# Infcurion, Inc.: 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20期(2025/04/01－2026/03/31) (S100YL3J)
> Page: https://vizora.meequs.com/en/company/infcurion
> Retrieved: 2026-09-30T21:35:34.686Z

## Company

Infcurion, founded in 2006, is a company in Cashless Payments listed on TSE Growth. It has 388 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Infcurion, Inc. |
| Ticker | 438A |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/438A.T) |
| Listing | TSE Growth |
| Head office | 東京都千代田区麹町五丁目7番地2MFPR麹町ビル7F |
| Representative (per filing) | 代表取締役社長CEO 丸山 弘毅 |
| Founded | May 2006 |
| Share capital | ¥1.46B |
| Employees (consolidated) | 388 |
| Average salary (parent only) | ¥7.1M |
| Fiscal year end | March |
| Website | infcurion.com (https://infcurion.com/) |
| Corporate number | 4010001117846 |
| EDINET | E41028 |
| Industries (Vizora) | Cashless Payments, Consulting |

> Profile source: annual securities report (S100YL3J, filed 2026-06-25). As of filing

## Key points (generated from figures)

- About 56% of Infcurion's sales come from Payment Platform Business, with Merchant Platform Business and Consulting Business making up much of the rest.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed +32.5% from the prior year, operating profit +207.5%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥9.51B |  |
| Operating income | ¥440.2M | Margin 4.6% |
| Net income | ¥444.6M | Margin 4.7% |
| Free cash flow | -¥697.2M |  |
| Largest business | Payment Platform Business | of segment revenue 55.7% |
| Employees (consolidated) | 388 |  |
| EPS | ¥-0.17 |  |
| Diluted EPS | ¥21.42 |  |
| Book value per share | ¥229.64 |  |
| Equity ratio | 51.8% |  |
| Shares outstanding | 20,727,600 |  |
| Shareholders | 6,148 |  |
| Average salary (parent only) | ¥7.1M | Filing company only |
| Cash ratio | 49.6% | Cash ÷ revenue 56.2% |
| Vs. industry median margin | -8.6 pp | Cashless Payments |
| ROE | 11.1% | Derived from disclosed figures |
| ROA | 5.6% | Derived from disclosed figures |

## Notable figures

- FY2026, segment profit share differs by 38 points
- FY2026, cash is 50% of total assets

## What changed in 1 years

| Metric | FY ending Mar 2025 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥7174418000 | ¥9505732000 | +32.5% |
| Operating income | ¥143189000 | ¥440235000 | +207.5% |
| Operating margin | 2.0% | 4.6% | +2.6 pp |
| Employees | 330 people | 388 people | +17.6% |
| Cash and equivalents | ¥1615931000 | ¥5340905000 | +230.5% |

### Change in segment revenue mix

Span: FY ending Mar 2025 → 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 |
| --- | ---: |
| ペイメントプラットフォーム事業 → ペイメントプラットフォーム事業 | 51.0% |
| マーチャントプラットフォーム事業 → マーチャントプラットフォーム事業 | 28.0% |
| コンサルティング事業 → コンサルティング事業 | 15.6% |
| コンサルティング事業 → 事業再編・廃止 | 5.5% |
| 新設・再編 → ペイメントプラットフォーム事業 | 4.6% |
| 新設・再編 → マーチャントプラットフォーム事業 | 0.8% |

Segment revenue source references: 6 (derived)

## Business growth × margin

X-axis: segment revenue CAGR. Y-axis: latest operating margin. Bubble size: latest revenue. CAGR requires at least two comparable years.

| Segment | CAGR span | Revenue CAGR | Latest revenue | Operating margin | Source refs |
| --- | ---: | ---: | ---: | ---: | ---: |
| Payment Platform Business | — | — | ¥5289140000 | -3.4% | 2 |
| Merchant Platform Business | — | — | ¥2736229000 | 18.3% | 2 |
| Consulting Business | — | — | ¥1478299000 | 39.8% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 9,506 | 100.0% | S100YL3J |
| Cost of revenue | 4,946 | 52.0% | S100YL3J |
| Gross profit | 4,560 | 48.0% | S100YL3J |
| SG&A | 4,119 | 43.3% | S100YL3J |
| Operating income | 440 | 4.6% | S100YL3J |
| Ordinary income | 337 | 3.5% | S100YL3J |
| Pretax income | 314 | 3.3% | S100YL3J |
| Income tax | -131 | -1.4% | S100YL3J |
| Net income | 445 | 4.7% | S100YL3J |
| Net income attributable to owners | 445 | 4.7% | S100YL3J |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 52 |
| SG&A | 43 |
| Operating income | 5 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 48.0% → Operating margin 4.6% → Net margin 4.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +32.5%; Core profit growth: +207.5%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 6.38×
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 | 7,174 | 9,506 | 2,331 | +32.5% |
| Gross profit | 3,189 | 4,560 | 1,370 | +43.0% |
| Operating income | 143 | 440 | 297 | +207.5% |
| Net income attributable to owners | 75 | 445 | 370 | +495.0% |
| Operating cash flow | -336 | -413 | -76 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2025 | 7,174 | 143 | 2.0% | 75 | -336 | — | S100YL3J |
| FY ending Mar 2026 | 9,506 | 440 | 4.6% | 445 | -413 | -697 | S100YL3J |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥24.5M |
| Operating income per employee (consolidated) | ¥1.1M |
| Net income per employee (consolidated) | ¥1.1M |

