# IMV CORPORATION: business model and financials

> Latest period: FY ending Sep 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第79期(2024/10/01－2025/09/30) (S100XAL6)
> Page: https://vizora.meequs.com/en/company/imv
> Retrieved: 2026-09-30T19:05:51.954Z

## Company

IMV, founded in 1957, is a company in Robots & Factory Automation listed on TSE Standard. It has 373 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | IMV CORPORATION |
| Ticker | 7760 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7760.T) |
| Listing | TSE Standard |
| Head office | 大阪市西淀川区竹島二丁目6番10号 |
| Representative (per filing) | 代表取締役社長 小嶋淳平 |
| Founded | Apr 1957 |
| Share capital | ¥464M |
| Employees (consolidated) | 373 |
| Fiscal year end | September |
| Website | we-are-imv.com (https://we-are-imv.com/) |
| Corporate number | 3120001059756 |
| EDINET | E02352 |
| Industries (Vizora) | Robots & Factory Automation |

> Profile source: annual securities report (S100XAL6, filed 2025-12-18). As of filing

## Five-axis industry profile

Primary industry: Robots & Factory Automation (2025-09-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 74.2 | 33 |
| Profitability | 57.4 | 34 |
| Cash conversion | 89.1 | 32 |
| Efficiency | 75.7 | 35 |

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)

- IMV brought in ¥17.9B in revenue.
- Out of every ¥100 of sales, about ¥13 is left as operating profit.
- Revenue changed +17.0% from the prior year, operating profit +25.3%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥17941000000 → ¥1935000000
- Net income → operating cash flow: ¥1935000000 → ¥3848000000（difference ¥1913000000）
- Main uses of operating cash flow: CapEx ¥1498000000 / dividends ¥319000000 / buybacks —
- Change in cash: ¥2358000000
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 | ¥17.9B |  |
| Operating income | ¥2.31B | Margin 12.9% |
| Net income | ¥1.94B | Margin 10.8% |
| Free cash flow | ¥2.35B |  |
| Employees (consolidated) | 373 |  |
| EPS | ¥96.11 |  |
| Book value per share | ¥667.89 |  |
| Equity ratio | 51.0% |  |
| Shares outstanding | 16,957,016 |  |
| Treasury shares | 1,044,800 |  |
| Shareholders | 4,150 |  |
| Cash ratio | 20.9% | Cash ÷ revenue 27.2% |
| Vs. industry median margin | +1.2 pp | Robots & Factory Automation |
| ROE | 17.5% | Derived from disclosed figures |
| ROA | 9.1% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Sep 2020 | FY ending Sep 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥11338176000 | ¥17941000000 | +58.2% |
| Operating income | ¥337870000 | ¥2315000000 | +585.2% |
| Operating margin | 3.0% | 12.9% | +9.9 pp |
| Employees | 315 people | 373 people | +18.4% |
| Cash and equivalents | ¥2839536000 | ¥4876000000 | +71.7% |

### Change in segment revenue mix

Span: FY ending Sep 2020 → FY ending Sep 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

## Income statement（FY ending Sep 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 17,941 | 100.0% | S100XAL6 |
| Cost of revenue | 11,200 | 62.4% | S100XAL6 |
| Gross profit | 6,741 | 37.6% | S100XAL6 |
| SG&A | 4,425 | 24.7% | S100XAL6 |
| Operating income | 2,315 | 12.9% | S100XAL6 |
| Ordinary income | 2,569 | 14.3% | S100XAL6 |
| Pretax income | 2,585 | 14.4% | S100XAL6 |
| Income tax | 649 | 3.6% | S100XAL6 |
| Net income | 1,935 | 10.8% | S100XAL6 |
| Net income attributable to owners | 1,935 | 10.8% | S100XAL6 |

## Per ¥100 of revenue（FY ending Sep 2025）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 62 |
| SG&A | 25 |
| Operating income | 13 |
| (Ref.) Net income | 11 |

