# INTLOOP: business model and financials

> Latest period: FY ending Jul 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第21期(2024/08/01－2025/07/31) (S100WX3D)
> Page: https://vizora.meequs.com/en/company/intloop
> Retrieved: 2026-09-30T20:55:05.896Z

## Company

Intloop, founded in 2005, is a company in Consulting listed on TSE Growth. It has 1,374 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | INTLOOP Inc. |
| Ticker | 9556 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9556.T) |
| Listing | TSE Growth |
| Head office | 東京都港区赤坂二丁目4番6号 |
| Representative (per filing) | 代表取締役 林 博文 |
| Founded | Feb 2005 |
| Share capital | ¥60.6M |
| Employees (consolidated) | 1,374 |
| Average salary (parent only) | ¥6.1M |
| Fiscal year end | July |
| Website | www.intloop.com (https://www.intloop.com/) |
| Corporate number | 6010401064612 |
| EDINET | E37779 |
| Industries (Vizora) | Consulting |

> Profile source: annual securities report (S100WX3D, filed 2025-10-27). As of filing

## Five-axis industry profile

Primary industry: Consulting (2025-07-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 23.9 | 44 |
| Cash conversion | 44.3 | 44 |
| Efficiency | 96.6 | 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)

- Intloop brought in ¥33.6B in revenue.
- Out of every ¥100 of sales, about ¥6 is left as operating profit.
- Revenue changed +23.9% from the prior year, operating profit +45.1%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥33551838000 → ¥1517864000
- Net income → operating cash flow: ¥1517864000 → ¥1739731000（difference ¥221867000）
- Main uses of operating cash flow: CapEx ¥860770000 / dividends — / buybacks —
- Change in cash: ¥-1637292000
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 | ¥33.6B |  |
| Operating income | ¥2.19B | Margin 6.5% |
| Net income | ¥1.37B | Margin 4.1% |
| Free cash flow | ¥879M |  |
| Employees (consolidated) | 1,374 |  |
| EPS | ¥129.74 |  |
| Diluted EPS | ¥128.49 |  |
| Book value per share | ¥640.84 |  |
| Equity ratio | 45.2% |  |
| Shares outstanding | 4,681,970 |  |
| Shareholders | 1,061 |  |
| Average salary (parent only) | ¥6.1M | Filing company only |
| Cash ratio | 29.9% | Cash ÷ revenue 12.1% |
| Vs. industry median margin | -3 pp | Consulting |
| ROE | 25.0% | Derived from disclosed figures |
| ROA | 10.6% | Derived from disclosed figures |

## Notable figures

- FY2025, cash is 30% of total assets

## What changed in 4 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Jul 2021 | FY ending Jul 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥9249348000 | ¥33551838000 | — |
| Operating income | ¥401372000 | ¥2186452000 | — |
| Operating margin | 4.3% | 6.5% | +2.2 pp |
| Employees | 193 people | 1,374 people | — |
| Cash and equivalents | ¥1493275000 | ¥4071681000 | — |

