# HENNGE K.K.: business model and financials

> Latest period: FY ending Sep 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第29期(2024/10/01－2025/09/30) (S100XCC9)
> Page: https://vizora.meequs.com/en/company/hennge
> Retrieved: 2026-09-30T19:49:47.007Z

## Company

Hennge, founded in 1996, is a company in Cybersecurity listed on TSE Growth. It has 390 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | HENNGE K.K. |
| Ticker | 4475 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4475.T) |
| Listing | TSE Growth |
| Head office | 東京都渋谷区南平台町16番28号 |
| Representative (per filing) | 代表取締役社長 小椋 一宏 |
| Founded | Nov 1996 |
| Share capital | ¥521.2M |
| Employees (consolidated) | 390 |
| Average salary (parent only) | ¥8.5M |
| Fiscal year end | September |
| Website | hennge.com (https://hennge.com/) |
| Corporate number | 2011001034562 |
| EDINET | E35150 |
| Industries (Vizora) | Cybersecurity |

> Profile source: annual securities report (S100XCC9, filed 2025-12-24). As of filing

## Five-axis industry profile

Primary industry: Cybersecurity (2025-09-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 82.5 | 20 |
| Profitability | 53.4 | 29 |
| Cash conversion | 72.2 | 27 |
| Efficiency | 67.2 | 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)

- Hennge brought in ¥10.9B in revenue.
- Out of every ¥100 of sales, about ¥16 is left as operating profit.
- Revenue changed +30.6% from the prior year, operating profit +76.7%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥10923564000 → ¥1301485000
- Net income → operating cash flow: ¥1301485000 → ¥2725676000（difference ¥1424191000）
- Main uses of operating cash flow: CapEx ¥66989000 / dividends ¥96251000 / buybacks ¥469401000
- Change in cash: ¥991169000
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 | ¥10.9B |  |
| Operating income | ¥1.79B | Margin 16.4% |
| Net income | ¥1.36B | Margin 12.4% |
| Free cash flow | ¥2.66B |  |
| Employees (consolidated) | 390 |  |
| EPS | ¥44.41 |  |
| Diluted EPS | ¥44.28 |  |
| Book value per share | ¥119.87 |  |
| Equity ratio | 35.0% |  |
| Shares outstanding | 32,500,600 |  |
| Treasury shares | 650,500 |  |
| Shareholders | 7,879 |  |
| Average salary (parent only) | ¥8.5M | Filing company only |
| Cash ratio | 68.1% | Cash ÷ revenue 67.0% |
| Vs. industry median margin | +2 pp | Cybersecurity |
| ROE | 40.7% | Derived from disclosed figures |
| ROA | 14.3% | Derived from disclosed figures |

## Notable figures

- FY2025, buybacks were 4.9× dividends
- FY2025, operating cash flow is 2.0× net income
- FY2025, revenue is 2.3× its level five years ago

## What changed in 5 years

| Metric | FY ending Sep 2020 | FY ending Sep 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥4152655000 | ¥10923564000 | +163.1% |
| Operating income | ¥538649000 | ¥1793451000 | +233.0% |
| Operating margin | 13.0% | 16.4% | +3.4 pp |
| Employees | 181 people | 390 people | +115.5% |
| Cash and equivalents | ¥2870891000 | ¥7319041000 | +154.9% |

### Change in segment revenue mix

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

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 10,924 | 100.0% | S100XCC9 |
| Cost of revenue | 1,478 | 13.5% | S100XCC9 |
| Gross profit | 9,445 | 86.5% | S100XCC9 |
| SG&A | 7,652 | 70.0% | S100XCC9 |
| Operating income | 1,793 | 16.4% | S100XCC9 |
| Ordinary income | 1,854 | 17.0% | S100XCC9 |
| Pretax income | 1,854 | 17.0% | S100XCC9 |
| Income tax | 552 | 5.1% | S100XCC9 |
| Net income | 1,301 | 11.9% | S100XCC9 |
| Net income attributable to owners | 1,358 | 12.4% | S100XCC9 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 14 |
| SG&A | 70 |
| Operating income | 16 |
| (Ref.) Net income | 12 |

