# ID Holdings Corporation: business model and financials

> Latest period: FY ending Mar 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第57期(2024/04/01－2025/03/31) (S100VZBH)
> Page: https://vizora.meequs.com/en/company/id-holdings
> Retrieved: 2026-09-30T20:28:33.490Z

## Company

ID Holdings, founded in 1969, is a company in IT Services & System Integration listed on TSE Prime. It has 2,226 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | ID Holdings Corporation |
| Ticker | 4709 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4709.T) |
| Listing | TSE Prime |
| Head office | 東京都千代田区五番町12番地1 |
| Representative (per filing) | 代表取締役社長 兼 グループ最高経営責任者 舩越 真樹 |
| Founded | Oct 1969 |
| Share capital | ¥592.3M |
| Employees (consolidated) | 2,226 |
| Average salary (parent only) | ¥6.1M |
| Fiscal year end | March |
| Website | www.idnet-hd.co.jp (https://www.idnet-hd.co.jp/) |
| Corporate number | 7010001011096 |
| EDINET | E05017 |
| Industries (Vizora) | IT Services & System Integration |

> Profile source: annual securities report (S100VZBH, filed 2025-06-19). As of filing

## Five-axis industry profile

Primary industry: IT Services & System Integration (2025-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 41.7 | 157 |
| Profitability | 62 | 196 |
| Cash conversion | 64.1 | 185 |
| Efficiency | 78.8 | 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)

- ID Holdings brought in ¥36.3B in revenue.
- Out of every ¥100 of sales, about ¥10 is left as operating profit.
- Revenue changed +11.0% from the prior year, operating profit +36.5%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥36274390000 → ¥2397493000
- Net income → operating cash flow: ¥2397493000 → ¥3557730000（difference ¥1160237000）
- Main uses of operating cash flow: CapEx ¥187434000 / dividends ¥854357000 / buybacks ¥381155000
- Change in cash: ¥-254787000
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 | ¥36.3B |  |
| Operating income | ¥3.78B | Margin 10.4% |
| Net income | ¥2.39B | Margin 6.6% |
| Free cash flow | ¥3.37B |  |
| Employees (consolidated) | 2,226 |  |
| EPS | ¥121.16 |  |
| Book value per share | ¥704.85 |  |
| Equity ratio | 60.3% |  |
| Shares outstanding | 17,229,712 |  |
| Treasury shares | 23,200 |  |
| Shareholders | 5,759 |  |
| Average salary (parent only) | ¥6.1M | Filing company only |
| Cash ratio | 24.2% | Cash ÷ revenue 15.0% |
| Vs. industry median margin | +1.5 pp | IT Services & System Integration |
| ROE | 21.6% | Derived from disclosed figures |
| ROA | 11.2% | Derived from disclosed figures |

## Notable figures

- FY2025, employees -2% while operating income rose 37%

## What changed in 5 years

| Metric | FY ending Mar 2020 | FY ending Mar 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥26377088000 | ¥36274390000 | +37.5% |
| Operating income | ¥2073088000 | ¥3780886000 | +82.4% |
| Operating margin | 7.9% | 10.4% | +2.6 pp |
| Employees | 2,224 people | 2,226 people | +0.1% |
| Cash and equivalents | ¥4367141000 | ¥5432882000 | +24.4% |

### Change in segment revenue mix

Span: FY ending Mar 2020 → FY ending Mar 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 36,274 | 100.0% | S100VZBH |
| Cost of revenue | 27,616 | 76.1% | S100VZBH |
| Gross profit | 8,658 | 23.9% | S100VZBH |
| SG&A | 4,877 | 13.4% | S100VZBH |
| Operating income | 3,781 | 10.4% | S100VZBH |
| Ordinary income | 3,862 | 10.6% | S100VZBH |
| Pretax income | 3,838 | 10.6% | S100VZBH |
| Income tax | 1,440 | 4.0% | S100VZBH |
| Net income | 2,397 | 6.6% | S100VZBH |
| Net income attributable to owners | 2,390 | 6.6% | S100VZBH |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 76 |
| SG&A | 14 |
| Operating income | 10 |
| (Ref.) Net income | 7 |

