# Future Innovation Group, Inc.: 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8期(2025/01/01－2025/12/31) (S100XUAL)
> Page: https://vizora.meequs.com/en/company/future-innovation-group
> Retrieved: 2026-09-30T19:50:28.890Z

## Company

Future Innovation Group, founded in 2018, is a company in Software & SaaS listed on TSE Prime. It has 668 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Future Innovation Group, Inc. |
| Ticker | 4392 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4392.T) |
| Listing | TSE Prime |
| Head office | 大分県大分市東大道二丁目5番60号 |
| Representative (per filing) | 代表取締役社長 村井 雄司 |
| Founded | Jul 2018 |
| Share capital | ¥2.07B |
| Employees (consolidated) | 668 |
| Average salary (parent only) | ¥5.6M |
| Fiscal year end | December |
| Website | www.figinc.jp (https://www.figinc.jp/) |
| Corporate number | 4320001016471 |
| EDINET | E33702 |
| Industries (Vizora) | Software & SaaS, Semiconductor Equipment |

> Profile source: annual securities report (S100XUAL, filed 2026-03-27). As of filing

## Five-axis industry profile

Primary industry: Software & SaaS (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 26.2 | 105 |
| Profitability | 27.2 | 145 |
| Cash conversion | 10.5 | 128 |
| Efficiency | 43.8 | 145 |

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 70% of Future Innovation Group's sales come from Internet of Things, with Machine making up much of the rest.
- Out of every ¥100 of sales, about ¥6 is left as operating profit.
- Revenue changed +10.8% from the prior year, operating profit +129.8%.

## Company structure

- Segment revenue mix: Internet of Things 69.7%、Machine 30.3%
- Revenue → net income: ¥13318000000 → ¥786000000
- Net income → operating cash flow: ¥786000000 → ¥507000000（difference ¥-279000000）
- Main uses of operating cash flow: CapEx ¥643000000 / dividends ¥151000000 / buybacks ¥0
- Change in cash: ¥-685000000
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 | ¥13.3B |  |
| Operating income | ¥834M | Margin 6.3% |
| Net income | ¥783M | Margin 5.9% |
| Free cash flow | -¥136M |  |
| Largest business | Internet of Things | of segment revenue 69.7% |
| Employees (consolidated) | 668 |  |
| EPS | ¥10.9 |  |
| Diluted EPS | ¥10.75 |  |
| Book value per share | ¥199.75 |  |
| Equity ratio | 55.8% |  |
| Shares outstanding | 31,593,115 |  |
| Treasury shares | 1,218,700 |  |
| Shareholders | 15,377 |  |
| Average salary (parent only) | ¥5.6M | Filing company only |
| Cash ratio | 12.1% | Cash ÷ revenue 14.2% |
| Vs. industry median margin | -6.2 pp | Software & SaaS |
| ROE | 9.7% | Derived from disclosed figures |
| ROA | 5.0% | Derived from disclosed figures |

## Notable figures

- FY2025, employees -6% while operating income rose 130%
- FY2025, one segment accounts for 79% of positive segment profit

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥10333000000 | ¥13318000000 | +28.9% |
| Operating income | ¥-284000000 | ¥834000000 | — |
| Operating margin | -2.7% | 6.3% | +9 pp |
| Employees | 682 people | 668 people | -2.1% |
| Cash and equivalents | ¥2318000000 | ¥1889000000 | -18.5% |

### Change in segment revenue mix

Span: FY ending Dec 2020 → FY ending Dec 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 情報通信事業 → 事業再編・廃止 | 64.7% |
| 装置等関連事業 → 事業再編・廃止 | 35.3% |
| 新設・再編 → ＩｏＴ | 69.7% |
| 新設・再編 → マシーン | 30.3% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 13,318 | 100.0% | S100XUAL |
| Cost of revenue | 9,202 | 69.1% | S100XUAL |
| Gross profit | 4,116 | 30.9% | S100XUAL |
| SG&A | 3,282 | 24.6% | S100XUAL |
| Operating income | 834 | 6.3% | S100XUAL |
| Ordinary income | 826 | 6.2% | S100XUAL |
| Pretax income | 1,183 | 8.9% | S100XUAL |
| Income tax | 396 | 3.0% | S100XUAL |
| Net income | 786 | 5.9% | S100XUAL |
| Net income attributable to owners | 783 | 5.9% | S100XUAL |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 69 |
| SG&A | 25 |
| Operating income | 6 |
| (Ref.) Net income | 6 |

