# Institution for a Global Society: 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16期(2025/04/01－2026/03/31) (S100YIQZ)
> Page: https://vizora.meequs.com/en/company/institution-for-a-global-society
> Retrieved: 2026-09-30T19:15:17.820Z

## Company

Institution for a Global Society, founded in 2010, is a company in Software & SaaS listed on TSE Growth. It has 38 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Institution for a Global Society Corporation |
| Ticker | 4265 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4265.T) |
| Listing | TSE Growth |
| Head office | 東京都渋谷区恵比寿南一丁目11番2号 |
| Representative (per filing) | 代表取締役会長CEO 福原 正大 |
| Founded | May 2010 |
| Share capital | ¥90.7M |
| Employees (consolidated) | 38 |
| Average salary (parent only) | ¥6.3M |
| Fiscal year end | March |
| Website | i-globalsociety.com (https://i-globalsociety.com/) |
| Corporate number | 8011001065180 |
| EDINET | E37222 |
| Industries (Vizora) | Software & SaaS, Crypto & Blockchain, HR & Staffing, Education |

> Profile source: annual securities report (S100YIQZ, filed 2026-06-24). As of filing

## Key points (generated from figures)

- About 50% of Institution for a Global Society's sales come from Education, with Human Resources and Platform/Web3 segment making up much of the rest.
- It lost about ¥35 for every ¥100 of sales at the operating level.
- Revenue changed +9.3% from the prior year.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥659.1M |  |
| Operating income | -¥227.2M | Margin -34.5% |
| Net income | -¥281.6M | Margin -42.7% |
| Free cash flow | ¥8.3M |  |
| Largest business | Education | of segment revenue 49.9% |
| Employees (consolidated) | 38 |  |
| EPS | ¥-65.83 |  |
| Book value per share | ¥100.21 |  |
| Equity ratio | 73.6% |  |
| Shares outstanding | 4,765,800 |  |
| Shareholders | 3,036 |  |
| Average salary (parent only) | ¥6.3M | Filing company only |
| Cash ratio | 75.9% | Cash ÷ revenue 74.8% |
| Vs. industry median margin | -41.8 pp | Education |
| ROA | -39.7% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 63% of positive segment profit
- FY2026, cash is 76% of total assets
- FY2026, operating loss is 35 per ¥100 of revenue

## What changed in 5 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥514426000 | ¥659144000 | — |
| Operating income | ¥8564000 | ¥-227182000 | — |
| Operating margin | 1.7% | -34.5% | -36.1 pp |
| Employees | 33 people | 38 people | — |
| Cash and equivalents | ¥203637000 | ¥493033000 | — |

### 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.

| Flow | Revenue share |
| --- | ---: |
| ＨＲ事業 → ＨＲ事業 | 42.8% |
| ＨＲ事業 → 事業再編・廃止 | 18.8% |
| 教育事業 → 教育事業 | 38.5% |
| 新設・再編 → 教育事業 | 11.4% |
| 新設・再編 → プラットフォーム／Web3事業 | 7.3% |

Segment revenue source references: 5 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Education | — | — | ¥328877000 | 37.6% | 2 |
| Human Resources | — | — | ¥281900000 | 25.5% | 2 |
| Platform/Web3 segment | 2 years | -58.4% | ¥48366000 | -373.6% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 659 | 100.0% | S100YIQZ |
| Cost of revenue | 276 | 41.9% | S100YIQZ |
| Gross profit | 383 | 58.1% | S100YIQZ |
| SG&A | 610 | 92.5% | S100YIQZ |
| Operating income | -227 | -34.5% | S100YIQZ |
| Ordinary income | -187 | -28.3% | S100YIQZ |
| Pretax income | -305 | -46.3% | S100YIQZ |
| Income tax | 2 | 0.3% | S100YIQZ |
| Net income | -308 | -46.7% | S100YIQZ |
| Net income attributable to owners | -282 | -42.7% | S100YIQZ |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 42 |
| SG&A | 93 |
| Operating income | -35 |
| (Ref.) Net income | -43 |

### Margin funnel

Gross margin 58.1% → Operating margin -34.5% → Net margin -42.7%
Derived from reported figures (DERIVED).

## Year over year（FY ending Mar 2025 → FY ending Mar 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 603 | 659 | 56 | +9.3% |
| Gross profit | 197 | 383 | 186 | +94.2% |
| Operating income | -303 | -227 | 76 | — |
| Net income attributable to owners | -336 | -282 | 55 | — |
| Operating cash flow | -225 | 27 | 252 | — |
| Free cash flow | -240 | 8 | 249 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2021 | 514 | 9 | 1.7% | 4 | -121 | -169 | S100ONMX |
| FY ending Mar 2022 | 721 | 40 | 5.5% | 44 | 115 | — | S100R5M2 |
| FY ending Mar 2023 | 668 | -81 | -12.1% | -125 | -61 | -69 | S100R5M2 |
| FY ending Mar 2024 | 917 | -22 | -2.4% | -21 | -259 | -285 | S100W3W3 |
| FY ending Mar 2025 | 603 | -303 | -50.3% | -336 | -225 | -240 | S100YIQZ |
| FY ending Mar 2026 | 659 | -227 | -34.5% | -282 | 27 | 8 | S100YIQZ |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥17.3M |
| Operating income per employee (consolidated) | -¥6M |
| Net income per employee (consolidated) | -¥7.4M |

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) | 45 | 51 | 54 | 48 | 38 |
| Average salary (parent company) | ¥6.3M | ¥6.2M | ¥6.2M | ¥6.2M | ¥6.3M |
| Average age (parent company) | 38.4 years | 38.5 years | 38.5 years | 39.8 years | 41.4 years |
| Average tenure (parent company) | 2.5 years | 2.6 years | 2.8 years | 3.3 years | 4.5 years |

