Internet Initiative JapanInternet Initiative Japan Inc.3774東証プライム情報・通信業FY ending Mar 2026, consolidated, IFRS

Internet Initiative Japan revenue and profit

Out of every ¥100 of sales, about ¥10 is left as operating profit. Revenue changed +9.0% from the prior year, operating profit +15.7%.

Five-year trend

Revenue¥345.4B
FY ending Mar 2022: ¥226.3B¥226.3BFY ending Mar 2023: ¥252.7B¥252.7BFY ending Mar 2024: ¥276.1B¥276.1BFY ending Mar 2025: ¥316.8B¥316.8BFY ending Mar 2026: ¥345.4B¥345.4BFY22FY23FY24FY25FY26
Operating income¥34.8B
FY ending Mar 2022: ¥23.5B¥23.5BFY ending Mar 2023: ¥27.2B¥27.2BFY ending Mar 2024: ¥29B¥29BFY ending Mar 2025: ¥30.1B¥30.1BFY ending Mar 2026: ¥34.8B¥34.8BFY22FY23FY24FY25FY26
Operating margin10.1%
FY ending Mar 2022: 10.4%10.4%FY ending Mar 2023: 10.8%10.8%FY ending Mar 2024: 10.5%10.5%FY ending Mar 2025: 9.5%9.5%FY ending Mar 2026: 10.1%10.1%FY22FY23FY24FY25FY26

What drives ROE

Net margin × asset turnover = ROA; ROA × financial leverage = ROE

Net margin7.0%
Asset turnover1.05×
ROA7.3%
ROA7.3%
Financial leverage2.21×
ROE16.2%

Denominators: average assets and average equity. Derived from reported values; ROE is shown only for positive profit and equity.

Net margin7.0%
2022: 6.9%6.9%2023: 7.5%7.5%2024: 7.2%7.2%2025: 6.3%6.3%2026: 7.0%7.0%2223242526
Asset turnover1.05×
2022: 0.98×0.98×2023: 1.06×1.06×2024: 1.06×1.06×2025: 1.08×1.08×2026: 1.05×1.05×2223242526
ROA7.3%
2022: 6.8%6.8%2023: 7.9%7.9%2024: 7.6%7.6%2025: 6.8%6.8%2026: 7.3%7.3%2223242526
Financial leverage2.21×
2022: 2.24×2.24×2023: 2.16×2.16×2024: 2.13×2.13×2025: 2.20×2.20×2026: 2.21×2.21×2223242526
ROE16.2%
2022: 15.1%15.1%2023: 17.0%17.0%2024: 16.3%16.3%2025: 15.0%15.0%2026: 16.2%16.2%2223242526
PeriodNet marginAsset turnoverROAFinancial leverageROE
20226.9%0.98×6.8%2.24×15.1%
20237.5%1.06×7.9%2.16×17.0%
20247.2%1.06×7.6%2.13×16.3%
20256.3%1.08×6.8%2.20×15.0%
20267.0%1.05×7.3%2.21×16.2%

Financial leverage can raise ROE; a higher value alone does not describe a company's overall condition.

Asset intensity and goodwill

Annual trends in tangible-asset ratios and goodwill balance.

PPE ÷ revenue13.1%
2021: 8.0%8.0%2022: 7.9%7.9%2023: 9.2%9.2%2024: 10.5%10.5%2025: 10.7%10.7%2026: 13.1%13.1%212223242526
PPE ÷ total assets13.0%
2021: 7.7%7.7%2022: 7.7%7.7%2023: 9.5%9.5%2024: 10.6%10.6%2025: 10.8%10.8%2026: 13.0%13.0%212223242526
Goodwill ÷ parent equity6.8%
2021: 6.8%6.8%2022: 9.2%9.2%2023: 8.3%8.3%2024: 8.2%8.2%2025: 7.3%7.3%2026: 6.8%6.8%212223242526
Goodwill balance¥10.8B
2021: ¥6.08B¥6.08B2022: ¥9.48B¥9.48B2023: ¥9.86B¥9.86B2024: ¥10.3B¥10.3B2025: ¥10.3B¥10.3B2026: ¥10.8B¥10.8B212223242526

Ratios are derived from reported values. Goodwill is shown only when separately reported; it is not inferred from combined intangible assets. Definition

Investment and working-capital efficiency

Track R&D investment and how long operating capital remains tied up before sales turn into cash.

