# Fuva Brain Limited: 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25期(2025/04/01－2026/03/31) (S100YI0F)
> Page: https://vizora.meequs.com/en/company/fuva-brain
> Retrieved: 2026-09-30T21:32:07.136Z

## Company

Fuva Brain, founded in 2001, is a company in Cybersecurity listed on TSE Standard. It has 251 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Fuva Brain Limited |
| Ticker | 3927 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3927.T) |
| Listing | TSE Standard |
| Head office | 東京都千代田区紀尾井町4番1号 |
| Representative (per filing) | 代表取締役社長 輿水 英行 |
| Founded | May 2001 |
| Share capital | ¥796.9M |
| Employees (consolidated) | 251 |
| Average salary (parent only) | ¥7.1M |
| Fiscal year end | March |
| Website | www.fuva-brain.co.jp (https://www.fuva-brain.co.jp/) |
| Corporate number | 3010001077133 |
| EDINET | E31977 |
| Industries (Vizora) | Cybersecurity, IT Services & System Integration, Venture Capital, HR & Staffing, M&A Advisory |

> Profile source: annual securities report (S100YI0F, filed 2026-06-23). As of filing

## Five-axis industry profile

Primary industry: Cybersecurity (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 8.6 | 29 |
| Cash conversion | 79.6 | 27 |
| Efficiency | 39.7 | 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 57% of Fuva Brain's sales come from IT Tool Business, with IT Service Business and Investment Business making up much of the rest.
- Out of every ¥100 of sales, about ¥4 is left as operating profit.
- Revenue changed +29.0% from the prior year, operating profit +8.7%.

## Company structure

- Segment revenue mix: IT Tool Business 57.0%、IT Service Business 42.9%、Investment Business 0.2%
- Revenue → net income: ¥5641427000 → ¥339449000
- Net income → operating cash flow: ¥339449000 → ¥351249000（difference ¥11800000）
- Main uses of operating cash flow: CapEx ¥136427000 / dividends — / buybacks —
- Change in cash: ¥388049000
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 | ¥5.64B |  |
| Operating income | ¥203.7M | Margin 3.6% |
| Net income | ¥308.5M | Margin 5.5% |
| Free cash flow | ¥214.8M |  |
| Largest business | IT Tool Business | of segment revenue 57.0% |
| Employees (consolidated) | 251 |  |
| EPS | ¥48.31 |  |
| Diluted EPS | ¥47.39 |  |
| Book value per share | ¥322 |  |
| Equity ratio | 27.0% |  |
| Shares outstanding | 5,604,200 |  |
| Treasury shares | 259,800 |  |
| Shareholders | 4,024 |  |
| Average salary (parent only) | ¥7.1M | Filing company only |
| Cash ratio | 24.3% | Cash ÷ revenue 33.9% |
| Vs. industry median margin | -10.8 pp | Cybersecurity |
| ROE | 20.4% | Derived from disclosed figures |
| ROA | 4.6% | Derived from disclosed figures |

## Notable figures

- FY2026, revenue is 3.4× its level five years ago
- FY2026, employees -2% while operating income rose 9%

## 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 | ¥1083319000 | ¥5641427000 | — |
| Operating income | ¥-101433000 | ¥203713000 | — |
| Operating margin | -9.4% | 3.6% | +13 pp |
| Employees | 55 people | 251 people | — |
| Cash and equivalents | ¥1529598000 | ¥1910985000 | — |

### 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 → ITツール事業 | 57.0% |
| 新設・再編 → ITサービス事業 | 42.9% |
| 新設・再編 → 投資事業 | 0.2% |

