# VISION INC.: 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) (S100XV85)
> Page: https://vizora.meequs.com/en/company/vision-net
> Retrieved: 2026-09-30T21:31:04.475Z

## Company

Vision, founded in 1995, is a company in Telecom Carriers listed on TSE Prime. It has 789 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | VISION INC. |
| Ticker | 9416 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9416.T) |
| Listing | TSE Prime |
| Head office | 東京都新宿区新宿六丁目27番30号 |
| Representative (per filing) | 代表取締役会長 CEO 佐野 健一 |
| Founded | Jun 1995 |
| Share capital | ¥2.94B |
| Employees (consolidated) | 789 |
| Average salary (parent only) | ¥5.6M |
| Fiscal year end | December |
| Website | www.vision-net.co.jp (https://www.vision-net.co.jp/) |
| Corporate number | 9011101033243 |
| EDINET | E30010 |
| Industries (Vizora) | Telecom Carriers, Travel Agencies, Hotels & Inns, Electronics Retailers |

> Profile source: annual securities report (S100XV85, filed 2026-03-30). As of filing

## Five-axis industry profile

Primary industry: Telecom Carriers (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 68.8 | 8 |
| Profitability | 68.2 | 11 |
| Cash conversion | 15 | 10 |
| Efficiency | 95.5 | 11 |

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 54% of Vision's sales come from Global WiFi business, with Telecommunication service business and Glamping Tourism Business making up much of the rest.
- 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%.

## Company structure

- Segment revenue mix: Global WiFi business 53.9%、Telecommunication service business 42.0%、Glamping Tourism Business 4.1%、Other 0.0%
- Revenue → net income: ¥39012357000 → ¥4517048000
- Net income → operating cash flow: ¥4517048000 → ¥3635569000（difference ¥-881479000）
- Main uses of operating cash flow: CapEx ¥1886209000 / dividends ¥1669539000 / buybacks ¥1440948000
- Change in cash: ¥1686881000
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 | ¥39B |  |
| Operating income | ¥6.47B | Margin 16.6% |
| Net income | ¥4.52B | Margin 11.6% |
| Free cash flow | ¥1.75B |  |
| Largest business | Global WiFi business | of segment revenue 53.9% |
| Employees (consolidated) | 789 |  |
| EPS | ¥90.88 |  |
| Diluted EPS | ¥90.79 |  |
| Book value per share | ¥388.87 |  |
| Equity ratio | 69.2% |  |
| Shares outstanding | 50,938,600 |  |
| Treasury shares | 389,300 |  |
| Shareholders | 18,060 |  |
| Average salary (parent only) | ¥5.6M | Filing company only |
| Cash ratio | 45.1% | Cash ÷ revenue 34.9% |
| Vs. industry median margin | +4.7 pp | Telecom Carriers |
| ROE | 23.9% | Derived from disclosed figures |
| ROA | 16.3% | Derived from disclosed figures |

## Notable figures

- FY2025, revenue is 2.2× its level five years ago
- FY2025, one segment accounts for 77% of positive segment profit
- FY2025, cash is 45% of total assets

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥16654475000 | ¥39012357000 | +134.2% |
| Operating income | ¥103897000 | ¥6465163000 | +6122.7% |
| Operating margin | 0.6% | 16.6% | +15.9 pp |
| Employees | 616 people | 789 people | +28.1% |
| Cash and equivalents | ¥6679580000 | ¥13599534000 | +103.6% |

### 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 |
| --- | ---: |
| グローバルＷｉＦｉ事業 → グローバルＷｉＦｉ事業 | 43.7% |
| 情報通信サービス事業 → 情報通信サービス事業 | 42.0% |
| 情報通信サービス事業 → 事業再編・廃止 | 10.8% |
| その他 → その他 | 0.0% |
| その他 → 事業再編・廃止 | 3.5% |
| 新設・再編 → グローバルＷｉＦｉ事業 | 10.2% |
| 新設・再編 → グランピング・ツーリズム事業 | 4.1% |