### Margin funnel

Gross margin 23.9% → Operating margin 10.4% → Net margin 6.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +11.0%; Core profit growth: +36.5%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 3.32×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 32,681 | 36,274 | 3,594 | +11.0% |
| Gross profit | 7,154 | 8,658 | 1,505 | +21.0% |
| Operating income | 2,769 | 3,781 | 1,012 | +36.5% |
| Net income attributable to owners | 1,777 | 2,390 | 613 | +34.5% |
| Operating cash flow | 1,423 | 3,558 | 2,135 | +150.1% |
| Free cash flow | 1,209 | 3,370 | 2,161 | +178.7% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2019 | 26,515 | 1,667 | 6.3% | 1,029 | 1,005 | 840 | S100JDRH |
| FY ending Mar 2020 | 26,377 | 2,073 | 7.9% | 1,297 | 3,232 | 3,122 | S100LKE9 |
| FY ending Mar 2021 | 25,767 | 1,373 | 5.3% | 748 | -607 | -796 | S100OA2J |
| FY ending Mar 2022 | 27,806 | 1,869 | 6.7% | 1,046 | 1,843 | 1,682 | S100R4C7 |
| FY ending Mar 2023 | 31,101 | 2,425 | 7.8% | 1,403 | 1,654 | 1,506 | S100TQ5S |
| FY ending Mar 2024 | 32,681 | 2,769 | 8.5% | 1,777 | 1,423 | 1,209 | S100VZBH |
| FY ending Mar 2025 | 36,274 | 3,781 | 10.4% | 2,390 | 3,558 | 3,370 | S100VZBH |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥16.3M |
| Operating income per employee (consolidated) | ¥1.7M |
| Net income per employee (consolidated) | ¥1.1M |

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

| History | FY ending Mar 2021 | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 2,555 | 2,441 | 2,349 | 2,266 | 2,226 |
| Average salary (parent company) | — | — | ¥5.6M | ¥5.9M | ¥6.1M |
| Average age (parent company) | — | — | 45.4 years | 45.5 years | 46.9 years |
| Average tenure (parent company) | — | — | 11.7 years | 11.7 years | 12.3 years |

Year over year: Employees (consolidated) -1.8% · Revenue (consolidated) +11.0%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 3,558 | 9.8% | S100VZBH |
| Capital expenditure | 187 | 0.5% | S100VZBH |
| Free cash flow | 3,370 | 9.3% | 算出 |
| Investing cash flow | -2,279 | -6.3% | S100VZBH |
| Financing cash flow | -1,509 | -4.2% | S100VZBH |
| Dividends paid | 854 | 2.4% | S100VZBH |
| Share buyback | 381 | 1.1% | S100VZBH |
| Change in cash | -255 | -0.7% | S100VZBH |
| Cash and equivalents | 5,433 | 15.0% | S100VZBH |

## 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 2021 | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 4,671 | 4,713 | 4,802 | 5,681 | 5,433 | S100R4C7, S100TQ5S, S100VZBH |
| Total assets | 16,796 | 16,239 | 17,519 | 20,061 | 22,490 | S100OA2J, S100R4C7, S100TQ5S, S100VZBH |
| Net assets | 9,408 | 9,446 | 10,432 | 12,010 | 13,615 | S100R4C7, S100TQ5S, S100VZBH |
| Share capital | 592 | 592 | 592 | 592 | 592 | S100OA2J, S100R4C7, S100TQ5S, S100VZBH |
| Trade receivables | 4,824 | — | — | — | — | S100OA2J |
| Property, plant and equipment | 1,438 | 1,398 | 1,327 | 1,374 | 1,463 | S100OA2J, S100R4C7, S100TQ5S, S100VZBH |
| Intangible assets excluding goodwill | 2,308 | 1,861 | 1,458 | 996 | 565 | S100OA2J, S100R4C7, S100TQ5S, S100VZBH |
| Goodwill | 2,193 | 1,749 | 1,304 | 860 | 476 | S100OA2J, S100R4C7, S100TQ5S, S100VZBH |
| Investment securities | 1,441 | 1,515 | 1,865 | 2,458 | 4,664 | S100OA2J, S100R4C7, S100TQ5S, S100VZBH |
| Current assets | 10,487 | 10,342 | 11,649 | 13,902 | 14,396 | S100OA2J, S100R4C7, S100TQ5S, S100VZBH |
| Current liabilities | 6,236 | 5,495 | 5,957 | 7,060 | 7,988 | S100OA2J, S100R4C7, S100TQ5S, S100VZBH |
| Short-term borrowings | 2,520 | 1,560 | 1,400 | 2,200 | 1,800 | S100OA2J, S100R4C7, S100TQ5S, S100VZBH |
| Long-term borrowings | 408 | 725 | 350 | 150 | — | S100OA2J, S100R4C7, S100TQ5S, S100VZBH |
| Bonds | 26 | — | — | — | — | S100OA2J |
| Interest-bearing debt | 2,954 | — | — | — | — | 算出 |
| Total liabilities | 7,388 | 6,793 | 7,087 | 8,051 | 8,875 | S100OA2J, S100R4C7, S100TQ5S, S100VZBH |
| Non-controlling interests | 40 | 46 | 50 | 56 | 61 | S100OA2J, S100R4C7, S100TQ5S, S100VZBH |
| Equity attributable to owners of parent | 8,695 | 8,605 | 9,329 | 10,327 | 11,825 | S100OA2J, S100R4C7, S100TQ5S, S100VZBH |
| Retained earnings | 7,681 | 8,097 | 8,819 | 9,744 | 11,119 | S100OA2J, S100R4C7, S100TQ5S, S100VZBH |
| Treasury stock | -314 | -818 | -836 | -763 | -428 | S100OA2J, S100R4C7, S100TQ5S, S100VZBH |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 24% | S100VZBH |
| Property, plant and equipment | 6% | S100VZBH |
| Intangibles and goodwill | 5% | S100VZBH |
| Investment securities | 21% | S100VZBH |
| Other assets | 44% | S100VZBH |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 39% | S100VZBH |
| Equity | 61% | S100VZBH |
| Other liabilities | 0% | S100VZBH |

