# HEROZ: business model and financials

> Latest period: FY ending Apr 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第18期(2025/05/01－2026/04/30) (S100YS1Z)
> Page: https://vizora.meequs.com/en/company/heroz
> Retrieved: 2026-09-30T17:54:19.184Z

## Company

Heroz, founded in 2009, is a company in Cybersecurity listed on TSE Standard. It has 259 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | HEROZ,Inc. |
| Ticker | 4382 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4382.T) |
| Listing | TSE Standard |
| Head office | 東京都港区芝五丁目31番17号 PMO田町 |
| Representative (per filing) | 代表取締役CEO 林 隆弘 |
| Founded | Apr 2009 |
| Share capital | ¥63.4M |
| Employees (consolidated) | 259 |
| Average salary (parent only) | ¥7.6M |
| Fiscal year end | April |
| Website | heroz.co.jp (https://heroz.co.jp/) |
| Corporate number | 7010401081739 |
| EDINET | E33880 |
| Industries (Vizora) | Cybersecurity, IT Services & System Integration, Software & SaaS |

> Profile source: annual securities report (S100YS1Z, filed 2026-07-23). As of filing

## Five-axis industry profile

Primary industry: IT Services & System Integration (2026-04-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 43.1 | 196 |
| Cash conversion | 82.4 | 185 |
| Efficiency | 12 | 196 |

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 56% of Heroz's sales come from AI/Digital Transformation business, with AI Security business making up much of the rest.
- Out of every ¥100 of sales, about ¥8 is left as operating profit.
- Revenue changed +8.3% from the prior year, operating profit +70.7%.

## Company structure

- Segment revenue mix: AI/Digital Transformation business 55.8%、AI Security business 44.2%
- Revenue → net income: ¥6424647000 → ¥620265000
- Net income → operating cash flow: ¥620265000 → ¥647991000（difference ¥27726000）
- Main uses of operating cash flow: CapEx ¥276890000 / dividends — / buybacks ¥63000
- Change in cash: ¥221195000
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 | ¥6.42B |  |
| Operating income | ¥523.1M | Margin 8.1% |
| Net income | ¥376M | Margin 5.9% |
| Free cash flow | ¥371.1M |  |
| Largest business | AI/Digital Transformation business | of segment revenue 55.8% |
| Employees (consolidated) | 259 |  |
| EPS | ¥22.72 |  |
| Diluted EPS | ¥22.7 |  |
| Book value per share | ¥320.53 |  |
| Equity ratio | 58.7% |  |
| Shares outstanding | 15,206,964 |  |
| Shareholders | 8,183 |  |
| Average salary (parent only) | ¥7.6M | Filing company only |
| Cash ratio | 39.6% | Cash ÷ revenue 52.4% |
| Vs. industry median margin | -0.8 pp | IT Services & System Integration |
| ROE | 7.9% | Derived from disclosed figures |
| ROA | 4.5% | Derived from disclosed figures |

## Notable figures

- FY2026, employees -12% while operating income rose 71%
- FY2026, cash is 40% of total assets

## What changed in 5 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Apr 2021 | FY ending Apr 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥1556593000 | ¥6424647000 | — |
| Operating income | ¥294180000 | ¥523119000 | — |
| Operating margin | 18.9% | 8.1% | -10.8 pp |
| Employees | 55 people | 259 people | — |
| Cash and equivalents | ¥5554149000 | ¥3367019000 | — |

### Change in segment revenue mix

Span: FY ending Apr 2021 → FY ending Apr 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 → AIX事業 | 55.8% |
| 新設・再編 → AI Security事業 | 44.2% |

Segment revenue source references: 2 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 6,425 | 100.0% | S100YS1Z |
| Cost of revenue | 3,503 | 54.5% | S100YS1Z |
| Gross profit | 2,922 | 45.5% | S100YS1Z |
| SG&A | 2,398 | 37.3% | S100YS1Z |
| Operating income | 523 | 8.1% | S100YS1Z |
| Ordinary income | 408 | 6.4% | S100YS1Z |
| Pretax income | 699 | 10.9% | S100YS1Z |
| Income tax | 79 | 1.2% | S100YS1Z |
| Net income | 620 | 9.7% | S100YS1Z |
| Net income attributable to owners | 376 | 5.9% | S100YS1Z |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 55 |
| SG&A | 37 |
| Operating income | 8 |
| (Ref.) Net income | 6 |

