# FFRI Security, 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19期(2025/04/01－2026/03/31) (S100YKWG)
> Page: https://vizora.meequs.com/en/company/ffri-security
> Retrieved: 2026-09-30T18:17:56.110Z

## Company

FFRI Security is a company in Cybersecurity listed on TSE Growth. It has 236 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | FFRI Security, Inc. |
| Ticker | 3692 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3692.T) |
| Listing | TSE Growth |
| Head office | 東京都千代田区丸の内三丁目3番1号 |
| Representative (per filing) | 代表取締役社長 鵜飼 裕司 |
| Share capital | ¥286.1M |
| Employees (consolidated) | 236 |
| Average salary (parent only) | ¥7.7M |
| Fiscal year end | March |
| Website | www.ffri.jp (https://www.ffri.jp/) |
| Corporate number | 3011101046226 |
| EDINET | E30877 |
| Industries (Vizora) | Cybersecurity, IT Services & System Integration |

> Profile source: annual securities report (S100YKWG, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: Cybersecurity (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 87.9 | 29 |
| Cash conversion | 42.6 | 27 |
| Efficiency | 43.1 | 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 92% of FFRI Security's sales come from Cyber Security, with Software Development and Test making up much of the rest.
- Out of every ¥100 of sales, about ¥32 is left as operating profit.
- Revenue changed +43.1% from the prior year, operating profit +67.0%.

## Company structure

- Segment revenue mix: Cyber Security 91.7%、Software Development and Test 8.3%
- Revenue → net income: ¥4348797000 → ¥1099928000
- Net income → operating cash flow: ¥1099928000 → ¥1360247000（difference ¥260319000）
- Main uses of operating cash flow: CapEx ¥71463000 / dividends ¥110369000 / buybacks ¥487000
- Change in cash: ¥1171217000
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 | ¥4.35B |  |
| Operating income | ¥1.36B | Margin 31.4% |
| Net income | ¥1.1B | Margin 25.3% |
| Free cash flow | ¥1.29B |  |
| Largest business | Cyber Security | of segment revenue 91.7% |
| Employees (consolidated) | 236 |  |
| EPS | ¥128.17 |  |
| Book value per share | ¥437.12 |  |
| Equity ratio | 64.3% |  |
| Shares outstanding | 8,190,000 |  |
| Treasury shares | 280,400 |  |
| Shareholders | 11,416 |  |
| Average salary (parent only) | ¥7.7M | Filing company only |
| Cash ratio | 56.7% | Cash ÷ revenue 76.7% |
| Vs. industry median margin | +17 pp | Cybersecurity |
| ROE | 33.5% | Derived from disclosed figures |
| ROA | 21.6% | Derived from disclosed figures |

## Notable figures

- FY2026, revenue is 2.4× its level five years ago
- FY2026, one segment accounts for 98% of positive segment profit
- FY2026, cash is 57% 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 | ¥1618275000 | ¥4348797000 | — |
| Operating income | ¥328716000 | ¥1364233000 | — |
| Operating margin | 20.3% | 31.4% | +11.1 pp |
| Employees | 106 people | 236 people | — |
| Cash and equivalents | ¥2093587000 | ¥3334197000 | — |

### 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.

| Flow | Revenue share |
| --- | ---: |
| 新設・再編 → サイバー・セキュリティ事業 | 91.7% |
| 新設・再編 → ソフトウェア開発・テスト事業 | 8.3% |

Segment revenue source references: 2 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 4,349 | 100.0% | S100YKWG |
| Cost of revenue | 1,708 | 39.3% | S100YKWG |
| Gross profit | 2,640 | 60.7% | S100YKWG |
| SG&A | 1,276 | 29.3% | S100YKWG |
| Operating income | 1,364 | 31.4% | S100YKWG |
| Ordinary income | 1,459 | 33.5% | S100YKWG |
| Pretax income | 1,459 | 33.5% | S100YKWG |
| Income tax | 359 | 8.2% | S100YKWG |
| Net income | 1,100 | 25.3% | S100YKWG |
| Net income attributable to owners | 1,100 | 25.3% | S100YKWG |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 39 |
| SG&A | 29 |
| Operating income | 32 |
| (Ref.) Net income | 25 |

