# SOURCENEXT CORPORATION: 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30期(2025/04/01－2025/12/31) (S100XSUV)
> Page: https://vizora.meequs.com/en/company/sourcenext
> Retrieved: 2026-09-30T21:33:17.334Z

## Company

Sourcenext, founded in 1996, is a company in Software & SaaS listed on TSE Prime. It has 163 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | SOURCENEXT CORPORATION |
| Ticker | 4344 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4344.T) |
| Listing | TSE Prime |
| Head office | 東京都千代田区三番町3番地8 (2025年12月15日から本店所在地 東京都港区赤坂一丁目14番14号 が上記のように移転しております。) |
| Representative (per filing) | 代表取締役社長 兼 COO 小嶋智彰 |
| Founded | Aug 1996 |
| Share capital | ¥4.01B |
| Employees (consolidated) | 163 |
| Average salary (parent only) | ¥8.1M |
| Fiscal year end | December |
| Website | www.sourcenext.com (https://www.sourcenext.com/) |
| Corporate number | 3010401051654 |
| EDINET | E05647 |
| Industries (Vizora) | Software & SaaS |

> Profile source: annual securities report (S100XSUV, filed 2026-03-24). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 3.1 | 145 |
| Efficiency | 25.2 | 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)

- Sourcenext brought in ¥9.27B in revenue.
- It lost about ¥14 for every ¥100 of sales at the operating level.
- Revenue changed -19.0% from the prior year.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥9.27B |  |
| Operating income | -¥1.31B | Margin -14.1% |
| Net income | -¥2.13B | Margin -23.0% |
| Free cash flow | -¥487.6M |  |
| Employees (consolidated) | 163 |  |
| EPS | ¥-1.13 |  |
| Book value per share | ¥48.38 |  |
| Equity ratio | 38.3% |  |
| Shares outstanding | 139,115,100 |  |
| Treasury shares | 800,100 |  |
| Shareholders | 46,125 |  |
| Average salary (parent only) | ¥8.1M | Filing company only |
| Cash ratio | 32.7% | Cash ÷ revenue 51.3% |
| Vs. industry median margin | -26.6 pp | Software & SaaS |
| ROA | -14.6% | Derived from disclosed figures |

## Notable figures

- FY2025, cash is 33% of total assets
- FY2025, operating loss is 14 per ¥100 of revenue

## What changed in 1 years

| Metric | FY ending Mar 2025 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥11455896000 | ¥9274295000 | -19.0% |
| Operating income | ¥-3480481000 | ¥-1308330000 | — |
| Operating margin | -30.4% | -14.1% | +16.3 pp |
| Employees | 161 people | 163 people | +1.2% |
| Cash and equivalents | ¥5858654000 | ¥4761506000 | -18.7% |

### Change in segment revenue mix

Span: FY ending Mar 2025 → 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, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 9,274 | 100.0% | S100XSUV |
| Cost of revenue | 4,476 | 48.3% | S100XSUV |
| Gross profit | 4,798 | 51.7% | S100XSUV |
| SG&A | 6,106 | 65.8% | S100XSUV |
| Operating income | -1,308 | -14.1% | S100XSUV |
| Ordinary income | -1,243 | -13.4% | S100XSUV |
| Pretax income | -2,850 | -30.7% | S100XSUV |
| Income tax | 6 | 0.1% | S100XSUV |
| Net income | -2,856 | -30.8% | S100XSUV |
| Net income attributable to owners | -2,129 | -23.0% | S100XSUV |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 48 |
| SG&A | 66 |
| Operating income | -14 |
| (Ref.) Net income | -23 |

### Margin funnel

Gross margin 51.7% → Operating margin -14.1% → Net margin -23.0%
Derived from reported figures (DERIVED).

## Year over year（FY ending Mar 2025 → FY ending Dec 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 11,456 | 9,274 | -2,182 | -19.0% |
| Gross profit | 5,337 | 4,798 | -538 | -10.1% |
| Operating income | -3,480 | -1,308 | 2,172 | — |
| Net income attributable to owners | -3,897 | -2,129 | 1,768 | — |
| Operating cash flow | -1,858 | 426 | 2,284 | — |
| Free cash flow | -3,210 | -488 | 2,722 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2025 | 11,456 | -3,480 | -30.4% | -3,897 | -1,858 | -3,210 | S100XSUV |
| FY ending Dec 2025 | 9,274 | -1,308 | -14.1% | -2,129 | 426 | -488 | S100XSUV |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥56.9M |
| Operating income per employee (consolidated) | -¥8M |
| Net income per employee (consolidated) | -¥13.1M |

