# SYNCLAYER 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64期(2025/01/01－2025/12/31) (S100XT97)
> Page: https://vizora.meequs.com/en/company/synclayer
> Retrieved: 2026-09-30T21:31:01.148Z

## Company

Synclayer, founded in 1962, is a company in Smartphones & Communications Equipment listed on TSE Standard. It has 259 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | SYNCLAYER INC. |
| Ticker | 1724 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/1724.T) |
| Listing | TSE Standard |
| Head office | 名古屋市中区千代田二丁目21番18号 |
| Representative (per filing) | 代表取締役社長 山口 正裕 |
| Founded | May 1962 |
| Share capital | ¥835M |
| Employees (consolidated) | 259 |
| Average salary (parent only) | ¥5.9M |
| Fiscal year end | December |
| Corporate number | 3180001033524 |
| EDINET | E05326 |
| Industries (Vizora) | Smartphones & Communications Equipment |

> Profile source: annual securities report (S100XT97, filed 2026-03-25). As of filing

## Five-axis industry profile

Primary industry: Smartphones & Communications Equipment (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 25 | 10 |
| Profitability | 12.5 | 12 |
| Cash conversion | 95.5 | 11 |
| Efficiency | 79.2 | 12 |

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)

- Synclayer brought in ¥10.5B in revenue.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed -10.4% from the prior year, operating profit -46.2%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥10488000000 → ¥242000000
- Net income → operating cash flow: ¥242000000 → ¥1538000000（difference ¥1296000000）
- Main uses of operating cash flow: CapEx ¥164000000 / dividends ¥139000000 / buybacks ¥78000000
- Change in cash: ¥-45000000
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 | ¥10.5B |  |
| Operating income | ¥351M | Margin 3.3% |
| Net income | ¥242M | Margin 2.3% |
| Free cash flow | ¥1.37B |  |
| Employees (consolidated) | 259 |  |
| EPS | ¥34.6 |  |
| Book value per share | ¥1212.2 |  |
| Equity ratio | 63.2% |  |
| Shares outstanding | 4,943,780 |  |
| Treasury shares | 383,300 |  |
| Shareholders | 2,759 |  |
| Average salary (parent only) | ¥5.9M | Filing company only |
| Cash ratio | 9.2% | Cash ÷ revenue 8.6% |
| Vs. industry median margin | -2 pp | Smartphones & Communications Equipment |
| ROE | 4.0% | Derived from disclosed figures |
| ROA | 2.3% | Derived from disclosed figures |

## Notable figures

- FY2025, operating cash flow is 6.4× net income

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥10892000000 | ¥10488000000 | -3.7% |
| Operating income | ¥765000000 | ¥351000000 | -54.1% |
| Operating margin | 7.0% | 3.3% | -3.7 pp |
| Employees | 303 people | 259 people | -14.5% |
| Cash and equivalents | ¥996000000 | ¥903000000 | -9.3% |

### 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 | 10,488 | 100.0% | S100XT97 |
| Cost of revenue | 8,336 | 79.5% | S100XT97 |
| Gross profit | 2,151 | 20.5% | S100XT97 |
| SG&A | 1,800 | 17.2% | S100XT97 |
| Operating income | 351 | 3.3% | S100XT97 |
| Ordinary income | 377 | 3.6% | S100XT97 |
| Pretax income | 377 | 3.6% | S100XT97 |
| Income tax | 135 | 1.3% | S100XT97 |
| Net income | 242 | 2.3% | S100XT97 |
| Net income attributable to owners | 242 | 2.3% | S100XT97 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 80 |
| SG&A | 17 |
| Operating income | 3 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 20.5% → Operating margin 3.3% → Net margin 2.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -10.4%; Core profit growth: -46.2%
Operating leverage (core profit growth ÷ revenue growth): 4.43×
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 | 11,711 | 10,488 | -1,223 | -10.4% |
| Gross profit | 2,491 | 2,151 | -340 | -13.6% |
| Operating income | 653 | 351 | -302 | -46.2% |
| Net income attributable to owners | 547 | 242 | -305 | -55.8% |
| Operating cash flow | -1,320 | 1,538 | 2,858 | — |
| Free cash flow | -1,890 | 1,374 | 3,264 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 10,294 | 760 | 7.4% | 834 | 969 | 807 | S100L2ZS |
| FY ending Dec 2020 | 10,892 | 765 | 7.0% | 529 | 1,073 | 773 | S100NSG3 |
| FY ending Dec 2021 | 13,061 | 1,208 | 9.2% | 871 | 661 | 475 | S100QI8D |
| FY ending Dec 2022 | 9,965 | 414 | 4.2% | 294 | -1,703 | -1,961 | S100T4J1 |
| FY ending Dec 2023 | 10,443 | 546 | 5.2% | 433 | 2,162 | 1,801 | S100VH1V |
| FY ending Dec 2024 | 11,711 | 653 | 5.6% | 547 | -1,320 | -1,890 | S100XT97 |
| FY ending Dec 2025 | 10,488 | 351 | 3.3% | 242 | 1,538 | 1,374 | S100XT97 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥40.5M |
| Operating income per employee (consolidated) | ¥1.4M |
| Net income per employee (consolidated) | ¥934.4K |

