# SecondXight Analytica, 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10期(2025/01/01－2025/12/31) (S100XSMG)
> Page: https://vizora.meequs.com/en/company/sxi
> Retrieved: 2026-09-30T17:54:00.374Z

## Company

SecondXight Analytica, founded in 2016, is a company in IT Services & System Integration listed on TSE Growth. It has 80 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | SecondXight Analytica, Inc. |
| Ticker | 5028 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5028.T) |
| Listing | TSE Growth |
| Head office | 東京都千代田区神田西福田町3番地 |
| Representative (per filing) | 代表取締役社長 高山 博和 |
| Founded | Jun 2016 |
| Share capital | ¥356.2M |
| Employees (consolidated) | 80 |
| Average salary (parent only) | ¥7.6M |
| Fiscal year end | December |
| Website | www.sxi.co.jp (https://www.sxi.co.jp/) |
| Corporate number | 1010001176151 |
| EDINET | E37506 |
| Industries (Vizora) | IT Services & System Integration |

> Profile source: annual securities report (S100XSMG, filed 2026-03-24). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 73.2 | 196 |
| Cash conversion | 10.5 | 185 |
| Efficiency | 40.1 | 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)

- SecondXight Analytica brought in ¥1.44B in revenue.
- Out of every ¥100 of sales, about ¥12 is left as operating profit.
- Revenue changed +25.9% from the prior year, operating profit +7.0%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥1436294000 → ¥121748000
- Net income → operating cash flow: ¥121748000 → ¥50361000（difference ¥-71387000）
- Main uses of operating cash flow: CapEx ¥27775000 / dividends — / buybacks —
- Change in cash: ¥-145326000
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 | ¥1.44B |  |
| Operating income | ¥171.1M | Margin 11.9% |
| Net income | ¥121.7M | Margin 8.5% |
| Free cash flow | ¥22.6M |  |
| Employees (consolidated) | 80 |  |
| EPS | ¥13.42 |  |
| Diluted EPS | ¥13.01 |  |
| Book value per share | ¥99.57 |  |
| Equity ratio | 76.3% |  |
| Shares outstanding | 8,476,071 |  |
| Treasury shares | 438,400 |  |
| Shareholders | 2,611 |  |
| Average salary (parent only) | ¥7.6M | Filing company only |
| Cash ratio | 29.2% | Cash ÷ revenue 25.7% |
| Vs. industry median margin | +3 pp | IT Services & System Integration |
| ROE | 12.6% | Derived from disclosed figures |
| ROA | 9.6% | Derived from disclosed figures |

## Notable figures

- FY2025, cash is 29% of total assets

## What changed in 2 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Mar 2023 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥905951000 | ¥1436294000 | — |
| Operating income | ¥223924000 | ¥171140000 | — |
| Operating margin | 24.7% | 11.9% | -12.8 pp |
| Employees | 39 people | 80 people | — |
| Cash and equivalents | ¥461896000 | ¥369533000 | — |

### Change in segment revenue mix

Span: FY ending Mar 2023 → 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 | 1,436 | 100.0% | S100XSMG |
| Cost of revenue | 858 | 59.7% | S100XSMG |
| Gross profit | 578 | 40.3% | S100XSMG |
| SG&A | 407 | 28.4% | S100XSMG |
| Operating income | 171 | 11.9% | S100XSMG |
| Ordinary income | 171 | 11.9% | S100XSMG |
| Pretax income | 168 | 11.7% | S100XSMG |
| Income tax | 47 | 3.2% | S100XSMG |
| Net income | 122 | 8.5% | S100XSMG |
| Net income attributable to owners | 122 | 8.5% | S100XSMG |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 60 |
| SG&A | 28 |
| Operating income | 12 |
| (Ref.) Net income | 8 |

### Margin funnel

Gross margin 40.3% → Operating margin 11.9% → Net margin 8.5%
Derived from reported figures (DERIVED).

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 1,141 | 1,436 | 295 | +25.9% |
| Gross profit | 538 | 578 | 41 | +7.6% |
| Operating income | 160 | 171 | 11 | +7.0% |
| Operating cash flow | 156 | 50 | -105 | -67.6% |
| Free cash flow | 131 | 23 | -108 | -82.7% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2023 | 906 | 224 | 24.7% | 156 | 160 | 80 | S100T41R |
| FY ending Dec 2023 | 681 | 37 | 5.4% | 25 | 191 | 180 | S100VG8F |
| FY ending Dec 2024 | 1,141 | 160 | 14.0% | 117 | 156 | 131 | S100VG8F |
| FY ending Dec 2025 | 1,436 | 171 | 11.9% | 122 | 50 | 23 | S100XSMG |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥18M |
| Operating income per employee (consolidated) | ¥2.1M |
| Net income per employee (consolidated) | ¥1.5M |

