# Visual Processing Japan Co., Ltd.: business model and financials

> Latest period: FY ending Dec 2025, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第32期(2025/01/01－2025/12/31) (S100XV29)
> Page: https://vizora.meequs.com/en/company/visual-processing-japan
> Retrieved: 2026-09-30T20:56:33.843Z

## Company

Visual Processing Japan, founded in 1994, is a company in Software & SaaS listed on TSE Growth. It has 66 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Visual Processing Japan Co., Ltd. |
| Ticker | 334A |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/334A.T) |
| Listing | TSE Growth |
| Head office | 東京都渋谷区恵比寿四丁目20番7号 恵比寿ガーデンプレイス センタープラザB1 |
| Representative (per filing) | 代表取締役社長 三村 博明 |
| Founded | Jan 1994 |
| Share capital | ¥207.3M |
| Employees (consolidated) | 66 |
| Average salary (parent only) | ¥5.2M |
| Fiscal year end | December |
| Website | www.vpj.co.jp (https://www.vpj.co.jp/) |
| Corporate number | 9011001019532 |
| EDINET | E40452 |
| Industries (Vizora) | Software & SaaS |

> Profile source: annual securities report (S100XV29, filed 2026-03-27). As of filing

## Five-axis industry profile

Primary industry: Software & SaaS (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 61.4 | 105 |
| Profitability | 70.7 | 145 |
| Cash conversion | 53.5 | 128 |
| Efficiency | 55.5 | 145 |

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)

- Visual Processing Japan brought in ¥1.37B in revenue.
- Out of every ¥100 of sales, about ¥19 is left as operating profit.
- Revenue changed +13.8% from the prior year, operating profit +42.2%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥1374194000 → ¥176706000
- Net income → operating cash flow: ¥176706000 → ¥277672000（difference ¥100966000）
- Main uses of operating cash flow: CapEx ¥49829000 / dividends ¥18354000 / buybacks —
- Change in cash: ¥518089000
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 | ¥1.37B |  |
| Operating income | ¥260.4M | Margin 18.9% |
| Net income | ¥176.7M | Margin 12.9% |
| Free cash flow | ¥227.8M |  |
| Employees (consolidated) | 66 |  |
| EPS | ¥110.26 |  |
| Diluted EPS | ¥110.13 |  |
| Book value per share | ¥773.54 |  |
| Equity ratio | 75.3% |  |
| Shares outstanding | 1,661,900 |  |
| Shareholders | 858 |  |
| Average salary (parent only) | ¥5.2M | Filing company only |
| Cash ratio | 71.1% | Cash ÷ revenue 88.3% |
| Vs. industry median margin | +6.5 pp | Software & SaaS |
| ROE | 17.1% | Derived from disclosed figures |
| ROA | 12.6% | Derived from disclosed figures |

## Notable figures

- FY2025, cash is 71% of total assets

## What changed in 2 years

| Metric | FY ending Dec 2023 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥1056114000 | ¥1374194000 | +30.1% |
| Operating income | ¥139307000 | ¥260404000 | +86.9% |
| Operating margin | 13.2% | 18.9% | +5.8 pp |
| Employees | 58 people | 66 people | +13.8% |
| Cash and equivalents | ¥635927000 | ¥1214046000 | +90.9% |

### Change in segment revenue mix

Span: FY ending Dec 2023 → FY ending Dec 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 1,374 | 100.0% | S100XV29 |
| Cost of revenue | 523 | 38.0% | S100XV29 |
| Gross profit | 852 | 62.0% | S100XV29 |
| SG&A | 591 | 43.0% | S100XV29 |
| Operating income | 260 | 18.9% | S100XV29 |
| Ordinary income | 248 | 18.1% | S100XV29 |
| Pretax income | 248 | 18.1% | S100XV29 |
| Income tax | 71 | 5.2% | S100XV29 |
| Net income | 177 | 12.9% | S100XV29 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 38 |
| SG&A | 43 |
| Operating income | 19 |
| (Ref.) Net income | 13 |

### Margin funnel

Gross margin 62.0% → Operating margin 18.9% → Net margin 12.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +13.8%; Core profit growth: +42.2%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 3.07×
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 | 1,208 | 1,374 | 166 | +13.8% |
| Gross profit | 712 | 852 | 140 | +19.6% |
| Operating income | 183 | 260 | 77 | +42.2% |
| Operating cash flow | 112 | 278 | 165 | +147.0% |
| Free cash flow | 73 | 228 | 155 | +212.9% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2023 | 1,056 | 139 | 13.2% | 90 | 221 | 180 | S100VIFL |
| FY ending Dec 2024 | 1,208 | 183 | 15.2% | 122 | 112 | 73 | S100XV29 |
| FY ending Dec 2025 | 1,374 | 260 | 18.9% | 177 | 278 | 228 | S100XV29 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥20.8M |
| Operating income per employee (consolidated) | ¥3.9M |
| Net income per employee (consolidated) | ¥2.7M |