Year over year: Employees (consolidated) -20.8% · Revenue (consolidated) +9.3%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Human Resources | 282 | 42.8% | 72 | 25.5% |
| Education | 329 | 49.9% | 124 | 37.6% |
| Platform/Web3 segment | 48 | 7.3% | -181 | -373.6% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Human Resources | 42.8% | 36.7% | -6.1 | 25.5% |
| Education | 49.9% | 63.3% | 13.4 | 37.6% |
| Platform/Web3 segment | 7.3% | — | — | -373.6% |

Loss-making segment (excluded from profit shares): Platform/Web3 segment -181 JPY mn

Segment → industry: Human Resources → Software & SaaS / Platform/Web3 segment → Crypto & Blockchain / Human Resources → HR & Staffing / Education → Education

## 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 | 27 | 4.0% | S100YIQZ |
| Capital expenditure | 18 | 2.8% | S100YIQZ |
| Free cash flow | 8 | 1.3% | 算出 |
| Investing cash flow | -39 | -5.9% | S100YIQZ |
| Financing cash flow | 185 | 28.0% | S100YIQZ |
| Change in cash | 171 | 26.0% | S100YIQZ |
| Cash and equivalents | 493 | 74.8% | S100YIQZ |

## 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 | 966 | 913 | 632 | 322 | 493 | S100R5M2, S100YIQZ |
| Total assets | 1,235 | 1,088 | 1,092 | 769 | 649 | S100R5M2, S100W3W3, S100YIQZ |
| Net assets | 1,141 | 1,033 | 1,015 | 705 | 478 | S100R5M2, S100YIQZ |
| Share capital | 388 | 96 | 97 | 50 | 91 | S100R5M2, S100W3W3, S100YIQZ |
| Trade receivables | — | — | 407 | 315 | 118 | S100W3W3, S100YIQZ |
| Property, plant and equipment | — | 1 | 0 | — | — | S100R5M2, S100W3W3 |
| Intangible assets excluding goodwill | 22 | 7 | 33 | — | — | S100R5M2, S100W3W3 |
| Investment securities | — | — | 1 | 82 | 0 | S100W3W3, S100YIQZ |
| Current assets | 1,164 | 1,073 | 1,050 | 679 | 642 | S100R5M2, S100W3W3, S100YIQZ |
| Current liabilities | 94 | 53 | 78 | 64 | 70 | S100R5M2, S100W3W3, S100YIQZ |
| Long-term borrowings | — | — | — | — | 21 | S100YIQZ |
| Total liabilities | 94 | 55 | 78 | 64 | 171 | S100R5M2, S100W3W3, S100YIQZ |
| Non-controlling interests | — | — | — | 26 | 0 | S100YIQZ |
| Equity attributable to owners of parent | 1,141 | 1,033 | 1,014 | 678 | 478 | S100R5M2, S100W3W3, S100YIQZ |
| Retained earnings | -419 | -125 | -147 | -354 | -636 | S100R5M2, S100W3W3, S100YIQZ |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 76% | S100YIQZ |
| Receivables | 18% | S100YIQZ |
| Other assets | 6% | S100YIQZ |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 26% | S100YIQZ |
| Equity | 74% | S100YIQZ |
| Other liabilities | 0% | S100YIQZ |

### 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 | 1,235 | 1,088 | 1,092 | 769 | 649 |
| Equity | 1,141 | 1,033 | 1,015 | 705 | 478 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 966 | 913 | 632 | 322 | 493 |

### 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) | 75.9% |
| Cash ÷ revenue | 74.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | 308 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 2.8% |
| Investing CF relative to operating CF | 146.1% |

## 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 | 6.2% | 0.58× | 3.6% | 1.08× | 3.9% | S100R5M2 |
| 2023 | — | —× | -10.8% | —× | — | S100R5M2 |
| 2024 | — | —× | -1.9% | —× | — | S100W3W3 |
| 2025 | — | —× | -36.1% | —× | — | S100YIQZ |
| 2026 | — | —× | -39.7% | —× | — | S100YIQZ |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 福原 正大 | Major shareholder | 11.9% | 2026-03-31 |
| 株式会社SBI証券 | Major shareholder | 11.3% | 2026-03-31 |
| 岩永 泰典 | Major shareholder | 6.8% | 2026-03-31 |
| 株式会社ウィザス | Major shareholder | 6.1% | 2026-03-31 |
| 楽天証券株式会社共有口 | Major shareholder | 6.0% | 2026-03-31 |
| プルータス・コンサルティング株式会社 | Major shareholder | 5.2% | 2026-03-31 |
| GMOクリック証券株式会社 | Major shareholder | 1.9% | 2026-03-31 |
| 谷家 衛 | Major shareholder | 1.6% | 2026-03-31 |
| 觜崎 誠二 | Major shareholder | 1.1% | 2026-03-31 |
| 佃 政弘 | Major shareholder | 1.1% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第16期(2025/04/01－2026/03/31) | S100YIQZ | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YIQZ,, |
| 有価証券報告書－第15期(2024/04/01－2025/03/31) | S100W3W3 | 2025-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W3W3,, |
| 有価証券報告書－第14期(2023/04/01－2024/03/31) | S100TRSU | 2024-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TRSU,, |
| 有価証券報告書－第13期(2022/04/01－2023/03/31) | S100R5M2 | 2023-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R5M2,, |
| 訂正有価証券報告書－第12期(令和3年4月1日－令和4年3月31日) | S100ONMX | 2022-07-04 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100ONMX,, |

## 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).