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

| History | FY ending Mar 2023 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 39 | 44 | 60 | 80 |
| Average salary (parent company) | — | ¥6.7M | ¥7M | ¥7.6M |
| Average age (parent company) | — | 34.2 years | 34.8 years | 35.9 years |
| Average tenure (parent company) | — | 2.4 years | 2.5 years | 2.8 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 | 50 | 3.5% | S100XSMG |
| Capital expenditure | 28 | 1.9% | S100XSMG |
| Free cash flow | 23 | 1.6% | 算出 |
| Investing cash flow | -76 | -5.3% | S100XSMG |
| Financing cash flow | -120 | -8.4% | S100XSMG |
| Change in cash | -145 | -10.1% | S100XSMG |
| Cash and equivalents | 370 | 25.7% | S100XSMG |

## 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 2023 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 462 | 361 | 515 | 370 | S100VG8F, S100XSMG |
| Total assets | 1,044 | 790 | 1,064 | 1,266 | S100T41R, S100VG8F, S100XSMG |
| Net assets | 868 | 643 | 813 | 965 | S100VG8F, S100XSMG |
| Share capital | 318 | 344 | 356 | 356 | S100T41R, S100VG8F, S100XSMG |
| Property, plant and equipment | 61 | 54 | 47 | 55 | S100T41R, S100VG8F, S100XSMG |
| Intangible assets excluding goodwill | 93 | 70 | 54 | 214 | S100T41R, S100VG8F, S100XSMG |
| Goodwill | — | — | — | 156 | S100XSMG |
| Investment securities | 67 | 67 | 67 | 67 | S100T41R, S100VG8F, S100XSMG |
| Current assets | 779 | 554 | 841 | 865 | S100T41R, S100VG8F, S100XSMG |
| Current liabilities | 163 | 134 | 237 | 276 | S100T41R, S100VG8F, S100XSMG |
| Short-term borrowings | 30 | 30 | 30 | 30 | S100T41R, S100VG8F, S100XSMG |
| Total liabilities | 176 | 147 | 250 | 301 | S100T41R, S100VG8F, S100XSMG |
| Equity attributable to owners of parent | 868 | 643 | 813 | 965 | S100T41R, S100VG8F, S100XSMG |
| Retained earnings | 331 | 355 | 464 | 574 | S100T41R, S100VG8F, S100XSMG |
| Treasury stock | — | -300 | -262 | -221 | S100VG8F, S100XSMG |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 29% | S100XSMG |
| Property, plant and equipment | 5% | S100XSMG |
| Intangibles and goodwill | 29% | S100XSMG |
| Investment securities | 5% | S100XSMG |
| Other assets | 32% | S100XSMG |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 24% | S100XSMG |
| Equity | 76% | S100XSMG |
| Other liabilities | 0% | S100XSMG |

### Balance sheet history

| Metric | FY ending Mar 2023 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: |
| Total assets | 1,044 | 790 | 1,064 | 1,266 |
| Equity | 868 | 643 | 813 | 965 |
| Interest-bearing debt | — | — | — | — |
| Cash | 462 | 361 | 515 | 370 |

## 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) | 3.8% | S100XSMG |
| Fixed assets ÷ total assets | 4.3% | S100XSMG |
| Goodwill ÷ parent equity | 16.2% | S100XSMG |

### 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) | 29.2% |
| Cash ÷ revenue | 25.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 29.4% |
| Cash vs. profit gap | -71 JPY mn (of net income -58.6%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 1.9% |
| Investing CF relative to operating CF | 150.3% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2023 | 17.2% | 0.87× | 14.9% | 1.20× | 18.0% | S100T41R |
| 2023 | 3.6% | 0.86× | 3.1% | 1.23× | 3.8% | S100VG8F |
| 2024 | 10.2% | 1.23× | 12.6% | 1.27× | 16.0% | S100VG8F |
| 2025 | 8.5% | 1.13× | 9.6% | 1.31× | 12.6% | S100XSMG |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社SBI新生銀行 | Major shareholder | 19.1% | 2025-12-31 |
| エクシオグループ株式会社 | Major shareholder | 13.4% | 2025-12-31 |
| TIS株式会社 | Major shareholder | 10.7% | 2025-12-31 |
| 深谷直紀 | Major shareholder | 7.0% | 2025-12-31 |
| 高山博和 | Major shareholder | 6.3% | 2025-12-31 |
| 株式会社ミロク情報サービス | Major shareholder | 6.3% | 2025-12-31 |
| 加藤良太郎 | Major shareholder | 2.2% | 2025-12-31 |
| 楽天証券株式会社 | Major shareholder | 1.8% | 2025-12-31 |
| 株式会社SBI証券 | Major shareholder | 1.6% | 2025-12-31 |
| SBペイメントサービス株式会社 | Major shareholder | 1.5% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第10期(2025/01/01－2025/12/31) | S100XSMG | 2026-03-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XSMG,, |
| 有価証券報告書－第9期(2024/01/01－2024/12/31) | S100VG8F | 2025-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VG8F,, |
| 有価証券報告書－第8期(2023/04/01－2023/12/31) | S100T41R | 2024-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T41R,, |

## 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).