# INTERTRADE CO.,Ltd.: business model and financials

> Latest period: FY ending Sep 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第27期(2024/10/01－2025/09/30) (S100XB0Y)
> Page: https://vizora.meequs.com/en/company/intertrade
> Retrieved: 2026-09-30T18:17:59.479Z

## Company

Intertrade, founded in 1999, is a company in IT Services & System Integration listed on TSE Standard. It has 91 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | INTERTRADE Co.,Ltd. |
| Ticker | 3747 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3747.T) |
| Listing | TSE Standard |
| Head office | 東京都中央区新川一丁目17番21号 |
| Representative (per filing) | 代表取締役社長 西本一也 |
| Founded | Jan 1999 |
| Share capital | ¥1.48B |
| Employees (consolidated) | 91 |
| Average salary (parent only) | ¥5.8M |
| Fiscal year end | September |
| Website | www.itrade.co.jp (https://www.itrade.co.jp/) |
| Corporate number | 3010001080186 |
| EDINET | E05424 |
| Industries (Vizora) | IT Services & System Integration, Software & SaaS, Processed Foods, Cosmetics |

> Profile source: annual securities report (S100XB0Y, filed 2025-12-17). As of filing

## Five-axis industry profile

Primary industry: IT Services & System Integration (2025-09-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 2.2 | 157 |
| Profitability | 5.4 | 196 |
| Efficiency | 42.1 | 196 |

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 80% of Intertrade's sales come from Financial Solution Service Division, with Business solution and Health care Business Division making up much of the rest.
- Operating profit was close to zero, a slight loss per ¥100 of sales.
- Revenue changed -0.7% from the prior year, operating profit -110.6%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥1.84B |  |
| Operating income | -¥8.5M | Margin -0.5% |
| Net income | -¥145.1M | Margin -7.9% |
| Free cash flow | -¥16.4M |  |
| Largest business | Financial Solution Service Division | of segment revenue 80.2% |
| Employees (consolidated) | 91 |  |
| EPS | ¥3.89 |  |
| Book value per share | ¥172.03 |  |
| Equity ratio | 72.6% |  |
| Shares outstanding | 7,444,800 |  |
| Treasury shares | 259,200 |  |
| Shareholders | 6,409 |  |
| Average salary (parent only) | ¥5.8M | Filing company only |
| Cash ratio | 48.0% | Cash ÷ revenue 38.7% |
| Vs. industry median margin | -9.4 pp | IT Services & System Integration |
| ROA | -9.3% | Derived from disclosed figures |

## Notable figures

- FY2025, one segment accounts for 100% of positive segment profit
- FY2025, cash is 48% of total assets

## What changed in 5 years

| Metric | FY ending Sep 2020 | FY ending Sep 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥2195658000 | ¥1836486000 | -16.4% |
| Operating income | ¥19348000 | ¥-8517000 | -144.0% |
| Operating margin | 0.9% | -0.5% | -1.3 pp |
| Employees | 89 people | 91 people | +2.2% |
| Cash and equivalents | ¥527223000 | ¥711547000 | +35.0% |

### Change in segment revenue mix

Span: FY ending Sep 2020 → FY ending Sep 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 金融ソリューション事業 → 金融ソリューション事業 | 73.3% |
| ビジネスソリューション事業 → ビジネスソリューション事業 | 14.1% |
| ビジネスソリューション事業 → 事業再編・廃止 | 3.8% |
| ヘルスケア事業 → ヘルスケア事業 | 5.7% |
| ヘルスケア事業 → 事業再編・廃止 | 3.1% |
| 新設・再編 → 金融ソリューション事業 | 6.9% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Financial Solution Service Division | 5 years | -1.7% | ¥1473425000 | 26.7% | 2 |
| Business solution | 5 years | -8.1% | ¥258409000 | -11.8% | 2 |
| Health care Business Division | 5 years | -11.5% | ¥104651000 | -48.8% | 2 |

## Income statement（FY ending Sep 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 1,836 | 100.0% | S100XB0Y |
| Cost of revenue | 1,289 | 70.2% | S100XB0Y |
| Gross profit | 548 | 29.8% | S100XB0Y |
| SG&A | 556 | 30.3% | S100XB0Y |
| Operating income | -9 | -0.5% | S100XB0Y |
| Ordinary income | -213 | -11.6% | S100XB0Y |
| Pretax income | -149 | -8.1% | S100XB0Y |
| Income tax | 7 | 0.4% | S100XB0Y |
| Net income | -157 | -8.5% | S100XB0Y |
| Net income attributable to owners | -145 | -7.9% | S100XB0Y |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 70 |
| SG&A | 30 |
| Operating income | 0 |
| (Ref.) Net income | -8 |