### Margin funnel

Gross margin 45.5% → Operating margin 8.1% → Net margin 5.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +8.3%; Core profit growth: +70.7%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 8.47×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 5,930 | 6,425 | 495 | +8.3% |
| Gross profit | 2,688 | 2,922 | 234 | +8.7% |
| Operating income | 306 | 523 | 217 | +70.7% |
| Net income attributable to owners | -178 | 376 | 554 | — |
| Operating cash flow | 219 | 648 | 429 | +195.8% |
| Free cash flow | -200 | 371 | 571 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Apr 2020 | 1,544 | 459 | 29.7% | 255 | 243 | 198 | S100M2WR |
| FY ending Apr 2021 | 1,557 | 294 | 18.9% | 207 | 361 | -19 | S100OT7B |
| FY ending Apr 2022 | 1,483 | 35 | 2.3% | 49 | 198 | 186 | S100OT7B |
| FY ending Apr 2023 | 2,981 | 258 | 8.7% | -574 | 483 | 387 | S100U4DJ |
| FY ending Apr 2024 | 4,842 | 451 | 9.3% | -1,135 | 464 | 21 | S100WEIR |
| FY ending Apr 2025 | 5,930 | 306 | 5.2% | -178 | 219 | -200 | S100YS1Z |
| FY ending Apr 2026 | 6,425 | 523 | 8.1% | 376 | 648 | 371 | S100YS1Z |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥24.8M |
| Operating income per employee (consolidated) | ¥2M |
| Net income per employee (consolidated) | ¥1.5M |

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

| History | FY ending Apr 2022 | FY ending Apr 2023 | FY ending Apr 2024 | FY ending Apr 2025 | FY ending Apr 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 61 | 160 | 256 | 294 | 259 |
| Average salary (parent company) | ¥6.6M | ¥6.7M | ¥7.4M | ¥7.8M | ¥7.6M |
| Average age (parent company) | 34.5 years | 36.6 years | 37.6 years | 37.1 years | 37.7 years |
| Average tenure (parent company) | 3.4 years | 3.4 years | 3.6 years | 3.2 years | 3.6 years |

Year over year: Employees (consolidated) -11.9% · Revenue (consolidated) +8.3%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| AI/Digital Transformation business | 3,582 | 55.8% | 697 | 19.4% |
| AI Security business | 2,843 | 44.2% | 930 | 32.7% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| AI/Digital Transformation business | 55.8% | 42.8% | -12.9 | 19.4% |
| AI Security business | 44.2% | 57.2% | 12.9 | 32.7% |

Segment → industry: AI Security business → Cybersecurity / AI/Digital Transformation business → IT Services & System Integration / AI/Digital Transformation business → Software & SaaS

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 648 | 10.1% | S100YS1Z |
| Capital expenditure | 277 | 4.3% | S100YS1Z |
| Free cash flow | 371 | 5.8% | 算出 |
| Investing cash flow | -21 | -0.3% | S100YS1Z |
| Financing cash flow | -406 | -6.3% | S100YS1Z |
| Share buyback | 0 | 0.0% | S100YS1Z |
| Change in cash | 221 | 3.4% | S100YS1Z |
| Cash and equivalents | 3,367 | 52.4% | S100YS1Z |

## 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 Apr 2022 | FY ending Apr 2023 | FY ending Apr 2024 | FY ending Apr 2025 | FY ending Apr 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 3,660 | 3,798 | 2,741 | 3,146 | 3,367 | S100OT7B, S100WEIR, S100YS1Z |
| Total assets | 6,635 | 8,673 | 7,691 | 8,148 | 8,500 | S100OT7B, S100U4DJ, S100WEIR, S100YS1Z |
| Net assets | 6,441 | 6,080 | 5,143 | 5,201 | 5,857 | S100OT7B, S100WEIR, S100YS1Z |
| Share capital | 10 | 10 | 22 | 45 | 63 | S100OT7B, S100U4DJ, S100WEIR, S100YS1Z |
| Inventories | — | 260 | 192 | 153 | 210 | S100U4DJ, S100WEIR, S100YS1Z |
| Property, plant and equipment | 260 | 237 | 262 | 215 | 158 | S100OT7B, S100U4DJ, S100WEIR, S100YS1Z |
| Intangible assets excluding goodwill | 25 | 2,641 | 2,548 | 2,572 | 2,398 | S100OT7B, S100U4DJ, S100WEIR, S100YS1Z |
| Goodwill | — | 2,312 | 1,964 | 1,896 | 1,790 | S100U4DJ, S100WEIR, S100YS1Z |
| Investment securities | 322 | 377 | 360 | 356 | 384 | S100OT7B, S100U4DJ, S100WEIR, S100YS1Z |
| Current assets | 3,960 | 4,964 | 3,997 | 4,539 | 5,051 | S100OT7B, S100U4DJ, S100WEIR, S100YS1Z |
| Current liabilities | 195 | 995 | 1,168 | 1,487 | 1,780 | S100OT7B, S100U4DJ, S100WEIR, S100YS1Z |
| Short-term borrowings | — | — | — | 200 | 350 | S100YS1Z |
| Long-term borrowings | — | 1,302 | 1,188 | 1,371 | 832 | S100U4DJ, S100WEIR, S100YS1Z |
| Total liabilities | 195 | 2,593 | 2,548 | 2,946 | 2,643 | S100OT7B, S100U4DJ, S100WEIR, S100YS1Z |
| Non-controlling interests | — | 205 | 355 | 563 | 801 | S100U4DJ, S100WEIR, S100YS1Z |
| Equity attributable to owners of parent | 6,439 | 5,830 | 4,709 | 4,552 | 4,965 | S100OT7B, S100U4DJ, S100WEIR, S100YS1Z |
| Retained earnings | 1,118 | 516 | -618 | -796 | -420 | S100OT7B, S100U4DJ, S100WEIR, S100YS1Z |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 40% | S100YS1Z |
| Inventories | 2% | S100YS1Z |
| Property, plant and equipment | 2% | S100YS1Z |
| Intangibles and goodwill | 49% | S100YS1Z |
| Investment securities | 5% | S100YS1Z |
| Other assets | 2% | S100YS1Z |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 31% | S100YS1Z |
| Equity | 69% | S100YS1Z |