### Margin funnel

Gross margin 37.6% → Operating margin 12.9% → Net margin 10.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +17.0%; Core profit growth: +25.3%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.49×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Sep 2024 → FY ending Sep 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 15,340 | 17,941 | 2,601 | +17.0% |
| Gross profit | 5,780 | 6,741 | 961 | +16.6% |
| Operating income | 1,847 | 2,315 | 468 | +25.3% |
| Net income attributable to owners | 1,428 | 1,935 | 507 | +35.5% |
| Operating cash flow | 2,006 | 3,848 | 1,842 | +91.8% |
| Free cash flow | 960 | 2,350 | 1,390 | +144.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Sep 2019 | 12,348 | 730 | 5.9% | 367 | 798 | -53 | S100KG8R |
| FY ending Sep 2020 | 11,338 | 338 | 3.0% | 317 | 500 | -41 | S100N44D |
| FY ending Sep 2021 | 11,576 | 1,067 | 9.2% | 937 | 2,098 | 1,916 | S100PUK8 |
| FY ending Sep 2022 | 11,888 | 825 | 6.9% | 1,066 | 742 | 325 | S100SIHW |
| FY ending Sep 2023 | 13,728 | 1,267 | 9.2% | 1,126 | 104 | -291 | S100UZ93 |
| FY ending Sep 2024 | 15,340 | 1,847 | 12.0% | 1,428 | 2,006 | 960 | S100XAL6 |
| FY ending Sep 2025 | 17,941 | 2,315 | 12.9% | 1,935 | 3,848 | 2,350 | S100XAL6 |

## People and productivity（FY ending Sep 2025, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥48.1M |
| Operating income per employee (consolidated) | ¥6.2M |
| Net income per employee (consolidated) | ¥5.2M |

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

| History | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 328 | 323 | 327 | 341 | 373 |
| Average salary (parent company) | ¥6.8M | ¥7.1M | ¥7.4M | ¥7.7M | — |
| Average age (parent company) | 43.6 years | 43.5 years | 43.5 years | 43.5 years | 43.3 years |
| Average tenure (parent company) | 12.9 years | 12.9 years | 13.1 years | 13.0 years | 12.4 years |

Year over year: Employees (consolidated) +9.4% · Revenue (consolidated) +17.0%

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Sep 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 3,848 | 21.4% | S100XAL6 |
| Capital expenditure | 1,498 | 8.3% | S100XAL6 |
| Free cash flow | 2,350 | 13.1% | 算出 |
| Investing cash flow | -1,202 | -6.7% | S100XAL6 |
| Financing cash flow | -329 | -1.8% | S100XAL6 |
| Dividends paid | 319 | 1.8% | S100XAL6 |
| Change in cash | 2,358 | 13.1% | S100XAL6 |
| Cash and equivalents | 4,876 | 27.2% | S100XAL6 |

## 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 Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 3,652 | 3,274 | 1,908 | 2,518 | 4,876 | S100SIHW, S100UZ93, S100XAL6 |
| Total assets | 17,122 | 16,964 | 17,286 | 19,284 | 23,303 | S100PUK8, S100SIHW, S100UZ93, S100XAL6 |
| Net assets | 7,530 | 8,276 | 9,243 | 10,217 | 11,884 | S100SIHW, S100UZ93, S100XAL6 |
| Share capital | 465 | 465 | 465 | 464 | 464 | S100PUK8, S100SIHW, S100UZ93, S100XAL6 |
| Trade receivables | 3,257 | 3,560 | 4,409 | 4,126 | 3,939 | S100PUK8, S100SIHW, S100UZ93, S100XAL6 |
| Property, plant and equipment | 5,124 | 4,879 | 4,793 | 5,222 | 5,953 | S100PUK8, S100SIHW, S100UZ93, S100XAL6 |
| Intangible assets excluding goodwill | 74 | 86 | 110 | 149 | 200 | S100PUK8, S100SIHW, S100UZ93, S100XAL6 |
| Investment securities | 299 | 178 | 167 | 169 | 206 | S100PUK8, S100SIHW, S100UZ93, S100XAL6 |
| Current assets | 11,272 | 11,435 | 11,798 | 13,204 | 16,384 | S100PUK8, S100SIHW, S100UZ93, S100XAL6 |
| Current liabilities | 7,408 | 7,510 | 7,163 | 8,546 | 10,232 | S100PUK8, S100SIHW, S100UZ93, S100XAL6 |
| Trade payables | 1,216 | 1,297 | 1,193 | 1,360 | 1,258 | S100PUK8, S100SIHW, S100UZ93, S100XAL6 |
| Short-term borrowings | 2,270 | 2,310 | 2,060 | 2,500 | 2,160 | S100PUK8, S100SIHW, S100UZ93, S100XAL6 |
| Long-term borrowings | 1,910 | 909 | 571 | 222 | 819 | S100PUK8, S100SIHW, S100UZ93, S100XAL6 |
| Total liabilities | 9,592 | 8,689 | 8,043 | 9,067 | 11,419 | S100PUK8, S100SIHW, S100UZ93, S100XAL6 |
| Non-controlling interests | 16 | — | — | — | — | S100PUK8 |
| Equity attributable to owners of parent | 7,400 | 8,286 | 9,251 | 10,245 | 11,872 | S100PUK8, S100SIHW, S100UZ93, S100XAL6 |
| Retained earnings | 6,524 | 7,429 | 8,392 | 9,625 | 11,243 | S100PUK8, S100SIHW, S100UZ93, S100XAL6 |
| Treasury stock | -144 | -144 | -143 | -382 | -379 | S100PUK8, S100SIHW, S100UZ93, S100XAL6 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 21% | S100XAL6 |
| Receivables | 17% | S100XAL6 |
| Property, plant and equipment | 25% | S100XAL6 |
| Intangibles and goodwill | 1% | S100XAL6 |
| Investment securities | 1% | S100XAL6 |
| Other assets | 35% | S100XAL6 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 5% | S100XAL6 |
| Other liabilities | 44% | S100XAL6 |
| Equity | 51% | S100XAL6 |

