# Ichiyoshi Securities Co.,Ltd.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第84期(2025/04/01－2026/03/31) (S100YANQ)
> Page: https://vizora.meequs.com/en/company/ichiyoshi-securities
> Retrieved: 2026-09-30T19:50:51.683Z

## Company

Ichiyoshi Securities, founded in 1944, is a company in Securities & Asset Management listed on TSE Prime. It has 1,014 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Ichiyoshi Securities Co., Ltd. |
| Ticker | 8624 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8624.T) |
| Listing | TSE Prime |
| Head office | 東京都中央区日本橋茅場町一丁目5番8号 |
| Representative (per filing) | 取締役(兼)代表執行役社長 玉田弘文 |
| Founded | May 1944 |
| Share capital | ¥14.6B |
| Employees (consolidated) | 1,014 |
| Average salary (parent only) | ¥7.8M |
| Fiscal year end | March |
| Website | www.ichiyoshi.co.jp (https://www.ichiyoshi.co.jp/) |
| Corporate number | 7010001036845 |
| EDINET | E03772 |
| Industries (Vizora) | Securities & Asset Management |

> Profile source: annual securities report (S100YANQ, filed 2026-06-12). As of filing

## Key points (generated from figures)

- Ichiyoshi Securities brought in ¥24.6B in revenue.
- Out of every ¥100 of sales, about ¥25 is left as operating profit.
- Revenue changed +30.7% from the prior year, operating profit +169.6%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥24579000000 → ¥4392000000
- Net income → operating cash flow: ¥4392000000 → ¥4028000000（difference ¥-364000000）
- Main uses of operating cash flow: CapEx ¥499000000 / dividends ¥1497000000 / buybacks ¥0
- Change in cash: ¥467000000
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 | ¥24.6B |  |
| Operating income | ¥6.16B | Margin 25.1% |
| Net income | ¥4.39B | Margin 17.9% |
| Free cash flow | ¥3.53B |  |
| Employees (consolidated) | 1,014 |  |
| EPS | ¥135.55 |  |
| Diluted EPS | ¥135.04 |  |
| Book value per share | ¥852.57 |  |
| Equity ratio | 56.2% |  |
| Shares outstanding | 37,931,000 |  |
| Treasury shares | 5,770,900 |  |
| Shareholders | 13,385 |  |
| Average salary (parent only) | ¥7.8M | Filing company only |
| Cash ratio | 27.2% | Cash ÷ revenue 60.9% |
| Vs. industry median margin | +4.3 pp | Securities & Asset Management |
| ROE | 14.7% | Derived from disclosed figures |
| ROA | 9.1% | Derived from disclosed figures |

## Notable figures

- FY2026, operating income keeps 25 per ¥100 of revenue
- FY2026, parent-company salary changed +20% over five years
- FY2026, cash is 27% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥18270000000 | ¥24579000000 | +34.5% |
| Operating income | ¥1264000000 | ¥6160000000 | +387.3% |
| Operating margin | 6.9% | 25.1% | +18.1 pp |
| Employees | 1,070 people | 1,014 people | -5.2% |
| Cash and equivalents | ¥16345000000 | ¥14971000000 | -8.4% |

### Change in segment revenue mix

Span: FY ending Mar 2021 → FY ending Mar 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 24,579 | 100.0% | S100YANQ |
| SG&A | 18,347 | 74.6% | S100YANQ |
| Operating income | 6,160 | 25.1% | S100YANQ |
| Ordinary income | 6,236 | 25.4% | S100YANQ |
| Pretax income | 6,208 | 25.3% | S100YANQ |
| Income tax | 1,815 | 7.4% | S100YANQ |
| Net income | 4,392 | 17.9% | S100YANQ |
| Net income attributable to owners | 4,392 | 17.9% | S100YANQ |

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

| Part | JPY |
| --- | ---: |
| Operating expenses | 75 |
| Operating income | 25 |
| (Ref.) Net income | 18 |