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

| History | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: |
| Employees (consolidated) | 58 | 59 | 66 |
| Average salary (parent company) | — | ¥5.3M | ¥5.2M |
| Average age (parent company) | — | 35.3 years | 34.6 years |
| Average tenure (parent company) | — | 8.0 years | 7.1 years |

Year over year: Employees (consolidated) +11.9% · Revenue (consolidated) +13.8%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 278 | 20.2% | S100XV29 |
| Capital expenditure | 50 | 3.6% | S100XV29 |
| Free cash flow | 228 | 16.6% | 算出 |
| Investing cash flow | -72 | -5.3% | S100XV29 |
| Financing cash flow | 313 | 22.8% | S100XV29 |
| Dividends paid | 18 | 1.3% | S100XV29 |
| Change in cash | 518 | 37.7% | S100XV29 |
| Cash and equivalents | 1,214 | 88.3% | S100XV29 |

## 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 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: |
| Cash and equivalents | 636 | 696 | 1,214 | S100XV29 |
| Total assets | 1,082 | 1,108 | 1,708 | S100VIFL, S100XV29 |
| Net assets | 667 | 783 | 1,286 | S100XV29 |
| Share capital | 35 | 35 | 207 | S100VIFL, S100XV29 |
| Property, plant and equipment | 45 | 39 | 41 | S100VIFL, S100XV29 |
| Intangible assets excluding goodwill | 55 | 61 | 76 | S100VIFL, S100XV29 |
| Investment securities | 0 | — | — | S100VIFL |
| Current assets | 846 | 880 | 1,442 | S100VIFL, S100XV29 |
| Current liabilities | 415 | 325 | 423 | S100VIFL, S100XV29 |
| Total liabilities | 415 | 325 | 423 | S100VIFL, S100XV29 |
| Equity attributable to owners of parent | 667 | 783 | 1,286 | S100VIFL, S100XV29 |
| Retained earnings | 632 | 748 | 906 | S100VIFL, S100XV29 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 71% | S100XV29 |
| Property, plant and equipment | 2% | S100XV29 |
| Intangibles and goodwill | 5% | S100XV29 |
| Other assets | 22% | S100XV29 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 25% | S100XV29 |
| Equity | 75% | S100XV29 |

### Balance sheet history

| Metric | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: |
| Total assets | 1,082 | 1,108 | 1,708 |
| Equity | 667 | 783 | 1,286 |
| Interest-bearing debt | — | — | — |
| Cash | 636 | 696 | 1,214 |

## 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) | 3.0% | S100XV29 |
| Fixed assets ÷ total assets | 2.4% | S100XV29 |
| Goodwill ÷ parent equity | — | —, S100XV29 |

### 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) | 71.1% |
| Cash ÷ revenue | 88.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 106.6% |
| Cash vs. profit gap | 101 JPY mn (of net income 57.1%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 10.4% |
| Shareholder payments — dividends / FCF | 8.1% |
| CapEx intensity (capex ÷ revenue) | 3.6% |
| Investing CF relative to operating CF | 26.1% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2023 | 8.5% | 0.98× | 8.3% | 1.62× | 13.5% | S100VIFL |
| 2024 | 10.1% | 1.10× | 11.2% | 1.51× | 16.9% | S100XV29 |
| 2025 | 12.9% | 0.98× | 12.6% | 1.36× | 17.1% | S100XV29 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社シエルト コミュニケーションズ | Major shareholder | 38.5% | 2025-12-31 |
| 三村 博明 | Major shareholder | 16.9% | 2025-12-31 |
| ＶＰＪ社員持株会 | Major shareholder | 11.9% | 2025-12-31 |
| 株式会社ＳＢＩ証券 | Major shareholder | 2.1% | 2025-12-31 |
| 関 郷 | Major shareholder | 1.9% | 2025-12-31 |
| 渡口 政重 | Major shareholder | 1.6% | 2025-12-31 |
| 松井証券株式会社 | Major shareholder | 1.4% | 2025-12-31 |
| 三村 俊介 | Major shareholder | 1.2% | 2025-12-31 |
| 野村證券株式会社 | Major shareholder | 1.2% | 2025-12-31 |
| インタラクティブ・ブローカーズＬＬＣ (常任代理人インタラクティブ・ブローカーズ証券株式会社) | Major shareholder | 1.1% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第32期(2025/01/01－2025/12/31) | S100XV29 | 2026-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XV29,, |
| 有価証券報告書－第31期(2024/01/01－2024/12/31) | S100VIFL | 2025-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VIFL,, |

## 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).