# INTELLIGENT WAVE INC.: business model and financials

> Latest period: FY ending Jun 2026, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第43期(2025/07/01－2026/06/30) (S100Z2KC)
> Page: https://vizora.meequs.com/en/company/intelligent-wave
> Retrieved: 2026-09-30T20:58:30.826Z

## Company

Intelligent Wave, founded in 1984, is a company in Cybersecurity listed on TSE Prime. It has 534 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | INTELLIGENT WAVE INC. |
| Ticker | 4847 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4847.T) |
| Listing | TSE Prime |
| Head office | 東京都中央区新川一丁目21番2号 |
| Representative (per filing) | 代表取締役社長 川上 晃司 |
| Founded | Dec 1984 |
| Share capital | ¥843.8M |
| Employees (consolidated) | 534 |
| Average salary (parent only) | ¥7.4M |
| Fiscal year end | June |
| Website | www.iwi.co.jp (https://www.iwi.co.jp/) |
| Corporate number | 4010001091991 |
| EDINET | E05191 |
| Industries (Vizora) | Cybersecurity |

> Profile source: annual securities report (S100Z2KC, filed 2026-09-18). As of filing

## Five-axis industry profile

Primary industry: Cybersecurity (2026-06-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 37.5 | 20 |
| Profitability | 46.6 | 29 |
| Cash conversion | 5.6 | 27 |
| Efficiency | 50 | 29 |

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)

- Intelligent Wave brought in ¥17.2B in revenue.
- Out of every ¥100 of sales, about ¥12 is left as operating profit.
- Revenue changed +10.6% from the prior year, operating profit +12.3%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥17247009000 → ¥1487011000
- Net income → operating cash flow: ¥1487011000 → ¥313442000（difference ¥-1173569000）
- Main uses of operating cash flow: CapEx ¥1129423000 / dividends ¥972407000 / buybacks ¥0
- Change in cash: ¥-2388170000
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 | ¥17.2B |  |
| Operating income | ¥2.08B | Margin 12.0% |
| Net income | ¥1.49B | Margin 8.6% |
| Free cash flow | -¥816M |  |
| Employees (consolidated) | 534 |  |
| EPS | ¥56.79 |  |
| Book value per share | ¥384.42 |  |
| Equity ratio | 58.1% |  |
| Shares outstanding | 26,340,000 |  |
| Treasury shares | 60,100 |  |
| Shareholders | 10,114 |  |
| Average salary (parent only) | ¥7.4M | Filing company only |
| Cash ratio | 23.3% | Cash ÷ revenue 23.4% |
| Vs. industry median margin | -2.4 pp | Cybersecurity |
| ROE | 16.0% | Derived from disclosed figures |
| ROA | 8.3% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Jun 2021 | FY ending Jun 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥11187679000 | ¥17247009000 | +54.2% |
| Operating income | ¥1130503000 | ¥2076108000 | +83.6% |
| Operating margin | 10.1% | 12.0% | +1.9 pp |
| Employees | 441 people | 534 people | +21.1% |
| Cash and equivalents | ¥4307699000 | ¥4034804000 | -6.3% |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 17,247 | 100.0% | S100Z2KC |
| Cost of revenue | 12,299 | 71.3% | S100Z2KC |
| Gross profit | 4,948 | 28.7% | S100Z2KC |
| SG&A | 2,872 | 16.7% | S100Z2KC |
| Operating income | 2,076 | 12.0% | S100Z2KC |
| Ordinary income | 2,129 | 12.3% | S100Z2KC |
| Pretax income | 2,106 | 12.2% | S100Z2KC |
| Income tax | 619 | 3.6% | S100Z2KC |
| Net income | 1,487 | 8.6% | S100Z2KC |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 71 |
| SG&A | 17 |
| Operating income | 12 |
| (Ref.) Net income | 9 |

