# Eltes Co., Ltd.: business model and financials

> Latest period: FY ending Feb 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第15期(2025/03/01－2026/02/28) (S100Y6AI)
> Page: https://vizora.meequs.com/en/company/eltes
> Retrieved: 2026-09-30T22:00:59.379Z

## Company

Eltes, founded in 2004, is a company in Cybersecurity listed on TSE Growth. It has 504 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Eltes Co.,Ltd. |
| Ticker | 3967 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3967.T) |
| Listing | TSE Growth |
| Head office | 岩手県紫波郡紫波町紫波中央駅前二丁目3番地94(同所は登記上の本店所在地であり、実際の本社業務は下記「最寄りの連絡場所」で行っております。) |
| Representative (per filing) | 代表取締役社長 菅原 貴弘 |
| Founded | Apr 2004 |
| Share capital | ¥1.27B |
| Employees (consolidated) | 504 |
| Average salary (parent only) | ¥6M |
| Fiscal year end | February |
| Website | eltes.co.jp (https://eltes.co.jp/) |
| Corporate number | 4010401099544 |
| EDINET | E32750 |
| Industries (Vizora) | Cybersecurity, IT Services & System Integration, Real Estate Development & Leasing, Security Services |

> Profile source: annual securities report (S100Y6AI, filed 2026-05-27). As of filing

## Five-axis industry profile

Primary industry: Cybersecurity (2026-02-28)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 97.5 | 20 |
| Profitability | 15.5 | 29 |
| Cash conversion | 1.9 | 27 |
| Efficiency | 81 | 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)

- About 31% of Eltes's sales come from Digital Risk, with AI Security and Smart City making up much of the rest.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed +22.4% from the prior year, operating profit +362.3%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥8.96B |  |
| Operating income | ¥431.4M | Margin 4.8% |
| Net income | -¥168.5M | Margin -1.9% |
| Free cash flow | -¥243.6M |  |
| Largest business | Digital Risk | of segment revenue 30.5% |
| Employees (consolidated) | 504 |  |
| EPS | ¥-5.04 |  |
| Book value per share | ¥422.09 |  |
| Equity ratio | 25.5% |  |
| Shares outstanding | 6,220,880 |  |
| Treasury shares | 37,600 |  |
| Shareholders | 4,668 |  |
| Average salary (parent only) | ¥6M | Filing company only |
| Cash ratio | 25.4% | Cash ÷ revenue 20.2% |
| Vs. industry median margin | -9.6 pp | Cybersecurity |
| ROA | -2.3% | Derived from disclosed figures |

## Notable figures

- FY2026, revenue is 3.3× its level five years ago
- FY2026, one segment accounts for 93% of positive segment profit
- FY2026, segment profit share differs by 62 points

## What changed in 5 years

| Metric | FY ending Feb 2021 | FY ending Feb 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥1989725000 | ¥8958812000 | +350.3% |
| Operating income | ¥-333625000 | ¥431439000 | — |
| Operating margin | -16.8% | 4.8% | +21.6 pp |
| Employees | 235 people | 504 people | +114.5% |
| Cash and equivalents | ¥1021008000 | ¥1814115000 | +77.7% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| デジタルリスク事業 → デジタルリスク事業 | 30.5% |
| デジタルリスク事業 → 事業再編・廃止 | 57.2% |
| AIセキュリティ事業 → AIセキュリティ事業 | 10.1% |
| DX推進事業 → DX推進事業 | 2.2% |
| 新設・再編 → AIセキュリティ事業 | 14.6% |
| 新設・再編 → DX推進事業 | 19.7% |
| 新設・再編 → スマートシティ事業 | 22.9% |

Segment revenue source references: 7 (derived)

## Business growth × margin

X-axis: segment revenue CAGR. Y-axis: latest operating margin. Bubble size: latest revenue. CAGR requires at least two comparable years.

| Segment | CAGR span | Revenue CAGR | Latest revenue | Operating margin | Source refs |
| --- | ---: | ---: | ---: | ---: | ---: |
| Digital Risk | 5 years | +9.4% | ¥2733851000 | 36.3% | 2 |
| AI Security | 5 years | +61.6% | ¥2212836000 | 1.7% | 2 |
| Smart City | 2 years | +14.0% | ¥2049551000 | 0.6% | 2 |
| DX Promotion | 5 years | +114.1% | ¥1962573000 | 1.4% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 8,959 | 100.0% | S100Y6AI |
| Cost of revenue | 5,773 | 64.4% | S100Y6AI |
| Gross profit | 3,185 | 35.6% | S100Y6AI |
| SG&A | 2,754 | 30.7% | S100Y6AI |
| Operating income | 431 | 4.8% | S100Y6AI |
| Ordinary income | 347 | 3.9% | S100Y6AI |
| Pretax income | 88 | 1.0% | S100Y6AI |
| Income tax | 261 | 2.9% | S100Y6AI |
| Net income | -173 | -1.9% | S100Y6AI |
| Net income attributable to owners | -168 | -1.9% | S100Y6AI |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 64 |
| SG&A | 31 |
| Operating income | 5 |
| (Ref.) Net income | -2 |

