# Techfirm Holdings Inc.: business model and financials

> Latest period: FY ending Jun 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第34期(2024/07/01－2025/06/30) (S100WQLE)
> Page: https://vizora.meequs.com/en/company/techfirm-holdings
> Retrieved: 2026-09-30T19:50:50.547Z

## Company

Techfirm Holdings, founded in 1991, is a company in IT Services & System Integration listed on TSE Growth. It has 317 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Techfirm Holdings Inc. |
| Ticker | 3625 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3625.T) |
| Listing | TSE Growth |
| Head office | 東京都新宿区西新宿三丁目20番2号 |
| Representative (per filing) | 代表取締役社長CEO 永守 秀章 |
| Founded | Aug 1991 |
| Share capital | ¥1B |
| Employees (consolidated) | 317 |
| Average salary (parent only) | ¥6.3M |
| Fiscal year end | June |
| Website | www.techfirm-hd.com (https://www.techfirm-hd.com/) |
| Corporate number | 3011101058080 |
| EDINET | E05742 |
| Industries (Vizora) | IT Services & System Integration, Specialty Trading & Wholesale |

> Profile source: annual securities report (S100WQLE, filed 2025-09-24). As of filing

## Five-axis industry profile

Primary industry: IT Services & System Integration (2025-06-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 8.6 | 157 |
| Profitability | 68.1 | 196 |
| Cash conversion | 14.3 | 185 |
| Efficiency | 64 | 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)

- About 92% of Techfirm Holdings's sales come from ICT Solution, with Cross border distribution platform making up much of the rest.
- Out of every ¥100 of sales, about ¥11 is left as operating profit.
- Revenue changed +32.2% from the prior year, operating profit +213.3%.

## Company structure

- Segment revenue mix: ICT Solution 92.4%、Cross border distribution platform 7.6%
- Revenue → net income: ¥6705697000 → ¥501341000
- Net income → operating cash flow: ¥501341000 → ¥327622000（difference ¥-173719000）
- Main uses of operating cash flow: CapEx ¥26061000 / dividends ¥35282000 / buybacks —
- Change in cash: ¥214750000
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 | ¥6.71B |  |
| Operating income | ¥749.5M | Margin 11.2% |
| Net income | ¥501.3M | Margin 7.5% |
| Free cash flow | ¥301.6M |  |
| Largest business | ICT Solution | of segment revenue 92.4% |
| Employees (consolidated) | 317 |  |
| EPS | ¥-22.11 |  |
| Book value per share | ¥270.22 |  |
| Equity ratio | 54.8% |  |
| Shares outstanding | 7,515,000 |  |
| Treasury shares | 428,900 |  |
| Shareholders | 4,330 |  |
| Average salary (parent only) | ¥6.3M | Filing company only |
| Cash ratio | 51.4% | Cash ÷ revenue 38.1% |
| Vs. industry median margin | +2.3 pp | IT Services & System Integration |
| ROE | 20.0% | Derived from disclosed figures |
| ROA | 11.1% | Derived from disclosed figures |

## Notable figures

- FY2025, one segment accounts for 100% of positive segment profit
- FY2025, cash is 51% of total assets

## What changed in 5 years

| Metric | FY ending Jun 2020 | FY ending Jun 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥6311505000 | ¥6705697000 | +6.2% |
| Operating income | ¥219377000 | ¥749519000 | +241.7% |
| Operating margin | 3.5% | 11.2% | +7.7 pp |
| Employees | 311 people | 317 people | +1.9% |
| Cash and equivalents | ¥2003654000 | ¥2553330000 | +27.4% |

### Change in segment revenue mix

Span: FY ending Jun 2020 → FY ending Jun 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| ICTソリューション → ICTソリューション | 73.2% |
| 自動車アフターマーケット → 事業再編・廃止 | 21.2% |
| 農水産物輸出ソリューション → 事業再編・廃止 | 5.6% |
| 新設・再編 → ICTソリューション | 19.2% |
| 新設・再編 → クロスボーダー流通プラットフォーム | 7.6% |

Segment revenue source references: 5 (derived)

## Income statement（FY ending Jun 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 6,706 | 100.0% | S100WQLE |
| Cost of revenue | 4,494 | 67.0% | S100WQLE |
| Gross profit | 2,211 | 33.0% | S100WQLE |
| SG&A | 1,462 | 21.8% | S100WQLE |
| Operating income | 750 | 11.2% | S100WQLE |
| Ordinary income | 761 | 11.4% | S100WQLE |
| Pretax income | 754 | 11.2% | S100WQLE |
| Income tax | 253 | 3.8% | S100WQLE |
| Net income | 501 | 7.5% | S100WQLE |
| Net income attributable to owners | 501 | 7.5% | S100WQLE |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 67 |
| SG&A | 22 |
| Operating income | 11 |
| (Ref.) Net income | 7 |

