# iRidge,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18期(2025/04/01－2026/03/31) (S100YG4N)
> Page: https://vizora.meequs.com/en/company/iridge
> Retrieved: 2026-09-30T22:01:02.448Z

## Company

iRidge, founded in 2008, is a company in IT Services & System Integration listed on TSE Growth. It has 273 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | iRidge, Inc. |
| Ticker | 3917 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3917.T) |
| Listing | TSE Growth |
| Head office | 東京都港区麻布台一丁目11番9号 |
| Representative (per filing) | 代表取締役社長 小田 健太郎 |
| Founded | Aug 2008 |
| Share capital | ¥1.38B |
| Employees (consolidated) | 273 |
| Average salary (parent only) | ¥7.5M |
| Fiscal year end | March |
| Website | iridge.jp (https://iridge.jp/) |
| Corporate number | 4011001071991 |
| EDINET | E31626 |
| Industries (Vizora) | IT Services & System Integration, Software & SaaS, Cashless Payments, Consulting |

> Profile source: annual securities report (S100YG4N, filed 2026-06-22). As of filing

## Five-axis industry profile

Primary industry: IT Services & System Integration (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 63.4 | 157 |
| Profitability | 9.4 | 196 |
| Cash conversion | 99.2 | 185 |
| Efficiency | 45.2 | 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 75% of iRidge's sales come from Application Business, with Consulting and Fintech making up much of the rest.
- Out of every ¥100 of sales, about ¥2 is left as operating profit.
- Revenue changed +5.6% from the prior year, operating profit -48.3%.

## Company structure

- Segment revenue mix: Application Business 74.8%、Consulting 23.9%、Fintech 1.3%
- Revenue → net income: ¥7084115000 → ¥634469000
- Net income → operating cash flow: ¥634469000 → ¥859061000（difference ¥224592000）
- Main uses of operating cash flow: CapEx ¥637706000 / dividends — / buybacks —
- Change in cash: ¥148545000
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 | ¥7.08B |  |
| Operating income | ¥113.2M | Margin 1.6% |
| Net income | ¥637.5M | Margin 9.0% |
| Free cash flow | ¥221.4M |  |
| Largest business | Application Business | of segment revenue 74.8% |
| Employees (consolidated) | 273 |  |
| EPS | ¥116.72 |  |
| Diluted EPS | ¥116.04 |  |
| Book value per share | ¥377.95 |  |
| Equity ratio | 53.2% |  |
| Shares outstanding | 7,829,354 |  |
| Treasury shares | 100 |  |
| Shareholders | 6,624 |  |
| Average salary (parent only) | ¥7.5M | Filing company only |
| Cash ratio | 51.0% | Cash ÷ revenue 40.8% |
| Vs. industry median margin | -7.3 pp | IT Services & System Integration |
| ROE | 23.2% | Derived from disclosed figures |
| ROA | 11.0% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 90% of positive segment profit
- FY2026, cash is 51% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥4363138000 | ¥7084115000 | +62.4% |
| Operating income | ¥113054000 | ¥113195000 | +0.1% |
| Operating margin | 2.6% | 1.6% | -1 pp |
| Employees | 177 people | 273 people | +54.2% |
| Cash and equivalents | ¥1440086000 | ¥2887474000 | +100.5% |

### 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 |
| --- | ---: |
| 新設・再編 → アプリビジネス事業 | 74.8% |
| 新設・再編 → ビジネスプロデュース事業 | 23.9% |
| 新設・再編 → フィンテック事業 | 1.3% |

Segment revenue source references: 3 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Application Business | 2 years | +21.2% | ¥5296264000 | 19.6% | 2 |
| Consulting | 2 years | +6.1% | ¥1696003000 | 6.5% | 2 |
| Fintech | 4 years | -20.4% | ¥91847000 | -30.1% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 7,084 | 100.0% | S100YG4N |
| Cost of revenue | 4,875 | 68.8% | S100YG4N |
| Gross profit | 2,209 | 31.2% | S100YG4N |
| SG&A | 2,096 | 29.6% | S100YG4N |
| Operating income | 113 | 1.6% | S100YG4N |
| Ordinary income | 136 | 1.9% | S100YG4N |
| Pretax income | 764 | 10.8% | S100YG4N |
| Income tax | 130 | 1.8% | S100YG4N |
| Net income | 634 | 9.0% | S100YG4N |
| Net income attributable to owners | 638 | 9.0% | S100YG4N |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 69 |
| SG&A | 29 |
| Operating income | 2 |
| (Ref.) Net income | 9 |

