# Imagineer 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49期(2025/04/01－2026/03/31) (S100YCJ1)
> Page: https://vizora.meequs.com/en/company/imagineer
> Retrieved: 2026-09-30T21:01:33.929Z

## Company

Imagineer, founded in 1986, is a company in Games listed on TSE Standard. It has 125 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Imagineer Co.,Ltd. |
| Ticker | 4644 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4644.T) |
| Listing | TSE Standard |
| Head office | 東京都新宿区西新宿二丁目7番1号 |
| Representative (per filing) | 代表取締役社長兼CEO 澄岡 和憲 |
| Founded | Jan 1986 |
| Share capital | ¥2.67B |
| Employees (consolidated) | 125 |
| Average salary (parent only) | ¥6.9M |
| Fiscal year end | March |
| Website | www.imagineer.co.jp (https://www.imagineer.co.jp/) |
| Corporate number | 4011101002161 |
| EDINET | E04959 |
| Industries (Vizora) | Games |

> Profile source: annual securities report (S100YCJ1, filed 2026-06-17). As of filing

## Five-axis industry profile

Primary industry: Games (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 31.9 | 36 |
| Profitability | 35.4 | 41 |
| Cash conversion | 4.8 | 31 |
| Efficiency | 20.7 | 41 |

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)

- Imagineer brought in ¥5.69B in revenue.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed -12.3% from the prior year, operating profit -68.3%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥5.69B |  |
| Operating income | ¥145.1M | Margin 2.6% |
| Net income | ¥746.3M | Margin 13.1% |
| Free cash flow | — |  |
| Employees (consolidated) | 125 |  |
| EPS | ¥75.87 |  |
| Book value per share | ¥1229.11 |  |
| Equity ratio | 92.0% |  |
| Shares outstanding | 10,649,000 |  |
| Treasury shares | 1,009,900 |  |
| Shareholders | 5,624 |  |
| Average salary (parent only) | ¥6.9M | Filing company only |
| Cash ratio | 20.1% | Cash ÷ revenue 45.8% |
| Vs. industry median margin | -2.9 pp | Games |
| ROE | 6.1% | Derived from disclosed figures |
| ROA | 5.6% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥7205125000 | ¥5690439000 | -21.0% |
| Operating income | ¥1423503000 | ¥145127000 | -89.8% |
| Operating margin | 19.8% | 2.6% | -17.2 pp |
| Employees | 128 people | 125 people | -2.3% |
| Cash and equivalents | ¥7923883000 | ¥2605843000 | -67.1% |

### 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 | 5,690 | 100.0% | S100YCJ1 |
| Cost of revenue | 2,130 | 37.4% | S100YCJ1 |
| Gross profit | 3,561 | 62.6% | S100YCJ1 |
| SG&A | 3,416 | 60.0% | S100YCJ1 |
| Operating income | 145 | 2.6% | S100YCJ1 |
| Ordinary income | 1,157 | 20.3% | S100YCJ1 |
| Pretax income | 1,157 | 20.3% | S100YCJ1 |
| Income tax | 377 | 6.6% | S100YCJ1 |
| Net income | 780 | 13.7% | S100YCJ1 |
| Net income attributable to owners | 746 | 13.1% | S100YCJ1 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 37 |
| SG&A | 60 |
| Operating income | 3 |
| (Ref.) Net income | 13 |

### Margin funnel

Gross margin 62.6% → Operating margin 2.6% → Net margin 13.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -12.3%; Core profit growth: -68.3%
Operating leverage (core profit growth ÷ revenue growth): 5.57×
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 | 6,486 | 5,690 | -796 | -12.3% |
| Gross profit | 4,097 | 3,561 | -536 | -13.1% |
| Operating income | 459 | 145 | -313 | -68.3% |
| Net income attributable to owners | 603 | 746 | 143 | +23.8% |
| Operating cash flow | -43 | -270 | -228 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 5,825 | 1,127 | 19.3% | 779 | 934 | — | S100LKRB |
| FY ending Mar 2021 | 7,205 | 1,424 | 19.8% | 1,022 | 819 | — | S100OGCB |
| FY ending Mar 2022 | 6,331 | 1,177 | 18.6% | 891 | 311 | — | S100R32T |
| FY ending Mar 2023 | 6,641 | 596 | 9.0% | 611 | 67 | — | S100TQ59 |
| FY ending Mar 2024 | 5,961 | 346 | 5.8% | 416 | 175 | — | S100VZMR |
| FY ending Mar 2025 | 6,486 | 459 | 7.1% | 603 | -43 | — | S100YCJ1 |
| FY ending Mar 2026 | 5,690 | 145 | 2.6% | 746 | -270 | — | S100YCJ1 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥45.5M |
| Operating income per employee (consolidated) | ¥1.2M |
| Net income per employee (consolidated) | ¥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) | 132 | 135 | 127 | 127 | 125 |
| Average salary (parent company) | ¥6.7M | ¥6.6M | ¥6.5M | ¥6.7M | ¥6.9M |
| Average age (parent company) | 38.8 years | 39.6 years | 41.1 years | 41.6 years | 42.8 years |
| Average tenure (parent company) | 8.9 years | 9.1 years | 9.8 years | 10.1 years | 9.8 years |

Year over year: Employees (consolidated) -1.6% · Revenue (consolidated) -12.3%

## 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 | -270 | -4.7% | S100YCJ1 |
| Investing cash flow | -5,757 | -101.2% | S100YCJ1 |
| Financing cash flow | -557 | -9.8% | S100YCJ1 |
| Dividends paid | 551 | 9.7% | S100YCJ1 |
| Change in cash | -6,566 | -115.4% | S100YCJ1 |
| Cash and equivalents | 2,606 | 45.8% | S100YCJ1 |

