# IPS, Inc.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第35期(2025/04/01－2026/03/31) (S100YBB2)
> Page: https://vizora.meequs.com/en/company/ips
> Retrieved: 2026-09-30T20:56:34.507Z

## Company

IPS, founded in 1991, is a company in Broadband & ISPs listed on TSE Prime. It has 766 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | IPS, Inc. |
| Ticker | 4390 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4390.T) |
| Listing | TSE Prime |
| Head office | 東京都中央区築地四丁目1番1号 |
| Representative (per filing) | 代表取締役 宮下 幸治 |
| Founded | Oct 1991 |
| Share capital | ¥1.31B |
| Employees (consolidated) | 766 |
| Average salary (parent only) | ¥10M |
| Fiscal year end | March |
| Website | www.ipsism.co.jp (https://www.ipsism.co.jp/) |
| Corporate number | 5010001072421 |
| EDINET | E33623 |
| Industries (Vizora) | Broadband & ISPs, Cloud & Data Centers, Hospitals & Medical Services |

> Profile source: annual securities report (S100YBB2, filed 2026-06-12). As of filing

## Five-axis industry profile

Primary industry: Broadband & ISPs (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 64.3 | 7 |
| Profitability | 94.4 | 9 |
| Cash conversion | 38.9 | 9 |
| Efficiency | 5.6 | 9 |

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 76% of IPS's sales come from Global Telecommunications Business, with Domestic Telecommunications Business and Medical Healthcare Business making up much of the rest.
- Out of every ¥100 of sales, about ¥32 is left as operating profit.
- Revenue changed +11.4% from the prior year, operating profit +21.7%.

## Company structure

- Segment revenue mix: Global Telecommunications Business 76.1%、Domestic Telecommunications Business 14.1%、Medical Healthcare Business 9.7%
- Revenue → net income: ¥16999000000 → ¥5070000000
- Net income → operating cash flow: ¥5070000000 → ¥4585000000（difference ¥-485000000）
- Main uses of operating cash flow: CapEx ¥7077000000 / dividends ¥519000000 / buybacks —
- Change in cash: ¥-384000000
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 | ¥17B |  |
| Operating income | ¥5.37B | Margin 31.6% |
| Net income | ¥4.2B | Margin 24.7% |
| Free cash flow | -¥2.49B |  |
| Largest business | Global Telecommunications Business | of segment revenue 76.1% |
| Employees (consolidated) | 766 |  |
| EPS | ¥182.47 |  |
| Diluted EPS | ¥178.62 |  |
| Book value per share | ¥697.28 |  |
| Equity ratio | 37.0% |  |
| Shares outstanding | 13,082,400 |  |
| Treasury shares | 400 |  |
| Shareholders | 3,037 |  |
| Average salary (parent only) | ¥10M | Filing company only |
| Cash ratio | 6.9% | Cash ÷ revenue 20.8% |
| Vs. industry median margin | +20.9 pp | Broadband & ISPs |
| ROE | 28.1% | Derived from disclosed figures |
| ROA | 9.0% | Derived from disclosed figures |

## Notable figures

- FY2026, parent-company salary changed +100% over five years
- FY2026, one segment accounts for 91% of positive segment profit
- FY2026, operating income keeps 32 per ¥100 of revenue

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥9515000000 | ¥16999000000 | +78.7% |
| Operating income | ¥1921000000 | ¥5370000000 | +179.5% |
| Operating margin | 20.2% | 31.6% | +11.4 pp |
| Employees | 382 people | 766 people | +100.5% |
| Cash and equivalents | ¥3589000000 | ¥3534000000 | -1.5% |

### Change in segment revenue mix

Span: FY ending Mar 2021 → FY ending Mar 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 海外通信事業 → 事業再編・廃止 | 44.8% |
| フィリピン国内通信事業 → 事業再編・廃止 | 8.8% |
| 国内通信事業 → 事業再編・廃止 | 39.1% |
| 在留フィリピン人関連事業 → 事業再編・廃止 | 0.8% |
| 医療・美容事業 → 事業再編・廃止 | 6.5% |
| 新設・再編 → 国際通信事業 | 76.1% |
| 新設・再編 → 国内通信事業 | 14.1% |
| 新設・再編 → メディカル＆ヘルスケア事業 | 9.7% |

Segment revenue source references: 8 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Global Telecommunications Business | 3 years | +26.6% | ¥12943000000 | 37.9% | 2 |
| Domestic Telecommunications Business | 4 years | -11.9% | ¥2405000000 | 16.5% | 2 |
| Medical Healthcare Business | 4 years | +7.3% | ¥1650000000 | 4.8% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 16,999 | 100.0% | S100YBB2 |
| Cost of revenue | 7,127 | 41.9% | S100YBB2 |
| Gross profit | 9,872 | 58.1% | S100YBB2 |
| SG&A | 4,502 | 26.5% | S100YBB2 |
| Operating income | 5,370 | 31.6% | S100YBB2 |
| Ordinary income | 5,787 | 34.0% | S100YBB2 |
| Pretax income | 5,803 | 34.1% | S100YBB2 |
| Income tax | 732 | 4.3% | S100YBB2 |
| Net income | 5,070 | 29.8% | S100YBB2 |
| Net income attributable to owners | 4,196 | 24.7% | S100YBB2 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 42 |
| SG&A | 26 |
| Operating income | 32 |
| (Ref.) Net income | 25 |

