# INES Corporation: 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64期(2025/04/01－2026/03/31) (S100YF4O)
> Page: https://vizora.meequs.com/en/company/ines
> Retrieved: 2026-09-30T18:40:57.894Z

## Company

Ines is a company in IT Services & System Integration listed on TSE Prime. It has 1,204 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | INES Corporation |
| Ticker | 9742 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9742.T) |
| Listing | TSE Prime |
| Head office | 東京都中央区日本橋蛎殻町一丁目38番11号 |
| Representative (per filing) | 代表取締役社長 服部 修治 |
| Share capital | ¥15B |
| Employees (consolidated) | 1,204 |
| Average salary (parent only) | ¥7.1M |
| Fiscal year end | March |
| Website | www.ines.co.jp (https://www.ines.co.jp/) |
| Corporate number | 2020001030067 |
| EDINET | E04803 |
| Industries (Vizora) | IT Services & System Integration |

> Profile source: annual securities report (S100YF4O, filed 2026-06-22). As of filing

## Five-axis industry profile

Primary industry: IT Services & System Integration (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 4.8 | 157 |
| Profitability | 4.3 | 196 |
| Efficiency | 7.4 | 196 |

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)

- Ines brought in ¥36.6B in revenue.
- It lost about ¥2 for every ¥100 of sales at the operating level.
- Revenue changed -9.7% from the prior year, operating profit -118.3%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥36.6B |  |
| Operating income | -¥647M | Margin -1.8% |
| Net income | -¥1.84B | Margin -5.0% |
| Free cash flow | ¥1.1B |  |
| Employees (consolidated) | 1,204 |  |
| EPS | ¥-119.03 |  |
| Book value per share | ¥1544.29 |  |
| Equity ratio | 74.9% |  |
| Shares outstanding | 20,900,000 |  |
| Treasury shares | 87,300 |  |
| Shareholders | 4,803 |  |
| Average salary (parent only) | ¥7.1M | Filing company only |
| Cash ratio | 16.8% | Cash ÷ revenue 22.6% |
| Vs. industry median margin | -10.7 pp | IT Services & System Integration |
| ROA | -3.5% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥41573000000 | ¥36616000000 | -11.9% |
| Operating income | ¥2786000000 | ¥-647000000 | -123.2% |
| Operating margin | 6.7% | -1.8% | -8.5 pp |
| Employees | 1,614 people | 1,204 people | -25.4% |
| Cash and equivalents | ¥10368000000 | ¥8273000000 | -20.2% |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 36,616 | 100.0% | S100YF4O |
| Cost of revenue | 31,253 | 85.4% | S100YF4O |
| Gross profit | 5,362 | 14.6% | S100YF4O |
| SG&A | 6,010 | 16.4% | S100YF4O |
| Operating income | -647 | -1.8% | S100YF4O |
| Ordinary income | -460 | -1.3% | S100YF4O |
| Pretax income | -1,645 | -4.5% | S100YF4O |
| Income tax | 198 | 0.5% | S100YF4O |
| Net income | -1,843 | -5.0% | S100YF4O |
| Net income attributable to owners | -1,843 | -5.0% | S100YF4O |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 85 |
| SG&A | 17 |
| Operating income | -2 |
| (Ref.) Net income | -5 |