### Margin funnel

Operating margin 25.1% → Net margin 17.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +30.7%; Core profit growth: +169.6%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 5.52×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 18,804 | 24,579 | 5,775 | +30.7% |
| Operating income | 2,285 | 6,160 | 3,875 | +169.6% |
| Net income attributable to owners | 1,564 | 4,392 | 2,828 | +180.8% |
| Operating cash flow | 346 | 4,028 | 3,682 | +1064.2% |
| Free cash flow | -95 | 3,529 | 3,624 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 18,846 | -545 | -2.9% | -724 | 4,968 | 3,499 | S100TPDV |
| FY ending Mar 2021 | 18,270 | 1,264 | 6.9% | 1,001 | 4,860 | 4,418 | S100WHO0 |
| FY ending Mar 2022 | 19,591 | 3,321 | 17.0% | 2,526 | 2,092 | 1,653 | S100YANQ |
| FY ending Mar 2023 | 16,666 | 1,166 | 7.0% | 758 | 1,608 | 1,320 | S100YANQ |
| FY ending Mar 2024 | 18,837 | 2,803 | 14.9% | 1,929 | 3,793 | 3,092 | S100YANQ |
| FY ending Mar 2025 | 18,804 | 2,285 | 12.2% | 1,564 | 346 | -95 | S100YANQ |
| FY ending Mar 2026 | 24,579 | 6,160 | 25.1% | 4,392 | 4,028 | 3,529 | S100YANQ |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥24.2M |
| Operating income per employee (consolidated) | ¥6.1M |
| Net income per employee (consolidated) | ¥4.3M |

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

| History | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 1,019 | 976 | 957 | 965 | 1,014 |
| Average salary (parent company) | ¥6.5M | ¥6.4M | ¥6.5M | ¥7.3M | ¥7.8M |
| Average age (parent company) | 44.6 years | 44.7 years | 44.7 years | 44.2 years | 43.1 years |
| Average tenure (parent company) | 14.9 years | 15.6 years | 15.7 years | 15.5 years | 14.6 years |

Year over year: Employees (consolidated) +5.1% · Revenue (consolidated) +30.7%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 4,028 | 16.4% | S100YANQ |
| Capital expenditure | 499 | 2.0% | S100YANQ |
| Free cash flow | 3,529 | 14.4% | 算出 |
| Investing cash flow | -2,243 | -9.1% | S100YANQ |
| Financing cash flow | -1,317 | -5.4% | S100YANQ |
| Dividends paid | 1,497 | 6.1% | S100YANQ |
| Share buyback | 0 | 0.0% | S100YANQ |
| Change in cash | 467 | 1.9% | S100YANQ |
| Cash and equivalents | 14,971 | 60.9% | S100YANQ |

## 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 Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 16,892 | 15,363 | 17,495 | 14,504 | 14,971 | S100TPDV, S100WHO0, S100YANQ |
| Total assets | 47,935 | 42,670 | 46,647 | 41,900 | 55,110 | S100RTK0, S100TPDV, S100WHO0, S100YANQ |
| Net assets | 30,064 | 27,826 | 29,008 | 27,461 | 31,003 | S100TPDV, S100WHO0, S100YANQ |
| Share capital | 14,577 | 14,577 | 14,577 | 14,577 | 14,577 | S100RTK0, S100TPDV, S100WHO0, S100YANQ |
| Property, plant and equipment | 3,162 | 3,048 | 3,095 | 2,912 | 2,774 | S100RTK0, S100TPDV, S100WHO0, S100YANQ |
| Intangible assets excluding goodwill | 528 | 448 | 544 | 750 | 1,002 | S100RTK0, S100TPDV, S100WHO0, S100YANQ |
| Investment securities | 871 | 876 | 794 | 731 | 535 | S100RTK0, S100TPDV, S100WHO0, S100YANQ |
| Current assets | 42,003 | 37,105 | 40,587 | 35,927 | 48,451 | S100RTK0, S100TPDV, S100WHO0, S100YANQ |
| Current liabilities | 17,516 | 14,501 | 17,304 | 14,116 | 23,770 | S100RTK0, S100TPDV, S100WHO0, S100YANQ |
| Short-term borrowings | 230 | 230 | 230 | 230 | 230 | S100RTK0, S100TPDV, S100WHO0, S100YANQ |
| Long-term borrowings | 126 | 106 | 86 | 66 | 46 | S100RTK0, S100TPDV, S100WHO0, S100YANQ |
| Total liabilities | 17,870 | 14,844 | 17,639 | 14,438 | 24,107 | S100RTK0, S100TPDV, S100WHO0, S100YANQ |
| Equity attributable to owners of parent | 31,035 | 29,006 | 29,826 | 28,377 | 31,500 | S100RTK0, S100TPDV, S100WHO0, S100YANQ |
| Retained earnings | 13,670 | 13,160 | 13,941 | 14,354 | 17,244 | S100RTK0, S100TPDV, S100WHO0, S100YANQ |
| Treasury stock | -4,098 | -4,293 | -2,634 | -4,484 | -4,234 | S100RTK0, S100TPDV, S100WHO0, S100YANQ |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 27% | S100YANQ |
| Property, plant and equipment | 5% | S100YANQ |
| Intangibles and goodwill | 2% | S100YANQ |
| Investment securities | 1% | S100YANQ |
| Other assets | 65% | S100YANQ |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 44% | S100YANQ |
| Equity | 56% | S100YANQ |

