# Insource Co.,Ltd: business model and financials

> Latest period: FY ending Sep 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第23期(2024/10/01－2025/09/30) (S100XAOQ)
> Page: https://vizora.meequs.com/en/company/insource
> Retrieved: 2026-09-30T20:56:34.057Z

## Company

Insource, founded in 2002, is a company in Consulting listed on TSE Prime. It has 550 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Insource Co.,Ltd. |
| Ticker | 6200 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6200.T) |
| Listing | TSE Prime |
| Head office | 東京都千代田区神田小川町三丁目20番地 |
| Representative (per filing) | 代表取締役執行役員社長 舟橋 孝之 |
| Founded | Nov 2002 |
| Share capital | ¥800.6M |
| Employees (consolidated) | 550 |
| Average salary (parent only) | ¥6.5M |
| Fiscal year end | September |
| Website | www.insource.co.jp (https://www.insource.co.jp/) |
| Corporate number | 5010001080795 |
| EDINET | E32495 |
| Industries (Vizora) | Consulting |

> Profile source: annual securities report (S100XAOQ, filed 2025-12-16). As of filing

## Five-axis industry profile

Primary industry: Consulting (2025-09-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 79 | 31 |
| Profitability | 98.9 | 44 |
| Cash conversion | 33 | 44 |
| Efficiency | 26.1 | 44 |

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)

- Insource brought in ¥14.5B in revenue.
- Out of every ¥100 of sales, about ¥41 is left as operating profit.
- Revenue changed +16.3% from the prior year, operating profit +21.1%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥14510945000 → ¥4130091000
- Net income → operating cash flow: ¥4130091000 → ¥4395202000（difference ¥265111000）
- Main uses of operating cash flow: CapEx ¥79265000 / dividends ¥1678212000 / buybacks —
- Change in cash: ¥2485889000
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 | ¥14.5B |  |
| Operating income | ¥5.98B | Margin 41.2% |
| Net income | ¥4.13B | Margin 28.5% |
| Free cash flow | ¥4.32B |  |
| Employees (consolidated) | 550 |  |
| EPS | ¥43.75 |  |
| Book value per share | ¥129.35 |  |
| Equity ratio | 77.3% |  |
| Shares outstanding | 85,243,000 |  |
| Treasury shares | 1,269,100 |  |
| Shareholders | 9,192 |  |
| Average salary (parent only) | ¥6.5M | Filing company only |
| Cash ratio | 50.7% | Cash ÷ revenue 56.4% |
| Vs. industry median margin | +31.7 pp | Consulting |
| ROE | 36.9% | Derived from disclosed figures |
| ROA | 28.2% | Derived from disclosed figures |

## Notable figures

- FY2025, operating income keeps 41 per ¥100 of revenue
- FY2025, parent-company salary changed +37% over five years
- FY2025, cash is 51% of total assets

## What changed in 5 years

| Metric | FY ending Sep 2020 | FY ending Sep 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥5119777000 | ¥14510945000 | +183.4% |
| Operating income | ¥784359000 | ¥5978600000 | +662.2% |
| Operating margin | 15.3% | 41.2% | +25.9 pp |
| Employees | 321 people | 550 people | +71.3% |
| Cash and equivalents | ¥2219868000 | ¥8191258000 | +269.0% |

### Change in segment revenue mix

Span: FY ending Sep 2020 → FY ending Sep 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 14,511 | 100.0% | S100XAOQ |
| Cost of revenue | 3,352 | 23.1% | S100XAOQ |
| Gross profit | 11,159 | 76.9% | S100XAOQ |
| SG&A | 5,180 | 35.7% | S100XAOQ |
| Operating income | 5,979 | 41.2% | S100XAOQ |
| Ordinary income | 5,998 | 41.3% | S100XAOQ |
| Pretax income | 5,889 | 40.6% | S100XAOQ |
| Income tax | 1,759 | 12.1% | S100XAOQ |
| Net income | 4,130 | 28.5% | S100XAOQ |
| Net income attributable to owners | 4,130 | 28.5% | S100XAOQ |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 23 |
| SG&A | 36 |
| Operating income | 41 |
| (Ref.) Net income | 28 |

