# uSonar Co., Ltd: business model and financials

> Latest period: FY ending Dec 2025, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第36期(2025/01/01－2025/12/31) (S100XTYS)
> Page: https://vizora.meequs.com/en/company/usonar
> Retrieved: 2026-09-30T21:01:30.454Z

## Company

uSonar, founded in 1990, is a company in Software & SaaS listed on TSE Growth. It has 228 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | uSonar Co., Ltd. |
| Ticker | 431A |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/431A.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 長竹 克仁 |
| Founded | Sep 1990 |
| Share capital | ¥100M |
| Employees (consolidated) | 228 |
| Average salary (parent only) | ¥6.3M |
| Fiscal year end | December |
| Website | usonar.co.jp (https://usonar.co.jp/) |
| Corporate number | 3011101023530 |
| EDINET | E40964 |
| Industries (Vizora) | Software & SaaS |

> Profile source: annual securities report (S100XTYS, filed 2026-03-25). As of filing

## Five-axis industry profile

Primary industry: Software & SaaS (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 71.9 | 105 |
| Profitability | 72.1 | 145 |
| Cash conversion | 66.8 | 128 |
| Efficiency | 74.1 | 145 |

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)

- uSonar brought in ¥7.19B in revenue.
- Out of every ¥100 of sales, about ¥19 is left as operating profit.
- Revenue changed +18.4% from the prior year, operating profit +52.7%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥7191612000 → ¥888998000
- Net income → operating cash flow: ¥888998000 → ¥1711649000（difference ¥822651000）
- Main uses of operating cash flow: CapEx ¥173181000 / dividends — / buybacks —
- Change in cash: ¥1280117000
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 | ¥7.19B |  |
| Operating income | ¥1.39B | Margin 19.3% |
| Net income | ¥889M | Margin 12.4% |
| Free cash flow | ¥1.54B |  |
| Employees (consolidated) | 228 |  |
| EPS | ¥112.95 |  |
| Book value per share | ¥520.79 |  |
| Equity ratio | 58.4% |  |
| Shares outstanding | 8,687,000 |  |
| Treasury shares | 471,800 |  |
| Shareholders | 1,797 |  |
| Average salary (parent only) | ¥6.3M | Filing company only |
| Cash ratio | 61.4% | Cash ÷ revenue 62.6% |
| Vs. industry median margin | +6.9 pp | Software & SaaS |
| ROE | 25.6% | Derived from disclosed figures |
| ROA | 14.5% | Derived from disclosed figures |

## Notable figures

- FY2025, cash is 61% of total assets

## What changed in 1 years

| Metric | FY ending Dec 2024 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥6074883000 | ¥7191612000 | +18.4% |
| Operating income | ¥910962000 | ¥1390867000 | +52.7% |
| Operating margin | 15.0% | 19.3% | +4.3 pp |
| Employees | 223 people | 228 people | +2.2% |
| Cash and equivalents | ¥3222573000 | ¥4502690000 | +39.7% |

### Change in segment revenue mix

Span: FY ending Dec 2024 → 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, non-consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 7,192 | 100.0% | S100XTYS |
| Cost of revenue | 2,731 | 38.0% | S100XTYS |
| Gross profit | 4,461 | 62.0% | S100XTYS |
| SG&A | 3,070 | 42.7% | S100XTYS |
| Operating income | 1,391 | 19.3% | S100XTYS |
| Ordinary income | 1,377 | 19.2% | S100XTYS |
| Pretax income | 1,256 | 17.5% | S100XTYS |
| Income tax | 367 | 5.1% | S100XTYS |
| Net income | 889 | 12.4% | S100XTYS |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 38 |
| SG&A | 43 |
| Operating income | 19 |
| (Ref.) Net income | 12 |

### Margin funnel

Gross margin 62.0% → Operating margin 19.3% → Net margin 12.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +18.4%; Core profit growth: +52.7%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.87×
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 | 6,075 | 7,192 | 1,117 | +18.4% |
| Gross profit | 3,759 | 4,461 | 702 | +18.7% |
| Operating income | 911 | 1,391 | 480 | +52.7% |
| Operating cash flow | 1,251 | 1,712 | 460 | +36.8% |
| Free cash flow | 1,030 | 1,538 | 508 | +49.4% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2024 | 6,075 | 911 | 15.0% | 634 | 1,251 | 1,030 | S100XTYS |
| FY ending Dec 2025 | 7,192 | 1,391 | 19.3% | 889 | 1,712 | 1,538 | S100XTYS |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥31.5M |
| Operating income per employee (consolidated) | ¥6.1M |
| Net income per employee (consolidated) | ¥3.9M |

