# Entrust 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21期(2025/04/01－2026/03/31) (S100YECQ)
> Page: https://vizora.meequs.com/en/company/entrust
> Retrieved: 2026-09-30T20:56:33.365Z

## Company

Entrust is a company in Credit Cards & Consumer Credit listed on TSE Standard. It has 308 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Entrust Inc. |
| Ticker | 7191 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7191.T) |
| Listing | TSE Standard |
| Head office | 東京都千代田区麹町一丁目4番地 |
| Representative (per filing) | 代表取締役社長執行役員 桑原 豊 |
| Share capital | ¥1.05B |
| Employees (consolidated) | 308 |
| Average salary (parent only) | ¥5.2M |
| Fiscal year end | March |
| Website | www.entrust-inc.jp (https://www.entrust-inc.jp/) |
| Corporate number | 6010001133718 |
| EDINET | E32763 |
| Industries (Vizora) | Credit Cards & Consumer Credit |

> Profile source: annual securities report (S100YECQ, filed 2026-06-19). As of filing

## Key points (generated from figures)

- Entrust brought in ¥12.3B in revenue.
- Out of every ¥100 of sales, about ¥23 is left as operating profit.
- Revenue changed +16.2% from the prior year, operating profit +18.8%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥12283305000 → ¥1744164000
- Net income → operating cash flow: ¥1744164000 → ¥1690380000（difference ¥-53784000）
- Main uses of operating cash flow: CapEx ¥148147000 / dividends ¥670992000 / buybacks ¥37000
- Change in cash: ¥407101000
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 | ¥12.3B |  |
| Operating income | ¥2.77B | Margin 22.5% |
| Net income | ¥1.74B | Margin 14.2% |
| Free cash flow | ¥1.54B |  |
| Employees (consolidated) | 308 |  |
| EPS | ¥78.94 |  |
| Diluted EPS | ¥78.79 |  |
| Book value per share | ¥370.76 |  |
| Equity ratio | 63.1% |  |
| Shares outstanding | 22,373,222 |  |
| Treasury shares | 100 |  |
| Shareholders | 9,530 |  |
| Average salary (parent only) | ¥5.2M | Filing company only |
| Cash ratio | 56.2% | Cash ÷ revenue 58.9% |
| Vs. industry median margin | +4.4 pp | Credit Cards & Consumer Credit |
| ROE | 23.4% | Derived from disclosed figures |
| ROA | 14.5% | Derived from disclosed figures |

## Notable figures

- FY2026, cash is 56% of total assets

## What changed in 5 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥4203625000 | ¥12283305000 | — |
| Operating income | ¥1149933000 | ¥2766795000 | — |
| Operating margin | 27.4% | 22.5% | -4.8 pp |
| Employees | 121 people | 308 people | — |
| Cash and equivalents | ¥3075912000 | ¥7229727000 | — |

### 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 | 12,283 | 100.0% | S100YECQ |
| Cost of revenue | 6,768 | 55.1% | S100YECQ |
| Gross profit | 5,515 | 44.9% | S100YECQ |
| SG&A | 2,748 | 22.4% | S100YECQ |
| Operating income | 2,767 | 22.5% | S100YECQ |
| Ordinary income | 2,797 | 22.8% | S100YECQ |
| Pretax income | 2,827 | 23.0% | S100YECQ |
| Income tax | 1,082 | 8.8% | S100YECQ |
| Net income | 1,744 | 14.2% | S100YECQ |
| Net income attributable to owners | 1,744 | 14.2% | S100YECQ |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 55 |
| SG&A | 22 |
| Operating income | 23 |
| (Ref.) Net income | 14 |

