# Value HR Co., Ltd.: 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25期(2025/01/01－2025/12/31) (S100XT60)
> Page: https://vizora.meequs.com/en/company/value-hr
> Retrieved: 2026-09-30T21:01:30.209Z

## Company

Value HR, founded in 2001, is a company in Health Tech listed on TSE Prime. It has 970 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Value HR Co.,Ltd. |
| Ticker | 6078 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6078.T) |
| Listing | TSE Prime |
| Head office | 東京都渋谷区千駄ヶ谷五丁目21番14号 (上記は登記上の本店所在地であり、実際の業務は、「最寄りの連絡場所」で行っております。) |
| Representative (per filing) | 代表取締役社長 藤田 美智雄 |
| Founded | Jul 2001 |
| Share capital | ¥2.04B |
| Employees (consolidated) | 970 |
| Average salary (parent only) | ¥4M |
| Fiscal year end | December |
| Website | www.valuehr.com (https://www.valuehr.com/) |
| Corporate number | 7011001036950 |
| EDINET | E22470 |
| Industries (Vizora) | Health Tech, Business Process Outsourcing |

> Profile source: annual securities report (S100XT60, filed 2026-03-24). As of filing

## Five-axis industry profile

Primary industry: Health Tech (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 60.7 | 14 |
| Profitability | 25 | 18 |
| Cash conversion | 97.1 | 17 |
| Efficiency | 19.4 | 18 |

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 82% of Value HR's sales come from Value Cafeteria Service, with HR Managements Service making up much of the rest.
- 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%.

## Company structure

- Segment revenue mix: Value Cafeteria Service 82.0%、HR Managements Service 18.0%
- Revenue → net income: ¥10068322000 → ¥628774000
- Net income → operating cash flow: ¥628774000 → ¥1577244000（difference ¥948470000）
- Main uses of operating cash flow: CapEx ¥814967000 / dividends ¥699641000 / buybacks ¥67000
- Change in cash: ¥-357737000
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 | ¥10.1B |  |
| Operating income | ¥883.3M | Margin 8.8% |
| Net income | ¥629M | Margin 6.2% |
| Free cash flow | ¥762.3M |  |
| Largest business | Value Cafeteria Service | of segment revenue 82.0% |
| Employees (consolidated) | 970 |  |
| EPS | ¥33.31 |  |
| Diluted EPS | ¥33.24 |  |
| Book value per share | ¥251.95 |  |
| Equity ratio | 37.7% |  |
| Shares outstanding | 27,394,200 |  |
| Treasury shares | 336,400 |  |
| Shareholders | 19,513 |  |
| Average salary (parent only) | ¥4M | Filing company only |
| Cash ratio | 26.5% | Cash ÷ revenue 48.0% |
| Vs. industry median margin | -5.1 pp | Health Tech |
| ROE | 9.5% | Derived from disclosed figures |
| ROA | 3.5% | Derived from disclosed figures |

## Notable figures

- FY2025, operating cash flow is 2.5× net income
- FY2025, one segment accounts for 84% of positive segment profit
- FY2025, cash is 27% of total assets

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥4493019000 | ¥10068322000 | +124.1% |
| Operating income | ¥713222000 | ¥883326000 | +23.9% |
| Operating margin | 15.9% | 8.8% | -7.1 pp |
| Employees | 582 people | 970 people | +66.7% |
| Cash and equivalents | ¥2719011000 | ¥4831033000 | +77.7% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| バリューカフェテリア事業 → バリューカフェテリア事業 | 76.9% |
| ＨＲマネジメント事業 → ＨＲマネジメント事業 | 18.0% |
| ＨＲマネジメント事業 → 事業再編・廃止 | 5.1% |
| 新設・再編 → バリューカフェテリア事業 | 5.1% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 10,068 | 100.0% | S100XT60 |
| Cost of revenue | 7,154 | 71.1% | S100XT60 |
| Gross profit | 2,914 | 28.9% | S100XT60 |
| SG&A | 2,031 | 20.2% | S100XT60 |
| Operating income | 883 | 8.8% | S100XT60 |
| Ordinary income | 957 | 9.5% | S100XT60 |
| Pretax income | 907 | 9.0% | S100XT60 |
| Income tax | 278 | 2.8% | S100XT60 |
| Net income | 629 | 6.2% | S100XT60 |
| Net income attributable to owners | 629 | 6.2% | S100XT60 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 71 |
| SG&A | 20 |
| Operating income | 9 |
| (Ref.) Net income | 6 |

