# Internetworking and Broadband Consulting Co.,Ltd.: business model and financials

> Latest period: FY ending Sep 2025, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第23期(2024/10/01－2025/09/30) (S100XBM8)
> Page: https://vizora.meequs.com/en/company/ibc21
> Retrieved: 2026-09-30T20:48:04.108Z

## Company

Internetworking and Broadband Consulting, founded in 2002, is a company in Software & SaaS listed on TSE Standard. It has 82 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Internetworking and Broadband Consulting Co.,Ltd. |
| Ticker | 3920 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3920.T) |
| Listing | TSE Standard |
| Head office | 東京都中央区新川一丁目8番8号 |
| Representative (per filing) | 代表取締役社長CEO 加藤 裕之 |
| Founded | Oct 2002 |
| Share capital | ¥447.4M |
| Employees (consolidated) | 82 |
| Average salary (parent only) | ¥6.6M |
| Fiscal year end | September |
| Website | www.ibc21.co.jp (https://www.ibc21.co.jp/) |
| Corporate number | 6010001080514 |
| EDINET | E31754 |
| Industries (Vizora) | Software & SaaS |

> Profile source: annual securities report (S100XBM8, filed 2025-12-19). As of filing

## Five-axis industry profile

Primary industry: Software & SaaS (2025-09-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 77.6 | 145 |
| Cash conversion | 67.6 | 128 |
| Efficiency | 27.2 | 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)

- Internetworking and Broadband Consulting brought in ¥2.4B in revenue.
- Out of every ¥100 of sales, about ¥24 is left as operating profit.
- Revenue changed +15.0% from the prior year, operating profit +46.9%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥2404511000 → ¥410714000
- Net income → operating cash flow: ¥410714000 → ¥701470000（difference ¥290756000）
- Main uses of operating cash flow: CapEx ¥100819000 / dividends ¥45508000 / buybacks —
- Change in cash: ¥487918000
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 | ¥2.4B |  |
| Operating income | ¥565.1M | Margin 23.5% |
| Net income | ¥410.7M | Margin 17.1% |
| Free cash flow | ¥600.7M |  |
| Employees (consolidated) | 82 |  |
| EPS | ¥74.07 |  |
| Book value per share | ¥409.01 |  |
| Equity ratio | 60.8% |  |
| Shares outstanding | 5,751,600 |  |
| Treasury shares | 194,100 |  |
| Shareholders | 2,285 |  |
| Average salary (parent only) | ¥6.6M | Filing company only |
| Cash ratio | 64.6% | Cash ÷ revenue 100.4% |
| Vs. industry median margin | +11.1 pp | Software & SaaS |
| ROE | 19.9% | Derived from disclosed figures |
| ROA | 11.8% | Derived from disclosed figures |

## Notable figures

- FY2025, cash is 65% of total assets

## What changed in 4 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Sep 2021 | FY ending Sep 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥2013300000 | ¥2404511000 | — |
| Operating income | ¥280804000 | ¥565083000 | — |
| Operating margin | 13.9% | 23.5% | +9.6 pp |
| Employees | 89 people | 82 people | — |
| Cash and equivalents | ¥1305110000 | ¥2414134000 | — |

### Change in segment revenue mix

Span: FY ending Sep 2021 → 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, non-consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 2,405 | 100.0% | S100XBM8 |
| Cost of revenue | 555 | 23.1% | S100XBM8 |
| Gross profit | 1,850 | 76.9% | S100XBM8 |
| SG&A | 1,285 | 53.4% | S100XBM8 |
| Operating income | 565 | 23.5% | S100XBM8 |
| Ordinary income | 575 | 23.9% | S100XBM8 |
| Pretax income | 576 | 24.0% | S100XBM8 |
| Income tax | 165 | 6.9% | S100XBM8 |
| Net income | 411 | 17.1% | S100XBM8 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 23 |
| SG&A | 53 |
| Operating income | 24 |
| (Ref.) Net income | 17 |

