 | 15.4% | 153 | 193 | — | S100T42F |
| FY ending Dec 2023 | 1,729 | 271 | 15.7% | 206 | 306 | 155 | S100VHQF |
| FY ending Dec 2024 | 1,776 | 155 | 8.7% | 108 | 116 | -96 | S100XUCN |
| FY ending Dec 2025 | 2,041 | 309 | 15.2% | 217 | 389 | 286 | S100XUCN |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥18.6M |
| Operating income per employee (consolidated) | ¥2.8M |
| Net income per employee (consolidated) | ¥2M |

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) | 81 | 96 | 111 | 104 | 110 |
| Average salary (parent company) | ¥5.8M | ¥6.8M | ¥6.4M | ¥6.7M | ¥6.7M |
| Average age (parent company) | 34.9 years | 35.0 years | 35.7 years | 35.8 years | 36.3 years |
| Average tenure (parent company) | 4.9 years | 5.0 years | 5.1 years | 4.8 years | 4.8 years |

Year over year: Employees (consolidated) +5.8% · Revenue (consolidated) +14.9%

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Dec 2025, non-consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 389 | 19.1% | S100XUCN |
| Capital expenditure | 103 | 5.1% | S100XUCN |
| Free cash flow | 286 | 14.0% | 算出 |
| Investing cash flow | -103 | -5.1% | S100XUCN |
| Financing cash flow | -100 | -4.9% | S100XUCN |
| Dividends paid | 100 | 4.9% | S100XUCN |
| Change in cash | 188 | 9.2% | S100XUCN |
| Cash and equivalents | 800 | 39.2% | S100XUCN |

## 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 | 1,426 | 1,300 | 831 | 613 | 800 | S100T42F, S100VHQF, S100XUCN |
| Total assets | 1,991 | 2,006 | 2,202 | 2,165 | 2,438 | S100QHSY, S100T42F, S100VHQF, S100XUCN |
| Net assets | 1,441 | 1,544 | 1,767 | 1,765 | 1,898 | S100T42F, S100VHQF, S100XUCN |
| Share capital | 421 | 426 | 428 | 429 | 429 | S100QHSY, S100T42F, S100VHQF, S100XUCN |
| Property, plant and equipment | 28 | 32 | 26 | 44 | 39 | S100QHSY, S100T42F, S100VHQF, S100XUCN |
| Intangible assets excluding goodwill | 194 | 227 | 288 | 357 | 339 | S100QHSY, S100T42F, S100VHQF, S100XUCN |
| Investment securities | — | — | 99 | 99 | — | S100VHQF, S100XUCN |
| Current assets | 1,641 | 1,613 | 1,145 | 976 | 1,878 | S100QHSY, S100T42F, S100VHQF, S100XUCN |
| Current liabilities | 517 | 458 | 430 | 395 | 535 | S100QHSY, S100T42F, S100VHQF, S100XUCN |
| Short-term borrowings | 100 | — | — | — | — | S100QHSY |
| Long-term borrowings | 29 | — | — | — | — | S100QHSY |
| Total liabilities | 550 | 462 | 435 | 400 | 540 | S100QHSY, S100T42F, S100VHQF, S100XUCN |
| Equity attributable to owners of parent | 1,437 | 1,542 | 1,768 | 1,766 | 1,899 | S100QHSY, S100T42F, S100VHQF, S100XUCN |
| Retained earnings | 635 | 788 | 992 | 976 | 1,092 | S100QHSY, S100T42F, S100VHQF, S100XUCN |
| Treasury stock | -0 | -59 | -41 | -31 | -12 | S100QHSY, S100T42F, S100VHQF, S100XUCN |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 33% | S100XUCN |
| Property, plant and equipment | 1% | S100XUCN |
| Intangibles and goodwill | 14% | S100XUCN |
| Other assets | 52% | S100XUCN |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 22% | S100XUCN |
| Equity | 78% | S100XUCN |
| Other liabilities | 0% | S100XUCN |

### 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 | 1,991 | 2,006 | 2,202 | 2,165 | 2,438 |
| Equity | 1,441 | 1,544 | 1,767 | 1,765 | 1,898 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,426 | 1,300 | 831 | 613 | 800 |

## 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) | 1.9% | S100XUCN |
| Fixed assets ÷ total assets | 1.6% | S100XUCN |
| Goodwill ÷ parent equity | — | —, S100XUCN |

### 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) | 32.8% |
| Cash ÷ revenue | 39.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 125.8% |
| Cash vs. profit gap | 172 JPY mn (of net income 79.3%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 46.1% |
| Shareholder payments — dividends / FCF | 35.0% |
| CapEx intensity (capex ÷ revenue) | 5.1% |
| Investing CF relative to operating CF | 26.5% |

## 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 | 8.4% | 0.60× | 5.1% | 1.39× | 7.1% | S100QHSY |
| 2022 | 10.5% | 0.73× | 7.7% | 1.34× | 10.3% | S100T42F |
| 2023 | 11.9% | 0.82× | 9.8% | 1.27× | 12.5% | S100VHQF |
| 2024 | 6.1% | 0.81× | 5.0% | 1.24× | 6.1% | S100XUCN |
| 2025 | 10.6% | 0.89× | 9.4% | 1.26× | 11.8% | S100XUCN |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 合同会社南谷ホールディングス | Major shareholder | 33.7% | 2025-12-31 |
| 南谷 のどか | Major shareholder | 7.5% | 2025-12-31 |
| 加藤 めぐみ | Major shareholder | 7.5% | 2025-12-31 |
| 南谷 純 | Major shareholder | 7.5% | 2025-12-31 |
| 南谷 清江 | Major shareholder | 2.5% | 2025-12-31 |
| 南谷 洋志 | Major shareholder | 2.1% | 2025-12-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 2.0% | 2025-12-31 |
| 情報技術開発株式会社 | Major shareholder | 1.6% | 2025-12-31 |
| 伊藤忠商事株式会社 | Major shareholder | 1.6% | 2025-12-31 |
| 株式会社ＳＢＩ証券 | Major shareholder | 1.4% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第39期(2025/01/01－2025/12/31) | S100XUCN | 2026-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XUCN,, |
| 有価証券報告書－第38期(2024/01/01－2024/12/31) | S100VHQF | 2025-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VHQF,, |
| 有価証券報告書－第37期(2023/01/01－2023/12/31) | S100T42F | 2024-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T42F,, |
| 有価証券報告書－第36期(2022/01/01－2022/12/31) | S100QHSY | 2023-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QHSY,, |
| 有価証券報告書－第35期(令和3年1月1日－令和3年12月31日) | S100NR1W | 2022-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NR1W,, |
| 有価証券報告書－第34期(令和2年1月1日－令和2年12月31日) | S100L2BC | 2021-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L2BC,, |

## 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).