# Fibergate Inc.: business model and financials

> Latest period: FY ending Jun 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第27期(2025/07/01－2026/06/30) (S100Z3AD)
> Page: https://vizora.meequs.com/en/company/fibergate
> Retrieved: 2026-09-30T19:48:26.237Z

## Company

Fibergate, founded in 2000, is a company in Broadband & ISPs listed on TSE Standard. It has 250 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Fibergate Inc. |
| Ticker | 9450 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9450.T) |
| Listing | TSE Standard |
| Head office | 札幌市中央区南1条西8丁目10-3 |
| Representative (per filing) | 代表取締役 社長執行役員 猪又 將哲 |
| Founded | Sep 2000 |
| Share capital | ¥494M |
| Employees (consolidated) | 250 |
| Average salary (parent only) | ¥5.7M |
| Fiscal year end | June |
| Website | www.fibergate.co.jp (https://www.fibergate.co.jp/) |
| Corporate number | 7430001029022 |
| EDINET | E33839 |
| Industries (Vizora) | Broadband & ISPs, Real Estate Development & Leasing |

> Profile source: annual securities report (S100Z3AD, filed 2026-09-24). As of filing

## Five-axis industry profile

Primary industry: Broadband & ISPs (2026-06-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 35.7 | 7 |
| Profitability | 83.3 | 9 |
| Cash conversion | 83.3 | 9 |
| Efficiency | 50 | 9 |

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 96% of Fibergate's sales come from telecommunications business, with real estate business and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥14 is left as operating profit.
- Revenue changed +4.5% from the prior year, operating profit -6.1%.

## Company structure

- Segment revenue mix: telecommunications business 96.3%、real estate business 2.2%、Other 1.5%
- Revenue → net income: ¥13664000000 → ¥1227000000
- Net income → operating cash flow: ¥1227000000 → ¥2443000000（difference ¥1216000000）
- Main uses of operating cash flow: CapEx ¥1389000000 / dividends ¥543000000 / buybacks ¥0
- Change in cash: ¥303000000
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 | ¥13.7B |  |
| Operating income | ¥1.84B | Margin 13.5% |
| Net income | ¥1.08B | Margin 7.9% |
| Free cash flow | ¥1.05B |  |
| Largest business | telecommunications business | of segment revenue 96.3% |
| Employees (consolidated) | 250 |  |
| EPS | ¥58.23 |  |
| Diluted EPS | ¥58.17 |  |
| Book value per share | ¥284.29 |  |
| Equity ratio | 53.3% |  |
| Shares outstanding | 20,593,600 |  |
| Treasury shares | 472,200 |  |
| Shareholders | 6,054 |  |
| Average salary (parent only) | ¥5.7M | Filing company only |
| Cash ratio | 16.5% | Net cash -¥428M · Cash ÷ revenue 15.8% |
| Vs. industry median margin | +2.8 pp | Broadband & ISPs |
| ROE | 16.1% | Derived from disclosed figures |
| ROA | 8.6% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.3× net income
- FY2026, one segment accounts for 99% of positive segment profit

## What changed in 5 years

| Metric | FY ending Jun 2021 | FY ending Jun 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥8491000000 | ¥13664000000 | +60.9% |
| Operating income | ¥1559000000 | ¥1838000000 | +17.9% |
| Operating margin | 18.4% | 13.5% | -4.9 pp |
| Employees | 221 people | 250 people | +13.1% |
| Cash and equivalents | ¥2196000000 | ¥2156000000 | -1.8% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| ホームユース事業 → 事業再編・廃止 | 82.6% |
| 不動産事業 → 不動産事業 | 0.8% |
| ビジネスユース事業 → 事業再編・廃止 | 15.8% |
| その他 → その他 | 0.8% |
| 新設・再編 → 通信事業 | 96.3% |
| 新設・再編 → 不動産事業 | 1.3% |
| 新設・再編 → その他 | 0.7% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| telecommunications business | — | — | ¥13162000000 | 23.2% | 2 |
| real estate business | 5 years | +33.4% | ¥296000000 | 6.1% | 2 |
| Other | 5 years | +24.0% | ¥206000000 | -68.9% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 13,664 | 100.0% | S100Z3AD |
| Cost of revenue | 8,214 | 60.1% | S100Z3AD |
| Gross profit | 5,449 | 39.9% | S100Z3AD |
| SG&A | 3,611 | 26.4% | S100Z3AD |
| Operating income | 1,838 | 13.5% | S100Z3AD |
| Ordinary income | 1,811 | 13.3% | S100Z3AD |
| Pretax income | 1,798 | 13.2% | S100Z3AD |
| Income tax | 570 | 4.2% | S100Z3AD |
| Net income | 1,227 | 9.0% | S100Z3AD |
| Net income attributable to owners | 1,082 | 7.9% | S100Z3AD |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 60 |
| SG&A | 26 |
| Operating income | 14 |
| (Ref.) Net income | 8 |

