# Synchro Food Co.,Ltd.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第23期(2025/04/01－2026/03/31) (S100YGE7)
> Page: https://vizora.meequs.com/en/company/synchro-food
> Retrieved: 2026-09-30T21:02:58.647Z

## Company

Synchro Food, founded in 2003, is a company in Internet Services & Apps listed on TSE Prime. It has 258 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Synchro Food Co.,Ltd. |
| Ticker | 3963 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3963.T) |
| Listing | TSE Prime |
| Head office | 東京都渋谷区恵比寿南一丁目7番8号 |
| Representative (per filing) | 代表取締役 兼 執行役員社長 大久保 俊 |
| Founded | Apr 2003 |
| Share capital | ¥882.3M |
| Employees (consolidated) | 258 |
| Average salary (parent only) | ¥5.6M |
| Fiscal year end | March |
| Website | www.synchro-food.co.jp (https://www.synchro-food.co.jp/) |
| Corporate number | 9011001044563 |
| EDINET | E32647 |
| Industries (Vizora) | Internet Services & Apps, HR & Staffing, M&A Advisory, Real Estate Brokerage & Management |

> Profile source: annual securities report (S100YGE7, filed 2026-06-23). As of filing

## Five-axis industry profile

Primary industry: HR & Staffing (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 87.5 | 68 |
| Profitability | 66.5 | 88 |
| Cash conversion | 85.6 | 80 |
| Efficiency | 5.1 | 88 |

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 62% of Synchro Food's sales come from Media Platform, with Property Management Business and M and A Services making up much of the rest.
- Out of every ¥100 of sales, about ¥12 is left as operating profit.
- Revenue changed +40.2% from the prior year, operating profit -39.1%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥5.54B |  |
| Operating income | ¥668.5M | Margin 12.1% |
| Net income | ¥269.9M | Margin 4.9% |
| Free cash flow | — |  |
| Largest business | Media Platform | of segment revenue 61.8% |
| Employees (consolidated) | 258 |  |
| EPS | ¥12.48 |  |
| Book value per share | ¥168.71 |  |
| Equity ratio | 41.3% |  |
| Shares outstanding | 29,123,000 |  |
| Treasury shares | 1,080,400 |  |
| Shareholders | 3,552 |  |
| Average salary (parent only) | ¥5.6M | Filing company only |
| Cash ratio | 32.2% | Cash ÷ revenue 66.9% |
| Vs. industry median margin | +4.4 pp | Internet Services & Apps |
| ROE | 5.4% | Derived from disclosed figures |
| ROA | 3.1% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 3.4× net income
- FY2026, revenue is 2.8× its level five years ago
- FY2026, buybacks were 1.0× dividends

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥1188620000 | ¥5541834000 | +366.2% |
| Operating income | ¥-169114000 | ¥668517000 | — |
| Operating margin | -14.2% | 12.1% | +26.3 pp |
| Employees | 118 people | 258 people | +118.6% |
| Cash and equivalents | ¥2173723000 | ¥3705682000 | +70.5% |

### Change in segment revenue mix

Span: FY ending Mar 2021 → FY ending Mar 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| メディアプラットフォーム事業 → メディアプラットフォーム事業 | 61.8% |
| メディアプラットフォーム事業 → 事業再編・廃止 | 22.3% |
| M＆A 仲介事業 → M＆A 仲介事業 | 5.0% |
| M＆A 仲介事業 → 事業再編・廃止 | 2.7% |
| 人材紹介事業 → 事業再編・廃止 | 4.1% |
| その他事業 → 事業再編・廃止 | 4.1% |
| 新設・再編 → プロパティマネジメント事業 | 33.2% |

Segment revenue source references: 7 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Media Platform | 5 years | +26.9% | ¥3423662000 | 17.0% | 2 |
| Property Management Business | — | — | ¥1840983000 | 1.0% | 2 |
| M and A Services | 5 years | +23.7% | ¥277188000 | 24.3% | 2 |

## Income statement（FY ending Mar 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 5,542 | 100.0% | S100YGE7 |
| Cost of revenue | 2,041 | 36.8% | S100YGE7 |
| Gross profit | 3,501 | 63.2% | S100YGE7 |
| SG&A | 2,832 | 51.1% | S100YGE7 |
| Operating income | 669 | 12.1% | S100YGE7 |
| Ordinary income | 614 | 11.1% | S100YGE7 |
| Pretax income | 614 | 11.1% | S100YGE7 |
| Income tax | 344 | 6.2% | S100YGE7 |
| Net income | 270 | 4.9% | S100YGE7 |
| Net income attributable to owners | 270 | 4.9% | S100YGE7 |

