# i3 Systems, Inc.: business model and financials

> Latest period: FY ending Jun 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第25期(2025/07/01－2026/06/30) (S100Z39X)
> Page: https://vizora.meequs.com/en/company/i3-systems
> Retrieved: 2026-09-30T19:42:00.280Z

## Company

i3 Systems, founded in 2001, is a company in Cybersecurity listed on TSE Growth. It has 221 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | i Cubed Systems, Inc. |
| Ticker | 4495 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4495.T) |
| Listing | TSE Growth |
| Head office | 福岡市中央区天神四丁目1番37号 |
| Representative (per filing) | 代表取締役執行役員社長 CEO 佐々木 勉 |
| Founded | Sep 2001 |
| Share capital | ¥417.2M |
| Employees (consolidated) | 221 |
| Average salary (parent only) | ¥6.1M |
| Fiscal year end | June |
| Website | www.icubedsystems.com (https://www.icubedsystems.com/) |
| Corporate number | 6290001042164 |
| EDINET | E35578 |
| Industries (Vizora) | Cybersecurity, Software & SaaS, Venture Capital |

> Profile source: annual securities report (S100Z39X, filed 2026-09-25). As of filing

## Five-axis industry profile

Primary industry: Cybersecurity (2026-06-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 81 | 29 |
| Cash conversion | 53.7 | 27 |
| Efficiency | 46.6 | 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)

- i3 Systems brought in ¥4.44B in revenue.
- Out of every ¥100 of sales, about ¥26 is left as operating profit.
- Revenue changed +18.4% from the prior year, operating profit +29.3%.

## Company structure

- Segment revenue mix: CLOMO business 100.0%
- Revenue → net income: ¥4440721000 → ¥771195000
- Net income → operating cash flow: ¥771195000 → ¥1331245000（difference ¥560050000）
- Main uses of operating cash flow: CapEx ¥296917000 / dividends ¥254141000 / buybacks ¥29937000
- Change in cash: ¥655230000
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 | ¥4.44B |  |
| Operating income | ¥1.17B | Margin 26.4% |
| Net income | ¥730.1M | Margin 16.4% |
| Free cash flow | ¥1.03B |  |
| Largest business | CLOMO business | of segment revenue 100.0% |
| Employees (consolidated) | 221 |  |
| EPS | ¥151.51 |  |
| Diluted EPS | ¥149.76 |  |
| Book value per share | ¥636.9 |  |
| Equity ratio | 58.6% |  |
| Shares outstanding | 5,311,450 |  |
| Treasury shares | 420,100 |  |
| Shareholders | 2,416 |  |
| Average salary (parent only) | ¥6.1M | Filing company only |
| Cash ratio | 55.5% | Cash ÷ revenue 64.8% |
| Vs. industry median margin | +12 pp | Cybersecurity |
| ROE | 26.1% | Derived from disclosed figures |
| ROA | 15.2% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 100% of positive segment profit
- FY2026, cash is 56% of total assets
- FY2026, operating income keeps 26 per ¥100 of revenue

## What changed in 5 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Jun 2021 | FY ending Jun 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥2029180000 | ¥4440721000 | — |
| Operating income | ¥569603000 | ¥1170442000 | — |
| Operating margin | 28.1% | 26.4% | -1.7 pp |
| Employees | 85 people | 221 people | — |
| Cash and equivalents | ¥2306485000 | ¥2879263000 | — |

### Change in segment revenue mix

Span: FY ending Jun 2021 → FY ending Jun 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 → CLOMO事業 | 100.0% |

Segment revenue source references: 1 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 4,441 | 100.0% | S100Z39X |
| Cost of revenue | 1,009 | 22.7% | S100Z39X |
| Gross profit | 3,432 | 77.3% | S100Z39X |
| SG&A | 2,262 | 50.9% | S100Z39X |
| Operating income | 1,170 | 26.4% | S100Z39X |
| Ordinary income | 1,156 | 26.0% | S100Z39X |
| Pretax income | 1,156 | 26.0% | S100Z39X |
| Income tax | 384 | 8.7% | S100Z39X |
| Net income | 771 | 17.4% | S100Z39X |
| Net income attributable to owners | 730 | 16.4% | S100Z39X |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 23 |
| SG&A | 51 |
| Operating income | 26 |
| (Ref.) Net income | 16 |

