# ibis inc.: business model and financials

> Latest period: FY ending Dec 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第27期(2025/01/01－2025/12/31) (S100XS2D)
> Page: https://vizora.meequs.com/en/company/ibis
> Retrieved: 2026-09-30T18:28:24.844Z

## Company

ibis, founded in 2000, is a company in IT Services & System Integration listed on TSE Growth. It has 356 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | ibis inc. |
| Ticker | 9343 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9343.T) |
| Listing | TSE Growth |
| Head office | 東京都中央区八丁堀一丁目5番1号 |
| Representative (per filing) | 代表取締役社長 神谷 栄治 |
| Founded | May 2000 |
| Share capital | ¥411.2M |
| Employees (consolidated) | 356 |
| Average salary (parent only) | ¥4.6M |
| Fiscal year end | December |
| Website | www.ibis.ne.jp (https://www.ibis.ne.jp/) |
| Corporate number | 7180001050326 |
| EDINET | E38440 |
| Industries (Vizora) | IT Services & System Integration, Software & SaaS, Internet Services & Apps |

> Profile source: annual securities report (S100XS2D, filed 2026-03-23). As of filing

## Five-axis industry profile

Primary industry: Internet Services & Apps (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 89.2 | 51 |
| Cash conversion | 24.4 | 43 |
| Efficiency | 68.3 | 52 |

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 57% of ibis's sales come from Mobile, with Solution and AI Voice Synthesis making up much of the rest.
- Out of every ¥100 of sales, about ¥24 is left as operating profit.
- Revenue changed +8.2% from the prior year, operating profit +4.0%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥5.01B |  |
| Operating income | ¥1.2B | Margin 24.0% |
| Net income | ¥849M | Margin 17.0% |
| Free cash flow | — |  |
| Largest business | Mobile | of segment revenue 56.5% |
| Employees (consolidated) | 356 |  |
| EPS | ¥50.97 |  |
| Diluted EPS | ¥48.45 |  |
| Book value per share | ¥158.7 |  |
| Equity ratio | 67.8% |  |
| Shares outstanding | 18,416,095 |  |
| Treasury shares | 300 |  |
| Shareholders | 2,806 |  |
| Average salary (parent only) | ¥4.6M | Filing company only |
| Cash ratio | 49.7% | Cash ÷ revenue 41.6% |
| Vs. industry median margin | +16.4 pp | Internet Services & Apps |
| ROE | 29.9% | Derived from disclosed figures |
| ROA | 20.3% | Derived from disclosed figures |

## Notable figures

- FY2025, one segment accounts for 85% of positive segment profit
- FY2025, cash is 50% of total assets
- FY2025, segment profit share differs by 28 points

## What changed in 4 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Dec 2021 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥2744150000 | ¥5005091000 | — |
| Operating income | ¥60059000 | ¥1201981000 | — |
| Operating margin | 2.2% | 24.0% | +21.8 pp |
| Employees | 192 people | 356 people | — |
| Cash and equivalents | ¥305570000 | ¥2083187000 | — |

### Change in segment revenue mix

Span: FY ending Dec 2021 → FY ending Dec 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| モバイル事業 → モバイル事業 | 56.5% |
| モバイル事業 → 事業再編・廃止 | 3.9% |
| ソリューション事業 → ソリューション事業 | 39.5% |
| 新設・再編 → ソリューション事業 | 1.5% |
| 新設・再編 → AI歌声合成事業 | 2.4% |

Segment revenue source references: 5 (derived)

## Business growth × margin

X-axis: segment revenue CAGR. Y-axis: latest operating margin. Bubble size: latest revenue. CAGR requires at least two comparable years.