### Margin funnel

Gross margin 60.7% → Operating margin 31.4% → Net margin 25.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +43.1%; Core profit growth: +67.0%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.55×
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 | 3,039 | 4,349 | 1,309 | +43.1% |
| Gross profit | 2,030 | 2,640 | 611 | +30.1% |
| Operating income | 817 | 1,364 | 547 | +67.0% |
| Net income attributable to owners | 687 | 1,100 | 413 | +60.1% |
| Operating cash flow | 641 | 1,360 | 719 | +112.0% |
| Free cash flow | 595 | 1,289 | 694 | +116.5% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 1,601 | 351 | 21.9% | 274 | 193 | — | S100LSWI |
| FY ending Mar 2021 | 1,618 | 329 | 20.3% | 249 | 120 | 75 | S100LSWI |
| FY ending Mar 2022 | 1,779 | 103 | 5.8% | 121 | -16 | -48 | S100R9NC |
| FY ending Mar 2023 | 1,953 | 203 | 10.4% | 187 | 302 | 276 | S100TWFJ |
| FY ending Mar 2024 | 2,447 | 498 | 20.3% | 432 | 391 | 370 | S100W2IK |
| FY ending Mar 2025 | 3,039 | 817 | 26.9% | 687 | 641 | 595 | S100YKWG |
| FY ending Mar 2026 | 4,349 | 1,364 | 31.4% | 1,100 | 1,360 | 1,289 | S100YKWG |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥18.4M |
| Operating income per employee (consolidated) | ¥5.8M |
| Net income per employee (consolidated) | ¥4.7M |

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) | 177 | 186 | 199 | 215 | 236 |
| Average salary (parent company) | ¥6.3M | ¥6.4M | ¥6.6M | ¥7.6M | ¥7.7M |
| Average age (parent company) | 35.5 years | 36.1 years | 36.9 years | 37.8 years | 38.1 years |
| Average tenure (parent company) | 4.1 years | 4.4 years | 4.6 years | 5.0 years | 4.9 years |

Year over year: Employees (consolidated) +9.8% · Revenue (consolidated) +43.1%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Cyber Security | 3,988 | 91.7% | 1,431 | 35.9% |
| Software Development and Test | 361 | 8.3% | 24 | 6.7% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Cyber Security | 91.7% | 98.3% | 6.7 | 35.9% |
| Software Development and Test | 8.3% | 1.7% | -6.7 | 6.7% |

Segment → industry: Cyber Security → Cybersecurity / Software Development and Test → IT Services & System Integration

## 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 | 1,360 | 31.3% | S100YKWG |
| Capital expenditure | 71 | 1.6% | S100YKWG |
| Free cash flow | 1,289 | 29.6% | 算出 |
| Investing cash flow | -77 | -1.8% | S100YKWG |
| Financing cash flow | -112 | -2.6% | S100YKWG |
| Dividends paid | 110 | 2.5% | S100YKWG |
| Share buyback | 0 | 0.0% | S100YKWG |
| Change in cash | 1,171 | 26.9% | S100YKWG |
| Cash and equivalents | 3,334 | 76.7% | S100YKWG |

## 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 | 1,644 | 1,759 | 2,079 | 2,163 | 3,334 | S100TWFJ, S100W2IK, S100YKWG |
| Total assets | 2,454 | 2,628 | 3,381 | 4,311 | 5,879 | S100R9NC, S100TWFJ, S100W2IK, S100YKWG |
| Net assets | 1,723 | 1,749 | 2,181 | 2,789 | 3,778 | S100TWFJ, S100W2IK, S100YKWG |
| Share capital | 286 | 286 | 286 | 286 | 286 | S100R9NC, S100TWFJ, S100W2IK, S100YKWG |
| Property, plant and equipment | 39 | 35 | 45 | 67 | 85 | S100R9NC, S100TWFJ, S100W2IK, S100YKWG |
| Intangible assets excluding goodwill | 167 | 142 | 113 | 107 | 97 | S100R9NC, S100TWFJ, S100W2IK, S100YKWG |
| Goodwill | 129 | 115 | 101 | 87 | 73 | S100R9NC, S100TWFJ, S100W2IK, S100YKWG |
| Investment securities | 255 | 294 | 329 | 372 | 447 | S100R9NC, S100TWFJ, S100W2IK, S100YKWG |
| Current assets | 1,952 | 2,116 | 2,799 | 3,234 | 4,706 | S100R9NC, S100TWFJ, S100W2IK, S100YKWG |
| Current liabilities | 721 | 869 | 1,187 | 1,497 | 2,073 | S100R9NC, S100TWFJ, S100W2IK, S100YKWG |
| Total liabilities | 731 | 878 | 1,200 | 1,522 | 2,102 | S100R9NC, S100TWFJ, S100W2IK, S100YKWG |
| Equity attributable to owners of parent | 1,723 | 1,749 | 2,181 | 2,789 | 3,778 | S100R9NC, S100TWFJ, S100W2IK, S100YKWG |
| Retained earnings | 1,437 | 1,624 | 2,057 | 2,664 | 3,654 | S100R9NC, S100TWFJ, S100W2IK, S100YKWG |
| Treasury stock | -261 | -422 | -423 | -423 | -423 | S100R9NC, S100TWFJ, S100W2IK, S100YKWG |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 57% | S100YKWG |
| Property, plant and equipment | 1% | S100YKWG |
| Intangibles and goodwill | 3% | S100YKWG |
| Investment securities | 8% | S100YKWG |
| Other assets | 31% | S100YKWG |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 36% | S100YKWG |
| Equity | 64% | S100YKWG |
| Other liabilities | 0% | S100YKWG |

