# Visional: 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6期(2024/08/01－2025/07/31) (S100WW0V)
> Page: https://vizora.meequs.com/en/company/visional
> Retrieved: 2026-09-30T19:42:02.184Z

## Company

Visional, founded in 2020, is a company in Software & SaaS listed on TSE Prime. It has 2,175 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Visional, Inc. |
| Ticker | 4194 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4194.T) |
| Listing | TSE Prime |
| Head office | 東京都渋谷区渋谷二丁目15番1号 |
| Representative (per filing) | 代表取締役社長 南 壮一郎 |
| Founded | Feb 2020 |
| Share capital | ¥6.63B |
| Employees (consolidated) | 2,175 |
| Average salary (parent only) | ¥8.6M |
| Fiscal year end | July |
| Website | www.visional.inc (https://www.visional.inc/) |
| Corporate number | 6011001132222 |
| EDINET | E36484 |
| Industries (Vizora) | Software & SaaS, HR & Staffing |

> Profile source: annual securities report (S100WW0V, filed 2025-10-22). As of filing

## Five-axis industry profile

Primary industry: HR & Staffing (2025-07-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 80.1 | 68 |
| Profitability | 96 | 88 |
| Cash conversion | 49.4 | 80 |
| Efficiency | 17.6 | 88 |

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 96% of Visional's sales come from HR Tech, with Incubation making up much of the rest.
- Out of every ¥100 of sales, about ¥27 is left as operating profit.
- Revenue changed +21.2% from the prior year, operating profit +20.2%.

## Company structure

- Segment revenue mix: HR Tech 96.1%、Incubation 3.9%
- Revenue → net income: ¥80161000000 → ¥16061000000
- Net income → operating cash flow: ¥16061000000 → ¥19587000000（difference ¥3526000000）
- Main uses of operating cash flow: CapEx ¥1962000000 / dividends — / buybacks —
- Change in cash: ¥14672000000
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 | ¥80.2B |  |
| Operating income | ¥21.4B | Margin 26.7% |
| Net income | ¥15.9B | Margin 19.9% |
| Free cash flow | ¥17.6B |  |
| Largest business | HR Tech | of segment revenue 96.1% |
| Employees (consolidated) | 2,175 |  |
| EPS | ¥358.08 |  |
| Diluted EPS | ¥344.77 |  |
| Book value per share | ¥1397.39 |  |
| Equity ratio | 70.5% |  |
| Shares outstanding | 40,097,400 |  |
| Treasury shares | 300 |  |
| Shareholders | 2,803 |  |
| Average salary (parent only) | ¥8.6M | Filing company only |
| Cash ratio | 76.3% | Cash ÷ revenue 90.8% |
| Vs. industry median margin | +14.3 pp | Software & SaaS |
| ROE | 26.7% | Derived from disclosed figures |
| ROA | 18.6% | Derived from disclosed figures |

## Notable figures

- FY2025, revenue is 2.8× its level five years ago
- FY2025, one segment accounts for 100% of positive segment profit
- FY2025, cash is 76% of total assets

## What changed in 5 years

| Metric | FY ending Jul 2020 | FY ending Jul 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥25879000000 | ¥80161000000 | +209.8% |
| Operating income | ¥2186000000 | ¥21442000000 | +880.9% |
| Operating margin | 8.4% | 26.7% | +18.3 pp |
| Employees | 1,186 people | 2,175 people | +83.4% |
| Cash and equivalents | ¥9114000000 | ¥72779000000 | +698.5% |

### 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.

| Flow | Revenue share |
| --- | ---: |
| HR Tech → HR Tech | 96.1% |
| HR Tech → 事業再編・廃止 | 0.5% |
| Incubation → Incubation | 3.5% |
| 新設・再編 → Incubation | 0.5% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 80,161 | 100.0% | S100WW0V |
| Cost of revenue | 7,262 | 9.1% | S100WW0V |
| Gross profit | 72,899 | 90.9% | S100WW0V |
| SG&A | 51,456 | 64.2% | S100WW0V |
| Operating income | 21,442 | 26.7% | S100WW0V |
| Ordinary income | 22,715 | 28.3% | S100WW0V |
| Pretax income | 22,700 | 28.3% | S100WW0V |
| Income tax | 6,638 | 8.3% | S100WW0V |
| Net income | 16,061 | 20.0% | S100WW0V |
| Net income attributable to owners | 15,950 | 19.9% | S100WW0V |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 9 |
| SG&A | 64 |
| Operating income | 27 |
| (Ref.) Net income | 20 |