### Margin funnel

Gross margin 28.7% → Operating margin 12.0% → Net margin 8.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +10.6%; Core profit growth: +12.3%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.16×
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 | 15,596 | 17,247 | 1,651 | +10.6% |
| Gross profit | 4,666 | 4,948 | 282 | +6.0% |
| Operating income | 1,848 | 2,076 | 228 | +12.3% |
| Operating cash flow | 4,264 | 313 | -3,950 | -92.6% |
| Free cash flow | 2,592 | -816 | -3,408 | -131.5% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Jun 2020 | 10,921 | 1,036 | 9.5% | 762 | 1,547 | 786 | S100NLUW |
| FY ending Jun 2021 | 11,188 | 1,131 | 10.1% | 841 | 1,700 | 961 | S100P70C |
| FY ending Jun 2022 | 11,493 | 1,520 | 13.2% | 1,056 | 1,486 | -52 | S100RVC1 |
| FY ending Jun 2023 | 13,375 | 1,557 | 11.6% | 1,165 | 3,122 | 1,129 | S100UF53 |
| FY ending Jun 2024 | 14,518 | 2,031 | 14.0% | 1,421 | 3,815 | 1,207 | S100WP1M |
| FY ending Jun 2025 | 15,596 | 1,848 | 11.9% | 1,350 | 4,264 | 2,592 | S100Z2KC |
| FY ending Jun 2026 | 17,247 | 2,076 | 12.0% | 1,487 | 313 | -816 | S100Z2KC |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥32.3M |
| Operating income per employee (consolidated) | ¥3.9M |
| Net income per employee (consolidated) | ¥2.8M |

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) | 449 | 476 | 492 | 519 | 534 |
| Average salary (parent company) | ¥7.5M | ¥7.6M | ¥7.3M | ¥7.2M | ¥7.4M |
| Average age (parent company) | 39.6 years | 39.6 years | 39.3 years | 39.2 years | 38.9 years |
| Average tenure (parent company) | 11.1 years | 11.1 years | 10.8 years | 10.5 years | 10.6 years |

Year over year: Employees (consolidated) +2.9% · Revenue (consolidated) +10.6%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 313 | 1.8% | S100Z2KC |
| Capital expenditure | 1,129 | 6.5% | S100Z2KC |
| Free cash flow | -816 | -4.7% | 算出 |
| Investing cash flow | -1,730 | -10.0% | S100Z2KC |
| Financing cash flow | -975 | -5.7% | S100Z2KC |
| Dividends paid | 972 | 5.6% | S100Z2KC |
| Share buyback | 0 | 0.0% | S100Z2KC |
| Change in cash | -2,388 | -13.8% | S100Z2KC |
| Cash and equivalents | 4,035 | 23.4% | S100Z2KC |

## 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 | 3,933 | 4,695 | 4,814 | 6,423 | 4,035 | S100UF53, S100WP1M, S100Z2KC |
| Total assets | 12,741 | 13,684 | 16,848 | 18,691 | 17,333 | S100RVC1, S100UF53, S100WP1M, S100Z2KC |
| Net assets | 8,039 | 8,800 | 9,223 | 9,475 | 10,066 | S100UF53, S100WP1M, S100Z2KC |
| Share capital | 844 | 844 | 844 | 844 | 844 | S100RVC1, S100UF53, S100WP1M, S100Z2KC |
| Property, plant and equipment | 706 | 1,026 | 1,298 | 1,336 | 1,447 | S100RVC1, S100UF53, S100WP1M, S100Z2KC |
| Intangible assets excluding goodwill | 2,050 | 2,739 | 3,996 | 4,154 | 3,453 | S100RVC1, S100UF53, S100WP1M, S100Z2KC |
| Investment securities | 916 | 1,180 | 1,314 | 1,260 | 1,362 | S100RVC1, S100UF53, S100WP1M, S100Z2KC |
| Current assets | 8,274 | 7,863 | 9,280 | 10,461 | 9,881 | S100RVC1, S100UF53, S100WP1M, S100Z2KC |
| Current liabilities | 4,036 | 4,166 | 6,807 | 8,418 | 6,437 | S100RVC1, S100UF53, S100WP1M, S100Z2KC |
| Total liabilities | 4,702 | 4,884 | 7,625 | 9,215 | 7,268 | S100RVC1, S100UF53, S100WP1M, S100Z2KC |
| Equity attributable to owners of parent | 7,590 | 8,308 | 8,710 | 9,008 | 9,525 | S100RVC1, S100UF53, S100WP1M, S100Z2KC |
| Retained earnings | 6,200 | 6,918 | 7,419 | 7,718 | 8,233 | S100RVC1, S100UF53, S100WP1M, S100Z2KC |
| Treasury stock | -27 | -27 | -127 | -127 | -124 | S100RVC1, S100UF53, S100WP1M, S100Z2KC |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 23% | S100Z2KC |
| Property, plant and equipment | 8% | S100Z2KC |
| Intangibles and goodwill | 20% | S100Z2KC |
| Investment securities | 8% | S100Z2KC |
| Other assets | 41% | S100Z2KC |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 42% | S100Z2KC |
| Equity | 58% | S100Z2KC |
| Other liabilities | 0% | S100Z2KC |