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

| History | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: |
| Employees (consolidated) | 330 | 388 |
| Average salary (parent company) | — | ¥7.1M |
| Average age (parent company) | — | 37.2 years |
| Average tenure (parent company) | — | 2.9 years |

Year over year: Employees (consolidated) +17.6% · Revenue (consolidated) +32.5%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Payment Platform Business | 5,289 | 55.7% | -181 | -3.4% |
| Merchant Platform Business | 2,736 | 28.8% | 501 | 18.3% |
| Consulting Business | 1,478 | 15.6% | 588 | 39.8% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Payment Platform Business | 55.7% | — | — | -3.4% |
| Merchant Platform Business | 28.8% | 46.0% | 17.2 | 18.3% |
| Consulting Business | 15.6% | 54.0% | 38.4 | 39.8% |

Loss-making segment (excluded from profit shares): Payment Platform Business -181 JPY mn

Segment → industry: Merchant Platform Business → Cashless Payments / Payment Platform Business → Cashless Payments / Consulting Business → Consulting

## 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 | -413 | -4.3% | S100YL3J |
| Capital expenditure | 284 | 3.0% | S100YL3J |
| Free cash flow | -697 | -7.3% | 算出 |
| Investing cash flow | -321 | -3.4% | S100YL3J |
| Financing cash flow | 4,459 | 46.9% | S100YL3J |
| Change in cash | 3,725 | 39.2% | S100YL3J |
| Cash and equivalents | 5,341 | 56.2% | S100YL3J |

## 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 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: |
| Cash and equivalents | 1,616 | 5,341 | S100YL3J |
| Total assets | 5,234 | 10,759 | S100YL3J |
| Net assets | 2,414 | 5,577 | S100YL3J |
| Share capital | 100 | 1,461 | S100YL3J |
| Property, plant and equipment | 4 | 13 | S100YL3J |
| Intangible assets excluding goodwill | 715 | 896 | S100YL3J |
| Investment securities | 14 | 16 | S100YL3J |
| Current assets | 4,002 | 8,964 | S100YL3J |
| Current liabilities | 1,661 | 4,343 | S100YL3J |
| Short-term borrowings | — | 1,958 | S100YL3J |
| Long-term borrowings | 1,159 | 839 | S100YL3J |
| Total liabilities | 2,820 | 5,182 | S100YL3J |
| Equity attributable to owners of parent | 2,409 | 5,576 | S100YL3J |
| Retained earnings | 291 | 736 | S100YL3J |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 50% | S100YL3J |
| Property, plant and equipment | 0% | S100YL3J |
| Intangibles and goodwill | 8% | S100YL3J |
| Investment securities | 0% | S100YL3J |
| Other assets | 42% | S100YL3J |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 48% | S100YL3J |
| Equity | 52% | S100YL3J |

### Balance sheet history

| Metric | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: |
| Total assets | 5,234 | 10,759 |
| Equity | 2,414 | 5,577 |
| Interest-bearing debt | — | — |
| Cash | 1,616 | 5,341 |

## 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) | 0.1% | S100YL3J |
| Fixed assets ÷ total assets | 0.1% | S100YL3J |
| Goodwill ÷ parent equity | — | —, S100YL3J |

### 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) | 49.6% |
| Cash ÷ revenue | 56.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -93.8% |
| Cash vs. profit gap | -857 JPY mn (of net income -192.8%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 3.0% |
| 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2025 | 1.0% | 1.37× | 1.4% | 2.17× | 3.1% | S100YL3J |
| 2026 | 4.7% | 1.19× | 5.6% | 2.00× | 11.1% | S100YL3J |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 三井住友カード株式会社 | Major shareholder | 14.4% | 2026-03-31 |
| 株式会社三井住友銀行 | Major shareholder | 14.4% | 2026-03-31 |
| 丸山 弘毅 | Major shareholder | 9.9% | 2026-03-31 |
| 来田 武則 | Major shareholder | 9.7% | 2026-03-31 |
| PLEIAD-MINERVA JAPAN GROWTH OPPORTUNITIES LP （常任代理人 ミネルバ・グロース・パートナーズ株式会社） | Major shareholder | 4.7% | 2026-03-31 |
| CEPLUX-ABRDN SICAV I （常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 4.3% | 2026-03-31 |
| 神澤 順 | Major shareholder | 2.9% | 2026-03-31 |
| FinTechビジネスイノベーション投資事業有限責任組合 | Major shareholder | 2.5% | 2026-03-31 |
| QR2号ファンド投資事業有限責任組合 | Major shareholder | 2.0% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 2.0% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第20期(2025/04/01－2026/03/31) | S100YL3J | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YL3J,, |

## 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).