# INTAGE HOLDINGS Inc.: business model and financials

> Latest period: FY ending Jun 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第54期(2025/07/01－2026/06/30) (S100Z39P)
> Page: https://vizora.meequs.com/en/company/intage-holdings
> Retrieved: 2026-09-30T18:30:16.975Z

## Company

Intage Holdings, founded in 1960, is a company in IT Services & System Integration listed on TSE Prime. It has 3,320 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | INTAGE HOLDINGS Inc. |
| Ticker | 4326 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4326.T) |
| Listing | TSE Prime |
| Head office | 東京都千代田区神田練塀町3番地 インテージ秋葉原ビル |
| Representative (per filing) | 代表取締役社長 仁司与志矢 |
| Founded | Mar 1960 |
| Share capital | ¥2.38B |
| Employees (consolidated) | 3,320 |
| Average salary (parent only) | ¥9.5M |
| Fiscal year end | June |
| Website | www.intageholdings.co.jp (https://www.intageholdings.co.jp/) |
| Corporate number | 7010001101459 |
| EDINET | E05239 |
| Industries (Vizora) | IT Services & System Integration, Consulting, CRO & Clinical Testing |

> Profile source: annual securities report (S100Z39P, filed 2026-09-24). As of filing

## Five-axis industry profile

Primary industry: Consulting (2026-06-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 8.1 | 31 |
| Profitability | 37.5 | 44 |
| Cash conversion | 30.7 | 44 |
| Efficiency | 71.6 | 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)

- About 70% of Intage Holdings's sales come from Marketing Support(Consumer Goods and Services), with Marketing Support(Healthcare) and Business Intelligence making up much of the rest.
- Out of every ¥100 of sales, about ¥9 is left as operating profit.
- Revenue changed +2.3% from the prior year, operating profit +35.6%.

## Company structure

- Segment revenue mix: Marketing Support(Consumer Goods and Services) 70.3%、Marketing Support(Healthcare) 18.8%、Business Intelligence 11.0%
- Revenue → net income: ¥67099910000 → ¥1698614000
- Net income → operating cash flow: ¥1698614000 → ¥4075011000（difference ¥2376397000）
- Main uses of operating cash flow: CapEx ¥1792078000 / dividends ¥1791968000 / buybacks ¥82000
- Change in cash: ¥844800000
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 | ¥67.1B |  |
| Operating income | ¥5.75B | Margin 8.6% |
| Net income | ¥1.7B | Margin 2.5% |
| Free cash flow | ¥2.28B |  |
| Largest business | Marketing Support(Consumer Goods and Services) | of segment revenue 70.3% |
| Employees (consolidated) | 3,320 |  |
| EPS | ¥2.61 |  |
| Book value per share | ¥385.91 |  |
| Equity ratio | 70.9% |  |
| Shares outstanding | 40,426,000 |  |
| Treasury shares | 1,914,000 |  |
| Shareholders | 5,928 |  |
| Average salary (parent only) | ¥9.5M | Filing company only |
| Cash ratio | 36.1% | Cash ÷ revenue 25.8% |
| Vs. industry median margin | -0.9 pp | Consulting |
| ROE | 5.2% | Derived from disclosed figures |
| ROA | 3.6% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.4× net income
- FY2026, segment profit share differs by -28 points
- FY2026, cash is 36% of total assets

## What changed in 5 years

| Metric | FY ending Jun 2021 | FY ending Jun 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥57558996000 | ¥67099910000 | +16.6% |
| Operating income | ¥4421128000 | ¥5752721000 | +30.1% |
| Operating margin | 7.7% | 8.6% | +0.9 pp |
| Employees | 3,080 people | 3,320 people | +7.8% |
| Cash and equivalents | ¥14132031000 | ¥17336927000 | +22.7% |