## Per ¥100 of revenue（FY ending Mar 2026）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 37 |
| SG&A | 51 |
| Operating income | 12 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 63.2% → Operating margin 12.1% → Net margin 4.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +40.2%; Core profit growth: -39.1%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -0.97×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Mar 2025 → FY ending Mar 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 3,951 | 5,542 | 1,590 | +40.2% |
| Gross profit | 3,240 | 3,501 | 261 | +8.1% |
| Operating income | 1,097 | 669 | -429 | -39.1% |
| Net income attributable to owners | 659 | 270 | -389 | -59.1% |
| Operating cash flow | 439 | 925 | 486 | +110.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 2,015 | 558 | 27.7% | 287 | 398 | 358 | S100LXV2 |
| FY ending Mar 2021 | 1,189 | -169 | -14.2% | -178 | -406 | — | S100OLMR |
| FY ending Mar 2022 | 1,958 | 451 | 23.0% | 340 | 744 | 744 | S100R9VW |
| FY ending Mar 2023 | 2,930 | 876 | 29.9% | 628 | 850 | 832 | S100TT7N |
| FY ending Mar 2024 | 3,603 | 1,038 | 28.8% | 704 | 742 | 722 | S100W7DR |
| FY ending Mar 2025 | 3,951 | 1,097 | 27.8% | 659 | 439 | 437 | S100YGE7 |
| FY ending Mar 2026 | 5,542 | 669 | 12.1% | 270 | 925 | — | S100YGE7 |

## People and productivity（FY ending Mar 2026, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥21.5M |
| Operating income per employee (consolidated) | ¥2.6M |
| Net income per employee (consolidated) | ¥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 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 129 | 158 | 187 | 203 | 258 |
| Average salary (parent company) | ¥5M | ¥5.4M | ¥5.3M | ¥5.7M | ¥5.6M |
| Average age (parent company) | 33.0 years | 32.0 years | 32.8 years | 32.9 years | 33.7 years |
| Average tenure (parent company) | 4.7 years | 4.4 years | 4.5 years | 4.7 years | 5.2 years |

Year over year: Employees (consolidated) +27.1% · Revenue (consolidated) +40.2%

## Segments（FY ending Mar 2026, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Media Platform | 3,424 | 61.8% | 583 | 17.0% |
| M and A Services | 277 | 5.0% | 67 | 24.3% |
| Property Management Business | 1,841 | 33.2% | 18 | 1.0% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Media Platform | 61.8% | 87.3% | 25.5 | 17.0% |
| M and A Services | 5.0% | 10.1% | 5.1 | 24.3% |
| Property Management Business | 33.2% | 2.6% | -30.6 | 1.0% |

Segment → industry: Media Platform → Internet Services & Apps / Media Platform → HR & Staffing / M and A Services → M&A Advisory / Property Management Business → Real Estate Brokerage & Management

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 925 | 16.7% | S100YGE7 |
| Investing cash flow | -4,107 | -74.1% | S100YGE7 |
| Financing cash flow | 1,939 | 35.0% | S100YGE7 |
| Dividends paid | 410 | 7.4% | S100YGE7 |
| Share buyback | 418 | 7.5% | S100YGE7 |
| Change in cash | -1,242 | -22.4% | S100YGE7 |
| Cash and equivalents | 3,706 | 66.9% | S100YGE7 |

## 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 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 3,038 | 3,884 | 4,144 | 4,948 | 3,706 | S100TT7N, S100W7DR, S100YGE7 |
| Total assets | 3,403 | 4,275 | 5,070 | 6,131 | 11,503 | S100R9VW, S100TT7N, S100W7DR, S100YGE7 |
| Net assets | 2,871 | 3,535 | 4,291 | 5,326 | 4,766 | S100TT7N, S100W7DR, S100YGE7 |
| Share capital | 511 | 511 | 535 | 882 | 882 | S100R9VW, S100TT7N, S100W7DR, S100YGE7 |
| Inventories | 2 | — | — | 15 | 9 | S100R9VW, S100YGE7 |
| Property, plant and equipment | 43 | 47 | 68 | 60 | 135 | S100R9VW, S100TT7N, S100W7DR, S100YGE7 |
| Intangible assets excluding goodwill | 1 | 0 | 341 | 110 | 5,081 | S100R9VW, S100TT7N, S100W7DR, S100YGE7 |
| Goodwill | — | — | 216 | 55 | 5,034 | S100W7DR, S100YGE7 |
| Investment securities | — | 13 | 15 | 15 | 16 | S100TT7N, S100W7DR, S100YGE7 |
| Current assets | 3,217 | 4,116 | 4,411 | 5,683 | 4,383 | S100R9VW, S100TT7N, S100W7DR, S100YGE7 |
| Current liabilities | 518 | 718 | 747 | 773 | 1,750 | S100R9VW, S100TT7N, S100W7DR, S100YGE7 |
| Long-term borrowings | — | — | — | — | 3,143 | S100YGE7 |
| Total liabilities | 532 | 740 | 779 | 805 | 6,737 | S100R9VW, S100TT7N, S100W7DR, S100YGE7 |
| Equity attributable to owners of parent | 2,870 | 3,534 | 4,289 | 5,325 | 4,748 | S100R9VW, S100TT7N, S100W7DR, S100YGE7 |
| Retained earnings | 2,021 | 2,635 | 3,339 | 3,730 | 3,568 | S100R9VW, S100TT7N, S100W7DR, S100YGE7 |
| Treasury stock | -159 | -110 | -108 | -158 | -574 | S100R9VW, S100TT7N, S100W7DR, S100YGE7 |