### Margin funnel

Gross margin 14.6% → Operating margin -1.8% → Net margin -5.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Turned to a loss
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 | 40,563 | 36,616 | -3,947 | -9.7% |
| Gross profit | 9,715 | 5,362 | -4,353 | -44.8% |
| Operating income | 3,536 | -647 | -4,183 | -118.3% |
| Net income attributable to owners | 2,436 | -1,843 | -4,279 | -175.7% |
| Operating cash flow | 1,478 | 3,480 | 2,002 | +135.5% |
| Free cash flow | -1,462 | 1,098 | 2,560 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 42,278 | 2,903 | 6.9% | 2,063 | 1,512 | -1,024 | S100LOG9 |
| FY ending Mar 2021 | 41,573 | 2,786 | 6.7% | 1,432 | 1,917 | 542 | S100ODTY |
| FY ending Mar 2022 | 40,033 | 1,963 | 4.9% | 1,300 | 6,427 | 4,791 | S100R1SS |
| FY ending Mar 2023 | 42,404 | 3,801 | 9.0% | 2,541 | 2,325 | 700 | S100TQVG |
| FY ending Mar 2024 | 40,557 | 2,877 | 7.1% | 1,795 | 2,142 | -8,532 | S100W3UM |
| FY ending Mar 2025 | 40,563 | 3,536 | 8.7% | 2,436 | 1,478 | -1,462 | S100YF4O |
| FY ending Mar 2026 | 36,616 | -647 | -1.8% | -1,843 | 3,480 | 1,098 | S100YF4O |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥30.4M |
| Operating income per employee (consolidated) | -¥537.4K |
| Net income per employee (consolidated) | -¥1.5M |

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) | 1,527 | 1,451 | 1,350 | 1,247 | 1,204 |
| Average salary (parent company) | ¥6.8M | ¥6.9M | ¥7M | ¥7M | ¥7.1M |
| Average age (parent company) | 42.3 years | 42.5 years | 42.6 years | 42.2 years | 41.5 years |
| Average tenure (parent company) | 18.1 years | 18.4 years | 18.5 years | 18.0 years | 17.3 years |

Year over year: Employees (consolidated) -3.4% · Revenue (consolidated) -9.7%

## 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 | 3,480 | 9.5% | S100YF4O |
| Capital expenditure | 2,382 | 6.5% | S100YF4O |
| Free cash flow | 1,098 | 3.0% | 算出 |
| Investing cash flow | 1,779 | 4.9% | S100YF4O |
| Financing cash flow | -4,979 | -13.6% | S100YF4O |
| Dividends paid | 1,142 | 3.1% | S100YF4O |
| Share buyback | 1 | 0.0% | S100YF4O |
| Change in cash | 281 | 0.8% | S100YF4O |
| Cash and equivalents | 8,273 | 22.6% | S100YF4O |

## 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 | 9,731 | 9,162 | 5,265 | 7,991 | 8,273 | S100TQVG, S100W3UM, S100YF4O |
| Total assets | 46,827 | 48,523 | 54,427 | 56,727 | 49,361 | S100R1SS, S100TQVG, S100W3UM, S100YF4O |
| Net assets | 34,620 | 36,286 | 37,790 | 39,192 | 36,966 | S100TQVG, S100W3UM, S100YF4O |
| Share capital | 15,000 | 15,000 | 15,000 | 15,000 | 15,000 | S100R1SS, S100TQVG, S100W3UM, S100YF4O |
| Property, plant and equipment | 1,878 | 1,600 | 11,764 | 11,654 | 11,318 | S100R1SS, S100TQVG, S100W3UM, S100YF4O |
| Intangible assets excluding goodwill | 2,680 | 2,265 | 2,522 | 3,238 | 3,369 | S100R1SS, S100TQVG, S100W3UM, S100YF4O |
| Investment securities | 13,586 | 13,236 | 13,535 | 11,836 | 7,824 | S100R1SS, S100TQVG, S100W3UM, S100YF4O |
| Current assets | 22,323 | 24,924 | 20,283 | 24,764 | 22,217 | S100R1SS, S100TQVG, S100W3UM, S100YF4O |
| Current liabilities | 6,117 | 6,414 | 7,601 | 9,965 | 6,930 | S100R1SS, S100TQVG, S100W3UM, S100YF4O |
| Short-term borrowings | — | — | — | 3,000 | — | S100YF4O |
| Long-term borrowings | — | — | 4,583 | 3,749 | 2,916 | S100W3UM, S100YF4O |
| Total liabilities | 12,207 | 12,237 | 16,637 | 17,535 | 12,395 | S100R1SS, S100TQVG, S100W3UM, S100YF4O |
| Equity attributable to owners of parent | 34,913 | 36,627 | 37,398 | 38,816 | 35,849 | S100R1SS, S100TQVG, S100W3UM, S100YF4O |
| Retained earnings | 9,973 | 11,682 | 12,438 | 13,835 | 10,847 | S100R1SS, S100TQVG, S100W3UM, S100YF4O |
| Treasury stock | -4,651 | -155 | -140 | -120 | -106 | S100R1SS, S100TQVG, S100W3UM, S100YF4O |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 17% | S100YF4O |
| Property, plant and equipment | 23% | S100YF4O |
| Intangibles and goodwill | 7% | S100YF4O |
| Investment securities | 16% | S100YF4O |
| Other assets | 37% | S100YF4O |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 25% | S100YF4O |
| Equity | 75% | S100YF4O |