### Change in segment revenue mix

Span: FY ending Jun 2021 → FY ending Jun 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| マーケティング支援（消費財・サービス） → マーケティング支援（消費財・サービス） | 61.8% |
| マーケティング支援（ヘルスケア） → マーケティング支援（ヘルスケア） | 18.8% |
| マーケティング支援（ヘルスケア） → 事業再編・廃止 | 6.8% |
| ビジネスインテリジェンス → ビジネスインテリジェンス | 11.0% |
| ビジネスインテリジェンス → 事業再編・廃止 | 1.7% |
| 新設・再編 → マーケティング支援（消費財・サービス） | 8.5% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Marketing Support(Consumer Goods and Services) | 5 years | +5.8% | ¥47149287000 | 5.2% | 2 |
| Marketing Support(Healthcare) | 5 years | -3.1% | ¥12593814000 | 21.3% | 2 |
| Business Intelligence | 5 years | +0.2% | ¥7356808000 | 8.6% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 67,100 | 100.0% | S100Z39P |
| Cost of revenue | 40,282 | 60.0% | S100Z39P |
| Gross profit | 26,818 | 40.0% | S100Z39P |
| SG&A | 21,065 | 31.4% | S100Z39P |
| Operating income | 5,753 | 8.6% | S100Z39P |
| Ordinary income | 5,754 | 8.6% | S100Z39P |
| Pretax income | 3,319 | 4.9% | S100Z39P |
| Income tax | 1,620 | 2.4% | S100Z39P |
| Net income | 1,699 | 2.5% | S100Z39P |
| Net income attributable to owners | 1,703 | 2.5% | S100Z39P |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 60 |
| SG&A | 31 |
| Operating income | 9 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 40.0% → Operating margin 8.6% → Net margin 2.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +2.3%; Core profit growth: +35.6%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 15.29×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 65,571 | 67,100 | 1,529 | +2.3% |
| Gross profit | 24,508 | 26,818 | 2,309 | +9.4% |
| Operating income | 4,241 | 5,753 | 1,512 | +35.6% |
| Net income attributable to owners | 3,505 | 1,703 | -1,802 | -51.4% |
| Operating cash flow | 6,430 | 4,075 | -2,355 | -36.6% |
| Free cash flow | 5,124 | 2,283 | -2,841 | -55.4% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Jun 2021 | 57,559 | 4,421 | 7.7% | 3,372 | 4,845 | 3,820 | S100P8NM |
| FY ending Jun 2022 | 60,233 | 4,649 | 7.7% | 3,419 | 3,391 | 2,670 | S100RXM7 |
| FY ending Jun 2023 | 61,387 | 3,785 | 6.2% | 3,506 | 2,687 | 1,542 | S100UFC5 |
| FY ending Jun 2024 | 63,279 | 3,290 | 5.2% | 2,457 | 1,972 | 1,181 | S100WQAK |
| FY ending Jun 2025 | 65,571 | 4,241 | 6.5% | 3,505 | 6,430 | 5,124 | S100Z39P |
| FY ending Jun 2026 | 67,100 | 5,753 | 8.6% | 1,703 | 4,075 | 2,283 | S100Z39P |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥20.2M |
| Operating income per employee (consolidated) | ¥1.7M |
| Net income per employee (consolidated) | ¥513K |

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

| History | FY ending Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 | FY ending Jun 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 3,135 | 3,186 | 3,331 | 3,309 | 3,320 |
| Average salary (parent company) | ¥8.4M | ¥8.1M | ¥8.9M | ¥9M | ¥9.5M |
| Average age (parent company) | 46.8 years | 46.7 years | 47.8 years | 48.6 years | 48.2 years |
| Average tenure (parent company) | 15.5 years | 15.4 years | 15.5 years | 14.4 years | 14.3 years |

Year over year: Employees (consolidated) +0.3% · Revenue (consolidated) +2.3%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Marketing Support(Consumer Goods and Services) | 47,149 | 70.3% | 2,434 | 5.2% |
| Marketing Support(Healthcare) | 12,594 | 18.8% | 2,684 | 21.3% |
| Business Intelligence | 7,357 | 11.0% | 636 | 8.6% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Marketing Support(Consumer Goods and Services) | 70.3% | 42.3% | -28.0 | 5.2% |
| Marketing Support(Healthcare) | 18.8% | 46.6% | 27.9 | 21.3% |
| Business Intelligence | 11.0% | 11.0% | 0.1 | 8.6% |

