# IC CO., LTD.: business model and financials

> Latest period: FY ending Sep 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第48期(2024/10/01－2025/09/30) (S100XBNE)
> Page: https://vizora.meequs.com/en/company/ic
> Retrieved: 2026-09-30T18:18:11.826Z

## Company

IC, founded in 1978, is a company in IT Services & System Integration listed on TSE Standard. It has 807 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | IC CO., LTD. |
| Ticker | 4769 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4769.T) |
| Listing | TSE Standard |
| Head office | 東京都港区港南二丁目15番3号 |
| Representative (per filing) | 代表取締役社長執行役員 齋藤 良二 |
| Founded | Feb 1978 |
| Share capital | ¥407.9M |
| Employees (consolidated) | 807 |
| Average salary (parent only) | ¥6M |
| Fiscal year end | September |
| Website | www.ic-net.co.jp (https://www.ic-net.co.jp/) |
| Corporate number | 3010701001012 |
| EDINET | E05101 |
| Industries (Vizora) | IT Services & System Integration |

> Profile source: annual securities report (S100XBNE, filed 2025-12-22). As of filing

## Five-axis industry profile

Primary industry: IT Services & System Integration (2025-09-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 17.5 | 157 |
| Profitability | 23.2 | 196 |
| Cash conversion | 9.5 | 185 |
| Efficiency | 44.6 | 196 |

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)

- IC brought in ¥10.1B in revenue.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed +9.1% from the prior year, operating profit +16.5%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥10136104000 → ¥485609000
- Net income → operating cash flow: ¥485609000 → ¥144702000（difference ¥-340907000）
- Main uses of operating cash flow: CapEx ¥34751000 / dividends ¥256037000 / buybacks —
- Change in cash: ¥-324969000
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 | ¥10.1B |  |
| Operating income | ¥516.4M | Margin 5.1% |
| Net income | ¥485.6M | Margin 4.8% |
| Free cash flow | ¥110M |  |
| Employees (consolidated) | 807 |  |
| EPS | ¥72.08 |  |
| Book value per share | ¥871.49 |  |
| Equity ratio | 73.9% |  |
| Shares outstanding | 7,732,270 |  |
| Treasury shares | 297,600 |  |
| Shareholders | 1,691 |  |
| Average salary (parent only) | ¥6M | Filing company only |
| Cash ratio | 43.0% | Cash ÷ revenue 36.9% |
| Vs. industry median margin | -3.8 pp | IT Services & System Integration |
| ROE | 9.5% | Derived from disclosed figures |
| ROA | 5.8% | Derived from disclosed figures |

## Notable figures

- FY2025, cash is 43% of total assets

## What changed in 5 years

| Metric | FY ending Sep 2020 | FY ending Sep 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥8487019000 | ¥10136104000 | +19.4% |
| Operating income | ¥591487000 | ¥516370000 | -12.7% |
| Operating margin | 7.0% | 5.1% | -1.9 pp |
| Employees | 774 people | 807 people | +4.3% |
| Cash and equivalents | ¥3995811000 | ¥3743303000 | -6.3% |

