# I'LL INC: business model and financials

> Latest period: FY ending Jul 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第35期(2024/08/01－2025/07/31) (S100WVK4)
> Page: https://vizora.meequs.com/en/company/i-ll
> Retrieved: 2026-09-30T20:24:36.640Z

## Company

I'LL, founded in 1991, is a company in Software & SaaS listed on TSE Prime. It has 1,009 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | I’LL INC. |
| Ticker | 3854 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3854.T) |
| Listing | TSE Prime |
| Head office | 大阪市北区大深町3番1号 |
| Representative (per filing) | 代表取締役社長 岩本 哲夫 |
| Founded | Feb 1991 |
| Share capital | ¥354.7M |
| Employees (consolidated) | 1,009 |
| Average salary (parent only) | ¥6.5M |
| Fiscal year end | July |
| Website | www.ill.co.jp (https://www.ill.co.jp/) |
| Corporate number | 2120001034108 |
| EDINET | E05705 |
| Industries (Vizora) | Software & SaaS |

> Profile source: annual securities report (S100WVK4, filed 2025-10-17). As of filing

## Five-axis industry profile

Primary industry: Software & SaaS (2025-07-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 47.1 | 105 |
| Profitability | 80.3 | 145 |
| Cash conversion | 15.2 | 128 |
| Efficiency | 83.8 | 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)

- I'LL brought in ¥19.3B in revenue.
- Out of every ¥100 of sales, about ¥25 is left as operating profit.
- Revenue changed +10.2% from the prior year, operating profit +13.0%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥19294870000 → ¥3488354000
- Net income → operating cash flow: ¥3488354000 → ¥3366167000（difference ¥-122187000）
- Main uses of operating cash flow: CapEx ¥426087000 / dividends ¥1106421000 / buybacks ¥3935550000
- Change in cash: ¥739143000
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 | ¥19.3B |  |
| Operating income | ¥4.82B | Margin 25.0% |
| Net income | ¥3.49B | Margin 18.1% |
| Free cash flow | ¥2.94B |  |
| Employees (consolidated) | 1,009 |  |
| EPS | ¥139.85 |  |
| Book value per share | ¥432.19 |  |
| Equity ratio | 71.6% |  |
| Shares outstanding | 25,042,528 |  |
| Treasury shares | 13,000 |  |
| Shareholders | 3,051 |  |
| Average salary (parent only) | ¥6.5M | Filing company only |
| Cash ratio | 46.9% | Cash ÷ revenue 38.4% |
| Vs. industry median margin | +12.5 pp | Software & SaaS |
| ROE | 33.6% | Derived from disclosed figures |
| ROA | 23.3% | Derived from disclosed figures |

## Notable figures

- FY2025, buybacks were 3.6× dividends
- FY2025, cash is 47% of total assets
- FY2025, operating income keeps 25 per ¥100 of revenue

## What changed in 5 years

| Metric | FY ending Jul 2020 | FY ending Jul 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥12679627000 | ¥19294870000 | +52.2% |
| Operating income | ¥1700135000 | ¥4818844000 | +183.4% |
| Operating margin | 13.4% | 25.0% | +11.6 pp |
| Employees | 723 people | 1,009 people | +39.6% |
| Cash and equivalents | ¥2194666000 | ¥7402360000 | +237.3% |

### Change in segment revenue mix

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

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 19,295 | 100.0% | S100WVK4 |
| Cost of revenue | 8,636 | 44.8% | S100WVK4 |
| Gross profit | 10,659 | 55.2% | S100WVK4 |
| SG&A | 5,840 | 30.3% | S100WVK4 |
| Operating income | 4,819 | 25.0% | S100WVK4 |
| Ordinary income | 4,768 | 24.7% | S100WVK4 |
| Pretax income | 4,766 | 24.7% | S100WVK4 |
| Income tax | 1,278 | 6.6% | S100WVK4 |
| Net income | 3,488 | 18.1% | S100WVK4 |
| Net income attributable to owners | 3,488 | 18.1% | S100WVK4 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 45 |
| SG&A | 30 |
| Operating income | 25 |
| (Ref.) Net income | 18 |

