# E-Guardian Inc.: business model and financials

> Latest period: FY ending Sep 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第28期(2024/10/01－2025/09/30) (S100X9H5)
> Page: https://vizora.meequs.com/en/company/e-guardian
> Retrieved: 2026-09-30T21:35:19.227Z

## Company

E-Guardian, founded in 1998, is a company in Business Process Outsourcing listed on TSE Prime. It has 427 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | E-Guardian Inc. |
| Ticker | 6050 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6050.T) |
| Listing | TSE Prime |
| Head office | 東京都港区虎ノ門一丁目2番8号 |
| Representative (per filing) | 代表取締役社長 高谷 康久 |
| Founded | May 1998 |
| Share capital | ¥1.97B |
| Employees (consolidated) | 427 |
| Average salary (parent only) | ¥4.7M |
| Fiscal year end | September |
| Website | kmasterplus.pronexus.co.jp (https://kmasterplus.pronexus.co.jp/) |
| Corporate number | 2010401066249 |
| EDINET | E24917 |
| Industries (Vizora) | Business Process Outsourcing |

> Profile source: annual securities report (S100X9H5, filed 2025-12-10). As of filing

## Five-axis industry profile

Primary industry: Business Process Outsourcing (2025-09-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 41.7 | 18 |
| Profitability | 92.9 | 21 |
| Cash conversion | 14.7 | 17 |
| Efficiency | 11.9 | 21 |

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)

- E-Guardian brought in ¥11.3B in revenue.
- Out of every ¥100 of sales, about ¥13 is left as operating profit.
- Revenue changed -0.6% from the prior year, operating profit -11.8%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥11321381000 → ¥943188000
- Net income → operating cash flow: ¥943188000 → ¥1045098000（difference ¥101910000）
- Main uses of operating cash flow: CapEx ¥80855000 / dividends ¥363041000 / buybacks ¥96478000
- Change in cash: ¥584241000
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 | ¥11.3B |  |
| Operating income | ¥1.5B | Margin 13.3% |
| Net income | ¥943.2M | Margin 8.3% |
| Free cash flow | ¥964.2M |  |
| Employees (consolidated) | 427 |  |
| EPS | ¥94.17 |  |
| Book value per share | ¥972.52 |  |
| Equity ratio | 87.8% |  |
| Shares outstanding | 11,933,516 |  |
| Treasury shares | 174,500 |  |
| Shareholders | 26,499 |  |
| Average salary (parent only) | ¥4.7M | Filing company only |
| Cash ratio | 80.0% | Cash ÷ revenue 97.0% |
| Vs. industry median margin | +9.4 pp | Business Process Outsourcing |
| ROE | 8.1% | Derived from disclosed figures |
| ROA | 7.0% | Derived from disclosed figures |

## Notable figures

- FY2025, cash is 80% of total assets

## What changed in 5 years

| Metric | FY ending Sep 2020 | FY ending Sep 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥7785183000 | ¥11321381000 | +45.4% |
| Operating income | ¥1285526000 | ¥1504176000 | +17.0% |
| Operating margin | 16.5% | 13.3% | -3.2 pp |
| Employees | 379 people | 427 people | +12.7% |
| Cash and equivalents | ¥3369161000 | ¥10986379000 | +226.1% |

### Change in segment revenue mix

Span: FY ending Sep 2020 → FY ending Sep 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 11,321 | 100.0% | S100X9H5 |
| Cost of revenue | 8,034 | 71.0% | S100X9H5 |
| Gross profit | 3,288 | 29.0% | S100X9H5 |
| SG&A | 1,783 | 15.8% | S100X9H5 |
| Operating income | 1,504 | 13.3% | S100X9H5 |
| Ordinary income | 1,531 | 13.5% | S100X9H5 |
| Pretax income | 1,502 | 13.3% | S100X9H5 |
| Income tax | 559 | 4.9% | S100X9H5 |
| Net income | 943 | 8.3% | S100X9H5 |
| Net income attributable to owners | 943 | 8.3% | S100X9H5 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 71 |
| SG&A | 16 |
| Operating income | 13 |
| (Ref.) Net income | 8 |