### Change in segment revenue mix

Span: FY ending Sep 2020 → 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, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 10,136 | 100.0% | S100XBNE |
| Cost of revenue | 7,975 | 78.7% | S100XBNE |
| Gross profit | 2,161 | 21.3% | S100XBNE |
| SG&A | 1,644 | 16.2% | S100XBNE |
| Operating income | 516 | 5.1% | S100XBNE |
| Ordinary income | 606 | 6.0% | S100XBNE |
| Pretax income | 817 | 8.1% | S100XBNE |
| Income tax | 332 | 3.3% | S100XBNE |
| Net income | 486 | 4.8% | S100XBNE |
| Net income attributable to owners | 486 | 4.8% | S100XBNE |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 79 |
| SG&A | 16 |
| Operating income | 5 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 21.3% → Operating margin 5.1% → Net margin 4.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +9.1%; Core profit growth: +16.5%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.82×
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 | 9,290 | 10,136 | 846 | +9.1% |
| Gross profit | 1,923 | 2,161 | 238 | +12.4% |
| Operating income | 443 | 516 | 73 | +16.5% |
| Net income attributable to owners | 384 | 486 | 102 | +26.4% |
| Operating cash flow | 510 | 145 | -365 | -71.6% |
| Free cash flow | 475 | 110 | -365 | -76.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Sep 2019 | 8,355 | 497 | 5.9% | 376 | 176 | 171 | S100KEOS |
| FY ending Sep 2020 | 8,487 | 591 | 7.0% | 644 | 583 | 574 | S100N30W |
| FY ending Sep 2021 | 8,108 | 599 | 7.4% | 488 | 342 | 291 | S100PTHP |
| FY ending Sep 2022 | 8,489 | 633 | 7.5% | 526 | 468 | 450 | S100SHB9 |
| FY ending Sep 2023 | 8,562 | 405 | 4.7% | 372 | 490 | 265 | S100UZJ5 |
| FY ending Sep 2024 | 9,290 | 443 | 4.8% | 384 | 510 | 475 | S100XBNE |
| FY ending Sep 2025 | 10,136 | 516 | 5.1% | 486 | 145 | 110 | S100XBNE |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥12.6M |
| Operating income per employee (consolidated) | ¥639.9K |
| Net income per employee (consolidated) | ¥601.7K |

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

| History | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 748 | 759 | 744 | 762 | 807 |
| Average salary (parent company) | ¥5.5M | ¥5.7M | ¥5.7M | ¥6M | ¥6M |
| Average age (parent company) | 36.8 years | 37.7 years | 38.5 years | 38.7 years | 39.2 years |
| Average tenure (parent company) | 13.9 years | 14.6 years | 15.1 years | 15.1 years | 15.0 years |

Year over year: Employees (consolidated) +5.9% · Revenue (consolidated) +9.1%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 145 | 1.4% | S100XBNE |
| Capital expenditure | 35 | 0.3% | S100XBNE |
| Free cash flow | 110 | 1.1% | 算出 |
| Investing cash flow | -166 | -1.6% | S100XBNE |
| Financing cash flow | -304 | -3.0% | S100XBNE |
| Dividends paid | 256 | 2.5% | S100XBNE |
| Change in cash | -325 | -3.2% | S100XBNE |
| Cash and equivalents | 3,743 | 36.9% | S100XBNE |

## 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 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 4,057 | 3,941 | 3,977 | 4,068 | 3,743 | S100SHB9, S100UZJ5, S100XBNE |
| Total assets | 7,429 | 7,658 | 8,176 | 8,110 | 8,698 | S100PTHP, S100SHB9, S100UZJ5, S100XBNE |
| Net assets | 5,432 | 5,594 | 6,043 | 6,026 | 6,428 | S100SHB9, S100UZJ5, S100XBNE |
| Share capital | 408 | 408 | 408 | 408 | 408 | S100PTHP, S100SHB9, S100UZJ5, S100XBNE |
| Trade receivables | 1,356 | — | — | — | — | S100PTHP |
| Property, plant and equipment | 11 | 39 | 205 | 186 | 173 | S100PTHP, S100SHB9, S100UZJ5, S100XBNE |
| Intangible assets excluding goodwill | 50 | 234 | 203 | 181 | 360 | S100PTHP, S100SHB9, S100UZJ5, S100XBNE |
| Goodwill | — | 189 | 157 | 126 | 284 | S100SHB9, S100UZJ5, S100XBNE |
| Investment securities | 1,562 | 1,529 | 1,801 | 1,760 | 2,265 | S100PTHP, S100SHB9, S100UZJ5, S100XBNE |
| Current assets | 5,539 | 5,470 | 5,680 | 5,825 | 5,752 | S100PTHP, S100SHB9, S100UZJ5, S100XBNE |
| Current liabilities | 1,531 | 1,481 | 1,744 | 2,042 | 1,987 | S100PTHP, S100SHB9, S100UZJ5, S100XBNE |
| Total liabilities | 1,997 | 2,064 | 2,132 | 2,084 | 2,269 | S100PTHP, S100SHB9, S100UZJ5, S100XBNE |
| Equity attributable to owners of parent | 4,643 | 4,880 | 5,005 | 5,001 | 5,226 | S100PTHP, S100SHB9, S100UZJ5, S100XBNE |
| Retained earnings | 3,825 | 4,141 | 4,278 | 4,404 | 4,630 | S100PTHP, S100SHB9, S100UZJ5, S100XBNE |
| Treasury stock | -27 | -107 | -118 | -252 | -252 | S100PTHP, S100SHB9, S100UZJ5, S100XBNE |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 43% | S100XBNE |
| Property, plant and equipment | 2% | S100XBNE |
| Intangibles and goodwill | 7% | S100XBNE |
| Investment securities | 26% | S100XBNE |
| Other assets | 22% | S100XBNE |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 26% | S100XBNE |
| Equity | 74% | S100XBNE |

