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Value HRValue HR Co., Ltd.6078東証プライムサービス業FY ending Dec 2025, consolidated, J-GAAP

Value HR revenue and profit

Out of every ¥100 of sales, about ¥9 is left as operating profit. Revenue changed +20.2% from the prior year, operating profit -21.0%.

Five-year trend

Revenue¥10.1B
FY ending Dec 2021: ¥5.53B¥5.53BFY ending Dec 2022: ¥6.17B¥6.17BFY ending Dec 2023: ¥7.1B¥7.1BFY ending Dec 2024: ¥8.38B¥8.38BFY ending Dec 2025: ¥10.1B¥10.1BFY21FY22FY23FY24FY25
Operating income¥883.3M
FY ending Dec 2021: ¥1.01B¥1.01BFY ending Dec 2022: ¥1.19B¥1.19BFY ending Dec 2023: ¥1.39B¥1.39BFY ending Dec 2024: ¥1.12B¥1.12BFY ending Dec 2025: ¥883.3M¥883.3MFY21FY22FY23FY24FY25
Operating margin8.8%
FY ending Dec 2021: 18.3%18.3%FY ending Dec 2022: 19.4%19.4%FY ending Dec 2023: 19.5%19.5%FY ending Dec 2024: 13.3%13.3%FY ending Dec 2025: 8.8%8.8%FY21FY22FY23FY24FY25

What drives ROE

Net margin × asset turnover = ROA; ROA × financial leverage = ROE

Net margin6.2%
Asset turnover0.56×
ROA3.5%
ROA3.5%
Financial leverage2.72×
ROE9.5%

Denominators: average assets and average equity. Derived from reported values; ROE is shown only for positive profit and equity.

Net margin6.2%
2021: 12.0%12.0%2022: 14.3%14.3%2023: 13.7%13.7%2024: 9.4%9.4%2025: 6.2%6.2%2122232425
Asset turnover0.56×
2021: 0.33×0.33×2022: 0.37×0.37×2023: 0.42×0.42×2024: 0.48×0.48×2025: 0.56×0.56×2122232425
ROA3.5%
2021: 4.0%4.0%2022: 5.3%5.3%2023: 5.7%5.7%2024: 4.5%4.5%2025: 3.5%3.5%2122232425
Financial leverage2.72×
2021: 3.14×3.14×2022: 3.02×3.02×2023: 2.82×2.82×2024: 2.71×2.71×2025: 2.72×2.72×2122232425
ROE9.5%
2021: 12.6%12.6%2022: 16.0%16.0%2023: 16.1%16.1%2024: 12.2%12.2%2025: 9.5%9.5%2122232425
PeriodNet marginAsset turnoverROAFinancial leverageROE
202112.0%0.33×4.0%3.14×12.6%
202214.3%0.37×5.3%3.02×16.0%
202313.7%0.42×5.7%2.82×16.1%
20249.4%0.48×4.5%2.71×12.2%
20256.2%0.56×3.5%2.72×9.5%

Financial leverage can raise ROE; a higher value alone does not describe a company's overall condition.

Asset intensity and goodwill

Annual trends in tangible-asset ratios and goodwill balance.

PPE ÷ revenue87.3%
2020: 199.7%199.7%2021: 161.8%161.8%2022: 143.7%143.7%2023: 123.4%123.4%2024: 104.5%104.5%2025: 87.3%87.3%202122232425
PPE ÷ total assets48.2%
2020: 64.9%64.9%2021: 54.1%54.1%2022: 52.8%52.8%2023: 50.8%50.8%2024: 49.0%49.0%2025: 48.2%48.2%202122232425

Ratios are derived from reported values. Goodwill is shown only when separately reported; it is not inferred from combined intangible assets. Definition

Investment and working-capital efficiency

Track R&D investment and how long operating capital remains tied up before sales turn into cash.

R&D spending¥54.5M
2025: ¥54.5M¥54.5M202122232425
R&D / revenue0.5%
2025: 0.5%0.5%202122232425

R&D is shown only for years with machine-readable disclosure. Days are estimates using year-end receivables, inventory and payables divided by annual revenue or cost of sales; financial companies are excluded.

Income statement (JPY millions)

ItemFY ending Dec 2021FY ending Dec 2022FY ending Dec 2023FY ending Dec 2024FY ending Dec 2025
Revenue5,5266,1687,1008,37610,068
Cost of revenue3,2923,5914,1615,4567,154
Gross profit2,2352,5782,9402,9202,914
SG&A1,2251,3831,5541,8032,031
Operating income1,0101,1941,3861,118883
Pretax income9241,3181,4601,134907
Income tax261438491343278
Net income attributable to owners663881970791629
Operating margin18.3%19.4%19.5%13.3%8.8%

Balance sheet (reported items)

Year-end figures from filings. Unreported items are omitted. Interest-bearing debt excludes lease liabilities.

Assets

Cash 27%
Property, plant and equipment 48%
6%
8%
Other assets 11%

Funding

Other liabilities 62%
Equity 38%
0%

Each bar totals 100% of assets; other is the residual.

ItemFY ending Dec 2021FY ending Dec 2022FY ending Dec 2023FY ending Dec 2024FY ending Dec 2025
Cash and equivalents¥5.09B¥4.83B¥5.1B¥5.19B¥4.83B
Total assets¥16.5B¥16.8B¥17.2B¥17.9B¥18.2B
Net assets¥5.27B¥5.65B¥6.32B¥6.69B¥6.9B
Share capital¥1.56B¥1.57B¥2.03B¥2.03B¥2.04B
Property, plant and equipment¥8.94B¥8.86B¥8.76B¥8.75B¥8.79B
Intangible assets excluding goodwill¥366.8M¥448.3M¥582.7M¥772.5M¥1.07B
Investment securities¥435.5M¥791.3M¥857.8M¥1.08B¥1.49B
Current assets¥6.57B¥6.38B¥6.75B¥6.98B¥6.57B
Current liabilities¥4.52B¥4.82B¥5.16B¥5.9B¥6.42B
Long-term borrowings¥6.51B¥6B¥5.5B¥5.01B¥4.66B
Total liabilities¥11.3B¥11.1B¥10.9B¥11.2B¥11.3B
Non-controlling interests¥4.4M¥4.1M¥3.4M¥3.1M¥2.9M
Equity attributable to owners of parent¥5.27B¥5.76B¥6.32B¥6.63B¥6.64B
Retained earnings¥2.42B¥2.87B¥3.27B¥3.42B¥3.35B
Treasury stock-¥241.4M-¥336.3M-¥1.09B-¥1.08B-¥1.04B

Sources

Show source documents (6)

  • EDINET (FSA Japan)

    有価証券報告書－第25期(2025/01/01－2025/12/31)

    ID S100XT602026-03-24Open

  • EDINET (FSA Japan)

    有価証券報告書－第24期(2024/01/01－2024/12/31)

    ID S100VH6M2025-03-27Open

  • EDINET (FSA Japan)

    有価証券報告書－第23期(2023/01/01－2023/12/31)

    ID S100T63Y2024-03-29Open

  • EDINET (FSA Japan)

    有価証券報告書－第22期(2022/01/01－2022/12/31)

    ID S100QGD92023-03-29Open

  • EDINET (FSA Japan)

    有価証券報告書－第21期(令和3年1月1日－令和3年12月31日)

    ID S100NSBQ2022-03-30Open

  • EDINET (FSA Japan)

    有価証券報告書－第20期(令和2年1月1日－令和2年12月31日)

    ID S100L26J2021-03-29Open

Extracted from XBRL: 51 / Derived from other figures: 1

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