# Integral Corporation: business model and financials

> Latest period: FY ending Dec 2025, consolidated, IFRS
> Unit: JPY millions
> Sources: 有価証券報告書－第20期(2025/01/01－2025/12/31) (S100XOZ3)
> Page: https://vizora.meequs.com/en/company/integralkk
> Retrieved: 2026-09-30T19:03:17.347Z

## Company

Integral, founded in 2006, is a company in Investment Funds listed on TSE Growth. It has 98 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Integral Corporation |
| Ticker | 5842 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5842.T) |
| Listing | TSE Growth |
| Head office | 東京都千代田区丸の内一丁目9番2号 |
| Representative (per filing) | 代表取締役パートナー 山本 礼二郎 |
| Founded | Jan 2006 |
| Share capital | ¥7.63B |
| Employees (consolidated) | 98 |
| Average salary (parent only) | ¥21.4M |
| Fiscal year end | December |
| Website | www.integralkk.com (https://www.integralkk.com/) |
| Corporate number | 9010001097340 |
| EDINET | E25156 |
| Industries (Vizora) | Investment Funds |

> Profile source: annual securities report (S100XOZ3, filed 2026-03-19). As of filing

## Key points (generated from figures)

- About 97% of Integral's sales come from PE investment business, with Real Estate investment business making up much of the rest.
- Out of every ¥100 of sales, about ¥68 is left as operating profit.
- Revenue changed -56.3% from the prior year, operating profit -64.4%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥13.7B |  |
| Operating income | ¥9.26B | Margin 67.8% |
| Net income | ¥6.08B | Margin 44.5% |
| Free cash flow | -¥1.46B |  |
| Largest business | PE investment business | of segment revenue 97.1% |
| Employees (consolidated) | 98 |  |
| EPS | ¥179.48 |  |
| Diluted EPS | ¥172.42 |  |
| Book value per share | ¥1150.97 |  |
| Equity ratio | 74.9% | Derived from disclosed figures |
| Shares outstanding | 34,975,000 |  |
| Treasury shares | 936,800 |  |
| Shareholders | 3,083 |  |
| Average salary (parent only) | ¥21.4M | Filing company only |
| Cash ratio | 23.1% | Cash ÷ revenue 141.2% |
| Vs. industry median margin | +58 pp | Investment Funds |
| ROE | 10.1% | Derived from disclosed figures |
| ROA | 7.5% | Derived from disclosed figures |

## Notable figures

- FY2025, revenue is 3.5× its level five years ago
- FY2025, operating income keeps 68 per ¥100 of revenue

## What changed in 4 years

| Metric | FY ending Dec 2021 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥3863000000 | ¥13655000000 | +253.5% |
| Employees | 58 people | 98 people | +69.0% |
| Cash and equivalents | ¥2309342000 | ¥19277000000 | +734.7% |

### Change in segment revenue mix

Span: FY ending Dec 2021 → FY ending Dec 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 新設・再編 → PE投資事業 | 97.1% |
| 新設・再編 → 不動産投資事業 | 2.9% |

Segment revenue source references: 3 (derived)

## Income statement（FY ending Dec 2025, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 13,655 | 100.0% | S100XOZ3 |
| Operating income | 9,256 | 67.8% | S100XOZ3 |
| Pretax income | 9,264 | 67.8% | S100XOZ3 |
| Income tax | 3,190 | 23.4% | S100XOZ3 |
| Net income | 6,073 | 44.5% | S100XOZ3 |
| Net income attributable to owners | 6,077 | 44.5% | S100XOZ3 |

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

| Part | JPY |
| --- | ---: |
| Operating expenses | 32 |
| Operating income | 68 |
| (Ref.) Net income | 45 |

### Margin funnel

Operating margin 67.8% → Net margin 44.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -56.3%; Core profit growth: -64.4%
Operating leverage (core profit growth ÷ revenue growth): 1.14×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 31,230 | 13,655 | -17,575 | -56.3% |
| Operating income | 26,017 | 9,256 | -16,761 | -64.4% |
| Net income attributable to owners | 18,106 | 6,077 | -12,029 | -66.4% |
| Operating cash flow | 5,818 | -1,380 | -7,198 | -123.7% |
| Free cash flow | 5,807 | -1,464 | -7,271 | -125.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2021 | 3,863 | — | — | 1,173 | -1,717 | — | S100XOZ3 |
| FY ending Dec 2022 | 5,435 | 3,000 | 55.2% | 2,021 | 383 | — | S100XOZ3 |
| FY ending Dec 2023 | 14,082 | 10,994 | 78.1% | 7,574 | 5,626 | 5,621 | S100XOZ3 |
| FY ending Dec 2024 | 31,230 | 26,017 | 83.3% | 18,106 | 5,818 | 5,807 | S100XOZ3 |
| FY ending Dec 2025 | 13,655 | 9,256 | 67.8% | 6,077 | -1,380 | -1,464 | S100XOZ3 |

## People and productivity（FY ending Dec 2025, consolidated, IFRS）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥139.3M |
| Operating income per employee (consolidated) | ¥94.4M |
| Net income per employee (consolidated) | ¥62M |

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

| History | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 58 | 63 | 71 | 82 | 98 |
| Average salary (parent company) | — | — | ¥16.6M | ¥25.8M | ¥21.4M |
| Average age (parent company) | — | — | 38.0 years | 39.0 years | 39.5 years |
| Average tenure (parent company) | — | — | 4.7 years | 4.8 years | 4.9 years |