Segment → industry: Business Intelligence → IT Services & System Integration / Marketing Support(Healthcare) → Consulting / Marketing Support(Consumer Goods and Services) → Consulting / Marketing Support(Healthcare) → CRO & Clinical Testing

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Jun 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 4,075 | 6.1% | S100Z39P |
| Capital expenditure | 1,792 | 2.7% | S100Z39P |
| Free cash flow | 2,283 | 3.4% | 算出 |
| Investing cash flow | -1,411 | -2.1% | S100Z39P |
| Financing cash flow | -2,027 | -3.0% | S100Z39P |
| Dividends paid | 1,792 | 2.7% | S100Z39P |
| Share buyback | 0 | 0.0% | S100Z39P |
| Change in cash | 845 | 1.3% | S100Z39P |
| Cash and equivalents | 17,337 | 25.8% | S100Z39P |

## 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 Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 | FY ending Jun 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 14,277 | 12,537 | 11,941 | 16,492 | 17,337 | S100UFC5, S100WQAK, S100Z39P |
| Total assets | 45,634 | 44,391 | 45,319 | 46,923 | 47,969 | S100RXM7, S100UFC5, S100WQAK, S100Z39P |
| Net assets | 30,823 | 31,005 | 32,440 | 33,321 | 34,198 | S100UFC5, S100WQAK, S100Z39P |
| Share capital | 2,379 | 2,379 | 2,379 | 2,379 | 2,379 | S100RXM7, S100UFC5, S100WQAK, S100Z39P |
| Property, plant and equipment | 3,952 | 3,924 | 3,780 | 3,901 | 3,591 | S100RXM7, S100UFC5, S100WQAK, S100Z39P |
| Intangible assets excluding goodwill | 4,189 | 3,887 | 3,513 | 5,742 | 4,739 | S100RXM7, S100UFC5, S100WQAK, S100Z39P |
| Goodwill | 962 | 833 | 711 | 2,569 | 1,801 | S100RXM7, S100UFC5, S100WQAK, S100Z39P |
| Investment securities | 6,162 | 5,846 | 5,920 | 2,562 | 1,659 | S100RXM7, S100UFC5, S100WQAK, S100Z39P |
| Current assets | 27,613 | 26,413 | 28,005 | 30,533 | 32,470 | S100RXM7, S100UFC5, S100WQAK, S100Z39P |
| Current liabilities | 12,536 | 11,802 | 11,891 | 12,567 | 12,680 | S100RXM7, S100UFC5, S100WQAK, S100Z39P |
| Short-term borrowings | 325 | 225 | — | — | — | S100RXM7, S100UFC5 |
| Long-term borrowings | 298 | 173 | 100 | — | — | S100RXM7, S100UFC5, S100WQAK |
| Total liabilities | 14,810 | 13,386 | 12,879 | 13,602 | 13,771 | S100RXM7, S100UFC5, S100WQAK, S100Z39P |
| Non-controlling interests | 357 | 235 | 231 | 192 | 187 | S100RXM7, S100UFC5, S100WQAK, S100Z39P |
| Equity attributable to owners of parent | 30,679 | 30,782 | 31,710 | 32,801 | 32,731 | S100RXM7, S100UFC5, S100WQAK, S100Z39P |
| Retained earnings | 28,078 | 30,076 | 30,916 | 31,961 | 31,873 | S100RXM7, S100UFC5, S100WQAK, S100Z39P |
| Treasury stock | -1,565 | -3,461 | -3,381 | -3,335 | -3,317 | S100RXM7, S100UFC5, S100WQAK, S100Z39P |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 36% | S100Z39P |
| Property, plant and equipment | 8% | S100Z39P |
| Intangibles and goodwill | 14% | S100Z39P |
| Investment securities | 3% | S100Z39P |
| Other assets | 39% | S100Z39P |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 29% | S100Z39P |
| Equity | 71% | S100Z39P |
| Other liabilities | 0% | S100Z39P |

