# IPS Holdings Co.,Ltd.: business model and financials

> Latest period: FY ending Jun 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第29期(2024/07/01－2025/06/30) (S100WRPN)
> Page: https://vizora.meequs.com/en/company/ips-holdings
> Retrieved: 2026-09-30T19:01:56.033Z

## Company

IPS Holdings, founded in 1997, is a company in IT Services & System Integration listed on TSE Standard. It has 157 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | IPS HOLDINGS CO.,LTD. |
| Ticker | 4335 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4335.T) |
| Listing | TSE Standard |
| Head office | 大阪市北区大深町3番1号 グランフロント大阪 タワーB 16階 |
| Representative (per filing) | 代表取締役社長 渡邉 寛 |
| Founded | Jun 1997 |
| Share capital | ¥255.3M |
| Employees (consolidated) | 157 |
| Average salary (parent only) | ¥6.9M |
| Fiscal year end | June |
| Website | ips.ne.jp (https://ips.ne.jp/) |
| Corporate number | 3140001005782 |
| EDINET | E05255 |
| Industries (Vizora) | IT Services & System Integration |

> Profile source: annual securities report (S100WRPN, filed 2025-09-26). As of filing

## Five-axis industry profile

Primary industry: IT Services & System Integration (2025-06-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 43 | 157 |
| Profitability | 55.4 | 196 |
| Cash conversion | 90 | 185 |
| Efficiency | 57.4 | 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)

- IPS Holdings brought in ¥3.73B in revenue.
- Out of every ¥100 of sales, about ¥10 is left as operating profit.
- Revenue changed +19.3% from the prior year, operating profit +10.5%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥3732794000 → ¥271969000
- Net income → operating cash flow: ¥271969000 → ¥538811000（difference ¥266842000）
- Main uses of operating cash flow: CapEx ¥210504000 / dividends ¥79626000 / buybacks —
- Change in cash: ¥199651000
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 | ¥3.73B |  |
| Operating income | ¥363M | Margin 9.7% |
| Net income | ¥272M | Margin 7.3% |
| Free cash flow | ¥328.3M |  |
| Employees (consolidated) | 157 |  |
| EPS | ¥118.05 |  |
| Diluted EPS | ¥117.87 |  |
| Book value per share | ¥705.74 |  |
| Equity ratio | 56.5% |  |
| Shares outstanding | 2,466,000 |  |
| Treasury shares | 178,000 |  |
| Shareholders | 3,667 |  |
| Average salary (parent only) | ¥6.9M | Filing company only |
| Cash ratio | 42.1% | Cash ÷ revenue 32.9% |
| Vs. industry median margin | +0.8 pp | IT Services & System Integration |
| ROE | 17.6% | Derived from disclosed figures |
| ROA | 9.9% | Derived from disclosed figures |

## Notable figures

- FY2025, cash is 42% of total assets

## What changed in 5 years

| Metric | FY ending Jun 2020 | FY ending Jun 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥2672627000 | ¥3732794000 | +39.7% |
| Operating income | ¥50001000 | ¥363030000 | +626.0% |
| Operating margin | 1.9% | 9.7% | +7.9 pp |
| Employees | 120 people | 157 people | +30.8% |
| Cash and equivalents | ¥307386000 | ¥1226984000 | +299.2% |

### Change in segment revenue mix

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

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 3,733 | 100.0% | S100WRPN |
| Cost of revenue | 2,626 | 70.4% | S100WRPN |
| Gross profit | 1,107 | 29.6% | S100WRPN |
| SG&A | 744 | 19.9% | S100WRPN |
| Operating income | 363 | 9.7% | S100WRPN |
| Ordinary income | 358 | 9.6% | S100WRPN |
| Pretax income | 362 | 9.7% | S100WRPN |
| Income tax | 90 | 2.4% | S100WRPN |
| Net income | 272 | 7.3% | S100WRPN |
| Net income attributable to owners | 272 | 7.3% | S100WRPN |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 70 |
| SG&A | 20 |
| Operating income | 10 |
| (Ref.) Net income | 7 |

