HYPER Inc.
3054・Standard Market・Wholesale Trade
Business
Hyper Co., Ltd. was established in 1990 and is listed on the Standard Market of the Tokyo Stock Exchange as a corporate IT services company. In its core IT services business, the company provides an integrated offering—from the sale of servers, PCs, peripherals, and network equipment to installation, configuration, maintenance, security measures, and help desk support—primarily to listed companies and corporations with 100 or more employees. Its consolidated subsidiaries comprise six companies: Ristec (security), Multinet (IT consulting), Mebius (business system development), Tsukasa Computer (infrastructure operations), Justice (an ASKUL agency), and Miracle (employment transition support), bringing the group's total structure to seven companies including the parent. In the ASKUL agency business, the company secures recurring, stock-type revenue by providing next-day delivery services for office supplies to customers ranging from small and medium-sized enterprises to large corporations.
Business Model
Of net sales of ¥13,776 million, the IT services business accounted for ¥12,505 million (approximately 91%), with hardware sales as the main revenue source. The cost of sales ratio is high at approximately 75%, but by keeping the SG&A expense ratio down to 22.3%, the company secures operating profit of ¥320 million. The ASKUL agent business (net sales of ¥1,199 million) generates recurring revenue through agency commissions and is highly profitable, with an operating margin of approximately 9.9%. Through the addition of value to information system services under the "Business Core Next" brand, the company is pursuing sophistication of its revenue structure, moving away from simple merchandise sales.
Company Strengths
IT Services operating profit for FY2025 (ending December 2025) reached ¥199 million, up 217.5% from the previous fiscal year. The business captured corporate replacement demand for Windows 11-equipped devices following the end of Windows 10 support, with both hardware shipment volume and value significantly exceeding the prior year. The resulting increase in gross profit directly contributed to the profit expansion.
Operating cash flow for FY2025 (ending December 2025) stood at ¥822 million, an increase of ¥624 million year on year. Cash and cash equivalents reached ¥3,107 million, and the equity ratio improved from 38.5% to 44.3%. Current liabilities decreased by ¥878 million due to reductions in accounts payable and short-term borrowings, substantially strengthening the financial base.
Four companies—Ristec (security), Multinet (IT consulting and networking), Mebius (business system development), and Tsukasa Computer (infrastructure operation and monitoring)—complement the IT Services business. The company has continued to expand its specialized capabilities through M&A, including the acquisition of Tsukasa Computer as a subsidiary in August 2024.
ENVALITH's Perspective
Performance Trend
Having achieved four consecutive fiscal years of revenue and profit growth from a significant operating loss (¥45 million) in FY2022 (ended December 2022) to operating profit of ¥320 million in FY2025 (ended December 2025), the company saw a sharp deterioration in Q1 of FY2026 (ending December 2026), with net sales of ¥3,334 million (down 14.2% year on year) and operating profit of ¥73 million (down 61.2% year on year). The main external factors were the tapering off of PC replacement demand following the end of Windows 10 support in 2025, and a decline in hardware demand due to persistently high component prices. In addition, the impact of the system outage caused by a ransomware attack on ASKUL Corporation (which occurred in October 2025) continues to affect the ASKUL Agent business. The full-year forecast (net sales of ¥11,066 million and operating profit of ¥129 million) remains unchanged, and while management characterizes these as multiple temporary factors, whether a recovery materializes in the second half remains a key point of focus.
Growth Strategy
Rebuilding the earnings base through IT service branding, strengthening of stock-type business, and recovery of the ASKUL business
Deploying a service brand that provides an integrated offering from PC/server procurement to installation, configuration, and infrastructure operation management, comprehensively supporting corporate IT departments' procurement, operation, and security challenges. Aims to capture demand for DX promotion and cloud utilization to improve unit prices and deepen customer relationships.
A strategy to reduce dependence on flow-type hardware sales and build up stable, recurring revenue through maintenance and operation services. Even in Q1 FY2026 (ending March 2026), when the sharp decline in flow revenue from the reversal of the Windows 10 special demand became apparent, stock revenue provided a certain level of support, once again demonstrating the importance of this expansion.
Deploying the largest-ever sales promotion activities, including pricing measures, aimed at recovering from the system outage caused by the ransomware attack in October 2025. Although major service levels were restored to pre-outage levels by February 2026, recovery of the customer base is still underway, and sales activities focused mainly on promoting usage among existing customers are continuing.
Strengthening the service provision system in specialized areas through collaboration with subsidiaries such as Ristec, Multinet, Mebius, and Tsukasa Computer. Aims to expand service areas, including the security field, and strengthen the business foundation, continuing strategic investment for mid- to long-term growth.
Last updated: July 17, 2026