### Margin funnel

Gross margin 76.9% → Operating margin 41.2% → Net margin 28.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +16.3%; Core profit growth: +21.1%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.29×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 12,475 | 14,511 | 2,036 | +16.3% |
| Gross profit | 9,614 | 11,159 | 1,545 | +16.1% |
| Operating income | 4,937 | 5,979 | 1,042 | +21.1% |
| Net income attributable to owners | 3,356 | 4,130 | 774 | +23.1% |
| Operating cash flow | 4,032 | 4,395 | 363 | +9.0% |
| Free cash flow | 3,725 | 4,316 | 591 | +15.9% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Sep 2019 | 5,608 | 1,304 | 23.2% | 835 | 1,345 | 1,283 | S100KEQM |
| FY ending Sep 2020 | 5,120 | 784 | 15.3% | 445 | 192 | -390 | S100N38O |
| FY ending Sep 2021 | 7,501 | 2,404 | 32.1% | 1,571 | 2,357 | 816 | S100PTKM |
| FY ending Sep 2022 | 9,418 | 3,367 | 35.8% | 2,234 | 2,544 | 1,849 | S100SHDR |
| FY ending Sep 2023 | 10,784 | 3,941 | 36.5% | 2,676 | 2,903 | 1,326 | S100UZNI |
| FY ending Sep 2024 | 12,475 | 4,937 | 39.6% | 3,356 | 4,032 | 3,725 | S100XAOQ |
| FY ending Sep 2025 | 14,511 | 5,979 | 41.2% | 4,130 | 4,395 | 4,316 | S100XAOQ |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥26.4M |
| Operating income per employee (consolidated) | ¥10.9M |
| Net income per employee (consolidated) | ¥7.5M |

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

| History | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 382 | 430 | 443 | 476 | 550 |
| Average salary (parent company) | ¥4.7M | ¥4.8M | ¥5.5M | ¥6.1M | ¥6.5M |
| Average age (parent company) | 31.4 years | 36.5 years | 31.8 years | 31.9 years | 36.7 years |
| Average tenure (parent company) | 4.1 years | 4.4 years | 4.9 years | 5.1 years | 5.0 years |

Year over year: Employees (consolidated) +15.5% · Revenue (consolidated) +16.3%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 4,395 | 30.3% | S100XAOQ |
| Capital expenditure | 79 | 0.5% | S100XAOQ |
| Free cash flow | 4,316 | 29.7% | 算出 |
| Investing cash flow | -231 | -1.6% | S100XAOQ |
| Financing cash flow | -1,678 | -11.6% | S100XAOQ |
| Dividends paid | 1,678 | 11.6% | S100XAOQ |
| Change in cash | 2,486 | 17.1% | S100XAOQ |
| Cash and equivalents | 8,191 | 56.4% | S100XAOQ |

## 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 Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 2,624 | 3,827 | 3,516 | 5,705 | 8,191 | S100SHDR, S100UZNI, S100XAOQ |
| Total assets | 6,767 | 8,730 | 10,795 | 13,178 | 16,149 | S100PTKM, S100SHDR, S100UZNI, S100XAOQ |
| Net assets | 4,500 | 6,125 | 7,930 | 9,935 | 12,487 | S100SHDR, S100UZNI, S100XAOQ |
| Share capital | 801 | 801 | 801 | 801 | 801 | S100PTKM, S100SHDR, S100UZNI, S100XAOQ |
| Property, plant and equipment | 1,880 | 2,427 | 3,410 | 3,605 | 3,595 | S100PTKM, S100SHDR, S100UZNI, S100XAOQ |
| Intangible assets excluding goodwill | 453 | 447 | 940 | 933 | 940 | S100PTKM, S100SHDR, S100UZNI, S100XAOQ |
| Goodwill | 53 | 36 | 21 | 14 | 6 | S100PTKM, S100SHDR, S100UZNI, S100XAOQ |
| Investment securities | 82 | 72 | 324 | 169 | 97 | S100PTKM, S100SHDR, S100UZNI, S100XAOQ |
| Current assets | 3,760 | 5,261 | 5,136 | 7,406 | 10,201 | S100PTKM, S100SHDR, S100UZNI, S100XAOQ |
| Current liabilities | 2,202 | 2,559 | 2,822 | 3,199 | 3,593 | S100PTKM, S100SHDR, S100UZNI, S100XAOQ |
| Total liabilities | 2,266 | 2,604 | 2,866 | 3,242 | 3,662 | S100PTKM, S100SHDR, S100UZNI, S100XAOQ |
| Equity attributable to owners of parent | 4,497 | 6,121 | 7,918 | 9,925 | 12,451 | S100PTKM, S100SHDR, S100UZNI, S100XAOQ |
| Retained earnings | 3,314 | 4,895 | 6,666 | 8,928 | 11,380 | S100PTKM, S100SHDR, S100UZNI, S100XAOQ |
| Treasury stock | -473 | -450 | -442 | -708 | -671 | S100PTKM, S100SHDR, S100UZNI, S100XAOQ |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 51% | S100XAOQ |
| Property, plant and equipment | 22% | S100XAOQ |
| Intangibles and goodwill | 6% | S100XAOQ |
| Investment securities | 1% | S100XAOQ |
| Other assets | 20% | S100XAOQ |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 23% | S100XAOQ |
| Equity | 77% | S100XAOQ |