### Margin funnel

Gross margin 29.8% → Operating margin -0.5% → Net margin -7.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Turned to a loss
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 1,849 | 1,836 | -13 | -0.7% |
| Gross profit | 653 | 548 | -105 | -16.1% |
| Operating income | 80 | -9 | -89 | -110.6% |
| Net income attributable to owners | -98 | -145 | -47 | — |
| Operating cash flow | 81 | -13 | -94 | -115.5% |
| Free cash flow | 57 | -16 | -74 | -128.7% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Sep 2019 | 1,791 | -413 | -23.1% | -408 | -433 | -443 | S100KEGS |
| FY ending Sep 2020 | 2,196 | 19 | 0.9% | 51 | -308 | -310 | S100N4IB |
| FY ending Sep 2021 | 2,157 | 219 | 10.2% | 202 | 221 | 189 | S100PVAV |
| FY ending Sep 2022 | 2,056 | 241 | 11.7% | 174 | 270 | 264 | S100SILE |
| FY ending Sep 2023 | 2,011 | 200 | 9.9% | 37 | 201 | 191 | S100UZIO |
| FY ending Sep 2024 | 1,849 | 80 | 4.3% | -98 | 81 | 57 | S100XB0Y |
| FY ending Sep 2025 | 1,836 | -9 | -0.5% | -145 | -13 | -16 | S100XB0Y |

## People and productivity（FY ending Sep 2025, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥20.2M |
| Operating income per employee (consolidated) | -¥93.6K |
| Net income per employee (consolidated) | -¥1.6M |

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

| History | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 90 | 87 | 93 | 94 | 91 |
| Average salary (parent company) | — | ¥5.4M | ¥5.6M | ¥5.7M | ¥5.8M |
| Average age (parent company) | 40.0 years | 40.0 years | 40.0 years | 40.0 years | 40.0 years |
| Average tenure (parent company) | 10.0 years | 11.0 years | 10.0 years | 11.0 years | 11.0 years |

Year over year: Employees (consolidated) -3.2% · Revenue (consolidated) -0.7%

## Segments（FY ending Sep 2025, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Financial Solution Service Division | 1,473 | 80.2% | 394 | 26.7% |
| Business solution | 258 | 14.1% | -31 | -11.8% |
| Health care Business Division | 105 | 5.7% | -51 | -48.8% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Financial Solution Service Division | 80.2% | 100.0% | 19.8 | 26.7% |
| Business solution | 14.1% | — | — | -11.8% |
| Health care Business Division | 5.7% | — | — | -48.8% |

Loss-making segment (excluded from profit shares): Business solution -31 JPY mn

Loss-making segment (excluded from profit shares): Health care Business Division -51 JPY mn

Segment → industry: Financial Solution Service Division → IT Services & System Integration / Business solution → Software & SaaS / Financial Solution Service Division → Software & SaaS / Health care Business Division → Processed Foods / Health care Business Division → Cosmetics

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Sep 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -13 | -0.7% | S100XB0Y |
| Capital expenditure | 4 | 0.2% | S100XB0Y |
| Free cash flow | -16 | -0.9% | 算出 |
| Investing cash flow | -253 | -13.8% | S100XB0Y |
| Financing cash flow | -48 | -2.6% | S100XB0Y |
| Share buyback | 0 | 0.0% | S100XB0Y |
| Change in cash | -313 | -17.1% | S100XB0Y |
| Cash and equivalents | 712 | 38.7% | S100XB0Y |

