# Image Information Inc.: 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51期(2025/04/01－2026/03/31) (S100YLT6)
> Page: https://vizora.meequs.com/en/company/image-information
> Retrieved: 2026-09-30T20:48:05.460Z

## Company

Image Information, founded in 1975, is a company in IT Services & System Integration listed on TSE Growth. It has 57 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Image Information Inc. |
| Ticker | 3803 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3803.T) |
| Listing | TSE Growth |
| Head office | 東京都千代田区神田猿楽町二丁目4番11号 |
| Representative (per filing) | 代表取締役社長 半田 基実 |
| Founded | Oct 1975 |
| Share capital | ¥601M |
| Employees (consolidated) | 57 |
| Average salary (parent only) | ¥5M |
| Fiscal year end | March |
| Website | www.image-inf.co.jp (https://www.image-inf.co.jp/) |
| Corporate number | 7010001141249 |
| EDINET | E05573 |
| Industries (Vizora) | IT Services & System Integration, Business Process Outsourcing |

> Profile source: annual securities report (S100YLT6, filed 2026-06-26). As of filing

## Key points (generated from figures)

- About 84% of Image Information's sales come from IT solution, with Business Process Outsourcing / Service making up much of the rest.
- It lost about ¥24 for every ¥100 of sales at the operating level.
- Revenue changed +13.2% from the prior year.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥731.6M |  |
| Operating income | -¥175.3M | Margin -24.0% |
| Net income | -¥259.5M | Margin -35.5% |
| Free cash flow | -¥95.5M |  |
| Largest business | IT solution | of segment revenue 83.9% |
| Employees (consolidated) | 57 |  |
| EPS | ¥-150.76 |  |
| Book value per share | ¥190.2 |  |
| Equity ratio | 63.0% |  |
| Shares outstanding | 3,381,500 |  |
| Treasury shares | 63,700 |  |
| Shareholders | 1,483 |  |
| Average salary (parent only) | ¥5M | Filing company only |
| Cash ratio | 81.9% | Cash ÷ revenue 112.1% |
| Vs. industry median margin | -32.9 pp | IT Services & System Integration |
| ROA | -32.1% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 81% of positive segment profit
- FY2026, cash is 82% of total assets
- FY2026, operating loss is 24 per ¥100 of revenue

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥684954000 | ¥731630000 | +6.8% |
| Operating income | ¥13854000 | ¥-175278000 | -1365.2% |
| Operating margin | 2.0% | -24.0% | -26 pp |
| Employees | 61 people | 57 people | -6.6% |
| Cash and equivalents | ¥321458000 | ¥820358000 | +155.2% |

### 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.

| Flow | Revenue share |
| --- | ---: |
| ＩＴソリューション → ＩＴソリューション | 83.9% |
| ＩＴソリューション → 事業再編・廃止 | 3.2% |
| ＢＰＯ・サービス → ＢＰＯ・サービス | 12.9% |
| 新設・再編 → ＢＰＯ・サービス | 3.2% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 732 | 100.0% | S100YLT6 |
| Cost of revenue | 665 | 90.9% | S100YLT6 |
| Gross profit | 66 | 9.1% | S100YLT6 |
| SG&A | 242 | 33.0% | S100YLT6 |
| Operating income | -175 | -24.0% | S100YLT6 |
| Ordinary income | -196 | -26.7% | S100YLT6 |
| Pretax income | -270 | -36.9% | S100YLT6 |
| Income tax | 9 | 1.2% | S100YLT6 |
| Net income | -279 | -38.1% | S100YLT6 |
| Net income attributable to owners | -259 | -35.5% | S100YLT6 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 91 |
| SG&A | 33 |
| Operating income | -24 |
| (Ref.) Net income | -35 |

### Margin funnel

Gross margin 9.1% → Operating margin -24.0% → Net margin -35.5%
Derived from reported figures (DERIVED).

