# The Imamura Securities Co.,Ltd.: business model and financials

> Latest period: FY ending Mar 2026, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第87期(2025/04/01－2026/03/31) (S100YCMX)
> Page: https://vizora.meequs.com/en/company/imamura-securities
> Retrieved: 2026-09-30T21:35:38.462Z

## Company

The Imamura Securities, founded in 1944, is a company in Securities & Asset Management listed on TSE Standard. It has 191 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | The Imamura Securities Co.,Ltd. |
| Ticker | 7175 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7175.T) |
| Listing | TSE Standard |
| Head office | 石川県金沢市十間町25番地 |
| Representative (per filing) | 取締役社長 今村直喜 |
| Founded | Jul 1944 |
| Share capital | ¥857.1M |
| Employees (consolidated) | 191 |
| Average salary (parent only) | ¥9M |
| Fiscal year end | March |
| Website | www.imamura.co.jp (https://www.imamura.co.jp/) |
| Corporate number | 9220001001223 |
| EDINET | E30982 |
| Industries (Vizora) | Securities & Asset Management |

> Profile source: annual securities report (S100YCMX, filed 2026-06-18). As of filing

## Key points (generated from figures)

- The Imamura Securities brought in ¥4.91B in revenue.
- Out of every ¥100 of sales, about ¥29 is left as operating profit.
- Revenue changed +17.4% from the prior year, operating profit +42.7%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥4914495000 → ¥1055534000
- Net income → operating cash flow: ¥1055534000 → ¥3307376000（difference ¥2251842000）
- Main uses of operating cash flow: CapEx ¥227806000 / dividends ¥255625000 / buybacks —
- Change in cash: ¥2730129000
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 | ¥4.91B |  |
| Operating income | ¥1.41B | Margin 28.6% |
| Net income | ¥1.06B | Margin 21.5% |
| Free cash flow | ¥3.08B |  |
| Employees (consolidated) | 191 |  |
| EPS | ¥206.29 |  |
| Book value per share | ¥2576.79 |  |
| Equity ratio | 49.6% |  |
| Shares outstanding | 5,320,000 |  |
| Treasury shares | 203,300 |  |
| Shareholders | 1,615 |  |
| Average salary (parent only) | ¥9M | Filing company only |
| Cash ratio | 33.6% | Cash ÷ revenue 181.6% |
| Vs. industry median margin | +7.9 pp | Securities & Asset Management |
| ROE | 8.9% | Derived from disclosed figures |
| ROA | 4.6% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 3.1× net income
- FY2026, employees -4% while operating income rose 43%
- FY2026, operating income keeps 29 per ¥100 of revenue

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥4973159000 | ¥4914495000 | -1.2% |
| Operating income | ¥1870394000 | ¥1407456000 | -24.8% |
| Operating margin | 37.6% | 28.6% | -9 pp |
| Employees | 203 people | 191 people | -5.9% |
| Cash and equivalents | ¥6853356000 | ¥8927128000 | +30.3% |

### 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, non-consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 4,914 | 100.0% | S100YCMX |
| SG&A | 3,474 | 70.7% | S100YCMX |
| Operating income | 1,407 | 28.6% | S100YCMX |
| Ordinary income | 1,467 | 29.8% | S100YCMX |
| Pretax income | 1,557 | 31.7% | S100YCMX |
| Income tax | 501 | 10.2% | S100YCMX |
| Net income | 1,056 | 21.5% | S100YCMX |

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

| Part | JPY |
| --- | ---: |
| Operating expenses | 71 |
| Operating income | 29 |
| (Ref.) Net income | 21 |

### Margin funnel

Operating margin 28.6% → Net margin 21.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +17.4%; Core profit growth: +42.7%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.45×
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 | 4,186 | 4,914 | 728 | +17.4% |
| Operating income | 986 | 1,407 | 421 | +42.7% |
| Operating cash flow | -1,184 | 3,307 | 4,492 | — |
| Free cash flow | -1,239 | 3,080 | 4,318 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 3,300 | 555 | 16.8% | 341 | 1,141 | 1,048 | S100TNPR |
| FY ending Mar 2021 | 4,973 | 1,870 | 37.6% | 1,206 | 1,344 | 1,167 | S100VYUC |
| FY ending Mar 2022 | 4,511 | 1,422 | 31.5% | 941 | 656 | 162 | S100YCMX |
| FY ending Mar 2023 | 3,832 | 884 | 23.1% | 608 | 637 | 481 | S100YCMX |
| FY ending Mar 2024 | 4,817 | 1,476 | 30.6% | 1,010 | 2,026 | 1,996 | S100YCMX |
| FY ending Mar 2025 | 4,186 | 986 | 23.6% | 761 | -1,184 | -1,239 | S100YCMX |
| FY ending Mar 2026 | 4,914 | 1,407 | 28.6% | 1,056 | 3,307 | 3,080 | S100YCMX |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥25.7M |
| Operating income per employee (consolidated) | ¥7.4M |
| Net income per employee (consolidated) | ¥5.5M |

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) | 213 | 204 | 203 | 198 | 191 |
| Average salary (parent company) | ¥7.9M | ¥7.4M | ¥8.5M | ¥8.4M | ¥9M |
| Average age (parent company) | 37.1 years | 37.4 years | 37.6 years | 37.7 years | 37.1 years |
| Average tenure (parent company) | 15.2 years | 15.5 years | 15.6 years | 15.6 years | 14.9 years |

