# IBOKIN Co.,Ltd.: 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42期(2025/01/01－2025/12/31) (S100XSK6)
> Page: https://vizora.meequs.com/en/company/ibokin
> Retrieved: 2026-09-30T21:32:06.431Z

## Company

Ibokin is a company in General Contractors listed on TSE Standard. It has 189 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | IBOKIN Co.,Ltd. |
| Ticker | 5699 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5699.T) |
| Listing | TSE Standard |
| Head office | 兵庫県たつの市揖保川町正條379番地 |
| Representative (per filing) | 代表取締役社長 高橋 克実 |
| Share capital | ¥130.6M |
| Employees (consolidated) | 189 |
| Average salary (parent only) | ¥5M |
| Fiscal year end | December |
| Website | www.ibokin.co.jp (https://www.ibokin.co.jp/) |
| Corporate number | 1140001038603 |
| EDINET | E34130 |
| Industries (Vizora) | General Contractors, Waste Management & Recycling |

> Profile source: annual securities report (S100XSK6, filed 2026-03-23). As of filing

## Five-axis industry profile

Primary industry: Waste Management & Recycling (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 72.9 | 24 |
| Profitability | 46 | 25 |
| Cash conversion | 10 | 25 |
| Efficiency | 82 | 25 |

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 45% of Ibokin's sales come from metal business, with dismantlement business and environment business making up much of the rest.
- Out of every ¥100 of sales, about ¥6 is left as operating profit.
- Revenue changed +3.6% from the prior year, operating profit -19.5%.

## Company structure

- Segment revenue mix: metal business 45.2%、dismantlement business 34.6%、environment business 20.2%
- Revenue → net income: ¥10005640000 → ¥610780000
- Net income → operating cash flow: ¥610780000 → ¥71726000（difference ¥-539054000）
- Main uses of operating cash flow: CapEx ¥1437331000 / dividends ¥105516000 / buybacks ¥3147000
- Change in cash: ¥-653463000
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 | ¥10B |  |
| Operating income | ¥643.1M | Margin 6.4% |
| Net income | ¥598.5M | Margin 6.0% |
| Free cash flow | -¥1.37B |  |
| Largest business | metal business | of segment revenue 45.2% |
| Employees (consolidated) | 189 |  |
| EPS | ¥129.93 |  |
| Book value per share | ¥1389.47 |  |
| Equity ratio | 63.2% |  |
| Shares outstanding | 3,427,200 |  |
| Treasury shares | 140,200 |  |
| Shareholders | 1,912 |  |
| Average salary (parent only) | ¥5M | Filing company only |
| Cash ratio | 18.9% | Cash ÷ revenue 15.3% |
| Vs. industry median margin | -0.8 pp | Waste Management & Recycling |
| ROE | 12.8% | Derived from disclosed figures |
| ROA | 8.3% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥5453020000 | ¥10005640000 | +83.5% |
| Operating income | ¥327477000 | ¥643117000 | +96.4% |
| Operating margin | 6.0% | 6.4% | +0.4 pp |
| Employees | 150 people | 189 people | +26.0% |
| Cash and equivalents | ¥1477072000 | ¥1529575000 | +3.6% |

### Change in segment revenue mix

Span: FY ending Dec 2020 → 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 |
| --- | ---: |
| 解体事業 → 解体事業 | 25.4% |
| 環境事業 → 環境事業 | 20.2% |
| 環境事業 → 事業再編・廃止 | 5.9% |
| 金属事業 → 金属事業 | 45.2% |
| 金属事業 → 事業再編・廃止 | 3.3% |
| 新設・再編 → 解体事業 | 9.2% |

Segment revenue source references: 6 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| metal business | 5 years | +11.3% | ¥4518860000 | 4.5% | 2 |
| dismantlement business | 5 years | +20.1% | ¥3461199000 | 5.9% | 2 |
| environment business | 5 years | +7.3% | ¥2025580000 | 11.7% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 10,006 | 100.0% | S100XSK6 |
| Cost of revenue | 8,217 | 82.1% | S100XSK6 |
| Gross profit | 1,789 | 17.9% | S100XSK6 |
| SG&A | 1,145 | 11.4% | S100XSK6 |
| Operating income | 643 | 6.4% | S100XSK6 |
| Ordinary income | 666 | 6.7% | S100XSK6 |
| Pretax income | 796 | 8.0% | S100XSK6 |
| Income tax | 185 | 1.8% | S100XSK6 |
| Net income | 611 | 6.1% | S100XSK6 |
| Net income attributable to owners | 598 | 6.0% | S100XSK6 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 82 |
| SG&A | 12 |
| Operating income | 6 |
| (Ref.) Net income | 6 |