### Margin funnel

Gross margin 29.0% → Operating margin 13.3% → Net margin 8.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -0.6%; Core profit growth: -11.8%
Operating leverage (core profit growth ÷ revenue growth): 19.13×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Sep 2024 → FY ending Sep 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 11,392 | 11,321 | -70 | -0.6% |
| Gross profit | 3,367 | 3,288 | -80 | -2.4% |
| Operating income | 1,706 | 1,504 | -202 | -11.8% |
| Net income attributable to owners | 1,058 | 943 | -115 | -10.8% |
| Operating cash flow | 1,741 | 1,045 | -696 | -40.0% |
| Free cash flow | 1,689 | 964 | -725 | -42.9% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Sep 2019 | 6,536 | 1,168 | 17.9% | 841 | 931 | 852 | S100KEP7 |
| FY ending Sep 2020 | 7,785 | 1,286 | 16.5% | 889 | 1,014 | 857 | S100N3BJ |
| FY ending Sep 2021 | 9,933 | 1,969 | 19.8% | 1,087 | 1,629 | 1,564 | S100PUI1 |
| FY ending Sep 2022 | 11,752 | 2,273 | 19.3% | 1,689 | 1,655 | 1,411 | S100SIRX |
| FY ending Sep 2023 | 11,909 | 1,779 | 14.9% | 1,230 | 1,262 | 1,116 | S100UZJ2 |
| FY ending Sep 2024 | 11,392 | 1,706 | 15.0% | 1,058 | 1,741 | 1,689 | S100X9H5 |
| FY ending Sep 2025 | 11,321 | 1,504 | 13.3% | 943 | 1,045 | 964 | S100X9H5 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥26.5M |
| Operating income per employee (consolidated) | ¥3.5M |
| 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 Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 546 | 388 | 406 | 402 | 427 |
| Average salary (parent company) | ¥5.1M | ¥5.2M | ¥5.2M | ¥4.9M | ¥4.7M |
| Average age (parent company) | 32.5 years | 32.4 years | 32.3 years | 31.9 years | 32.4 years |
| Average tenure (parent company) | 3.6 years | 3.5 years | 3.8 years | 3.8 years | 3.9 years |

Year over year: Employees (consolidated) +6.2% · Revenue (consolidated) -0.6%

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Sep 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 1,045 | 9.2% | S100X9H5 |
| Capital expenditure | 81 | 0.7% | S100X9H5 |
| Free cash flow | 964 | 8.5% | 算出 |
| Investing cash flow | -122 | -1.1% | S100X9H5 |
| Financing cash flow | -340 | -3.0% | S100X9H5 |
| Dividends paid | 363 | 3.2% | S100X9H5 |
| Share buyback | 96 | 0.9% | S100X9H5 |
| Change in cash | 584 | 5.2% | S100X9H5 |
| Cash and equivalents | 10,986 | 97.0% | S100X9H5 |

## 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 Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 3,693 | 4,951 | 5,750 | 10,402 | 10,986 | S100SIRX, S100UZJ2, S100X9H5 |
| Total assets | 6,832 | 8,414 | 9,113 | 13,360 | 13,728 | S100PUI1, S100SIRX, S100UZJ2, S100X9H5 |
| Net assets | 4,910 | 6,483 | 7,386 | 11,404 | 12,053 | S100SIRX, S100UZJ2, S100X9H5 |
| Share capital | 364 | 364 | 364 | 1,968 | 1,968 | S100PUI1, S100SIRX, S100UZJ2, S100X9H5 |
| Property, plant and equipment | 486 | 603 | 640 | 570 | 538 | S100PUI1, S100SIRX, S100UZJ2, S100X9H5 |
| Intangible assets excluding goodwill | 819 | 675 | 544 | 418 | 315 | S100PUI1, S100SIRX, S100UZJ2, S100X9H5 |
| Goodwill | 578 | 481 | 385 | 289 | 193 | S100PUI1, S100SIRX, S100UZJ2, S100X9H5 |
| Current assets | 5,021 | 6,510 | 7,404 | 11,870 | 12,378 | S100PUI1, S100SIRX, S100UZJ2, S100X9H5 |
| Current liabilities | 1,623 | 1,605 | 1,416 | 1,725 | 1,503 | S100PUI1, S100SIRX, S100UZJ2, S100X9H5 |
| Total liabilities | 1,922 | 1,931 | 1,727 | 1,956 | 1,675 | S100PUI1, S100SIRX, S100UZJ2, S100X9H5 |
| Equity attributable to owners of parent | 4,907 | 6,456 | 7,352 | 11,368 | 12,016 | S100PUI1, S100SIRX, S100UZJ2, S100X9H5 |
| Retained earnings | 4,802 | 6,349 | 7,333 | 8,126 | 8,706 | S100PUI1, S100SIRX, S100UZJ2, S100X9H5 |
| Treasury stock | -630 | -639 | -729 | -715 | -634 | S100PUI1, S100SIRX, S100UZJ2, S100X9H5 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 80% | S100X9H5 |
| Property, plant and equipment | 4% | S100X9H5 |
| Intangibles and goodwill | 4% | S100X9H5 |
| Other assets | 12% | S100X9H5 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 12% | S100X9H5 |
| Equity | 88% | S100X9H5 |

