# Sun* Inc.: 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13期(2025/01/01－2025/12/31) (S100XTX9)
> Page: https://vizora.meequs.com/en/company/sun
> Retrieved: 2026-09-30T18:22:46.655Z

## Company

Sun*, founded in 2012, is a company in IT Services & System Integration listed on TSE Prime. It has 2,006 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Sun* Inc. |
| Ticker | 4053 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4053.T) |
| Listing | TSE Prime |
| Head office | 東京都千代田区大手町一丁目6番1号 |
| Representative (per filing) | 代表取締役 小林 泰平 |
| Founded | Oct 2012 |
| Share capital | ¥1.76B |
| Employees (consolidated) | 2,006 |
| Average salary (parent only) | ¥6.3M |
| Fiscal year end | December |
| Website | sun-asterisk.com (https://sun-asterisk.com/) |
| Corporate number | 4010601044077 |
| EDINET | E35827 |
| Industries (Vizora) | IT Services & System Integration |

> Profile source: annual securities report (S100XTX9, filed 2026-03-25). As of filing

## Five-axis industry profile

Primary industry: IT Services & System Integration (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 93.3 | 157 |
| Profitability | 36 | 196 |
| Cash conversion | 84.6 | 185 |
| Efficiency | 27.8 | 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)

- Sun* brought in ¥14.8B in revenue.
- Out of every ¥100 of sales, about ¥7 is left as operating profit.
- Revenue changed +9.3% from the prior year, operating profit -27.1%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥14835000000 → ¥476000000
- Net income → operating cash flow: ¥476000000 → ¥1354000000（difference ¥878000000）
- Main uses of operating cash flow: CapEx ¥65000000 / dividends — / buybacks ¥155000000
- Change in cash: ¥1677000000
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 | ¥14.8B |  |
| Operating income | ¥1.05B | Margin 7.1% |
| Net income | ¥476M | Margin 3.2% |
| Free cash flow | ¥1.29B |  |
| Employees (consolidated) | 2,006 |  |
| EPS | ¥-14.71 |  |
| Diluted EPS | ¥12.11 |  |
| Book value per share | ¥98.98 |  |
| Equity ratio | 66.2% |  |
| Shares outstanding | 39,115,080 |  |
| Treasury shares | 1,000,100 |  |
| Shareholders | 8,545 |  |
| Average salary (parent only) | ¥6.3M | Filing company only |
| Cash ratio | 49.0% | Cash ÷ revenue 53.2% |
| Vs. industry median margin | -1.8 pp | IT Services & System Integration |
| ROE | 5.0% | Derived from disclosed figures |
| ROA | 3.2% | Derived from disclosed figures |

## Notable figures

- FY2025, operating cash flow is 2.8× net income
- FY2025, cash is 49% of total assets

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥5367633000 | ¥14835000000 | +176.4% |
| Operating income | ¥886425000 | ¥1052000000 | +18.7% |
| Operating margin | 16.5% | 7.1% | -9.4 pp |
| Employees | 1,298 people | 2,006 people | +54.5% |
| Cash and equivalents | ¥4070862000 | ¥7895000000 | +93.9% |

### 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, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 14,835 | 100.0% | S100XTX9 |
| Cost of revenue | 7,646 | 51.5% | S100XTX9 |
| Gross profit | 7,189 | 48.5% | S100XTX9 |
| SG&A | 6,136 | 41.4% | S100XTX9 |
| Operating income | 1,052 | 7.1% | S100XTX9 |
| Ordinary income | 998 | 6.7% | S100XTX9 |
| Pretax income | 907 | 6.1% | S100XTX9 |
| Income tax | 431 | 2.9% | S100XTX9 |
| Net income | 476 | 3.2% | S100XTX9 |
| Net income attributable to owners | 476 | 3.2% | S100XTX9 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 52 |
| SG&A | 41 |
| Operating income | 7 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 48.5% → Operating margin 7.1% → Net margin 3.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +9.3%; Core profit growth: -27.1%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -2.91×
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 | 13,568 | 14,835 | 1,267 | +9.3% |
| Gross profit | 6,965 | 7,189 | 224 | +3.2% |
| Operating income | 1,444 | 1,052 | -392 | -27.1% |
| Net income attributable to owners | 1,023 | 476 | -547 | -53.5% |
| Operating cash flow | 1,010 | 1,354 | 344 | +34.1% |
| Free cash flow | 934 | 1,289 | 355 | +38.0% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 4,530 | 475 | 10.5% | 411 | 462 | 418 | S100L3GG |
| FY ending Dec 2020 | 5,368 | 886 | 16.5% | 804 | 863 | 829 | S100NT2U |
| FY ending Dec 2021 | 8,031 | 1,411 | 17.6% | 1,302 | 1,188 | 1,136 | S100QISV |
| FY ending Dec 2022 | 10,745 | 902 | 8.4% | 823 | 807 | 630 | S100UTZE |
| FY ending Dec 2023 | 12,516 | 1,775 | 14.2% | 1,569 | 1,883 | 1,788 | S100VIBX |
| FY ending Dec 2024 | 13,568 | 1,444 | 10.6% | 1,023 | 1,010 | 934 | S100XTX9 |
| FY ending Dec 2025 | 14,835 | 1,052 | 7.1% | 476 | 1,354 | 1,289 | S100XTX9 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥7.4M |
| Operating income per employee (consolidated) | ¥524.4K |
| Net income per employee (consolidated) | ¥237.3K |