### 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 | 12,741 | 13,684 | 16,848 | 18,691 | 17,333 |
| Equity | 8,039 | 8,800 | 9,223 | 9,475 | 10,066 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 3,933 | 4,695 | 4,814 | 6,423 | 4,035 |

## 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) | 8.4% | S100Z2KC |
| Fixed assets ÷ total assets | 8.3% | S100Z2KC |
| Goodwill ÷ parent equity | — | —, S100Z2KC |

### 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) | 23.3% |
| Cash ÷ revenue | 23.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 15.1% |
| Cash vs. profit gap | -1,174 JPY mn (of net income -78.9%) |
| Shareholder returns / net income | 65.4% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 65.4% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 6.5% |
| Investing CF relative to operating CF | 552.0% |

## 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 | 9.2% | 0.90× | 8.3% | 1.68× | 13.9% | S100RVC1 |
| 2023 | 8.7% | 1.01× | 8.8% | 1.66× | 14.7% | S100UF53 |
| 2024 | 9.8% | 0.95× | 9.3% | 1.79× | 16.7% | S100WP1M |
| 2025 | 8.7% | 0.88× | 7.6% | 2.01× | 15.2% | S100Z2KC |
| 2026 | 8.6% | 0.96× | 8.3% | 1.94× | 16.0% | S100Z2KC |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 大日本印刷㈱ | Major shareholder | 50.7% | 2026-06-30 |
| 安 達 一 彦 | Major shareholder | 8.6% | 2026-06-30 |
| インテリジェントウェイブ従業員持株会 | Major shareholder | 2.0% | 2026-06-30 |
| 伊 集 院 敏 | Major shareholder | 1.6% | 2026-06-30 |
| 溝 田 久 子 | Major shareholder | 1.2% | 2026-06-30 |
| ㈱日本カストディ銀行(信託口) | Major shareholder | 1.2% | 2026-06-30 |
| 楽天証券㈱共有口 | Major shareholder | 1.0% | 2026-06-30 |
| 野村證券㈱ | Major shareholder | 0.9% | 2026-06-30 |
| 西 野 秀 樹 | Major shareholder | 0.8% | 2026-06-30 |
| ㈱三菱ＵＦＪ銀行 | Major shareholder | 0.8% | 2026-06-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第43期(2025/07/01－2026/06/30) | S100Z2KC | 2026-09-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Z2KC,, |
| 有価証券報告書－第42期(2024/07/01－2025/06/30) | S100WP1M | 2025-09-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WP1M,, |
| 有価証券報告書－第41期(2023/07/01－2024/06/30) | S100UF53 | 2024-09-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UF53,, |
| 有価証券報告書－第40期(2022/07/01－2023/06/30) | S100RVC1 | 2023-09-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RVC1,, |
| 有価証券報告書－第39期(令和3年7月1日－令和4年6月30日) | S100P70C | 2022-09-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100P70C,, |
| 訂正有価証券報告書－第38期(令和2年7月1日－令和3年6月30日) | S100NLUW | 2022-03-03 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NLUW,, |

## 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).