### Balance sheet history

| Metric | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 6,767 | 8,730 | 10,795 | 13,178 | 16,149 |
| Equity | 4,500 | 6,125 | 7,930 | 9,935 | 12,487 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 2,624 | 3,827 | 3,516 | 5,705 | 8,191 |

## 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) | 24.8% | S100XAOQ |
| Fixed assets ÷ total assets | 22.3% | S100XAOQ |
| Goodwill ÷ parent equity | 0.0% | S100XAOQ |

Goodwill over 4 years: 53 → 6 JPY; total investing cash flow: -5,215 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) | 50.7% |
| Cash ÷ revenue | 56.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 73.5% |
| Cash vs. profit gap | 265 JPY mn (of net income 6.4%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 40.6% |
| Shareholder payments — dividends / FCF | 38.9% |
| CapEx intensity (capex ÷ revenue) | 0.5% |
| Investing CF relative to operating CF | 5.3% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 20.9% | 1.11× | 23.2% | 1.50× | 34.9% | S100PTKM |
| 2022 | 23.7% | 1.22× | 28.8% | 1.46× | 42.1% | S100SHDR |
| 2023 | 24.8% | 1.10× | 27.4% | 1.39× | 38.1% | S100UZNI |
| 2024 | 26.9% | 1.04× | 28.0% | 1.34× | 37.6% | S100XAOQ |
| 2025 | 28.5% | 0.99× | 28.2% | 1.31× | 36.9% | S100XAOQ |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社ルプラス | Major shareholder | 30.2% | 2025-09-30 |
| 日本マスタートラスト信託銀行株式会社(信託口) | Major shareholder | 8.7% | 2025-09-30 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 8.4% | 2025-09-30 |
| 舟橋 孝之 | Major shareholder | 6.3% | 2025-09-30 |
| 川端 久美子 | Major shareholder | 3.6% | 2025-09-30 |
| 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 | 2.0% | 2025-09-30 |
| 株式会社ブレイク | Major shareholder | 1.9% | 2025-09-30 |
| ＳＴＡＴＥ ＳＴＲＥＥＴ ＢＡＮＫ ＡＮＤ ＴＲＵＳＴ ＣＯＭＰＡＮＹ ５０５３０１（常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.5% | 2025-09-30 |
| 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 | 1.4% | 2025-09-30 |
| ＮＯＲＴＨＥＲＮ ＴＲＵＳＴ ＣＯ．（ＡＶＦＣ） ＲＥ ＵＫＡＩ ＡＩＦ ＣＬＩＥＮＴＳ ＮＯＮ ＬＥＮＤＩＮＧ １０ＰＣＴ ＴＲＥＡＴＹ ＡＣＣＯＵＮＴ（常任代理人 香港上海銀行東京支店） | Major shareholder | 1.4% | 2025-09-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第23期(2024/10/01－2025/09/30) | S100XAOQ | 2025-12-16 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XAOQ,, |
| 有価証券報告書－第22期(2023/10/01－2024/09/30) | S100UZNI | 2024-12-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UZNI,, |
| 有価証券報告書－第21期(2022/10/01－2023/09/30) | S100SHDR | 2023-12-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SHDR,, |
| 有価証券報告書－第20期(令和3年10月1日－令和4年9月30日) | S100PTKM | 2022-12-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PTKM,, |
| 有価証券報告書－第19期(令和2年10月1日－令和3年9月30日) | S100N38O | 2021-12-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100N38O,, |
| 有価証券報告書－第18期(令和1年10月1日－令和2年9月30日) | S100KEQM | 2020-12-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KEQM,, |

## 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).