### Margin funnel

Gross margin 76.9% → Operating margin 23.5% → Net margin 17.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +15.0%; Core profit growth: +46.9%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 3.13×
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 | 2,091 | 2,405 | 313 | +15.0% |
| Gross profit | 1,554 | 1,850 | 296 | +19.0% |
| Operating income | 385 | 565 | 181 | +46.9% |
| Operating cash flow | 354 | 701 | 347 | +97.9% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Sep 2019 | 1,833 | 244 | 13.3% | 135 | -12 | -139 | S100KDJN |
| FY ending Sep 2020 | 1,947 | 199 | 10.2% | -46 | 85 | -10 | S100N29M |
| FY ending Sep 2021 | 2,013 | 281 | 13.9% | 197 | 446 | 421 | S100PSOK |
| FY ending Sep 2022 | 1,501 | -48 | -3.2% | -18 | 343 | 317 | S100SHQ6 |
| FY ending Sep 2023 | 1,901 | 212 | 11.2% | 70 | 432 | 400 | S100UZI6 |
| FY ending Sep 2024 | 2,185 | 382 | 17.5% | 252 | 354 | 307 | S100UZI6 |
| FY ending Sep 2024 | 2,091 | 385 | 18.4% | 252 | 354 | — | S100XBM8 |
| FY ending Sep 2025 | 2,405 | 565 | 23.5% | 411 | 701 | 601 | S100XBM8 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥29.3M |
| Operating income per employee (consolidated) | ¥6.9M |
| Net income per employee (consolidated) | ¥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 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 87 | 86 | 81 | 80 | 82 |
| Average salary (parent company) | ¥6M | ¥6.1M | ¥5.7M | — | ¥6.6M |
| Average age (parent company) | 36.8 years | 36.9 years | 36.7 years | — | 37.4 years |
| Average tenure (parent company) | 5.3 years | 5.7 years | 5.9 years | — | 6.7 years |

Year over year: Employees (consolidated) +2.5% · Revenue (consolidated) +15.0%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 701 | 29.2% | S100XBM8 |
| Capital expenditure | 101 | 4.2% | S100XBM8 |
| Free cash flow | 601 | 25.0% | 算出 |
| Investing cash flow | -125 | -5.2% | S100XBM8 |
| Financing cash flow | -88 | -3.7% | S100XBM8 |
| Dividends paid | 46 | 1.9% | S100XBM8 |
| Change in cash | 488 | 20.3% | S100XBM8 |
| Cash and equivalents | 2,414 | 100.4% | S100XBM8 |

## 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 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2024 | FY ending Sep 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,406 | 1,622 | 1,975 | 1,926 | 2,414 | S100UZI6, S100XBM8 |
| Total assets | 3,256 | 3,264 | 3,329 | 3,240 | 3,739 | S100SHQ6, S100UZI6, S100XBM8 |
| Net assets | 1,831 | 1,827 | 1,992 | 1,905 | 2,273 | S100UZI6, S100XBM8 |
| Share capital | 443 | 443 | 443 | 443 | 447 | S100SHQ6, S100UZI6, S100XBM8 |
| Inventories | 43 | 30 | 34 | 34 | 34 | S100SHQ6, S100UZI6, S100XBM8 |
| Property, plant and equipment | 41 | 34 | 32 | 32 | 77 | S100SHQ6, S100UZI6, S100XBM8 |
| Intangible assets excluding goodwill | 65 | 46 | 45 | 45 | 121 | S100SHQ6, S100UZI6, S100XBM8 |
| Goodwill | 36 | 17 | — | — | — | S100SHQ6, S100UZI6 |
| Investment securities | 658 | 501 | 247 | 170 | 176 | S100SHQ6, S100UZI6, S100XBM8 |
| Current assets | 2,201 | 2,332 | 2,725 | 2,669 | 3,034 | S100SHQ6, S100UZI6, S100XBM8 |
| Current liabilities | 1,252 | 1,379 | 1,336 | 1,333 | 1,420 | S100SHQ6, S100UZI6, S100XBM8 |
| Short-term borrowings | 800 | 800 | 800 | 800 | 800 | S100SHQ6, S100UZI6, S100XBM8 |
| Long-term borrowings | 160 | 50 | — | — | — | S100SHQ6, S100UZI6 |
| Total liabilities | 1,425 | 1,437 | 1,338 | 1,335 | 1,466 | S100SHQ6, S100UZI6, S100XBM8 |
| Equity attributable to owners of parent | 1,724 | 1,773 | 1,969 | 1,883 | 2,246 | S100SHQ6, S100UZI6, S100XBM8 |
| Retained earnings | 1,081 | 1,129 | 1,326 | 1,221 | 1,577 | S100SHQ6, S100UZI6, S100XBM8 |
| Treasury stock | -221 | -221 | -221 | -221 | -221 | S100SHQ6, S100UZI6, S100XBM8 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 65% | S100XBM8 |
| Inventories | 1% | S100XBM8 |
| Property, plant and equipment | 2% | S100XBM8 |
| Intangibles and goodwill | 3% | S100XBM8 |
| Investment securities | 5% | S100XBM8 |
| Other assets | 24% | S100XBM8 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 39% | S100XBM8 |
| Equity | 61% | S100XBM8 |

