# SOFTMAX CO.,LTD: 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53期(2025/01/01－2025/12/31) (S100XURZ)
> Page: https://vizora.meequs.com/en/company/softmax
> Retrieved: 2026-09-30T20:30:37.212Z

## Company

Softmax, founded in 1974, is a company in Health Tech listed on TSE Standard. It has 230 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | SOFTMAX CO.,LTD |
| Ticker | 3671 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3671.T) |
| Listing | TSE Standard |
| Head office | 鹿児島県鹿児島市加治屋町12番11号 |
| Representative (per filing) | 代表取締役社長 萩原 千恵子(戸籍名:島森 千恵子) |
| Founded | Jan 1974 |
| Share capital | ¥448.4M |
| Employees (consolidated) | 230 |
| Average salary (parent only) | ¥5.7M |
| Fiscal year end | December |
| Website | www.s-max.co.jp (https://www.s-max.co.jp/) |
| Corporate number | 8340001002433 |
| EDINET | E27276 |
| Industries (Vizora) | Health Tech |

> Profile source: annual securities report (S100XURZ, filed 2026-03-27). As of filing

## Five-axis industry profile

Primary industry: Health Tech (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 32.1 | 14 |
| Profitability | 41.7 | 18 |
| Cash conversion | 20.6 | 17 |
| Efficiency | 47.2 | 18 |

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)

- Softmax brought in ¥6.93B in revenue.
- Out of every ¥100 of sales, about ¥11 is left as operating profit.
- Revenue changed +27.6% from the prior year, operating profit +11.8%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥6928650000 → ¥573459000
- Net income → operating cash flow: ¥573459000 → ¥388949000（difference ¥-184510000）
- Main uses of operating cash flow: CapEx ¥29694000 / dividends ¥180430000 / buybacks ¥42000
- Change in cash: ¥103212000
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 | ¥6.93B |  |
| Operating income | ¥740.6M | Margin 10.7% |
| Net income | ¥573.5M | Margin 8.3% |
| Free cash flow | ¥359.3M |  |
| Employees (consolidated) | 230 |  |
| EPS | ¥23.87 |  |
| Book value per share | ¥163.22 |  |
| Equity ratio | 43.0% |  |
| Shares outstanding | 24,050,800 |  |
| Treasury shares | 1,600 |  |
| Shareholders | 3,593 |  |
| Average salary (parent only) | ¥5.7M | Filing company only |
| Cash ratio | 26.8% | Cash ÷ revenue 35.3% |
| Vs. industry median margin | -3.1 pp | Health Tech |
| ROE | 15.4% | Derived from disclosed figures |
| ROA | 6.9% | Derived from disclosed figures |

## Notable figures

- FY2025, cash is 27% of total assets

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥4023201000 | ¥6928650000 | +72.2% |
| Operating income | ¥445721000 | ¥740630000 | +66.2% |
| Operating margin | 11.1% | 10.7% | -0.4 pp |
| Employees | 173 people | 230 people | +32.9% |
| Cash and equivalents | ¥1942669000 | ¥2449256000 | +26.1% |

### 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 | 6,929 | 100.0% | S100XURZ |
| Cost of revenue | 5,065 | 73.1% | S100XURZ |
| Gross profit | 1,864 | 26.9% | S100XURZ |
| SG&A | 1,123 | 16.2% | S100XURZ |
| Operating income | 741 | 10.7% | S100XURZ |
| Ordinary income | 795 | 11.5% | S100XURZ |
| Pretax income | 795 | 11.5% | S100XURZ |
| Income tax | 221 | 3.2% | S100XURZ |
| Net income | 573 | 8.3% | S100XURZ |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 73 |
| SG&A | 16 |
| Operating income | 11 |
| (Ref.) Net income | 8 |

