# Double Standard Inc.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第14期(2025/04/01－2026/03/31) (S100YN9T)
> Page: https://vizora.meequs.com/en/company/double-standard
> Retrieved: 2026-09-30T19:03:17.682Z

## Company

Double Standard, founded in 2022, is a company in IT Services & System Integration listed on TSE Prime. It has 137 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Double Standard Inc. |
| Ticker | 3925 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3925.T) |
| Listing | TSE Prime |
| Head office | 東京都港区南青山二丁目2番3号 |
| Representative (per filing) | 代表取締役 福永康寛 |
| Founded | Dec 2022 |
| Share capital | ¥263.8M |
| Employees (consolidated) | 137 |
| Average salary (parent only) | ¥6.1M |
| Fiscal year end | March |
| Website | double-std.com (https://double-std.com/) |
| Corporate number | 1013201019245 |
| EDINET | E31957 |
| Industries (Vizora) | IT Services & System Integration |

> Profile source: annual securities report (S100YN9T, filed 2026-06-30). As of filing

## Five-axis industry profile

Primary industry: IT Services & System Integration (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 60.8 | 157 |
| Profitability | 95.2 | 196 |
| Cash conversion | 14.9 | 185 |
| Efficiency | 23.7 | 196 |

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)

- Double Standard brought in ¥7.01B in revenue.
- Out of every ¥100 of sales, about ¥25 is left as operating profit.
- Revenue changed -12.4% from the prior year, operating profit -33.9%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥7010865000 → ¥1107622000
- Net income → operating cash flow: ¥1107622000 → ¥775258000（difference ¥-332364000）
- Main uses of operating cash flow: CapEx ¥26248000 / dividends ¥811509000 / buybacks —
- Change in cash: ¥-59800000
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 | ¥7.01B |  |
| Operating income | ¥1.72B | Margin 24.6% |
| Net income | ¥1.11B | Margin 15.8% |
| Free cash flow | ¥749M |  |
| Employees (consolidated) | 137 |  |
| EPS | ¥75.82 |  |
| Book value per share | ¥410.85 |  |
| Equity ratio | 90.5% |  |
| Shares outstanding | 13,580,000 |  |
| Treasury shares | 64,100 |  |
| Shareholders | 7,212 |  |
| Average salary (parent only) | ¥6.1M | Filing company only |
| Cash ratio | 71.6% | Cash ÷ revenue 75.4% |
| Vs. industry median margin | +15.6 pp | IT Services & System Integration |
| ROE | 17.0% | Derived from disclosed figures |
| ROA | 14.9% | Derived from disclosed figures |

## Notable figures

- FY2026, cash is 72% of total assets
- FY2026, operating income keeps 25 per ¥100 of revenue

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥4411540000 | ¥7010865000 | +58.9% |
| Operating income | ¥1108849000 | ¥1721657000 | +55.3% |
| Operating margin | 25.1% | 24.6% | -0.6 pp |
| Employees | 52 people | 137 people | +163.5% |
| Cash and equivalents | ¥2629959000 | ¥5286741000 | +101.0% |

### Change in segment revenue mix

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

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 7,011 | 100.0% | S100YN9T |
| Cost of revenue | 4,131 | 58.9% | S100YN9T |
| Gross profit | 2,880 | 41.1% | S100YN9T |
| SG&A | 1,158 | 16.5% | S100YN9T |
| Operating income | 1,722 | 24.6% | S100YN9T |
| Ordinary income | 1,692 | 24.1% | S100YN9T |
| Pretax income | 1,624 | 23.2% | S100YN9T |
| Income tax | 516 | 7.4% | S100YN9T |
| Net income | 1,108 | 15.8% | S100YN9T |
| Net income attributable to owners | 1,108 | 15.8% | S100YN9T |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 59 |
| SG&A | 16 |
| Operating income | 25 |
| (Ref.) Net income | 16 |