### Margin funnel

Gross margin 77.3% → Operating margin 26.4% → Net margin 16.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +18.4%; Core profit growth: +29.3%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.59×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 3,750 | 4,441 | 691 | +18.4% |
| Gross profit | 2,697 | 3,432 | 735 | +27.2% |
| Operating income | 905 | 1,170 | 265 | +29.3% |
| Net income attributable to owners | 559 | 730 | 171 | +30.7% |
| Operating cash flow | 1,015 | 1,331 | 316 | +31.2% |
| Free cash flow | 773 | 1,034 | 262 | +33.9% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Jun 2020 | 1,641 | 412 | 25.1% | 318 | 436 | 302 | S100MHRU |
| FY ending Jun 2021 | 2,029 | 570 | 28.1% | 420 | 945 | 884 | S100MHRU |
| FY ending Jun 2022 | 2,454 | 827 | 33.7% | 540 | 276 | 73 | S100RWBI |
| FY ending Jun 2023 | 2,665 | 619 | 23.2% | 440 | 301 | -53 | S100UENV |
| FY ending Jun 2024 | 2,949 | 692 | 23.5% | 463 | 823 | 529 | S100WPS5 |
| FY ending Jun 2025 | 3,750 | 905 | 24.1% | 559 | 1,015 | 773 | S100Z39X |
| FY ending Jun 2026 | 4,441 | 1,170 | 26.4% | 730 | 1,331 | 1,034 | S100Z39X |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥20.1M |
| Operating income per employee (consolidated) | ¥5.3M |
| Net income per employee (consolidated) | ¥3.3M |

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

| History | FY ending Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 | FY ending Jun 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 99 | 123 | 157 | 197 | 221 |
| Average salary (parent company) | ¥5.6M | ¥6.4M | ¥6.6M | ¥6.1M | ¥6.1M |
| Average age (parent company) | 35.6 years | 36.0 years | 35.7 years | 35.3 years | 35.4 years |
| Average tenure (parent company) | 4.2 years | 4.3 years | 4.7 years | 4.9 years | 5.0 years |

Year over year: Employees (consolidated) +12.2% · Revenue (consolidated) +18.4%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| CLOMO business | 4,441 | 100.0% | 1,260 | 28.4% |
| Investment | — | 0.0% | -90 | — |

### 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 | Profit share | Margin |
| --- | ---: | ---: |
| CLOMO business | 100.0% | 28.4% |
| Investment | — | — |

Loss-making segment (excluded from profit shares): Investment -90 JPY mn

Segment → industry: CLOMO business → Cybersecurity / CLOMO business → Software & SaaS / Investment → Venture Capital

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 1,331 | 30.0% | S100Z39X |
| Capital expenditure | 297 | 6.7% | S100Z39X |
| Free cash flow | 1,034 | 23.3% | 算出 |
| Investing cash flow | -394 | -8.9% | S100Z39X |
| Financing cash flow | -283 | -6.4% | S100Z39X |
| Dividends paid | 254 | 5.7% | S100Z39X |
| Share buyback | 30 | 0.7% | S100Z39X |
| Change in cash | 655 | 14.8% | S100Z39X |
| Cash and equivalents | 2,879 | 64.8% | S100Z39X |

## 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 Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 | FY ending Jun 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 2,337 | 2,056 | 1,811 | 2,224 | 2,879 | S100UENV, S100WPS5, S100Z39X |
| Total assets | 3,203 | 3,399 | 3,609 | 4,439 | 5,187 | S100RWBI, S100UENV, S100WPS5, S100Z39X |
| Net assets | 2,224 | 2,574 | 2,580 | 2,861 | 3,387 | S100UENV, S100WPS5, S100Z39X |
| Share capital | 404 | 410 | 413 | 414 | 417 | S100RWBI, S100UENV, S100WPS5, S100Z39X |
| Property, plant and equipment | 32 | 34 | 44 | 36 | 31 | S100RWBI, S100UENV, S100WPS5, S100Z39X |
| Intangible assets excluding goodwill | 227 | 393 | 491 | 764 | 737 | S100RWBI, S100UENV, S100WPS5, S100Z39X |
| Goodwill | — | — | 133 | 181 | 105 | S100WPS5, S100Z39X |
| Investment securities | 7 | 130 | 272 | 367 | 404 | S100RWBI, S100UENV, S100WPS5, S100Z39X |
| Current assets | 2,780 | 2,646 | 2,525 | 2,983 | 3,722 | S100RWBI, S100UENV, S100WPS5, S100Z39X |
| Current liabilities | 979 | 826 | 1,030 | 1,487 | 1,713 | S100RWBI, S100UENV, S100WPS5, S100Z39X |
| Total liabilities | 979 | 826 | 1,030 | 1,578 | 1,800 | S100RWBI, S100UENV, S100WPS5, S100Z39X |
| Non-controlling interests | 2 | 4 | 3 | 292 | 334 | S100RWBI, S100UENV, S100WPS5, S100Z39X |
| Equity attributable to owners of parent | 2,220 | 2,565 | 2,578 | 2,571 | 3,023 | S100RWBI, S100UENV, S100WPS5, S100Z39X |
| Retained earnings | 1,512 | 1,846 | 2,151 | 2,546 | 3,022 | S100RWBI, S100UENV, S100WPS5, S100Z39X |
| Treasury stock | -1 | -1 | -299 | -704 | -733 | S100RWBI, S100UENV, S100WPS5, S100Z39X |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 55% | S100Z39X |
| Property, plant and equipment | 1% | S100Z39X |
| Intangibles and goodwill | 16% | S100Z39X |
| Investment securities | 8% | S100Z39X |
| Other assets | 20% | S100Z39X |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 35% | S100Z39X |
| Equity | 65% | S100Z39X |