### Balance sheet history

| Metric | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 17,122 | 16,964 | 17,286 | 19,284 | 23,303 |
| Equity | 7,530 | 8,276 | 9,243 | 10,217 | 11,884 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 3,652 | 3,274 | 1,908 | 2,518 | 4,876 |

## 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) | 33.2% | S100XAL6 |
| Fixed assets ÷ total assets | 25.5% | S100XAL6 |
| Goodwill ÷ parent equity | — | —, S100XAL6 |

### 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) | 20.9% |
| Cash ÷ revenue | 27.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 166.2% |
| Cash vs. profit gap | 1,913 JPY mn (of net income 98.9%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 16.5% |
| Shareholder payments — dividends / FCF | 13.6% |
| CapEx intensity (capex ÷ revenue) | 8.3% |
| Investing CF relative to operating CF | 31.2% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 8.1% | 0.68× | 5.5% | 2.31× | 12.7% | S100PUK8 |
| 2022 | 9.0% | 0.70× | 6.3% | 2.17× | 13.6% | S100SIHW |
| 2023 | 8.2% | 0.80× | 6.6% | 1.95× | 12.8% | S100UZ93 |
| 2024 | 9.3% | 0.84× | 7.8% | 1.88× | 14.6% | S100XAL6 |
| 2025 | 10.8% | 0.84× | 9.1% | 1.93× | 17.5% | S100XAL6 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 有限会社ＳＥＩＫＯ | Major shareholder | 18.8% | 2025-09-30 |
| 小嶋成夫 | Major shareholder | 7.9% | 2025-09-30 |
| ＩＭＶ取引先持株会 | Major shareholder | 7.3% | 2025-09-30 |
| 小嶋淳平 | Major shareholder | 6.5% | 2025-09-30 |
| エスペック株式会社 | Major shareholder | 4.8% | 2025-09-30 |
| ＩＭＶ従業員持株会 | Major shareholder | 3.9% | 2025-09-30 |
| BNPPARIBAS LUXEMBOURG/2S/JASDEC/FIM/LUXEMBOURGFUNDS/UCITS ASSETS（常任代理人 香港上海銀行） | Major shareholder | 3.6% | 2025-09-30 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 2.8% | 2025-09-30 |
| BNY GCM CLIENT ACC OUNT JPRD AC ISG（FE-AC）（常任代理人 株式会社三菱UFJ銀行） | Major shareholder | 2.0% | 2025-09-30 |
| 有限会社アフロ | Major shareholder | 1.7% | 2025-09-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第79期(2024/10/01－2025/09/30) | S100XAL6 | 2025-12-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XAL6,, |
| 有価証券報告書－第78期(2023/10/01－2024/09/30) | S100UZ93 | 2024-12-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UZ93,, |
| 有価証券報告書－第77期(2022/10/01－2023/09/30) | S100SIHW | 2023-12-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SIHW,, |
| 有価証券報告書－第76期(令和3年10月1日－令和4年9月30日) | S100PUK8 | 2022-12-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PUK8,, |
| 有価証券報告書－第75期(令和2年10月1日－令和3年9月30日) | S100N44D | 2021-12-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100N44D,, |
| 有価証券報告書－第74期(令和1年10月1日－令和2年9月30日) | S100KG8R | 2020-12-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KG8R,, |

## 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).