### Margin funnel

Gross margin 41.1% → Operating margin 24.6% → Net margin 15.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -12.4%; Core profit growth: -33.9%
Operating leverage (core profit growth ÷ revenue growth): 2.74×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 8,001 | 7,011 | -990 | -12.4% |
| Gross profit | 3,875 | 2,880 | -996 | -25.7% |
| Operating income | 2,606 | 1,722 | -885 | -33.9% |
| Net income attributable to owners | 1,782 | 1,108 | -675 | -37.9% |
| Operating cash flow | 1,995 | 775 | -1,219 | -61.1% |
| Free cash flow | 1,752 | 749 | -1,003 | -57.3% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 3,667 | 1,102 | 30.0% | 746 | 744 | 736 | S100LSNT |
| FY ending Mar 2021 | 4,412 | 1,109 | 25.1% | 747 | 851 | 829 | S100OJ3M |
| FY ending Mar 2022 | 7,078 | 1,758 | 24.8% | 1,083 | 1,147 | 1,052 | S100S1SA |
| FY ending Mar 2023 | 6,911 | 2,121 | 30.7% | 1,626 | 1,440 | 1,389 | S100TR97 |
| FY ending Mar 2024 | 7,148 | 2,309 | 32.3% | 1,655 | 1,436 | 1,031 | S100W6AS |
| FY ending Mar 2025 | 8,001 | 2,606 | 32.6% | 1,782 | 1,995 | 1,752 | S100YN9T |
| FY ending Mar 2026 | 7,011 | 1,722 | 24.6% | 1,108 | 775 | 749 | S100YN9T |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥51.2M |
| Operating income per employee (consolidated) | ¥12.6M |
| Net income per employee (consolidated) | ¥8.1M |

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

| History | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 57 | 105 | 117 | 134 | 137 |
| Average salary (parent company) | ¥5.8M | ¥5.9M | ¥5.9M | — | ¥6.1M |
| Average age (parent company) | 35.6 years | 35.0 years | 35.6 years | 35.8 years | 36.5 years |
| Average tenure (parent company) | 3.3 years | 3.4 years | 3.7 years | 4.5 years | 4.5 years |

Year over year: Employees (consolidated) +2.2% · Revenue (consolidated) -12.4%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 775 | 11.1% | S100YN9T |
| Capital expenditure | 26 | 0.4% | S100YN9T |
| Free cash flow | 749 | 10.7% | 算出 |
| Investing cash flow | -24 | -0.3% | S100YN9T |
| Financing cash flow | -812 | -11.6% | S100YN9T |
| Dividends paid | 812 | 11.6% | S100YN9T |
| Change in cash | -60 | -0.9% | S100YN9T |
| Cash and equivalents | 5,287 | 75.4% | S100YN9T |

## 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 Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 3,137 | 4,161 | 4,461 | 5,347 | 5,287 | S100TR97, S100W6AS, S100YN9T |
| Total assets | 4,456 | 5,614 | 6,584 | 7,526 | 7,383 | S100S1SA, S100TR97, S100W6AS, S100YN9T |
| Net assets | 3,533 | 4,665 | 5,569 | 6,383 | 6,679 | S100TR97, S100W6AS, S100YN9T |
| Share capital | 264 | 264 | 264 | 264 | 264 | S100S1SA, S100TR97, S100W6AS, S100YN9T |
| Property, plant and equipment | 84 | 77 | 419 | 629 | 549 | S100S1SA, S100TR97, S100W6AS, S100YN9T |
| Intangible assets excluding goodwill | 48 | 390 | 387 | 334 | 293 | S100S1SA, S100TR97, S100W6AS, S100YN9T |
| Goodwill | — | 327 | 294 | 260 | 227 | S100TR97, S100W6AS, S100YN9T |
| Investment securities | 250 | 0 | 100 | 0 | 0 | S100S1SA, S100TR97, S100W6AS, S100YN9T |
| Current assets | 3,952 | 5,000 | 5,532 | 6,403 | 6,386 | S100S1SA, S100TR97, S100W6AS, S100YN9T |
| Current liabilities | 923 | 907 | 976 | 1,096 | 649 | S100S1SA, S100TR97, S100W6AS, S100YN9T |
| Total liabilities | 923 | 949 | 1,016 | 1,143 | 704 | S100S1SA, S100TR97, S100W6AS, S100YN9T |
| Non-controlling interests | — | 93 | 114 | — | — | S100TR97, S100W6AS |
| Equity attributable to owners of parent | 3,490 | 4,572 | 5,455 | 6,383 | 6,679 | S100S1SA, S100TR97, S100W6AS, S100YN9T |
| Retained earnings | 2,974 | 4,057 | 5,033 | 6,072 | 6,368 | S100S1SA, S100TR97, S100W6AS, S100YN9T |
| Treasury stock | -2 | -2 | -95 | -95 | -95 | S100S1SA, S100TR97, S100W6AS, S100YN9T |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 72% | S100YN9T |
| Property, plant and equipment | 7% | S100YN9T |
| Intangibles and goodwill | 7% | S100YN9T |
| Other assets | 14% | S100YN9T |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 10% | S100YN9T |
| Equity | 90% | S100YN9T |