### Margin funnel

Gross margin 29.6% → Operating margin 9.7% → Net margin 7.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +19.3%; Core profit growth: +10.5%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.55×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 3,129 | 3,733 | 604 | +19.3% |
| Gross profit | 953 | 1,107 | 154 | +16.2% |
| Operating income | 328 | 363 | 35 | +10.5% |
| Net income attributable to owners | 226 | 272 | 46 | +20.1% |
| Operating cash flow | -76 | 539 | 615 | — |
| Free cash flow | -80 | 328 | 408 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Jun 2019 | 2,597 | 123 | 4.8% | 90 | -122 | -175 | S100JR57 |
| FY ending Jun 2020 | 2,673 | 50 | 1.9% | 31 | -30 | -48 | S100MI7L |
| FY ending Jun 2021 | 2,499 | 278 | 11.1% | 186 | 873 | — | S100P8ZR |
| FY ending Jun 2022 | 2,728 | 242 | 8.9% | 178 | -258 | -259 | S100RXAT |
| FY ending Jun 2023 | 2,831 | 303 | 10.7% | 213 | 493 | 491 | S100UFPF |
| FY ending Jun 2024 | 3,129 | 328 | 10.5% | 226 | -76 | -80 | S100WRPN |
| FY ending Jun 2025 | 3,733 | 363 | 9.7% | 272 | 539 | 328 | S100WRPN |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥23.8M |
| Operating income per employee (consolidated) | ¥2.3M |
| Net income per employee (consolidated) | ¥1.7M |

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

| History | FY ending Jun 2021 | FY ending Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 124 | 135 | 140 | 147 | 157 |
| Average salary (parent company) | ¥7.1M | ¥6.9M | ¥6.9M | ¥6.9M | ¥6.9M |
| Average age (parent company) | 36.0 years | 36.6 years | 37.0 years | 37.7 years | 38.6 years |
| Average tenure (parent company) | 6.4 years | 6.3 years | 6.9 years | 7.4 years | 7.7 years |

Year over year: Employees (consolidated) +6.8% · Revenue (consolidated) +19.3%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 539 | 14.4% | S100WRPN |
| Capital expenditure | 211 | 5.6% | S100WRPN |
| Free cash flow | 328 | 8.8% | 算出 |
| Investing cash flow | -251 | -6.7% | S100WRPN |
| Financing cash flow | -88 | -2.4% | S100WRPN |
| Dividends paid | 80 | 2.1% | S100WRPN |
| Change in cash | 200 | 5.3% | S100WRPN |
| Cash and equivalents | 1,227 | 32.9% | S100WRPN |

## 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 2021 | FY ending Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,167 | 795 | 1,190 | 1,027 | 1,227 | S100RXAT, S100UFPF, S100WRPN |
| Total assets | 1,909 | 1,901 | 2,276 | 2,589 | 2,913 | S100P8ZR, S100RXAT, S100UFPF, S100WRPN |
| Net assets | 1,111 | 1,181 | 1,325 | 1,484 | 1,678 | S100RXAT, S100UFPF, S100WRPN |
| Share capital | 255 | 255 | 255 | 255 | 255 | S100P8ZR, S100RXAT, S100UFPF, S100WRPN |
| Property, plant and equipment | 77 | 66 | 60 | 109 | 81 | S100P8ZR, S100RXAT, S100UFPF, S100WRPN |
| Intangible assets excluding goodwill | 11 | 6 | 3 | 2 | 141 | S100P8ZR, S100RXAT, S100UFPF, S100WRPN |
| Investment securities | 2 | 3 | 3 | 5 | 7 | S100P8ZR, S100RXAT, S100UFPF, S100WRPN |
| Current assets | 1,612 | 1,614 | 1,966 | 2,225 | 2,352 | S100P8ZR, S100RXAT, S100UFPF, S100WRPN |
| Current liabilities | 561 | 432 | 627 | 733 | 788 | S100P8ZR, S100RXAT, S100UFPF, S100WRPN |
| Total liabilities | 798 | 720 | 951 | 1,105 | 1,235 | S100P8ZR, S100RXAT, S100UFPF, S100WRPN |
| Equity attributable to owners of parent | 1,094 | 1,164 | 1,294 | 1,452 | 1,645 | S100P8ZR, S100RXAT, S100UFPF, S100WRPN |
| Retained earnings | 761 | 891 | 1,057 | 1,216 | 1,408 | S100P8ZR, S100RXAT, S100UFPF, S100WRPN |
| Treasury stock | -20 | -96 | -132 | -132 | -125 | S100P8ZR, S100RXAT, S100UFPF, S100WRPN |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 42% | S100WRPN |
| Property, plant and equipment | 3% | S100WRPN |
| Intangibles and goodwill | 5% | S100WRPN |
| Investment securities | 0% | S100WRPN |
| Other assets | 50% | S100WRPN |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 42% | S100WRPN |
| Equity | 58% | S100WRPN |
| Other liabilities | 0% | S100WRPN |

