# VALUENEX JAPAN Inc.: business model and financials

> Latest period: FY ending Jul 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第19期(2024/08/01－2025/07/31) (S100WX4G)
> Page: https://vizora.meequs.com/en/company/valuenex-japan
> Retrieved: 2026-09-30T20:00:03.640Z

## Company

Valuenex Japan, founded in 2006, is a company in Software & SaaS listed on TSE Growth. It has 33 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | VALUENEX Japan Inc. |
| Ticker | 4422 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4422.T) |
| Listing | TSE Growth |
| Head office | 東京都文京区小日向四丁目5番16号 |
| Representative (per filing) | 代表取締役社長 CEO 中村 達生 |
| Founded | Aug 2006 |
| Share capital | ¥82.2M |
| Employees (consolidated) | 33 |
| Average salary (parent only) | ¥7.3M |
| Fiscal year end | July |
| Website | www.valuenex.com (https://www.valuenex.com/) |
| Corporate number | 3010001125817 |
| EDINET | E34114 |
| Industries (Vizora) | Software & SaaS |

> Profile source: annual securities report (S100WX4G, filed 2025-10-30). As of filing

## Key points (generated from figures)

- Valuenex Japan brought in ¥690.9M in revenue.
- It lost about ¥11 for every ¥100 of sales at the operating level.
- Revenue changed -12.1% from the prior year, operating profit -1593.1%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥690.9M |  |
| Operating income | -¥73.4M | Margin -10.6% |
| Net income | -¥82.3M | Margin -11.9% |
| Free cash flow | -¥116M |  |
| Employees (consolidated) | 33 |  |
| EPS | ¥-12.63 |  |
| Book value per share | ¥277.87 |  |
| Equity ratio | 77.5% |  |
| Shares outstanding | 2,902,200 |  |
| Treasury shares | 53,500 |  |
| Shareholders | 1,449 |  |
| Average salary (parent only) | ¥7.3M | Filing company only |
| Cash ratio | 77.8% | Cash ÷ revenue 102.6% |
| Vs. industry median margin | -23.1 pp | Software & SaaS |
| ROA | -8.6% | Derived from disclosed figures |

## Notable figures

- FY2025, cash is 78% of total assets
- FY2025, operating loss is 11 per ¥100 of revenue

## What changed in 5 years

| Metric | FY ending Jul 2020 | FY ending Jul 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥587392000 | ¥690858000 | +17.6% |
| Operating income | ¥-94554000 | ¥-73387000 | — |
| Operating margin | -16.1% | -10.6% | +5.5 pp |
| Employees | 32 people | 33 people | +3.1% |
| Cash and equivalents | ¥842898000 | ¥708887000 | -15.9% |

### Change in segment revenue mix

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

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 691 | 100.0% | S100WX4G |
| Cost of revenue | 162 | 23.4% | S100WX4G |
| Gross profit | 529 | 76.6% | S100WX4G |
| SG&A | 603 | 87.2% | S100WX4G |
| Operating income | -73 | -10.6% | S100WX4G |
| Ordinary income | -74 | -10.7% | S100WX4G |
| Pretax income | -74 | -10.7% | S100WX4G |
| Income tax | 9 | 1.2% | S100WX4G |
| Net income | -82 | -11.9% | S100WX4G |
| Net income attributable to owners | -82 | -11.9% | S100WX4G |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 24 |
| SG&A | 87 |
| Operating income | -11 |
| (Ref.) Net income | -12 |

### Margin funnel

Gross margin 76.6% → Operating margin -10.6% → Net margin -11.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Turned to a loss
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 786 | 691 | -96 | -12.1% |
| Gross profit | 598 | 529 | -69 | -11.5% |
| Operating income | 5 | -73 | -78 | -1593.1% |
| Net income attributable to owners | 3 | -82 | -86 | -2497.0% |
| Operating cash flow | 29 | -115 | -143 | -496.1% |
| Free cash flow | 28 | -116 | -144 | -517.4% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Jul 2019 | 558 | -76 | -13.7% | -108 | -87 | -90 | S100JZ7W |
| FY ending Jul 2020 | 587 | -95 | -16.1% | -91 | -64 | -126 | S100MOBG |
| FY ending Jul 2021 | 474 | -182 | -38.4% | -175 | -149 | -151 | S100PESS |
| FY ending Jul 2022 | 653 | 41 | 6.3% | 33 | 91 | — | S100S2GE |
| FY ending Jul 2023 | 704 | 39 | 5.5% | 37 | -29 | -30 | S100UL30 |
| FY ending Jul 2024 | 786 | 5 | 0.6% | 3 | 29 | 28 | S100WX4G |
| FY ending Jul 2025 | 691 | -73 | -10.6% | -82 | -115 | -116 | S100WX4G |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥20.9M |
| Operating income per employee (consolidated) | -¥2.2M |
| Net income per employee (consolidated) | -¥2.5M |

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

| History | FY ending Jul 2021 | FY ending Jul 2022 | FY ending Jul 2023 | FY ending Jul 2024 | FY ending Jul 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 26 | 26 | 32 | 35 | 33 |
| Average salary (parent company) | ¥6.9M | ¥7.6M | ¥7.6M | ¥7.3M | ¥7.3M |
| Average age (parent company) | 38.8 years | 38.7 years | 38.1 years | 39.2 years | 40.4 years |
| Average tenure (parent company) | 2.7 years | 3.3 years | 3.6 years | 4.2 years | 5.0 years |

