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VisionVISION INC.9416東証プライム情報・通信業FY ending Dec 2025, consolidated, J-GAAP

Vision revenue and profit

Out of every ¥100 of sales, about ¥17 is left as operating profit. Revenue changed +9.8% from the prior year, operating profit +20.5%.

Five-year trend

Revenue¥39B
FY ending Dec 2021: ¥18.1B¥18.1BFY ending Dec 2022: ¥25.5B¥25.5BFY ending Dec 2023: ¥31.8B¥31.8BFY ending Dec 2024: ¥35.5B¥35.5BFY ending Dec 2025: ¥39B¥39BFY21FY22FY23FY24FY25
Operating income¥6.47B
FY ending Dec 2021: ¥1.11B¥1.11BFY ending Dec 2022: ¥2.41B¥2.41BFY ending Dec 2023: ¥4.28B¥4.28BFY ending Dec 2024: ¥5.37B¥5.37BFY ending Dec 2025: ¥6.47B¥6.47BFY21FY22FY23FY24FY25
Operating margin16.6%
FY ending Dec 2021: 6.1%6.1%FY ending Dec 2022: 9.5%9.5%FY ending Dec 2023: 13.5%13.5%FY ending Dec 2024: 15.1%15.1%FY ending Dec 2025: 16.6%16.6%FY21FY22FY23FY24FY25

What drives ROE

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

Net margin11.6%
Asset turnover1.41×
ROA16.3%
ROA16.3%
Financial leverage1.46×
ROE23.9%

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

Net margin11.6%
2021: 4.0%4.0%2022: 6.1%6.1%2023: 9.5%9.5%2024: 9.5%9.5%2025: 11.6%11.6%2122232425
Asset turnover1.41×
2021: 1.21×1.21×2022: 1.55×1.55×2023: 1.62×1.62×2024: 1.52×1.52×2025: 1.41×1.41×2122232425
ROA16.3%
2021: 4.9%4.9%2022: 9.4%9.4%2023: 15.4%15.4%2024: 14.5%14.5%2025: 16.3%16.3%2122232425
Financial leverage1.46×
2021: 1.48×1.48×2022: 1.50×1.50×2023: 1.50×1.50×2024: 1.48×1.48×2025: 1.46×1.46×2122232425
ROE23.9%
2021: 7.2%7.2%2022: 14.1%14.1%2023: 23.2%23.2%2024: 21.4%21.4%2025: 23.9%23.9%2122232425
PeriodNet marginAsset turnoverROAFinancial leverageROE
20214.0%1.21×4.9%1.48×7.2%
20226.1%1.55×9.4%1.50×14.1%
20239.5%1.62×15.4%1.50×23.2%
20249.5%1.52×14.5%1.48×21.4%
202511.6%1.41×16.3%1.46×23.9%

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 ÷ revenue11.4%
2020: 2.1%2.1%2021: 3.0%3.0%2022: 8.6%8.6%2023: 10.0%10.0%2024: 10.0%10.0%2025: 11.4%11.4%202122232425
PPE ÷ total assets14.7%
2020: 3.0%3.0%2021: 3.6%3.6%2022: 12.2%12.2%2023: 14.9%14.9%2024: 14.1%14.1%2025: 14.7%14.7%202122232425
Goodwill ÷ parent equity3.4%
2020: 0.4%0.4%2021: 13.2%13.2%2022: 9.7%9.7%2023: 8.8%8.8%2024: 5.2%5.2%2025: 3.4%3.4%202122232425
Goodwill balance¥705M
2020: ¥35M¥35M2021: ¥1.33B¥1.33B2022: ¥1.16B¥1.16B2023: ¥1.25B¥1.25B2024: ¥905.6M¥905.6M2025: ¥705M¥705M202122232425

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.

Receivable days—
2020: 31d31d2021: 44d44d202122232425
Payable days33d
2020: 33d33d2021: 37d37d2022: 23d23d2023: 32d32d2024: 36d36d2025: 33d33d202122232425

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
Revenue18,10125,48831,80835,52939,012
Cost of revenue9,09313,15714,00514,95917,333
Gross profit9,00812,33117,80320,57021,679
SG&A7,9039,91613,52215,20515,214
Operating income1,1052,4154,2815,3656,465
Pretax income1,1312,3574,3875,3066,427
Income tax4018051,3611,9301,910
Net income attributable to owners7291,5493,0263,3764,522
Operating margin6.1%9.5%13.5%15.1%16.6%

Balance sheet (reported items)

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

Assets

Cash 45%
Property, plant and equipment 15%
5%
0%
Other assets 35%

Funding

5%
Other liabilities 24%
Equity 71%

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¥7.63B¥8.19B¥10.4B¥11.9B¥13.6B
Total assets¥14.9B¥18B¥21.4B¥25.3B¥30.2B
Net assets¥10.1B¥12B¥14.6B¥17.9B¥21.3B
Share capital¥2.39B¥2.54B¥2.57B¥2.71B¥2.94B
Trade receivables¥2.18B————
Property, plant and equipment¥534.7M¥2.19B¥3.19B¥3.56B¥4.43B
Intangible assets excluding goodwill¥1.48B¥1.33B¥1.35B¥1.01B¥914.2M
Goodwill¥1.33B¥1.16B¥1.25B¥905.6M¥705M
Investment securities¥252.4M¥199.5M¥127.3M¥115M¥94M
Current assets¥10.7B¥12.9B¥15.4B¥19.2B¥23B
Current liabilities¥3.88B¥4.87B¥5.97B¥6.69B¥6.69B
Trade payables¥914.6M¥820.7M¥1.23B¥1.46B¥1.57B
Short-term borrowings¥50M————
Long-term borrowings¥733.9M¥847.1M¥601.5M¥464.4M¥1.84B
Total liabilities¥4.81B¥5.91B¥6.76B¥7.37B¥8.88B
Non-controlling interests¥2.4M¥6.3M——¥4.8M
Equity attributable to owners of parent¥10.1B¥11.9B¥14.2B¥17.3B¥20.6B
Retained earnings¥7.09B¥8.64B¥11.7B¥14.1B¥17B
Treasury stock-¥1.86B-¥1.86B-¥2.65B-¥2.14B-¥2.1B

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 S100XV852026-03-30Open

  • EDINET (FSA Japan)

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

    ID S100VI0P2025-03-31Open

  • EDINET (FSA Japan)

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

    ID S100T51C2024-03-29Open

  • EDINET (FSA Japan)

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

    ID S100QIGI2023-03-31Open

  • 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 S100NSPY2022-03-31Open

  • 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 S100L1BZ2021-03-29Open

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