### Balance sheet history

| Metric | FY ending Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 | FY ending Jun 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 3,203 | 3,399 | 3,609 | 4,439 | 5,187 |
| Equity | 2,224 | 2,574 | 2,580 | 2,861 | 3,387 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 2,337 | 2,056 | 1,811 | 2,224 | 2,879 |

## 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) | 0.7% | S100Z39X |
| Fixed assets ÷ total assets | 0.6% | S100Z39X |
| Goodwill ÷ parent equity | 3.5% | S100Z39X |

### 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) | 55.5% |
| Cash ÷ revenue | 64.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 113.7% |
| Cash vs. profit gap | 601 JPY mn (of net income 82.3%) |
| Shareholder returns / net income | 38.9% |
| Shareholder returns / FCF | 27.5% |
| Shareholder payments — dividends / net income | 34.8% |
| Shareholder payments — dividends / FCF | 24.6% |
| CapEx intensity (capex ÷ revenue) | 6.7% |
| Investing CF relative to operating CF | 29.6% |

## 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 | 22.0% | 0.77× | 16.8% | 1.44× | 24.3% | S100RWBI |
| 2023 | 16.5% | 0.81× | 13.3% | 1.38× | 18.4% | S100UENV |
| 2024 | 15.7% | 0.84× | 13.2% | 1.36× | 18.0% | S100WPS5 |
| 2025 | 14.9% | 0.93× | 13.9% | 1.56× | 21.7% | S100Z39X |
| 2026 | 16.4% | 0.92× | 15.2% | 1.72× | 26.1% | S100Z39X |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 佐々木 勉 | Major shareholder | 55.5% | 2026-06-30 |
| 畑中 洋亮 | Major shareholder | 8.6% | 2026-06-30 |
| 株式会社日本カストディ銀行(信託口) | Major shareholder | 3.6% | 2026-06-30 |
| 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 | 1.3% | 2026-06-30 |
| RE FUND 107-CLIENT AC（常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 1.3% | 2026-06-30 |
| 大野 尚 | Major shareholder | 1.2% | 2026-06-30 |
| ビッグ・フィールド・マネージメント株式会社 | Major shareholder | 1.2% | 2026-06-30 |
| J.P. MORGAN BANK LUXEMBOURG S.A. 381591（常任代理人 株式会社みずほ銀行） | Major shareholder | 1.2% | 2026-06-30 |
| 株式会社SBI証券 | Major shareholder | 1.0% | 2026-06-30 |
| 光通信ＫＫ投資事業有限責任組合 | Major shareholder | 0.7% | 2026-06-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第25期(2025/07/01－2026/06/30) | S100Z39X | 2026-09-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Z39X,, |
| 有価証券報告書－第24期(2024/07/01－2025/06/30) | S100WPS5 | 2025-09-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WPS5,, |
| 有価証券報告書－第23期(2023/07/01－2024/06/30) | S100UENV | 2024-09-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UENV,, |
| 有価証券報告書－第22期(2022/07/01－2023/06/30) | S100RWBI | 2023-09-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RWBI,, |
| 有価証券報告書－第21期(令和3年7月1日－令和4年6月30日) | S100P8XA | 2022-09-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100P8XA,, |
| 有価証券報告書－第20期(令和2年7月1日－令和3年6月30日) | S100MHRU | 2021-09-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MHRU,, |

## 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).