Year over year: Employees (consolidated) -5.7% · Revenue (consolidated) -12.1%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -115 | -16.6% | S100WX4G |
| Capital expenditure | 1 | 0.2% | S100WX4G |
| Free cash flow | -116 | -16.8% | 算出 |
| Investing cash flow | -1 | -0.2% | S100WX4G |
| Financing cash flow | 2 | 0.3% | S100WX4G |
| Change in cash | -117 | -17.0% | S100WX4G |
| Cash and equivalents | 709 | 102.6% | S100WX4G |

## 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 Jul 2021 | FY ending Jul 2022 | FY ending Jul 2023 | FY ending Jul 2024 | FY ending Jul 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 708 | 820 | 794 | 826 | 709 | S100S2GE, S100UL30, S100WX4G |
| Total assets | 840 | 968 | 941 | 1,007 | 912 | S100PESS, S100S2GE, S100UL30, S100WX4G |
| Net assets | 687 | 736 | 780 | 790 | 709 | S100S2GE, S100UL30, S100WX4G |
| Share capital | 530 | 531 | 81 | 81 | 82 | S100PESS, S100S2GE, S100UL30, S100WX4G |
| Property, plant and equipment | 56 | 53 | 48 | 45 | 42 | S100PESS, S100S2GE, S100UL30, S100WX4G |
| Current assets | 755 | 893 | 873 | 938 | 851 | S100PESS, S100S2GE, S100UL30, S100WX4G |
| Current liabilities | 141 | 231 | 161 | 218 | 202 | S100PESS, S100S2GE, S100UL30, S100WX4G |
| Long-term borrowings | 12 | — | — | — | — | S100PESS |
| Total liabilities | 153 | 231 | 161 | 218 | 202 | S100PESS, S100S2GE, S100UL30, S100WX4G |
| Equity attributable to owners of parent | 691 | 727 | 767 | 771 | 691 | S100PESS, S100S2GE, S100UL30, S100WX4G |
| Retained earnings | -360 | -326 | -20 | -17 | -99 | S100PESS, S100S2GE, S100UL30, S100WX4G |
| Treasury stock | -22 | -22 | -22 | -22 | -22 | S100PESS, S100S2GE, S100UL30, S100WX4G |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 78% | S100WX4G |
| Property, plant and equipment | 4% | S100WX4G |
| Other assets | 18% | S100WX4G |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 22% | S100WX4G |
| Equity | 78% | S100WX4G |

### Balance sheet history

| Metric | FY ending Jul 2021 | FY ending Jul 2022 | FY ending Jul 2023 | FY ending Jul 2024 | FY ending Jul 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 840 | 968 | 941 | 1,007 | 912 |
| Equity | 687 | 736 | 780 | 790 | 709 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 708 | 820 | 794 | 826 | 709 |

## 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) | 6.0% | S100WX4G |
| Fixed assets ÷ total assets | 4.6% | S100WX4G |
| Goodwill ÷ parent equity | — | —, S100WX4G |

### 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) | 77.8% |
| Cash ÷ revenue | 102.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | -32 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.2% |
| Investing CF relative to operating CF | — |

## 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 | — | —× | -20.9% | —× | — | S100PESS |
| 2022 | 5.1% | 0.72× | 3.7% | 1.27× | 4.7% | S100S2GE |
| 2023 | 5.3% | 0.74× | 3.9% | 1.28× | 5.0% | S100UL30 |
| 2024 | 0.4% | 0.81× | 0.4% | 1.27× | 0.4% | S100WX4G |
| 2025 | — | —× | -8.6% | —× | — | S100WX4G |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 早稲田１号投資事業有限責任組合 | Major shareholder | 38.8% | 2025-07-31 |
| 中村 達生 | Major shareholder | 23.2% | 2025-07-31 |
| ウエルインベストメント株式会社 | Major shareholder | 4.4% | 2025-07-31 |
| 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 | 2.8% | 2025-07-31 |
| 吉田 憲司 | Major shareholder | 1.8% | 2025-07-31 |
| 株式会社八創 | Major shareholder | 1.8% | 2025-07-31 |
| 株式会社ＳＢＩ証券 | Major shareholder | 1.4% | 2025-07-31 |
| 長谷川 智彦 | Major shareholder | 1.1% | 2025-07-31 |
| ＪＰモルガン証券株式会社 | Major shareholder | 0.7% | 2025-07-31 |
| ＣＨＯＩ ＪＩＹＯＵＮＧ | Major shareholder | 0.6% | 2025-07-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第19期(2024/08/01－2025/07/31) | S100WX4G | 2025-10-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WX4G,, |
| 有価証券報告書－第18期(2023/08/01－2024/07/31) | S100UL30 | 2024-10-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UL30,, |
| 有価証券報告書－第17期(2022/08/01－2023/07/31) | S100S2GE | 2023-10-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100S2GE,, |
| 有価証券報告書－第16期(令和3年8月1日－令和4年7月31日) | S100PESS | 2022-10-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PESS,, |
| 有価証券報告書－第15期(令和2年8月1日－令和3年7月31日) | S100MOBG | 2021-10-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MOBG,, |
| 有価証券報告書－第14期(令和1年8月1日－令和2年7月31日) | S100JZ7W | 2020-10-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100JZ7W,, |

## 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).