# i-plug: 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14期(2025/04/01－2026/03/31) (S100YHOY)
> Page: https://vizora.meequs.com/en/company/i-plug
> Retrieved: 2026-09-30T21:06:48.732Z

## Company

i-plug, founded in 2012, is a company in HR & Staffing listed on TSE Growth. It has 357 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | i-plug,Inc. |
| Ticker | 4177 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4177.T) |
| Listing | TSE Growth |
| Head office | 大阪市北区大深町5番54号 |
| Representative (per filing) | 代表取締役CEO 中野 智哉 |
| Founded | Apr 2012 |
| Share capital | ¥684.1M |
| Employees (consolidated) | 357 |
| Average salary (parent only) | ¥6.2M |
| Fiscal year end | March |
| Website | i-plug.co.jp (https://i-plug.co.jp/) |
| Corporate number | 2140001087145 |
| EDINET | E36343 |
| Industries (Vizora) | HR & Staffing |

> Profile source: annual securities report (S100YHOY, filed 2026-06-23). As of filing

## Five-axis industry profile

Primary industry: HR & Staffing (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 75.7 | 68 |
| Profitability | 68.8 | 88 |
| Cash conversion | 94.4 | 80 |
| Efficiency | 48.3 | 88 |

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-plug brought in ¥5.76B in revenue.
- Out of every ¥100 of sales, about ¥12 is left as operating profit.
- Revenue changed +13.2% from the prior year, operating profit +23.7%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥5756915000 → ¥478269000
- Net income → operating cash flow: ¥478269000 → ¥1485417000（difference ¥1007148000）
- Main uses of operating cash flow: CapEx ¥467470000 / dividends — / buybacks —
- Change in cash: ¥757463000
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 | ¥5.76B |  |
| Operating income | ¥715.7M | Margin 12.4% |
| Net income | ¥478.3M | Margin 8.3% |
| Free cash flow | ¥1.02B |  |
| Employees (consolidated) | 357 |  |
| EPS | ¥118.33 |  |
| Diluted EPS | ¥118.08 |  |
| Book value per share | ¥477.31 |  |
| Equity ratio | 37.8% |  |
| Shares outstanding | 3,986,402 |  |
| Treasury shares | 900 |  |
| Shareholders | 3,128 |  |
| Average salary (parent only) | ¥6.2M | Filing company only |
| Cash ratio | 65.2% | Cash ÷ revenue 56.7% |
| Vs. industry median margin | +3.8 pp | HR & Staffing |
| ROE | 29.0% | Derived from disclosed figures |
| ROA | 10.8% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 3.1× net income
- FY2026, cash is 65% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥2151386000 | ¥5756915000 | +167.6% |
| Operating income | ¥313836000 | ¥715653000 | +128.0% |
| Operating margin | 14.6% | 12.4% | -2.2 pp |
| Employees | 166 people | 357 people | +115.1% |
| Cash and equivalents | ¥2412716000 | ¥3266886000 | +35.4% |

### 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 | 5,757 | 100.0% | S100YHOY |
| Cost of revenue | 619 | 10.8% | S100YHOY |
| Gross profit | 5,138 | 89.2% | S100YHOY |
| SG&A | 4,422 | 76.8% | S100YHOY |
| Operating income | 716 | 12.4% | S100YHOY |
| Ordinary income | 720 | 12.5% | S100YHOY |
| Pretax income | 720 | 12.5% | S100YHOY |
| Income tax | 242 | 4.2% | S100YHOY |
| Net income | 478 | 8.3% | S100YHOY |
| Net income attributable to owners | 478 | 8.3% | S100YHOY |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 11 |
| SG&A | 77 |
| Operating income | 12 |
| (Ref.) Net income | 8 |