### Change in segment revenue mix

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

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 33,552 | 100.0% | S100WX3D |
| Cost of revenue | 24,368 | 72.6% | S100WX3D |
| Gross profit | 9,184 | 27.4% | S100WX3D |
| SG&A | 6,998 | 20.9% | S100WX3D |
| Operating income | 2,186 | 6.5% | S100WX3D |
| Ordinary income | 2,217 | 6.6% | S100WX3D |
| Pretax income | 2,187 | 6.5% | S100WX3D |
| Income tax | 669 | 2.0% | S100WX3D |
| Net income | 1,518 | 4.5% | S100WX3D |
| Net income attributable to owners | 1,368 | 4.1% | S100WX3D |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 73 |
| SG&A | 21 |
| Operating income | 6 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 27.4% → Operating margin 6.5% → Net margin 4.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +23.9%; Core profit growth: +45.1%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.89×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 27,078 | 33,552 | 6,474 | +23.9% |
| Gross profit | 6,661 | 9,184 | 2,523 | +37.9% |
| Operating income | 1,507 | 2,186 | 680 | +45.1% |
| Net income attributable to owners | 902 | 1,368 | 466 | +51.6% |
| Operating cash flow | 1,228 | 1,740 | 512 | +41.7% |
| Free cash flow | 1,009 | 879 | -130 | -12.9% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Jul 2021 | 9,249 | 401 | 4.3% | 342 | 551 | 543 | S100PDDT |
| FY ending Jul 2022 | 13,121 | 793 | 6.0% | 517 | 668 | 660 | S100S3I8 |
| FY ending Jul 2023 | 17,823 | 1,106 | 6.2% | 795 | 297 | 293 | S100S3I8 |
| FY ending Jul 2024 | 27,078 | 1,507 | 5.6% | 902 | 1,228 | 1,009 | S100WX3D |
| FY ending Jul 2025 | 33,552 | 2,186 | 6.5% | 1,368 | 1,740 | 879 | S100WX3D |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥24.4M |
| Operating income per employee (consolidated) | ¥1.6M |
| Net income per employee (consolidated) | ¥995.4K |

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

| History | FY ending Jul 2021 | FY ending Jul 2022 | FY ending Jul 2023 | FY ending Jul 2024 | FY ending Jul 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 193 | 287 | 470 | 1,159 | 1,374 |
| Average salary (parent company) | — | ¥5.3M | ¥5.3M | ¥5.8M | ¥6.1M |
| Average age (parent company) | — | 33.9 years | 34.3 years | 34.0 years | 35.5 years |
| Average tenure (parent company) | — | 3.2 years | 1.6 years | 1.8 years | 2.1 years |

Year over year: Employees (consolidated) +18.6% · Revenue (consolidated) +23.9%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 1,740 | 5.2% | S100WX3D |
| Capital expenditure | 861 | 2.6% | S100WX3D |
| Free cash flow | 879 | 2.6% | 算出 |
| Investing cash flow | -2,250 | -6.7% | S100WX3D |
| Financing cash flow | -1,127 | -3.4% | S100WX3D |
| Change in cash | -1,637 | -4.9% | S100WX3D |
| Cash and equivalents | 4,072 | 12.1% | S100WX3D |

## 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 Jul 2021 | FY ending Jul 2022 | FY ending Jul 2023 | FY ending Jul 2024 | FY ending Jul 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,493 | 3,998 | 4,026 | 5,709 | 4,072 | S100S3I8, S100WX3D |
| Total assets | 3,000 | 5,982 | 6,620 | 12,139 | 13,631 | S100PDDT, S100S3I8, S100WX3D |
| Net assets | 608 | 3,067 | 3,868 | 5,077 | 6,603 | S100S3I8, S100WX3D |
| Share capital | 50 | 1,016 | 50 | 56 | 61 | S100PDDT, S100S3I8, S100WX3D |
| Property, plant and equipment | 79 | 73 | 64 | 335 | 879 | S100PDDT, S100S3I8, S100WX3D |
| Intangible assets excluding goodwill | — | — | — | 509 | 1,182 | S100WX3D |
| Goodwill | — | — | — | 480 | 805 | S100WX3D |
| Investment securities | 127 | 124 | 231 | 620 | 1,533 | S100PDDT, S100S3I8, S100WX3D |
| Current assets | 2,675 | 5,671 | 6,214 | 9,685 | 8,996 | S100PDDT, S100S3I8, S100WX3D |
| Current liabilities | 1,842 | 2,512 | 2,469 | 5,269 | 5,373 | S100PDDT, S100S3I8, S100WX3D |
| Short-term borrowings | 115 | 215 | 200 | 1,200 | 500 | S100PDDT, S100S3I8, S100WX3D |
| Long-term borrowings | 547 | 403 | 283 | 1,268 | 947 | S100PDDT, S100S3I8, S100WX3D |
| Total liabilities | 2,392 | 2,915 | 2,752 | 7,062 | 7,028 | S100PDDT, S100S3I8, S100WX3D |
| Non-controlling interests | — | — | — | 294 | 444 | S100WX3D |
| Equity attributable to owners of parent | 608 | 3,067 | 3,870 | 4,783 | 6,161 | S100PDDT, S100S3I8, S100WX3D |
| Retained earnings | 558 | 1,085 | 1,879 | 2,781 | 4,149 | S100PDDT, S100S3I8, S100WX3D |
| Treasury stock | — | — | -0 | -0 | -0 | S100S3I8, S100WX3D |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 30% | S100WX3D |
| Property, plant and equipment | 6% | S100WX3D |
| Intangibles and goodwill | 15% | S100WX3D |
| Investment securities | 11% | S100WX3D |
| Other assets | 38% | S100WX3D |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 52% | S100WX3D |
| Equity | 48% | S100WX3D |
| Other liabilities | 0% | S100WX3D |