### Margin funnel

Gross margin 86.5% → Operating margin 16.4% → Net margin 12.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +30.6%; Core profit growth: +76.7%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.51×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Sep 2024 → FY ending Sep 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 8,365 | 10,924 | 2,559 | +30.6% |
| Gross profit | 7,035 | 9,445 | 2,410 | +34.3% |
| Operating income | 1,015 | 1,793 | 779 | +76.7% |
| Net income attributable to owners | 827 | 1,358 | 531 | +64.2% |
| Operating cash flow | 1,930 | 2,726 | 796 | +41.2% |
| Free cash flow | 1,868 | 2,659 | 790 | +42.3% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Sep 2019 | 3,427 | 187 | 5.5% | 110 | 227 | 190 | S100KJI4 |
| FY ending Sep 2020 | 4,153 | 539 | 13.0% | 355 | 774 | 661 | S100N4FX |
| FY ending Sep 2021 | 4,845 | 380 | 7.8% | 224 | 527 | 505 | S100PUKS |
| FY ending Sep 2022 | 5,646 | 462 | 8.2% | 321 | 777 | 748 | S100SHVB |
| FY ending Sep 2023 | 6,776 | 708 | 10.4% | 509 | 1,228 | 1,139 | S100V02M |
| FY ending Sep 2024 | 8,365 | 1,015 | 12.1% | 827 | 1,930 | 1,868 | S100XCC9 |
| FY ending Sep 2025 | 10,924 | 1,793 | 16.4% | 1,358 | 2,726 | 2,659 | S100XCC9 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥28M |
| Operating income per employee (consolidated) | ¥4.6M |
| Net income per employee (consolidated) | ¥3.5M |

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

| History | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 213 | 243 | 283 | 311 | 390 |
| Average salary (parent company) | ¥7.3M | ¥8M | ¥7.9M | ¥8.3M | ¥8.5M |
| Average age (parent company) | 35.4 years | 34.9 years | 34.9 years | 35.6 years | 35.3 years |
| Average tenure (parent company) | 5.0 years | 4.6 years | 4.6 years | 4.8 years | 4.5 years |

Year over year: Employees (consolidated) +25.4% · Revenue (consolidated) +30.6%

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Sep 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 2,726 | 25.0% | S100XCC9 |
| Capital expenditure | 67 | 0.6% | S100XCC9 |
| Free cash flow | 2,659 | 24.3% | 算出 |
| Investing cash flow | -1,334 | -12.2% | S100XCC9 |
| Financing cash flow | -417 | -3.8% | S100XCC9 |
| Dividends paid | 96 | 0.9% | S100XCC9 |
| Share buyback | 469 | 4.3% | S100XCC9 |
| Change in cash | 991 | 9.1% | S100XCC9 |
| Cash and equivalents | 7,319 | 67.0% | S100XCC9 |

## 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 Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 3,393 | 4,054 | 4,585 | 6,328 | 7,319 | S100SHVB, S100V02M, S100XCC9 |
| Total assets | 4,491 | 5,206 | 6,295 | 8,285 | 10,742 | S100PUKS, S100SHVB, S100V02M, S100XCC9 |
| Net assets | 1,843 | 2,092 | 2,415 | 2,987 | 3,844 | S100SHVB, S100V02M, S100XCC9 |
| Share capital | 512 | 521 | 521 | 521 | 521 | S100PUKS, S100SHVB, S100V02M, S100XCC9 |
| Property, plant and equipment | 171 | 161 | 168 | 290 | 300 | S100PUKS, S100SHVB, S100V02M, S100XCC9 |
| Intangible assets excluding goodwill | 1 | 0 | 45 | 43 | 73 | S100PUKS, S100SHVB, S100V02M, S100XCC9 |
| Investment securities | 308 | 259 | 556 | 460 | 1,357 | S100PUKS, S100SHVB, S100V02M, S100XCC9 |
| Current assets | 3,737 | 4,537 | 5,115 | 6,920 | 8,105 | S100PUKS, S100SHVB, S100V02M, S100XCC9 |
| Current liabilities | 2,549 | 3,009 | 3,793 | 5,093 | 6,536 | S100PUKS, S100SHVB, S100V02M, S100XCC9 |
| Total liabilities | 2,648 | 3,114 | 3,880 | 5,299 | 6,898 | S100PUKS, S100SHVB, S100V02M, S100XCC9 |
| Non-controlling interests | — | — | — | — | -50 | S100XCC9 |
| Equity attributable to owners of parent | 1,637 | 1,976 | 2,233 | 2,930 | 3,745 | S100PUKS, S100SHVB, S100V02M, S100XCC9 |
| Retained earnings | 647 | 969 | 1,477 | 2,304 | 3,566 | S100PUKS, S100SHVB, S100V02M, S100XCC9 |
| Treasury stock | -0 | -1 | -252 | -385 | -836 | S100PUKS, S100SHVB, S100V02M, S100XCC9 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 68% | S100XCC9 |
| Property, plant and equipment | 3% | S100XCC9 |
| Intangibles and goodwill | 1% | S100XCC9 |
| Investment securities | 12% | S100XCC9 |
| Other assets | 16% | S100XCC9 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 64% | S100XCC9 |
| Equity | 36% | S100XCC9 |

