# Smartvalue Co.,Ltd.: business model and financials

> Latest period: FY ending Jun 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第78期(2024/07/01－2025/06/30) (S100WQZW)
> Page: https://vizora.meequs.com/en/company/smartvalue
> Retrieved: 2026-09-30T20:56:05.150Z

## Company

Smartvalue, founded in 2025, is a company in IT Services & System Integration listed on TSE Standard. It has 197 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Smartvalue Co.,Ltd. |
| Ticker | 9417 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9417.T) |
| Listing | TSE Standard |
| Head office | 大阪市中央区道修町三丁目6番1号 |
| Representative (per filing) | 代表執行役社長 渋谷 順 |
| Founded | Jun 2025 |
| Share capital | ¥1.04B |
| Employees (consolidated) | 197 |
| Average salary (parent only) | ¥4.6M |
| Fiscal year end | June |
| Website | www.smartvalue.ad.jp (https://www.smartvalue.ad.jp/) |
| Corporate number | 6120101002687 |
| EDINET | E31524 |
| Industries (Vizora) | IT Services & System Integration, Software & SaaS |

> Profile source: annual securities report (S100WQZW, filed 2025-09-25). As of filing

## Five-axis industry profile

Primary industry: IT Services & System Integration (2025-06-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 1.6 | 157 |
| Profitability | 1.3 | 196 |
| Efficiency | 1.3 | 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)

- About 40% of Smartvalue's sales come from Digital government, with SmartVenue and Mobility services making up much of the rest.
- It lost about ¥10 for every ¥100 of sales at the operating level.
- Revenue changed +14.3% from the prior year.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥4.36B |  |
| Operating income | -¥440.7M | Margin -10.1% |
| Net income | ¥916.1M | Margin 21.0% |
| Free cash flow | -¥838M |  |
| Largest business | Digital government | of segment revenue 40.0% |
| Employees (consolidated) | 197 |  |
| EPS | ¥90.66 |  |
| Book value per share | ¥292.47 |  |
| Equity ratio | 10.2% |  |
| Shares outstanding | 10,679,800 |  |
| Treasury shares | 287,400 |  |
| Shareholders | 2,882 |  |
| Average salary (parent only) | ¥4.6M | Filing company only |
| Cash ratio | 16.6% | Cash ÷ revenue 94.6% |
| Vs. industry median margin | -19 pp | IT Services & System Integration |
| ROE | 43.3% | Derived from disclosed figures |
| ROA | 6.3% | Derived from disclosed figures |

## Notable figures

- FY2025, segment profit share differs by 26 points
- FY2025, operating loss is 10 per ¥100 of revenue

## What changed in 5 years

| Metric | FY ending Jun 2020 | FY ending Jun 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥5958661000 | ¥4361869000 | -26.8% |
| Operating income | ¥-239750000 | ¥-440677000 | — |
| Operating margin | -4.0% | -10.1% | -6.1 pp |
| Employees | 273 people | 197 people | -27.8% |
| Cash and equivalents | ¥2022481000 | ¥4126767000 | +104.0% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| デジタルガバメント → デジタルガバメント | 12.7% |
| クラウドソリューション事業 → 事業再編・廃止 | 31.4% |
| モビリティ・サービス → モビリティ・サービス | 18.4% |
| モバイル事業 → 事業再編・廃止 | 18.6% |
| 移動体情報通信機器の販売代理店事業 → 事業再編・廃止 | 18.9% |
| 新設・再編 → デジタルガバメント | 27.3% |
| 新設・再編 → モビリティ・サービス | 6.8% |
| 新設・再編 → スマートベニュー | 34.8% |

Segment revenue source references: 8 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Digital government | 5 years | +2.9% | ¥1743093000 | 9.8% | 2 |
| SmartVenue | 3 years | +48.7% | ¥1515756000 | -21.2% | 2 |
| Mobility services | 5 years | -12.9% | ¥1103019000 | 16.0% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 4,362 | 100.0% | S100WQZW |
| Cost of revenue | 2,917 | 66.9% | S100WQZW |
| Gross profit | 1,445 | 33.1% | S100WQZW |
| SG&A | 1,885 | 43.2% | S100WQZW |
| Operating income | -441 | -10.1% | S100WQZW |
| Ordinary income | -733 | -16.8% | S100WQZW |
| Pretax income | 1,244 | 28.5% | S100WQZW |
| Income tax | 392 | 9.0% | S100WQZW |
| Net income | 852 | 19.5% | S100WQZW |
| Net income attributable to owners | 916 | 21.0% | S100WQZW |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 67 |
| SG&A | 43 |
| Operating income | -10 |
| (Ref.) Net income | 21 |

### Margin funnel

Gross margin 33.1% → Operating margin -10.1% → Net margin 21.0%
Derived from reported figures (DERIVED).