### Balance sheet history

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 47,935 | 42,670 | 46,647 | 41,900 | 55,110 |
| Equity | 30,064 | 27,826 | 29,008 | 27,461 | 31,003 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 16,892 | 15,363 | 17,495 | 14,504 | 14,971 |

## 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) | 11.3% | S100YANQ |
| Fixed assets ÷ total assets | 5.0% | S100YANQ |
| Goodwill ÷ parent equity | — | —, S100YANQ |

### 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) | 27.2% |
| Cash ÷ revenue | 60.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 65.4% |
| Cash vs. profit gap | -364 JPY mn (of net income -8.3%) |
| Shareholder returns / net income | 34.1% |
| Shareholder returns / FCF | 42.4% |
| Shareholder payments — dividends / net income | 34.1% |
| Shareholder payments — dividends / FCF | 42.4% |
| CapEx intensity (capex ÷ revenue) | 2.0% |
| Investing CF relative to operating CF | 55.7% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 12.9% | 0.41× | 5.3% | 1.54× | 8.1% | S100RTK0, S100YANQ |
| 2023 | 4.5% | 0.37× | 1.7% | 1.51× | 2.5% | S100TPDV, S100YANQ |
| 2024 | 10.2% | 0.42× | 4.3% | 1.52× | 6.6% | S100WHO0, S100YANQ |
| 2025 | 8.3% | 0.42× | 3.5% | 1.52× | 5.4% | S100YANQ |
| 2026 | 17.9% | 0.51× | 9.1% | 1.62× | 14.7% | S100YANQ |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| US BANK NATIONAL ASSOCIATION JP ACCTS TS （常任代理人 株式会社三菱UFJ銀行） | Major shareholder | 18.8% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 10.7% | 2026-03-31 |
| 株式会社野村総合研究所 | Major shareholder | 2.7% | 2026-03-31 |
| いちよし証券従業員持株会 | Major shareholder | 2.1% | 2026-03-31 |
| ヨシダ トモヒロ | Major shareholder | 1.5% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505001 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.5% | 2026-03-31 |
| JP MORGAN CHASE BANK 385781（常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.5% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 1.2% | 2026-03-31 |
| ジャフコ グループ株式会社 | Major shareholder | 0.9% | 2026-03-31 |
| 武樋 政司 | Major shareholder | 0.6% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第84期(2025/04/01－2026/03/31) | S100YANQ | 2026-06-12 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YANQ,, |
| 訂正有価証券報告書－第83期(2024/04/01－2025/03/31) | S100WHO0 | 2025-08-07 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WHO0,, |
| 有価証券報告書－第82期(2023/04/01－2024/03/31) | S100TPDV | 2024-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TPDV,, |
| 訂正有価証券報告書－第81期(2022/04/01－2023/03/31) | S100RTK0 | 2023-09-08 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RTK0,, |
| 有価証券報告書－第80期(令和3年4月1日－令和4年3月31日) | S100OFI0 | 2022-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OFI0,, |
| 有価証券報告書－第79期(令和2年4月1日－令和3年3月31日) | S100LNNF | 2021-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LNNF,, |

## 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).