### Margin funnel

Gross margin 89.2% → Operating margin 12.4% → Net margin 8.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +13.2%; Core profit growth: +23.7%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.79×
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 | 5,084 | 5,757 | 672 | +13.2% |
| Gross profit | 4,621 | 5,138 | 517 | +11.2% |
| Operating income | 579 | 716 | 137 | +23.7% |
| Net income attributable to owners | 598 | 478 | -120 | -20.0% |
| Operating cash flow | 822 | 1,485 | 663 | +80.7% |
| Free cash flow | 490 | 1,018 | 528 | +107.9% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 1,598 | 33 | 2.1% | -40 | 217 | 175 | S100LSWX |
| FY ending Mar 2021 | 2,151 | 314 | 14.6% | 232 | 408 | 385 | S100OG59 |
| FY ending Mar 2022 | 3,041 | 367 | 12.1% | 254 | 554 | 495 | S100QZ6J |
| FY ending Mar 2023 | 3,741 | -412 | -11.0% | -492 | -291 | -511 | S100TO97 |
| FY ending Mar 2024 | 4,603 | 139 | 3.0% | -194 | 490 | 200 | S100W2OZ |
| FY ending Mar 2025 | 5,084 | 579 | 11.4% | 598 | 822 | 490 | S100YHOY |
| FY ending Mar 2026 | 5,757 | 716 | 12.4% | 478 | 1,485 | 1,018 | S100YHOY |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥16.1M |
| Operating income per employee (consolidated) | ¥2M |
| Net income per employee (consolidated) | ¥1.3M |

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) | 205 | 297 | 334 | 330 | 357 |
| Average salary (parent company) | ¥5.3M | ¥5.7M | ¥5.9M | ¥6.1M | ¥6.2M |
| Average age (parent company) | 32.4 years | 33.5 years | 33.9 years | 34.4 years | 34.7 years |
| Average tenure (parent company) | 2.8 years | 2.5 years | 2.9 years | 3.3 years | 3.7 years |

Year over year: Employees (consolidated) +8.2% · Revenue (consolidated) +13.2%

## 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 | 1,485 | 25.8% | S100YHOY |
| Capital expenditure | 467 | 8.1% | S100YHOY |
| Free cash flow | 1,018 | 17.7% | 算出 |
| Investing cash flow | -639 | -11.1% | S100YHOY |
| Financing cash flow | -89 | -1.5% | S100YHOY |
| Change in cash | 757 | 13.2% | S100YHOY |
| Cash and equivalents | 3,267 | 56.7% | S100YHOY |

## 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 | 2,784 | 2,380 | 2,165 | 2,509 | 3,267 | S100TO97, S100W2OZ, S100YHOY |
| Total assets | 3,321 | 3,495 | 3,199 | 3,824 | 5,013 | S100QZ6J, S100TO97, S100W2OZ, S100YHOY |
| Net assets | 1,431 | 961 | 782 | 1,396 | 1,898 | S100TO97, S100W2OZ, S100YHOY |
| Share capital | 644 | 657 | 664 | 672 | 684 | S100QZ6J, S100TO97, S100W2OZ, S100YHOY |
| Property, plant and equipment | 52 | 64 | 42 | 32 | 74 | S100QZ6J, S100TO97, S100W2OZ, S100YHOY |
| Intangible assets excluding goodwill | 156 | 501 | 507 | 683 | 914 | S100QZ6J, S100TO97, S100W2OZ, S100YHOY |
| Goodwill | 82 | 251 | 54 | 41 | — | S100QZ6J, S100TO97, S100W2OZ |
| Investment securities | 41 | 41 | 0 | 15 | 67 | S100QZ6J, S100TO97, S100W2OZ, S100YHOY |
| Current assets | 3,005 | 2,766 | 2,501 | 2,867 | 3,689 | S100QZ6J, S100TO97, S100W2OZ, S100YHOY |
| Current liabilities | 1,508 | 2,001 | 2,196 | 2,282 | 3,077 | S100QZ6J, S100TO97, S100W2OZ, S100YHOY |
| Short-term borrowings | — | 100 | — | — | 200 | S100TO97, S100YHOY |
| Long-term borrowings | 374 | 504 | 196 | 129 | — | S100QZ6J, S100TO97, S100W2OZ |
| Total liabilities | 1,891 | 2,534 | 2,417 | 2,428 | 3,116 | S100QZ6J, S100TO97, S100W2OZ, S100YHOY |
| Equity attributable to owners of parent | 1,431 | 961 | 782 | 1,396 | 1,898 | S100QZ6J, S100TO97, S100W2OZ, S100YHOY |
| Retained earnings | 262 | -230 | -424 | 174 | 652 | S100QZ6J, S100TO97, S100W2OZ, S100YHOY |
| Treasury stock | -0 | -0 | -0 | -0 | -0 | S100QZ6J, S100TO97, S100W2OZ, S100YHOY |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 65% | S100YHOY |
| Property, plant and equipment | 2% | S100YHOY |
| Intangibles and goodwill | 18% | S100YHOY |
| Investment securities | 1% | S100YHOY |
| Other assets | 14% | S100YHOY |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 62% | S100YHOY |
| Equity | 38% | S100YHOY |