Segment revenue source references: 3 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| IT Tool Business | 4 years | +32.5% | ¥3219759000 | 9.3% | 2 |
| IT Service Business | 4 years | +39.5% | ¥2421667000 | 11.9% | 2 |
| Investment Business | — | — | ¥9600000 | -50.6% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 5,641 | 100.0% | S100YI0F |
| Cost of revenue | 4,082 | 72.4% | S100YI0F |
| Gross profit | 1,560 | 27.6% | S100YI0F |
| SG&A | 1,356 | 24.0% | S100YI0F |
| Operating income | 204 | 3.6% | S100YI0F |
| Ordinary income | 206 | 3.6% | S100YI0F |
| Pretax income | 585 | 10.4% | S100YI0F |
| Income tax | 245 | 4.3% | S100YI0F |
| Net income | 339 | 6.0% | S100YI0F |
| Net income attributable to owners | 309 | 5.5% | S100YI0F |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 72 |
| SG&A | 24 |
| Operating income | 4 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 27.6% → Operating margin 3.6% → Net margin 5.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +29.0%; Core profit growth: +8.7%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.30×
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 | 4,373 | 5,641 | 1,268 | +29.0% |
| Gross profit | 1,304 | 1,560 | 256 | +19.6% |
| Operating income | 187 | 204 | 16 | +8.7% |
| Net income attributable to owners | 109 | 309 | 199 | +181.9% |
| Operating cash flow | -14 | 351 | 366 | — |
| Free cash flow | -27 | 215 | 242 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 1,048 | -59 | -5.6% | -69 | 12 | -1 | S100LOUF |
| FY ending Mar 2021 | 1,083 | -101 | -9.4% | -174 | -80 | -83 | S100LOUF |
| FY ending Mar 2022 | 1,683 | -58 | -3.4% | -29 | -92 | -98 | S100R3OD |
| FY ending Mar 2023 | 2,338 | 59 | 2.5% | 27 | 36 | 26 | S100TROD |
| FY ending Mar 2024 | 3,076 | 23 | 0.7% | 27 | 209 | 203 | S100W46G |
| FY ending Mar 2025 | 4,373 | 187 | 4.3% | 109 | -14 | -27 | S100YI0F |
| FY ending Mar 2026 | 5,641 | 204 | 3.6% | 309 | 351 | 215 | S100YI0F |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥22.5M |
| Operating income per employee (consolidated) | ¥811.6K |
| 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 Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 121 | 144 | 186 | 256 | 251 |
| Average salary (parent company) | ¥6M | ¥5.9M | ¥6.6M | ¥6.6M | ¥7.1M |
| Average age (parent company) | 42.9 years | 43.8 years | 44.4 years | 44.8 years | 45.5 years |
| Average tenure (parent company) | 5.0 years | 5.4 years | 5.9 years | 6.0 years | 6.6 years |

Year over year: Employees (consolidated) -2.0% · Revenue (consolidated) +29.0%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| IT Tool Business | 3,220 | 57.0% | 300 | 9.3% |
| IT Service Business | 2,422 | 42.9% | 288 | 11.9% |
| Investment Business | 10 | 0.2% | -5 | -50.6% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| IT Tool Business | 57.0% | 51.0% | -5.9 | 9.3% |
| IT Service Business | 42.9% | 49.0% | 6.1 | 11.9% |
| Investment Business | 0.2% | — | — | -50.6% |

Loss-making segment (excluded from profit shares): Investment Business -5 JPY mn

Segment → industry: IT Tool Business → Cybersecurity / IT Service Business → IT Services & System Integration / Investment Business → Venture Capital / IT Service Business → HR & Staffing / Investment Business → M&A Advisory

## 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 | 351 | 6.2% | S100YI0F |
| Capital expenditure | 136 | 2.4% | S100YI0F |
| Free cash flow | 215 | 3.8% | 算出 |
| Investing cash flow | 9 | 0.2% | S100YI0F |
| Financing cash flow | 28 | 0.5% | S100YI0F |
| Change in cash | 388 | 6.9% | S100YI0F |
| Cash and equivalents | 1,911 | 33.9% | S100YI0F |