### Margin funnel

Gross margin 35.6% → Operating margin 4.8% → Net margin -1.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +22.4%; Core profit growth: +362.3%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 16.15×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 7,317 | 8,959 | 1,642 | +22.4% |
| Gross profit | 2,879 | 3,185 | 307 | +10.7% |
| Operating income | 93 | 431 | 338 | +362.3% |
| Net income attributable to owners | -860 | -168 | 692 | — |
| Operating cash flow | 588 | -15 | -603 | -102.5% |
| Free cash flow | 85 | -244 | -329 | -386.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Feb 2020 | 1,964 | 187 | 9.5% | 86 | 217 | 198 | S100LF35 |
| FY ending Feb 2021 | 1,990 | -334 | -16.8% | -530 | -412 | -429 | S100P45X |
| FY ending Feb 2022 | 2,683 | 80 | 3.0% | 128 | 191 | 119 | S100QTUN |
| FY ending Feb 2023 | 4,686 | 203 | 4.3% | 43 | 715 | 568 | S100V3J3 |
| FY ending Feb 2024 | 6,535 | 182 | 2.8% | 257 | -0 | -185 | S100VUVI |
| FY ending Feb 2025 | 7,317 | 93 | 1.3% | -860 | 588 | 85 | S100Y6AI |
| FY ending Feb 2026 | 8,959 | 431 | 4.8% | -168 | -15 | -244 | S100Y6AI |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥17.8M |
| Operating income per employee (consolidated) | ¥856K |
| Net income per employee (consolidated) | -¥334.3K |

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

| History | FY ending Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 229 | 320 | 409 | 466 | 504 |
| Average salary (parent company) | ¥5M | ¥5M | ¥5.5M | ¥5.8M | ¥6M |
| Average age (parent company) | 33.6 years | 33.8 years | 34.1 years | 34.8 years | 35.8 years |
| Average tenure (parent company) | 3.5 years | 3.4 years | 3.8 years | 4.0 years | 4.3 years |

Year over year: Employees (consolidated) +8.2% · Revenue (consolidated) +22.4%

## Segments（FY ending Feb 2026, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Digital Risk | 2,734 | 30.5% | 992 | 36.3% |
| AI Security | 2,213 | 24.7% | 39 | 1.7% |
| DX Promotion | 1,963 | 21.9% | 27 | 1.4% |
| Smart City | 2,050 | 22.9% | 12 | 0.6% |

### segmentMix — Revenue and profit mix

Calculated from disclosed figures (DERIVED). Shares use total segment revenue and total positive segment profit respectively. Difference = profit share − revenue share (pt). Inter-segment sales may prevent reconciliation to company revenue.

| Segment | Revenue share | Profit share | Difference (pt) | Margin |
| --- | ---: | ---: | ---: | ---: |
| Digital Risk | 30.5% | 92.8% | 62.3 | 36.3% |
| AI Security | 24.7% | 3.6% | -21.1 | 1.7% |
| DX Promotion | 21.9% | 2.5% | -19.4 | 1.4% |
| Smart City | 22.9% | 1.1% | -21.8 | 0.6% |

Segment → industry: Digital Risk → Cybersecurity / DX Promotion → IT Services & System Integration / Smart City → Real Estate Development & Leasing / AI Security → Security Services

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -15 | -0.2% | S100Y6AI |
| Capital expenditure | 229 | 2.6% | S100Y6AI |
| Free cash flow | -244 | -2.7% | 算出 |
| Investing cash flow | -310 | -3.5% | S100Y6AI |
| Financing cash flow | -373 | -4.2% | S100Y6AI |
| Change in cash | -698 | -7.8% | S100Y6AI |
| Cash and equivalents | 1,814 | 20.2% | S100Y6AI |