## 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 | 7,301 | 10,148 | 8,310 | 9,172 | 2,606 | S100TQ59, S100VZMR, S100YCJ1 |
| Total assets | 12,659 | 13,665 | 13,451 | 13,484 | 12,993 | S100R32T, S100TQ59, S100VZMR, S100YCJ1 |
| Net assets | 11,693 | 11,916 | 12,041 | 12,169 | 12,098 | S100TQ59, S100VZMR, S100YCJ1 |
| Share capital | 2,669 | 2,669 | 2,669 | 2,669 | 2,669 | S100R32T, S100TQ59, S100VZMR, S100YCJ1 |
| Property, plant and equipment | 42 | 33 | 39 | 29 | 24 | S100R32T, S100TQ59, S100VZMR, S100YCJ1 |
| Intangible assets excluding goodwill | 28 | 21 | 24 | 12 | 9 | S100R32T, S100TQ59, S100VZMR, S100YCJ1 |
| Investment securities | 2,990 | 556 | 1,804 | 746 | 6,793 | S100R32T, S100TQ59, S100VZMR, S100YCJ1 |
| Current assets | 9,089 | 12,363 | 10,797 | 11,761 | 5,190 | S100R32T, S100TQ59, S100VZMR, S100YCJ1 |
| Current liabilities | 962 | 1,746 | 1,399 | 1,311 | 895 | S100R32T, S100TQ59, S100VZMR, S100YCJ1 |
| Total liabilities | 966 | 1,749 | 1,410 | 1,316 | 895 | S100R32T, S100TQ59, S100VZMR, S100YCJ1 |
| Non-controlling interests | 64 | 71 | 76 | 105 | 138 | S100R32T, S100TQ59, S100VZMR, S100YCJ1 |
| Equity attributable to owners of parent | 11,546 | 11,852 | 11,934 | 12,090 | 12,292 | S100R32T, S100TQ59, S100VZMR, S100YCJ1 |
| Retained earnings | 7,034 | 7,328 | 7,398 | 7,543 | 7,736 | S100R32T, S100TQ59, S100VZMR, S100YCJ1 |
| Treasury stock | -623 | -615 | -608 | -602 | -596 | S100R32T, S100TQ59, S100VZMR, S100YCJ1 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 20% | S100YCJ1 |
| Property, plant and equipment | 0% | S100YCJ1 |
| Intangibles and goodwill | 0% | S100YCJ1 |
| Investment securities | 52% | S100YCJ1 |
| Other assets | 28% | S100YCJ1 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 7% | S100YCJ1 |
| Equity | 93% | S100YCJ1 |
| Other liabilities | 0% | S100YCJ1 |

### 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 | 12,659 | 13,665 | 13,451 | 13,484 | 12,993 |
| Equity | 11,693 | 11,916 | 12,041 | 12,169 | 12,098 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 7,301 | 10,148 | 8,310 | 9,172 | 2,606 |

## 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) | 0.4% | S100YCJ1 |
| Fixed assets ÷ total assets | 0.2% | S100YCJ1 |
| Goodwill ÷ parent equity | — | —, S100YCJ1 |

### 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) | 20.1% |
| Cash ÷ revenue | 45.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -186.1% |
| Cash vs. profit gap | -1,016 JPY mn (of net income -136.2%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 73.8% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | — |
| 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 | 14.1% | 0.50× | 7.0% | 1.10× | 7.7% | S100R32T |
| 2023 | 9.2% | 0.50× | 4.6% | 1.13× | 5.2% | S100TQ59 |
| 2024 | 7.0% | 0.44× | 3.1% | 1.14× | 3.5% | S100VZMR |
| 2025 | 9.3% | 0.48× | 4.5% | 1.12× | 5.0% | S100YCJ1 |
| 2026 | 13.1% | 0.43× | 5.6% | 1.09× | 6.1% | S100YCJ1 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| IIB株式会社 | Major shareholder | 45.6% | 2026-03-31 |
| 神藏孝之 | Major shareholder | 3.3% | 2026-03-31 |
| 内藤征吾 | Major shareholder | 3.3% | 2026-03-31 |
| 上田八木短資株式会社 | Major shareholder | 3.2% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 1.9% | 2026-03-31 |
| むさし証券株式会社 | Major shareholder | 1.8% | 2026-03-31 |
| 東海東京証券株式会社 | Major shareholder | 1.4% | 2026-03-31 |
| 株式会社SBI証券 | Major shareholder | 1.2% | 2026-03-31 |
| 有限会社秀インター | Major shareholder | 1.0% | 2026-03-31 |
| 中根昌幸 | Major shareholder | 0.9% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第49期(2025/04/01－2026/03/31) | S100YCJ1 | 2026-06-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YCJ1,, |
| 有価証券報告書－第48期(2024/04/01－2025/03/31) | S100VZMR | 2025-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VZMR,, |
| 有価証券報告書－第47期(2023/04/01－2024/03/31) | S100TQ59 | 2024-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TQ59,, |
| 有価証券報告書－第46期(2022/04/01－2023/03/31) | S100R32T | 2023-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R32T,, |
| 有価証券報告書－第45期(令和3年4月1日－令和4年3月31日) | S100OGCB | 2022-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OGCB,, |
| 有価証券報告書－第44期(令和2年4月1日－令和3年3月31日) | S100LKRB | 2021-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LKRB,, |

## 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).