### Margin funnel

Gross margin 26.9% → Operating margin 10.7% → Net margin 8.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +27.6%; Core profit growth: +11.8%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.43×
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 | 5,429 | 6,929 | 1,500 | +27.6% |
| Gross profit | 1,672 | 1,864 | 191 | +11.4% |
| Operating income | 663 | 741 | 78 | +11.8% |
| Operating cash flow | 664 | 389 | -275 | -41.4% |
| Free cash flow | 623 | 359 | -264 | -42.3% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 4,333 | 406 | 9.4% | 270 | 423 | 417 | S100KYOE |
| FY ending Dec 2020 | 4,023 | 446 | 11.1% | 335 | 429 | 22 | S100NQ3K |
| FY ending Dec 2021 | 4,489 | 590 | 13.1% | 423 | 284 | 260 | S100QEBO |
| FY ending Dec 2022 | 5,050 | 548 | 10.8% | 419 | 180 | 164 | S100T660 |
| FY ending Dec 2023 | 5,261 | 581 | 11.0% | 453 | 233 | 207 | S100VIM3 |
| FY ending Dec 2024 | 5,429 | 663 | 12.2% | 480 | 664 | 623 | S100XURZ |
| FY ending Dec 2025 | 6,929 | 741 | 10.7% | 573 | 389 | 359 | S100XURZ |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥30.1M |
| Operating income per employee (consolidated) | ¥3.2M |
| Net income per employee (consolidated) | ¥2.5M |

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) | 187 | 200 | 211 | 220 | 230 |
| Average salary (parent company) | ¥5.2M | ¥5.3M | ¥5.6M | ¥5.6M | ¥5.7M |
| Average age (parent company) | 40.5 years | 40.5 years | 40.8 years | 41.0 years | 41.3 years |
| Average tenure (parent company) | 10.8 years | 10.6 years | 10.6 years | 10.7 years | 10.8 years |

Year over year: Employees (consolidated) +4.5% · Revenue (consolidated) +27.6%

## 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 | 5.6% | S100XURZ |
| Capital expenditure | 30 | 0.4% | S100XURZ |
| Free cash flow | 359 | 5.2% | 算出 |
| Investing cash flow | -1,169 | -16.9% | S100XURZ |
| Financing cash flow | 884 | 12.8% | S100XURZ |
| Dividends paid | 180 | 2.6% | S100XURZ |
| Share buyback | 0 | 0.0% | S100XURZ |
| Change in cash | 103 | 1.5% | S100XURZ |
| Cash and equivalents | 2,449 | 35.3% | S100XURZ |

## 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 | 1,824 | 1,854 | 1,875 | 2,346 | 2,449 | S100T660, S100VIM3, S100XURZ |
| Total assets | 5,763 | 6,550 | 6,719 | 7,536 | 9,129 | S100QEBO, S100T660, S100VIM3, S100XURZ |
| Net assets | 2,621 | 2,936 | 3,220 | 3,518 | 3,925 | S100T660, S100VIM3, S100XURZ |
| Share capital | 429 | 437 | 442 | 442 | 448 | S100QEBO, S100T660, S100VIM3, S100XURZ |
| Property, plant and equipment | 1,076 | 1,064 | 1,053 | 1,074 | 1,047 | S100QEBO, S100T660, S100VIM3, S100XURZ |
| Intangible assets excluding goodwill | 36 | 35 | 40 | 30 | 40 | S100QEBO, S100T660, S100VIM3, S100XURZ |
| Investment securities | 14 | 0 | — | 46 | 48 | S100QEBO, S100XURZ |
| Current assets | 3,912 | 4,725 | 4,879 | 5,640 | 5,493 | S100QEBO, S100T660, S100VIM3, S100XURZ |
| Current liabilities | 2,487 | 2,965 | 2,846 | 3,374 | 3,545 | S100QEBO, S100T660, S100VIM3, S100XURZ |
| Short-term borrowings | 1,150 | 1,150 | 1,150 | 1,250 | 1,350 | S100QEBO, S100T660, S100VIM3, S100XURZ |
| Long-term borrowings | 197 | 180 | 162 | 145 | 1,044 | S100QEBO, S100T660, S100VIM3, S100XURZ |
| Total liabilities | 3,143 | 3,613 | 3,499 | 4,018 | 5,204 | S100QEBO, S100T660, S100VIM3, S100XURZ |
| Equity attributable to owners of parent | 2,621 | 2,936 | 3,220 | 3,520 | 3,926 | S100QEBO, S100T660, S100VIM3, S100XURZ |
| Retained earnings | 1,901 | 2,201 | 2,474 | 2,774 | 3,168 | S100QEBO, S100T660, S100VIM3, S100XURZ |
| Treasury stock | -0 | -0 | -0 | -0 | -0 | S100QEBO, S100T660, S100VIM3, S100XURZ |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 27% | S100XURZ |
| Property, plant and equipment | 11% | S100XURZ |
| Intangibles and goodwill | 0% | S100XURZ |
| Investment securities | 1% | S100XURZ |
| Other assets | 61% | S100XURZ |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 57% | S100XURZ |
| Equity | 43% | S100XURZ |
| Other liabilities | 0% | S100XURZ |