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) | 1,633 | 1,805 | 1,748 | 2,048 | 2,006 |
| Average salary (parent company) | ¥5.9M | ¥6.2M | ¥6.2M | ¥6M | ¥6.3M |
| Average age (parent company) | 33.5 years | 33.2 years | 32.3 years | 32.1 years | 32.7 years |
| Average tenure (parent company) | 1.7 years | 1.8 years | 1.9 years | 2.0 years | 2.5 years |

Year over year: Employees (consolidated) -2.1% · Revenue (consolidated) +9.3%

## 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 | 1,354 | 9.1% | S100XTX9 |
| Capital expenditure | 65 | 0.4% | S100XTX9 |
| Free cash flow | 1,289 | 8.7% | 算出 |
| Investing cash flow | -534 | -3.6% | S100XTX9 |
| Financing cash flow | 624 | 4.2% | S100XTX9 |
| Share buyback | 155 | 1.0% | S100XTX9 |
| Change in cash | 1,677 | 11.3% | S100XTX9 |
| Cash and equivalents | 7,895 | 53.2% | S100XTX9 |

## 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 | 3,734 | 3,287 | 4,633 | 6,217 | 7,895 | S100UTZE, S100VIBX, S100XTX9 |
| Total assets | 8,395 | 9,675 | 11,859 | 13,976 | 16,109 | S100QISV, S100UTZE, S100VIBX, S100XTX9 |
| Net assets | 6,586 | 7,736 | 9,499 | 10,294 | 10,662 | S100UTZE, S100VIBX, S100XTX9 |
| Share capital | 1,704 | 1,713 | 1,717 | 1,731 | 1,759 | S100QISV, S100UTZE, S100VIBX, S100XTX9 |
| Trade receivables | 989 | — | — | — | — | S100QISV |
| Property, plant and equipment | 102 | 267 | 252 | 211 | 182 | S100QISV, S100UTZE, S100VIBX, S100XTX9 |
| Intangible assets excluding goodwill | 600 | 578 | 507 | 466 | 954 | S100QISV, S100UTZE, S100VIBX, S100XTX9 |
| Goodwill | 597 | 526 | 456 | 413 | 906 | S100QISV, S100UTZE, S100VIBX, S100XTX9 |
| Investment securities | 410 | 513 | 489 | 675 | 1,360 | S100QISV, S100UTZE, S100VIBX, S100XTX9 |
| Current assets | 7,108 | 7,919 | 10,047 | 12,235 | 13,150 | S100QISV, S100UTZE, S100VIBX, S100XTX9 |
| Current liabilities | 1,516 | 1,605 | 2,035 | 3,268 | 3,154 | S100QISV, S100UTZE, S100VIBX, S100XTX9 |
| Trade payables | 230 | 273 | 242 | 371 | 380 | S100QISV, S100UTZE, S100VIBX, S100XTX9 |
| Short-term borrowings | — | 180 | — | 1,250 | — | S100UTZE, S100XTX9 |
| Long-term borrowings | 219 | 43 | 11 | — | 1,777 | S100QISV, S100UTZE, S100VIBX, S100XTX9 |
| Total liabilities | 1,809 | 1,938 | 2,359 | 3,682 | 5,446 | S100QISV, S100UTZE, S100VIBX, S100XTX9 |
| Equity attributable to owners of parent | 6,445 | 7,287 | 8,865 | 9,396 | 9,772 | S100QISV, S100UTZE, S100VIBX, S100XTX9 |
| Retained earnings | 3,052 | 3,876 | 5,445 | 6,468 | 6,944 | S100QISV, S100UTZE, S100VIBX, S100XTX9 |
| Treasury stock | -0 | 0 | 0 | -520 | -676 | S100QISV, S100UTZE, S100VIBX, S100XTX9 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 49% | S100XTX9 |
| Property, plant and equipment | 1% | S100XTX9 |
| Intangibles and goodwill | 12% | S100XTX9 |
| Investment securities | 8% | S100XTX9 |
| Other assets | 30% | S100XTX9 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 2% | S100XTX9 |
| Other liabilities | 32% | S100XTX9 |
| Equity | 66% | S100XTX9 |
| Other liabilities | 0% | S100XTX9 |