### Margin funnel

Gross margin 30.9% → Operating margin 6.3% → Net margin 5.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +10.8%; Core profit growth: +129.8%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 11.97×
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 | 12,016 | 13,318 | 1,302 | +10.8% |
| Gross profit | 3,733 | 4,116 | 383 | +10.3% |
| Operating income | 363 | 834 | 471 | +129.8% |
| Net income attributable to owners | -1,412 | 783 | 2,195 | — |
| Operating cash flow | 3,160 | 507 | -2,653 | -84.0% |
| Free cash flow | 2,475 | -136 | -2,611 | -105.5% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 9,504 | 47 | 0.5% | 52 | 1,289 | 888 | S100L0I7 |
| FY ending Dec 2020 | 10,333 | -284 | -2.7% | 169 | 412 | -1,157 | S100NQIV |
| FY ending Dec 2021 | 12,264 | 566 | 4.6% | 441 | 63 | -2,330 | S100QH9D |
| FY ending Dec 2022 | 12,914 | 932 | 7.2% | 685 | 359 | -1,010 | S100T46T |
| FY ending Dec 2023 | 13,534 | 723 | 5.3% | 210 | -578 | -1,117 | S100VJ0F |
| FY ending Dec 2024 | 12,016 | 363 | 3.0% | -1,412 | 3,160 | 2,475 | S100XUAL |
| FY ending Dec 2025 | 13,318 | 834 | 6.3% | 783 | 507 | -136 | S100XUAL |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥19.9M |
| Operating income per employee (consolidated) | ¥1.2M |
| Net income per employee (consolidated) | ¥1.2M |

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

| History | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 687 | 710 | 718 | 713 | 668 |
| Average salary (parent company) | ¥5.1M | ¥5.5M | ¥5.3M | ¥5.1M | ¥5.6M |
| Average age (parent company) | 42.7 years | 42.8 years | 42.3 years | 42.6 years | 43.6 years |
| Average tenure (parent company) | 9.1 years | 9.0 years | 9.6 years | 10.0 years | 9.8 years |

Year over year: Employees (consolidated) -6.3% · Revenue (consolidated) +10.8%

## Segments（FY ending Dec 2025, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Internet of Things | 9,282 | 69.7% | 1,527 | 16.5% |
| Machine | 4,035 | 30.3% | 410 | 10.2% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Internet of Things | 69.7% | 78.8% | 9.1 | 16.5% |
| Machine | 30.3% | 21.2% | -9.1 | 10.2% |

Segment → industry: Internet of Things → Software & SaaS / Machine → Semiconductor Equipment

## 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 | 507 | 3.8% | S100XUAL |
| Capital expenditure | 643 | 4.8% | S100XUAL |
| Free cash flow | -136 | -1.0% | 算出 |
| Investing cash flow | -78 | -0.6% | S100XUAL |
| Financing cash flow | -1,114 | -8.4% | S100XUAL |
| Dividends paid | 151 | 1.1% | S100XUAL |
| Share buyback | 0 | 0.0% | S100XUAL |
| Change in cash | -685 | -5.1% | S100XUAL |
| Cash and equivalents | 1,889 | 14.2% | S100XUAL |

## 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 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 2,376 | 2,185 | 2,202 | 2,612 | 1,889 | S100T46T, S100VJ0F, S100XUAL |
| Total assets | 18,971 | 21,463 | 22,835 | 15,895 | 15,640 | S100QH9D, S100T46T, S100VJ0F, S100XUAL |
| Net assets | 8,878 | 9,709 | 9,595 | 8,172 | 8,863 | S100T46T, S100VJ0F, S100XUAL |
| Share capital | 2,012 | 2,030 | 2,044 | 2,059 | 2,074 | S100QH9D, S100T46T, S100VJ0F, S100XUAL |
| Trade receivables | 3,145 | — | — | — | — | S100QH9D |
| Property, plant and equipment | 6,194 | 4,082 | 4,278 | 2,412 | 2,260 | S100QH9D, S100T46T, S100VJ0F, S100XUAL |
| Intangible assets excluding goodwill | 850 | 821 | 776 | 812 | 1,009 | S100QH9D, S100T46T, S100VJ0F, S100XUAL |
| Goodwill | 357 | 282 | 224 | 166 | 118 | S100QH9D, S100T46T, S100VJ0F, S100XUAL |
| Investment securities | 946 | 1,338 | 1,335 | 829 | 809 | S100QH9D, S100T46T, S100VJ0F, S100XUAL |
| Current assets | 9,846 | 14,058 | 15,215 | 10,710 | 10,447 | S100QH9D, S100T46T, S100VJ0F, S100XUAL |
| Current liabilities | 7,068 | 5,803 | 6,645 | 5,080 | 4,269 | S100QH9D, S100T46T, S100VJ0F, S100XUAL |
| Trade payables | 1,298 | 1,759 | 1,273 | 1,162 | 1,115 | S100QH9D, S100T46T, S100VJ0F, S100XUAL |
| Short-term borrowings | 3,833 | 1,925 | 2,530 | 1,326 | 423 | S100QH9D, S100T46T, S100VJ0F, S100XUAL |
| Long-term borrowings | 2,731 | 5,681 | 6,301 | 1,844 | 1,663 | S100QH9D, S100T46T, S100VJ0F, S100XUAL |
| Bonds | 17 | — | — | — | — | S100QH9D |
| Interest-bearing debt | 6,581 | — | — | — | — | 算出 |
| Total liabilities | 10,093 | 11,754 | 13,240 | 7,722 | 6,776 | S100QH9D, S100T46T, S100VJ0F, S100XUAL |
| Non-controlling interests | 16 | 8 | 16 | 3 | 6 | S100QH9D, S100T46T, S100VJ0F, S100XUAL |
| Equity attributable to owners of parent | 8,444 | 9,301 | 9,238 | 7,706 | 8,367 | S100QH9D, S100T46T, S100VJ0F, S100XUAL |
| Retained earnings | 3,035 | 3,575 | 3,484 | 1,921 | 4,153 | S100QH9D, S100T46T, S100VJ0F, S100XUAL |
| Treasury stock | -455 | -312 | -312 | -312 | -312 | S100QH9D, S100T46T, S100VJ0F, S100XUAL |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 12% | S100XUAL |
| Property, plant and equipment | 15% | S100XUAL |
| Intangibles and goodwill | 7% | S100XUAL |
| Investment securities | 5% | S100XUAL |
| Other assets | 61% | S100XUAL |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 7% | S100XUAL |
| Other liabilities | 36% | S100XUAL |
| Equity | 57% | S100XUAL |
| Other liabilities | 0% | S100XUAL |