### Margin funnel

Gross margin 28.9% → Operating margin 8.8% → Net margin 6.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +20.2%; Core profit growth: -21.0%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -1.04×
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 | 8,376 | 10,068 | 1,692 | +20.2% |
| Gross profit | 2,920 | 2,914 | -6 | -0.2% |
| Operating income | 1,118 | 883 | -234 | -21.0% |
| Net income attributable to owners | 791 | 629 | -162 | -20.5% |
| Operating cash flow | 2,021 | 1,577 | -444 | -22.0% |
| Free cash flow | 1,482 | 762 | -720 | -48.6% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 4,284 | 748 | 17.5% | 553 | 1,234 | 866 | S100L26J |
| FY ending Dec 2020 | 4,493 | 713 | 15.9% | 460 | 582 | -809 | S100NSBQ |
| FY ending Dec 2021 | 5,526 | 1,010 | 18.3% | 663 | 1,145 | 585 | S100QGD9 |
| FY ending Dec 2022 | 6,168 | 1,194 | 19.4% | 881 | 1,864 | 1,557 | S100T63Y |
| FY ending Dec 2023 | 7,100 | 1,386 | 19.5% | 970 | 1,346 | 971 | S100VH6M |
| FY ending Dec 2024 | 8,376 | 1,118 | 13.3% | 791 | 2,021 | 1,482 | S100XT60 |
| FY ending Dec 2025 | 10,068 | 883 | 8.8% | 629 | 1,577 | 762 | S100XT60 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥10.4M |
| Operating income per employee (consolidated) | ¥910.6K |
| Net income per employee (consolidated) | ¥648.5K |

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

| History | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 652 | 691 | 676 | 779 | 970 |
| Average salary (parent company) | ¥3.8M | ¥3.9M | ¥4.2M | ¥3.8M | ¥4M |
| Average age (parent company) | 38.5 years | 38.8 years | 39.0 years | 39.2 years | 39.4 years |
| Average tenure (parent company) | 4.6 years | 4.9 years | 5.4 years | 5.3 years | 4.4 years |

Year over year: Employees (consolidated) +24.5% · Revenue (consolidated) +20.2%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Value Cafeteria Service | 8,257 | 82.0% | 1,718 | 20.8% |
| HR Managements Service | 1,811 | 18.0% | 321 | 17.7% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Value Cafeteria Service | 82.0% | 84.2% | 2.2 | 20.8% |
| HR Managements Service | 18.0% | 15.8% | -2.2 | 17.7% |

Segment → industry: Value Cafeteria Service → Health Tech / HR Managements Service → Business Process Outsourcing

## 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 | 1,577 | 15.7% | S100XT60 |
| Capital expenditure | 815 | 8.1% | S100XT60 |
| Free cash flow | 762 | 7.6% | 算出 |
| Investing cash flow | -713 | -7.1% | S100XT60 |
| Financing cash flow | -1,222 | -12.1% | S100XT60 |
| Dividends paid | 700 | 6.9% | S100XT60 |
| Share buyback | 0 | 0.0% | S100XT60 |
| Change in cash | -358 | -3.6% | S100XT60 |
| Cash and equivalents | 4,831 | 48.0% | S100XT60 |