### Balance sheet history

| Metric | FY ending Jul 2021 | FY ending Jul 2022 | FY ending Jul 2023 | FY ending Jul 2024 | FY ending Jul 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 3,000 | 5,982 | 6,620 | 12,139 | 13,631 |
| Equity | 608 | 3,067 | 3,868 | 5,077 | 6,603 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,493 | 3,998 | 4,026 | 5,709 | 4,072 |

## 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) | 2.6% | S100WX3D |
| Fixed assets ÷ total assets | 6.4% | S100WX3D |
| Goodwill ÷ parent equity | 13.1% | S100WX3D |

### 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) | 29.9% |
| Cash ÷ revenue | 12.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 79.6% |
| Cash vs. profit gap | 372 JPY mn (of net income 27.2%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 2.6% |
| Investing CF relative to operating CF | 129.3% |

## 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 | 3.7% | 3.08× | 11.4% | 4.93× | 56.2% | S100PDDT |
| 2022 | 3.9% | 2.92× | 11.5% | 2.44× | 28.2% | S100S3I8 |
| 2023 | 4.5% | 2.83× | 12.6% | 1.82× | 22.9% | S100S3I8 |
| 2024 | 3.3% | 2.23× | 7.4% | 2.54× | 18.9% | S100WX3D |
| 2025 | 4.1% | 2.60× | 10.6% | 2.35× | 25.0% | S100WX3D |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 林 博文 | Major shareholder | 49.7% | 2025-07-31 |
| ＫＳＭ株式会社 | Major shareholder | 21.4% | 2025-07-31 |
| 日本カストディ銀行（信託口） | Major shareholder | 2.9% | 2025-07-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 2.5% | 2025-07-31 |
| MSIP CLIENT SECURITIES（常任代理人 モルガン・スタンレーＭＵＦＧ証券株式会社） | Major shareholder | 2.1% | 2025-07-31 |
| ベル投資事業有限責任組合１ | Major shareholder | 1.7% | 2025-07-31 |
| BNY GCM CLIENT ACCOUNT JPRD AC ISG (FE-AC)（常任代理人 株式会社三菱ＵＦＪ銀行） | Major shareholder | 1.1% | 2025-07-31 |
| MORGAN STANLEY & CO. LLC （常任代理人 モルガン・スタンレーＭＵＦＧ証券株式会社） | Major shareholder | 1.1% | 2025-07-31 |
| JP JPMSE LUX RE UBS AG LONDON BRANCH EQ CO （常任代理人 株式会社三菱ＵＦＪ銀行） | Major shareholder | 1.0% | 2025-07-31 |
| 伊藤忠商事株式会社 | Major shareholder | 1.0% | 2025-07-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第21期(2024/08/01－2025/07/31) | S100WX3D | 2025-10-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WX3D,, |
| 有価証券報告書－第20期(2023/08/01－2024/07/31) | S100ULWF | 2024-10-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100ULWF,, |
| 有価証券報告書－第19期(2022/08/01－2023/07/31) | S100S3I8 | 2023-10-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100S3I8,, |
| 有価証券報告書－第18期(令和3年8月1日－令和4年7月31日) | S100PDDT | 2022-10-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PDDT,, |

## 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).