### Balance sheet history

| Metric | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 4,491 | 5,206 | 6,295 | 8,285 | 10,742 |
| Equity | 1,843 | 2,092 | 2,415 | 2,987 | 3,844 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 3,393 | 4,054 | 4,585 | 6,328 | 7,319 |

## 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% | S100XCC9 |
| Fixed assets ÷ total assets | 2.8% | S100XCC9 |
| Goodwill ÷ parent equity | — | —, S100XCC9 |

### 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) | 68.1% |
| Cash ÷ revenue | 67.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 152.0% |
| Cash vs. profit gap | 1,367 JPY mn (of net income 100.7%) |
| Shareholder returns / net income | 41.6% |
| Shareholder returns / FCF | 21.3% |
| Shareholder payments — dividends / net income | 7.1% |
| Shareholder payments — dividends / FCF | 3.6% |
| CapEx intensity (capex ÷ revenue) | 0.6% |
| Investing CF relative to operating CF | 49.0% |

## 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 | 4.6% | 1.08× | 5.0% | 2.74× | 13.7% | S100PUKS |
| 2022 | 5.7% | 1.16× | 6.6% | 2.68× | 17.8% | S100SHVB |
| 2023 | 7.5% | 1.18× | 8.8% | 2.73× | 24.2% | S100V02M |
| 2024 | 9.9% | 1.15× | 11.3% | 2.82× | 32.0% | S100XCC9 |
| 2025 | 12.4% | 1.15× | 14.3% | 2.85× | 40.7% | S100XCC9 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 小椋 一宏 | Major shareholder | 24.3% | 2025-09-30 |
| 宮本 和明 | Major shareholder | 11.2% | 2025-09-30 |
| 永留 義己 | Major shareholder | 10.0% | 2025-09-30 |
| BNYMSANV RE BNYMSANVDUBRE LEGAL (AND) GENERAL UCITS ETF PLC（常任代理人 株式会社三菱UFJ銀行） | Major shareholder | 3.8% | 2025-09-30 |
| 株式会社日本カストディ銀行(信託口) | Major shareholder | 3.2% | 2025-09-30 |
| 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 | 2.6% | 2025-09-30 |
| BNYM AS AGT/CLTS NON TREATY JASDEC（常任代理人 株式会社三菱UFJ銀行） | Major shareholder | 1.7% | 2025-09-30 |
| JPモルガン証券株式会社 | Major shareholder | 1.6% | 2025-09-30 |
| 株式会社ブイ・シー・エヌ | Major shareholder | 1.6% | 2025-09-30 |
| UBS AG LONDON A/CIPB SEGREGATED CLIENT ACCOUNT（常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 1.6% | 2025-09-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第29期(2024/10/01－2025/09/30) | S100XCC9 | 2025-12-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XCC9,, |
| 有価証券報告書－第28期(2023/10/01－2024/09/30) | S100V02M | 2024-12-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100V02M,, |
| 有価証券報告書－第27期(2022/10/01－2023/09/30) | S100SHVB | 2023-12-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SHVB,, |
| 有価証券報告書－第26期(令和3年10月1日－令和4年9月30日) | S100PUKS | 2022-12-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PUKS,, |
| 有価証券報告書－第25期(令和2年10月1日－令和3年9月30日) | S100N4FX | 2021-12-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100N4FX,, |
| 訂正有価証券報告書－第24期(令和1年10月1日－令和2年9月30日) | S100KJI4 | 2021-01-15 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KJI4,, |

## 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).