# ES NETWORKS CO., LTD.: business model and financials

> Latest period: FY ending Dec 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第27期(2025/01/01－2025/12/31) (S100XS2Y)
> Page: https://vizora.meequs.com/en/company/es-networks
> Retrieved: 2026-09-30T20:25:09.328Z

## Company

ES Networks, founded in 1999, is a company in Consulting listed on TSE Growth. It has 279 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | ES NETWORKS CO., LTD. |
| Ticker | 5867 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5867.T) |
| Listing | TSE Growth |
| Head office | 東京都千代田区丸の内二丁目7番2号 JPタワー23階 |
| Representative (per filing) | 代表取締役社長 高畠 義紀 |
| Founded | Oct 1999 |
| Share capital | ¥636.3M |
| Employees (consolidated) | 279 |
| Average salary (parent only) | ¥9.3M |
| Fiscal year end | December |
| Corporate number | 7010401041874 |
| EDINET | E38078 |
| Industries (Vizora) | Consulting |

> Profile source: annual securities report (S100XS2Y, filed 2026-03-19). As of filing

## Five-axis industry profile

Primary industry: Consulting (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 37.1 | 31 |
| Profitability | 39.8 | 44 |
| Cash conversion | 28.4 | 44 |
| Efficiency | 69.3 | 44 |

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)

- ES Networks brought in ¥3.42B in revenue.
- Out of every ¥100 of sales, about ¥9 is left as operating profit.
- Revenue changed +15.9% from the prior year, operating profit +1.4%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥3418693000 → ¥225625000
- Net income → operating cash flow: ¥225625000 → ¥210652000（difference ¥-14973000）
- Main uses of operating cash flow: CapEx ¥7365000 / dividends ¥134678000 / buybacks —
- Change in cash: ¥121967000
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 | ¥3.42B |  |
| Operating income | ¥306.3M | Margin 9.0% |
| Net income | ¥217.5M | Margin 6.4% |
| Free cash flow | ¥203.3M |  |
| Employees (consolidated) | 279 |  |
| EPS | ¥61.58 |  |
| Book value per share | ¥530.22 |  |
| Equity ratio | 65.1% |  |
| Shares outstanding | 3,148,100 |  |
| Treasury shares | 12,000 |  |
| Shareholders | 886 |  |
| Average salary (parent only) | ¥9.3M | Filing company only |
| Cash ratio | 51.4% | Cash ÷ revenue 40.4% |
| Vs. industry median margin | -0.6 pp | Consulting |
| ROE | 13.7% | Derived from disclosed figures |
| ROA | 8.8% | Derived from disclosed figures |

## Notable figures

- FY2025, cash is 51% of total assets

## What changed in 3 years

| Metric | FY ending Dec 2022 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥2649914000 | ¥3418693000 | +29.0% |
| Operating income | ¥198767000 | ¥306286000 | +54.1% |
| Operating margin | 7.5% | 9.0% | +1.5 pp |
| Employees | 231 people | 279 people | +20.8% |
| Cash and equivalents | ¥1333342000 | ¥1380687000 | +3.6% |

### Change in segment revenue mix

Span: FY ending Dec 2022 → FY ending Dec 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 3,419 | 100.0% | S100XS2Y |
| Cost of revenue | 1,901 | 55.6% | S100XS2Y |
| Gross profit | 1,518 | 44.4% | S100XS2Y |
| SG&A | 1,211 | 35.4% | S100XS2Y |
| Operating income | 306 | 9.0% | S100XS2Y |
| Ordinary income | 337 | 9.9% | S100XS2Y |
| Pretax income | 353 | 10.3% | S100XS2Y |
| Income tax | 127 | 3.7% | S100XS2Y |
| Net income | 226 | 6.6% | S100XS2Y |
| Net income attributable to owners | 218 | 6.4% | S100XS2Y |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 56 |
| SG&A | 35 |
| Operating income | 9 |
| (Ref.) Net income | 6 |

### Margin funnel

Gross margin 44.4% → Operating margin 9.0% → Net margin 6.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +15.9%; Core profit growth: +1.4%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.09×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 2,951 | 3,419 | 468 | +15.9% |
| Gross profit | 1,343 | 1,518 | 175 | +13.1% |
| Operating income | 302 | 306 | 4 | +1.4% |
| Net income attributable to owners | 302 | 218 | -84 | -27.9% |
| Operating cash flow | 375 | 211 | -164 | -43.8% |
| Free cash flow | 369 | 203 | -166 | -44.9% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2022 | 2,650 | 199 | 7.5% | 143 | 132 | 131 | S100T6JW |
| FY ending Dec 2023 | 2,711 | 269 | 9.9% | 137 | 124 | -48 | S100VGEO |
| FY ending Dec 2024 | 2,951 | 302 | 10.2% | 302 | 375 | 369 | S100XS2Y |
| FY ending Dec 2025 | 3,419 | 306 | 9.0% | 218 | 211 | 203 | S100XS2Y |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥12.3M |
| Operating income per employee (consolidated) | ¥1.1M |
| Net income per employee (consolidated) | ¥779.7K |

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

| History | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 231 | 221 | 231 | 279 |
| Average salary (parent company) | — | ¥8.7M | ¥9.6M | ¥9.3M |
| Average age (parent company) | — | 33.9 years | 33.6 years | 33.2 years |
| Average tenure (parent company) | — | 4.6 years | 4.8 years | 4.6 years |