Segment revenue source references: 7 (derived)

## Business growth × margin

X-axis: segment revenue CAGR. Y-axis: latest operating margin. Bubble size: latest revenue. CAGR requires at least two comparable years.

| Segment | CAGR span | Revenue CAGR | Latest revenue | Operating margin | Source refs |
| --- | ---: | ---: | ---: | ---: | ---: |
| Global WiFi business | 5 years | +23.6% | ¥21011011000 | 30.2% | 2 |
| Telecommunication service business | 5 years | +13.3% | ¥16404648000 | 10.6% | 2 |
| Glamping Tourism Business | 3 years | +67.4% | ¥1586413000 | 11.1% | 2 |
| Other | 5 years | -55.4% | ¥10283000 | -708.9% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 39,012 | 100.0% | S100XV85 |
| Cost of revenue | 17,333 | 44.4% | S100XV85 |
| Gross profit | 21,679 | 55.6% | S100XV85 |
| SG&A | 15,214 | 39.0% | S100XV85 |
| Operating income | 6,465 | 16.6% | S100XV85 |
| Ordinary income | 6,467 | 16.6% | S100XV85 |
| Pretax income | 6,427 | 16.5% | S100XV85 |
| Income tax | 1,910 | 4.9% | S100XV85 |
| Net income | 4,517 | 11.6% | S100XV85 |
| Net income attributable to owners | 4,522 | 11.6% | S100XV85 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 44 |
| SG&A | 39 |
| Operating income | 17 |
| (Ref.) Net income | 12 |

### Margin funnel

Gross margin 55.6% → Operating margin 16.6% → Net margin 11.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +9.8%; Core profit growth: +20.5%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.09×
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 | 35,529 | 39,012 | 3,483 | +9.8% |
| Gross profit | 20,570 | 21,679 | 1,109 | +5.4% |
| Operating income | 5,365 | 6,465 | 1,100 | +20.5% |
| Net income attributable to owners | 3,376 | 4,522 | 1,146 | +34.0% |
| Operating cash flow | 3,116 | 3,636 | 519 | +16.7% |
| Free cash flow | 2,039 | 1,749 | -290 | -14.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 27,318 | 3,325 | 12.2% | 2,226 | 3,550 | 2,227 | S100L1BZ |
| FY ending Dec 2020 | 16,654 | 104 | 0.6% | -1,184 | -396 | -786 | S100NSPY |
| FY ending Dec 2021 | 18,101 | 1,105 | 6.1% | 729 | 1,413 | 1,185 | S100QIGI |
| FY ending Dec 2022 | 25,488 | 2,415 | 9.5% | 1,549 | 1,540 | 254 | S100T51C |
| FY ending Dec 2023 | 31,808 | 4,281 | 13.5% | 3,026 | 5,055 | 3,240 | S100VI0P |
| FY ending Dec 2024 | 35,529 | 5,365 | 15.1% | 3,376 | 3,116 | 2,039 | S100XV85 |
| FY ending Dec 2025 | 39,012 | 6,465 | 16.6% | 4,522 | 3,636 | 1,749 | S100XV85 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥49.4M |
| Operating income per employee (consolidated) | ¥8.2M |
| Net income per employee (consolidated) | ¥5.7M |

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) | 607 | 649 | 744 | 782 | 789 |
| Average salary (parent company) | ¥5.1M | ¥5.5M | ¥5.7M | ¥5.7M | ¥5.6M |
| Average age (parent company) | 34.0 years | 34.7 years | 34.6 years | 35.1 years | 36.4 years |
| Average tenure (parent company) | 7.2 years | 7.5 years | 7.4 years | 7.5 years | 8.1 years |