### Balance sheet history

| Metric | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 18,971 | 21,463 | 22,835 | 15,895 | 15,640 |
| Equity | 8,878 | 9,709 | 9,595 | 8,172 | 8,863 |
| Interest-bearing debt | 6,581 | — | — | — | — |
| Cash | 2,376 | 2,185 | 2,202 | 2,612 | 1,889 |

## 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) | 17.0% | S100XUAL |
| Fixed assets ÷ total assets | 14.5% | S100XUAL |
| Goodwill ÷ parent equity | 1.4% | S100XUAL |

Goodwill over 4 years: 357 → 118 JPY; total investing cash flow: -2,369 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) | 12.1% |
| Cash ÷ revenue | 14.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 60.8% |
| Cash vs. profit gap | -276 JPY mn (of net income -35.2%) |
| Shareholder returns / net income | 19.3% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 19.3% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 4.8% |
| Investing CF relative to operating CF | 15.4% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 3.6% | 0.65× | 2.3% | 2.25× | 5.2% | S100QH9D |
| 2022 | 5.3% | 0.64× | 3.4% | 2.28× | 7.7% | S100T46T |
| 2023 | 1.6% | 0.61× | 0.9% | 2.39× | 2.3% | S100VJ0F |
| 2024 | — | —× | -7.3% | —× | — | S100XUAL |
| 2025 | 5.9% | 0.84× | 5.0% | 1.96× | 9.7% | S100XUAL |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| フューチャー株式会社 | Major shareholder | 23.7% | 2025-12-31 |
| ＦＩＧ従業員持株会 | Major shareholder | 2.9% | 2025-12-31 |
| 株式会社大分銀行 | Major shareholder | 1.6% | 2025-12-31 |
| 第一交通産業株式会社 | Major shareholder | 1.3% | 2025-12-31 |
| 青木 義行 | Major shareholder | 1.3% | 2025-12-31 |
| 岩瀬 英一郎 | Major shareholder | 1.2% | 2025-12-31 |
| MACQUARIE BANK LIMITED DBU AC(常任代理人 シティバンク・エヌ・エイ東京支店) | Major shareholder | 0.9% | 2025-12-31 |
| 山本 治之 | Major shareholder | 0.8% | 2025-12-31 |
| 株式会社ゼンリンデータコム | Major shareholder | 0.8% | 2025-12-31 |
| 村井 雄司 | Major shareholder | 0.7% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第8期(2025/01/01－2025/12/31) | S100XUAL | 2026-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XUAL,, |
| 有価証券報告書－第7期(2024/01/01－2024/12/31) | S100VJ0F | 2025-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VJ0F,, |
| 有価証券報告書－第6期(2023/01/01－2023/12/31) | S100T46T | 2024-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T46T,, |
| 有価証券報告書－第5期(2022/01/01－2022/12/31) | S100QH9D | 2023-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QH9D,, |
| 有価証券報告書－第4期(令和3年1月1日－令和3年12月31日) | S100NQIV | 2022-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NQIV,, |
| 有価証券報告書－第3期(令和2年1月1日－令和2年12月31日) | S100L0I7 | 2021-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L0I7,, |

## 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).