### Balance sheet history

| Metric | FY ending Mar 2021 | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 16,796 | 16,239 | 17,519 | 20,061 | 22,490 |
| Equity | 9,408 | 9,446 | 10,432 | 12,010 | 13,615 |
| Interest-bearing debt | 2,954 | — | — | — | — |
| Cash | 4,671 | 4,713 | 4,802 | 5,681 | 5,433 |

## 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) | 4.0% | S100VZBH |
| Fixed assets ÷ total assets | 6.5% | S100VZBH |
| Goodwill ÷ parent equity | 4.0% | S100VZBH |

Goodwill over 4 years: 2,193 → 476 JPY; total investing cash flow: -3,494 JPY. This does not imply causation.

### 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) | 24.2% |
| Cash ÷ revenue | 15.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 94.1% |
| Cash vs. profit gap | 1,168 JPY mn (of net income 48.9%) |
| Shareholder returns / net income | 51.7% |
| Shareholder returns / FCF | 36.7% |
| Shareholder payments — dividends / net income | 35.7% |
| Shareholder payments — dividends / FCF | 25.3% |
| CapEx intensity (capex ÷ revenue) | 0.5% |
| Investing CF relative to operating CF | 64.1% |

## 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 | 2.9% | 1.53× | 4.5% | 1.93× | 8.6% | S100OA2J |
| 2022 | 3.8% | 1.68× | 6.3% | 1.91× | 12.1% | S100R4C7 |
| 2023 | 4.5% | 1.84× | 8.3% | 1.88× | 15.6% | S100TQ5S |
| 2024 | 5.4% | 1.74× | 9.5% | 1.91× | 18.1% | S100VZBH |
| 2025 | 6.6% | 1.70× | 11.2% | 1.92× | 21.6% | S100VZBH |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 11.7% | 2025-03-31 |
| 株式会社エイ・ケイ | Major shareholder | 9.1% | 2025-03-31 |
| ＰＥＲＳＨＩＮＧ－ＤＩＶ． ＯＦ ＤＬＪ ＳＥＣＳ． ＣＯＲＰ． （常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 6.9% | 2025-03-31 |
| ＩＤ従業員持株会 | Major shareholder | 5.1% | 2025-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 3.6% | 2025-03-31 |
| みずほ信託銀行株式会社 | Major shareholder | 3.3% | 2025-03-31 |
| ＴＤＣソフト株式会社 | Major shareholder | 2.5% | 2025-03-31 |
| 株式会社日本カストディ銀行（信託Ｅ口） | Major shareholder | 2.4% | 2025-03-31 |
| 舩越 朱美 | Major shareholder | 1.7% | 2025-03-31 |
| 丸林 香織 | Major shareholder | 1.6% | 2025-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第57期(2024/04/01－2025/03/31) | S100VZBH | 2025-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VZBH,, |
| 有価証券報告書－第56期(2023/04/01－2024/03/31) | S100TQ5S | 2024-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TQ5S,, |
| 有価証券報告書－第55期(2022/04/01－2023/03/31) | S100R4C7 | 2023-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R4C7,, |
| 有価証券報告書－第54期(令和3年4月1日－令和4年3月31日) | S100OA2J | 2022-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OA2J,, |
| 有価証券報告書－第53期(令和2年4月1日－令和3年3月31日) | S100LKE9 | 2021-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LKE9,, |
| 訂正有価証券報告書－第52期(平成31年4月1日－令和2年3月31日) | S100JDRH | 2020-08-05 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100JDRH,, |

## Key alliances (from the filing's material contracts)

| Partner | Type | Description | Source |
| --- | ---: | ---: | ---: |
| ブロードバンドセキュリティ | Capital alliance | サイバーセキュリティ事業の拡大に向けた資本業務提携。議決権の 21.37% を取得し持分法適用会社に | S100VZBH |

## 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).