### Balance sheet history

| Metric | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 3,256 | 3,264 | 3,329 | 3,240 | 3,739 |
| Equity | 1,831 | 1,827 | 1,992 | 1,905 | 2,273 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,406 | 1,622 | 1,975 | 1,926 | 2,414 |

## 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) | 3.2% | S100XBM8 |
| Fixed assets ÷ total assets | 2.1% | S100XBM8 |
| Goodwill ÷ parent equity | — | —, S100XBM8 |

### 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) | 64.6% |
| Cash ÷ revenue | 100.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 124.1% |
| Cash vs. profit gap | 291 JPY mn (of net income 70.8%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 11.1% |
| Shareholder payments — dividends / FCF | 7.6% |
| CapEx intensity (capex ÷ revenue) | 4.2% |
| Investing CF relative to operating CF | 17.9% |

## 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 | — | —× | -0.5% | —× | — | S100SHQ6 |
| 2023 | 3.7% | 0.58× | 2.2% | 1.86× | 4.0% | S100UZI6 |
| 2024 | 11.5% | 0.66× | 7.6% | 1.76× | 13.4% | S100UZI6 |
| 2024 | 12.0% | 0.65× | 7.8% | 1.72× | 13.4% | S100XBM8 |
| 2025 | 17.1% | 0.69× | 11.8% | 1.69× | 19.9% | S100XBM8 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 加藤 裕之 | Major shareholder | 37.1% | 2025-09-30 |
| プラスフジ株式会社 | Major shareholder | 9.0% | 2025-09-30 |
| 光通信ＫＫ投資事業有限責任組合 | Major shareholder | 5.4% | 2025-09-30 |
| ＢＮＹＭＳＡＮＶ ＲＥ ＢＮＹＭＳＡＮＶＤＵＢ ＲＥ ＡＯＮ ＣＣＦ （常任代理人 株式会社三菱ＵＦＪ銀行） | Major shareholder | 2.2% | 2025-09-30 |
| 槇田 重夫 | Major shareholder | 1.7% | 2025-09-30 |
| 石村 藤夫 | Major shareholder | 1.5% | 2025-09-30 |
| 瀬野 陽介 | Major shareholder | 1.5% | 2025-09-30 |
| 宇高 淳郎 | Major shareholder | 1.5% | 2025-09-30 |
| 村上 彰 | Major shareholder | 1.2% | 2025-09-30 |
| ＧＯＬＤＭＡＮ ＳＡＣＨＳ ＩＮＴＥＲＮＡＴＩＯＮＡＬ （常任代理人 ゴールドマン・サックス証券株式会社） | Major shareholder | 1.1% | 2025-09-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第23期(2024/10/01－2025/09/30) | S100XBM8 | 2025-12-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XBM8,, |
| 有価証券報告書－第22期(2023/10/01－2024/09/30) | S100UZI6 | 2024-12-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UZI6,, |
| 有価証券報告書－第21期(2022/10/01－2023/09/30) | S100SHQ6 | 2023-12-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SHQ6,, |
| 有価証券報告書－第20期(令和3年10月1日－令和4年9月30日) | S100PSOK | 2022-12-14 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PSOK,, |
| 有価証券報告書－第19期(令和2年10月1日－令和3年9月30日) | S100N29M | 2021-12-16 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100N29M,, |
| 有価証券報告書－第18期(令和1年10月1日－令和2年9月30日) | S100KDJN | 2020-12-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KDJN,, |

## 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).