### Balance sheet history

| Metric | FY ending Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 | FY ending Jun 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 45,634 | 44,391 | 45,319 | 46,923 | 47,969 |
| Equity | 30,823 | 31,005 | 32,440 | 33,321 | 34,198 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 14,277 | 12,537 | 11,941 | 16,492 | 17,337 |

## 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) | 5.4% | S100Z39P |
| Fixed assets ÷ total assets | 7.5% | S100Z39P |
| Goodwill ÷ parent equity | 5.5% | S100Z39P |

Goodwill over 4 years: 962 → 1,801 JPY; total investing cash flow: -2,459 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) | 36.1% |
| Cash ÷ revenue | 25.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 70.8% |
| Cash vs. profit gap | 2,372 JPY mn (of net income 139.3%) |
| Shareholder returns / net income | 105.2% |
| Shareholder returns / FCF | 78.5% |
| Shareholder payments — dividends / net income | 105.2% |
| Shareholder payments — dividends / FCF | 78.5% |
| CapEx intensity (capex ÷ revenue) | 2.7% |
| Investing CF relative to operating CF | 34.6% |

## 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 | 5.7% | 1.32× | 7.5% | 1.49× | 11.1% | S100RXM7 |
| 2023 | 5.7% | 1.36× | 7.8% | 1.46× | 11.4% | S100UFC5 |
| 2024 | 3.9% | 1.41× | 5.5% | 1.44× | 7.9% | S100WQAK |
| 2025 | 5.3% | 1.42× | 7.6% | 1.43× | 10.9% | S100Z39P |
| 2026 | 2.5% | 1.41× | 3.6% | 1.45× | 5.2% | S100Z39P |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社NTTドコモ | Major shareholder | 50.9% | 2026-06-30 |
| インテージグループ従業員持株会 | Major shareholder | 4.0% | 2026-06-30 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 4.0% | 2026-06-30 |
| 日本生命保険相互会社(常任代理人 日本マスタートラスト信託銀行株式会社) | Major shareholder | 2.9% | 2026-06-30 |
| 株式会社埼玉りそな銀行 | Major shareholder | 2.0% | 2026-06-30 |
| ＴＨＥ ＢＡＮＫ ＯＦ ＮＥＷ ＹＯＲＫ － ＪＡＳＤＥＣＴＲＥＡＴＹ ＡＣＣＯＵＮＴ(常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 1.7% | 2026-06-30 |
| 豊栄実業株式会社 | Major shareholder | 1.6% | 2026-06-30 |
| ＮＯＲＴＨＥＲＮ ＴＲＵＳＴ ＣＯ．（ＡＶＦＣ） ＲＥ ＩＥＤＵ ＵＣＩＴＳ ＣＬＩＥＮＴＳ ＮＯＮ ＬＥＮＤＩＮＧ １５ ＰＣＴ ＴＲＥＡＴＹ ＡＣＣＯＵＮＴ(常任代理人 香港上海銀行東京支店) | Major shareholder | 1.5% | 2026-06-30 |
| ＮＡＶＦ ＳＥＬＥＣＴ ＬＬＣ(常任代理人 香港上海銀行東京支店) | Major shareholder | 1.5% | 2026-06-30 |
| ＮＩＰＰＯＮ ＡＣＴＩＶＥ ＶＡＬＵＥ ＦＵＮＤ ＰＬＣ(常任代理人 香港上海銀行東京支店) | Major shareholder | 1.4% | 2026-06-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第54期(2025/07/01－2026/06/30) | S100Z39P | 2026-09-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Z39P,, |
| 有価証券報告書－第53期(2024/07/01－2025/06/30) | S100WQAK | 2025-09-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WQAK,, |
| 有価証券報告書－第52期(2023/07/01－2024/06/30) | S100UFC5 | 2024-09-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UFC5,, |
| 有価証券報告書－第51期(2022/07/01－2023/06/30) | S100RXM7 | 2023-09-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RXM7,, |
| 有価証券報告書－第50期(令和3年7月1日－令和4年6月30日) | S100P8NM | 2022-09-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100P8NM,, |
| 有価証券報告書－第49期(令和2年7月1日－令和3年6月30日) | S100MIBH | 2021-09-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MIBH,, |

## 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).