### Margin funnel

Gross margin 39.9% → Operating margin 13.5% → Net margin 7.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +4.5%; Core profit growth: -6.1%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -1.35×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 13,070 | 13,664 | 594 | +4.5% |
| Gross profit | 5,428 | 5,449 | 21 | +0.4% |
| Operating income | 1,958 | 1,838 | -120 | -6.1% |
| Net income attributable to owners | 1,319 | 1,082 | -237 | -18.0% |
| Operating cash flow | 3,156 | 2,443 | -713 | -22.6% |
| Free cash flow | 1,584 | 1,054 | -530 | -33.5% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Jun 2020 | 7,424 | 1,235 | 16.6% | 723 | 1,733 | -331 | S100MKL7 |
| FY ending Jun 2021 | 8,491 | 1,559 | 18.4% | 1,019 | 1,710 | -534 | S100P9E6 |
| FY ending Jun 2022 | 10,624 | 1,652 | 15.5% | 1,073 | 2,295 | 42 | S100RWVR |
| FY ending Jun 2023 | 12,795 | 2,320 | 18.1% | 1,482 | 4,296 | 1,854 | S100UFBK |
| FY ending Jun 2024 | 12,613 | 2,387 | 18.9% | 1,567 | 2,833 | 472 | S100WQ94 |
| FY ending Jun 2025 | 13,070 | 1,958 | 15.0% | 1,319 | 3,156 | 1,584 | S100Z3AD |
| FY ending Jun 2026 | 13,664 | 1,838 | 13.5% | 1,082 | 2,443 | 1,054 | S100Z3AD |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥54.7M |
| Operating income per employee (consolidated) | ¥7.4M |
| Net income per employee (consolidated) | ¥4.3M |

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

| History | FY ending Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 | FY ending Jun 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 231 | 232 | 230 | 239 | 250 |
| Average salary (parent company) | ¥4.9M | ¥5.5M | ¥5.5M | ¥5.5M | ¥5.7M |
| Average age (parent company) | 34.0 years | 35.0 years | 36.0 years | 35.0 years | 36.0 years |
| Average tenure (parent company) | 3.0 years | 4.0 years | 5.0 years | 5.0 years | 6.0 years |

Year over year: Employees (consolidated) +4.6% · Revenue (consolidated) +4.5%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| telecommunications business | 13,162 | 96.3% | 3,059 | 23.2% |
| real estate business | 296 | 2.2% | 18 | 6.1% |
| Other | 206 | 1.5% | -142 | -68.9% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| telecommunications business | 96.3% | 99.4% | 3.1 | 23.2% |
| real estate business | 2.2% | 0.6% | -1.6 | 6.1% |
| Other | 1.5% | — | — | -68.9% |

Loss-making segment (excluded from profit shares): Other -142 JPY mn

Segment → industry: telecommunications business → Broadband & ISPs / real estate business → Real Estate Development & Leasing

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 2,443 | 17.9% | S100Z3AD |
| Capital expenditure | 1,389 | 10.2% | S100Z3AD |
| Free cash flow | 1,054 | 7.7% | 算出 |
| Investing cash flow | -1,461 | -10.7% | S100Z3AD |
| Financing cash flow | -680 | -5.0% | S100Z3AD |
| Dividends paid | 543 | 4.0% | S100Z3AD |
| Share buyback | 0 | 0.0% | S100Z3AD |
| Change in cash | 303 | 2.2% | S100Z3AD |
| Cash and equivalents | 2,156 | 15.8% | S100Z3AD |

## 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 Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 | FY ending Jun 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 2,303 | 2,382 | 2,120 | 1,853 | 2,156 | S100UFBK, S100WQ94, S100Z3AD |
| Total assets | 13,087 | 12,764 | 13,076 | 12,144 | 13,097 | S100RWVR, S100UFBK, S100WQ94, S100Z3AD |
| Net assets | 3,279 | 4,758 | 5,836 | 6,502 | 6,995 | S100UFBK, S100WQ94, S100Z3AD |
| Share capital | 494 | 494 | 494 | 494 | 494 | S100RWVR, S100UFBK, S100WQ94, S100Z3AD |
| Property, plant and equipment | 6,204 | 6,565 | 7,200 | 6,998 | 6,728 | S100RWVR, S100UFBK, S100WQ94, S100Z3AD |
| Intangible assets excluding goodwill | 214 | 79 | 88 | 82 | 119 | S100RWVR, S100UFBK, S100WQ94, S100Z3AD |
| Goodwill | 102 | — | — | — | 35 | S100RWVR, S100Z3AD |
| Investment securities | 51 | 51 | 11 | 11 | 11 | S100RWVR, S100UFBK, S100WQ94, S100Z3AD |
| Current assets | 6,028 | 5,559 | 5,339 | 4,707 | 5,930 | S100RWVR, S100UFBK, S100WQ94, S100Z3AD |
| Current liabilities | 5,645 | 4,685 | 4,086 | 3,645 | 4,157 | S100RWVR, S100UFBK, S100WQ94, S100Z3AD |
| Short-term borrowings | 718 | 300 | 140 | 240 | 731 | S100RWVR, S100UFBK, S100WQ94, S100Z3AD |
| Long-term borrowings | 3,950 | 3,226 | 3,049 | 1,884 | 1,803 | S100RWVR, S100UFBK, S100WQ94, S100Z3AD |
| Bonds | 100 | 50 | 50 | 50 | 50 | S100RWVR, S100UFBK, S100WQ94, S100Z3AD |
| Interest-bearing debt | 4,768 | 3,576 | 3,239 | 2,174 | 2,584 | 算出 |
| Total liabilities | 9,808 | 8,005 | 7,240 | 5,641 | 6,102 | S100RWVR, S100UFBK, S100WQ94, S100Z3AD |
| Non-controlling interests | — | 42 | 46 | 46 | 9 | S100UFBK, S100WQ94, S100Z3AD |
| Equity attributable to owners of parent | 3,277 | 4,694 | 5,786 | 6,442 | 6,981 | S100RWVR, S100UFBK, S100WQ94, S100Z3AD |
| Retained earnings | 2,572 | 3,963 | 5,225 | 6,017 | 6,556 | S100RWVR, S100UFBK, S100WQ94, S100Z3AD |
| Treasury stock | -200 | -188 | -356 | -493 | -493 | S100RWVR, S100UFBK, S100WQ94, S100Z3AD |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 17% | S100Z3AD |
| Property, plant and equipment | 51% | S100Z3AD |
| Intangibles and goodwill | 1% | S100Z3AD |
| Investment securities | 0% | S100Z3AD |
| Other assets | 31% | S100Z3AD |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Interest-bearing debt | 20% | 算出 |
| Other liabilities | 27% | S100Z3AD |
| Equity | 53% | S100Z3AD |

