# Synspective: 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8期(2025/01/01－2025/12/31) (S100XUO9)
> Page: https://vizora.meequs.com/en/company/synspective
> Retrieved: 2026-09-30T20:58:27.394Z

## Company

Synspective, founded in 2018, is a company in Aerospace listed on TSE Growth. It has 228 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Synspective Inc. |
| Ticker | 290A |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/290A.T) |
| Listing | TSE Growth |
| Head office | 東京都江東区三好三丁目10番3号 |
| Representative (per filing) | 代表取締役CEO 新井 元行 |
| Founded | Feb 2018 |
| Share capital | ¥17B |
| Employees (consolidated) | 228 |
| Average salary (parent only) | ¥9M |
| Fiscal year end | December |
| Website | synspective.com (https://synspective.com/) |
| Corporate number | 4010001189902 |
| EDINET | E40216 |
| Industries (Vizora) | Aerospace |

> Profile source: annual securities report (S100XUO9, filed 2026-03-26). As of filing

## Five-axis industry profile

Primary industry: Aerospace (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 86.4 | 11 |
| Profitability | 13.6 | 11 |
| Efficiency | 3.8 | 13 |

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)

- Synspective brought in ¥2.38B in revenue.
- It lost about ¥174 for every ¥100 of sales at the operating level.
- Revenue changed +2.6% from the prior year.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥2.38B |  |
| Operating income | -¥4.14B | Margin -174.1% |
| Net income | -¥371.2M | Margin -15.6% |
| Free cash flow | -¥9.96B |  |
| Employees (consolidated) | 228 |  |
| EPS | ¥-2.13 |  |
| Book value per share | ¥286.95 |  |
| Equity ratio | 76.2% |  |
| Shares outstanding | 131,573,900 |  |
| Shareholders | 19,503 |  |
| Average salary (parent only) | ¥9M | Filing company only |
| Cash ratio | 49.7% | Cash ÷ revenue 1032.7% |
| Vs. industry median margin | -152.2 pp | Aerospace |
| ROA | -1.0% | Derived from disclosed figures |

## Notable figures

- FY2025, operating loss is 174 per ¥100 of revenue
- FY2025, cash is 50% of total assets

## What changed in 2 years

| Metric | FY ending Dec 2023 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥1386283000 | ¥2376506000 | +71.4% |
| Operating income | ¥-1795927000 | ¥-4137638000 | — |
| Operating margin | -129.5% | -174.1% | -44.6 pp |
| Employees | 163 people | 228 people | +39.9% |
| Cash and equivalents | ¥4468524000 | ¥24542232000 | +449.2% |

### Change in segment revenue mix

Span: FY ending Dec 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 | 2,377 | 100.0% | S100XUO9 |
| Cost of revenue | 2,369 | 99.7% | S100XUO9 |
| Gross profit | 8 | 0.3% | S100XUO9 |
| SG&A | 4,145 | 174.4% | S100XUO9 |
| Operating income | -4,138 | -174.1% | S100XUO9 |
| Ordinary income | -1,075 | -45.2% | S100XUO9 |
| Pretax income | -1,065 | -44.8% | S100XUO9 |
| Income tax | -693 | -29.2% | S100XUO9 |
| Net income | -371 | -15.6% | S100XUO9 |
| Net income attributable to owners | -371 | -15.6% | S100XUO9 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 100 |
| SG&A | 174 |
| Operating income | -174 |
| (Ref.) Net income | -16 |

### Margin funnel

Gross margin 0.3% → Operating margin -174.1% → Net margin -15.6%
Derived from reported figures (DERIVED).

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 2,317 | 2,377 | 60 | +2.6% |
| Gross profit | 215 | 8 | -207 | -96.4% |
| Operating income | -3,070 | -4,138 | -1,067 | — |
| Net income attributable to owners | -3,593 | -371 | 3,222 | — |
| Operating cash flow | -1,798 | 1,657 | 3,455 | — |
| Free cash flow | -9,161 | -9,963 | -802 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2023 | 1,386 | -1,796 | -129.5% | -1,520 | -2,222 | -5,848 | S100VGCK |
| FY ending Dec 2024 | 2,317 | -3,070 | -132.5% | -3,593 | -1,798 | -9,161 | S100XUO9 |
| FY ending Dec 2025 | 2,377 | -4,138 | -174.1% | -371 | 1,657 | -9,963 | S100XUO9 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥10.4M |
| Operating income per employee (consolidated) | -¥18.1M |
| Net income per employee (consolidated) | -¥1.6M |