### Margin funnel

Gross margin 17.9% → Operating margin 6.4% → Net margin 6.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +3.6%; Core profit growth: -19.5%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -5.39×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 9,657 | 10,006 | 349 | +3.6% |
| Gross profit | 1,854 | 1,789 | -65 | -3.5% |
| Operating income | 799 | 643 | -155 | -19.5% |
| Net income attributable to owners | 520 | 598 | 78 | +15.0% |
| Operating cash flow | 932 | 72 | -861 | -92.3% |
| Free cash flow | 702 | -1,366 | -2,068 | -294.4% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 6,251 | 305 | 4.9% | 282 | 259 | -149 | S100L1SA |
| FY ending Dec 2020 | 5,453 | 327 | 6.0% | 286 | 402 | 83 | S100NRHE |
| FY ending Dec 2021 | 8,433 | 787 | 9.3% | 510 | 796 | 691 | S100QH82 |
| FY ending Dec 2022 | 7,962 | 487 | 6.1% | 346 | 339 | 169 | S100T5PD |
| FY ending Dec 2023 | 8,660 | 584 | 6.7% | 396 | 604 | 86 | S100VLHM |
| FY ending Dec 2024 | 9,657 | 799 | 8.3% | 520 | 932 | 702 | S100XSK6 |
| FY ending Dec 2025 | 10,006 | 643 | 6.4% | 598 | 72 | -1,366 | S100XSK6 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥52.9M |
| Operating income per employee (consolidated) | ¥3.4M |
| Net income per employee (consolidated) | ¥3.2M |

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) | 149 | 149 | 160 | 163 | 189 |
| Average salary (parent company) | ¥4.5M | ¥4.6M | ¥4.6M | ¥4.8M | ¥5M |
| Average age (parent company) | 40.3 years | 40.7 years | 40.6 years | 40.8 years | 40.0 years |
| Average tenure (parent company) | 6.1 years | 7.0 years | 7.0 years | 8.0 years | 8.0 years |

Year over year: Employees (consolidated) +16.0% · Revenue (consolidated) +3.6%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| dismantlement business | 3,461 | 34.6% | 203 | 5.9% |
| environment business | 2,026 | 20.2% | 237 | 11.7% |
| metal business | 4,519 | 45.2% | 203 | 4.5% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| dismantlement business | 34.6% | 31.5% | -3.0 | 5.9% |
| environment business | 20.2% | 36.9% | 16.6 | 11.7% |
| metal business | 45.2% | 31.6% | -13.6 | 4.5% |

Segment → industry: dismantlement business → General Contractors / metal business → Waste Management & Recycling / environment business → Waste Management & Recycling / dismantlement business → Waste Management & Recycling

## 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 | 72 | 0.7% | S100XSK6 |
| Capital expenditure | 1,437 | 14.4% | S100XSK6 |
| Free cash flow | -1,366 | -13.6% | 算出 |
| Investing cash flow | -1,443 | -14.4% | S100XSK6 |
| Financing cash flow | 718 | 7.2% | S100XSK6 |
| Dividends paid | 106 | 1.1% | S100XSK6 |
| Share buyback | 3 | 0.0% | S100XSK6 |
| Change in cash | -653 | -6.5% | S100XSK6 |
| Cash and equivalents | 1,530 | 15.3% | S100XSK6 |