Year over year: Employees (consolidated) +0.9% · Revenue (consolidated) +9.8%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Global WiFi business | 21,011 | 53.9% | 6,352 | 30.2% |
| Telecommunication service business | 16,405 | 42.0% | 1,746 | 10.6% |
| Glamping Tourism Business | 1,586 | 4.1% | 176 | 11.1% |
| Other | 10 | 0.0% | -73 | -708.9% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Global WiFi business | 53.9% | 76.8% | 22.9 | 30.2% |
| Telecommunication service business | 42.0% | 21.1% | -20.9 | 10.6% |
| Glamping Tourism Business | 4.1% | 2.1% | -1.9 | 11.1% |
| Other | 0.0% | — | — | -708.9% |

Loss-making segment (excluded from profit shares): Other -73 JPY mn

Segment → industry: Global WiFi business → Telecom Carriers / Glamping Tourism Business → Travel Agencies / Glamping Tourism Business → Hotels & Inns / Telecommunication service business → Electronics Retailers

## 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 | 3,636 | 9.3% | S100XV85 |
| Capital expenditure | 1,886 | 4.8% | S100XV85 |
| Free cash flow | 1,749 | 4.5% | 算出 |
| Investing cash flow | -2,129 | -5.5% | S100XV85 |
| Financing cash flow | 150 | 0.4% | S100XV85 |
| Dividends paid | 1,670 | 4.3% | S100XV85 |
| Share buyback | 1,441 | 3.7% | S100XV85 |
| Change in cash | 1,687 | 4.3% | S100XV85 |
| Cash and equivalents | 13,600 | 34.9% | S100XV85 |

## 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 | 7,632 | 8,186 | 10,411 | 11,913 | 13,600 | S100T51C, S100VI0P, S100XV85 |
| Total assets | 14,932 | 17,952 | 21,367 | 25,262 | 30,173 | S100QIGI, S100T51C, S100VI0P, S100XV85 |
| Net assets | 10,122 | 12,040 | 14,608 | 17,891 | 21,289 | S100T51C, S100VI0P, S100XV85 |
| Share capital | 2,388 | 2,536 | 2,572 | 2,713 | 2,938 | S100QIGI, S100T51C, S100VI0P, S100XV85 |
| Trade receivables | 2,184 | — | — | — | — | S100NSPY |
| Property, plant and equipment | 535 | 2,185 | 3,188 | 3,558 | 4,431 | S100QIGI, S100T51C, S100VI0P, S100XV85 |
| Intangible assets excluding goodwill | 1,483 | 1,332 | 1,354 | 1,008 | 914 | S100QIGI, S100T51C, S100VI0P, S100XV85 |
| Goodwill | 1,332 | 1,159 | 1,249 | 906 | 705 | S100QIGI, S100T51C, S100VI0P, S100XV85 |
| Investment securities | 252 | 199 | 127 | 115 | 94 | S100QIGI, S100T51C, S100VI0P, S100XV85 |
| Current assets | 10,749 | 12,853 | 15,446 | 19,232 | 23,037 | S100QIGI, S100T51C, S100VI0P, S100XV85 |
| Current liabilities | 3,880 | 4,873 | 5,974 | 6,688 | 6,694 | S100QIGI, S100T51C, S100VI0P, S100XV85 |
| Trade payables | 915 | 821 | 1,230 | 1,463 | 1,574 | S100QIGI, S100T51C, S100VI0P, S100XV85 |
| Short-term borrowings | 50 | — | — | — | — | S100QIGI |
| Long-term borrowings | 734 | 847 | 601 | 464 | 1,837 | S100QIGI, S100T51C, S100VI0P, S100XV85 |
| Total liabilities | 4,810 | 5,912 | 6,759 | 7,371 | 8,883 | S100QIGI, S100T51C, S100VI0P, S100XV85 |
| Non-controlling interests | 2 | 6 | — | — | 5 | S100QIGI, S100T51C, S100XV85 |
| Equity attributable to owners of parent | 10,068 | 11,912 | 14,226 | 17,254 | 20,592 | S100QIGI, S100T51C, S100VI0P, S100XV85 |
| Retained earnings | 7,089 | 8,637 | 11,663 | 14,145 | 16,995 | S100QIGI, S100T51C, S100VI0P, S100XV85 |
| Treasury stock | -1,863 | -1,863 | -2,646 | -2,136 | -2,096 | S100QIGI, S100T51C, S100VI0P, S100XV85 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 45% | S100XV85 |
| Property, plant and equipment | 15% | S100XV85 |
| Intangibles and goodwill | 5% | S100XV85 |
| Investment securities | 0% | S100XV85 |
| Other assets | 35% | S100XV85 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 5% | S100XV85 |
| Other liabilities | 24% | S100XV85 |
| Equity | 71% | S100XV85 |

