# IK HOLDINGS Co.,Ltd.: business model and financials

> Latest period: FY ending May 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第45期(2025/06/01－2026/05/31) (S100YYQQ)
> Page: https://vizora.meequs.com/en/company/ik-holdings
> Retrieved: 2026-09-30T17:57:01.479Z

## Company

IK Holdings, founded in 1982, is a company in Catalog & TV Shopping listed on TSE Standard. It has 177 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | IK HOLDINGS Co.,Ltd. |
| Ticker | 2722 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2722.T) |
| Listing | TSE Standard |
| Head office | 名古屋市中村区上米野町四丁目20番地 同所は登記上の本店所在地で実際の業務は「最寄りの連絡場所」で行っております。 |
| Representative (per filing) | 代表取締役社長 長野 庄吾 |
| Founded | May 1982 |
| Share capital | ¥620.9M |
| Employees (consolidated) | 177 |
| Average salary (parent only) | ¥5.8M |
| Fiscal year end | May |
| Website | www.ai-kei.co.jp (https://www.ai-kei.co.jp/) |
| Corporate number | 1180001029144 |
| EDINET | E03386 |
| Industries (Vizora) | Catalog & TV Shopping, Specialty Trading & Wholesale |

> Profile source: annual securities report (S100YYQQ, filed 2026-08-26). As of filing

## Five-axis industry profile

Primary industry: Specialty Trading & Wholesale (2026-05-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 3.1 | 179 |
| Profitability | 19.7 | 185 |
| Cash conversion | 76.8 | 179 |
| Efficiency | 86.2 | 185 |

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 81% of IK Holdings's sales come from Sales marketing business, with Direct marketing business making up much of the rest.
- Out of every ¥100 of sales, about ¥1 is left as operating profit.
- Revenue changed -4.2% from the prior year, operating profit -53.9%.

## Company structure

- Segment revenue mix: Sales marketing business 80.6%、Direct marketing business 19.4%
- Revenue → net income: ¥14568370000 → ¥214294000
- Net income → operating cash flow: ¥214294000 → ¥302758000（difference ¥88464000）
- Main uses of operating cash flow: CapEx ¥67786000 / dividends ¥59857000 / buybacks ¥7000
- Change in cash: ¥-80439000
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 | ¥14.6B |  |
| Operating income | ¥196.1M | Margin 1.3% |
| Net income | ¥214.3M | Margin 1.5% |
| Free cash flow | ¥235M |  |
| Largest business | Sales marketing business | of segment revenue 80.6% |
| Employees (consolidated) | 177 |  |
| EPS | ¥75.93 |  |
| Book value per share | ¥336.58 |  |
| Equity ratio | 43.5% |  |
| Shares outstanding | 8,308,000 |  |
| Treasury shares | 745,900 |  |
| Shareholders | 18,105 |  |
| Average salary (parent only) | ¥5.8M | Filing company only |
| Cash ratio | 6.7% | Cash ÷ revenue 2.7% |
| Vs. industry median margin | -1.5 pp | Specialty Trading & Wholesale |
| ROE | 8.7% | Derived from disclosed figures |
| ROA | 3.6% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 95% of positive segment profit

## What changed in 5 years

| Metric | FY ending May 2021 | FY ending May 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥20754610000 | ¥14568370000 | -29.8% |
| Operating income | ¥705549000 | ¥196149000 | -72.2% |
| Operating margin | 3.4% | 1.3% | -2.1 pp |
| Employees | 241 people | 177 people | -26.6% |
| Cash and equivalents | ¥967145000 | ¥393661000 | -59.3% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| ダイレクトマーケティング事業 → ダイレクトマーケティング事業 | 19.4% |
| ダイレクトマーケティング事業 → 事業再編・廃止 | 1.0% |
| BtoC事業 → 事業再編・廃止 | 20.4% |
| セールスマーケティング事業 → セールスマーケティング事業 | 28.6% |
| BtoBtoC 事業 → 事業再編・廃止 | 28.6% |
| ITソリューション事業 → 事業再編・廃止 | 1.0% |
| その他 → 事業再編・廃止 | 1.0% |
| 新設・再編 → セールスマーケティング事業 | 51.9% |

Segment revenue source references: 8 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 14,568 | 100.0% | S100YYQQ |
| Cost of revenue | 9,085 | 62.4% | S100YYQQ |
| Gross profit | 5,484 | 37.6% | S100YYQQ |
| SG&A | 5,288 | 36.3% | S100YYQQ |
| Operating income | 196 | 1.3% | S100YYQQ |
| Ordinary income | 101 | 0.7% | S100YYQQ |
| Pretax income | 51 | 0.4% | S100YYQQ |
| Income tax | -163 | -1.1% | S100YYQQ |
| Net income | 214 | 1.5% | S100YYQQ |
| Net income attributable to owners | 214 | 1.5% | S100YYQQ |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 63 |
| SG&A | 36 |
| Operating income | 1 |
| (Ref.) Net income | 1 |

