# Immuno-Biological Laboratories 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44期(2025/04/01－2026/03/31) (S100YLCK)
> Page: https://vizora.meequs.com/en/company/immuno-biological-laboratories
> Retrieved: 2026-09-30T20:29:52.082Z

## Company

Immuno-Biological Laboratories, founded in 1982, is a company in Medical Devices listed on TSE Growth. It has 54 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Immuno-Biological Laboratories Co., Ltd. |
| Ticker | 4570 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4570.T) |
| Listing | TSE Growth |
| Head office | 群馬県藤岡市中字東田1091番地1 |
| Representative (per filing) | 代表取締役社長 清藤 勉 |
| Founded | Sep 1982 |
| Share capital | ¥50M |
| Employees (consolidated) | 54 |
| Average salary (parent only) | ¥4.9M |
| Fiscal year end | March |
| Website | www.ibl-japan.co.jp (https://www.ibl-japan.co.jp/) |
| Corporate number | 8070001009687 |
| EDINET | E00986 |
| Industries (Vizora) | Medical Devices, Cosmetics |

> Profile source: annual securities report (S100YLCK, filed 2026-06-26). As of filing

## Five-axis industry profile

Primary industry: Medical Devices (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 91 | 39 |
| Cash conversion | 53.9 | 38 |
| Efficiency | 11.5 | 39 |

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 100% of Immuno-Biological Laboratories's sales come from Immunity Related, with Cosmetics making up much of the rest.
- Out of every ¥100 of sales, about ¥28 is left as operating profit.
- Revenue changed +3.7% from the prior year, operating profit +34.4%.

## Company structure

- Segment revenue mix: Immunity Related 99.7%、Cosmetics 0.3%
- Revenue → net income: ¥1004987000 → ¥329015000
- Net income → operating cash flow: ¥329015000 → ¥301093000（difference ¥-27922000）
- Main uses of operating cash flow: CapEx ¥33416000 / dividends — / buybacks —
- Change in cash: ¥157694000
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 | ¥1B |  |
| Operating income | ¥281.3M | Margin 28.0% |
| Net income | ¥329M | Margin 32.7% |
| Free cash flow | ¥267.7M |  |
| Largest business | Immunity Related | of segment revenue 99.7% |
| Employees (consolidated) | 54 |  |
| EPS | ¥34.27 |  |
| Book value per share | ¥197.93 |  |
| Equity ratio | 85.5% |  |
| Shares outstanding | 9,314,590 |  |
| Treasury shares | 1,100 |  |
| Shareholders | 13,864 |  |
| Average salary (parent only) | ¥4.9M | Filing company only |
| Cash ratio | 43.1% | Cash ÷ revenue 92.4% |
| Vs. industry median margin | +16.9 pp | Medical Devices |
| ROE | 19.6% | Derived from disclosed figures |
| ROA | 16.4% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 100% of positive segment profit
- FY2026, employees -7% while operating income rose 34%
- FY2026, cash is 43% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥602749000 | ¥1004987000 | +66.7% |
| Operating income | ¥-240984000 | ¥281277000 | — |
| Operating margin | -40.0% | 28.0% | +68 pp |
| Employees | 65 people | 54 people | -16.9% |
| Cash and equivalents | ¥552022000 | ¥928257000 | +68.2% |

### 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 |
| --- | ---: |
| 診断・試薬事業 → 事業再編・廃止 | 40.5% |
| 抗体関連事業 → 抗体関連事業 | 49.4% |
| 遺伝子組換えカイコ事業 → 事業再編・廃止 | 2.5% |
| 化粧品関連事業 → 化粧品関連事業 | 0.3% |
| 化粧品関連事業 → 事業再編・廃止 | 0.9% |
| 検査事業 → 事業再編・廃止 | 6.4% |
| 新設・再編 → 抗体関連事業 | 50.3% |

Segment revenue source references: 7 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 1,005 | 100.0% | S100YLCK |
| Cost of revenue | 298 | 29.6% | S100YLCK |
| Gross profit | 707 | 70.4% | S100YLCK |
| SG&A | 426 | 42.4% | S100YLCK |
| Operating income | 281 | 28.0% | S100YLCK |
| Ordinary income | 301 | 29.9% | S100YLCK |
| Pretax income | 301 | 29.9% | S100YLCK |
| Income tax | -28 | -2.8% | S100YLCK |
| Net income | 329 | 32.7% | S100YLCK |
| Net income attributable to owners | 329 | 32.7% | S100YLCK |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 30 |
| SG&A | 42 |
| Operating income | 28 |
| (Ref.) Net income | 33 |

