# Timee, Inc.: business model and financials

> Latest period: FY ending Oct 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 訂正有価証券報告書－第9期(2024/11/01－2025/10/31) (S100XNWW)
> Page: https://vizora.meequs.com/en/company/timee
> Retrieved: 2026-09-30T21:05:10.699Z

## Company

Timee, founded in 2017, is a company in HR & Staffing listed on TSE Growth. It has 1,268 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Timee, Inc. |
| Ticker | 215A |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/215A.T) |
| Listing | TSE Growth |
| Head office | 東京都港区東新橋一丁目5番2号 |
| Representative (per filing) | 代表取締役 小川 嶺 |
| Founded | Aug 2017 |
| Share capital | ¥221.7M |
| Employees (consolidated) | 1,268 |
| Average salary (parent only) | ¥6M |
| Fiscal year end | October |
| Website | timee.co.jp (https://timee.co.jp/) |
| Corporate number | 1012801018219 |
| EDINET | E39760 |
| Industries (Vizora) | HR & Staffing |

> Profile source: annual securities report (S100XNWW, filed 2026-02-27). As of filing

## Five-axis industry profile

Primary industry: HR & Staffing (2025-10-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 83.5 | 88 |
| Cash conversion | 8.1 | 80 |
| Efficiency | 24.4 | 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)

- Timee brought in ¥34.3B in revenue.
- Out of every ¥100 of sales, about ¥20 is left as operating profit.
- Revenue changed +27.6% from the prior year, operating profit +58.9%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥34289287000 → ¥5310231000
- Net income → operating cash flow: ¥5310231000 → ¥2674709000（difference ¥-2635522000）
- Main uses of operating cash flow: CapEx ¥477227000 / dividends — / buybacks —
- Change in cash: ¥1976227000
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 | ¥34.3B |  |
| Operating income | ¥6.75B | Margin 19.7% |
| Net income | ¥5.31B | Margin 15.5% |
| Free cash flow | ¥2.2B |  |
| Employees (consolidated) | 1,268 |  |
| EPS | ¥53.76 |  |
| Diluted EPS | ¥49.8 |  |
| Book value per share | ¥144.96 |  |
| Equity ratio | 43.2% |  |
| Shares outstanding | 100,314,000 |  |
| Shareholders | 47,631 |  |
| Average salary (parent only) | ¥6M | Filing company only |
| Cash ratio | 42.3% | Cash ÷ revenue 41.5% |
| Vs. industry median margin | +11.1 pp | HR & Staffing |
| ROE | 36.5% | Derived from disclosed figures |
| ROA | 15.8% | Derived from disclosed figures |

## Notable figures

- FY2025, cash is 42% of total assets

## What changed in 2 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Oct 2023 | FY ending Oct 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥16144584000 | ¥34289287000 | — |
| Operating income | ¥1957637000 | ¥6747465000 | — |
| Operating margin | 12.1% | 19.7% | +7.6 pp |
| Employees | 708 people | 1,268 people | — |
| Cash and equivalents | ¥7996093000 | ¥14215097000 | — |

### Change in segment revenue mix

Span: FY ending Oct 2023 → FY ending Oct 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 34,289 | 100.0% | S100XNWW |
| Cost of revenue | 1,913 | 5.6% | S100XNWW |
| Gross profit | 32,377 | 94.4% | S100XNWW |
| SG&A | 25,629 | 74.7% | S100XNWW |
| Operating income | 6,747 | 19.7% | S100XNWW |
| Ordinary income | 6,670 | 19.5% | S100XNWW |
| Pretax income | 6,654 | 19.4% | S100XNWW |
| Income tax | 1,344 | 3.9% | S100XNWW |
| Net income | 5,310 | 15.5% | S100XNWW |
| Net income attributable to owners | 5,310 | 15.5% | S100XNWW |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 5 |
| SG&A | 75 |
| Operating income | 20 |
| (Ref.) Net income | 15 |

### Margin funnel

Gross margin 94.4% → Operating margin 19.7% → Net margin 15.5%
Derived from reported figures (DERIVED).

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 26,881 | 34,289 | 7,409 | +27.6% |
| Gross profit | 25,607 | 32,377 | 6,770 | +26.4% |
| Operating income | 4,248 | 6,747 | 2,500 | +58.9% |
| Operating cash flow | 1,184 | 2,675 | 1,491 | +126.0% |
| Free cash flow | 1,046 | 2,197 | 1,152 | +110.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Oct 2023 | 16,145 | 1,958 | 12.1% | 1,803 | -749 | -1,243 | S100V59M |
| FY ending Oct 2024 | 26,881 | 4,248 | 15.8% | 2,797 | 1,184 | 1,046 | S100V59M |
| FY ending Oct 2025 | 34,289 | 6,747 | 19.7% | 5,310 | 2,675 | 2,197 | S100XNWW |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥27M |
| Operating income per employee (consolidated) | ¥5.3M |
| Net income per employee (consolidated) | ¥4.2M |

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

| History | FY ending Oct 2023 | FY ending Oct 2024 | FY ending Oct 2025 |
| --- | ---: | ---: | ---: |
| Employees (consolidated) | 708 | 1,004 | 1,268 |
| Average salary (parent company) | — | ¥5.9M | ¥6M |
| Average age (parent company) | — | 31.3 years | 31.5 years |
| Average tenure (parent company) | — | 1.8 years | 2.0 years |

