# Global Security Experts 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43期(2025/04/01－2026/03/31) (S100YFEX)
> Page: https://vizora.meequs.com/en/company/global-security-experts
> Retrieved: 2026-09-30T20:24:28.121Z

## Company

Global Security Experts, founded in 1984, is a company in Cybersecurity listed on TSE Growth. It has 221 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Global Security Experts Inc. |
| Ticker | 4417 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4417.T) |
| Listing | TSE Growth |
| Head office | 東京都港区海岸一丁目16番1号 |
| Representative (per filing) | 代表取締役社長 青柳 史郎(戸籍上の氏名 鱸 史郎) |
| Founded | Aug 1984 |
| Share capital | ¥546.6M |
| Employees (consolidated) | 221 |
| Average salary (parent only) | ¥7.7M |
| Fiscal year end | March |
| Website | www.gsx.co.jp (https://www.gsx.co.jp/) |
| Corporate number | 2010401086255 |
| EDINET | E37147 |
| Industries (Vizora) | Cybersecurity |

> Profile source: annual securities report (S100YFEX, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: Cybersecurity (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 67.2 | 29 |
| Cash conversion | 16.7 | 27 |
| Efficiency | 74.1 | 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)

- Global Security Experts brought in ¥11B in revenue.
- Out of every ¥100 of sales, about ¥20 is left as operating profit.
- Revenue changed +25.2% from the prior year, operating profit +38.6%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥11022080000 → ¥1486742000
- Net income → operating cash flow: ¥1486742000 → ¥1134568000（difference ¥-352174000）
- Main uses of operating cash flow: CapEx ¥49563000 / dividends ¥406178000 / buybacks ¥46000
- Change in cash: ¥257638000
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 | ¥11B |  |
| Operating income | ¥2.24B | Margin 20.3% |
| Net income | ¥1.49B | Margin 13.5% |
| Free cash flow | ¥1.09B |  |
| Employees (consolidated) | 221 |  |
| EPS | ¥88.52 |  |
| Diluted EPS | ¥88.45 |  |
| Book value per share | ¥278.65 |  |
| Equity ratio | 44.2% |  |
| Shares outstanding | 15,309,600 |  |
| Treasury shares | 128,300 |  |
| Shareholders | 4,854 |  |
| Average salary (parent only) | ¥7.7M | Filing company only |
| Cash ratio | 16.4% | Cash ÷ revenue 14.9% |
| Vs. industry median margin | +5.9 pp | Cybersecurity |
| ROE | 43.4% | Derived from disclosed figures |
| ROA | 16.4% | Derived from disclosed figures |

## 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 | ¥2948871000 | ¥11022080000 | — |
| Operating income | ¥242836000 | ¥2238051000 | — |
| Operating margin | 8.2% | 20.3% | +12.1 pp |
| Employees | 110 people | 221 people | — |
| Cash and equivalents | ¥652324000 | ¥1637175000 | — |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 11,022 | 100.0% | S100YFEX |
| Cost of revenue | 7,027 | 63.8% | S100YFEX |
| Gross profit | 3,995 | 36.2% | S100YFEX |
| SG&A | 1,757 | 15.9% | S100YFEX |
| Operating income | 2,238 | 20.3% | S100YFEX |
| Ordinary income | 2,223 | 20.2% | S100YFEX |
| Pretax income | 2,210 | 20.1% | S100YFEX |
| Income tax | 724 | 6.6% | S100YFEX |
| Net income | 1,487 | 13.5% | S100YFEX |
| Net income attributable to owners | 1,487 | 13.5% | S100YFEX |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 64 |
| SG&A | 16 |
| Operating income | 20 |
| (Ref.) Net income | 13 |