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) | 289 | 326 | 273 | 267 | 259 |
| Average salary (parent company) | ¥6.1M | ¥5.7M | ¥5.6M | ¥5.8M | ¥5.9M |
| Average age (parent company) | 43.5 years | 43.7 years | 44.4 years | 44.8 years | 43.9 years |
| Average tenure (parent company) | 19.0 years | 19.0 years | 20.0 years | 19.0 years | 19.0 years |

Year over year: Employees (consolidated) -3.0% · Revenue (consolidated) -10.4%

## 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 | 1,538 | 14.7% | S100XT97 |
| Capital expenditure | 164 | 1.6% | S100XT97 |
| Free cash flow | 1,374 | 13.1% | 算出 |
| Investing cash flow | -227 | -2.2% | S100XT97 |
| Financing cash flow | -1,352 | -12.9% | S100XT97 |
| Dividends paid | 139 | 1.3% | S100XT97 |
| Share buyback | 78 | 0.7% | S100XT97 |
| Change in cash | -45 | -0.4% | S100XT97 |
| Cash and equivalents | 903 | 8.6% | S100XT97 |

## 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 | 1,600 | 1,589 | 1,179 | 948 | 903 | S100T4J1, S100VH1V, S100XT97 |
| Total assets | 10,335 | 11,333 | 10,686 | 11,352 | 9,820 | S100QI8D, S100T4J1, S100VH1V, S100XT97 |
| Net assets | 5,040 | 5,332 | 5,683 | 6,146 | 6,208 | S100T4J1, S100VH1V, S100XT97 |
| Share capital | 835 | 835 | 835 | 835 | 835 | S100QI8D, S100T4J1, S100VH1V, S100XT97 |
| Trade receivables | 996 | 1,062 | 803 | 816 | 537 | S100QI8D, S100T4J1, S100VH1V, S100XT97 |
| Property, plant and equipment | 2,190 | 2,246 | 2,762 | 2,791 | 2,722 | S100QI8D, S100T4J1, S100VH1V, S100XT97 |
| Intangible assets excluding goodwill | 68 | 70 | 89 | 77 | 93 | S100QI8D, S100T4J1, S100VH1V, S100XT97 |
| Investment securities | 509 | 599 | 519 | 529 | 530 | S100QI8D, S100T4J1, S100VH1V, S100XT97 |
| Current assets | 7,112 | 8,043 | 6,986 | 7,544 | 6,063 | S100QI8D, S100T4J1, S100VH1V, S100XT97 |
| Current liabilities | 4,212 | 4,930 | 4,084 | 4,433 | 2,869 | S100QI8D, S100T4J1, S100VH1V, S100XT97 |
| Trade payables | 1,913 | 1,482 | 1,816 | 817 | 590 | S100QI8D, S100T4J1, S100VH1V, S100XT97 |
| Short-term borrowings | 300 | 2,300 | 100 | 2,000 | 750 | S100QI8D, S100T4J1, S100VH1V, S100XT97 |
| Long-term borrowings | 314 | 409 | 400 | 336 | 384 | S100QI8D, S100T4J1, S100VH1V, S100XT97 |
| Total liabilities | 5,295 | 6,000 | 5,002 | 5,206 | 3,611 | S100QI8D, S100T4J1, S100VH1V, S100XT97 |
| Equity attributable to owners of parent | 4,941 | 5,176 | 5,535 | 5,966 | 6,001 | S100QI8D, S100T4J1, S100VH1V, S100XT97 |
| Retained earnings | 3,347 | 3,566 | 3,920 | 4,342 | 4,445 | S100QI8D, S100T4J1, S100VH1V, S100XT97 |
| Treasury stock | -92 | -86 | -84 | -81 | -154 | S100QI8D, S100T4J1, S100VH1V, S100XT97 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 9% | S100XT97 |
| Receivables | 6% | S100XT97 |
| Property, plant and equipment | 28% | S100XT97 |
| Intangibles and goodwill | 1% | S100XT97 |
| Investment securities | 5% | S100XT97 |
| Other assets | 51% | S100XT97 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 6% | S100XT97 |
| Other liabilities | 31% | S100XT97 |
| Equity | 63% | S100XT97 |
| Other liabilities | 0% | S100XT97 |