R&D spending—
2021: ¥472M¥472M2022: ¥506M¥506M2023: ¥546M¥546M2024: ¥636M¥636M2025: ¥643M¥643M212223242526
R&D / revenue—
2021: 0.2%0.2%2022: 0.2%0.2%2023: 0.2%0.2%2024: 0.2%0.2%2025: 0.2%0.2%212223242526

R&D is shown only for years with machine-readable disclosure. Days are estimates using year-end receivables, inventory and payables divided by annual revenue or cost of sales; financial companies are excluded.

Income statement (JPY millions)

ItemFY ending Mar 2022FY ending Mar 2023FY ending Mar 2024FY ending Mar 2025FY ending Mar 2026
Revenue226,335252,708276,080316,831345,395
Cost of revenue174,707194,800212,214248,429269,228
Gross profit51,62857,90863,86668,40276,167
SG&A27,96930,89734,75438,31242,445
Operating income23,54727,22129,02930,10434,835
Pretax income24,16227,30928,93429,18435,242
Income tax8,3628,3168,9589,08010,834
Net income attributable to owners15,67218,85219,83119,93324,188
Operating margin10.4%10.8%10.5%9.5%10.1%

Balance sheet (reported items)

Year-end figures from filings. Unreported items are omitted. Interest-bearing debt excludes lease liabilities.

Assets

Cash 11%
Property, plant and equipment 13%
3%
Other assets 73%

Funding

Other liabilities 54%
Equity 46%

Each bar totals 100% of assets; other is the residual.

ItemFY ending Mar 2022FY ending Mar 2023FY ending Mar 2024FY ending Mar 2025FY ending Mar 2026
Cash and equivalents¥47.4B¥42.5B¥45.5B¥32.5B¥38.4B
Total assets¥231.8B¥246.3B¥273.7B¥312.4B¥346.9B
Net assets¥104.6B¥119.4B¥127B¥142.1B¥159.5B
Share capital¥25.6B¥25.6B¥25.6B¥25.6B¥25.7B
Property, plant and equipment¥17.8B¥23.3B¥29.1B¥33.8B¥45.1B
Goodwill¥9.48B¥9.86B¥10.3B¥10.3B¥10.8B
Current assets¥104.5B¥106.7B¥119.9B¥130.2B¥152.2B
Total liabilities¥127.2B¥126.9B¥146.7B¥170.3B¥187.5B
Equity attributable to owners of parent¥103.5B¥118.2B¥125.8B¥140.7B¥158B
Retained earnings¥37B¥51.2B¥65.6B¥79.9B¥98.2B
Treasury stock-¥1.85B-¥1.83B-¥12B-¥11.9B-¥11.8B

Sources

Show source documents (6)
  • EDINET (FSA Japan)

    有価証券報告書-第34期(2025/04/01-2026/03/31)

    ID S100YHYH2026-06-25Open
  • EDINET (FSA Japan)

    有価証券報告書-第33期(2024/04/01-2025/03/31)

    ID S100W7DL2025-06-30Open
  • EDINET (FSA Japan)

    有価証券報告書-第32期(2023/04/01-2024/03/31)

    ID S100TTHB2024-06-28Open
  • EDINET (FSA Japan)

    有価証券報告書-第31期(2022/04/01-2023/03/31)

    ID S100QZG82023-06-30Open
  • EDINET (FSA Japan)

    有価証券報告書-第30期(令和3年4月1日-令和4年3月31日)

    ID S100OFU72022-06-30Open
  • EDINET (FSA Japan)

    有価証券報告書-第29期(令和2年4月1日-令和3年3月31日)

    ID S100LUYO2021-06-30Open

Extracted from XBRL: 43 / Derived from other figures: 1

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