# eGuarantee,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26期(2025/04/01－2026/03/31) (S100YKOI)
> Page: https://vizora.meequs.com/en/company/eguarantee
> Retrieved: 2026-09-30T21:06:45.347Z

## Company

eGuarantee, founded in 2000, is a company in Non-life Insurance listed on TSE Prime. It has 194 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | eGuarantee,Inc. |
| Ticker | 8771 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8771.T) |
| Listing | TSE Prime |
| Head office | 東京都港区赤坂五丁目3番1号 |
| Representative (per filing) | 代表取締役社長 江藤公則 |
| Founded | Sep 2000 |
| Share capital | ¥3.99B |
| Employees (consolidated) | 194 |
| Average salary (parent only) | ¥6.3M |
| Fiscal year end | March |
| Website | www.eguarantee.co.jp (https://www.eguarantee.co.jp/) |
| Corporate number | 1011001047318 |
| EDINET | E05665 |
| Industries (Vizora) | Non-life Insurance |

> Profile source: annual securities report (S100YKOI, filed 2026-06-25). As of filing

## Key points (generated from figures)

- eGuarantee brought in ¥11B in revenue.
- Out of every ¥100 of sales, about ¥47 is left as operating profit.
- Revenue changed +7.9% from the prior year, operating profit +1.9%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥11029534000 → ¥3672080000
- Net income → operating cash flow: ¥3672080000 → ¥4013325000（difference ¥341245000）
- Main uses of operating cash flow: CapEx ¥160460000 / dividends ¥1773230000 / buybacks ¥5999901000
- Change in cash: ¥-2501705000
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 | ¥11B |  |
| Operating income | ¥5.2B | Margin 47.2% |
| Net income | ¥3.59B | Margin 32.5% |
| Free cash flow | ¥3.85B |  |
| Employees (consolidated) | 194 |  |
| EPS | ¥77.9 |  |
| Diluted EPS | ¥77.09 |  |
| Book value per share | ¥455.22 |  |
| Equity ratio | 68.8% |  |
| Shares outstanding | 45,335,467 |  |
| Treasury shares | 918,800 |  |
| Shareholders | 7,470 |  |
| Average salary (parent only) | ¥6.3M | Filing company only |
| Cash ratio | 29.6% | Cash ÷ revenue 79.0% |
| Vs. industry median margin | +37.9 pp | Non-life Insurance |
| ROE | 16.2% | Derived from disclosed figures |
| ROA | 11.5% | Derived from disclosed figures |

## Notable figures

- FY2026, buybacks were 3.4× dividends
- FY2026, operating income keeps 47 per ¥100 of revenue
- FY2026, cash is 30% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥7194885000 | ¥11029534000 | +53.3% |
| Operating income | ¥3088846000 | ¥5201333000 | +68.4% |
| Operating margin | 42.9% | 47.2% | +4.2 pp |
| Employees | 161 people | 194 people | +20.5% |
| Cash and equivalents | ¥11644392000 | ¥8713611000 | -25.2% |

### 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 | 11,030 | 100.0% | S100YKOI |
| Cost of revenue | 2,957 | 26.8% | S100YKOI |
| Gross profit | 8,073 | 73.2% | S100YKOI |
| SG&A | 2,872 | 26.0% | S100YKOI |
| Operating income | 5,201 | 47.2% | S100YKOI |
| Ordinary income | 5,303 | 48.1% | S100YKOI |
| Pretax income | 5,274 | 47.8% | S100YKOI |
| Income tax | 1,602 | 14.5% | S100YKOI |
| Net income | 3,672 | 33.3% | S100YKOI |
| Net income attributable to owners | 3,590 | 32.5% | S100YKOI |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 27 |
| SG&A | 26 |
| Operating income | 47 |
| (Ref.) Net income | 33 |