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 646 | 732 | 86 | +13.2% |
| Gross profit | 138 | 66 | -72 | -52.1% |
| Operating income | -71 | -175 | -104 | — |
| Net income attributable to owners | -37 | -259 | -223 | — |
| Operating cash flow | -8 | -94 | -87 | — |
| Free cash flow | -13 | -96 | -82 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 693 | -64 | -9.3% | -61 | -69 | -74 | S100LUWP |
| FY ending Mar 2021 | 685 | 14 | 2.0% | 145 | -219 | -221 | S100OGZJ |
| FY ending Mar 2022 | 929 | 6 | 0.6% | 6 | 189 | 168 | S100R58G |
| FY ending Mar 2023 | 546 | -1 | -0.1% | 51 | -46 | -82 | S100TXJT |
| FY ending Mar 2024 | 528 | -14 | -2.6% | -21 | 39 | -21 | S100W1RT |
| FY ending Mar 2025 | 646 | -71 | -11.0% | -37 | -8 | -13 | S100YLT6 |
| FY ending Mar 2026 | 732 | -175 | -24.0% | -259 | -94 | -96 | S100YLT6 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥12.8M |
| Operating income per employee (consolidated) | -¥3.1M |
| Net income per employee (consolidated) | -¥4.6M |

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) | 57 | 56 | 54 | 54 | 57 |
| Average salary (parent company) | ¥5.7M | ¥4.7M | ¥4.1M | ¥5.5M | ¥5M |
| Average age (parent company) | 54.0 years | 55.8 years | 55.5 years | 58.0 years | 58.0 years |
| Average tenure (parent company) | 1.7 years | 3.3 years | 2.3 years | 3.0 years | 3.0 years |

Year over year: Employees (consolidated) +5.6% · Revenue (consolidated) +13.2%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| IT solution | 614 | 83.9% | 54 | 8.8% |
| Business Process Outsourcing / Service | 118 | 16.1% | 12 | 10.6% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| IT solution | 83.9% | 81.3% | -2.7 | 8.8% |
| Business Process Outsourcing / Service | 16.1% | 18.7% | 2.7 | 10.6% |

Segment → industry: IT solution → IT Services & System Integration / Business Process Outsourcing / Service → Business Process Outsourcing

## 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 | -94 | -12.9% | S100YLT6 |
| Capital expenditure | 1 | 0.1% | S100YLT6 |
| Free cash flow | -96 | -13.1% | 算出 |
| Investing cash flow | -12 | -1.7% | S100YLT6 |
| Financing cash flow | 652 | 89.1% | S100YLT6 |
| Share buyback | 0 | 0.0% | S100YLT6 |
| Change in cash | 545 | 74.5% | S100YLT6 |
| Cash and equivalents | 820 | 112.1% | S100YLT6 |

## 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 | 505 | 455 | 363 | 275 | 820 | S100TXJT, S100W1RT, S100YLT6 |
| Total assets | 768 | 707 | 628 | 614 | 1,002 | S100R58G, S100TXJT, S100W1RT, S100YLT6 |
| Net assets | 338 | 359 | 337 | 308 | 631 | S100TXJT, S100W1RT, S100YLT6 |
| Share capital | 301 | 301 | 301 | 301 | 601 | S100R58G, S100TXJT, S100W1RT, S100YLT6 |
| Property, plant and equipment | 5 | 4 | 4 | 3 | 1 | S100R58G, S100TXJT, S100W1RT, S100YLT6 |
| Intangible assets excluding goodwill | 11 | 44 | 94 | 132 | 22 | S100R58G, S100TXJT, S100W1RT, S100YLT6 |
| Goodwill | — | — | — | 89 | — | S100YLT6 |
| Investment securities | 73 | 20 | 19 | 16 | 26 | S100R58G, S100TXJT, S100W1RT, S100YLT6 |
| Current assets | 660 | 620 | 491 | 437 | 932 | S100R58G, S100TXJT, S100W1RT, S100YLT6 |
| Current liabilities | 154 | 182 | 111 | 118 | 128 | S100R58G, S100TXJT, S100W1RT, S100YLT6 |
| Long-term borrowings | 107 | — | — | 4 | 32 | S100R58G, S100YLT6 |
| Total liabilities | 430 | 348 | 291 | 306 | 371 | S100R58G, S100TXJT, S100W1RT, S100YLT6 |
| Non-controlling interests | — | — | — | 24 | — | S100YLT6 |
| Equity attributable to owners of parent | 298 | 348 | 328 | 277 | 618 | S100R58G, S100TXJT, S100W1RT, S100YLT6 |
| Retained earnings | 42 | 93 | 72 | 30 | -229 | S100R58G, S100TXJT, S100W1RT, S100YLT6 |
| Treasury stock | -54 | -54 | -54 | -54 | -54 | S100R58G, S100TXJT, S100W1RT, S100YLT6 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 82% | S100YLT6 |
| Property, plant and equipment | 0% | S100YLT6 |
| Intangibles and goodwill | 2% | S100YLT6 |
| Investment securities | 3% | S100YLT6 |
| Other assets | 13% | S100YLT6 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 37% | S100YLT6 |
| Equity | 63% | S100YLT6 |
| Other liabilities | 0% | S100YLT6 |