### 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 | 2,454 | 2,628 | 3,381 | 4,311 | 5,879 |
| Equity | 1,723 | 1,749 | 2,181 | 2,789 | 3,778 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,644 | 1,759 | 2,079 | 2,163 | 3,334 |

## 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) | 2.0% | S100YKWG |
| Fixed assets ÷ total assets | 1.4% | S100YKWG |
| Goodwill ÷ parent equity | 1.9% | S100YKWG |

Goodwill over 4 years: 129 → 73 JPY; total investing cash flow: -809 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) | 56.7% |
| Cash ÷ revenue | 76.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 99.7% |
| Cash vs. profit gap | 260 JPY mn (of net income 23.7%) |
| Shareholder returns / net income | 10.1% |
| Shareholder returns / FCF | 8.6% |
| Shareholder payments — dividends / net income | 10.0% |
| Shareholder payments — dividends / FCF | 8.6% |
| CapEx intensity (capex ÷ revenue) | 1.6% |
| Investing CF relative to operating CF | 5.6% |

## 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 | 6.8% | 0.73× | 4.9% | 1.42× | 7.0% | S100R9NC |
| 2023 | 9.6% | 0.77× | 7.4% | 1.46× | 10.8% | S100TWFJ |
| 2024 | 17.7% | 0.81× | 14.4% | 1.53× | 22.0% | S100W2IK |
| 2025 | 22.6% | 0.79× | 17.9% | 1.55× | 27.6% | S100YKWG |
| 2026 | 25.3% | 0.85× | 21.6% | 1.55× | 33.5% | S100YKWG |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 鵜飼 裕司 | Major shareholder | 24.6% | 2026-03-31 |
| 金居 良治 | Major shareholder | 18.2% | 2026-03-31 |
| THE BANK OF NEW YORK, TREATY JASDEC ACCOUNT （常任代理人名 株式会社三菱ＵＦＪ銀行） | Major shareholder | 2.9% | 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 | 2.4% | 2026-03-31 |
| 楽天証券株式会社共有口 | Major shareholder | 2.1% | 2026-03-31 |
| 田中 重樹 | Major shareholder | 1.8% | 2026-03-31 |
| BNYM AS AGT/CLTS NON TREATY JASDEC （常任代理人名 株式会社三菱ＵＦＪ銀行） | Major shareholder | 0.9% | 2026-03-31 |
| 源利株式会社 | Major shareholder | 0.7% | 2026-03-31 |
| 永田 哲也 | Major shareholder | 0.6% | 2026-03-31 |
| 石山 智祥 | Major shareholder | 0.6% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第19期(2025/04/01－2026/03/31) | S100YKWG | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YKWG,, |
| 有価証券報告書－第18期(2024/04/01－2025/03/31) | S100W2IK | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W2IK,, |
| 有価証券報告書－第17期(2023/04/01－2024/03/31) | S100TWFJ | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TWFJ,, |
| 有価証券報告書－第16期(2022/04/01－2023/03/31) | S100R9NC | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R9NC,, |
| 訂正有価証券報告書－第15期(令和3年4月1日－令和4年3月31日) | S100ORBU | 2022-07-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100ORBU,, |
| 有価証券報告書－第14期(令和2年4月1日－令和3年3月31日) | S100LSWI | 2021-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LSWI,, |

## 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).