### Margin funnel

Gross margin 44.9% → Operating margin 22.5% → Net margin 14.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +16.2%; Core profit growth: +18.8%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.16×
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 | 10,573 | 12,283 | 1,710 | +16.2% |
| Gross profit | 4,983 | 5,515 | 533 | +10.7% |
| Operating income | 2,330 | 2,767 | 437 | +18.8% |
| Net income attributable to owners | 1,360 | 1,744 | 384 | +28.2% |
| Operating cash flow | 1,536 | 1,690 | 155 | +10.1% |
| Free cash flow | 1,458 | 1,542 | 84 | +5.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 3,627 | 1,022 | 28.2% | 687 | 560 | 467 | S100LKEX |
| FY ending Mar 2021 | 4,204 | 1,150 | 27.4% | 761 | 551 | 391 | S100OCXY |
| FY ending Mar 2022 | 4,944 | 1,184 | 24.0% | 780 | 619 | 527 | S100R0ZB |
| FY ending Mar 2023 | 6,492 | 1,627 | 25.1% | 1,005 | 2,784 | 2,757 | S100R0ZB |
| FY ending Mar 2024 | 8,972 | 2,074 | 23.1% | 1,227 | 289 | 148 | S100W0IL |
| FY ending Mar 2025 | 10,573 | 2,330 | 22.0% | 1,360 | 1,536 | 1,458 | S100YECQ |
| FY ending Mar 2026 | 12,283 | 2,767 | 22.5% | 1,744 | 1,690 | 1,542 | S100YECQ |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥39.9M |
| Operating income per employee (consolidated) | ¥9M |
| Net income per employee (consolidated) | ¥5.7M |

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) | 131 | 150 | 177 | 201 | 308 |
| Average salary (parent company) | ¥4.9M | ¥4.9M | ¥5M | ¥5.1M | ¥5.2M |
| Average age (parent company) | 38.8 years | 37.5 years | 37.5 years | 37.6 years | 38.6 years |
| Average tenure (parent company) | 4.9 years | 4.6 years | 4.4 years | 4.2 years | 4.1 years |

Year over year: Employees (consolidated) +53.2% · Revenue (consolidated) +16.2%

## 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 | 1,690 | 13.8% | S100YECQ |
| Capital expenditure | 148 | 1.2% | S100YECQ |
| Free cash flow | 1,542 | 12.6% | 算出 |
| Investing cash flow | -551 | -4.5% | S100YECQ |
| Financing cash flow | -733 | -6.0% | S100YECQ |
| Dividends paid | 671 | 5.5% | S100YECQ |
| Share buyback | 0 | 0.0% | S100YECQ |
| Change in cash | 407 | 3.3% | S100YECQ |
| Cash and equivalents | 7,230 | 58.9% | S100YECQ |

## 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 | 3,268 | 5,687 | 5,663 | 6,823 | 7,230 | S100R0ZB, S100YECQ |
| Total assets | 6,326 | 7,976 | 9,653 | 11,262 | 12,853 | S100R0ZB, S100W0IL, S100YECQ |
| Net assets | 4,454 | 5,210 | 6,106 | 6,970 | 8,135 | S100R0ZB, S100YECQ |
| Share capital | 1,044 | 1,045 | 1,045 | 1,050 | 1,050 | S100R0ZB, S100W0IL, S100YECQ |
| Property, plant and equipment | 96 | 115 | 160 | 184 | 230 | S100R0ZB, S100W0IL, S100YECQ |
| Intangible assets excluding goodwill | 250 | 218 | 223 | 312 | 713 | S100R0ZB, S100W0IL, S100YECQ |
| Goodwill | — | — | 32 | 106 | 468 | S100W0IL, S100YECQ |
| Investment securities | 412 | 488 | 511 | 382 | 467 | S100R0ZB, S100W0IL, S100YECQ |
| Current assets | 5,310 | 6,872 | 8,439 | 10,005 | 11,061 | S100R0ZB, S100W0IL, S100YECQ |
| Current liabilities | 1,775 | 2,655 | 3,393 | 4,109 | 4,506 | S100R0ZB, S100W0IL, S100YECQ |
| Total liabilities | 1,871 | 2,766 | 3,548 | 4,292 | 4,718 | S100R0ZB, S100W0IL, S100YECQ |
| Equity attributable to owners of parent | 4,459 | 5,174 | 6,044 | 6,932 | 8,005 | S100R0ZB, S100W0IL, S100YECQ |
| Retained earnings | 2,583 | 3,298 | 4,167 | 5,046 | 6,119 | S100R0ZB, S100W0IL, S100YECQ |
| Treasury stock | -0 | -0 | -0 | -0 | -0 | S100R0ZB, S100W0IL, S100YECQ |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 56% | S100YECQ |
| Property, plant and equipment | 2% | S100YECQ |
| Intangibles and goodwill | 9% | S100YECQ |
| Investment securities | 4% | S100YECQ |
| Other assets | 29% | S100YECQ |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 37% | S100YECQ |
| Equity | 63% | S100YECQ |
| Other liabilities | 0% | S100YECQ |

