# INEST,Inc.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, IFRS
> Unit: JPY millions
> Sources: 有価証券報告書－第4期(2025/04/01－2026/03/31) (S100YJEX)
> Page: https://vizora.meequs.com/en/company/inest
> Retrieved: 2026-09-30T22:08:16.995Z

## Company

Inest, founded in 2022, is a company in Business Process Outsourcing listed on TSE Standard. It has 344 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | INEST, Inc. |
| Ticker | 7111 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7111.T) |
| Listing | TSE Standard |
| Head office | 東京都豊島区東池袋一丁目25番9号 |
| Representative (per filing) | 代表取締役社長 坂本 幸司 |
| Founded | Oct 2022 |
| Share capital | ¥100M |
| Employees (consolidated) | 344 |
| Average salary (parent only) | ¥5.5M |
| Fiscal year end | March |
| Website | inest-inc.co.jp (https://inest-inc.co.jp/) |
| Corporate number | 6013301049765 |
| EDINET | E37831 |
| Industries (Vizora) | Business Process Outsourcing |

> Profile source: annual securities report (S100YJEX, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: Business Process Outsourcing (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 97.2 | 18 |
| Profitability | 31 | 21 |
| Cash conversion | 2.9 | 17 |
| Efficiency | 50 | 21 |

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)

- Inest brought in ¥18.2B in revenue.
- Out of every ¥100 of sales, about ¥1 is left as operating profit.
- Revenue changed -4.1% from the prior year, operating profit +22.6%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥18.2B |  |
| Operating income | ¥255M | Margin 1.4% |
| Net income | ¥180M | Margin 1.0% |
| Free cash flow | -¥588M |  |
| Employees (consolidated) | 344 |  |
| EPS | ¥24.74 |  |
| Diluted EPS | ¥24.74 |  |
| Book value per share | ¥458.87 |  |
| Equity ratio | 45.5% | Derived from disclosed figures |
| Shares outstanding | 7,306,432 |  |
| Treasury shares | 18,400 |  |
| Shareholders | 2,472 |  |
| Average salary (parent only) | ¥5.5M | Filing company only |
| Cash ratio | 18.7% | Net cash -¥215M · Cash ÷ revenue 11.5% |
| Vs. industry median margin | -2.5 pp | Business Process Outsourcing |
| ROE | 3.6% | Derived from disclosed figures |
| ROA | 1.4% | Derived from disclosed figures |

## Notable figures

- FY2026, employees -43% while operating income rose 23%

## What changed in 3 years

| Metric | FY ending Mar 2023 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥7937000000 | ¥18185000000 | +129.1% |
| Operating income | ¥202000000 | ¥255000000 | +26.2% |
| Operating margin | 2.5% | 1.4% | -1.1 pp |
| Employees | 360 people | 344 people | -4.4% |
| Cash and equivalents | ¥1627000000 | ¥2096000000 | +28.8% |

### Change in segment revenue mix

Span: FY ending Mar 2023 → 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 |
| --- | ---: |
| 法人向け事業 → 事業再編・廃止 | 44.0% |
| 個人向け事業 → 事業再編・廃止 | 56.0% |

Segment revenue source references: 2 (derived)

## Income statement（FY ending Mar 2026, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 18,185 | 100.0% | S100YJEX |
| Cost of revenue | 3,200 | 17.6% | S100YJEX |
| Gross profit | 14,985 | 82.4% | S100YJEX |
| SG&A | 15,183 | 83.5% | S100YJEX |
| Operating income | 255 | 1.4% | S100YJEX |
| Pretax income | 160 | 0.9% | S100YJEX |
| Income tax | -22 | -0.1% | S100YJEX |
| Net income | 183 | 1.0% | S100YJEX |
| Net income attributable to owners | 180 | 1.0% | S100YJEX |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 18 |
| SG&A | 83 |
| Other operating | -2 |
| Operating income | 1 |
| (Ref.) Net income | 1 |

### Margin funnel

Gross margin 82.4% → Operating margin 1.4% → Net margin 1.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue down, profit up
Revenue growth: -4.1%; Core profit growth: +22.6%
Operating leverage (core profit growth ÷ revenue growth): -5.53×
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 | 18,960 | 18,185 | -775 | -4.1% |
| Gross profit | 16,169 | 14,985 | -1,184 | -7.3% |
| Operating income | 208 | 255 | 47 | +22.6% |
| Net income attributable to owners | 42 | 180 | 138 | +328.6% |
| Operating cash flow | 924 | -530 | -1,454 | -157.4% |
| Free cash flow | 814 | -588 | -1,402 | -172.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2023 | 7,937 | 202 | 2.5% | 450 | 231 | 181 | S100TXZM |
| FY ending Mar 2024 | 10,515 | 238 | 2.3% | -149 | 21 | -15 | S100W68D |
| FY ending Mar 2025 | 18,960 | 208 | 1.1% | 42 | 924 | 814 | S100YJEX |
| FY ending Mar 2026 | 18,185 | 255 | 1.4% | 180 | -530 | -588 | S100YJEX |

## People and productivity（FY ending Mar 2026, consolidated, IFRS）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥52.9M |
| Operating income per employee (consolidated) | ¥741.3K |
| Net income per employee (consolidated) | ¥523.3K |

