# BroadBand Security, Inc.: business model and financials

> Latest period: FY ending Jun 2026, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第27期(2025/07/01－2026/06/30) (S100Z33X)
> Page: https://vizora.meequs.com/en/company/broadband-security
> Retrieved: 2026-09-30T21:33:19.536Z

## Company

BroadBand Security, founded in 1999, is a company in Cybersecurity listed on TSE Standard. It has 254 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | BroadBand Security, Inc. |
| Ticker | 4398 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4398.T) |
| Listing | TSE Standard |
| Head office | 東京都新宿区西新宿八丁目5番1号 |
| Representative (per filing) | 代表取締役社長 森澤 正人 |
| Founded | Dec 1999 |
| Share capital | ¥317.9M |
| Employees (consolidated) | 254 |
| Average salary (parent only) | ¥7.4M |
| Fiscal year end | June |
| Website | www.bbsec.co.jp (https://www.bbsec.co.jp/) |
| Corporate number | 8011101038136 |
| EDINET | E34288 |
| Industries (Vizora) | Cybersecurity |

> Profile source: annual securities report (S100Z33X, filed 2026-09-18). As of filing

## Five-axis industry profile

Primary industry: Cybersecurity (2026-06-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 47.5 | 20 |
| Profitability | 32.8 | 29 |
| Cash conversion | 46.3 | 27 |
| Efficiency | 91.4 | 29 |

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)

- BroadBand Security brought in ¥6.78B in revenue.
- Out of every ¥100 of sales, about ¥7 is left as operating profit.
- Revenue changed +11.1% from the prior year, operating profit +98.4%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥6779831000 → ¥371059000
- Net income → operating cash flow: ¥371059000 → ¥548056000（difference ¥176997000）
- Main uses of operating cash flow: CapEx ¥224339000 / dividends ¥80523000 / buybacks —
- Change in cash: ¥175906000
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 | ¥6.78B |  |
| Operating income | ¥511.6M | Margin 7.5% |
| Net income | ¥371.1M | Margin 5.5% |
| Free cash flow | ¥323.7M |  |
| Employees (consolidated) | 254 |  |
| EPS | ¥84.44 |  |
| Diluted EPS | ¥84.14 |  |
| Book value per share | ¥549.31 |  |
| Equity ratio | 53.9% |  |
| Shares outstanding | 4,626,674 |  |
| Treasury shares | 117,100 |  |
| Shareholders | 2,571 |  |
| Average salary (parent only) | ¥7.4M | Filing company only |
| Cash ratio | 35.6% | Cash ÷ revenue 23.6% |
| Vs. industry median margin | -6.8 pp | Cybersecurity |
| ROE | 16.4% | Derived from disclosed figures |
| ROA | 8.9% | Derived from disclosed figures |

## Notable figures

- FY2026, cash is 36% of total assets

## What changed in 5 years

| Metric | FY ending Jun 2021 | FY ending Jun 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥4342306000 | ¥6779831000 | +56.1% |
| Operating income | ¥210660000 | ¥511649000 | +142.9% |
| Operating margin | 4.9% | 7.5% | +2.7 pp |
| Employees | 218 people | 254 people | +16.5% |
| Cash and equivalents | ¥945606000 | ¥1602316000 | +69.4% |

### Change in segment revenue mix

Span: FY ending Jun 2021 → FY ending Jun 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

## Income statement（FY ending Jun 2026, non-consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 6,780 | 100.0% | S100Z33X |
| Cost of revenue | 4,668 | 68.8% | 算出 |
| Gross profit | 2,112 | 31.2% | S100Z33X |
| SG&A | 1,601 | 23.6% | S100Z33X |
| Operating income | 512 | 7.5% | S100Z33X |
| Ordinary income | 542 | 8.0% | S100Z33X |
| Pretax income | 542 | 8.0% | S100Z33X |
| Income tax | 171 | 2.5% | S100Z33X |
| Net income | 371 | 5.5% | S100Z33X |