## 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 Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 609 | 857 | 994 | 1,025 | 712 | S100SILE, S100UZIO, S100XB0Y |
| Total assets | 1,452 | 1,610 | 1,724 | 1,646 | 1,482 | S100PVAV, S100SILE, S100UZIO, S100XB0Y |
| Net assets | 1,115 | 1,295 | 1,331 | 1,233 | 1,076 | S100SILE, S100UZIO, S100XB0Y |
| Share capital | 1,478 | 1,478 | 1,478 | 1,478 | 1,478 | S100PVAV, S100SILE, S100UZIO, S100XB0Y |
| Trade receivables | 319 | — | — | — | — | S100N4IB |
| Property, plant and equipment | 58 | 45 | 31 | 45 | 31 | S100PVAV, S100SILE, S100UZIO, S100XB0Y |
| Intangible assets excluding goodwill | 7 | 7 | 4 | 3 | 2 | S100PVAV, S100SILE, S100UZIO, S100XB0Y |
| Investment securities | 222 | 202 | 200 | 45 | 261 | S100PVAV, S100SILE, S100UZIO, S100XB0Y |
| Current assets | 1,029 | 1,218 | 1,355 | 1,423 | 1,061 | S100PVAV, S100SILE, S100UZIO, S100XB0Y |
| Current liabilities | 312 | 296 | 311 | 272 | 303 | S100PVAV, S100SILE, S100UZIO, S100XB0Y |
| Short-term borrowings | 100 | 100 | 100 | 100 | 100 | S100PVAV, S100SILE, S100UZIO, S100XB0Y |
| Long-term borrowings | — | — | 67 | 127 | 87 | S100UZIO, S100XB0Y |
| Total liabilities | 337 | 315 | 393 | 413 | 406 | S100PVAV, S100SILE, S100UZIO, S100XB0Y |
| Non-controlling interests | 6 | 11 | 11 | 12 | — | S100PVAV, S100SILE, S100UZIO, S100XB0Y |
| Equity attributable to owners of parent | 1,109 | 1,283 | 1,319 | 1,221 | 1,076 | S100PVAV, S100SILE, S100UZIO, S100XB0Y |
| Retained earnings | -1,271 | -1,097 | -1,061 | -1,159 | -1,304 | S100PVAV, S100SILE, S100UZIO, S100XB0Y |
| Treasury stock | -95 | -95 | -95 | -95 | -95 | S100PVAV, S100SILE, S100UZIO, S100XB0Y |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 48% | S100XB0Y |
| Property, plant and equipment | 2% | S100XB0Y |
| Intangibles and goodwill | 0% | S100XB0Y |
| Investment securities | 18% | S100XB0Y |
| Other assets | 32% | S100XB0Y |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 27% | S100XB0Y |
| Equity | 73% | S100XB0Y |

### Balance sheet history

| Metric | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 1,452 | 1,610 | 1,724 | 1,646 | 1,482 |
| Equity | 1,115 | 1,295 | 1,331 | 1,233 | 1,076 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 609 | 857 | 994 | 1,025 | 712 |

## 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) | 1.7% | S100XB0Y |
| Fixed assets ÷ total assets | 2.1% | S100XB0Y |
| Goodwill ÷ parent equity | — | —, S100XB0Y |

### 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) | 48.0% |
| Cash ÷ revenue | 38.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | 132 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.2% |
| 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 | 9.3% | 1.49× | 13.9% | 1.31× | 18.2% | S100PVAV |
| 2022 | 8.4% | 1.34× | 11.3% | 1.28× | 14.5% | S100SILE |
| 2023 | 1.8% | 1.21× | 2.2% | 1.28× | 2.8% | S100UZIO |
| 2024 | — | —× | -5.8% | —× | — | S100XB0Y |
| 2025 | — | —× | -9.3% | —× | — | S100XB0Y |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 西 本 一 也 | Major shareholder | 18.7% | 2025-09-30 |
| 株式会社ジャパンインベストメントアドバイザー | Major shareholder | 10.0% | 2025-09-30 |
| 尾 﨑 孝 博 | Major shareholder | 3.2% | 2025-09-30 |
| 楽天証券株式会社 | Major shareholder | 2.0% | 2025-09-30 |
| 西 本 か な | Major shareholder | 1.8% | 2025-09-30 |
| 日本証券金融株式会社 | Major shareholder | 1.5% | 2025-09-30 |
| インタートレード従業員持株会 | Major shareholder | 1.5% | 2025-09-30 |
| 株式会社ＳＢＩ証券 | Major shareholder | 1.1% | 2025-09-30 |
| 松井証券株式会社 | Major shareholder | 1.1% | 2025-09-30 |
| 津 田 治 | Major shareholder | 1.0% | 2025-09-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第27期(2024/10/01－2025/09/30) | S100XB0Y | 2025-12-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XB0Y,, |
| 有価証券報告書－第26期(2023/10/01－2024/09/30) | S100UZIO | 2024-12-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UZIO,, |
| 有価証券報告書－第25期(2022/10/01－2023/09/30) | S100SILE | 2023-12-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SILE,, |
| 有価証券報告書－第24期(令和3年10月1日－令和4年9月30日) | S100PVAV | 2022-12-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PVAV,, |
| 有価証券報告書－第23期(令和2年10月1日－令和3年9月30日) | S100N4IB | 2021-12-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100N4IB,, |
| 有価証券報告書－第22期(令和1年10月1日－令和2年9月30日) | S100KEGS | 2020-12-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KEGS,, |

## 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).