Year over year: Employees (consolidated) +19.5% · Revenue (consolidated) -56.3%

## Segments（FY ending Dec 2025, consolidated, IFRS、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| PE investment business | 8,989 | 97.1% | — | — |
| Real Estate investment business | 265 | 2.9% | — | — |
| Other | 0 | 0.0% | — | — |

### 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 |
| --- | ---: |
| PE investment business | 97.1% |
| Real Estate investment business | 2.9% |
| Other | 0.0% |

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Dec 2025, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -1,380 | -10.1% | S100XOZ3 |
| Capital expenditure | 84 | 0.6% | S100XOZ3 |
| Free cash flow | -1,464 | -10.7% | 算出 |
| Investing cash flow | -84 | -0.6% | S100XOZ3 |
| Financing cash flow | -1,394 | -10.2% | S100XOZ3 |
| Dividends paid | 1,317 | 9.6% | S100XOZ3 |
| Share buyback | 0 | 0.0% | S100XOZ3 |
| Change in cash | -2,859 | -20.9% | S100XOZ3 |
| Cash and equivalents | 19,277 | 141.2% | S100XOZ3 |

## 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 Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 2,309 | 2,309 | 18,922 | 22,137 | 19,277 | S100T5CH, S100VG6U, S100XOZ3 |
| Total assets | 32,120 | 34,919 | 56,296 | 79,050 | 83,303 | S100XOZ3, S100T5CH, S100VG6U |
| Net assets | 17,357 | 19,405 | 39,864 | 57,634 | 62,428 | S100T5CH, S100VG6U, S100XOZ3 |
| Share capital | — | 1,078 | 7,634 | 7,634 | 7,634 | S100T5CH, S100VG6U, S100XOZ3 |
| Property, plant and equipment | — | 238 | 208 | 178 | 179 | S100T5CH, S100VG6U, S100XOZ3 |
| Current assets | — | 2,719 | 19,229 | 33,070 | 22,128 | S100T5CH, S100VG6U, S100XOZ3 |
| Total liabilities | — | 15,513 | 16,432 | 21,415 | 20,875 | S100T5CH, S100VG6U, S100XOZ3 |
| Equity attributable to owners of parent | — | 19,406 | 39,864 | 57,624 | 62,422 | S100T5CH, S100VG6U, S100XOZ3 |
| Retained earnings | — | 18,292 | 25,866 | 43,574 | 48,333 | S100T5CH, S100VG6U, S100XOZ3 |
| Treasury stock | — | -9 | -9 | -6 | -4 | S100T5CH, S100VG6U, S100XOZ3 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 23% | S100XOZ3 |
| Property, plant and equipment | 0% | S100XOZ3 |
| Other assets | 77% | S100XOZ3 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 25% | S100XOZ3 |
| Equity | 75% | S100XOZ3 |

### Balance sheet history

| Metric | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 32,120 | 34,919 | 56,296 | 79,050 | 83,303 |
| Equity | 17,357 | 19,405 | 39,864 | 57,634 | 62,428 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 2,309 | 2,309 | 18,922 | 22,137 | 19,277 |

## 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) | 1.3% | S100XOZ3 |
| Fixed assets ÷ total assets | 0.2% | S100XOZ3 |
| Goodwill ÷ parent equity | — | —, S100XOZ3 |

### 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) | 23.1% |
| Cash ÷ revenue | 141.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -14.9% |
| Cash vs. profit gap | -7,457 JPY mn (of net income -122.7%) |
| Shareholder returns / net income | 21.7% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 21.7% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.6% |
| Investing CF relative to operating CF | — |

## 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 | 30.4% | 0.12× | 3.7% | 1.85× | 6.8% | S100XOZ3, S100T5CH |
| 2022 | 37.2% | 0.16× | 6.0% | 1.73× | 10.4% | S100T5CH, S100XOZ3 |
| 2023 | 53.8% | 0.31× | 16.6% | 1.54× | 25.6% | S100VG6U, S100XOZ3 |
| 2024 | 58.0% | 0.46× | 26.8% | 1.39× | 37.1% | S100XOZ3 |
| 2025 | 44.5% | 0.17× | 7.5% | 1.35× | 10.1% | S100XOZ3 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 山本礼二郎 | Major shareholder | 28.6% | 2025-12-31 |
| 佐山展生 | Major shareholder | 23.9% | 2025-12-31 |
| 水谷謙作 | Major shareholder | 7.9% | 2025-12-31 |
| 辺見芳弘 | Major shareholder | 6.3% | 2025-12-31 |
| State Street Bank And Trust Company 505103 （常任代理人 株式会社みずほ銀行） | Major shareholder | 1.6% | 2025-12-31 |
| 仲田真紀子 | Major shareholder | 1.2% | 2025-12-31 |
| 西岡成浩 | Major shareholder | 1.2% | 2025-12-31 |
| 長谷川聡子 | Major shareholder | 1.2% | 2025-12-31 |
| 後藤英恒 | Major shareholder | 1.2% | 2025-12-31 |
| 山崎壯 | Major shareholder | 1.2% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第20期(2025/01/01－2025/12/31) | S100XOZ3 | 2026-03-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XOZ3,, |
| 有価証券報告書－第19期(2024/01/01－2024/12/31) | S100VG6U | 2025-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VG6U,, |
| 有価証券報告書－第18期(2023/01/01－2023/12/31) | S100T5CH | 2024-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T5CH,, |

## 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).