### Margin funnel

Gross margin 55.2% → Operating margin 25.0% → Net margin 18.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +10.2%; Core profit growth: +13.0%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.28×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 17,508 | 19,295 | 1,786 | +10.2% |
| Gross profit | 9,773 | 10,659 | 886 | +9.1% |
| Operating income | 4,264 | 4,819 | 555 | +13.0% |
| Net income attributable to owners | 2,888 | 3,488 | 601 | +20.8% |
| Operating cash flow | 2,638 | 3,366 | 728 | +27.6% |
| Free cash flow | 2,026 | 2,940 | 914 | +45.1% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Jul 2019 | 10,523 | 951 | 9.0% | 621 | 1,007 | 368 | S100JZFQ |
| FY ending Jul 2020 | 12,680 | 1,700 | 13.4% | 1,190 | 2,088 | 1,583 | S100MOAZ |
| FY ending Jul 2021 | 13,204 | 1,830 | 13.9% | 1,224 | 2,027 | 1,661 | S100PEP7 |
| FY ending Jul 2022 | 12,944 | 2,100 | 16.2% | 1,378 | 1,134 | 652 | S100S2UY |
| FY ending Jul 2023 | 15,925 | 3,548 | 22.3% | 2,472 | 3,073 | 2,526 | S100UKZY |
| FY ending Jul 2024 | 17,508 | 4,264 | 24.4% | 2,888 | 2,638 | 2,026 | S100WVK4 |
| FY ending Jul 2025 | 19,295 | 4,819 | 25.0% | 3,488 | 3,366 | 2,940 | S100WVK4 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥19.1M |
| Operating income per employee (consolidated) | ¥4.8M |
| 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 Jul 2021 | FY ending Jul 2022 | FY ending Jul 2023 | FY ending Jul 2024 | FY ending Jul 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 766 | 820 | 868 | 938 | 1,009 |
| Average salary (parent company) | ¥5.8M | ¥5.8M | ¥6M | ¥6.3M | ¥6.5M |
| Average age (parent company) | 33.7 years | 34.0 years | 34.4 years | 34.6 years | 34.7 years |
| Average tenure (parent company) | 7.8 years | 8.1 years | 8.5 years | 8.6 years | 8.7 years |

Year over year: Employees (consolidated) +7.6% · Revenue (consolidated) +10.2%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 3,366 | 17.4% | S100WVK4 |
| Capital expenditure | 426 | 2.2% | S100WVK4 |
| Free cash flow | 2,940 | 15.2% | 算出 |
| Investing cash flow | -546 | -2.8% | S100WVK4 |
| Financing cash flow | -2,081 | -10.8% | S100WVK4 |
| Dividends paid | 1,106 | 5.7% | S100WVK4 |
| Share buyback | 3,936 | 20.4% | S100WVK4 |
| Change in cash | 739 | 3.8% | S100WVK4 |
| Cash and equivalents | 7,402 | 38.4% | S100WVK4 |

## 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 Jul 2021 | FY ending Jul 2022 | FY ending Jul 2023 | FY ending Jul 2024 | FY ending Jul 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 3,454 | 3,640 | 5,640 | 6,663 | 7,402 | S100S2UY, S100UKZY, S100WVK4 |
| Total assets | 8,450 | 9,577 | 12,115 | 14,154 | 15,769 | S100PEP7, S100S2UY, S100UKZY, S100WVK4 |
| Net assets | 4,590 | 5,715 | 7,740 | 9,681 | 11,287 | S100S2UY, S100UKZY, S100WVK4 |
| Share capital | 355 | 355 | 355 | 355 | 355 | S100PEP7, S100S2UY, S100UKZY, S100WVK4 |
| Trade receivables | 1,828 | — | — | — | — | S100PEP7 |
| Property, plant and equipment | 439 | 465 | 561 | 583 | 550 | S100PEP7, S100S2UY, S100UKZY, S100WVK4 |
| Intangible assets excluding goodwill | 936 | 828 | 838 | 792 | 883 | S100PEP7, S100S2UY, S100UKZY, S100WVK4 |
| Investment securities | 47 | 47 | 47 | 146 | 146 | S100PEP7, S100S2UY, S100UKZY, S100WVK4 |
| Current assets | 6,088 | 7,250 | 9,675 | 11,568 | 13,216 | S100PEP7, S100S2UY, S100UKZY, S100WVK4 |
| Current liabilities | 2,247 | 2,134 | 2,547 | 2,555 | 2,618 | S100PEP7, S100S2UY, S100UKZY, S100WVK4 |
| Total liabilities | 3,860 | 3,861 | 4,375 | 4,473 | 4,482 | S100PEP7, S100S2UY, S100UKZY, S100WVK4 |
| Equity attributable to owners of parent | 4,576 | 5,693 | 7,640 | 9,626 | 11,108 | S100PEP7, S100S2UY, S100UKZY, S100WVK4 |
| Retained earnings | 3,911 | 5,029 | 6,976 | 8,962 | 10,444 | S100PEP7, S100S2UY, S100UKZY, S100WVK4 |
| Treasury stock | -10 | -10 | -10 | -10 | -10 | S100PEP7, S100S2UY, S100UKZY, S100WVK4 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 47% | S100WVK4 |
| Property, plant and equipment | 3% | S100WVK4 |
| Intangibles and goodwill | 6% | S100WVK4 |
| Investment securities | 1% | S100WVK4 |
| Other assets | 43% | S100WVK4 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 28% | S100WVK4 |
| Equity | 72% | S100WVK4 |

