# YAMADA SERVICER SYNTHETIC OFFICE: 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45期(2025/01/01－2025/12/31) (S100XU23)
> Page: https://vizora.meequs.com/en/company/yamada-servicer-synthetic-office
> Retrieved: 2026-09-30T21:13:50.637Z

## Company

Yamada Servicer Synthetic Office, founded in 1981, is a company in Credit Cards & Consumer Credit listed on TSE Standard. It has 231 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | YAMADA SERVICER SYNTHETIC OFFICE (旧英訳名 YAMADA SERVICER SYNTHETIC OFFICE CO.,LTD) |
| Ticker | 4351 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4351.T) |
| Listing | TSE Standard |
| Head office | 神奈川県横浜市西区北幸一丁目11番15号 横浜STビル18階 |
| Representative (per filing) | 代表取締役社長 山田 晃久 |
| Founded | Oct 1981 |
| Share capital | ¥1.08B |
| Employees (consolidated) | 231 |
| Average salary (parent only) | ¥5.2M |
| Fiscal year end | December |
| Website | www.yamada-servicer.co.jp (https://www.yamada-servicer.co.jp/) |
| Corporate number | 8020001016168 |
| EDINET | E05275 |
| Industries (Vizora) | Credit Cards & Consumer Credit, HR & Staffing, Real Estate Development & Leasing |

> Profile source: annual securities report (S100XU23, filed 2026-03-27). As of filing

## Five-axis industry profile

Primary industry: HR & Staffing (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 6.6 | 68 |
| Profitability | 21 | 88 |
| Cash conversion | 98.1 | 80 |
| Efficiency | 0.6 | 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 57% of Yamada Servicer Synthetic Office's sales come from Temporary Personnel Business, with Servicing Business and Realty Solution Business making up much of the rest.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed -0.4% from the prior year, operating profit +105.6%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥2.28B |  |
| Operating income | ¥74.1M | Margin 3.2% |
| Net income | ¥71.3M | Margin 3.1% |
| Free cash flow | — |  |
| Largest business | Temporary Personnel Business | of segment revenue 57.2% |
| Employees (consolidated) | 231 |  |
| EPS | ¥8.85 |  |
| Book value per share | ¥657.06 |  |
| Equity ratio | 58.1% |  |
| Shares outstanding | 4,268,000 |  |
| Treasury shares | 8,400 |  |
| Shareholders | 7,047 |  |
| Average salary (parent only) | ¥5.2M | Filing company only |
| Cash ratio | 23.8% | Cash ÷ revenue 60.5% |
| Vs. industry median margin | -5.4 pp | HR & Staffing |
| ROE | 2.2% | Derived from disclosed figures |
| ROA | 1.1% | Derived from disclosed figures |

## Notable figures

- FY2025, operating cash flow is 19.7× net income
- FY2025, employees -1% while operating income rose 106%
- FY2025, segment profit share differs by 28 points

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥2095689000 | ¥2280554000 | +8.8% |
| Operating income | ¥-200517000 | ¥74076000 | — |
| Operating margin | -9.6% | 3.2% | +12.8 pp |
| Employees | 235 people | 231 people | -1.7% |
| Cash and equivalents | ¥1520974000 | ¥1379506000 | -9.3% |