## 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 Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,267 | 1,657 | 1,556 | 2,512 | 1,814 | S100V3J3, S100VUVI, S100Y6AI |
| Total assets | 2,470 | 6,000 | 6,898 | 7,384 | 7,133 | S100QTUN, S100V3J3, S100VUVI, S100Y6AI |
| Net assets | 1,400 | 2,335 | 2,610 | 1,869 | 1,879 | S100V3J3, S100VUVI, S100Y6AI |
| Share capital | 815 | 1,218 | 1,224 | 1,224 | 1,271 | S100QTUN, S100V3J3, S100VUVI, S100Y6AI |
| Trade receivables | 432 | — | — | — | — | S100QTUN |
| Property, plant and equipment | 34 | 40 | 59 | 153 | 108 | S100QTUN, S100V3J3, S100VUVI, S100Y6AI |
| Intangible assets excluding goodwill | 284 | 2,698 | 2,852 | 2,296 | 1,857 | S100QTUN, S100V3J3, S100VUVI, S100Y6AI |
| Goodwill | 230 | 2,577 | 2,604 | 1,878 | 1,609 | S100QTUN, S100V3J3, S100VUVI, S100Y6AI |
| Investment securities | 249 | 511 | 529 | 418 | 456 | S100QTUN, S100V3J3, S100VUVI, S100Y6AI |
| Current assets | 1,783 | 2,509 | 2,927 | 4,068 | 4,332 | S100QTUN, S100V3J3, S100VUVI, S100Y6AI |
| Current liabilities | 432 | 1,339 | 2,039 | 3,079 | 3,373 | S100QTUN, S100V3J3, S100VUVI, S100Y6AI |
| Short-term borrowings | — | 100 | 541 | 700 | 598 | S100V3J3, S100VUVI, S100Y6AI |
| Long-term borrowings | 638 | 2,157 | 2,092 | 2,167 | 1,726 | S100QTUN, S100V3J3, S100VUVI, S100Y6AI |
| Bonds | — | — | — | 100 | — | S100Y6AI |
| Interest-bearing debt | — | — | — | 2,967 | — | 算出 |
| Total liabilities | 1,070 | 3,665 | 4,288 | 5,515 | 5,255 | S100QTUN, S100V3J3, S100VUVI, S100Y6AI |
| Non-controlling interests | — | — | — | 25 | 34 | S100Y6AI |
| Equity attributable to owners of parent | 1,355 | 2,280 | 2,559 | 1,810 | 1,776 | S100QTUN, S100V3J3, S100VUVI, S100Y6AI |
| Retained earnings | -251 | -207 | 51 | -810 | -983 | S100QTUN, S100V3J3, S100VUVI, S100Y6AI |
| Treasury stock | -0 | -0 | -0 | -0 | -0 | S100QTUN, S100V3J3, S100VUVI, S100Y6AI |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 25% | S100Y6AI |
| Property, plant and equipment | 2% | S100Y6AI |
| Intangibles and goodwill | 49% | S100Y6AI |
| Investment securities | 6% | S100Y6AI |
| Other assets | 18% | S100Y6AI |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 74% | S100Y6AI |
| Equity | 26% | S100Y6AI |
| Other liabilities | 0% | S100Y6AI |

### Balance sheet history

| Metric | FY ending Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 2,470 | 6,000 | 6,898 | 7,384 | 7,133 |
| Equity | 1,400 | 2,335 | 2,610 | 1,869 | 1,879 |
| Interest-bearing debt | — | — | — | 2,967 | — |
| Cash | 1,267 | 1,657 | 1,556 | 2,512 | 1,814 |

## 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) | 1.2% | S100Y6AI |
| Fixed assets ÷ total assets | 1.5% | S100Y6AI |
| Goodwill ÷ parent equity | 90.6% | S100Y6AI |

Goodwill over 4 years: 230 → 1,609 JPY; total investing cash flow: -4,553 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) | 25.4% |
| Cash ÷ revenue | 20.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -3.5% |
| Cash vs. profit gap | 154 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 2.6% |
| Investing CF relative to operating CF | — |

## 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 | 4.8% | 1.09× | 5.2% | 1.82× | 9.4% | S100QTUN |
| 2023 | 0.9% | 1.11× | 1.0% | 2.33× | 2.3% | S100V3J3 |
| 2024 | 3.9% | 1.01× | 4.0% | 2.67× | 10.6% | S100VUVI |
| 2025 | — | —× | -12.0% | —× | — | S100Y6AI |
| 2026 | — | —× | -2.3% | —× | — | S100Y6AI |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社TSパートナーズ | Major shareholder | 16.4% | 2026-02-28 |
| 株式会社ラック | Major shareholder | 10.0% | 2026-02-28 |
| 菅原 貴弘 | Major shareholder | 5.1% | 2026-02-28 |
| 三井住友信託銀行株式会社（常任代理人 株式会社日本カストディ銀行） | Major shareholder | 2.7% | 2026-02-28 |
| 楽天証券株式会社共有口 | Major shareholder | 1.6% | 2026-02-28 |
| 富本 耀月 | Major shareholder | 1.5% | 2026-02-28 |
| 株式会社マイナビ | Major shareholder | 1.3% | 2026-02-28 |
| 学校法人国際総合学園 | Major shareholder | 1.0% | 2026-02-28 |
| ドリーム１０号投資事業有限責任組合 無限責任組合員モダンパス合同会社 | Major shareholder | 0.7% | 2026-02-28 |
| 尾下 佳代 | Major shareholder | 0.5% | 2026-02-28 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第15期(2025/03/01－2026/02/28) | S100Y6AI | 2026-05-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y6AI,, |
| 有価証券報告書－第14期(2024/03/01－2025/02/28) | S100VUVI | 2025-05-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VUVI,, |
| 訂正有価証券報告書－第13期(2023/03/01－2024/02/29) | S100V3J3 | 2025-01-16 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100V3J3,, |
| 有価証券報告書－第12期(2022/03/01－2023/02/28) | S100QTUN | 2023-05-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QTUN,, |
| 訂正有価証券報告書－第11期(令和3年3月1日－令和4年2月28日) | S100P45X | 2022-09-01 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100P45X,, |
| 有価証券報告書－第10期(令和2年3月1日－令和3年2月28日) | S100LF35 | 2021-05-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LF35,, |

## 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).