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

| History | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 360 | 588 | 606 | 344 |
| Average salary (parent company) | ¥4.4M | ¥4.9M | ¥5M | ¥5.5M |
| Average age (parent company) | 36.0 years | 36.0 years | 35.4 years | 35.1 years |
| Average tenure (parent company) | 1.8 years | 2.5 years | 3.0 years | 3.9 years |

Year over year: Employees (consolidated) -43.2% · Revenue (consolidated) -4.1%

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -530 | -2.9% | S100YJEX |
| Capital expenditure | 58 | 0.3% | S100YJEX |
| Free cash flow | -588 | -3.2% | 算出 |
| Investing cash flow | 1,500 | 8.2% | S100YJEX |
| Financing cash flow | -544 | -3.0% | S100YJEX |
| Share buyback | 18 | 0.1% | S100YJEX |
| Change in cash | 425 | 2.3% | S100YJEX |
| Cash and equivalents | 2,096 | 11.5% | S100YJEX |

## 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 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,627 | 1,584 | 1,671 | 2,096 | S100W68D, S100YJEX |
| Total assets | 8,074 | 13,230 | 13,671 | 11,223 | S100TXZM, S100W68D, S100YJEX |
| Net assets | 3,579 | 4,918 | 4,944 | 5,103 | S100W68D, S100YJEX |
| Share capital | 100 | 100 | 100 | 100 | S100TXZM, S100W68D, S100YJEX |
| Property, plant and equipment | 118 | 177 | 229 | 157 | S100TXZM, S100W68D, S100YJEX |
| Goodwill | 1,649 | 4,053 | 4,053 | 2,959 | S100TXZM, S100W68D, S100YJEX |
| Current assets | 4,674 | 5,011 | 4,770 | 5,000 | S100TXZM, S100W68D, S100YJEX |
| Interest-bearing debt | 1,509 | 3,243 | 2,850 | 2,311 | S100TXZM, S100W68D, S100YJEX |
| Total liabilities | 4,495 | 8,311 | 8,726 | 6,119 | S100TXZM, S100W68D, S100YJEX |
| Equity attributable to owners of parent | 3,579 | 4,881 | 4,926 | 5,103 | S100TXZM, S100W68D, S100YJEX |
| Retained earnings | 1,215 | 1,425 | 1,439 | 1,621 | S100TXZM, S100W68D, S100YJEX |
| Treasury stock | — | — | — | -18 | S100YJEX |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 19% | S100YJEX |
| Property, plant and equipment | 1% | S100YJEX |
| Intangibles and goodwill | 26% | — |
| Other assets | 54% | S100YJEX |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Interest-bearing debt | 21% | S100YJEX |
| Other liabilities | 34% | S100YJEX |
| Equity | 45% | S100YJEX |
| Other liabilities | 0% | S100YJEX |

### Balance sheet history

| Metric | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: |
| Total assets | 8,074 | 13,230 | 13,671 | 11,223 |
| Equity | 3,579 | 4,918 | 4,944 | 5,103 |
| Interest-bearing debt | 1,509 | 3,243 | 2,850 | 2,311 |
| Cash | 1,627 | 1,584 | 1,671 | 2,096 |

## 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) | 0.9% | S100YJEX |
| Fixed assets ÷ total assets | 1.4% | S100YJEX |
| Goodwill ÷ parent equity | 58.0% | S100YJEX |

### 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) | 18.7% |
| Cash ÷ revenue | 11.5% |
| Net cash (cash − interest-bearing debt) | -¥215M |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -207.8% |
| Cash vs. profit gap | -710 JPY mn (of net income -394.4%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.3% |
| 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2023 | 5.7% | 0.98× | 5.6% | 2.26× | 12.6% | S100TXZM |
| 2024 | — | —× | -1.4% | —× | — | S100W68D |
| 2025 | 0.2% | 1.41× | 0.3% | 2.74× | 0.9% | S100YJEX |
| 2026 | 1.0% | 1.46× | 1.4% | 2.48× | 3.6% | S100YJEX |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社プレミアムウォーターホールディングス | Major shareholder | 37.9% | 2026-03-31 |
| ＳＢＩイノベーションファンド１号 | Major shareholder | 6.2% | 2026-03-31 |
| 株式会社光通信 | Major shareholder | 3.0% | 2026-03-31 |
| ＩＮＥＳＴ従業員持株会 | Major shareholder | 2.7% | 2026-03-31 |
| 株式会社ＳＢＩ証券 | Major shareholder | 1.7% | 2026-03-31 |
| 伊藤 圭二 | Major shareholder | 1.4% | 2026-03-31 |
| 楽天証券株式会社共有口 | Major shareholder | 1.3% | 2026-03-31 |
| 小泉 まり | Major shareholder | 1.3% | 2026-03-31 |
| 前田 喜美子 | Major shareholder | 1.1% | 2026-03-31 |
| 山野 太稔 | Major shareholder | 1.0% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第4期(2025/04/01－2026/03/31) | S100YJEX | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YJEX,, |
| 有価証券報告書－第3期(2024/04/01－2025/03/31) | S100W68D | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W68D,, |
| 有価証券報告書－第2期(2023/04/01－2024/03/31) | S100TXZM | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TXZM,, |
| 有価証券報告書－第1期(2022/04/01－2023/03/31) | S100RAZE | 2023-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RAZE,, |

## 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).