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 2,675 | 7.8% | S100XNWW |
| Capital expenditure | 477 | 1.4% | S100XNWW |
| Free cash flow | 2,197 | 6.4% | 算出 |
| Investing cash flow | -1,280 | -3.7% | S100XNWW |
| Financing cash flow | 582 | 1.7% | S100XNWW |
| Change in cash | 1,976 | 5.8% | S100XNWW |
| Cash and equivalents | 14,215 | 41.5% | S100XNWW |

## 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 Oct 2023 | FY ending Oct 2024 | FY ending Oct 2025 | Source |
| --- | ---: | ---: | ---: | ---: |
| Cash and equivalents | 7,996 | 12,239 | 14,215 | S100V59M, S100XNWW |
| Total assets | 17,800 | 26,575 | 33,609 | S100V59M, S100XNWW |
| Net assets | 6,202 | 9,096 | 14,541 | S100V59M, S100XNWW |
| Share capital | 100 | 149 | 222 | S100V59M, S100XNWW |
| Property, plant and equipment | 514 | 507 | 797 | S100V59M, S100XNWW |
| Intangible assets excluding goodwill | — | — | 345 | S100XNWW |
| Goodwill | — | — | 345 | S100XNWW |
| Investment securities | — | — | 370 | S100XNWW |
| Current assets | 16,830 | 25,361 | 30,529 | S100V59M, S100XNWW |
| Current liabilities | 10,672 | 16,699 | 18,400 | S100V59M, S100XNWW |
| Short-term borrowings | 7,050 | 10,500 | 11,110 | S100V59M, S100XNWW |
| Long-term borrowings | 908 | 765 | 669 | S100V59M, S100XNWW |
| Total liabilities | 11,598 | 17,479 | 19,069 | S100V59M, S100XNWW |
| Equity attributable to owners of parent | 6,183 | 9,079 | 14,533 | S100V59M, S100XNWW |
| Retained earnings | -894 | 1,903 | 7,213 | S100V59M, S100XNWW |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 42% | S100XNWW |
| Property, plant and equipment | 3% | S100XNWW |
| Intangibles and goodwill | 2% | S100XNWW |
| Investment securities | 1% | S100XNWW |
| Other assets | 52% | S100XNWW |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 57% | S100XNWW |
| Equity | 43% | S100XNWW |

### Balance sheet history

| Metric | FY ending Oct 2023 | FY ending Oct 2024 | FY ending Oct 2025 |
| --- | ---: | ---: | ---: |
| Total assets | 17,800 | 26,575 | 33,609 |
| Equity | 6,202 | 9,096 | 14,541 |
| Interest-bearing debt | — | — | — |
| Cash | 7,996 | 12,239 | 14,215 |

## 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) | 2.3% | S100XNWW |
| Fixed assets ÷ total assets | 2.4% | S100XNWW |
| Goodwill ÷ parent equity | 2.4% | S100XNWW |

### 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) | 42.3% |
| Cash ÷ revenue | 41.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 39.6% |
| Cash vs. profit gap | -2,636 JPY mn (of net income -49.6%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 1.4% |
| Investing CF relative to operating CF | 47.9% |

## 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 | 11.2% | 0.91× | 10.1% | 2.88× | 29.2% | S100V59M |
| 2024 | 10.4% | 1.21× | 12.6% | 2.91× | 36.7% | S100V59M |
| 2025 | 15.5% | 1.02× | 15.8% | 2.31× | 36.5% | S100XNWW |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 小川 嶺 | Major shareholder | 21.0% | 2025-10-31 |
| ＩＮＴＥＲＡＣＴＩＶＥ ＢＲＯＫＥＲＳ ＬＬＣ（常任代理人インタラクティブ・ブローカーズ証券株式会社） | Major shareholder | 3.7% | 2025-10-31 |
| 株式会社Ｒｅｃｏｌｌｅ | Major shareholder | 3.6% | 2025-10-31 |
| 株式会社ＭＩＸＩ | Major shareholder | 3.1% | 2025-10-31 |
| ＧＯＬＤＭＡＮ，ＳＡＣＨＳ ＆ ＣＯ．ＲＥＧ（常任代理人ゴールドマン・サックス証券株式会社） | Major shareholder | 2.8% | 2025-10-31 |
| ＳＴＡＴＥ ＳＴＲＥＥＴ ＢＡＮＫ ＡＮＤ ＴＲＵＳＴ ＣＯＭＰＡＮＹ ５０５００１（常任代理人株式会社みずほ銀行決済営業部） | Major shareholder | 2.4% | 2025-10-31 |
| ＭＯＲＧＡＮ ＳＴＡＮＬＥＹ ＳＭＩＴＨ ＢＡＲＮＥＹ ＬＬＣ ＣＬＩＥＮＴＳ ＦＵＬＬＹ ＰＡＩＤ ＳＥＧ ＡＣＣＯＵＮＴ（常任代理人シティバンク、エヌ・エイ東京支店） | Major shareholder | 2.3% | 2025-10-31 |
| ＵＢＳ ＡＧ ＨＯＮＧ ＫＯＮＧ（常任代理人シティバンク、エヌ・エイ東京支店） | Major shareholder | 2.0% | 2025-10-31 |
| 株式会社サイバーエージェント | Major shareholder | 1.9% | 2025-10-31 |
| 野村信託銀行株式会社（投信口） | Major shareholder | 1.9% | 2025-10-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 訂正有価証券報告書－第9期(2024/11/01－2025/10/31) | S100XNWW | 2026-02-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XNWW,, |
| 有価証券報告書－第8期(2023/11/01－2024/10/31) | S100V59M | 2025-01-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100V59M,, |

## 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).