| Segment | CAGR span | Revenue CAGR | Latest revenue | Operating margin | Source refs |
| --- | ---: | ---: | ---: | ---: | ---: |
| Mobile | — | — | ¥2830230000 | 53.0% | 2 |
| Solution | — | — | ¥2055883000 | 13.0% | 2 |
| AI Voice Synthesis | — | — | ¥118977000 | -52.2% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 5,005 | 100.0% | S100XS2D |
| Cost of revenue | 1,956 | 39.1% | S100XS2D |
| Gross profit | 3,049 | 60.9% | S100XS2D |
| SG&A | 1,847 | 36.9% | S100XS2D |
| Operating income | 1,202 | 24.0% | S100XS2D |
| Ordinary income | 1,216 | 24.3% | S100XS2D |
| Pretax income | 1,218 | 24.3% | S100XS2D |
| Income tax | 369 | 7.4% | S100XS2D |
| Net income | 849 | 17.0% | S100XS2D |
| Net income attributable to owners | 849 | 17.0% | S100XS2D |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 39 |
| SG&A | 37 |
| Operating income | 24 |
| (Ref.) Net income | 17 |

### Margin funnel

Gross margin 60.9% → Operating margin 24.0% → Net margin 17.0%
Derived from reported figures (DERIVED).

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 4,625 | 5,005 | 380 | +8.2% |
| Gross profit | 2,792 | 3,049 | 257 | +9.2% |
| Operating income | 1,155 | 1,202 | 47 | +4.0% |
| Operating cash flow | 1,203 | 961 | -241 | -20.1% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2021 | 2,744 | 60 | 2.2% | 72 | 44 | -5 | S100QH5I |
| FY ending Dec 2022 | 3,398 | 220 | 6.5% | 169 | 553 | 466 | S100T51R |
| FY ending Dec 2023 | 4,087 | 434 | 10.6% | 289 | 308 | 194 | S100VGH7 |
| FY ending Dec 2024 | 4,625 | 1,155 | 25.0% | 839 | 1,203 | 1,072 | S100VGH7 |
| FY ending Dec 2025 | 5,005 | 1,202 | 24.0% | 849 | 961 | — | S100XS2D |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥14.1M |
| Operating income per employee (consolidated) | ¥3.4M |
| Net income per employee (consolidated) | ¥2.4M |

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

| History | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 192 | 221 | 303 | 313 | 356 |
| Average salary (parent company) | — | ¥4.1M | ¥4.3M | ¥4.5M | ¥4.6M |
| Average age (parent company) | — | 34.2 years | 33.1 years | 33.4 years | 33.8 years |
| Average tenure (parent company) | — | 4.1 years | 3.6 years | 4.0 years | 4.1 years |

## Segments（FY ending Dec 2025, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Mobile | 2,830 | 56.5% | 1,501 | 53.0% |
| Solution | 2,056 | 41.1% | 266 | 13.0% |
| AI Voice Synthesis | 119 | 2.4% | -62 | -52.2% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Mobile | 56.5% | 84.9% | 28.4 | 53.0% |
| Solution | 41.1% | 15.1% | -26.0 | 13.0% |
| AI Voice Synthesis | 2.4% | — | — | -52.2% |

Loss-making segment (excluded from profit shares): AI Voice Synthesis -62 JPY mn

Segment → industry: Solution → IT Services & System Integration / AI Voice Synthesis → Software & SaaS / Mobile → Internet Services & Apps

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 961 | 19.2% | S100XS2D |
| Investing cash flow | -978 | -19.5% | S100XS2D |
| Financing cash flow | -134 | -2.7% | S100XS2D |
| Dividends paid | 146 | 2.9% | S100XS2D |
| Change in cash | -145 | -2.9% | S100XS2D |
| Cash and equivalents | 2,083 | 41.6% | S100XS2D |