## Per ¥100 of revenue（FY ending Jun 2026）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 69 |
| SG&A | 24 |
| Operating income | 7 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 31.2% → Operating margin 7.5% → Net margin 5.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +11.1%; Core profit growth: +98.4%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 8.89×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Jun 2025 → FY ending Jun 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 6,104 | 6,780 | 676 | +11.1% |
| Gross profit | 1,750 | 2,112 | 363 | +20.7% |
| Operating income | 258 | 512 | 254 | +98.4% |
| Operating cash flow | 102 | 548 | 446 | +436.9% |
| Free cash flow | 15 | 324 | 308 | +2020.5% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Jun 2020 | 4,176 | 342 | 8.2% | 218 | 748 | 382 | S100MGEE |
| FY ending Jun 2021 | 4,342 | 211 | 4.9% | 121 | 406 | 306 | S100P701 |
| FY ending Jun 2022 | 5,217 | 509 | 9.8% | 352 | 753 | 651 | S100RXQ0 |
| FY ending Jun 2023 | 5,904 | 532 | 9.0% | 416 | 493 | 408 | S100UEAV |
| FY ending Jun 2024 | 6,457 | 689 | 10.7% | 456 | 895 | 792 | S100WPQK |
| FY ending Jun 2025 | 6,104 | 258 | 4.2% | 143 | 102 | 15 | S100Z33X |
| FY ending Jun 2026 | 6,780 | 512 | 7.5% | 371 | 548 | 324 | S100Z33X |

## People and productivity（FY ending Jun 2026, non-consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥26.7M |
| Operating income per employee (consolidated) | ¥2M |
| Net income per employee (consolidated) | ¥1.5M |

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

| History | FY ending Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 | FY ending Jun 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 222 | 241 | 236 | 239 | 254 |
| Average salary (parent company) | ¥7.3M | ¥7.9M | ¥7.8M | ¥7.4M | ¥7.4M |
| Average age (parent company) | 42.0 years | 41.8 years | 42.0 years | 42.0 years | 41.9 years |
| Average tenure (parent company) | 6.6 years | 7.0 years | 7.6 years | 7.6 years | 7.1 years |

Year over year: Employees (consolidated) +6.3% · Revenue (consolidated) +11.1%

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Jun 2026, non-consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 548 | 8.1% | S100Z33X |
| Capital expenditure | 224 | 3.3% | S100Z33X |
| Free cash flow | 324 | 4.8% | 算出 |
| Investing cash flow | -352 | -5.2% | S100Z33X |
| Financing cash flow | -16 | -0.2% | S100Z33X |
| Dividends paid | 81 | 1.2% | S100Z33X |
| Change in cash | 176 | 2.6% | S100Z33X |
| Cash and equivalents | 1,602 | 23.6% | S100Z33X |

## 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 Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 | FY ending Jun 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,263 | 1,356 | 1,921 | 1,426 | 1,602 | S100UEAV, S100WPQK, S100Z33X |
| Total assets | 3,148 | 3,568 | 4,128 | 3,798 | 4,501 | S100RXQ0, S100UEAV, S100WPQK, S100Z33X |
| Net assets | 1,238 | 1,628 | 2,066 | 2,108 | 2,428 | S100UEAV, S100WPQK, S100Z33X |
| Share capital | 294 | 295 | 296 | 301 | 318 | S100RXQ0, S100UEAV, S100WPQK, S100Z33X |
| Property, plant and equipment | 239 | 373 | 313 | 250 | 290 | S100RXQ0, S100UEAV, S100WPQK, S100Z33X |
| Intangible assets excluding goodwill | 590 | 525 | 477 | 466 | 591 | S100RXQ0, S100UEAV, S100WPQK, S100Z33X |
| Investment securities | — | — | 120 | 236 | 285 | S100WPQK, S100Z33X |
| Current assets | 2,210 | 2,487 | 3,034 | 2,561 | 2,979 | S100RXQ0, S100UEAV, S100WPQK, S100Z33X |
| Current liabilities | 1,513 | 1,540 | 1,683 | 1,304 | 1,610 | S100RXQ0, S100UEAV, S100WPQK, S100Z33X |
| Short-term borrowings | 100 | 100 | 100 | — | — | S100RXQ0, S100UEAV, S100WPQK |
| Long-term borrowings | 148 | 46 | 89 | 133 | 200 | S100RXQ0, S100UEAV, S100WPQK, S100Z33X |
| Total liabilities | 1,910 | 1,940 | 2,062 | 1,690 | 2,073 | S100RXQ0, S100UEAV, S100WPQK, S100Z33X |
| Equity attributable to owners of parent | 1,238 | 1,628 | 2,066 | 2,103 | 2,427 | S100RXQ0, S100UEAV, S100WPQK, S100Z33X |
| Retained earnings | 946 | 1,319 | 1,730 | 1,828 | 2,118 | S100RXQ0, S100UEAV, S100WPQK, S100Z33X |
| Treasury stock | -222 | -209 | -223 | -299 | -299 | S100RXQ0, S100UEAV, S100WPQK, S100Z33X |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 36% | S100Z33X |
| Property, plant and equipment | 6% | S100Z33X |
| Intangibles and goodwill | 13% | S100Z33X |
| Investment securities | 6% | S100Z33X |
| Other assets | 39% | S100Z33X |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 46% | S100Z33X |
| Equity | 54% | S100Z33X |

