# YMIRLINK, 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28期(2025/01/01－2025/12/31) (S100XS86)
> Page: https://vizora.meequs.com/en/company/ymir
> Retrieved: 2026-09-30T20:48:14.494Z

## Company

Ymirlink, founded in 1999, is a company in Software & SaaS listed on TSE Growth. It has 163 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | YMIRLINK, Inc. |
| Ticker | 4372 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4372.T) |
| Listing | TSE Growth |
| Head office | 東京都渋谷区代々木二丁目2番1号 |
| Representative (per filing) | 代表取締役社長 清水 亘 |
| Founded | Jul 1999 |
| Share capital | ¥273.9M |
| Employees (consolidated) | 163 |
| Average salary (parent only) | ¥6.5M |
| Fiscal year end | December |
| Website | www.ymir.co.jp (https://www.ymir.co.jp/) |
| Corporate number | 3011001034545 |
| EDINET | E36905 |
| Industries (Vizora) | Software & SaaS |

> Profile source: annual securities report (S100XS86, filed 2026-03-25). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 76.2 | 145 |
| Cash conversion | 19.1 | 128 |
| Efficiency | 46.6 | 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)

- Ymirlink brought in ¥3.05B in revenue.
- Out of every ¥100 of sales, about ¥22 is left as operating profit.
- Revenue changed +14.4% from the prior year, operating profit +5.3%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥3054570000 → ¥362640000
- Net income → operating cash flow: ¥362640000 → ¥502169000（difference ¥139529000）
- Main uses of operating cash flow: CapEx ¥191814000 / dividends ¥210746000 / buybacks —
- Change in cash: ¥40626000
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 | ¥3.05B |  |
| Operating income | ¥671.2M | Margin 22.0% |
| Net income | ¥362.6M | Margin 11.9% |
| Free cash flow | ¥310.4M |  |
| Employees (consolidated) | 163 |  |
| EPS | ¥100.9 |  |
| Book value per share | ¥793.2 |  |
| Equity ratio | 83.9% |  |
| Shares outstanding | 3,892,600 |  |
| Treasury shares | 61,600 |  |
| Shareholders | 911 |  |
| Average salary (parent only) | ¥6.5M | Filing company only |
| Cash ratio | 72.2% | Cash ÷ revenue 84.5% |
| Vs. industry median margin | +9.5 pp | Software & SaaS |
| ROE | 12.4% | Derived from disclosed figures |
| ROA | 10.3% | Derived from disclosed figures |

## Notable figures

- FY2025, cash is 72% of total assets

## What changed in 5 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥1629752000 | ¥3054570000 | — |
| Operating income | ¥322918000 | ¥671214000 | — |
| Operating margin | 19.8% | 22.0% | +2.2 pp |
| Employees | 105 people | 163 people | — |
| Cash and equivalents | ¥188841000 | ¥2581086000 | — |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 3,055 | 100.0% | S100XS86 |
| Cost of revenue | 1,066 | 34.9% | S100XS86 |
| Gross profit | 1,988 | 65.1% | S100XS86 |
| SG&A | 1,317 | 43.1% | S100XS86 |
| Operating income | 671 | 22.0% | S100XS86 |
| Ordinary income | 673 | 22.0% | S100XS86 |
| Pretax income | 592 | 19.4% | S100XS86 |
| Income tax | 229 | 7.5% | S100XS86 |
| Net income | 363 | 11.9% | S100XS86 |
| Net income attributable to owners | 363 | 11.9% | S100XS86 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 35 |
| SG&A | 43 |
| Operating income | 22 |
| (Ref.) Net income | 12 |

### Margin funnel

Gross margin 65.1% → Operating margin 22.0% → Net margin 11.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +14.4%; Core profit growth: +5.3%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.37×
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 | 2,669 | 3,055 | 385 | +14.4% |
| Gross profit | 1,796 | 1,988 | 192 | +10.7% |
| Operating income | 638 | 671 | 34 | +5.3% |
| Net income attributable to owners | 470 | 363 | -107 | -22.8% |
| Operating cash flow | 601 | 502 | -99 | -16.5% |
| Free cash flow | 508 | 310 | -198 | -39.0% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2020 | 1,630 | 323 | 19.8% | 224 | 331 | 288 | S100NRPZ |
| FY ending Dec 2021 | 1,929 | 414 | 21.5% | 287 | 342 | 269 | S100QFXZ |
| FY ending Dec 2022 | 2,181 | 521 | 23.9% | 359 | 444 | 327 | S100T4XV |
| FY ending Dec 2023 | 2,315 | 592 | 25.6% | 409 | 459 | 368 | S100T4XV |
| FY ending Dec 2024 | 2,669 | 638 | 23.9% | 470 | 601 | 508 | S100XS86 |
| FY ending Dec 2025 | 3,055 | 671 | 22.0% | 363 | 502 | 310 | S100XS86 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥18.7M |
| Operating income per employee (consolidated) | ¥4.1M |
| Net income per employee (consolidated) | ¥2.2M |

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) | 112 | 112 | 125 | 151 | 163 |
| Average salary (parent company) | ¥5.7M | ¥5.9M | ¥6M | ¥6M | ¥6.5M |
| Average age (parent company) | 39.4 years | 39.5 years | 39.3 years | 40.3 years | 40.3 years |
| Average tenure (parent company) | 7.1 years | 7.7 years | 7.4 years | 7.6 years | 7.6 years |

Year over year: Employees (consolidated) +7.9% · Revenue (consolidated) +14.4%

## 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 | 502 | 16.4% | S100XS86 |
| Capital expenditure | 192 | 6.3% | S100XS86 |
| Free cash flow | 310 | 10.2% | 算出 |
| Investing cash flow | -192 | -6.3% | S100XS86 |
| Financing cash flow | -270 | -8.8% | S100XS86 |
| Dividends paid | 211 | 6.9% | S100XS86 |
| Change in cash | 41 | 1.3% | S100XS86 |
| Cash and equivalents | 2,581 | 84.5% | S100XS86 |