### 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 | 8,395 | 9,675 | 11,859 | 13,976 | 16,109 |
| Equity | 6,586 | 7,736 | 9,499 | 10,294 | 10,662 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 3,734 | 3,287 | 4,633 | 6,217 | 7,895 |

## 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) | 1.2% | S100XTX9 |
| Fixed assets ÷ total assets | 1.1% | S100XTX9 |
| Goodwill ÷ parent equity | 9.3% | S100XTX9 |

Goodwill over 4 years: 597 → 906 JPY; total investing cash flow: -3,795 JPY. This does not imply causation.

### 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) | 49.0% |
| Cash ÷ revenue | 53.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 128.7% |
| Cash vs. profit gap | 878 JPY mn (of net income 184.5%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.4% |
| Investing CF relative to operating CF | 39.4% |

## 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 | 16.2% | 0.96× | 15.5% | 1.30× | 20.2% | S100QISV |
| 2022 | 7.7% | 1.19× | 9.1% | 1.32× | 12.0% | S100UTZE |
| 2023 | 12.5% | 1.16× | 14.6% | 1.33× | 19.4% | S100VIBX |
| 2024 | 7.5% | 1.05× | 7.9% | 1.41× | 11.2% | S100XTX9 |
| 2025 | 3.2% | 0.99× | 3.2% | 1.57× | 5.0% | S100XTX9 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 平井誠人 | Major shareholder | 30.6% | 2025-12-31 |
| 服部裕輔 | Major shareholder | 14.1% | 2025-12-31 |
| FUJIMOTO KAZUNARI-DAIWA CM SINGAPORE LTD-NOMINEE （常任代理人 大和証券株式会社） | Major shareholder | 8.5% | 2025-12-31 |
| 小林泰平 | Major shareholder | 8.3% | 2025-12-31 |
| 高倉健一 | Major shareholder | 3.1% | 2025-12-31 |
| 日本マスタートラスト信託銀行 株式会社（信託口）（注）１ | Major shareholder | 3.1% | 2025-12-31 |
| 山崎貢 | Major shareholder | 0.6% | 2025-12-31 |
| ソニーネットワークコミュニケーションズ株式会社 | Major shareholder | 0.5% | 2025-12-31 |
| SOMPOホールディングス株式会社 | Major shareholder | 0.5% | 2025-12-31 |
| BNYM SA/NV FOR BNYM FOR BNYM GCM CLIENT ACCTS M ILM FE （常任代理人 株式会社三菱UFJ銀行） | Major shareholder | 0.4% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第13期(2025/01/01－2025/12/31) | S100XTX9 | 2026-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XTX9,, |
| 有価証券報告書－第12期(2024/01/01－2024/12/31) | S100VIBX | 2025-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VIBX,, |
| 訂正有価証券報告書－第11期(2023/01/01－2023/12/31) | S100UTZE | 2024-11-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UTZE,, |
| 有価証券報告書－第10期(2022/01/01－2022/12/31) | S100QISV | 2023-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QISV,, |
| 有価証券報告書－第9期(令和3年1月1日－令和3年12月31日) | S100NT2U | 2022-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NT2U,, |
| 有価証券報告書－第8期(令和2年1月1日－令和2年12月31日) | S100L3GG | 2021-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L3GG,, |

## 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).