### Balance sheet history

| Metric | FY ending Apr 2022 | FY ending Apr 2023 | FY ending Apr 2024 | FY ending Apr 2025 | FY ending Apr 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 6,635 | 8,673 | 7,691 | 8,148 | 8,500 |
| Equity | 6,441 | 6,080 | 5,143 | 5,201 | 5,857 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 3,660 | 3,798 | 2,741 | 3,146 | 3,367 |

## 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) | 2.5% | S100YS1Z |
| Fixed assets ÷ total assets | 1.9% | S100YS1Z |
| Goodwill ÷ parent equity | 36.0% | S100YS1Z |

### 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) | 39.6% |
| Cash ÷ revenue | 52.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 123.9% |
| Cash vs. profit gap | 272 JPY mn (of net income 72.3%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 4.3% |
| Investing CF relative to operating CF | 3.3% |

## 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 | 3.3% | 0.22× | 0.7% | 1.03× | 0.8% | S100OT7B |
| 2023 | — | —× | -6.6% | —× | — | S100U4DJ |
| 2024 | — | —× | -13.9% | —× | — | S100WEIR |
| 2025 | — | —× | -2.2% | —× | — | S100YS1Z |
| 2026 | 5.9% | 0.77× | 4.5% | 1.75× | 7.9% | S100YS1Z |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 高橋 知裕 | Major shareholder | 28.5% | 2026-04-30 |
| 林 隆弘 | Major shareholder | 28.5% | 2026-04-30 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 3.9% | 2026-04-30 |
| ビッグローブ株式会社 | Major shareholder | 2.6% | 2026-04-30 |
| 株式会社竹中工務店 | Major shareholder | 1.1% | 2026-04-30 |
| 株式会社コーエーテクモコーポレートファイナンス | Major shareholder | 1.1% | 2026-04-30 |
| 山下 雅之 | Major shareholder | 0.6% | 2026-04-30 |
| 池田 立野 | Major shareholder | 0.5% | 2026-04-30 |
| JP JPMSE LUX RE NOMURA INT PLC 1 EQ CO （常任代理人 株式会社三菱ＵＦＪ銀行） | Major shareholder | 0.4% | 2026-04-30 |
| 大和証券株式会社 | Major shareholder | 0.3% | 2026-04-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第18期(2025/05/01－2026/04/30) | S100YS1Z | 2026-07-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YS1Z,, |
| 有価証券報告書－第17期(2024/05/01－2025/04/30) | S100WEIR | 2025-07-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WEIR,, |
| 有価証券報告書－第16期(2023/05/01－2024/04/30) | S100U4DJ | 2024-07-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100U4DJ,, |
| 有価証券報告書－第15期(2022/05/01－2023/04/30) | S100RHGT | 2023-07-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RHGT,, |
| 有価証券報告書－第14期(令和3年5月1日－令和4年4月30日) | S100OT7B | 2022-07-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OT7B,, |
| 有価証券報告書－第13期(令和2年5月1日－令和3年4月30日) | S100M2WR | 2021-07-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100M2WR,, |

## 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).