## 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 Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 306 | 595 | 1,230 | 2,228 | 2,083 | S100T51R, S100VGH7, S100XS2D |
| Total assets | 952 | 1,289 | 2,109 | 3,201 | 4,188 | S100QH5I, S100T51R, S100VGH7, S100XS2D |
| Net assets | 263 | 431 | 1,290 | 2,130 | 2,899 | S100T51R, S100VGH7, S100XS2D |
| Share capital | 96 | 96 | 380 | 390 | 411 | S100QH5I, S100T51R, S100VGH7, S100XS2D |
| Property, plant and equipment | 2 | 10 | 22 | 23 | 22 | S100QH5I, S100T51R, S100VGH7, S100XS2D |
| Intangible assets excluding goodwill | 56 | 91 | 123 | 155 | 1,030 | S100QH5I, S100T51R, S100VGH7, S100XS2D |
| Goodwill | — | — | — | — | 616 | S100XS2D |
| Current assets | 806 | 1,053 | 1,747 | 2,785 | 2,846 | S100QH5I, S100T51R, S100VGH7, S100XS2D |
| Current liabilities | 565 | 757 | 737 | 997 | 1,114 | S100QH5I, S100T51R, S100VGH7, S100XS2D |
| Short-term borrowings | 100 | — | — | — | — | S100QH5I |
| Long-term borrowings | 109 | 75 | 44 | 23 | 44 | S100QH5I, S100T51R, S100VGH7, S100XS2D |
| Total liabilities | 690 | 858 | 820 | 1,071 | 1,288 | S100QH5I, S100T51R, S100VGH7, S100XS2D |
| Equity attributable to owners of parent | 260 | 429 | 1,286 | 2,094 | 2,839 | S100QH5I, S100T51R, S100VGH7, S100XS2D |
| Retained earnings | 71 | 239 | 528 | 1,316 | 2,019 | S100QH5I, S100T51R, S100VGH7, S100XS2D |
| Treasury stock | — | — | — | -0 | -0 | S100VGH7, S100XS2D |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 50% | S100XS2D |
| Property, plant and equipment | 1% | S100XS2D |
| Intangibles and goodwill | 39% | S100XS2D |
| Other assets | 10% | S100XS2D |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 31% | S100XS2D |
| Equity | 69% | S100XS2D |

### Balance sheet history

| Metric | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 952 | 1,289 | 2,109 | 3,201 | 4,188 |
| Equity | 263 | 431 | 1,290 | 2,130 | 2,899 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 306 | 595 | 1,230 | 2,228 | 2,083 |

## 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) | 0.4% | S100XS2D |
| Fixed assets ÷ total assets | 0.5% | S100XS2D |
| Goodwill ÷ parent equity | 21.7% | S100XS2D |

### 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) | 49.7% |
| Cash ÷ revenue | 41.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 80.0% |
| Cash vs. profit gap | 112 JPY mn (of net income 13.2%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 17.2% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | — |
| Investing CF relative to operating CF | 101.7% |

## 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 | 2.6% | 2.88× | 7.6% | 3.66× | 27.8% | S100QH5I |
| 2022 | 5.0% | 3.03× | 15.1% | 3.25× | 49.0% | S100T51R |
| 2023 | 7.1% | 2.41× | 17.0% | 1.98× | 33.7% | S100VGH7 |
| 2024 | 18.1% | 1.74× | 31.6% | 1.57× | 49.7% | S100VGH7 |
| 2025 | 17.0% | 1.20× | 20.3% | 1.48× | 29.9% | S100XS2D |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 神谷 栄治 | Major shareholder | 40.2% | 2025-12-31 |
| 村上 和彦 | Major shareholder | 7.7% | 2025-12-31 |
| 株式会社リオライト | Major shareholder | 5.4% | 2025-12-31 |
| 畠山 敬多 | Major shareholder | 5.0% | 2025-12-31 |
| 渡辺 秀行 | Major shareholder | 4.7% | 2025-12-31 |
| ＮＯＭＵＲＡ ＩＮＴＥＲＮＡＴＩＯＮＡＬ ＰＬＣ Ａ／Ｃ ＪＡＰＡＮ ＦＬＯＷ (常任代理人 野村證券株式会社) | Major shareholder | 4.0% | 2025-12-31 |
| 木下 圭一郎 | Major shareholder | 2.8% | 2025-12-31 |
| 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 | 2.4% | 2025-12-31 |
| 中村 剛 | Major shareholder | 2.2% | 2025-12-31 |
| 山下 良久 | Major shareholder | 1.1% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第27期(2025/01/01－2025/12/31) | S100XS2D | 2026-03-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XS2D,, |
| 有価証券報告書－第26期(2024/01/01－2024/12/31) | S100VGH7 | 2025-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VGH7,, |
| 有価証券報告書－第25期(2023/01/01－2023/12/31) | S100T51R | 2024-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T51R,, |
| 有価証券報告書－第24期(2022/01/01－2022/12/31) | S100QH5I | 2023-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QH5I,, |

## 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).