### Balance sheet history

| Metric | FY ending Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 | FY ending Jun 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 3,148 | 3,568 | 4,128 | 3,798 | 4,501 |
| Equity | 1,238 | 1,628 | 2,066 | 2,108 | 2,428 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,263 | 1,356 | 1,921 | 1,426 | 1,602 |

## 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) | 4.3% | S100Z33X |
| Fixed assets ÷ total assets | 6.5% | S100Z33X |
| Goodwill ÷ parent equity | — | —, S100Z33X |

### 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) | 35.6% |
| Cash ÷ revenue | 23.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 107.1% |
| Cash vs. profit gap | 177 JPY mn (of net income 47.7%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 21.7% |
| Shareholder payments — dividends / FCF | 24.9% |
| CapEx intensity (capex ÷ revenue) | 3.3% |
| Investing CF relative to operating CF | 64.3% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 6.8% | 1.66× | 11.2% | 2.54× | 28.5% | S100RXQ0 |
| 2023 | 7.1% | 1.76× | 12.4% | 2.34× | 29.1% | S100UEAV |
| 2024 | 7.1% | 1.68× | 11.8% | 2.08× | 24.7% | S100WPQK |
| 2025 | 2.3% | 1.54× | 3.6% | 1.90× | 6.8% | S100Z33X |
| 2026 | 5.5% | 1.63× | 8.9% | 1.83× | 16.4% | S100Z33X |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| グローバルセキュリティエキスパート株式会社 | Major shareholder | 22.4% | 2026-06-30 |
| 株式会社IDホールディングス | Major shareholder | 21.4% | 2026-06-30 |
| SBIインキュベーション株式会社 | Major shareholder | 15.5% | 2026-06-30 |
| 兼松エレクトロニクス株式会社 | Major shareholder | 9.7% | 2026-06-30 |
| 株式会社日本カストディ銀行（信託Ｅ口） | Major shareholder | 2.0% | 2026-06-30 |
| 槇田 重夫 | Major shareholder | 1.1% | 2026-06-30 |
| システムプラザ株式会社 | Major shareholder | 0.7% | 2026-06-30 |
| 岡谷鋼機株式会社 | Major shareholder | 0.5% | 2026-06-30 |
| 足立 康伸 | Major shareholder | 0.5% | 2026-06-30 |
| 竹中 成仁 | Major shareholder | 0.4% | 2026-06-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第27期(2025/07/01－2026/06/30) | S100Z33X | 2026-09-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Z33X,, |
| 有価証券報告書－第26期(2024/07/01－2025/06/30) | S100WPQK | 2025-09-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WPQK,, |
| 有価証券報告書－第25期(2023/07/01－2024/06/30) | S100UEAV | 2024-09-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UEAV,, |
| 訂正有価証券報告書－第24期(2022/07/01－2023/06/30) | S100RXQ0 | 2023-09-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RXQ0,, |
| 有価証券報告書－第23期(令和3年7月1日－令和4年6月30日) | S100P701 | 2022-09-16 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100P701,, |
| 有価証券報告書－第22期(令和2年7月1日－令和3年6月30日) | S100MGEE | 2021-09-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MGEE,, |

## Key alliances (from the filing's material contracts)

| Partner | Type | Description | Source |
| --- | ---: | ---: | ---: |
| IDホールディングス | Capital alliance | サイバーセキュリティ事業の拡大に向けた資本業務提携。議決権の 21.37% を取得し持分法適用会社に | S100VZBH |

## 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).