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 3,815 | 4,362 | 547 | +14.3% |
| Gross profit | 1,157 | 1,445 | 287 | +24.8% |
| Operating income | -308 | -441 | -132 | — |
| Net income attributable to owners | -349 | 916 | 1,265 | — |
| Operating cash flow | 27 | 464 | 437 | +1646.5% |
| Free cash flow | -693 | -838 | -145 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Jun 2019 | 7,743 | 320 | 4.1% | 194 | 175 | -173 | S100KTE9 |
| FY ending Jun 2020 | 5,959 | -240 | -4.0% | 33 | 392 | -206 | S100MI33 |
| FY ending Jun 2021 | 3,446 | -605 | -17.6% | -1,408 | -938 | -1,249 | S100P9UO |
| FY ending Jun 2022 | 3,805 | -15 | -0.4% | 1 | 597 | 519 | S100RWXT |
| FY ending Jun 2023 | 3,873 | -75 | -1.9% | -49 | -21 | -74 | S100UF4A |
| FY ending Jun 2024 | 3,815 | -308 | -8.1% | -349 | 27 | -693 | S100WQZW |
| FY ending Jun 2025 | 4,362 | -441 | -10.1% | 916 | 464 | -838 | S100WQZW |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥22.1M |
| Operating income per employee (consolidated) | -¥2.2M |
| Net income per employee (consolidated) | ¥4.7M |

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

| History | FY ending Jun 2021 | FY ending Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 276 | 275 | 278 | 280 | 197 |
| Average salary (parent company) | ¥4.2M | ¥4.2M | ¥4.5M | ¥4.6M | ¥4.6M |
| Average age (parent company) | 36.0 years | 36.0 years | 37.0 years | 37.0 years | 35.0 years |
| Average tenure (parent company) | 4.0 years | 5.0 years | 5.0 years | 5.0 years | 4.0 years |

Year over year: Employees (consolidated) -29.6% · Revenue (consolidated) +14.3%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Digital government | 1,743 | 40.0% | 170 | 9.8% |
| Mobility services | 1,103 | 25.3% | 177 | 16.0% |
| SmartVenue | 1,516 | 34.8% | -321 | -21.2% |

### 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 government | 40.0% | 49.0% | 9.0 | 9.8% |
| Mobility services | 25.3% | 51.0% | 25.7 | 16.0% |
| SmartVenue | 34.8% | — | — | -21.2% |

Loss-making segment (excluded from profit shares): SmartVenue -321 JPY mn

Segment → industry: Digital government → IT Services & System Integration / Mobility services → Software & SaaS

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 464 | 10.6% | S100WQZW |
| Capital expenditure | 1,302 | 29.8% | S100WQZW |
| Free cash flow | -838 | -19.2% | 算出 |
| Investing cash flow | 890 | 20.4% | S100WQZW |
| Financing cash flow | 1,045 | 24.0% | S100WQZW |
| Dividends paid | 62 | 1.4% | S100WQZW |
| Change in cash | 2,400 | 55.0% | S100WQZW |
| Cash and equivalents | 4,127 | 94.6% | S100WQZW |