## 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 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 5,094 | 4,827 | 5,100 | 5,189 | 4,831 | S100T63Y, S100VH6M, S100XT60 |
| Total assets | 16,539 | 16,782 | 17,234 | 17,865 | 18,219 | S100QGD9, S100T63Y, S100VH6M, S100XT60 |
| Net assets | 5,272 | 5,645 | 6,320 | 6,690 | 6,900 | S100T63Y, S100VH6M, S100XT60 |
| Share capital | 1,557 | 1,575 | 2,029 | 2,032 | 2,035 | S100QGD9, S100T63Y, S100VH6M, S100XT60 |
| Property, plant and equipment | 8,944 | 8,865 | 8,763 | 8,755 | 8,786 | S100QGD9, S100T63Y, S100VH6M, S100XT60 |
| Intangible assets excluding goodwill | 367 | 448 | 583 | 772 | 1,075 | S100QGD9, S100T63Y, S100VH6M, S100XT60 |
| Investment securities | 435 | 791 | 858 | 1,077 | 1,492 | S100QGD9, S100T63Y, S100VH6M, S100XT60 |
| Current assets | 6,570 | 6,381 | 6,750 | 6,979 | 6,574 | S100QGD9, S100T63Y, S100VH6M, S100XT60 |
| Current liabilities | 4,524 | 4,817 | 5,162 | 5,901 | 6,423 | S100QGD9, S100T63Y, S100VH6M, S100XT60 |
| Long-term borrowings | 6,512 | 6,004 | 5,497 | 5,014 | 4,665 | S100QGD9, S100T63Y, S100VH6M, S100XT60 |
| Total liabilities | 11,267 | 11,137 | 10,914 | 11,175 | 11,319 | S100QGD9, S100T63Y, S100VH6M, S100XT60 |
| Non-controlling interests | 4 | 4 | 3 | 3 | 3 | S100QGD9, S100T63Y, S100VH6M, S100XT60 |
| Equity attributable to owners of parent | 5,274 | 5,760 | 6,322 | 6,629 | 6,638 | S100QGD9, S100T63Y, S100VH6M, S100XT60 |
| Retained earnings | 2,419 | 2,866 | 3,271 | 3,418 | 3,347 | S100QGD9, S100T63Y, S100VH6M, S100XT60 |
| Treasury stock | -241 | -336 | -1,088 | -1,078 | -1,040 | S100QGD9, S100T63Y, S100VH6M, S100XT60 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 27% | S100XT60 |
| Property, plant and equipment | 48% | S100XT60 |
| Intangibles and goodwill | 6% | S100XT60 |
| Investment securities | 8% | S100XT60 |
| Other assets | 11% | S100XT60 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 62% | S100XT60 |
| Equity | 38% | S100XT60 |
| Other liabilities | 0% | S100XT60 |

### Balance sheet history

| Metric | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 16,539 | 16,782 | 17,234 | 17,865 | 18,219 |
| Equity | 5,272 | 5,645 | 6,320 | 6,690 | 6,900 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 5,094 | 4,827 | 5,100 | 5,189 | 4,831 |

## 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) | 87.3% | S100XT60 |
| Fixed assets ÷ total assets | 48.2% | S100XT60 |
| Goodwill ÷ parent equity | — | —, S100XT60 |

### 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) | 26.5% |
| Cash ÷ revenue | 48.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 178.6% |
| Cash vs. profit gap | 948 JPY mn (of net income 150.7%) |
| Shareholder returns / net income | 111.2% |
| Shareholder returns / FCF | 91.8% |
| Shareholder payments — dividends / net income | 111.2% |
| Shareholder payments — dividends / FCF | 91.8% |
| CapEx intensity (capex ÷ revenue) | 8.1% |
| Investing CF relative to operating CF | 45.2% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 12.0% | 0.33× | 4.0% | 3.14× | 12.6% | S100QGD9 |
| 2022 | 14.3% | 0.37× | 5.3% | 3.02× | 16.0% | S100T63Y |
| 2023 | 13.7% | 0.42× | 5.7% | 2.82× | 16.1% | S100VH6M |
| 2024 | 9.4% | 0.48× | 4.5% | 2.71× | 12.2% | S100XT60 |
| 2025 | 6.2% | 0.56× | 3.5% | 2.72× | 9.5% | S100XT60 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 藤田 美智雄 | Major shareholder | 15.5% | 2025-12-31 |
| 日本生命保険相互会社 | Major shareholder | 8.1% | 2025-12-31 |
| 大同生命保険株式会社 | Major shareholder | 7.0% | 2025-12-31 |
| 株式会社あまの創健 | Major shareholder | 6.6% | 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 | 5.7% | 2025-12-31 |
| 東京海上日動火災保険株式会社 | Major shareholder | 3.6% | 2025-12-31 |
| 株式会社法研 | Major shareholder | 2.8% | 2025-12-31 |
| 株式会社大和総研 | Major shareholder | 2.6% | 2025-12-31 |
| 吉成 外史 | Major shareholder | 1.9% | 2025-12-31 |
| アドソル日進株式会社 | Major shareholder | 1.8% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第25期(2025/01/01－2025/12/31) | S100XT60 | 2026-03-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XT60,, |
| 有価証券報告書－第24期(2024/01/01－2024/12/31) | S100VH6M | 2025-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VH6M,, |
| 有価証券報告書－第23期(2023/01/01－2023/12/31) | S100T63Y | 2024-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T63Y,, |
| 有価証券報告書－第22期(2022/01/01－2022/12/31) | S100QGD9 | 2023-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QGD9,, |
| 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) | S100NSBQ | 2022-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NSBQ,, |
| 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) | S100L26J | 2021-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L26J,, |

## 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).