### Margin funnel

Gross margin 37.6% → Operating margin 1.3% → Net margin 1.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -4.2%; Core profit growth: -53.9%
Operating leverage (core profit growth ÷ revenue growth): 12.75×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 15,211 | 14,568 | -643 | -4.2% |
| Gross profit | 6,221 | 5,484 | -738 | -11.9% |
| Operating income | 426 | 196 | -229 | -53.9% |
| Net income attributable to owners | 321 | 214 | -107 | -33.3% |
| Operating cash flow | 105 | 303 | 197 | +187.5% |
| Free cash flow | 28 | 235 | 207 | +742.3% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending May 2020 | 18,484 | 591 | 3.2% | 384 | 713 | 465 | S100MBE8 |
| FY ending May 2021 | 20,755 | 706 | 3.4% | 321 | 637 | 352 | S100P28L |
| FY ending May 2022 | 16,335 | -360 | -2.2% | -906 | -769 | -1,064 | S100RQHB |
| FY ending May 2023 | 14,179 | -225 | -1.6% | -464 | 66 | -198 | S100UA0C |
| FY ending May 2024 | 14,049 | 342 | 2.4% | 229 | 941 | 556 | S100WLTR |
| FY ending May 2025 | 15,211 | 426 | 2.8% | 321 | 105 | 28 | S100YYQQ |
| FY ending May 2026 | 14,568 | 196 | 1.3% | 214 | 303 | 235 | S100YYQQ |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥82.3M |
| Operating income per employee (consolidated) | ¥1.1M |
| Net income per employee (consolidated) | ¥1.2M |

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

| History | FY ending May 2022 | FY ending May 2023 | FY ending May 2024 | FY ending May 2025 | FY ending May 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 224 | 222 | 195 | 180 | 177 |
| Average salary (parent company) | ¥5.3M | ¥5.8M | ¥5.5M | ¥5.4M | ¥5.8M |
| Average age (parent company) | 35.6 years | 39.4 years | 37.3 years | 36.9 years | 37.4 years |
| Average tenure (parent company) | 9.4 years | 11.9 years | 10.2 years | 8.3 years | 8.6 years |

Year over year: Employees (consolidated) -1.7% · Revenue (consolidated) -4.2%

## Segments（FY ending May 2026, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Direct marketing business | 2,832 | 19.4% | 44 | 1.6% |
| Sales marketing business | 11,734 | 80.6% | 857 | 7.3% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Direct marketing business | 19.4% | 4.9% | -14.6 | 1.6% |
| Sales marketing business | 80.6% | 95.1% | 14.6 | 7.3% |

Segment → industry: Direct marketing business → Catalog & TV Shopping / Sales marketing business → Specialty Trading & Wholesale

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 303 | 2.1% | S100YYQQ |
| Capital expenditure | 68 | 0.5% | S100YYQQ |
| Free cash flow | 235 | 1.6% | 算出 |
| Investing cash flow | -144 | -1.0% | S100YYQQ |
| Financing cash flow | -239 | -1.6% | S100YYQQ |
| Dividends paid | 60 | 0.4% | S100YYQQ |
| Share buyback | 0 | 0.0% | S100YYQQ |
| Change in cash | -80 | -0.6% | S100YYQQ |
| Cash and equivalents | 394 | 2.7% | S100YYQQ |