### Balance sheet history

| Metric | FY ending Jul 2021 | FY ending Jul 2022 | FY ending Jul 2023 | FY ending Jul 2024 | FY ending Jul 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 8,450 | 9,577 | 12,115 | 14,154 | 15,769 |
| Equity | 4,590 | 5,715 | 7,740 | 9,681 | 11,287 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 3,454 | 3,640 | 5,640 | 6,663 | 7,402 |

## 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) | 2.8% | S100WVK4 |
| Fixed assets ÷ total assets | 3.5% | S100WVK4 |
| Goodwill ÷ parent equity | — | —, S100WVK4 |

### 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) | 46.9% |
| Cash ÷ revenue | 38.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 69.9% |
| Cash vs. profit gap | -122 JPY mn (of net income -3.5%) |
| Shareholder returns / net income | 144.5% |
| Shareholder returns / FCF | 171.5% |
| Shareholder payments — dividends / net income | 31.7% |
| Shareholder payments — dividends / FCF | 37.6% |
| CapEx intensity (capex ÷ revenue) | 2.2% |
| Investing CF relative to operating CF | 16.2% |

## 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 | 9.3% | 1.56× | 14.5% | 1.85× | 26.8% | S100PEP7 |
| 2022 | 10.6% | 1.44× | 15.3% | 1.76× | 26.8% | S100S2UY |
| 2023 | 15.5% | 1.47× | 22.8% | 1.63× | 37.1% | S100UKZY |
| 2024 | 16.5% | 1.33× | 22.0% | 1.52× | 33.4% | S100WVK4 |
| 2025 | 18.1% | 1.29× | 23.3% | 1.44× | 33.6% | S100WVK4 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ㈲GTホールディング | Major shareholder | 33.5% | 2025-07-31 |
| 岩本 哲夫 | Major shareholder | 8.1% | 2025-07-31 |
| 日本マスタートラスト信託銀行㈱（信託口） | Major shareholder | 6.0% | 2025-07-31 |
| OLIVE㈱ | Major shareholder | 5.1% | 2025-07-31 |
| 鈴木 太一 | Major shareholder | 4.8% | 2025-07-31 |
| アイル社員持株会 | Major shareholder | 3.1% | 2025-07-31 |
| ㈱日本カストディ銀行（信託口） | Major shareholder | 2.8% | 2025-07-31 |
| STATE STREET BANK AND TRUST COMPANY 505001 （常任代理人 ㈱みずほ銀行決済営業部） | Major shareholder | 2.6% | 2025-07-31 |
| アイル役員持株会 | Major shareholder | 2.0% | 2025-07-31 |
| GOLDMAN, SACHS & CO. REG （常任代理人 ゴールドマン・サックス証券㈱） | Major shareholder | 1.2% | 2025-07-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第35期(2024/08/01－2025/07/31) | S100WVK4 | 2025-10-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WVK4,, |
| 有価証券報告書－第34期(2023/08/01－2024/07/31) | S100UKZY | 2024-10-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UKZY,, |
| 有価証券報告書－第33期(2022/08/01－2023/07/31) | S100S2UY | 2023-10-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100S2UY,, |
| 有価証券報告書－第32期(令和3年8月1日－令和4年7月31日) | S100PEP7 | 2022-10-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PEP7,, |
| 有価証券報告書－第31期(令和2年8月1日－令和3年7月31日) | S100MOAZ | 2021-10-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MOAZ,, |
| 有価証券報告書－第30期(令和1年8月1日－令和2年7月31日) | S100JZFQ | 2020-10-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100JZFQ,, |

## 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).