### 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 | 6,326 | 7,976 | 9,653 | 11,262 | 12,853 |
| Equity | 4,454 | 5,210 | 6,106 | 6,970 | 8,135 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 3,268 | 5,687 | 5,663 | 6,823 | 7,230 |

## 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) | 1.9% | S100YECQ |
| Fixed assets ÷ total assets | 1.8% | S100YECQ |
| Goodwill ÷ parent equity | 5.8% | S100YECQ |

### 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) | 56.2% |
| Cash ÷ revenue | 58.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 61.1% |
| Cash vs. profit gap | -54 JPY mn (of net income -3.1%) |
| Shareholder returns / net income | 38.5% |
| Shareholder returns / FCF | 43.5% |
| Shareholder payments — dividends / net income | 38.5% |
| Shareholder payments — dividends / FCF | 43.5% |
| CapEx intensity (capex ÷ revenue) | 1.2% |
| Investing CF relative to operating CF | 32.6% |

## 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 | 15.8% | 0.78× | 12.3% | 1.42× | 17.5% | S100R0ZB |
| 2023 | 15.5% | 0.91× | 14.1% | 1.48× | 20.9% | S100R0ZB |
| 2024 | 13.7% | 0.93× | 12.7% | 1.60× | 20.3% | S100W0IL |
| 2025 | 12.9% | 1.01× | 13.0% | 1.61× | 21.0% | S100YECQ |
| 2026 | 14.2% | 1.02× | 14.5% | 1.61× | 23.4% | S100YECQ |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| Prestige International（S）Pte Ltd.(常任代理人 みずほ証券株式会社) | Major shareholder | 56.8% | 2026-03-31 |
| 桑原 豊 | Major shareholder | 3.7% | 2026-03-31 |
| 榊原 三郎 | Major shareholder | 2.5% | 2026-03-31 |
| 株式会社桑原トラスト | Major shareholder | 2.2% | 2026-03-31 |
| 株式会社トリニティジャパン | Major shareholder | 1.5% | 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 | 0.8% | 2026-03-31 |
| 榊原 幸子 | Major shareholder | 0.7% | 2026-03-31 |
| BNYM SA/NV FOR BNYM FOR BNYM GCM CLIENT ACCTS M ILM FE(常任代理人 株式会社三菱UFJ銀行) | Major shareholder | 0.6% | 2026-03-31 |
| 青島 正章 | Major shareholder | 0.5% | 2026-03-31 |
| 株式会社日本カストディ銀行(信託口) | Major shareholder | 0.5% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第21期(2025/04/01－2026/03/31) | S100YECQ | 2026-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YECQ,, |
| 有価証券報告書－第20期(2024/04/01－2025/03/31) | S100W0IL | 2025-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W0IL,, |
| 有価証券報告書－第19期(2023/04/01－2024/03/31) | S100TQ2K | 2024-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TQ2K,, |
| 有価証券報告書－第18期(2022/04/01－2023/03/31) | S100R0ZB | 2023-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R0ZB,, |
| 有価証券報告書－第17期(令和3年4月1日－令和4年3月31日) | S100OCXY | 2022-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OCXY,, |
| 有価証券報告書－第16期(令和2年4月1日－令和3年3月31日) | S100LKEX | 2021-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LKEX,, |

## 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).