### 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 | 5,763 | 6,550 | 6,719 | 7,536 | 9,129 |
| Equity | 2,621 | 2,936 | 3,220 | 3,518 | 3,925 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,824 | 1,854 | 1,875 | 2,346 | 2,449 |

## 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) | 15.1% | S100XURZ |
| Fixed assets ÷ total assets | 11.5% | S100XURZ |
| Goodwill ÷ parent equity | — | —, S100XURZ |

### 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) | 26.8% |
| Cash ÷ revenue | 35.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 52.5% |
| Cash vs. profit gap | -185 JPY mn (of net income -32.2%) |
| Shareholder returns / net income | 31.5% |
| Shareholder returns / FCF | 50.2% |
| Shareholder payments — dividends / net income | 31.5% |
| Shareholder payments — dividends / FCF | 50.2% |
| CapEx intensity (capex ÷ revenue) | 0.4% |
| Investing CF relative to operating CF | 300.6% |

## 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 | 9.4% | 0.78× | 7.3% | 2.20× | 16.1% | S100QEBO |
| 2022 | 8.3% | 0.82× | 6.8% | 2.22× | 15.1% | S100T660 |
| 2023 | 8.6% | 0.79× | 6.8% | 2.16× | 14.7% | S100VIM3 |
| 2024 | 8.8% | 0.76× | 6.7% | 2.12× | 14.2% | S100XURZ |
| 2025 | 8.3% | 0.83× | 6.9% | 2.24× | 15.4% | S100XURZ |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社リンクス | Major shareholder | 24.9% | 2025-12-31 |
| 野 村 俊 郎 | Major shareholder | 21.3% | 2025-12-31 |
| 光通信ＫＫ投資事業有限責任組合無限責任組合員光通信株式会社 | Major shareholder | 5.2% | 2025-12-31 |
| 株式会社鹿児島銀行 | Major shareholder | 4.0% | 2025-12-31 |
| 株式会社青雲 | Major shareholder | 3.4% | 2025-12-31 |
| ソフトマックス従業員持株会 | Major shareholder | 1.7% | 2025-12-31 |
| 槇 田 重 夫 | Major shareholder | 1.5% | 2025-12-31 |
| 楽天証券株式会社共有口 | Major shareholder | 1.4% | 2025-12-31 |
| 株式会社ＳＢＩ証券 | Major shareholder | 1.3% | 2025-12-31 |
| 中 園 政 秀 | Major shareholder | 1.3% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第53期(2025/01/01－2025/12/31) | S100XURZ | 2026-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XURZ,, |
| 有価証券報告書－第52期(2024/01/01－2024/12/31) | S100VIM3 | 2025-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VIM3,, |
| 有価証券報告書－第51期(2023/01/01－2023/12/31) | S100T660 | 2024-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T660,, |
| 有価証券報告書－第50期(2022/01/01－2022/12/31) | S100QEBO | 2023-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QEBO,, |
| 有価証券報告書－第49期(令和3年1月1日－令和3年12月31日) | S100NQ3K | 2022-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NQ3K,, |
| 有価証券報告書－第48期(令和2年1月1日－令和2年12月31日) | S100KYOE | 2021-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KYOE,, |

## 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).