### Margin funnel

Gross margin 73.2% → Operating margin 47.2% → Net margin 32.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +7.9%; Core profit growth: +1.9%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.24×
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 | 10,224 | 11,030 | 805 | +7.9% |
| Gross profit | 7,819 | 8,073 | 254 | +3.3% |
| Operating income | 5,104 | 5,201 | 98 | +1.9% |
| Net income attributable to owners | 3,491 | 3,590 | 99 | +2.8% |
| Operating cash flow | 4,102 | 4,013 | -88 | -2.2% |
| Free cash flow | 3,918 | 3,853 | -65 | -1.7% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 5,957 | 2,719 | 45.6% | 2,301 | 1,036 | 952 | S100LUFW |
| FY ending Mar 2021 | 7,195 | 3,089 | 42.9% | 2,004 | 4,694 | 4,619 | S100OL2K |
| FY ending Mar 2022 | 7,895 | 3,732 | 47.3% | 2,463 | 2,663 | 2,557 | S100R95J |
| FY ending Mar 2023 | 8,495 | 4,151 | 48.9% | 2,865 | 3,238 | 2,728 | S100TVLL |
| FY ending Mar 2024 | 9,165 | 4,850 | 52.9% | 3,263 | 3,132 | 2,918 | S100W6OX |
| FY ending Mar 2025 | 10,224 | 5,104 | 49.9% | 3,491 | 4,102 | 3,918 | S100YKOI |
| FY ending Mar 2026 | 11,030 | 5,201 | 47.2% | 3,590 | 4,013 | 3,853 | S100YKOI |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥56.9M |
| Operating income per employee (consolidated) | ¥26.8M |
| Net income per employee (consolidated) | ¥18.5M |

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) | 170 | 192 | 190 | 184 | 194 |
| Average salary (parent company) | ¥5.9M | ¥5.9M | ¥6.3M | ¥6.1M | ¥6.3M |
| Average age (parent company) | 32.3 years | 31.4 years | 31.5 years | 31.5 years | 31.0 years |
| Average tenure (parent company) | 5.4 years | 5.2 years | 5.6 years | 5.9 years | 5.8 years |

Year over year: Employees (consolidated) +5.4% · Revenue (consolidated) +7.9%

## 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 | 4,013 | 36.4% | S100YKOI |
| Capital expenditure | 160 | 1.5% | S100YKOI |
| Free cash flow | 3,853 | 34.9% | 算出 |
| Investing cash flow | 1,223 | 11.1% | S100YKOI |
| Financing cash flow | -7,738 | -70.2% | S100YKOI |
| Dividends paid | 1,773 | 16.1% | S100YKOI |
| Share buyback | 6,000 | 54.4% | S100YKOI |
| Change in cash | -2,502 | -22.7% | S100YKOI |
| Cash and equivalents | 8,714 | 79.0% | S100YKOI |

## 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 | 12,395 | 10,727 | 8,244 | 11,215 | 8,714 | S100TVLL, S100W6OX, S100YKOI |
| Total assets | 25,256 | 27,998 | 30,109 | 33,014 | 29,398 | S100R95J, S100TVLL, S100W6OX, S100YKOI |
| Net assets | 19,717 | 21,999 | 24,127 | 26,391 | 22,424 | S100TVLL, S100W6OX, S100YKOI |
| Share capital | 3,510 | 3,781 | 3,873 | 3,975 | 3,991 | S100R95J, S100TVLL, S100W6OX, S100YKOI |
| Property, plant and equipment | 1,381 | 1,777 | 1,882 | 1,976 | 1,975 | S100R95J, S100TVLL, S100W6OX, S100YKOI |
| Intangible assets excluding goodwill | 125 | 135 | 149 | 117 | 146 | S100R95J, S100TVLL, S100W6OX, S100YKOI |
| Investment securities | 3,427 | 6,412 | 9,611 | 11,289 | 11,297 | S100R95J, S100TVLL, S100W6OX, S100YKOI |
| Current assets | 19,696 | 19,037 | 17,872 | 18,907 | 15,124 | S100R95J, S100TVLL, S100W6OX, S100YKOI |
| Current liabilities | 5,424 | 5,884 | 5,867 | 6,508 | 6,859 | S100R95J, S100TVLL, S100W6OX, S100YKOI |
| Total liabilities | 5,539 | 5,999 | 5,982 | 6,623 | 6,974 | S100R95J, S100TVLL, S100W6OX, S100YKOI |
| Non-controlling interests | 1,404 | 1,488 | 1,787 | 2,027 | 2,045 | S100R95J, S100TVLL, S100W6OX, S100YKOI |
| Equity attributable to owners of parent | 18,158 | 20,348 | 22,180 | 24,206 | 20,223 | S100R95J, S100TVLL, S100W6OX, S100YKOI |
| Retained earnings | 11,729 | 13,376 | 15,025 | 16,847 | 14,319 | S100R95J, S100TVLL, S100W6OX, S100YKOI |
| Treasury stock | -1 | -1 | -1 | -1 | -1,489 | S100R95J, S100TVLL, S100W6OX, S100YKOI |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 30% | S100YKOI |
| Property, plant and equipment | 7% | S100YKOI |
| Intangibles and goodwill | 0% | S100YKOI |
| Investment securities | 38% | S100YKOI |
| Other assets | 25% | S100YKOI |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 24% | S100YKOI |
| Equity | 76% | S100YKOI |
| Other liabilities | 0% | S100YKOI |