## 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 | 1,931 | 1,769 | 1,656 | 2,183 | 1,530 | S100T5PD, S100VLHM, S100XSK6 |
| Total assets | 5,762 | 5,322 | 5,741 | 6,337 | 8,105 | S100QH82, S100T5PD, S100VLHM, S100XSK6 |
| Net assets | 3,618 | 3,807 | 4,027 | 4,534 | 5,148 | S100T5PD, S100VLHM, S100XSK6 |
| Share capital | 131 | 131 | 131 | 131 | 131 | S100QH82, S100T5PD, S100VLHM, S100XSK6 |
| Trade receivables | 746 | — | — | — | — | S100QH82 |
| Property, plant and equipment | 1,944 | 1,881 | 2,143 | 2,131 | 3,681 | S100QH82, S100T5PD, S100VLHM, S100XSK6 |
| Intangible assets excluding goodwill | 48 | 38 | 38 | 34 | 23 | S100QH82, S100T5PD, S100VLHM, S100XSK6 |
| Goodwill | 1 | — | — | — | — | S100QH82 |
| Investment securities | 428 | 370 | 288 | 438 | 565 | S100QH82, S100T5PD, S100VLHM, S100XSK6 |
| Current assets | 3,169 | 2,910 | 3,112 | 3,561 | 3,647 | S100QH82, S100T5PD, S100VLHM, S100XSK6 |
| Current liabilities | 1,605 | 1,079 | 1,320 | 1,389 | 1,359 | S100QH82, S100T5PD, S100VLHM, S100XSK6 |
| Short-term borrowings | 100 | 100 | 100 | 100 | 200 | S100QH82, S100T5PD, S100VLHM, S100XSK6 |
| Long-term borrowings | 102 | 35 | 13 | 4 | 802 | S100QH82, S100T5PD, S100VLHM, S100XSK6 |
| Total liabilities | 2,143 | 1,515 | 1,715 | 1,803 | 2,958 | S100QH82, S100T5PD, S100VLHM, S100XSK6 |
| Non-controlling interests | — | — | — | — | 25 | S100XSK6 |
| Equity attributable to owners of parent | 3,507 | 3,737 | 4,008 | 4,413 | 4,915 | S100QH82, S100T5PD, S100VLHM, S100XSK6 |
| Retained earnings | 2,482 | 2,771 | 3,092 | 3,521 | 4,017 | S100QH82, S100T5PD, S100VLHM, S100XSK6 |
| Treasury stock | -51 | -110 | -160 | -185 | -188 | S100QH82, S100T5PD, S100VLHM, S100XSK6 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 19% | S100XSK6 |
| Property, plant and equipment | 45% | S100XSK6 |
| Intangibles and goodwill | 0% | S100XSK6 |
| Investment securities | 7% | S100XSK6 |
| Other assets | 29% | S100XSK6 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 36% | S100XSK6 |
| Equity | 64% | S100XSK6 |
| Other liabilities | 0% | S100XSK6 |

### 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 | 5,762 | 5,322 | 5,741 | 6,337 | 8,105 |
| Equity | 3,618 | 3,807 | 4,027 | 4,534 | 5,148 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,931 | 1,769 | 1,656 | 2,183 | 1,530 |

## 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) | 36.8% | S100XSK6 |
| Fixed assets ÷ total assets | 45.4% | S100XSK6 |
| Goodwill ÷ parent equity | — | —, S100XSK6 |

### 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) | 18.9% |
| Cash ÷ revenue | 15.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 11.2% |
| Cash vs. profit gap | -527 JPY mn (of net income -88.0%) |
| Shareholder returns / net income | 18.2% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 17.6% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 14.4% |
| Investing CF relative to operating CF | 2012.4% |

## 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 | 6.0% | 1.46× | 8.8% | 1.64× | 14.5% | S100QH82 |
| 2022 | 4.4% | 1.44× | 6.3% | 1.53× | 9.6% | S100T5PD |
| 2023 | 4.6% | 1.57× | 7.2% | 1.43× | 10.2% | S100VLHM |
| 2024 | 5.4% | 1.60× | 8.6% | 1.43× | 12.4% | S100XSK6 |
| 2025 | 6.0% | 1.39× | 8.3% | 1.55× | 12.8% | S100XSK6 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| HS興産株式会社 | Major shareholder | 38.9% | 2025-12-31 |
| 高橋克実 | Major shareholder | 11.1% | 2025-12-31 |
| 内藤征吾 | Major shareholder | 3.1% | 2025-12-31 |
| イボキン従業員持株会 | Major shareholder | 2.5% | 2025-12-31 |
| 株式会社ＳＢＩ証券 | Major shareholder | 2.5% | 2025-12-31 |
| 川島敏邦 | Major shareholder | 1.5% | 2025-12-31 |
| 高橋完治 | Major shareholder | 1.4% | 2025-12-31 |
| 吉田茂 | Major shareholder | 1.2% | 2025-12-31 |
| 山崎喜博 | Major shareholder | 1.2% | 2025-12-31 |
| 三河榮子 | Major shareholder | 1.1% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第42期(2025/01/01－2025/12/31) | S100XSK6 | 2026-03-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XSK6,, |
| 訂正有価証券報告書－第41期(2024/01/01－2024/12/31) | S100VLHM | 2025-04-10 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VLHM,, |
| 有価証券報告書－第40期(2023/01/01－2023/12/31) | S100T5PD | 2024-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T5PD,, |
| 有価証券報告書－第39期(2022/01/01－2022/12/31) | S100QH82 | 2023-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QH82,, |
| 有価証券報告書－第38期(令和3年1月1日－令和3年12月31日) | S100NRHE | 2022-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NRHE,, |
| 有価証券報告書－第37期(令和2年1月1日－令和2年12月31日) | S100L1SA | 2021-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L1SA,, |

## 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).