### Margin funnel

Gross margin 90.9% → Operating margin 26.7% → Net margin 19.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +21.2%; Core profit growth: +20.2%
Growth quality: similar-growth
Operating leverage (core profit growth ÷ revenue growth): 0.95×
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 | 66,146 | 80,161 | 14,015 | +21.2% |
| Gross profit | 60,428 | 72,899 | 12,471 | +20.6% |
| Operating income | 17,837 | 21,442 | 3,605 | +20.2% |
| Net income attributable to owners | 12,990 | 15,950 | 2,960 | +22.8% |
| Operating cash flow | 18,369 | 19,587 | 1,218 | +6.6% |
| Free cash flow | 17,439 | 17,625 | 186 | +1.1% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Jul 2020 | 25,879 | 2,186 | 8.4% | 4,658 | -234 | -681 | S100MNW3 |
| FY ending Jul 2021 | 28,698 | 2,368 | 8.3% | 1,420 | 4,315 | 4,199 | S100PEZI |
| FY ending Jul 2022 | 43,954 | 8,282 | 18.8% | 5,852 | 9,608 | 9,283 | S100S1VG |
| FY ending Jul 2023 | 56,273 | 13,225 | 23.5% | 9,928 | 11,024 | 10,440 | S100ULII |
| FY ending Jul 2024 | 66,146 | 17,837 | 27.0% | 12,990 | 18,369 | 17,439 | S100WW0V |
| FY ending Jul 2025 | 80,161 | 21,442 | 26.7% | 15,950 | 19,587 | 17,625 | S100WW0V |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥36.9M |
| Operating income per employee (consolidated) | ¥9.9M |
| Net income per employee (consolidated) | ¥7.3M |

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) | 1,271 | 1,528 | 1,550 | 1,705 | 2,175 |
| Average salary (parent company) | ¥11.2M | ¥8.8M | ¥8.7M | ¥8.5M | ¥8.6M |
| Average age (parent company) | 39.8 years | 37.0 years | 38.3 years | 38.5 years | 38.6 years |
| Average tenure (parent company) | 3.9 years | 3.5 years | 3.8 years | 4.7 years | 5.2 years |

Year over year: Employees (consolidated) +27.6% · Revenue (consolidated) +21.2%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| HR Tech | 76,962 | 96.1% | 24,739 | 32.1% |
| Incubation | 3,139 | 3.9% | -1,691 | -53.9% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| HR Tech | 96.1% | 100.0% | 3.9 | 32.1% |
| Incubation | 3.9% | — | — | -53.9% |

Loss-making segment (excluded from profit shares): Incubation -1,691 JPY mn

Segment → industry: Incubation → Software & SaaS / HR Tech → Software & SaaS / HR Tech → HR & Staffing

## 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 | 19,587 | 24.4% | S100WW0V |
| Capital expenditure | 1,962 | 2.4% | S100WW0V |
| Free cash flow | 17,625 | 22.0% | 算出 |
| Investing cash flow | -3,658 | -4.6% | S100WW0V |
| Financing cash flow | -1,247 | -1.6% | S100WW0V |
| Change in cash | 14,672 | 18.3% | S100WW0V |
| Cash and equivalents | 72,779 | 90.8% | S100WW0V |

## 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 | 25,630 | 31,362 | 41,170 | 58,107 | 72,779 | S100S1VG, S100ULII, S100WW0V |
| Total assets | 35,076 | 45,952 | 57,873 | 76,314 | 95,405 | S100PEZI, S100S1VG, S100ULII, S100WW0V |
| Net assets | 22,536 | 28,772 | 39,129 | 52,388 | 67,759 | S100S1VG, S100ULII, S100WW0V |
| Share capital | 6,063 | 6,226 | 6,356 | 6,503 | 6,631 | S100PEZI, S100S1VG, S100ULII, S100WW0V |
| Trade receivables | 3,258 | — | — | — | — | S100MNW3 |
| Property, plant and equipment | 700 | 735 | 845 | 1,880 | 2,135 | S100PEZI, S100S1VG, S100ULII, S100WW0V |
| Intangible assets excluding goodwill | 2,457 | 5,287 | 4,455 | 3,852 | 5,324 | S100PEZI, S100S1VG, S100ULII, S100WW0V |
| Goodwill | 1,296 | 3,300 | 2,799 | 2,523 | 3,741 | S100PEZI, S100S1VG, S100ULII, S100WW0V |
| Investment securities | 86 | 97 | 451 | 687 | 791 | S100PEZI, S100S1VG, S100ULII, S100WW0V |
| Current assets | 29,532 | 36,743 | 48,902 | 65,652 | 83,083 | S100PEZI, S100S1VG, S100ULII, S100WW0V |
| Current liabilities | 9,046 | 13,988 | 16,328 | 21,869 | 25,814 | S100PEZI, S100S1VG, S100ULII, S100WW0V |
| Long-term borrowings | 600 | 440 | 32 | 37 | 80 | S100PEZI, S100S1VG, S100ULII, S100WW0V |
| Total liabilities | 12,540 | 17,179 | 18,744 | 23,926 | 27,646 | S100PEZI, S100S1VG, S100ULII, S100WW0V |
| Non-controlling interests | — | — | — | 58 | 308 | S100WW0V |
| Equity attributable to owners of parent | 22,533 | 28,716 | 38,905 | 52,185 | 67,261 | S100PEZI, S100S1VG, S100ULII, S100WW0V |
| Retained earnings | 6,442 | 12,294 | 22,223 | 35,213 | 51,164 | S100PEZI, S100S1VG, S100ULII, S100WW0V |
| Treasury stock | — | -1 | -1 | -1 | -3 | S100S1VG, S100ULII, S100WW0V |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 76% | S100WW0V |
| Property, plant and equipment | 2% | S100WW0V |
| Intangibles and goodwill | 10% | S100WW0V |
| Investment securities | 1% | S100WW0V |
| Other assets | 11% | S100WW0V |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 29% | S100WW0V |
| Equity | 71% | S100WW0V |