### 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 | 25,256 | 27,998 | 30,109 | 33,014 | 29,398 |
| Equity | 19,717 | 21,999 | 24,127 | 26,391 | 22,424 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 12,395 | 10,727 | 8,244 | 11,215 | 8,714 |

## 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) | 17.9% | S100YKOI |
| Fixed assets ÷ total assets | 6.7% | S100YKOI |
| Goodwill ÷ parent equity | — | —, S100YKOI |

### 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) | 29.6% |
| Cash ÷ revenue | 79.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 77.2% |
| Cash vs. profit gap | 424 JPY mn (of net income 11.8%) |
| Shareholder returns / net income | 216.5% |
| Shareholder returns / FCF | 201.7% |
| Shareholder payments — dividends / net income | 49.4% |
| Shareholder payments — dividends / FCF | 46.0% |
| CapEx intensity (capex ÷ revenue) | 1.5% |
| Investing CF relative to operating CF | 30.5% |

## 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 | 31.2% | 0.31× | 9.8% | 1.39× | 13.6% | S100R95J |
| 2023 | 33.7% | 0.32× | 10.8% | 1.38× | 14.9% | S100TVLL |
| 2024 | 35.6% | 0.32× | 11.2% | 1.37× | 15.3% | S100W6OX |
| 2025 | 34.1% | 0.32× | 11.1% | 1.36× | 15.1% | S100YKOI |
| 2026 | 32.5% | 0.35× | 11.5% | 1.40× | 16.2% | S100YKOI |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 伊藤忠商事株式会社 | Major shareholder | 14.2% | 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 | 10.6% | 2026-03-31 |
| GOLDMAN，SACHS INTERNATIONAL(ゴールドマン・サックス証券株式会社) | Major shareholder | 7.6% | 2026-03-31 |
| 江藤 公則 | Major shareholder | 7.1% | 2026-03-31 |
| 株式会社帝国データバンク | Major shareholder | 6.4% | 2026-03-31 |
| 株式会社日本カストディ銀行(信託口) | Major shareholder | 4.5% | 2026-03-31 |
| 株式会社ＮＴＴデータ | Major shareholder | 3.2% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505301(株式会社みずほ銀行決済営業部) | Major shareholder | 3.0% | 2026-03-31 |
| TCV MATSU FUND(香港上海銀行東京支店) | Major shareholder | 2.7% | 2026-03-31 |
| MSIP CLIENT SECURITIES (モルガン・スタンレーMUFG証券株式会社) | Major shareholder | 2.3% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第26期(2025/04/01－2026/03/31) | S100YKOI | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YKOI,, |
| 有価証券報告書－第25期(2024/04/01－2025/03/31) | S100W6OX | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W6OX,, |
| 有価証券報告書－第24期(2023/04/01－2024/03/31) | S100TVLL | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TVLL,, |
| 有価証券報告書－第23期(2022/04/01－2023/03/31) | S100R95J | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R95J,, |
| 有価証券報告書－第22期(令和3年4月1日－令和4年3月31日) | S100OL2K | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OL2K,, |
| 有価証券報告書－第21期(令和2年4月1日－令和3年3月31日) | S100LUFW | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LUFW,, |

## 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).