### Balance sheet history

| Metric | FY ending Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 | FY ending Jun 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 13,087 | 12,764 | 13,076 | 12,144 | 13,097 |
| Equity | 3,279 | 4,758 | 5,836 | 6,502 | 6,995 |
| Interest-bearing debt | 4,768 | 3,576 | 3,239 | 2,174 | 2,584 |
| Cash | 2,303 | 2,382 | 2,120 | 1,853 | 2,156 |

## 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) | 49.2% | S100Z3AD |
| Fixed assets ÷ total assets | 51.4% | S100Z3AD |
| Goodwill ÷ parent equity | 0.5% | S100Z3AD |

Goodwill over 4 years: 102 → 35 JPY; total investing cash flow: -10,217 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) | 16.5% |
| Cash ÷ revenue | 15.8% |
| Net cash (cash − interest-bearing debt) | -¥428M |
| Net debt ÷ operating cash flow | 0.18× |
| Cash conversion (operating CF ÷ operating income) | 132.9% |
| Cash vs. profit gap | 1,361 JPY mn (of net income 125.8%) |
| Shareholder returns / net income | 50.2% |
| Shareholder returns / FCF | 51.5% |
| Shareholder payments — dividends / net income | 50.2% |
| Shareholder payments — dividends / FCF | 51.5% |
| CapEx intensity (capex ÷ revenue) | 10.2% |
| Investing CF relative to operating CF | 59.8% |

## 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 | 10.1% | 0.81× | 8.2% | 3.99× | 32.7% | S100RWVR |
| 2023 | 11.6% | 0.99× | 11.5% | 3.24× | 37.2% | S100UFBK |
| 2024 | 12.4% | 0.98× | 12.1% | 2.47× | 29.9% | S100WQ94 |
| 2025 | 10.1% | 1.04× | 10.5% | 2.06× | 21.6% | S100Z3AD |
| 2026 | 7.9% | 1.08× | 8.6% | 1.88× | 16.1% | S100Z3AD |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社MIコーポレーション | Major shareholder | 23.6% | 2026-06-30 |
| 猪又 將哲 | Major shareholder | 13.9% | 2026-06-30 |
| 三井住友信託銀行株式会社（信託口 甲23号） | Major shareholder | 8.4% | 2026-06-30 |
| 松本 泰三 | Major shareholder | 5.5% | 2026-06-30 |
| 光通信KK投資事業有限責任組合 | Major shareholder | 5.3% | 2026-06-30 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 5.0% | 2026-06-30 |
| 株式会社UH5 | Major shareholder | 4.9% | 2026-06-30 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 2.8% | 2026-06-30 |
| INTERACTIVE BROKERS LLC （常任代理人 インタラクティブブローカーズ証券株式会社） | Major shareholder | 1.4% | 2026-06-30 |
| 光通信株式会社 | Major shareholder | 1.0% | 2026-06-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第27期(2025/07/01－2026/06/30) | S100Z3AD | 2026-09-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Z3AD,, |
| 有価証券報告書－第26期(2024/07/01－2025/06/30) | S100WQ94 | 2025-09-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WQ94,, |
| 有価証券報告書－第25期(2023/07/01－2024/06/30) | S100UFBK | 2024-09-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UFBK,, |
| 有価証券報告書－第24期(2022/07/01－2023/06/30) | S100RWVR | 2023-09-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RWVR,, |
| 有価証券報告書－第23期(令和3年7月1日－令和4年6月30日) | S100P9E6 | 2022-09-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100P9E6,, |
| 訂正有価証券報告書－第22期(令和2年7月1日－令和3年6月30日) | S100MKL7 | 2021-10-08 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MKL7,, |

## 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).