# INGS inc.: business model and financials

> Latest period: FY ending Aug 2025, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第17期(2024/09/01－2025/08/31) (S100X72L)
> Page: https://vizora.meequs.com/en/company/ings
> Retrieved: 2026-09-30T19:42:04.971Z

## Company

Ings, founded in 2009, is a company in Fast Food & Quick Service listed on TSE Growth. It has 334 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | INGS inc. |
| Ticker | 245A |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/245A.T) |
| Listing | TSE Growth |
| Head office | 東京都新宿区新宿六丁目28番8号ラ・ベルティ新宿3階 |
| Representative (per filing) | 代表取締役社長 青柳 誠希 |
| Founded | Mar 2009 |
| Share capital | ¥11.5M |
| Employees (consolidated) | 334 |
| Average salary (parent only) | ¥4.2M |
| Fiscal year end | August |
| Website | ingsinc.co.jp (https://ingsinc.co.jp/) |
| Corporate number | 3011101052273 |
| EDINET | E39928 |
| Industries (Vizora) | Fast Food & Quick Service, Restaurants & Pubs |

> Profile source: annual securities report (S100X72L, filed 2025-11-27). As of filing

## Five-axis industry profile

Primary industry: Fast Food & Quick Service (2025-08-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 86.1 | 18 |
| Profitability | 56.8 | 22 |
| Cash conversion | 45.2 | 21 |
| Efficiency | 79.5 | 22 |

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)

- About 53% of Ings's sales come from Noodles, with Restaurant business making up much of the rest.
- Out of every ¥100 of sales, about ¥6 is left as operating profit.
- Revenue changed +20.5% from the prior year, operating profit +8.9%.

## Company structure

- Segment revenue mix: Noodles 52.8%、Restaurant business 47.2%
- Revenue → net income: ¥7732630000 → ¥272387000
- Net income → operating cash flow: ¥272387000 → ¥597724000（difference ¥325337000）
- Main uses of operating cash flow: CapEx ¥522045000 / dividends — / buybacks —
- Change in cash: ¥573822000
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 | ¥7.73B |  |
| Operating income | ¥490.8M | Margin 6.3% |
| Net income | ¥272.4M | Margin 3.5% |
| Free cash flow | ¥75.7M |  |
| Largest business | Noodles | of segment revenue 52.8% |
| Employees (consolidated) | 334 |  |
| EPS | ¥110.25 |  |
| Diluted EPS | ¥107.59 |  |
| Book value per share | ¥778.59 |  |
| Equity ratio | 43.0% |  |
| Shares outstanding | 2,517,900 |  |
| Shareholders | 982 |  |
| Average salary (parent only) | ¥4.2M | Filing company only |
| Cash ratio | 34.6% | Cash ÷ revenue 20.4% |
| Vs. industry median margin | +0.9 pp | Fast Food & Quick Service |
| ROE | 20.0% | Derived from disclosed figures |
| ROA | 6.8% | Derived from disclosed figures |

## Notable figures

- FY2025, operating cash flow is 2.2× net income
- FY2025, one segment accounts for 78% of positive segment profit
- FY2025, segment profit share differs by -25 points

## What changed in 2 years

| Metric | FY ending Aug 2023 | FY ending Aug 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥5261600000 | ¥7732630000 | +47.0% |
| Operating income | ¥283017000 | ¥490824000 | +73.4% |
| Operating margin | 5.4% | 6.3% | +1 pp |
| Employees | 212 people | 334 people | +57.5% |
| Cash and equivalents | ¥661441000 | ¥1579575000 | +138.8% |

### Change in segment revenue mix

Span: FY ending Aug 2023 → FY ending Aug 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| ラーメン事業 → ラーメン事業 | 50.8% |
| レストラン事業 → レストラン事業 | 47.2% |
| レストラン事業 → 事業再編・廃止 | 2.0% |
| 新設・再編 → ラーメン事業 | 2.0% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 7,733 | 100.0% | S100X72L |
| Cost of revenue | 2,557 | 33.1% | S100X72L |
| Gross profit | 5,176 | 66.9% | S100X72L |
| SG&A | 4,685 | 60.6% | S100X72L |
| Operating income | 491 | 6.3% | S100X72L |
| Ordinary income | 450 | 5.8% | S100X72L |
| Pretax income | 425 | 5.5% | S100X72L |
| Income tax | 153 | 2.0% | S100X72L |
| Net income | 272 | 3.5% | S100X72L |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 33 |
| SG&A | 61 |
| Operating income | 6 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 66.9% → Operating margin 6.3% → Net margin 3.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +20.5%; Core profit growth: +8.9%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.44×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 6,419 | 7,733 | 1,314 | +20.5% |
| Gross profit | 4,240 | 5,176 | 936 | +22.1% |
| Operating income | 451 | 491 | 40 | +8.9% |
| Operating cash flow | 666 | 598 | -68 | -10.2% |
| Free cash flow | 321 | 76 | -245 | -76.4% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Aug 2023 | 5,262 | 283 | 5.4% | 68 | 398 | 78 | S100UVCX |
| FY ending Aug 2024 | 6,419 | 451 | 7.0% | 286 | 666 | 321 | S100X72L |
| FY ending Aug 2025 | 7,733 | 491 | 6.3% | 272 | 598 | 76 | S100X72L |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥23.2M |
| Operating income per employee (consolidated) | ¥1.5M |
| Net income per employee (consolidated) | ¥815.5K |