### Margin funnel

Gross margin 33.0% → Operating margin 11.2% → Net margin 7.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +32.2%; Core profit growth: +213.3%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 6.62×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 5,073 | 6,706 | 1,633 | +32.2% |
| Gross profit | 1,533 | 2,211 | 678 | +44.2% |
| Operating income | 239 | 750 | 510 | +213.3% |
| Net income attributable to owners | 156 | 501 | 345 | +221.5% |
| Operating cash flow | -7 | 328 | 334 | — |
| Free cash flow | -23 | 302 | 325 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Jun 2019 | 6,594 | 720 | 10.9% | -17 | 523 | 424 | S100JREM |
| FY ending Jun 2020 | 6,312 | 219 | 3.5% | -493 | -66 | -139 | S100MIFG |
| FY ending Jun 2021 | 6,004 | 178 | 3.0% | -539 | -33 | -71 | S100P9D5 |
| FY ending Jun 2022 | 5,519 | -237 | -4.3% | -169 | 75 | 70 | S100RXVT |
| FY ending Jun 2023 | 5,770 | 173 | 3.0% | -49 | 263 | 262 | S100UFUM |
| FY ending Jun 2024 | 5,073 | 239 | 4.7% | 156 | -7 | -23 | S100WQLE |
| FY ending Jun 2025 | 6,706 | 750 | 11.2% | 501 | 328 | 302 | S100WQLE |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥21.2M |
| Operating income per employee (consolidated) | ¥2.4M |
| 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 Jun 2021 | FY ending Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 259 | 269 | 281 | 294 | 317 |
| Average salary (parent company) | ¥5.7M | ¥5.4M | ¥6.1M | ¥5.4M | ¥6.3M |
| Average age (parent company) | 37.7 years | 38.3 years | 39.8 years | 39.9 years | 41.6 years |
| Average tenure (parent company) | 6.0 years | 6.7 years | 7.0 years | 7.0 years | 7.9 years |

Year over year: Employees (consolidated) +7.8% · Revenue (consolidated) +32.2%

## Segments（FY ending Jun 2025, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| ICT Solution | 6,197 | 92.4% | 1,320 | 21.3% |
| Cross border distribution platform | 509 | 7.6% | -50 | -9.9% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| ICT Solution | 92.4% | 100.0% | 7.6 | 21.3% |
| Cross border distribution platform | 7.6% | — | — | -9.9% |

Loss-making segment (excluded from profit shares): Cross border distribution platform -50 JPY mn

Segment → industry: ICT Solution → IT Services & System Integration / Cross border distribution platform → Specialty Trading & Wholesale

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Jun 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 328 | 4.9% | S100WQLE |
| Capital expenditure | 26 | 0.4% | S100WQLE |
| Free cash flow | 302 | 4.5% | 算出 |
| Investing cash flow | -61 | -0.9% | S100WQLE |
| Financing cash flow | -41 | -0.6% | S100WQLE |
| Dividends paid | 35 | 0.5% | S100WQLE |
| Change in cash | 215 | 3.2% | S100WQLE |
| Cash and equivalents | 2,553 | 38.1% | S100WQLE |