### Margin funnel

Gross margin 70.4% → Operating margin 28.0% → Net margin 32.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +3.7%; Core profit growth: +34.4%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 9.40×
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 | 970 | 1,005 | 35 | +3.7% |
| Gross profit | 634 | 707 | 73 | +11.4% |
| Operating income | 209 | 281 | 72 | +34.4% |
| Net income attributable to owners | 249 | 329 | 80 | +32.1% |
| Operating cash flow | 183 | 301 | 118 | +64.1% |
| Free cash flow | 124 | 268 | 144 | +116.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 577 | -595 | -103.2% | -668 | -609 | — | S100N41B |
| FY ending Mar 2021 | 603 | -241 | -40.0% | -319 | -194 | -208 | S100OIQD |
| FY ending Mar 2022 | 648 | -122 | -18.9% | -259 | -93 | — | S100R9RY |
| FY ending Mar 2023 | 795 | 57 | 7.2% | -290 | 26 | — | S100TTJJ |
| FY ending Mar 2024 | 817 | 104 | 12.8% | 187 | 134 | 115 | S100W7T7 |
| FY ending Mar 2025 | 970 | 209 | 21.6% | 249 | 183 | 124 | S100YLCK |
| FY ending Mar 2026 | 1,005 | 281 | 28.0% | 329 | 301 | 268 | S100YLCK |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥18.6M |
| Operating income per employee (consolidated) | ¥5.2M |
| Net income per employee (consolidated) | ¥6.1M |

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

| History | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 63 | 60 | 57 | 58 | 54 |
| Average salary (parent company) | ¥4M | ¥4.2M | ¥4.6M | ¥4.8M | ¥4.9M |
| Average age (parent company) | 43.6 years | 44.3 years | 45.5 years | 45.1 years | 46.3 years |
| Average tenure (parent company) | 13.8 years | 15.2 years | 16.8 years | 16.1 years | 17.7 years |

Year over year: Employees (consolidated) -6.9% · Revenue (consolidated) +3.7%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Immunity Related | 1,002 | 99.7% | 282 | 28.1% |
| Cosmetics | 3 | 0.3% | -1 | -22.7% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Immunity Related | 99.7% | 100.0% | 0.3 | 28.1% |
| Cosmetics | 0.3% | — | — | -22.7% |

Loss-making segment (excluded from profit shares): Cosmetics -1 JPY mn

Segment → industry: Immunity Related → Medical Devices / Cosmetics → Cosmetics

## 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 | 301 | 30.0% | S100YLCK |
| Capital expenditure | 33 | 3.3% | S100YLCK |
| Free cash flow | 268 | 26.6% | 算出 |
| Investing cash flow | -116 | -11.6% | S100YLCK |
| Financing cash flow | -27 | -2.7% | S100YLCK |
| Change in cash | 158 | 15.7% | S100YLCK |
| Cash and equivalents | 928 | 92.4% | S100YLCK |