### Balance sheet history

| Metric | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 6,832 | 8,414 | 9,113 | 13,360 | 13,728 |
| Equity | 4,910 | 6,483 | 7,386 | 11,404 | 12,053 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 3,693 | 4,951 | 5,750 | 10,402 | 10,986 |

## 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) | 4.8% | S100X9H5 |
| Fixed assets ÷ total assets | 3.9% | S100X9H5 |
| Goodwill ÷ parent equity | 1.6% | S100X9H5 |

Goodwill over 4 years: 578 → 193 JPY; total investing cash flow: -1,423 JPY. This does not imply causation.

### 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) | 80.0% |
| Cash ÷ revenue | 97.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 69.5% |
| Cash vs. profit gap | 102 JPY mn (of net income 10.8%) |
| Shareholder returns / net income | 48.7% |
| Shareholder returns / FCF | 47.7% |
| Shareholder payments — dividends / net income | 38.5% |
| Shareholder payments — dividends / FCF | 37.7% |
| CapEx intensity (capex ÷ revenue) | 0.7% |
| Investing CF relative to operating CF | 11.7% |

## 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 | 10.9% | 1.45× | 15.9% | 1.39× | 22.1% | S100PUI1 |
| 2022 | 14.4% | 1.54× | 22.2% | 1.34× | 29.7% | S100SIRX |
| 2023 | 10.3% | 1.36× | 14.0% | 1.27× | 17.8% | S100UZJ2 |
| 2024 | 9.3% | 1.01× | 9.4% | 1.20× | 11.3% | S100X9H5 |
| 2025 | 8.3% | 0.84× | 7.0% | 1.16× | 8.1% | S100X9H5 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社チェンジホールディングス | Major shareholder | 49.7% | 2025-09-30 |
| 高谷 康久 | Major shareholder | 5.6% | 2025-09-30 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 5.4% | 2025-09-30 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 2.6% | 2025-09-30 |
| 溝辺 裕 | Major shareholder | 1.0% | 2025-09-30 |
| ＭＳＩＰ ＣＬＩＥＮＴ ＳＥＣＵＲＩＴＩＥＳ（常任代理人 モルガン・スタンレーＭＵＦＧ証券株式会社） | Major shareholder | 0.8% | 2025-09-30 |
| 宮坂 誠 | Major shareholder | 0.6% | 2025-09-30 |
| イー・ガーディアン従業員持株会 | Major shareholder | 0.3% | 2025-09-30 |
| 佐々木 靖太 | Major shareholder | 0.3% | 2025-09-30 |
| 株式会社日本カストディ銀行（信託口４） | Major shareholder | 0.2% | 2025-09-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第28期(2024/10/01－2025/09/30) | S100X9H5 | 2025-12-10 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100X9H5,, |
| 有価証券報告書－第27期(2023/10/01－2024/09/30) | S100UZJ2 | 2024-12-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UZJ2,, |
| 有価証券報告書－第26期(2022/10/01－2023/09/30) | S100SIRX | 2023-12-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SIRX,, |
| 有価証券報告書－第25期(令和3年10月1日－令和4年9月30日) | S100PUI1 | 2022-12-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PUI1,, |
| 有価証券報告書－第24期(令和2年10月1日－令和3年9月30日) | S100N3BJ | 2021-12-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100N3BJ,, |
| 有価証券報告書－第23期(令和1年10月1日－令和2年9月30日) | S100KEP7 | 2020-12-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KEP7,, |

## 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).