## 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 Jun 2021 | FY ending Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,916 | 1,982 | 2,321 | 2,339 | 2,553 | S100RXVT, S100UFUM, S100WQLE |
| Total assets | 3,648 | 3,692 | 4,033 | 4,065 | 4,963 | S100P9D5, S100RXVT, S100UFUM, S100WQLE |
| Net assets | 2,422 | 2,241 | 2,166 | 2,276 | 2,719 | S100RXVT, S100UFUM, S100WQLE |
| Share capital | 1,823 | 1,000 | 1,000 | 1,000 | 1,000 | S100P9D5, S100RXVT, S100UFUM, S100WQLE |
| Trade receivables | 1,098 | — | — | — | — | S100P9D5 |
| Property, plant and equipment | 35 | 25 | 28 | 31 | 41 | S100P9D5, S100RXVT, S100UFUM, S100WQLE |
| Intangible assets excluding goodwill | 13 | 9 | 6 | 7 | 5 | S100P9D5, S100RXVT, S100UFUM, S100WQLE |
| Investment securities | 71 | 81 | 99 | 128 | 150 | S100P9D5, S100RXVT, S100UFUM, S100WQLE |
| Current assets | 3,249 | 3,264 | 3,572 | 3,621 | 4,482 | S100P9D5, S100RXVT, S100UFUM, S100WQLE |
| Current liabilities | 693 | 923 | 1,836 | 1,258 | 1,717 | S100P9D5, S100RXVT, S100UFUM, S100WQLE |
| Short-term borrowings | — | — | 600 | 600 | 600 | S100UFUM, S100WQLE |
| Long-term borrowings | 8 | 4 | 2 | 1 | — | S100P9D5, S100RXVT, S100UFUM, S100WQLE |
| Bonds | 500 | 500 | — | 500 | 500 | S100P9D5, S100RXVT, S100WQLE |
| Interest-bearing debt | — | — | — | 1,101 | — | 算出 |
| Total liabilities | 1,226 | 1,451 | 1,867 | 1,790 | 2,245 | S100P9D5, S100RXVT, S100UFUM, S100WQLE |
| Equity attributable to owners of parent | 2,422 | 2,227 | 2,148 | 2,274 | 2,732 | S100P9D5, S100RXVT, S100UFUM, S100WQLE |
| Retained earnings | -595 | 172 | 88 | 209 | 675 | S100P9D5, S100RXVT, S100UFUM, S100WQLE |
| Treasury stock | -470 | -434 | -434 | -434 | -434 | S100P9D5, S100RXVT, S100UFUM, S100WQLE |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 51% | S100WQLE |
| Property, plant and equipment | 1% | S100WQLE |
| Intangibles and goodwill | 0% | S100WQLE |
| Investment securities | 3% | S100WQLE |
| Other assets | 45% | S100WQLE |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 45% | S100WQLE |
| Equity | 55% | S100WQLE |
| Other liabilities | 0% | S100WQLE |

### Balance sheet history

| Metric | FY ending Jun 2021 | FY ending Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 3,648 | 3,692 | 4,033 | 4,065 | 4,963 |
| Equity | 2,422 | 2,241 | 2,166 | 2,276 | 2,719 |
| Interest-bearing debt | — | — | — | 1,101 | — |
| Cash | 1,916 | 1,982 | 2,321 | 2,339 | 2,553 |

## 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) | 0.6% | S100WQLE |
| Fixed assets ÷ total assets | 0.8% | S100WQLE |
| Goodwill ÷ parent equity | — | —, S100WQLE |

### 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) | 51.4% |
| Cash ÷ revenue | 38.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 43.7% |
| Cash vs. profit gap | -174 JPY mn (of net income -34.7%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 7.0% |
| Shareholder payments — dividends / FCF | 11.7% |
| CapEx intensity (capex ÷ revenue) | 0.4% |
| Investing CF relative to operating CF | 18.6% |

## 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 | — | —× | -14.8% | —× | — | S100P9D5 |
| 2022 | — | —× | -4.6% | —× | — | S100RXVT |
| 2023 | — | —× | -1.3% | —× | — | S100UFUM |
| 2024 | 3.1% | 1.25× | 3.9% | 1.83× | 7.1% | S100WQLE |
| 2025 | 7.5% | 1.49× | 11.1% | 1.80× | 20.0% | S100WQLE |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社TOKAIコミュニケーションズ | Major shareholder | 9.0% | 2025-06-30 |
| 筒井 雄一朗 | Major shareholder | 6.6% | 2025-06-30 |
| 小林 正興 | Major shareholder | 3.9% | 2025-06-30 |
| 株式会社読売新聞東京本社 | Major shareholder | 3.7% | 2025-06-30 |
| 中村 臣敏 | Major shareholder | 3.1% | 2025-06-30 |
| 山村 慶子 | Major shareholder | 2.9% | 2025-06-30 |
| 株式会社ミライト・ワン | Major shareholder | 2.8% | 2025-06-30 |
| 志村 貴子 | Major shareholder | 2.4% | 2025-06-30 |
| 山村 美寿寿 | Major shareholder | 1.8% | 2025-06-30 |
| 上田八木短資株式会社 | Major shareholder | 1.5% | 2025-06-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第34期(2024/07/01－2025/06/30) | S100WQLE | 2025-09-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WQLE,, |
| 有価証券報告書－第33期(2023/07/01－2024/06/30) | S100UFUM | 2024-09-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UFUM,, |
| 有価証券報告書－第32期(2022/07/01－2023/06/30) | S100RXVT | 2023-09-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RXVT,, |
| 有価証券報告書－第31期(令和3年7月1日－令和4年6月30日) | S100P9D5 | 2022-09-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100P9D5,, |
| 有価証券報告書－第30期(令和2年7月1日－令和3年6月30日) | S100MIFG | 2021-09-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MIFG,, |
| 有価証券報告書－第29期(令和1年7月1日－令和2年6月30日) | S100JREM | 2020-09-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100JREM,, |

## 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).