### Margin funnel

Gross margin 36.2% → Operating margin 20.3% → Net margin 13.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +25.2%; Core profit growth: +38.6%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.53×
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 | 8,802 | 11,022 | 2,220 | +25.2% |
| Gross profit | 3,066 | 3,995 | 929 | +30.3% |
| Operating income | 1,615 | 2,238 | 623 | +38.6% |
| Net income attributable to owners | 1,010 | 1,487 | 477 | +47.2% |
| Operating cash flow | 1,019 | 1,135 | 116 | +11.4% |
| Free cash flow | 737 | 1,085 | 348 | +47.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2021 | 2,949 | 243 | 8.2% | 168 | 767 | 734 | S100OEAB |
| FY ending Mar 2022 | 4,391 | 440 | 10.0% | 261 | 328 | 315 | S100R38K |
| FY ending Mar 2023 | 5,558 | 736 | 13.3% | 488 | 595 | 551 | S100TQG8 |
| FY ending Mar 2024 | 7,003 | 1,113 | 15.9% | 783 | 714 | 711 | S100TQG8 |
| FY ending Mar 2025 | 8,802 | 1,615 | 18.3% | 1,010 | 1,019 | 737 | S100YFEX |
| FY ending Mar 2026 | 11,022 | 2,238 | 20.3% | 1,487 | 1,135 | 1,085 | S100YFEX |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥49.9M |
| Operating income per employee (consolidated) | ¥10.1M |
| Net income per employee (consolidated) | ¥6.7M |

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) | 118 | 138 | 154 | 195 | 221 |
| Average salary (parent company) | ¥8.2M | ¥7.5M | ¥7.7M | ¥7.4M | ¥7.7M |
| Average age (parent company) | 43.4 years | 43.8 years | 43.8 years | 41.4 years | 41.0 years |
| Average tenure (parent company) | 3.0 years | 4.1 years | 4.2 years | 4.3 years | 4.7 years |

Year over year: Employees (consolidated) +13.3% · Revenue (consolidated) +25.2%

## 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 | 1,135 | 10.3% | S100YFEX |
| Capital expenditure | 50 | 0.4% | S100YFEX |
| Free cash flow | 1,085 | 9.8% | 算出 |
| Investing cash flow | -151 | -1.4% | S100YFEX |
| Financing cash flow | -726 | -6.6% | S100YFEX |
| Dividends paid | 406 | 3.7% | S100YFEX |
| Share buyback | 0 | 0.0% | S100YFEX |
| Change in cash | 258 | 2.3% | S100YFEX |
| Cash and equivalents | 1,637 | 14.9% | S100YFEX |

## 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 | 1,147 | 1,073 | 1,229 | 1,380 | 1,637 | S100TQG8, S100YFEX |
| Total assets | 3,482 | 4,125 | 6,537 | 8,141 | 9,960 | S100R38K, S100TQG8, S100YFEX |
| Net assets | 1,565 | 1,720 | 2,434 | 3,079 | 4,401 | S100TQG8, S100YFEX |
| Share capital | 485 | 530 | 545 | 546 | 547 | S100R38K, S100TQG8, S100YFEX |
| Property, plant and equipment | 40 | 37 | 31 | 277 | 251 | S100R38K, S100TQG8, S100YFEX |
| Intangible assets excluding goodwill | 199 | 190 | 139 | 98 | 115 | S100R38K, S100TQG8, S100YFEX |
| Goodwill | 108 | 95 | 81 | 68 | 54 | S100R38K, S100TQG8, S100YFEX |
| Investment securities | 306 | 520 | 361 | 764 | 1,126 | S100R38K, S100TQG8, S100YFEX |
| Current assets | 2,822 | 3,232 | 3,713 | 4,799 | 6,345 | S100R38K, S100TQG8, S100YFEX |
| Current liabilities | 1,695 | 2,196 | 2,490 | 3,631 | 4,281 | S100R38K, S100TQG8, S100YFEX |
| Short-term borrowings | — | — | — | 400 | 300 | S100YFEX |
| Long-term borrowings | 222 | 166 | 1,528 | 1,308 | 1,091 | S100R38K, S100TQG8, S100YFEX |
| Total liabilities | 1,917 | 2,404 | 4,103 | 5,062 | 5,558 | S100R38K, S100TQG8, S100YFEX |
| Equity attributable to owners of parent | 1,559 | 1,681 | 2,430 | 2,857 | 3,992 | S100R38K, S100TQG8, S100YFEX |
| Retained earnings | 536 | 975 | 1,655 | 2,322 | 3,403 | S100R38K, S100TQG8, S100YFEX |
| Treasury stock | — | -413 | -401 | -653 | -613 | S100TQG8, S100YFEX |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 16% | S100YFEX |
| Property, plant and equipment | 3% | S100YFEX |
| Intangibles and goodwill | 2% | S100YFEX |
| Investment securities | 11% | S100YFEX |
| Other assets | 68% | S100YFEX |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 56% | S100YFEX |
| Equity | 44% | S100YFEX |
| Other liabilities | 0% | S100YFEX |