Year over year: Employees (consolidated) -3.5% · Revenue (consolidated) +17.4%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 3,307 | 67.3% | S100YCMX |
| Capital expenditure | 228 | 4.6% | S100YCMX |
| Free cash flow | 3,080 | 62.7% | 算出 |
| Investing cash flow | -350 | -7.1% | S100YCMX |
| Financing cash flow | -256 | -5.2% | S100YCMX |
| Dividends paid | 256 | 5.2% | S100YCMX |
| Change in cash | 2,730 | 55.6% | S100YCMX |
| Cash and equivalents | 8,927 | 181.6% | S100YCMX |

## 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 | 6,782 | 6,874 | 8,196 | 6,197 | 8,927 | S100TNPR, S100VYUC, S100YCMX |
| Total assets | 17,981 | 18,674 | 21,943 | 19,711 | 26,594 | S100R23D, S100TNPR, S100VYUC, S100YCMX |
| Net assets | 10,617 | 11,066 | 11,938 | 12,093 | 13,185 | S100TNPR, S100VYUC, S100YCMX |
| Share capital | 857 | 857 | 857 | 857 | 857 | S100R23D, S100TNPR, S100VYUC, S100YCMX |
| Property, plant and equipment | 2,990 | 2,940 | 2,809 | 2,710 | 2,781 | S100R23D, S100TNPR, S100VYUC, S100YCMX |
| Intangible assets excluding goodwill | 23 | 19 | 20 | 30 | 30 | S100R23D, S100TNPR, S100VYUC, S100YCMX |
| Investment securities | 1,028 | 1,262 | 1,935 | 2,102 | 2,757 | S100R23D, S100TNPR, S100VYUC, S100YCMX |
| Current assets | 13,918 | 14,425 | 17,136 | 14,832 | 20,973 | S100R23D, S100TNPR, S100VYUC, S100YCMX |
| Current liabilities | 6,809 | 7,022 | 9,287 | 7,010 | 12,682 | S100R23D, S100TNPR, S100VYUC, S100YCMX |
| Total liabilities | 7,364 | 7,609 | 10,005 | 7,618 | 13,410 | S100R23D, S100TNPR, S100VYUC, S100YCMX |
| Equity attributable to owners of parent | 10,127 | 10,549 | 11,144 | 11,418 | 12,218 | S100R23D, S100TNPR, S100VYUC, S100YCMX |
| Retained earnings | 8,913 | 9,335 | 10,159 | 10,433 | 11,233 | S100R23D, S100TNPR, S100VYUC, S100YCMX |
| Treasury stock | -0 | -0 | -229 | -229 | -229 | S100R23D, S100TNPR, S100VYUC, S100YCMX |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 34% | S100YCMX |
| Property, plant and equipment | 10% | S100YCMX |
| Intangibles and goodwill | 0% | S100YCMX |
| Investment securities | 10% | S100YCMX |
| Other assets | 46% | S100YCMX |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 50% | S100YCMX |
| Equity | 50% | S100YCMX |
| Other liabilities | 0% | S100YCMX |

### 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 | 17,981 | 18,674 | 21,943 | 19,711 | 26,594 |
| Equity | 10,617 | 11,066 | 11,938 | 12,093 | 13,185 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 6,782 | 6,874 | 8,196 | 6,197 | 8,927 |

## 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) | 56.6% | S100YCMX |
| Fixed assets ÷ total assets | 10.5% | S100YCMX |
| Goodwill ÷ parent equity | — | —, S100YCMX |

### 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) | 33.6% |
| Cash ÷ revenue | 181.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 235.0% |
| Cash vs. profit gap | 2,252 JPY mn (of net income 213.3%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 24.2% |
| Shareholder payments — dividends / FCF | 8.3% |
| CapEx intensity (capex ÷ revenue) | 4.6% |
| Investing CF relative to operating CF | 10.6% |

## 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 | 20.9% | 0.25× | 5.2% | 1.78× | 9.3% | S100R23D, S100YCMX |
| 2023 | 15.9% | 0.21× | 3.3% | 1.77× | 5.9% | S100TNPR, S100YCMX |
| 2024 | 21.0% | 0.24× | 5.0% | 1.87× | 9.3% | S100VYUC, S100YCMX |
| 2025 | 18.2% | 0.20× | 3.7% | 1.85× | 6.7% | S100YCMX |
| 2026 | 21.5% | 0.21× | 4.6% | 1.96× | 8.9% | S100YCMX |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 今村 直喜 | Major shareholder | 26.6% | 2026-03-31 |
| 今村コンピューターサービス 株式会社 | Major shareholder | 9.8% | 2026-03-31 |
| 今村不動産株式会社 | Major shareholder | 8.9% | 2026-03-31 |
| 今村 九治 | Major shareholder | 8.1% | 2026-03-31 |
| 今村証券社員持株会 | Major shareholder | 5.2% | 2026-03-31 |
| 今村 千加子 | Major shareholder | 2.6% | 2026-03-31 |
| 今村 之希有 | Major shareholder | 2.5% | 2026-03-31 |
| 久保寺 茂男 | Major shareholder | 2.2% | 2026-03-31 |
| 兼盛 玉輝 | Major shareholder | 2.2% | 2026-03-31 |
| 米田 信昭 | Major shareholder | 1.7% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第87期(2025/04/01－2026/03/31) | S100YCMX | 2026-06-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YCMX,, |
| 有価証券報告書－第86期(2024/04/01－2025/03/31) | S100VYUC | 2025-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VYUC,, |
| 有価証券報告書－第85期(2023/04/01－2024/03/31) | S100TNPR | 2024-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TNPR,, |
| 有価証券報告書－第84期(2022/04/01－2023/03/31) | S100R23D | 2023-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R23D,, |
| 有価証券報告書－第83期(令和3年4月1日－令和4年3月31日) | S100OFIO | 2022-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OFIO,, |
| 有価証券報告書－第82期(令和2年4月1日－令和3年3月31日) | S100LM6K | 2021-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LM6K,, |

## 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).