### 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 | 768 | 707 | 628 | 614 | 1,002 |
| Equity | 338 | 359 | 337 | 308 | 631 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 505 | 455 | 363 | 275 | 820 |

## 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) | 0.2% | S100YLT6 |
| Fixed assets ÷ total assets | 0.1% | S100YLT6 |
| Goodwill ÷ parent equity | — | —, S100YLT6 |

### 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) | 81.9% |
| Cash ÷ revenue | 112.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | 165 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.1% |
| Investing CF relative to operating CF | — |

## 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 | 0.7% | 1.21× | 0.8% | 2.58× | 2.2% | S100R58G |
| 2023 | 9.3% | 0.74× | 6.9% | 2.28× | 15.6% | S100TXJT |
| 2024 | — | —× | -3.1% | —× | — | S100W1RT |
| 2025 | — | —× | -5.9% | —× | — | S100YLT6 |
| 2026 | — | —× | -32.1% | —× | — | S100YLT6 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| サイブリッジ合同会社 | Major shareholder | 39.2% | 2026-03-31 |
| 株式会社イメージ企画 | Major shareholder | 18.4% | 2026-03-31 |
| 株式会社ＮＢＩ | Major shareholder | 6.0% | 2026-03-31 |
| 代永 衛 | Major shareholder | 3.3% | 2026-03-31 |
| 株式会社SBI証券 | Major shareholder | 2.8% | 2026-03-31 |
| 代永 拓史 | Major shareholder | 1.6% | 2026-03-31 |
| 山田 栄作 | Major shareholder | 1.2% | 2026-03-31 |
| ＮＯＭＵＲＡ ＩＮＴＥＲＮＡＴＩＯＮＡＬ ＰＬＣＡ／Ｃ ＪＡＰＡＮ ＦＬＯＷ (常任代理人野村證券株式会社) | Major shareholder | 1.1% | 2026-03-31 |
| 楽天証券株式会社 | Major shareholder | 0.9% | 2026-03-31 |
| 須藤 洋介 | Major shareholder | 0.8% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第51期(2025/04/01－2026/03/31) | S100YLT6 | 2026-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YLT6,, |
| 有価証券報告書－第50期(2024/04/01－2025/03/31) | S100W1RT | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W1RT,, |
| 有価証券報告書－第49期(2023/04/01－2024/03/31) | S100TXJT | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TXJT,, |
| 有価証券報告書－第48期(2022/04/01－2023/03/31) | S100R58G | 2023-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R58G,, |
| 有価証券報告書－第47期(令和3年4月1日－令和4年3月31日) | S100OGZJ | 2022-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OGZJ,, |
| 訂正有価証券報告書－第46期(令和2年4月1日－令和3年3月31日) | S100LUWP | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LUWP,, |

## 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).