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

| History | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: |
| Employees (consolidated) | 223 | 228 |
| Average salary (parent company) | — | ¥6.3M |
| Average age (parent company) | — | 34.1 years |
| Average tenure (parent company) | — | 6.7 years |

Year over year: Employees (consolidated) +2.2% · Revenue (consolidated) +18.4%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 1,712 | 23.8% | S100XTYS |
| Capital expenditure | 173 | 2.4% | S100XTYS |
| Free cash flow | 1,538 | 21.4% | 算出 |
| Investing cash flow | -1,184 | -16.5% | S100XTYS |
| Financing cash flow | 752 | 10.5% | S100XTYS |
| Change in cash | 1,280 | 17.8% | S100XTYS |
| Cash and equivalents | 4,503 | 62.6% | S100XTYS |

## 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 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: |
| Cash and equivalents | 3,223 | 4,503 | S100XTYS |
| Total assets | 4,942 | 7,330 | S100XTYS |
| Net assets | 2,659 | 4,278 | S100XTYS |
| Share capital | 100 | 100 | S100XTYS |
| Property, plant and equipment | 394 | 270 | S100XTYS |
| Intangible assets excluding goodwill | 332 | 336 | S100XTYS |
| Current assets | 3,871 | 5,383 | S100XTYS |
| Current liabilities | 1,990 | 2,643 | S100XTYS |
| Short-term borrowings | 145 | 145 | S100XTYS |
| Long-term borrowings | 62 | — | S100XTYS |
| Bonds | — | 70 | S100XTYS |
| Total liabilities | 2,283 | 3,052 | S100XTYS |
| Equity attributable to owners of parent | 2,659 | 4,278 | S100XTYS |
| Retained earnings | 2,022 | 2,911 | S100XTYS |
| Treasury stock | -250 | -136 | S100XTYS |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 61% | S100XTYS |
| Property, plant and equipment | 4% | S100XTYS |
| Intangibles and goodwill | 5% | S100XTYS |
| Other assets | 30% | S100XTYS |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 42% | S100XTYS |
| Equity | 58% | S100XTYS |
| Other liabilities | 0% | S100XTYS |

### Balance sheet history

| Metric | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: |
| Total assets | 4,942 | 7,330 |
| Equity | 2,659 | 4,278 |
| Interest-bearing debt | — | — |
| Cash | 3,223 | 4,503 |

## 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) | 3.8% | S100XTYS |
| Fixed assets ÷ total assets | 3.7% | S100XTYS |
| Goodwill ÷ parent equity | — | —, S100XTYS |

### 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) | 61.4% |
| Cash ÷ revenue | 62.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 123.1% |
| Cash vs. profit gap | 823 JPY mn (of net income 92.5%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 2.4% |
| Investing CF relative to operating CF | 69.2% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2024 | 10.4% | 1.23× | 12.8% | 1.86× | 23.9% | S100XTYS |
| 2025 | 12.4% | 1.17× | 14.5% | 1.77× | 25.6% | S100XTYS |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 福富七海 | Major shareholder | 49.3% | 2025-12-31 |
| 三井物産企業投資投資事業有限責任組合 | Major shareholder | 9.5% | 2025-12-31 |
| 株式会社日本政策投資銀行 | Major shareholder | 8.0% | 2025-12-31 |
| ＭＳＩＰ ＣＬＩＥＮＴ ＳＥＣＵＲＩＴＩＥＳ （常任代理人 モルガン・スタンレーＭＵＦＧ証券株式会社） | Major shareholder | 3.5% | 2025-12-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 3.4% | 2025-12-31 |
| 野村信託銀行株式会社（信託口） | Major shareholder | 3.4% | 2025-12-31 |
| 株式会社ＳＢＩ証券 | Major shareholder | 2.3% | 2025-12-31 |
| 楽天証券株式会社共有口 | Major shareholder | 1.4% | 2025-12-31 |
| 野村證券株式会社 | Major shareholder | 1.2% | 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 | 1.1% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第36期(2025/01/01－2025/12/31) | S100XTYS | 2026-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XTYS,, |

## 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).