## 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 | 1,513 | 1,721 | 2,089 | 2,540 | 2,581 | S100T4XV, S100XS86 |
| Total assets | 2,098 | 2,376 | 2,781 | 3,435 | 3,576 | S100QFXZ, S100T4XV, S100XS86 |
| Net assets | 1,695 | 1,936 | 2,374 | 2,847 | 3,000 | S100T4XV, S100XS86 |
| Share capital | 274 | 274 | 274 | 274 | 274 | S100QFXZ, S100T4XV, S100XS86 |
| Property, plant and equipment | 131 | 157 | 166 | 158 | 235 | S100QFXZ, S100T4XV, S100XS86 |
| Intangible assets excluding goodwill | 20 | 25 | 17 | 148 | 43 | S100QFXZ, S100T4XV, S100XS86 |
| Goodwill | — | — | — | 108 | — | S100XS86 |
| Current assets | 1,821 | 2,070 | 2,466 | 2,969 | 3,092 | S100QFXZ, S100T4XV, S100XS86 |
| Current liabilities | 403 | 440 | 407 | 538 | 576 | S100QFXZ, S100T4XV, S100XS86 |
| Long-term borrowings | — | — | — | 50 | — | S100XS86 |
| Total liabilities | 403 | 440 | 407 | 588 | 576 | S100QFXZ, S100T4XV, S100XS86 |
| Equity attributable to owners of parent | 1,695 | 1,936 | 2,374 | 2,847 | 3,000 | S100QFXZ, S100T4XV, S100XS86 |
| Retained earnings | 1,230 | 1,589 | 1,997 | 2,466 | 2,618 | S100QFXZ, S100T4XV, S100XS86 |
| Treasury stock | — | -118 | -88 | -85 | -83 | S100T4XV, S100XS86 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 72% | S100XS86 |
| Property, plant and equipment | 7% | S100XS86 |
| Intangibles and goodwill | 1% | S100XS86 |
| Other assets | 20% | S100XS86 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 16% | S100XS86 |
| Equity | 84% | S100XS86 |

### 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 | 2,098 | 2,376 | 2,781 | 3,435 | 3,576 |
| Equity | 1,695 | 1,936 | 2,374 | 2,847 | 3,000 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,513 | 1,721 | 2,089 | 2,540 | 2,581 |

## 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) | 7.7% | S100XS86 |
| Fixed assets ÷ total assets | 6.6% | S100XS86 |
| Goodwill ÷ parent equity | — | —, S100XS86 |

### 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) | 72.2% |
| Cash ÷ revenue | 84.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 74.8% |
| Cash vs. profit gap | 140 JPY mn (of net income 38.5%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 58.1% |
| Shareholder payments — dividends / FCF | 67.9% |
| CapEx intensity (capex ÷ revenue) | 6.3% |
| Investing CF relative to operating CF | 38.2% |

## 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 | 14.9% | 0.92× | 13.7% | 1.24× | 16.9% | S100QFXZ |
| 2022 | 16.5% | 0.98× | 16.1% | 1.23× | 19.8% | S100T4XV |
| 2023 | 17.7% | 0.90× | 15.9% | 1.20× | 19.0% | S100T4XV |
| 2024 | 17.6% | 0.78× | 13.7% | 1.21× | 16.5% | S100XS86 |
| 2025 | 11.9% | 0.87× | 10.3% | 1.20× | 12.4% | S100XS86 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| アイテック阪急阪神株式会社 | Major shareholder | 51.8% | 2025-12-31 |
| ＵＳＢＫ ＮＡ ＪＰ Ｉ＆Ｗ ＴＳ （常任代理人 株式会社三菱ＵＦＪ銀行） | Major shareholder | 12.1% | 2025-12-31 |
| 清水 亘 | Major shareholder | 6.8% | 2025-12-31 |
| 光通信ＫＫ投資事業有限責任組合 無限責任組合員光通信株式会社 | Major shareholder | 4.5% | 2025-12-31 |
| ＩＮＴＥＲＡＣＴＩＶＥ ＢＲＯＫＥＲＳ ＬＬＣ（常任代理人 インタラクティブ・ブローカー株式会社） | Major shareholder | 3.7% | 2025-12-31 |
| 木下 圭一郎 | Major shareholder | 3.0% | 2025-12-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 2.9% | 2025-12-31 |
| 及川 英夫 | Major shareholder | 2.2% | 2025-12-31 |
| 光通信株式会社 | Major shareholder | 1.0% | 2025-12-31 |
| ＢＢＨ ＣＯ ＦＯＲ ＧＲＡＮＤＥＵＲ ＰＥＡＫ ＧＬＯＢＡＬ ＭＩＣＲＯ ＣＡＰ ＦＵＮＤ（常任代理人 株式会社三菱ＵＦＪ銀行） | Major shareholder | 0.9% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第28期(2025/01/01－2025/12/31) | S100XS86 | 2026-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XS86,, |
| 有価証券報告書－第27期(2024/01/01－2024/12/31) | S100VGDU | 2025-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VGDU,, |
| 有価証券報告書－第26期(2023/01/01－2023/12/31) | S100T4XV | 2024-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T4XV,, |
| 有価証券報告書－第25期(2022/01/01－2022/12/31) | S100QFXZ | 2023-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QFXZ,, |
| 有価証券報告書－第24期(令和3年1月1日－令和3年12月31日) | S100NRPZ | 2022-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NRPZ,, |

## 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).