# infoNet inc.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 訂正有価証券報告書－第24期(2025/04/01－2026/03/31) (S100YNSJ)
> Page: https://vizora.meequs.com/en/company/infonet
> Retrieved: 2026-09-30T21:33:22.449Z

## Company

infoNet, founded in 2002, is a company in IT Services & System Integration listed on TSE Growth. It has 141 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | INFONET inc. |
| Ticker | 4444 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4444.T) |
| Listing | TSE Growth |
| Head office | 東京都港区新橋4丁目21番3号 |
| Representative (per filing) | 代表取締役社長 古宿 智 |
| Founded | Oct 2002 |
| Share capital | ¥293.4M |
| Employees (consolidated) | 141 |
| Average salary (parent only) | ¥5M |
| Fiscal year end | March |
| Website | www.e-infonet.jp (https://www.e-infonet.jp/) |
| Corporate number | 2010001142978 |
| EDINET | E34974 |
| Industries (Vizora) | IT Services & System Integration |

> Profile source: annual securities report (S100YNSJ, filed 2026-06-30). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 24.5 | 157 |
| Profitability | 14 | 196 |
| Cash conversion | 92.7 | 185 |
| Efficiency | 32.9 | 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)

- infoNet brought in ¥2.09B in revenue.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed +3.7% from the prior year, operating profit -67.4%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥2.09B |  |
| Operating income | ¥55M | Margin 2.6% |
| Net income | -¥26M | Margin -1.2% |
| Free cash flow | -¥160.2M |  |
| Employees (consolidated) | 141 |  |
| EPS | ¥53.35 |  |
| Diluted EPS | ¥52.79 |  |
| Book value per share | ¥634.42 |  |
| Equity ratio | 56.3% |  |
| Shares outstanding | 2,049,093 |  |
| Treasury shares | 26,063 |  |
| Shareholders | 2,146 |  |
| Average salary (parent only) | ¥5M | Filing company only |
| Cash ratio | 19.0% | Cash ÷ revenue 17.6% |
| Vs. industry median margin | -6.3 pp | IT Services & System Integration |
| ROA | -1.3% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥980420000 | ¥2085024000 | +112.7% |
| Operating income | ¥85917000 | ¥55010000 | -36.0% |
| Operating margin | 8.8% | 2.6% | -6.1 pp |
| Employees | 90 people | 141 people | +56.7% |
| Cash and equivalents | ¥765562000 | ¥367054000 | -52.1% |

### 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 | 2,085 | 100.0% | S100YNSJ |
| Cost of revenue | 1,260 | 60.4% | S100YNSJ |
| Gross profit | 825 | 39.6% | S100YNSJ |
| SG&A | 770 | 36.9% | S100YNSJ |
| Operating income | 55 | 2.6% | S100YNSJ |
| Ordinary income | 51 | 2.4% | S100YNSJ |
| Pretax income | -9 | -0.4% | S100YNSJ |
| Income tax | 17 | 0.8% | S100YNSJ |
| Net income | -26 | -1.2% | S100YNSJ |
| Net income attributable to owners | -26 | -1.2% | S100YNSJ |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 60 |
| SG&A | 37 |
| Operating income | 3 |
| (Ref.) Net income | -1 |

### Margin funnel

Gross margin 39.6% → Operating margin 2.6% → Net margin -1.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +3.7%; Core profit growth: -67.4%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -18.21×
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 | 2,011 | 2,085 | 74 | +3.7% |
| Gross profit | 862 | 825 | -37 | -4.3% |
| Operating income | 169 | 55 | -114 | -67.4% |
| Net income attributable to owners | 96 | -26 | -122 | -127.0% |
| Operating cash flow | 220 | 91 | -129 | -58.7% |
| Free cash flow | -17 | -160 | -144 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2021 | 980 | 86 | 8.8% | 60 | 115 | 107 | S100OMLM |
| FY ending Mar 2022 | 1,739 | -42 | -2.4% | -90 | 24 | 3 | S100RAS5 |
| FY ending Mar 2023 | 1,695 | 142 | 8.4% | 82 | 226 | 179 | S100TY1J |
| FY ending Mar 2024 | 1,768 | 189 | 10.7% | 100 | 124 | 55 | S100W6E3 |
| FY ending Mar 2025 | 2,011 | 169 | 8.4% | 96 | 220 | -17 | S100YNSJ |
| FY ending Mar 2026 | 2,085 | 55 | 2.6% | -26 | 91 | -160 | S100YNSJ |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥14.8M |
| Operating income per employee (consolidated) | ¥390.1K |
| Net income per employee (consolidated) | -¥184.1K |

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) | 139 | 135 | 129 | 132 | 141 |
| Average salary (parent company) | ¥4.5M | ¥4.4M | ¥4.8M | ¥4.8M | ¥5M |
| Average age (parent company) | 37.1 years | 36.8 years | 37.6 years | 38.3 years | 38.5 years |
| Average tenure (parent company) | 4.9 years | 4.9 years | 6.2 years | 6.1 years | 4.6 years |

Year over year: Employees (consolidated) +6.8% · Revenue (consolidated) +3.7%

## 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 | 91 | 4.4% | S100YNSJ |
| Capital expenditure | 251 | 12.1% | S100YNSJ |
| Free cash flow | -160 | -7.7% | 算出 |
| Investing cash flow | -184 | -8.8% | S100YNSJ |
| Financing cash flow | -125 | -6.0% | S100YNSJ |
| Share buyback | 41 | 2.0% | S100YNSJ |
| Change in cash | -218 | -10.5% | S100YNSJ |
| Cash and equivalents | 367 | 17.6% | S100YNSJ |