### Margin funnel

Gross margin 58.1% → Operating margin 31.6% → Net margin 24.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +11.4%; Core profit growth: +21.7%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.91×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Mar 2025 → FY ending Mar 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 15,264 | 16,999 | 1,735 | +11.4% |
| Gross profit | 8,275 | 9,872 | 1,597 | +19.3% |
| Operating income | 4,413 | 5,370 | 957 | +21.7% |
| Net income attributable to owners | 2,544 | 4,196 | 1,652 | +64.9% |
| Operating cash flow | 704 | 4,585 | 3,881 | +551.3% |
| Free cash flow | -1,790 | -2,492 | -702 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 6,509 | 1,070 | 16.4% | 645 | 1,038 | -1 | S100LSS2 |
| FY ending Mar 2021 | 9,515 | 1,921 | 20.2% | 1,487 | 1,636 | -176 | S100OKRM |
| FY ending Mar 2022 | 10,728 | 2,456 | 22.9% | 1,888 | 3,580 | 1,048 | S100R7UR |
| FY ending Mar 2023 | 12,346 | 3,311 | 26.8% | 2,292 | 2,636 | -2,695 | S100TW7K |
| FY ending Mar 2024 | 14,117 | 3,894 | 27.6% | 2,835 | -574 | -5,198 | S100WBU3 |
| FY ending Mar 2025 | 15,264 | 4,413 | 28.9% | 2,544 | 704 | -1,790 | S100YBB2 |
| FY ending Mar 2026 | 16,999 | 5,370 | 31.6% | 4,196 | 4,585 | -2,492 | S100YBB2 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥22.2M |
| Operating income per employee (consolidated) | ¥7M |
| Net income per employee (consolidated) | ¥5.5M |

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

| History | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 356 | 477 | 557 | 822 | 766 |
| Average salary (parent company) | ¥5M | ¥6M | ¥9M | ¥9M | ¥10M |
| Average age (parent company) | 39.6 years | 39.5 years | 40.3 years | 42.3 years | 42.4 years |
| Average tenure (parent company) | 3.1 years | 4.4 years | 4.8 years | 5.6 years | 6.2 years |

Year over year: Employees (consolidated) -6.8% · Revenue (consolidated) +11.4%

## Segments（FY ending Mar 2026, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Global Telecommunications Business | 12,943 | 76.1% | 4,901 | 37.9% |
| Domestic Telecommunications Business | 2,405 | 14.1% | 397 | 16.5% |
| Medical Healthcare Business | 1,650 | 9.7% | 80 | 4.8% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Global Telecommunications Business | 76.1% | 91.1% | 15.0 | 37.9% |
| Domestic Telecommunications Business | 14.1% | 7.4% | -6.8 | 16.5% |
| Medical Healthcare Business | 9.7% | 1.5% | -8.2 | 4.8% |

Segment → industry: Domestic Telecommunications Business → Broadband & ISPs / Global Telecommunications Business → Broadband & ISPs / Domestic Telecommunications Business → Cloud & Data Centers / Medical Healthcare Business → Hospitals & Medical Services

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 4,585 | 27.0% | S100YBB2 |
| Capital expenditure | 7,077 | 41.6% | S100YBB2 |
| Free cash flow | -2,492 | -14.7% | 算出 |
| Investing cash flow | -7,086 | -41.7% | S100YBB2 |
| Financing cash flow | 2,035 | 12.0% | S100YBB2 |
| Dividends paid | 519 | 3.1% | S100YBB2 |
| Change in cash | -384 | -2.3% | S100YBB2 |
| Cash and equivalents | 3,534 | 20.8% | S100YBB2 |