### Balance sheet history

| Metric | FY ending Jun 2021 | FY ending Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 1,909 | 1,901 | 2,276 | 2,589 | 2,913 |
| Equity | 1,111 | 1,181 | 1,325 | 1,484 | 1,678 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,167 | 795 | 1,190 | 1,027 | 1,227 |

## 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) | 2.2% | S100WRPN |
| Fixed assets ÷ total assets | 2.8% | S100WRPN |
| Goodwill ÷ parent equity | — | —, S100WRPN |

### 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) | 42.1% |
| Cash ÷ revenue | 32.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 148.4% |
| Cash vs. profit gap | 267 JPY mn (of net income 98.1%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 29.3% |
| Shareholder payments — dividends / FCF | 24.3% |
| CapEx intensity (capex ÷ revenue) | 5.6% |
| Investing CF relative to operating CF | 46.6% |

## 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 | 7.4% | 1.31× | 9.7% | 1.75× | 17.0% | S100P8ZR |
| 2022 | 6.5% | 1.43× | 9.3% | 1.69× | 15.7% | S100RXAT |
| 2023 | 7.5% | 1.36× | 10.2% | 1.70× | 17.3% | S100UFPF |
| 2024 | 7.2% | 1.29× | 9.3% | 1.77× | 16.5% | S100WRPN |
| 2025 | 7.3% | 1.36× | 9.9% | 1.78× | 17.6% | S100WRPN |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 有限会社ファウンテン | Major shareholder | 42.2% | 2025-06-30 |
| 小池 博幸 | Major shareholder | 3.0% | 2025-06-30 |
| 高田 智士 | Major shareholder | 2.6% | 2025-06-30 |
| 田中 晴美 | Major shareholder | 2.4% | 2025-06-30 |
| 山下 博 | Major shareholder | 2.1% | 2025-06-30 |
| 久下 直彦 | Major shareholder | 1.7% | 2025-06-30 |
| 長沢 光浩 | Major shareholder | 0.9% | 2025-06-30 |
| 河野 俊二 | Major shareholder | 0.9% | 2025-06-30 |
| 株式会社SBIネオトレード証券 | Major shareholder | 0.8% | 2025-06-30 |
| 北山 晋輔 | Major shareholder | 0.7% | 2025-06-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第29期(2024/07/01－2025/06/30) | S100WRPN | 2025-09-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WRPN,, |
| 有価証券報告書－第28期(2023/07/01－2024/06/30) | S100UFPF | 2024-09-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UFPF,, |
| 有価証券報告書－第27期(2022/07/01－2023/06/30) | S100RXAT | 2023-09-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RXAT,, |
| 有価証券報告書－第26期(令和3年7月1日－令和4年6月30日) | S100P8ZR | 2022-09-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100P8ZR,, |
| 有価証券報告書－第25期(令和2年7月1日－令和3年6月30日) | S100MI7L | 2021-09-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MI7L,, |
| 有価証券報告書－第24期(令和1年7月1日－令和2年6月30日) | S100JR57 | 2020-09-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100JR57,, |

## 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).