Value HR Income Statement

Financials in millions JPY. Fiscal year is January - December.

Millions JPY. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Revenue	9,527	8,376	7,100	6,168	5,526	4,493
Revenue Growth (YoY)	18.41%	17.97%	15.11%	11.62%	22.99%	4.90%
Cost of Revenue	6,703	5,456	4,161	3,591	3,291	2,783
Gross Profit	2,825	2,920	2,939	2,577	2,235	1,710
Selling, General & Admin	2,024	1,802	1,553	1,383	1,225	996
Operating Expenses	2,024	1,802	1,553	1,383	1,225	996
Operating Income	801.13	1,118	1,386	1,194	1,010	714
Interest Expense	-56.61	-39	-33	-37	-41	-39
Interest & Investment Income	39.21	36	40	105	7	6
Other Non Operating Income (Expenses)	-3.04	-13	-7	2	12	62
EBT Excluding Unusual Items	780.69	1,102	1,386	1,264	988	743
Gain (Loss) on Sale of Investments	101.74	32	74	48	-	-
Asset Writedown	-	-	-	-	-38	-18
Other Unusual Items	-	-	-	5	-27	-21
Pretax Income	860.05	1,134	1,460	1,317	923	704
Income Tax Expense	324.21	343	490	437	261	244
Net Income	536.08	791	970	880	662	460
Net Income to Common	536.08	791	970	880	662	460
Net Income Growth	-31.45%	-18.45%	10.23%	32.93%	43.91%	-16.82%
Shares Outstanding (Basic)	27	27	26	26	24	24
Shares Outstanding (Diluted)	27	27	26	26	24	24
Shares Change (YoY)	0.46%	2.16%	-0.30%	8.89%	0.69%	-0.02%
EPS (Basic)	20.08	29.60	37.01	33.56	27.62	19.40
EPS (Diluted)	20.02	29.53	36.99	33.49	27.43	19.18
EPS Growth	-31.77%	-20.17%	10.45%	22.07%	43.04%	-16.82%
Free Cash Flow	-	1,868	1,274	1,773	729	-676
Free Cash Flow Per Share	-	69.74	48.59	67.42	30.19	-28.18
Dividend Per Share	26.000	25.000	24.000	18.000	9.750	8.750
Dividend Growth	8.33%	4.17%	33.33%	84.61%	11.43%	6.06%
Gross Margin	29.65%	34.86%	41.39%	41.78%	40.45%	38.06%
Operating Margin	8.41%	13.35%	19.52%	19.36%	18.28%	15.89%
Profit Margin	5.63%	9.44%	13.66%	14.27%	11.98%	10.24%
Free Cash Flow Margin	-	22.30%	17.94%	28.74%	13.19%	-15.05%
EBITDA	-	1,501	1,735	1,507	1,300	899
EBITDA Margin	-	17.92%	24.44%	24.43%	23.52%	20.01%
D&A For EBITDA	408.5	383	349	313	290	185
EBIT	801.13	1,118	1,386	1,194	1,010	714
EBIT Margin	8.41%	13.35%	19.52%	19.36%	18.28%	15.89%
Effective Tax Rate	37.70%	30.25%	33.56%	33.18%	28.28%	34.66%

Updated Sep 30, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.