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

| History | FY ending Mar 2025 | FY ending Dec 2025 |
| --- | ---: | ---: |
| Employees (consolidated) | 161 | 163 |
| Average salary (parent company) | — | ¥8.1M |
| Average age (parent company) | — | 39.8 years |
| Average tenure (parent company) | — | 9.2 years |

## 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 | 426 | 4.6% | S100XSUV |
| Capital expenditure | 914 | 9.9% | S100XSUV |
| Free cash flow | -488 | -5.3% | 算出 |
| Investing cash flow | -941 | -10.1% | S100XSUV |
| Financing cash flow | -645 | -7.0% | S100XSUV |
| Change in cash | -1,097 | -11.8% | S100XSUV |
| Cash and equivalents | 4,762 | 51.3% | S100XSUV |

## 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 Mar 2025 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: |
| Cash and equivalents | 5,859 | 4,762 | S100XSUV |
| Total assets | 17,209 | 14,545 | S100XSUV |
| Net assets | 9,354 | 6,788 | S100XSUV |
| Share capital | 4,009 | 4,010 | S100XSUV |
| Property, plant and equipment | 101 | 125 | S100XSUV |
| Intangible assets excluding goodwill | 3,597 | 1,703 | S100XSUV |
| Investment securities | 2,152 | 2,373 | S100XSUV |
| Current assets | 11,343 | 10,303 | S100XSUV |
| Current liabilities | 6,165 | 5,923 | S100XSUV |
| Short-term borrowings | 3,600 | 3,100 | S100XSUV |
| Long-term borrowings | 1,259 | 1,314 | S100XSUV |
| Total liabilities | 7,855 | 7,757 | S100XSUV |
| Non-controlling interests | 1,467 | 712 | S100XSUV |
| Equity attributable to owners of parent | 7,485 | 5,358 | S100XSUV |
| Retained earnings | -7,957 | -10,085 | S100XSUV |
| Treasury stock | -163 | -163 | S100XSUV |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 33% | S100XSUV |
| Property, plant and equipment | 1% | S100XSUV |
| Intangibles and goodwill | 12% | S100XSUV |
| Investment securities | 16% | S100XSUV |
| Other assets | 38% | S100XSUV |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 53% | S100XSUV |
| Equity | 47% | S100XSUV |

### Balance sheet history

| Metric | FY ending Mar 2025 | FY ending Dec 2025 |
| --- | ---: | ---: |
| Total assets | 17,209 | 14,545 |
| Equity | 9,354 | 6,788 |
| Interest-bearing debt | — | — |
| Cash | 5,859 | 4,762 |

## 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) | 1.3% | S100XSUV |
| Fixed assets ÷ total assets | 0.9% | S100XSUV |
| Goodwill ÷ parent equity | — | —, S100XSUV |

### 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) | 32.7% |
| Cash ÷ revenue | 51.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | 2,555 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 9.9% |
| Investing CF relative to operating CF | 220.7% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2025 | — | —× | -22.6% | —× | — | S100XSUV |
| 2025 | — | —× | -14.6% | —× | — | S100XSUV |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 松田憲幸 | Major shareholder | 26.2% | 2025-12-31 |
| 株式会社ヨドバシカメラ | Major shareholder | 10.4% | 2025-12-31 |
| 日本マスタートラスト信託銀行株式会社(信託口) | Major shareholder | 6.1% | 2025-12-31 |
| 松田里美 | Major shareholder | 2.3% | 2025-12-31 |
| 株式会社新進商会 | Major shareholder | 0.9% | 2025-12-31 |
| STATE STREET BANK AND TRUST COMPANY 505223 (常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 0.7% | 2025-12-31 |
| BNY GCM CLIENT ACCOUNT JPRD AC ISG(FE-AC)(常任代理人 株式会社三菱UFJ銀行) | Major shareholder | 0.7% | 2025-12-31 |
| 楽天証券株式会社共有口 | Major shareholder | 0.7% | 2025-12-31 |
| 東京短資株式会社 | Major shareholder | 0.7% | 2025-12-31 |
| モルガン・スタンレーMUFG証券株式会社 | Major shareholder | 0.6% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第30期(2025/04/01－2025/12/31) | S100XSUV | 2026-03-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XSUV,, |

## 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).