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

| History | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: |
| Employees (consolidated) | 163 | 192 | 228 |
| Average salary (parent company) | — | ¥8.7M | ¥9M |
| Average age (parent company) | — | 39.9 years | 39.7 years |
| Average tenure (parent company) | — | 2.8 years | 3.2 years |

Year over year: Employees (consolidated) +18.8% · Revenue (consolidated) +2.6%

## 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 | 1,657 | 69.7% | S100XUO9 |
| Capital expenditure | 11,620 | 489.0% | S100XUO9 |
| Free cash flow | -9,963 | -419.2% | 算出 |
| Investing cash flow | -11,629 | -489.4% | S100XUO9 |
| Financing cash flow | 20,271 | 853.0% | S100XUO9 |
| Change in cash | 10,302 | 433.5% | S100XUO9 |
| Cash and equivalents | 24,542 | 1032.7% | S100XUO9 |

## 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 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: |
| Cash and equivalents | 4,469 | 14,240 | 24,542 | S100XUO9 |
| Total assets | 11,315 | 28,195 | 49,374 | S100VGCK, S100XUO9 |
| Net assets | 7,871 | 19,873 | 38,793 | S100XUO9 |
| Share capital | 100 | 7,680 | 16,952 | S100VGCK, S100XUO9 |
| Property, plant and equipment | 5,254 | 11,732 | 21,170 | S100VGCK, S100XUO9 |
| Intangible assets excluding goodwill | 13 | 35 | 749 | S100VGCK, S100XUO9 |
| Current assets | 5,980 | 16,253 | 26,541 | S100VGCK, S100XUO9 |
| Current liabilities | 1,506 | 2,229 | 5,271 | S100VGCK, S100XUO9 |
| Short-term borrowings | 1,000 | 1,000 | 2,790 | S100VGCK, S100XUO9 |
| Long-term borrowings | 1,939 | 6,093 | 5,310 | S100VGCK, S100XUO9 |
| Total liabilities | 3,444 | 8,322 | 10,580 | S100VGCK, S100XUO9 |
| Equity attributable to owners of parent | 7,874 | 19,441 | 37,615 | S100VGCK, S100XUO9 |
| Retained earnings | -1,549 | -3,582 | -3,953 | S100VGCK, S100XUO9 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 50% | S100XUO9 |
| Property, plant and equipment | 43% | S100XUO9 |
| Intangibles and goodwill | 1% | S100XUO9 |
| Other assets | 6% | S100XUO9 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 21% | S100XUO9 |
| Equity | 79% | S100XUO9 |
| Other liabilities | 0% | S100XUO9 |

### Balance sheet history

| Metric | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: |
| Total assets | 11,315 | 28,195 | 49,374 |
| Equity | 7,871 | 19,873 | 38,793 |
| Interest-bearing debt | — | — | — |
| Cash | 4,469 | 14,240 | 24,542 |

## 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) | 890.8% | S100XUO9 |
| Fixed assets ÷ total assets | 42.9% | S100XUO9 |
| Goodwill ÷ parent equity | — | —, S100XUO9 |

### 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) | 49.7% |
| Cash ÷ revenue | 1032.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | 2,028 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 489.0% |
| Investing CF relative to operating CF | 702.0% |

## 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 | — | —× | -13.4% | —× | — | S100VGCK |
| 2024 | — | —× | -18.2% | —× | — | S100XUO9 |
| 2025 | — | —× | -1.0% | —× | — | S100XUO9 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ヒューリック株式会社 | Major shareholder | 12.2% | 2025-12-31 |
| 三菱電機株式会社 | Major shareholder | 9.5% | 2025-12-31 |
| 新井 元行 | Major shareholder | 6.9% | 2025-12-31 |
| スペース・エースタート１号投資事業有限責任組合 | Major shareholder | 6.5% | 2025-12-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 6.3% | 2025-12-31 |
| 清水建設株式会社 | Major shareholder | 5.3% | 2025-12-31 |
| ＳＰエースタート１号投資事業有限責任組合 | Major shareholder | 4.9% | 2025-12-31 |
| 白坂 成功 | Major shareholder | 3.4% | 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 | 2.8% | 2025-12-31 |
| 日本グロースキャピタル投資法人 | Major shareholder | 2.4% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第8期(2025/01/01－2025/12/31) | S100XUO9 | 2026-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XUO9,, |
| 有価証券報告書－第7期(2024/01/01－2024/12/31) | S100VGCK | 2025-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VGCK,, |

## 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).