## 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 May 2022 | FY ending May 2023 | FY ending May 2024 | FY ending May 2025 | FY ending May 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,076 | 972 | 576 | 474 | 394 | S100UA0C, S100WLTR, S100YYQQ |
| Total assets | 7,378 | 6,789 | 6,007 | 6,077 | 5,842 | S100RQHB, S100UA0C, S100WLTR, S100YYQQ |
| Net assets | 2,505 | 1,970 | 2,170 | 2,388 | 2,553 | S100UA0C, S100WLTR, S100YYQQ |
| Share capital | 621 | 621 | 621 | 621 | 621 | S100RQHB, S100UA0C, S100WLTR, S100YYQQ |
| Trade receivables | 2,612 | 2,184 | 2,295 | 2,535 | 2,393 | S100RQHB, S100UA0C, S100WLTR, S100YYQQ |
| Property, plant and equipment | 197 | 215 | 219 | 200 | 200 | S100RQHB, S100UA0C, S100WLTR, S100YYQQ |
| Intangible assets excluding goodwill | 208 | 467 | 409 | 292 | 215 | S100RQHB, S100UA0C, S100WLTR, S100YYQQ |
| Goodwill | 72 | 117 | 80 | 36 | 20 | S100RQHB, S100UA0C, S100WLTR, S100YYQQ |
| Investment securities | 41 | 24 | 24 | 24 | 0 | S100RQHB, S100UA0C, S100WLTR, S100YYQQ |
| Current assets | 6,553 | 5,728 | 5,024 | 5,217 | 4,904 | S100RQHB, S100UA0C, S100WLTR, S100YYQQ |
| Current liabilities | 3,520 | 3,766 | 2,482 | 2,392 | 2,029 | S100RQHB, S100UA0C, S100WLTR, S100YYQQ |
| Short-term borrowings | 800 | 1,350 | — | 100 | — | S100RQHB, S100UA0C, S100YYQQ |
| Long-term borrowings | 1,044 | 733 | 1,040 | 998 | 954 | S100RQHB, S100UA0C, S100WLTR, S100YYQQ |
| Total liabilities | 4,874 | 4,818 | 3,837 | 3,689 | 3,289 | S100RQHB, S100UA0C, S100WLTR, S100YYQQ |
| Equity attributable to owners of parent | 2,470 | 1,920 | 2,159 | 2,375 | 2,540 | S100RQHB, S100UA0C, S100WLTR, S100YYQQ |
| Retained earnings | 1,402 | 846 | 1,076 | 1,355 | 1,509 | S100RQHB, S100UA0C, S100WLTR, S100YYQQ |
| Treasury stock | -233 | -228 | -219 | -281 | -272 | S100RQHB, S100UA0C, S100WLTR, S100YYQQ |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 7% | S100YYQQ |
| Receivables | 41% | S100YYQQ |
| Property, plant and equipment | 3% | S100YYQQ |
| Intangibles and goodwill | 4% | S100YYQQ |
| Other assets | 45% | S100YYQQ |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 56% | S100YYQQ |
| Equity | 44% | S100YYQQ |

### Balance sheet history

| Metric | FY ending May 2022 | FY ending May 2023 | FY ending May 2024 | FY ending May 2025 | FY ending May 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 7,378 | 6,789 | 6,007 | 6,077 | 5,842 |
| Equity | 2,505 | 1,970 | 2,170 | 2,388 | 2,553 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,076 | 972 | 576 | 474 | 394 |

## 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) | 1.4% | S100YYQQ |
| Fixed assets ÷ total assets | 3.4% | S100YYQQ |
| Goodwill ÷ parent equity | 0.8% | S100YYQQ |

Goodwill over 4 years: 72 → 20 JPY; total investing cash flow: -1,113 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) | 6.7% |
| Cash ÷ revenue | 2.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 154.4% |
| Cash vs. profit gap | 88 JPY mn (of net income 41.3%) |
| Shareholder returns / net income | 27.9% |
| Shareholder returns / FCF | 25.5% |
| Shareholder payments — dividends / net income | 27.9% |
| Shareholder payments — dividends / FCF | 25.5% |
| CapEx intensity (capex ÷ revenue) | 0.5% |
| Investing CF relative to operating CF | 47.7% |

## 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 | — | —× | -12.3% | —× | — | S100RQHB |
| 2023 | — | —× | -6.5% | —× | — | S100UA0C |
| 2024 | 1.6% | 2.20× | 3.6% | 3.14× | 11.2% | S100WLTR |
| 2025 | 2.1% | 2.52× | 5.3% | 2.67× | 14.2% | S100YYQQ |
| 2026 | 1.5% | 2.44× | 3.6% | 2.43× | 8.7% | S100YYQQ |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社ＡＭ | Major shareholder | 15.6% | 2026-05-31 |
| 飯田 裕 | Major shareholder | 2.4% | 2026-05-31 |
| アイケイ取引先持株会 | Major shareholder | 2.2% | 2026-05-31 |
| 飯田 清子 | Major shareholder | 1.8% | 2026-05-31 |
| 飯田 悠起 | Major shareholder | 1.8% | 2026-05-31 |
| 山中 亜子 | Major shareholder | 1.5% | 2026-05-31 |
| 鬼頭 洋介 | Major shareholder | 1.2% | 2026-05-31 |
| 栗田 和代 | Major shareholder | 1.1% | 2026-05-31 |
| 長野 庄吾 | Major shareholder | 1.0% | 2026-05-31 |
| 飯田 好明 | Major shareholder | 0.8% | 2026-05-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第45期(2025/06/01－2026/05/31) | S100YYQQ | 2026-08-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YYQQ,, |
| 訂正有価証券報告書－第44期(2024/06/01－2025/05/31) | S100WLTR | 2025-08-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WLTR,, |
| 有価証券報告書－第43期(2023/06/01－2024/05/31) | S100UA0C | 2024-08-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UA0C,, |
| 有価証券報告書－第42期(2022/06/01－2023/05/31) | S100RQHB | 2023-08-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RQHB,, |
| 有価証券報告書－第41期(令和3年6月1日－令和4年5月31日) | S100P28L | 2022-08-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100P28L,, |
| 有価証券報告書－第40期(令和2年6月1日－令和3年5月31日) | S100MBE8 | 2021-08-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MBE8,, |

## 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).