## 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 | 567 | 615 | 499 | 585 | 367 | S100TY1J, S100W6E3, S100YNSJ |
| Total assets | 1,733 | 1,613 | 1,628 | 2,058 | 1,933 | S100RAS5, S100TY1J, S100W6E3, S100YNSJ |
| Net assets | 826 | 931 | 1,039 | 1,137 | 1,088 | S100TY1J, S100W6E3, S100YNSJ |
| Share capital | 275 | 286 | 290 | 291 | 293 | S100RAS5, S100TY1J, S100W6E3, S100YNSJ |
| Property, plant and equipment | 69 | 60 | 54 | 61 | 164 | S100RAS5, S100TY1J, S100W6E3, S100YNSJ |
| Intangible assets excluding goodwill | 515 | 490 | 494 | 744 | 658 | S100RAS5, S100TY1J, S100W6E3, S100YNSJ |
| Goodwill | 316 | 277 | 239 | 306 | 210 | S100RAS5, S100TY1J, S100W6E3, S100YNSJ |
| Investment securities | — | — | 50 | 50 | — | S100W6E3, S100YNSJ |
| Current assets | 1,097 | 1,015 | 994 | 1,113 | 1,056 | S100RAS5, S100TY1J, S100W6E3, S100YNSJ |
| Current liabilities | 487 | 393 | 398 | 505 | 594 | S100RAS5, S100TY1J, S100W6E3, S100YNSJ |
| Trade payables | 79 | 52 | 67 | 88 | 97 | S100RAS5, S100TY1J, S100W6E3, S100YNSJ |
| Short-term borrowings | — | — | — | — | 100 | S100YNSJ |
| Long-term borrowings | 338 | 208 | 108 | 323 | 189 | S100RAS5, S100TY1J, S100W6E3, S100YNSJ |
| Total liabilities | 907 | 682 | 588 | 921 | 845 | S100RAS5, S100TY1J, S100W6E3, S100YNSJ |
| Equity attributable to owners of parent | 826 | 931 | 1,039 | 1,137 | 1,088 | S100RAS5, S100TY1J, S100W6E3, S100YNSJ |
| Retained earnings | 297 | 379 | 478 | 575 | 547 | S100RAS5, S100TY1J, S100W6E3, S100YNSJ |
| Treasury stock | — | — | — | — | -26 | S100YNSJ |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 19% | S100YNSJ |
| Property, plant and equipment | 8% | S100YNSJ |
| Intangibles and goodwill | 45% | S100YNSJ |
| Other assets | 28% | S100YNSJ |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 5% | S100YNSJ |
| Other liabilities | 39% | S100YNSJ |
| Equity | 56% | S100YNSJ |

### 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 | 1,733 | 1,613 | 1,628 | 2,058 | 1,933 |
| Equity | 826 | 931 | 1,039 | 1,137 | 1,088 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 567 | 615 | 499 | 585 | 367 |

## 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) | 7.9% | S100YNSJ |
| Fixed assets ÷ total assets | 8.5% | S100YNSJ |
| Goodwill ÷ parent equity | 19.3% | S100YNSJ |

Goodwill over 4 years: 316 → 210 JPY; total investing cash flow: -1,325 JPY. This does not imply causation.

### 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) | 19.0% |
| Cash ÷ revenue | 17.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 165.7% |
| Cash vs. profit gap | 117 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 12.1% |
| Investing CF relative to operating CF | 202.0% |

## 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 | — | —× | -5.2% | —× | — | S100RAS5 |
| 2023 | 4.9% | 1.01× | 4.9% | 1.90× | 9.4% | S100TY1J |
| 2024 | 5.6% | 1.09× | 6.1% | 1.65× | 10.1% | S100W6E3 |
| 2025 | 4.8% | 1.09× | 5.2% | 1.69× | 8.9% | S100YNSJ |
| 2026 | — | —× | -1.3% | —× | — | S100YNSJ |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社フォーカスキャピタル | Major shareholder | 43.1% | 2026-03-31 |
| 株式会社パスファインダー | Major shareholder | 3.8% | 2026-03-31 |
| 佐野 史和 | Major shareholder | 3.6% | 2026-03-31 |
| 株式会社３７６ | Major shareholder | 1.9% | 2026-03-31 |
| 槇田 重夫 | Major shareholder | 1.0% | 2026-03-31 |
| 大岩 鉱三 | Major shareholder | 0.9% | 2026-03-31 |
| 若尾 卓郎 | Major shareholder | 0.9% | 2026-03-31 |
| インフォネット従業員持株会 | Major shareholder | 0.9% | 2026-03-31 |
| 大宮 典子 | Major shareholder | 0.7% | 2026-03-31 |
| 株式会社オッズファクトリー | Major shareholder | 0.7% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 訂正有価証券報告書－第24期(2025/04/01－2026/03/31) | S100YNSJ | 2026-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YNSJ,, |
| 有価証券報告書－第23期(2024/04/01－2025/03/31) | S100W6E3 | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W6E3,, |
| 有価証券報告書－第22期(2023/04/01－2024/03/31) | S100TY1J | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TY1J,, |
| 有価証券報告書－第21期(2022/04/01－2023/03/31) | S100RAS5 | 2023-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RAS5,, |
| 有価証券報告書－第20期(令和3年4月1日－令和4年3月31日) | S100OMLM | 2022-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OMLM,, |
| 有価証券報告書－第19期(令和2年4月1日－令和3年3月31日) | S100LT7X | 2021-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LT7X,, |

## 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).