### 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 | 3,482 | 4,125 | 6,537 | 8,141 | 9,960 |
| Equity | 1,565 | 1,720 | 2,434 | 3,079 | 4,401 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,147 | 1,073 | 1,229 | 1,380 | 1,637 |

## 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) | 2.3% | S100YFEX |
| Fixed assets ÷ total assets | 2.5% | S100YFEX |
| Goodwill ÷ parent equity | 1.4% | S100YFEX |

### 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) | 16.4% |
| Cash ÷ revenue | 14.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 50.7% |
| Cash vs. profit gap | -352 JPY mn (of net income -23.7%) |
| Shareholder returns / net income | 27.3% |
| Shareholder returns / FCF | 37.4% |
| Shareholder payments — dividends / net income | 27.3% |
| Shareholder payments — dividends / FCF | 37.4% |
| CapEx intensity (capex ÷ revenue) | 0.4% |
| Investing CF relative to operating CF | 13.3% |

## 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 | 5.9% | 1.26× | 7.5% | 2.23× | 16.7% | S100R38K |
| 2023 | 8.8% | 1.46× | 12.8% | 2.35× | 30.1% | S100TQG8 |
| 2024 | 11.2% | 1.31× | 14.7% | 2.59× | 38.1% | S100TQG8 |
| 2025 | 11.5% | 1.08× | 12.4% | 2.85× | 35.4% | S100YFEX |
| 2026 | 13.5% | 1.22× | 16.4% | 2.64× | 43.4% | S100YFEX |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社ビジネスブレイン太田昭和 | Major shareholder | 39.6% | 2026-03-31 |
| 兼松エレクトロニクス株式会社 | Major shareholder | 20.3% | 2026-03-31 |
| ＢＮＹ ＧＣＭ ＣＬＩＥＮＴ ＡＣＣＯＵＮＴ ＪＰＲＤ ＡＣ ＩＳＧ （ＦＥ－ＡＣ）（常任代理人 株式会社三菱ＵＦＪ銀行) | Major shareholder | 3.4% | 2026-03-31 |
| ＴＨＥ ＢＡＮＫ ＯＦ ＮＥＷ ＹＯＲＫ １３３６５２(常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 2.5% | 2026-03-31 |
| 丸紅Ｉ‐ＤＩＧＩＯホールディングス株式会社 | Major shareholder | 2.1% | 2026-03-31 |
| 鱸 史郎 | Major shareholder | 1.6% | 2026-03-31 |
| 原 伸一 | Major shareholder | 1.5% | 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 | 1.4% | 2026-03-31 |
| ＧＯＬＤＭＡＮ ＳＡＣＨＳ ＩＮＴＥＲＮＡＴＩＯＮＡL(常任代理人 ゴールドマン・サックス証券株式会社) | Major shareholder | 1.0% | 2026-03-31 |
| ＴＨＥ ＢＡＮＫ ＯＦ ＮＥＷ ＹＯＲＫ ＭＥＬＬＯＮ １４００５１ (常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 0.9% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第43期(2025/04/01－2026/03/31) | S100YFEX | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YFEX,, |
| 有価証券報告書－第42期(2024/04/01－2025/03/31) | S100W3OW | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W3OW,, |
| 有価証券報告書－第41期(2023/04/01－2024/03/31) | S100TQG8 | 2024-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TQG8,, |
| 有価証券報告書－第40期(2022/04/01－2023/03/31) | S100R38K | 2023-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R38K,, |
| 有価証券報告書－第39期(令和3年4月1日－令和4年3月31日) | S100OEAB | 2022-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OEAB,, |

## 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).