## 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 | 449 | 562 | 675 | 771 | 928 | S100TTJJ, S100W7T7, S100YLCK |
| Total assets | 1,705 | 1,434 | 1,619 | 1,845 | 2,155 | S100R9RY, S100TTJJ, S100W7T7, S100YLCK |
| Net assets | 1,368 | 1,079 | 1,265 | 1,514 | 1,843 | S100TTJJ, S100W7T7, S100YLCK |
| Share capital | 3,029 | 3,029 | 50 | 50 | 50 | S100R9RY, S100TTJJ, S100W7T7, S100YLCK |
| Property, plant and equipment | 120 | 119 | 136 | 191 | 213 | S100R9RY, S100TTJJ, S100W7T7, S100YLCK |
| Intangible assets excluding goodwill | — | — | 2 | 2 | 1 | S100W7T7, S100YLCK |
| Investment securities | 400 | 95 | 95 | 95 | 170 | S100R9RY, S100TTJJ, S100W7T7, S100YLCK |
| Current assets | 1,130 | 1,165 | 1,262 | 1,390 | 1,570 | S100R9RY, S100TTJJ, S100W7T7, S100YLCK |
| Current liabilities | 228 | 252 | 258 | 281 | 276 | S100R9RY, S100TTJJ, S100W7T7, S100YLCK |
| Trade payables | 4 | 6 | 4 | 4 | 3 | S100R9RY, S100TTJJ, S100W7T7, S100YLCK |
| Short-term borrowings | 125 | 130 | 135 | 140 | 142 | S100R9RY, S100TTJJ, S100W7T7, S100YLCK |
| Long-term borrowings | 105 | 99 | 85 | 35 | 19 | S100R9RY, S100TTJJ, S100W7T7, S100YLCK |
| Total liabilities | 337 | 356 | 353 | 331 | 312 | S100R9RY, S100TTJJ, S100W7T7, S100YLCK |
| Equity attributable to owners of parent | 1,368 | 1,079 | 1,265 | 1,514 | 1,843 | S100R9RY, S100TTJJ, S100W7T7, S100YLCK |
| Retained earnings | -3,720 | -4,010 | 177 | 426 | 755 | S100R9RY, S100TTJJ, S100W7T7, S100YLCK |
| Treasury stock | -2 | -2 | -2 | -2 | -2 | S100R9RY, S100TTJJ, S100W7T7, S100YLCK |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 43% | S100YLCK |
| Property, plant and equipment | 10% | S100YLCK |
| Intangibles and goodwill | 0% | S100YLCK |
| Investment securities | 8% | S100YLCK |
| Other assets | 39% | S100YLCK |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 0% | S100YLCK |
| Other liabilities | 14% | S100YLCK |
| Equity | 86% | S100YLCK |

### 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 | 1,705 | 1,434 | 1,619 | 1,845 | 2,155 |
| Equity | 1,368 | 1,079 | 1,265 | 1,514 | 1,843 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 449 | 562 | 675 | 771 | 928 |

## 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) | 21.2% | S100YLCK |
| Fixed assets ÷ total assets | 9.9% | S100YLCK |
| Goodwill ÷ parent equity | — | —, S100YLCK |

### 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) | 43.1% |
| Cash ÷ revenue | 92.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 107.0% |
| Cash vs. profit gap | -28 JPY mn (of net income -8.5%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 3.3% |
| Investing CF relative to operating CF | 38.7% |

## 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 | — | —× | -15.2% | —× | — | S100R9RY |
| 2023 | — | —× | -18.5% | —× | — | S100TTJJ |
| 2024 | 22.9% | 0.54× | 12.2% | 1.30× | 15.9% | S100W7T7 |
| 2025 | 25.7% | 0.56× | 14.4% | 1.25× | 17.9% | S100YLCK |
| 2026 | 32.7% | 0.50× | 16.4% | 1.19× | 19.6% | S100YLCK |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 清藤 勉 | Major shareholder | 12.1% | 2026-03-31 |
| 楽天証券株式会社共有口 | Major shareholder | 2.7% | 2026-03-31 |
| 株式会社トランスジェニックグループ | Major shareholder | 1.7% | 2026-03-31 |
| 中沢 祥子 | Major shareholder | 1.1% | 2026-03-31 |
| 株式会社東和銀行 | Major shareholder | 1.1% | 2026-03-31 |
| 土井 勝之 | Major shareholder | 1.0% | 2026-03-31 |
| 林 剛徳 | Major shareholder | 0.9% | 2026-03-31 |
| 林 ラヒム | Major shareholder | 0.8% | 2026-03-31 |
| 野村證券株式会社 | Major shareholder | 0.7% | 2026-03-31 |
| NOMURA INTERNATIONAL PLC A/C JAPAN FLOW（常任代理人野村證券株式会社） | Major shareholder | 0.7% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第44期(2025/04/01－2026/03/31) | S100YLCK | 2026-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YLCK,, |
| 有価証券報告書－第43期(2024/04/01－2025/03/31) | S100W7T7 | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W7T7,, |
| 有価証券報告書－第42期(2023/04/01－2024/03/31) | S100TTJJ | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TTJJ,, |
| 有価証券報告書－第41期(2022/04/01－2023/03/31) | S100R9RY | 2023-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R9RY,, |
| 有価証券報告書－第40期(令和3年4月1日－令和4年3月31日) | S100OIQD | 2022-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OIQD,, |
| 訂正有価証券報告書－第39期(令和2年4月1日－令和3年3月31日) | S100N41B | 2021-12-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100N41B,, |

## 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).