### Balance sheet history

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 3,403 | 4,275 | 5,070 | 6,131 | 11,503 |
| Equity | 2,871 | 3,535 | 4,291 | 5,326 | 4,766 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 3,038 | 3,884 | 4,144 | 4,948 | 3,706 |

## 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) | 2.4% | S100YGE7 |
| Fixed assets ÷ total assets | 1.2% | S100YGE7 |
| Goodwill ÷ parent equity | 106.0% | S100YGE7 |

### 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) | 32.2% |
| Cash ÷ revenue | 66.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 138.4% |
| Cash vs. profit gap | 656 JPY mn (of net income 242.9%) |
| Shareholder returns / net income | 306.9% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 152.0% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | — |
| Investing CF relative to operating CF | 443.7% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 17.3% | 0.58× | 10.0% | 1.19× | 11.8% | S100R9VW |
| 2023 | 21.4% | 0.76× | 16.4% | 1.20× | 19.6% | S100TT7N |
| 2024 | 19.5% | 0.77× | 15.1% | 1.19× | 18.0% | S100W7DR |
| 2025 | 16.7% | 0.71× | 11.8% | 1.16× | 13.7% | S100YGE7 |
| 2026 | 4.9% | 0.63× | 3.1% | 1.75× | 5.4% | S100YGE7 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ＡＶＩ ＪＡＰＡＮ ＯＰＰＯＲＴＵＮＩＴＹ ＴＲＵＳＴ ＰＬＣ(常任代理人)株式会社みずほ銀行 | Major shareholder | 24.7% | 2026-03-31 |
| エイトクラウズ株式会社 | Major shareholder | 9.6% | 2026-03-31 |
| ＬＩＭ ＪＡＰＡＮ ＥＶＥＮＴ ＭＡＳＴＥＲ ＦＵＮＤ(常任代理人)株式会社みずほ銀行 | Major shareholder | 8.4% | 2026-03-31 |
| 藤代 真一 | Major shareholder | 6.7% | 2026-03-31 |
| ＬＩＣＨＦＩＥＬＤ ＬＰ(常任代理人)株式会社三菱ＵＦＪ銀行 | Major shareholder | 5.3% | 2026-03-31 |
| ＬＩＭ ＪＡＰＡＮ ＥＶＥＮＴ ＭＡＳＴＥＲ ＦＵＮＤ(常任代理人)立花証券株式会社 | Major shareholder | 5.2% | 2026-03-31 |
| 大須賀 康人 | Major shareholder | 4.5% | 2026-03-31 |
| ＴＡＫＵＭＩ ＣＡＰＩＴＡＬ ＭＡＮＡＧＥＭＥＮＴ ＭＡＳＴＥＲ ＦＵＮＤ ＬＰ(常任代理人)香港上海銀行 | Major shareholder | 4.3% | 2026-03-31 |
| ＳＧ／ＵＣＩＴＳ Ｖ／ＩＮＶ(常任代理人)香港上海銀行 | Major shareholder | 4.0% | 2026-03-31 |
| 木下 圭一郎 | Major shareholder | 3.1% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第23期(2025/04/01－2026/03/31) | S100YGE7 | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YGE7,, |
| 有価証券報告書－第22期(2024/04/01－2025/03/31) | S100W7DR | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W7DR,, |
| 有価証券報告書－第21期(2023/04/01－2024/03/31) | S100TT7N | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TT7N,, |
| 有価証券報告書－第20期(2022/04/01－2023/03/31) | S100R9VW | 2023-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R9VW,, |
| 有価証券報告書－第19期(令和3年4月1日－令和4年3月31日) | S100OLMR | 2022-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OLMR,, |
| 訂正有価証券報告書－第18期(令和2年4月1日－令和3年3月31日) | S100LXV2 | 2021-07-06 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LXV2,, |

## 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).