## 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 | 1,344 | 1,416 | 1,404 | 1,523 | 1,911 | S100TROD, S100W46G, S100YI0F |
| Total assets | 2,232 | 3,227 | 4,352 | 5,604 | 7,872 | S100R3OD, S100TROD, S100W46G, S100YI0F |
| Net assets | 1,393 | 1,431 | 1,375 | 1,730 | 2,317 | S100TROD, S100W46G, S100YI0F |
| Share capital | 797 | 797 | 797 | 797 | 797 | S100R3OD, S100TROD, S100W46G, S100YI0F |
| Property, plant and equipment | 5 | 23 | 21 | 24 | 152 | S100R3OD, S100TROD, S100W46G, S100YI0F |
| Intangible assets excluding goodwill | 202 | 241 | 259 | 544 | 870 | S100R3OD, S100TROD, S100W46G, S100YI0F |
| Goodwill | 188 | 221 | 246 | 540 | 867 | S100R3OD, S100TROD, S100W46G, S100YI0F |
| Investment securities | 126 | 130 | 152 | 136 | 1,063 | S100R3OD, S100TROD, S100W46G, S100YI0F |
| Current assets | 1,770 | 2,076 | 2,584 | 3,326 | 4,160 | S100R3OD, S100TROD, S100W46G, S100YI0F |
| Current liabilities | 479 | 751 | 1,320 | 1,831 | 3,090 | S100R3OD, S100TROD, S100W46G, S100YI0F |
| Short-term borrowings | — | — | — | 0 | 600 | S100YI0F |
| Long-term borrowings | — | 66 | 48 | 275 | 226 | S100TROD, S100W46G, S100YI0F |
| Total liabilities | 839 | 1,796 | 2,977 | 3,875 | 5,555 | S100R3OD, S100TROD, S100W46G, S100YI0F |
| Non-controlling interests | 15 | 24 | 37 | 192 | 164 | S100R3OD, S100TROD, S100W46G, S100YI0F |
| Equity attributable to owners of parent | 1,367 | 1,393 | 1,320 | 1,523 | 1,500 | S100R3OD, S100TROD, S100W46G, S100YI0F |
| Retained earnings | -259 | 12 | 39 | 149 | 457 | S100R3OD, S100TROD, S100W46G, S100YI0F |
| Treasury stock | -10 | -10 | -110 | -72 | -72 | S100R3OD, S100TROD, S100W46G, S100YI0F |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 24% | S100YI0F |
| Property, plant and equipment | 2% | S100YI0F |
| Intangibles and goodwill | 22% | S100YI0F |
| Investment securities | 14% | S100YI0F |
| Other assets | 38% | S100YI0F |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 71% | S100YI0F |
| Equity | 29% | S100YI0F |

### 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 | 2,232 | 3,227 | 4,352 | 5,604 | 7,872 |
| Equity | 1,393 | 1,431 | 1,375 | 1,730 | 2,317 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,344 | 1,416 | 1,404 | 1,523 | 1,911 |

## 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) | 2.7% | S100YI0F |
| Fixed assets ÷ total assets | 1.9% | S100YI0F |
| Goodwill ÷ parent equity | 57.8% | S100YI0F |

Goodwill over 4 years: 188 → 867 JPY; total investing cash flow: -338 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) | 24.3% |
| Cash ÷ revenue | 33.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 172.4% |
| Cash vs. profit gap | 43 JPY mn (of net income 13.8%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 2.4% |
| Investing CF relative to operating CF | 2.5% |

## 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 | — | —× | -1.3% | —× | — | S100R3OD |
| 2023 | 1.1% | 0.86× | 1.0% | 1.98× | 1.9% | S100TROD |
| 2024 | 0.9% | 0.81× | 0.7% | 2.79× | 2.0% | S100W46G |
| 2025 | 2.5% | 0.88× | 2.2% | 3.50× | 7.7% | S100YI0F |
| 2026 | 5.5% | 0.84× | 4.6% | 4.46× | 20.4% | S100YI0F |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 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 | 8.4% | 2026-03-31 |
| 五十畑 輝夫 | Major shareholder | 5.0% | 2026-03-31 |
| 株式会社ＭＣホールディングス | Major shareholder | 4.1% | 2026-03-31 |
| 今泉 長男 | Major shareholder | 3.7% | 2026-03-31 |
| 永野 祐司 | Major shareholder | 3.3% | 2026-03-31 |
| 蛭間 久季 | Major shareholder | 2.9% | 2026-03-31 |
| 上田八木短資株式会社 | Major shareholder | 2.8% | 2026-03-31 |
| 鶴田 亮司 | Major shareholder | 2.5% | 2026-03-31 |
| 奥秋 敦史 | Major shareholder | 2.3% | 2026-03-31 |
| 吉田 透 | Major shareholder | 2.3% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第25期(2025/04/01－2026/03/31) | S100YI0F | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YI0F,, |
| 有価証券報告書－第24期(2024/04/01－2025/03/31) | S100W46G | 2025-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W46G,, |
| 有価証券報告書－第23期(2023/04/01－2024/03/31) | S100TROD | 2024-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TROD,, |
| 有価証券報告書－第22期(2022/04/01－2023/03/31) | S100R3OD | 2023-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R3OD,, |
| 有価証券報告書－第21期(令和3年4月1日－令和4年3月31日) | S100OFZD | 2022-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OFZD,, |
| 有価証券報告書－第20期(令和2年4月1日－令和3年3月31日) | S100LOUF | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LOUF,, |

## 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).