### 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 | 3,321 | 3,495 | 3,199 | 3,824 | 5,013 |
| Equity | 1,431 | 961 | 782 | 1,396 | 1,898 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 2,784 | 2,380 | 2,165 | 2,509 | 3,267 |

## 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) | 1.3% | S100YHOY |
| Fixed assets ÷ total assets | 1.5% | S100YHOY |
| Goodwill ÷ parent equity | — | —, S100YHOY |

### 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) | 65.2% |
| Cash ÷ revenue | 56.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 207.6% |
| Cash vs. profit gap | 1,007 JPY mn (of net income 210.6%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 8.1% |
| Investing CF relative to operating CF | 43.0% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 8.3% | 0.92× | 7.6% | 2.32× | 17.7% | S100QZ6J |
| 2023 | — | —× | -14.4% | —× | — | S100TO97 |
| 2024 | — | —× | -5.8% | —× | — | S100W2OZ |
| 2025 | 11.8% | 1.45× | 17.0% | 3.22× | 54.9% | S100YHOY |
| 2026 | 8.3% | 1.30× | 10.8% | 2.68× | 29.0% | S100YHOY |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 中野智哉 | Major shareholder | 55.9% | 2026-03-31 |
| 田中伸明 | Major shareholder | 4.3% | 2026-03-31 |
| 直木英訓 | Major shareholder | 2.5% | 2026-03-31 |
| 株式会社日本カストディ銀行(信託口) | Major shareholder | 2.4% | 2026-03-31 |
| 山田正洋 | Major shareholder | 1.6% | 2026-03-31 |
| 住友生命保険相互会社 | Major shareholder | 1.3% | 2026-03-31 |
| JPモルガン証券株式会社 | Major shareholder | 1.2% | 2026-03-31 |
| 株式会社DYM | Major shareholder | 1.1% | 2026-03-31 |
| BBH LUX/BROWN BROTHERS HARRIMAN (LUXEMBOURG) SCA CUSTODIAN FOR SMD-AM FUNDS - DSBI JAPAN EQUITY SMALL CAP ABSOLUTE VALUE (常任代理人 株式会社三井住友銀行) | Major shareholder | 1.0% | 2026-03-31 |
| 株式会社シタシオンストラテジックパートナーズ | Major shareholder | 0.8% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第14期(2025/04/01－2026/03/31) | S100YHOY | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YHOY,, |
| 有価証券報告書－第13期(2024/04/01－2025/03/31) | S100W2OZ | 2025-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W2OZ,, |
| 有価証券報告書－第12期(2023/04/01－2024/03/31) | S100TO97 | 2024-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TO97,, |
| 有価証券報告書－第11期(2022/04/01－2023/03/31) | S100QZ6J | 2023-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QZ6J,, |
| 訂正有価証券報告書－第10期(令和3年4月1日－令和4年3月31日) | S100OG59 | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OG59,, |
| 有価証券報告書－第9期(令和2年4月1日－令和3年3月31日) | S100LSWX | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LSWX,, |

## 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).