### 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 |
| --- | ---: |
| サービサー事業 → サービサー事業 | 19.1% |
| 派遣事業 → 派遣事業 | 57.2% |
| 派遣事業 → 事業再編・廃止 | 0.9% |
| 不動産ソリューション事業 → 不動産ソリューション事業 | 10.8% |
| 不動産ソリューション事業 → 事業再編・廃止 | 12.0% |
| 新設・再編 → サービサー事業 | 12.9% |
| 新設・再編 → その他 | 0.0% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Temporary Personnel Business | 5 years | +1.4% | ¥1305285000 | 14.6% | 2 |
| Servicing Business | 5 years | +12.8% | ¥727951000 | 48.6% | 2 |
| Realty Solution Business | 5 years | -12.4% | ¥246547000 | 19.4% | 2 |
| Other | 4 years | -19.3% | ¥769000 | -527.8% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 2,281 | 100.0% | S100XU23 |
| Cost of revenue | 1,586 | 69.6% | S100XU23 |
| Gross profit | 694 | 30.4% | S100XU23 |
| SG&A | 620 | 27.2% | S100XU23 |
| Operating income | 74 | 3.2% | S100XU23 |
| Ordinary income | 96 | 4.2% | S100XU23 |
| Pretax income | 96 | 4.2% | S100XU23 |
| Income tax | 25 | 1.1% | S100XU23 |
| Net income | 71 | 3.1% | S100XU23 |
| Net income attributable to owners | 71 | 3.1% | S100XU23 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 70 |
| SG&A | 27 |
| Operating income | 3 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 30.4% → Operating margin 3.2% → Net margin 3.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue down, profit up
Revenue growth: -0.4%; Core profit growth: +105.6%
Operating leverage (core profit growth ÷ revenue growth): -250.47×
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 | 2,290 | 2,281 | -10 | -0.4% |
| Gross profit | 658 | 694 | 37 | +5.6% |
| Operating income | 36 | 74 | 38 | +105.6% |
| Net income attributable to owners | 50 | 71 | 22 | +43.4% |
| Operating cash flow | 637 | 1,407 | 770 | +120.7% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 2,154 | -251 | -11.6% | 576 | -955 | — | S100KZWS |
| FY ending Dec 2020 | 2,096 | -201 | -9.6% | -190 | -758 | — | S100NS13 |
| FY ending Dec 2021 | 2,189 | 97 | 4.4% | 145 | -416 | -441 | S100QHMW |
| FY ending Dec 2022 | 2,389 | 54 | 2.3% | 77 | 394 | — | S100T4S3 |
| FY ending Dec 2023 | 2,483 | 83 | 3.3% | 120 | -1,797 | — | S100VHJX |
| FY ending Dec 2024 | 2,290 | 36 | 1.6% | 50 | 637 | 621 | S100XU23 |
| FY ending Dec 2025 | 2,281 | 74 | 3.2% | 71 | 1,407 | — | S100XU23 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥9.9M |
| Operating income per employee (consolidated) | ¥320.7K |
| Net income per employee (consolidated) | ¥308.5K |

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) | 241 | 244 | 240 | 233 | 231 |
| Average salary (parent company) | ¥5.1M | ¥5.1M | ¥5.1M | ¥5.2M | ¥5.2M |
| Average age (parent company) | 43.0 years | 43.0 years | 43.0 years | 44.0 years | 45.0 years |
| Average tenure (parent company) | 8.0 years | 8.0 years | 9.0 years | 9.0 years | 9.0 years |

Year over year: Employees (consolidated) -0.9% · Revenue (consolidated) -0.4%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Servicing Business | 728 | 31.9% | 354 | 48.6% |
| Temporary Personnel Business | 1,305 | 57.2% | 190 | 14.6% |
| Realty Solution Business | 247 | 10.8% | 48 | 19.4% |
| Other | 1 | 0.0% | -4 | -527.8% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Servicing Business | 31.9% | 59.8% | 27.9 | 48.6% |
| Temporary Personnel Business | 57.2% | 32.2% | -25.1 | 14.6% |
| Realty Solution Business | 10.8% | 8.1% | -2.7 | 19.4% |
| Other | 0.0% | — | — | -527.8% |

Loss-making segment (excluded from profit shares): Other -4 JPY mn

Segment → industry: Servicing Business → Credit Cards & Consumer Credit / Temporary Personnel Business → HR & Staffing / Realty Solution Business → Real Estate Development & Leasing

## 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 | 1,407 | 61.7% | S100XU23 |
| Investing cash flow | 103 | 4.5% | S100XU23 |
| Financing cash flow | -939 | -41.2% | S100XU23 |
| Dividends paid | 43 | 1.9% | S100XU23 |
| Change in cash | 571 | 25.1% | S100XU23 |
| Cash and equivalents | 1,380 | 60.5% | S100XU23 |