Year over year: Employees (consolidated) +20.8% · Revenue (consolidated) +15.9%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 211 | 6.2% | S100XS2Y |
| Capital expenditure | 7 | 0.2% | S100XS2Y |
| Free cash flow | 203 | 5.9% | 算出 |
| Investing cash flow | -72 | -2.1% | S100XS2Y |
| Financing cash flow | -17 | -0.5% | S100XS2Y |
| Dividends paid | 135 | 3.9% | S100XS2Y |
| Change in cash | 122 | 3.6% | S100XS2Y |
| Cash and equivalents | 1,381 | 40.4% | S100XS2Y |

## 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 Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,333 | 1,099 | 1,260 | 1,381 | S100VGEO, S100XS2Y |
| Total assets | 2,380 | 2,218 | 2,282 | 2,686 | S100T6JW, S100VGEO, S100XS2Y |
| Net assets | 1,259 | 1,396 | 1,572 | 1,825 | S100VGEO, S100XS2Y |
| Share capital | 567 | 567 | 567 | 636 | S100T6JW, S100VGEO, S100XS2Y |
| Property, plant and equipment | 42 | 185 | 166 | 160 | S100T6JW, S100VGEO, S100XS2Y |
| Intangible assets excluding goodwill | 2 | 1 | 1 | 97 | S100T6JW, S100VGEO, S100XS2Y |
| Goodwill | — | — | — | 54 | S100XS2Y |
| Investment securities | 271 | 270 | 128 | 70 | S100T6JW, S100VGEO, S100XS2Y |
| Current assets | 1,730 | 1,576 | 1,798 | 2,003 | S100T6JW, S100VGEO, S100XS2Y |
| Current liabilities | 700 | 595 | 656 | 593 | S100T6JW, S100VGEO, S100XS2Y |
| Long-term borrowings | 421 | 227 | 54 | 268 | S100T6JW, S100VGEO, S100XS2Y |
| Total liabilities | 1,121 | 823 | 710 | 861 | S100T6JW, S100VGEO, S100XS2Y |
| Non-controlling interests | 45 | 61 | 68 | 74 | S100T6JW, S100VGEO, S100XS2Y |
| Equity attributable to owners of parent | 1,214 | 1,272 | 1,457 | 1,724 | S100T6JW, S100VGEO, S100XS2Y |
| Retained earnings | 562 | 542 | 702 | 780 | S100T6JW, S100VGEO, S100XS2Y |
| Treasury stock | -162 | -84 | -59 | -8 | S100T6JW, S100VGEO, S100XS2Y |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 51% | S100XS2Y |
| Property, plant and equipment | 6% | S100XS2Y |
| Intangibles and goodwill | 6% | S100XS2Y |
| Investment securities | 3% | S100XS2Y |
| Other assets | 34% | S100XS2Y |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 32% | S100XS2Y |
| Equity | 68% | S100XS2Y |
| Other liabilities | 0% | S100XS2Y |

### Balance sheet history

| Metric | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: |
| Total assets | 2,380 | 2,218 | 2,282 | 2,686 |
| Equity | 1,259 | 1,396 | 1,572 | 1,825 |
| Interest-bearing debt | — | — | — | — |
| Cash | 1,333 | 1,099 | 1,260 | 1,381 |

## 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) | 4.7% | S100XS2Y |
| Fixed assets ÷ total assets | 5.9% | S100XS2Y |
| Goodwill ÷ parent equity | 3.1% | S100XS2Y |

### 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) | 51.4% |
| Cash ÷ revenue | 40.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 68.8% |
| Cash vs. profit gap | -7 JPY mn (of net income -3.2%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 61.9% |
| Shareholder payments — dividends / FCF | 66.3% |
| CapEx intensity (capex ÷ revenue) | 0.2% |
| Investing CF relative to operating CF | 34.0% |

## 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 | 5.4% | 1.11× | 6.0% | 1.96× | 11.8% | S100T6JW |
| 2023 | 5.0% | 1.18× | 6.0% | 1.85× | 11.0% | S100VGEO |
| 2024 | 10.2% | 1.31× | 13.4% | 1.65× | 22.1% | S100XS2Y |
| 2025 | 6.4% | 1.38× | 8.8% | 1.56× | 13.7% | S100XS2Y |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社５８ | Major shareholder | 33.4% | 2025-12-31 |
| 株式会社須原屋 | Major shareholder | 16.5% | 2025-12-31 |
| セキュア・ベース株式会社 | Major shareholder | 5.7% | 2025-12-31 |
| 宮部 賢一 | Major shareholder | 4.8% | 2025-12-31 |
| エスネットワークスグループ社員持株会 | Major shareholder | 3.7% | 2025-12-31 |
| 宇野 康秀 | Major shareholder | 2.5% | 2025-12-31 |
| ＯＫＡＳＡＮ ＩＮＴＥＲＮＡＴＩＯＮＡＬ （ＡＳＩＡ） ＬＩＭＩＴＥＤ Ａ／Ｃ ＣＬＩＥＮＴ （常任代理人 岡三証券株式会社） | Major shareholder | 2.3% | 2025-12-31 |
| 須原 伸太郎 | Major shareholder | 1.9% | 2025-12-31 |
| 木地 陽介 | Major shareholder | 1.6% | 2025-12-31 |
| 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 | 1.3% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第27期(2025/01/01－2025/12/31) | S100XS2Y | 2026-03-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XS2Y,, |
| 有価証券報告書－第26期(2024/01/01－2024/12/31) | S100VGEO | 2025-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VGEO,, |
| 有価証券報告書－第25期(2023/01/01－2023/12/31) | S100T6JW | 2024-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T6JW,, |

## 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).