### 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 | 10,335 | 11,333 | 10,686 | 11,352 | 9,820 |
| Equity | 5,040 | 5,332 | 5,683 | 6,146 | 6,208 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,600 | 1,589 | 1,179 | 948 | 903 |

## 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) | 26.0% | S100XT97 |
| Fixed assets ÷ total assets | 27.7% | S100XT97 |
| Goodwill ÷ parent equity | — | —, S100XT97 |

### 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) | 9.2% |
| Cash ÷ revenue | 8.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 438.2% |
| Cash vs. profit gap | 1,296 JPY mn (of net income 535.5%) |
| Shareholder returns / net income | 89.7% |
| Shareholder returns / FCF | 15.8% |
| Shareholder payments — dividends / net income | 57.4% |
| Shareholder payments — dividends / FCF | 10.1% |
| CapEx intensity (capex ÷ revenue) | 1.6% |
| Investing CF relative to operating CF | 14.8% |

## 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 | 6.7% | 1.26× | 8.4% | 2.09× | 17.6% | S100QI8D |
| 2022 | 3.0% | 0.92× | 2.7% | 2.14× | 5.8% | S100T4J1 |
| 2023 | 4.1% | 0.95× | 3.9% | 2.06× | 8.1% | S100VH1V |
| 2024 | 4.7% | 1.06× | 5.0% | 1.92× | 9.5% | S100XT97 |
| 2025 | 2.3% | 0.99× | 2.3% | 1.77× | 4.0% | S100XT97 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社ＭＡＳＢｕｄｄｙ | Major shareholder | 18.1% | 2025-12-31 |
| 山口 嘉孝 | Major shareholder | 2.8% | 2025-12-31 |
| シンクレイヤ社員持株会 | Major shareholder | 2.7% | 2025-12-31 |
| 水元 公仁 | Major shareholder | 2.6% | 2025-12-31 |
| 佐久間 憲文 | Major shareholder | 2.4% | 2025-12-31 |
| 黒澤 博 | Major shareholder | 2.1% | 2025-12-31 |
| 明石 依子 | Major shareholder | 1.9% | 2025-12-31 |
| 山口 愛子 | Major shareholder | 1.8% | 2025-12-31 |
| 川本 志保子 | Major shareholder | 1.6% | 2025-12-31 |
| 株式会社三菱ＵＦＪ銀行 | Major shareholder | 1.6% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第64期(2025/01/01－2025/12/31) | S100XT97 | 2026-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XT97,, |
| 有価証券報告書－第63期(2024/01/01－2024/12/31) | S100VH1V | 2025-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VH1V,, |
| 有価証券報告書－第62期(2023/01/01－2023/12/31) | S100T4J1 | 2024-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T4J1,, |
| 有価証券報告書－第61期(2022/01/01－2022/12/31) | S100QI8D | 2023-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QI8D,, |
| 有価証券報告書－第60期(令和3年1月1日－令和3年12月31日) | S100NSG3 | 2022-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NSG3,, |
| 有価証券報告書－第59期(令和2年1月1日－令和2年12月31日) | S100L2ZS | 2021-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L2ZS,, |

## 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).