## 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 Jun 2021 | FY ending Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 771 | 1,464 | 1,239 | 1,727 | 4,127 | S100RWXT, S100UF4A, S100WQZW |
| Total assets | 2,740 | 4,121 | 3,866 | 4,037 | 24,903 | S100P9UO, S100RWXT, S100UF4A, S100WQZW |
| Net assets | 2,118 | 2,451 | 2,441 | 2,159 | 2,999 | S100RWXT, S100UF4A, S100WQZW |
| Share capital | 959 | 959 | 1,045 | 1,045 | 1,045 | S100P9UO, S100RWXT, S100UF4A, S100WQZW |
| Trade receivables | 550 | — | — | — | — | S100P9UO |
| Property, plant and equipment | 289 | 264 | 258 | 868 | 18,697 | S100P9UO, S100RWXT, S100UF4A, S100WQZW |
| Intangible assets excluding goodwill | 369 | 338 | 270 | 282 | 142 | S100P9UO, S100RWXT, S100UF4A, S100WQZW |
| Goodwill | 158 | 142 | 126 | 110 | — | S100P9UO, S100RWXT, S100UF4A, S100WQZW |
| Investment securities | 2 | 2 | 2 | 2 | 2 | S100P9UO, S100RWXT, S100UF4A, S100WQZW |
| Current assets | 1,761 | 3,179 | 3,016 | 2,459 | 5,411 | S100P9UO, S100RWXT, S100UF4A, S100WQZW |
| Current liabilities | 491 | 1,278 | 1,116 | 1,330 | 2,830 | S100P9UO, S100RWXT, S100UF4A, S100WQZW |
| Short-term borrowings | — | 628 | 489 | 361 | — | S100RWXT, S100UF4A, S100WQZW |
| Long-term borrowings | 60 | 327 | 247 | 379 | 1,793 | S100P9UO, S100RWXT, S100UF4A, S100WQZW |
| Total liabilities | 622 | 1,669 | 1,425 | 1,879 | 21,905 | S100P9UO, S100RWXT, S100UF4A, S100WQZW |
| Non-controlling interests | — | 317 | 319 | 469 | 455 | S100RWXT, S100UF4A, S100WQZW |
| Equity attributable to owners of parent | 2,118 | 2,134 | 2,122 | 1,690 | 2,543 | S100P9UO, S100RWXT, S100UF4A, S100WQZW |
| Retained earnings | 334 | 255 | 116 | -316 | 538 | S100P9UO, S100RWXT, S100UF4A, S100WQZW |
| Treasury stock | -126 | -124 | -154 | -154 | -154 | S100P9UO, S100RWXT, S100UF4A, S100WQZW |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 17% | S100WQZW |
| Property, plant and equipment | 75% | S100WQZW |
| Intangibles and goodwill | 0% | S100WQZW |
| Investment securities | 0% | S100WQZW |
| Other assets | 8% | S100WQZW |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 88% | S100WQZW |
| Equity | 12% | S100WQZW |

### Balance sheet history

| Metric | FY ending Jun 2021 | FY ending Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 2,740 | 4,121 | 3,866 | 4,037 | 24,903 |
| Equity | 2,118 | 2,451 | 2,441 | 2,159 | 2,999 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 771 | 1,464 | 1,239 | 1,727 | 4,127 |

## 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) | 428.6% | S100WQZW |
| Fixed assets ÷ total assets | 75.1% | S100WQZW |
| Goodwill ÷ parent equity | — | —, S100WQZW |

### 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) | 16.6% |
| Cash ÷ revenue | 94.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | -452 JPY mn (of net income -49.4%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 6.8% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 29.8% |
| Investing CF relative to operating CF | 191.9% |

## 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 | — | —× | -51.4% | —× | — | S100P9UO |
| 2022 | 0.0% | 1.11× | 0.0% | 1.61× | 0.1% | S100RWXT |
| 2023 | — | —× | -1.2% | —× | — | S100UF4A |
| 2024 | — | —× | -8.8% | —× | — | S100WQZW |
| 2025 | 21.0% | 0.30× | 6.3% | 6.84× | 43.3% | S100WQZW |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 渋谷 一正 | Major shareholder | 20.6% | 2025-06-30 |
| 渋谷 順 | Major shareholder | 11.6% | 2025-06-30 |
| ウイングアーク１st株式会社 | Major shareholder | 8.0% | 2025-06-30 |
| 株式会社コモンズ＆センス | Major shareholder | 5.5% | 2025-06-30 |
| 株式会社希実製作 | Major shareholder | 5.0% | 2025-06-30 |
| 島田 睦 | Major shareholder | 4.8% | 2025-06-30 |
| 杉村 富生 | Major shareholder | 3.1% | 2025-06-30 |
| 株式会社ライフスタイル | Major shareholder | 1.4% | 2025-06-30 |
| 株式会社ベイエリア | Major shareholder | 1.4% | 2025-06-30 |
| 島田 晃久 | Major shareholder | 1.4% | 2025-06-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第78期(2024/07/01－2025/06/30) | S100WQZW | 2025-09-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WQZW,, |
| 有価証券報告書－第77期(2023/07/01－2024/06/30) | S100UF4A | 2024-09-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UF4A,, |
| 有価証券報告書－第76期(2022/07/01－2023/06/30) | S100RWXT | 2023-09-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RWXT,, |
| 有価証券報告書－第75期(令和3年7月1日－令和4年6月30日) | S100P9UO | 2022-09-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100P9UO,, |
| 有価証券報告書－第74期(令和2年7月1日－令和3年6月30日) | S100MI33 | 2021-09-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MI33,, |
| 訂正有価証券報告書－第73期(令和1年7月1日－令和2年6月30日) | S100KTE9 | 2021-02-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KTE9,, |

## 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).