## 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 Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 5,778 | 6,881 | 4,234 | 3,918 | 3,534 | S100TW7K, S100WBU3, S100YBB2 |
| Total assets | 18,420 | 25,129 | 33,529 | 42,031 | 50,979 | S100R7UR, S100TW7K, S100WBU3, S100YBB2 |
| Net assets | 9,136 | 11,864 | 15,183 | 20,982 | 25,636 | S100TW7K, S100WBU3, S100YBB2 |
| Share capital | 1,084 | 1,109 | 1,145 | 1,208 | 1,306 | S100R7UR, S100TW7K, S100WBU3, S100YBB2 |
| Property, plant and equipment | 3,776 | 8,171 | 11,565 | 12,882 | 18,900 | S100R7UR, S100TW7K, S100WBU3, S100YBB2 |
| Intangible assets excluding goodwill | 1,721 | 1,760 | 2,865 | 4,006 | 4,712 | S100R7UR, S100TW7K, S100WBU3, S100YBB2 |
| Goodwill | 43 | 47 | 38 | 28 | 13 | S100R7UR, S100TW7K, S100WBU3, S100YBB2 |
| Current assets | 12,023 | 14,270 | 17,864 | 23,637 | 25,963 | S100R7UR, S100TW7K, S100WBU3, S100YBB2 |
| Current liabilities | 7,865 | 12,250 | 12,532 | 16,747 | 18,887 | S100R7UR, S100TW7K, S100WBU3, S100YBB2 |
| Short-term borrowings | 1,344 | 5,726 | 2,720 | 4,250 | 4,630 | S100R7UR, S100TW7K, S100WBU3, S100YBB2 |
| Long-term borrowings | 1,203 | 760 | 5,514 | 4,010 | 6,086 | S100R7UR, S100TW7K, S100WBU3, S100YBB2 |
| Total liabilities | 9,283 | 13,265 | 18,346 | 21,048 | 25,343 | S100R7UR, S100TW7K, S100WBU3, S100YBB2 |
| Non-controlling interests | 1,635 | 2,245 | 3,617 | 5,452 | 6,512 | S100R7UR, S100TW7K, S100WBU3, S100YBB2 |
| Equity attributable to owners of parent | 7,131 | 8,905 | 11,090 | 12,976 | 16,849 | S100R7UR, S100TW7K, S100WBU3, S100YBB2 |
| Retained earnings | 5,026 | 6,791 | 9,191 | 11,227 | 14,904 | S100R7UR, S100TW7K, S100WBU3, S100YBB2 |
| Treasury stock | 0 | 0 | 0 | 0 | 0 | S100R7UR, S100TW7K, S100WBU3, S100YBB2 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 7% | S100YBB2 |
| Property, plant and equipment | 37% | S100YBB2 |
| Intangibles and goodwill | 9% | S100YBB2 |
| Other assets | 47% | S100YBB2 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 50% | S100YBB2 |
| Equity | 50% | S100YBB2 |

### Balance sheet history

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 18,420 | 25,129 | 33,529 | 42,031 | 50,979 |
| Equity | 9,136 | 11,864 | 15,183 | 20,982 | 25,636 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 5,778 | 6,881 | 4,234 | 3,918 | 3,534 |

## 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) | 111.2% | S100YBB2 |
| Fixed assets ÷ total assets | 37.1% | S100YBB2 |
| Goodwill ÷ parent equity | 0.1% | S100YBB2 |

Goodwill over 4 years: 43 → 13 JPY; total investing cash flow: -22,527 JPY. This does not imply causation.

### 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) | 6.9% |
| Cash ÷ revenue | 20.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 85.4% |
| Cash vs. profit gap | 389 JPY mn (of net income 9.3%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 12.4% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 41.6% |
| Investing CF relative to operating CF | 154.5% |

## 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 | 17.6% | 0.58× | 10.2% | 2.58× | 26.5% | S100R7UR |
| 2023 | 18.6% | 0.57× | 10.5% | 2.72× | 28.6% | S100TW7K |
| 2024 | 20.1% | 0.48× | 9.7% | 2.93× | 28.4% | S100WBU3 |
| 2025 | 16.7% | 0.40× | 6.7% | 3.14× | 21.1% | S100YBB2 |
| 2026 | 24.7% | 0.37× | 9.0% | 3.12× | 28.1% | S100YBB2 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 宮下 幸治 | Major shareholder | 40.9% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 8.5% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 4.3% | 2026-03-31 |
| 丸本 桂三 | Major shareholder | 2.9% | 2026-03-31 |
| 丸谷 和徳 | Major shareholder | 2.3% | 2026-03-31 |
| 佐々木 嶺一 | Major shareholder | 2.1% | 2026-03-31 |
| 日本テクノロジーベンチャーパートナーズi－Ｓ２号投資事業有限責任組合 無限責任組合員 村口 和孝 | Major shareholder | 1.7% | 2026-03-31 |
| 光通信KK投資事業有限責任組合 | Major shareholder | 1.7% | 2026-03-31 |
| 株式会社ストレッチ | Major shareholder | 1.6% | 2026-03-31 |
| 三井住友信託銀行株式会社（信託口 甲12号） | Major shareholder | 1.5% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第35期(2025/04/01－2026/03/31) | S100YBB2 | 2026-06-12 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YBB2,, |
| 訂正有価証券報告書－第34期(2024/04/01－2025/03/31) | S100WBU3 | 2025-07-08 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WBU3,, |
| 有価証券報告書－第33期(2023/04/01－2024/03/31) | S100TW7K | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TW7K,, |
| 有価証券報告書－第32期(2022/04/01－2023/03/31) | S100R7UR | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R7UR,, |
| 有価証券報告書－第31期(令和3年4月1日－令和4年3月31日) | S100OKRM | 2022-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OKRM,, |
| 有価証券報告書－第30期(令和2年4月1日－令和3年3月31日) | S100LSS2 | 2021-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LSS2,, |

## 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).