### 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 | 35,076 | 45,952 | 57,873 | 76,314 | 95,405 |
| Equity | 22,536 | 28,772 | 39,129 | 52,388 | 67,759 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 25,630 | 31,362 | 41,170 | 58,107 | 72,779 |

## 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) | 2.7% | S100WW0V |
| Fixed assets ÷ total assets | 2.2% | S100WW0V |
| Goodwill ÷ parent equity | 5.6% | S100WW0V |

Goodwill over 4 years: 1,296 → 3,741 JPY; total investing cash flow: -10,227 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) | 76.3% |
| Cash ÷ revenue | 90.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 91.3% |
| Cash vs. profit gap | 3,637 JPY mn (of net income 22.8%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 2.4% |
| Investing CF relative to operating CF | 18.7% |

## 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 | 4.9% | 0.82× | 4.0% | 1.56× | 6.3% | S100PEZI |
| 2022 | 13.3% | 1.08× | 14.4% | 1.58× | 22.8% | S100S1VG |
| 2023 | 17.6% | 1.08× | 19.1% | 1.54× | 29.4% | S100ULII |
| 2024 | 19.6% | 0.99× | 19.4% | 1.47× | 28.5% | S100WW0V |
| 2025 | 19.9% | 0.93× | 18.6% | 1.44× | 26.7% | S100WW0V |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 南 壮一郎 | Major shareholder | 34.9% | 2025-07-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 9.7% | 2025-07-31 |
| ＳＴＡＴＥ ＳＴＲＥＥＴ ＢＡＮＫ ＡＮＤ ＴＲＵＳＴ ＣＯＭＰＡＮＹ ５０５００１（常任代理人 株式会社みずほ銀行） | Major shareholder | 5.3% | 2025-07-31 |
| ＹＪ２号投資事業組合 | Major shareholder | 4.3% | 2025-07-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 4.0% | 2025-07-31 |
| ＮＯＲＴＨＥＲＮ ＴＲＵＳＴ ＣＯ．（ＡＶＦＣ） ＲＥ ＦＩＤＥＬＩＴＹ ＦＵＮＤＳ（常任代理人 香港上海銀行東京支店） | Major shareholder | 2.5% | 2025-07-31 |
| ＵＢＳ ＡＧ ＬＯＮＤＯＮ Ａ／Ｃ ＩＰＢ ＳＥＧＲＥＧＡＴＥＤ ＣＬＩＥＮＴ ＡＣＣＯＵＮＴ（常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 2.0% | 2025-07-31 |
| ＢＮＹ ＧＣＭ ＣＬＩＥＮＴ ＡＣＣＯＵＮＴ ＪＰＲＤ ＡＣ ＩＳＧ （ＦＥ－ＡＣ）（常任代理人 株式会社三菱ＵＦＪ銀行） | Major shareholder | 1.9% | 2025-07-31 |
| ＭＯＲＧＡＮ ＳＴＡＮＬＥＹ ＆ ＣＯ．ＬＬＣ（常任代理人 モルガン・スタンレーＭＵＦＧ証券株式会社） | Major shareholder | 1.6% | 2025-07-31 |
| ＢＢＨ ＣＯ ＦＯＲ ＧＲＡＮＤＥＵＲＰＥＡＫ ＩＮＴＥＲＮＡＴＩＯＮＡＬ ＳＴＡＬＷＡＲＴＳ ＦＵＮＤ（常任代理人 株式会社三菱ＵＦＪ銀行） | Major shareholder | 1.4% | 2025-07-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第6期(2024/08/01－2025/07/31) | S100WW0V | 2025-10-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WW0V,, |
| 有価証券報告書－第5期(2023/08/01－2024/07/31) | S100ULII | 2024-10-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100ULII,, |
| 有価証券報告書－第4期(2022/08/01－2023/07/31) | S100S1VG | 2023-10-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100S1VG,, |
| 訂正有価証券報告書－第3期(令和3年8月1日－令和4年7月31日) | S100PEZI | 2022-10-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PEZI,, |
| 有価証券報告書－第2期(令和2年8月1日－令和3年7月31日) | S100MNW3 | 2021-10-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MNW3,, |

## 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).