### 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 | 46,827 | 48,523 | 54,427 | 56,727 | 49,361 |
| Equity | 34,620 | 36,286 | 37,790 | 39,192 | 36,966 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 9,731 | 9,162 | 5,265 | 7,991 | 8,273 |

## 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) | 30.9% | S100YF4O |
| Fixed assets ÷ total assets | 22.9% | S100YF4O |
| Goodwill ÷ parent equity | — | —, S100YF4O |

### 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) | 16.8% |
| Cash ÷ revenue | 22.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | 5,323 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | 104.1% |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | 104.0% |
| CapEx intensity (capex ÷ revenue) | 6.5% |
| Investing CF relative to operating CF | 51.1% |

## 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 | 3.2% | 0.85× | 2.8% | 1.34× | 3.7% | S100R1SS |
| 2023 | 6.0% | 0.89× | 5.3% | 1.33× | 7.1% | S100TQVG |
| 2024 | 4.4% | 0.79× | 3.5% | 1.39× | 4.8% | S100W3UM |
| 2025 | 6.0% | 0.73× | 4.4% | 1.46× | 6.4% | S100YF4O |
| 2026 | — | —× | -3.5% | —× | — | S100YF4O |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社三菱総合研究所 | Major shareholder | 19.5% | 2026-03-31 |
| GOLDMAN SACHS INTERNATIONAL （常任代理人 ゴールドマン・サックス証券株式会社） | Major shareholder | 9.2% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 8.8% | 2026-03-31 |
| AVI JAPAN OPPORTUNITY TRUST PLC （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 6.1% | 2026-03-31 |
| アイネスグループ社員持株会 | Major shareholder | 4.2% | 2026-03-31 |
| BNP PARIBAS LUXEMBOURG/2S/JASDEC/JANUS HENDERSON HORIZON FUND （常任代理人 香港上海銀行東京支店） | Major shareholder | 3.6% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 2.7% | 2026-03-31 |
| 株式会社三菱ＵＦＪ銀行 | Major shareholder | 2.5% | 2026-03-31 |
| LIM JAPAN EVENT MASTER FUND （常任代理人 立花証券株式会社） | Major shareholder | 1.8% | 2026-03-31 |
| BNY GCM CLIENT ACCOUNT JPRD AC ISG (FE-AC) （常任代理人 株式会社三菱ＵＦＪ銀行） | Major shareholder | 1.7% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第64期(2025/04/01－2026/03/31) | S100YF4O | 2026-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YF4O,, |
| 有価証券報告書－第63期(2024/04/01－2025/03/31) | S100W3UM | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W3UM,, |
| 有価証券報告書－第62期(2023/04/01－2024/03/31) | S100TQVG | 2024-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TQVG,, |
| 有価証券報告書－第61期(2022/04/01－2023/03/31) | S100R1SS | 2023-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R1SS,, |
| 有価証券報告書－第60期(令和3年4月1日－令和4年3月31日) | S100ODTY | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100ODTY,, |
| 有価証券報告書－第59期(令和2年4月1日－令和3年3月31日) | S100LOG9 | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LOG9,, |

## 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).