## 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 | 1,261 | 658 | 610 | 808 | 1,380 | S100T4S3, S100VHJX, S100XU23 |
| Total assets | 6,138 | 5,174 | 7,048 | 6,684 | 5,797 | S100QHMW, S100T4S3, S100VHJX, S100XU23 |
| Net assets | 3,190 | 3,184 | 3,269 | 3,348 | 3,370 | S100T4S3, S100VHJX, S100XU23 |
| Share capital | 1,085 | 1,085 | 1,085 | 1,085 | 1,085 | S100QHMW, S100T4S3, S100VHJX, S100XU23 |
| Property, plant and equipment | 63 | 63 | 121 | 114 | 101 | S100QHMW, S100T4S3, S100VHJX, S100XU23 |
| Intangible assets excluding goodwill | 9 | 6 | 5 | 4 | 2 | S100QHMW, S100T4S3, S100VHJX, S100XU23 |
| Investment securities | 462 | 365 | 288 | 370 | 339 | S100QHMW, S100T4S3, S100VHJX, S100XU23 |
| Current assets | 5,369 | 4,505 | 6,446 | 5,970 | 5,152 | S100QHMW, S100T4S3, S100VHJX, S100XU23 |
| Current liabilities | 1,971 | 977 | 2,689 | 2,236 | 1,370 | S100QHMW, S100T4S3, S100VHJX, S100XU23 |
| Short-term borrowings | 1,750 | 750 | 2,200 | 1,900 | 1,100 | S100QHMW, S100T4S3, S100VHJX, S100XU23 |
| Long-term borrowings | — | — | 50 | 38 | 13 | S100VHJX, S100XU23 |
| Total liabilities | 2,948 | 1,991 | 3,779 | 3,336 | 2,428 | S100QHMW, S100T4S3, S100VHJX, S100XU23 |
| Equity attributable to owners of parent | 3,035 | 3,069 | 3,146 | 3,154 | 3,182 | S100QHMW, S100T4S3, S100VHJX, S100XU23 |
| Retained earnings | 1,146 | 1,180 | 1,258 | 1,265 | 1,294 | S100QHMW, S100T4S3, S100VHJX, S100XU23 |
| Treasury stock | -3 | -3 | -3 | -3 | -3 | S100QHMW, S100T4S3, S100VHJX, S100XU23 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 24% | S100XU23 |
| Property, plant and equipment | 2% | S100XU23 |
| Intangibles and goodwill | 0% | S100XU23 |
| Investment securities | 6% | S100XU23 |
| Other assets | 68% | S100XU23 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 42% | S100XU23 |
| Equity | 58% | S100XU23 |

### 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 | 6,138 | 5,174 | 7,048 | 6,684 | 5,797 |
| Equity | 3,190 | 3,184 | 3,269 | 3,348 | 3,370 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,261 | 658 | 610 | 808 | 1,380 |

## 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) | 4.4% | S100XU23 |
| Fixed assets ÷ total assets | 1.7% | S100XU23 |
| Goodwill ÷ parent equity | — | —, S100XU23 |

### 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) | 23.8% |
| Cash ÷ revenue | 60.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 1899.3% |
| Cash vs. profit gap | 1,336 JPY mn (of net income 1874.1%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 60.2% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | — |
| Investing CF relative to operating CF | 7.3% |

## 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 | 6.6% | 0.36× | 2.4% | 2.02× | 4.8% | S100QHMW |
| 2022 | 3.2% | 0.42× | 1.4% | 1.85× | 2.5% | S100T4S3 |
| 2023 | 4.8% | 0.41× | 2.0% | 1.97× | 3.9% | S100VHJX |
| 2024 | 2.2% | 0.33× | 0.7% | 2.18× | 1.6% | S100XU23 |
| 2025 | 3.1% | 0.37× | 1.1% | 1.97× | 2.2% | S100XU23 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 山田 晃久 | Major shareholder | 35.1% | 2025-12-31 |
| 株式会社ワイ・エス・シー | Major shareholder | 20.4% | 2025-12-31 |
| 株式会社横浜銀行 | Major shareholder | 4.9% | 2025-12-31 |
| 山田 由紀子 | Major shareholder | 4.1% | 2025-12-31 |
| 株式会社青山財産ネットワークス | Major shareholder | 2.0% | 2025-12-31 |
| 齋藤 純菜 | Major shareholder | 1.4% | 2025-12-31 |
| 山田 真規子 | Major shareholder | 1.4% | 2025-12-31 |
| 柴山コンサルタント株式会社 | Major shareholder | 1.2% | 2025-12-31 |
| 株式会社サエラ | Major shareholder | 1.2% | 2025-12-31 |
| 佐藤 和宏 | Major shareholder | 1.0% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第45期(2025/01/01－2025/12/31) | S100XU23 | 2026-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XU23,, |
| 有価証券報告書－第44期(2024/01/01－2024/12/31) | S100VHJX | 2025-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VHJX,, |
| 有価証券報告書－第43期(2023/01/01－2023/12/31) | S100T4S3 | 2024-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T4S3,, |
| 有価証券報告書－第42期(2022/01/01－2022/12/31) | S100QHMW | 2023-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QHMW,, |
| 有価証券報告書－第41期(令和3年1月1日－令和3年12月31日) | S100NS13 | 2022-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NS13,, |
| 有価証券報告書－第40期(令和2年1月1日－令和2年12月31日) | S100KZWS | 2021-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KZWS,, |

## 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).