### Balance sheet history

| Metric | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 7,429 | 7,658 | 8,176 | 8,110 | 8,698 |
| Equity | 5,432 | 5,594 | 6,043 | 6,026 | 6,428 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 4,057 | 3,941 | 3,977 | 4,068 | 3,743 |

## 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) | 1.7% | S100XBNE |
| Fixed assets ÷ total assets | 2.0% | S100XBNE |
| Goodwill ÷ parent equity | 5.4% | S100XBNE |

### 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) | 43.0% |
| Cash ÷ revenue | 36.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 28.0% |
| Cash vs. profit gap | -341 JPY mn (of net income -70.2%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 52.7% |
| Shareholder payments — dividends / FCF | 232.9% |
| CapEx intensity (capex ÷ revenue) | 0.3% |
| Investing CF relative to operating CF | 114.6% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 6.0% | 1.09× | 6.6% | 1.60× | 10.5% | S100PTHP |
| 2022 | 6.2% | 1.13× | 7.0% | 1.58× | 11.1% | S100SHB9 |
| 2023 | 4.3% | 1.08× | 4.7% | 1.60× | 7.5% | S100UZJ5 |
| 2024 | 4.1% | 1.14× | 4.7% | 1.63× | 7.7% | S100XBNE |
| 2025 | 4.8% | 1.21× | 5.8% | 1.64× | 9.5% | S100XBNE |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 一般財団法人IC齋藤育英会 | Major shareholder | 15.6% | 2025-09-30 |
| IC従業員持株会 | Major shareholder | 7.8% | 2025-09-30 |
| 光通信ＫＫ投資事業有限責任組合 | Major shareholder | 4.6% | 2025-09-30 |
| 株式会社スカラ | Major shareholder | 3.4% | 2025-09-30 |
| 史 海 波 | Major shareholder | 3.0% | 2025-09-30 |
| 上 野 正 敏 | Major shareholder | 2.6% | 2025-09-30 |
| 山 田 亨 | Major shareholder | 2.5% | 2025-09-30 |
| 小 沢 庸 司 | Major shareholder | 2.2% | 2025-09-30 |
| 庄 子 浩 | Major shareholder | 2.1% | 2025-09-30 |
| 須 賀 明 宏 | Major shareholder | 1.8% | 2025-09-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第48期(2024/10/01－2025/09/30) | S100XBNE | 2025-12-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XBNE,, |
| 有価証券報告書－第47期(2023/10/01－2024/09/30) | S100UZJ5 | 2024-12-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UZJ5,, |
| 有価証券報告書－第46期(2022/10/01－2023/09/30) | S100SHB9 | 2023-12-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SHB9,, |
| 有価証券報告書－第45期(令和3年10月1日－令和4年9月30日) | S100PTHP | 2022-12-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PTHP,, |
| 有価証券報告書－第44期(令和2年10月1日－令和3年9月30日) | S100N30W | 2021-12-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100N30W,, |
| 有価証券報告書－第43期(令和1年10月1日－令和2年9月30日) | S100KEOS | 2020-12-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KEOS,, |

## 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).