### Balance sheet history

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 4,456 | 5,614 | 6,584 | 7,526 | 7,383 |
| Equity | 3,533 | 4,665 | 5,569 | 6,383 | 6,679 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 3,137 | 4,161 | 4,461 | 5,347 | 5,287 |

## 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) | 7.8% | S100YN9T |
| Fixed assets ÷ total assets | 7.4% | S100YN9T |
| Goodwill ÷ parent equity | 3.4% | S100YN9T |

### 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) | 71.6% |
| Cash ÷ revenue | 75.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 45.0% |
| Cash vs. profit gap | -332 JPY mn (of net income -30.0%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 73.3% |
| Shareholder payments — dividends / FCF | 108.3% |
| CapEx intensity (capex ÷ revenue) | 0.4% |
| Investing CF relative to operating CF | 3.0% |

## 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 | 15.3% | 1.59× | 24.3% | 1.28× | 31.0% | S100S1SA |
| 2023 | 23.5% | 1.37× | 32.3% | 1.25× | 40.3% | S100TR97 |
| 2024 | 23.1% | 1.17× | 27.1% | 1.22× | 33.0% | S100W6AS |
| 2025 | 22.3% | 1.13× | 25.3% | 1.19× | 30.1% | S100YN9T |
| 2026 | 15.8% | 0.94× | 14.9% | 1.14× | 17.0% | S100YN9T |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 中島 正三 | Major shareholder | 25.2% | 2026-03-31 |
| ＳＢＩファイナンシャルサービシーズ株式会社 | Major shareholder | 20.1% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 5.6% | 2026-03-31 |
| 清水 康裕 | Major shareholder | 3.7% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 2.9% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505044 (常任代理人株式会社みずほ銀行) | Major shareholder | 2.1% | 2026-03-31 |
| 本田 浩之 | Major shareholder | 2.1% | 2026-03-31 |
| 赤浦 徹 | Major shareholder | 1.8% | 2026-03-31 |
| NORTHERN TRUST CO.(AVFC) RE USL NON TREATY CLIENTS ACCOUNT | Major shareholder | 1.5% | 2026-03-31 |
| 大和証券株式会社 | Major shareholder | 0.7% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第14期(2025/04/01－2026/03/31) | S100YN9T | 2026-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YN9T,, |
| 有価証券報告書－第13期(2024/04/01－2025/03/31) | S100W6AS | 2025-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W6AS,, |
| 有価証券報告書－第12期(2023/04/01－2024/03/31) | S100TR97 | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TR97,, |
| 訂正有価証券報告書－第11期(2022/04/01－2023/03/31) | S100S1SA | 2023-10-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100S1SA,, |
| 有価証券報告書－第10期(令和3年4月1日－令和4年3月31日) | S100OJ3M | 2022-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OJ3M,, |
| 有価証券報告書－第9期(令和2年4月1日－令和3年3月31日) | S100LSNT | 2021-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LSNT,, |

## 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).