### 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 | 14,932 | 17,952 | 21,367 | 25,262 | 30,173 |
| Equity | 10,122 | 12,040 | 14,608 | 17,891 | 21,289 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 7,632 | 8,186 | 10,411 | 11,913 | 13,600 |

## 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) | 11.4% | S100XV85 |
| Fixed assets ÷ total assets | 14.7% | S100XV85 |
| Goodwill ÷ parent equity | 3.4% | S100XV85 |

Goodwill over 4 years: 1,332 → 705 JPY; total investing cash flow: -6,888 JPY. This does not imply causation.

### 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) | 45.1% |
| Cash ÷ revenue | 34.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 56.2% |
| Cash vs. profit gap | -886 JPY mn (of net income -19.6%) |
| Shareholder returns / net income | 68.8% |
| Shareholder returns / FCF | 177.8% |
| Shareholder payments — dividends / net income | 36.9% |
| Shareholder payments — dividends / FCF | 95.4% |
| CapEx intensity (capex ÷ revenue) | 4.8% |
| Investing CF relative to operating CF | 58.6% |

## 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 | 4.0% | 1.21× | 4.9% | 1.48× | 7.2% | S100QIGI |
| 2022 | 6.1% | 1.55× | 9.4% | 1.50× | 14.1% | S100T51C |
| 2023 | 9.5% | 1.62× | 15.4% | 1.50× | 23.2% | S100VI0P |
| 2024 | 9.5% | 1.52× | 14.5% | 1.48× | 21.4% | S100XV85 |
| 2025 | 11.6% | 1.41× | 16.3% | 1.46× | 23.9% | S100XV85 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 13.0% | 2025-12-31 |
| みずほ信託銀行株式会社有価証券管理信託（佐野健一口0730078号） | Major shareholder | 8.0% | 2025-12-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 5.7% | 2025-12-31 |
| 株式会社SBI証券 | Major shareholder | 5.6% | 2025-12-31 |
| 佐野健一 | Major shareholder | 5.4% | 2025-12-31 |
| NORTHERN TRUSTCO. (AVFC) RE WS WALES PENSION PARTNERSHIP (WALESPP) ASSET POOLING ACS UMBRELLA（常任代理人 香港上海銀行東京支店） | Major shareholder | 3.3% | 2025-12-31 |
| みずほ信託銀行株式会社有価証券管理信託（佐野健一口0730080号） | Major shareholder | 2.7% | 2025-12-31 |
| みずほ信託銀行株式会社有価証券管理信託（佐野健一口0730081号） | Major shareholder | 2.7% | 2025-12-31 |
| みずほ信託銀行株式会社有価証券管理信託（佐野健一口0730079号） | Major shareholder | 2.7% | 2025-12-31 |
| 株式会社日本カストディ銀行（信託Ｅ口） | Major shareholder | 2.6% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第25期(2025/01/01－2025/12/31) | S100XV85 | 2026-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XV85,, |
| 有価証券報告書－第24期(2024/01/01－2024/12/31) | S100VI0P | 2025-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VI0P,, |
| 有価証券報告書－第23期(2023/01/01－2023/12/31) | S100T51C | 2024-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T51C,, |
| 有価証券報告書－第22期(2022/01/01－2022/12/31) | S100QIGI | 2023-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QIGI,, |
| 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) | S100NSPY | 2022-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NSPY,, |
| 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) | S100L1BZ | 2021-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L1BZ,, |

## 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).