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

| History | FY ending Aug 2023 | FY ending Aug 2024 | FY ending Aug 2025 |
| --- | ---: | ---: | ---: |
| Employees (consolidated) | 212 | 264 | 334 |
| Average salary (parent company) | — | ¥4.3M | ¥4.2M |
| Average age (parent company) | — | 31.3 years | 30.4 years |
| Average tenure (parent company) | — | 3.1 years | 3.0 years |

Year over year: Employees (consolidated) +26.5% · Revenue (consolidated) +20.5%

## Segments（FY ending Aug 2025, non-consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Noodles | 4,083 | 52.8% | 383 | 9.4% |
| Restaurant business | 3,649 | 47.2% | 107 | 2.9% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Noodles | 52.8% | 78.1% | 25.3 | 9.4% |
| Restaurant business | 47.2% | 21.9% | -25.3 | 2.9% |

Segment → industry: Noodles → Fast Food & Quick Service / Restaurant business → Restaurants & Pubs

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 598 | 7.7% | S100X72L |
| Capital expenditure | 522 | 6.8% | S100X72L |
| Free cash flow | 76 | 1.0% | 算出 |
| Investing cash flow | -738 | -9.5% | S100X72L |
| Financing cash flow | 714 | 9.2% | S100X72L |
| Change in cash | 574 | 7.4% | S100X72L |
| Cash and equivalents | 1,580 | 20.4% | S100X72L |

## 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 Aug 2023 | FY ending Aug 2024 | FY ending Aug 2025 | Source |
| --- | ---: | ---: | ---: | ---: |
| Cash and equivalents | 661 | 1,006 | 1,580 | S100X72L |
| Total assets | 2,893 | 3,451 | 4,564 | S100UVCX, S100X72L |
| Net assets | 484 | 770 | 1,960 | S100X72L |
| Share capital | 10 | 10 | 12 | S100UVCX, S100X72L |
| Property, plant and equipment | 947 | 1,140 | 1,514 | S100UVCX, S100X72L |
| Intangible assets excluding goodwill | 561 | 452 | 370 | S100UVCX, S100X72L |
| Goodwill | 451 | 361 | 298 | S100UVCX, S100X72L |
| Current assets | 918 | 1,307 | 1,965 | S100UVCX, S100X72L |
| Current liabilities | 1,020 | 1,252 | 1,315 | S100UVCX, S100X72L |
| Short-term borrowings | 10 | — | — | S100UVCX |
| Long-term borrowings | 932 | 1,173 | 1,056 | S100UVCX, S100X72L |
| Bonds | 123 | 25 | — | S100UVCX, S100X72L |
| Interest-bearing debt | 1,065 | — | — | 算出 |
| Total liabilities | 2,408 | 2,681 | 2,603 | S100UVCX, S100X72L |
| Equity attributable to owners of parent | 484 | 770 | 1,960 | S100UVCX, S100X72L |
| Retained earnings | 474 | 760 | 1,033 | S100UVCX, S100X72L |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 35% | S100X72L |
| Property, plant and equipment | 33% | S100X72L |
| Intangibles and goodwill | 15% | S100X72L |
| Other assets | 17% | S100X72L |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 57% | S100X72L |
| Equity | 43% | S100X72L |

### Balance sheet history

| Metric | FY ending Aug 2023 | FY ending Aug 2024 | FY ending Aug 2025 |
| --- | ---: | ---: | ---: |
| Total assets | 2,893 | 3,451 | 4,564 |
| Equity | 484 | 770 | 1,960 |
| Interest-bearing debt | 1,065 | — | — |
| Cash | 661 | 1,006 | 1,580 |

## 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) | 19.6% | S100X72L |
| Fixed assets ÷ total assets | 33.2% | S100X72L |
| Goodwill ÷ parent equity | 15.2% | S100X72L |

### 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) | 34.6% |
| Cash ÷ revenue | 20.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 121.8% |
| Cash vs. profit gap | 325 JPY mn (of net income 119.4%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 6.8% |
| Investing CF relative to operating CF | 123.5% |

## 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 | 1.3% | 1.82× | 2.4% | 5.97× | 14.1% | S100UVCX |
| 2024 | 4.5% | 2.02× | 9.0% | 5.06× | 45.6% | S100X72L |
| 2025 | 3.5% | 1.93× | 6.8% | 2.94× | 20.0% | S100X72L |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社MAcompany | Major shareholder | 39.7% | 2025-08-31 |
| 青柳 誠希 | Major shareholder | 19.5% | 2025-08-31 |
| 小島 直人 | Major shareholder | 9.7% | 2025-08-31 |
| 野村證券株式会社 | Major shareholder | 3.4% | 2025-08-31 |
| 野村信託銀行株式会社(投信口) | Major shareholder | 3.3% | 2025-08-31 |
| 三菱UFJeスマート証券株式会社 | Major shareholder | 2.8% | 2025-08-31 |
| 株式会社ナシエルホールディングス | Major shareholder | 1.8% | 2025-08-31 |
| MSIP CLIENT SECURITIES(常任代理人 モルガン・スタンレーＭＵＦＧ証券株式会社) | Major shareholder | 1.4% | 2025-08-31 |
| 株式会社菅野製麺所 | Major shareholder | 0.9% | 2025-08-31 |
| 下遠野 亘 | Major shareholder | 0.8% | 2025-08-31 |
| 有限会社和光 | Major shareholder | 0.8% | 2025-08-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第17期(2024/09/01－2025/08/31) | S100X72L | 2025-11-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100X72L,, |
| 有価証券報告書－第16期(2023/09/01－2024/08/31) | S100UVCX | 2024-11-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UVCX,, |

## 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).