### Margin funnel

Gross margin 31.2% → Operating margin 1.6% → Net margin 9.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +5.6%; Core profit growth: -48.3%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -8.63×
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 | 6,708 | 7,084 | 376 | +5.6% |
| Gross profit | 2,150 | 2,209 | 60 | +2.8% |
| Operating income | 219 | 113 | -106 | -48.3% |
| Net income attributable to owners | 14 | 638 | 624 | +4486.3% |
| Operating cash flow | 54 | 859 | 805 | +1493.5% |
| Free cash flow | -448 | 221 | 670 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 5,337 | 115 | 2.2% | -82 | 299 | 83 | S100LVCC |
| FY ending Mar 2021 | 4,363 | 113 | 2.6% | 13 | 509 | 334 | S100OIL0 |
| FY ending Mar 2022 | 5,424 | 342 | 6.3% | 255 | 198 | 44 | S100R531 |
| FY ending Mar 2023 | 5,419 | 379 | 7.0% | 175 | 364 | -39 | S100TTI8 |
| FY ending Mar 2024 | 5,712 | -92 | -1.6% | -1,156 | 1,301 | 879 | S100W30V |
| FY ending Mar 2025 | 6,708 | 219 | 3.3% | 14 | 54 | -448 | S100YG4N |
| FY ending Mar 2026 | 7,084 | 113 | 1.6% | 638 | 859 | 221 | S100YG4N |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥25.9M |
| Operating income per employee (consolidated) | ¥414.6K |
| Net income per employee (consolidated) | ¥2.3M |

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) | 228 | 245 | 256 | 249 | 273 |
| Average salary (parent company) | ¥6.6M | ¥6.9M | ¥6.5M | ¥6.9M | ¥7.5M |
| Average age (parent company) | 38.1 years | 39.2 years | 39.8 years | 40.9 years | 41.3 years |
| Average tenure (parent company) | 2.6 years | 3.2 years | 3.7 years | 4.1 years | 4.0 years |

Year over year: Employees (consolidated) +9.6% · Revenue (consolidated) +5.6%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Application Business | 5,296 | 74.8% | 1,040 | 19.6% |
| Consulting | 1,696 | 23.9% | 111 | 6.5% |
| Fintech | 92 | 1.3% | -28 | -30.1% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Application Business | 74.8% | 90.4% | 15.6 | 19.6% |
| Consulting | 23.9% | 9.6% | -14.3 | 6.5% |
| Fintech | 1.3% | — | — | -30.1% |

Loss-making segment (excluded from profit shares): Fintech -28 JPY mn

Segment → industry: Application Business → IT Services & System Integration / Application Business → Software & SaaS / Fintech → Cashless Payments / Consulting → Consulting

## 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 | 859 | 12.1% | S100YG4N |
| Capital expenditure | 638 | 9.0% | S100YG4N |
| Free cash flow | 221 | 3.1% | 算出 |
| Investing cash flow | -444 | -6.3% | S100YG4N |
| Financing cash flow | -267 | -3.8% | S100YG4N |
| Change in cash | 149 | 2.1% | S100YG4N |
| Cash and equivalents | 2,887 | 40.8% | S100YG4N |

## 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 | 1,434 | 1,854 | 2,872 | 2,739 | 2,887 | S100TTI8, S100W30V, S100YG4N |
| Total assets | 4,525 | 5,639 | 5,502 | 5,961 | 5,662 | S100R531, S100TTI8, S100W30V, S100YG4N |
| Net assets | 3,304 | 3,328 | 2,225 | 2,573 | 3,035 | S100TTI8, S100W30V, S100YG4N |
| Share capital | 1,176 | 1,189 | 1,208 | 1,370 | 1,378 | S100R531, S100TTI8, S100W30V, S100YG4N |
| Trade receivables | 1,172 | 1,373 | 1,133 | 1,504 | — | S100R531, S100TTI8, S100W30V |
| Property, plant and equipment | 39 | 34 | 58 | 36 | 18 | S100R531, S100TTI8, S100W30V, S100YG4N |
| Intangible assets excluding goodwill | 692 | 1,125 | 859 | 958 | 784 | S100R531, S100TTI8, S100W30V, S100YG4N |
| Goodwill | 422 | 515 | 133 | — | — | S100R531, S100TTI8, S100W30V |
| Investment securities | 438 | 532 | 20 | 98 | 105 | S100R531, S100TTI8, S100W30V, S100YG4N |
| Current assets | 2,809 | 3,490 | 4,257 | 4,555 | 4,540 | S100R531, S100TTI8, S100W30V, S100YG4N |
| Current liabilities | 935 | 1,746 | 2,559 | 2,601 | 2,098 | S100R531, S100TTI8, S100W30V, S100YG4N |
| Short-term borrowings | — | 500 | 500 | 500 | 500 | S100TTI8, S100W30V, S100YG4N |
| Long-term borrowings | 250 | 525 | 675 | 748 | 488 | S100R531, S100TTI8, S100W30V, S100YG4N |
| Total liabilities | 1,220 | 2,311 | 3,277 | 3,388 | 2,628 | S100R531, S100TTI8, S100W30V, S100YG4N |
| Non-controlling interests | 256 | 52 | 67 | 75 | — | S100R531, S100TTI8, S100W30V, S100YG4N |
| Equity attributable to owners of parent | 3,035 | 3,263 | 2,145 | 2,484 | 3,013 | S100R531, S100TTI8, S100W30V, S100YG4N |
| Retained earnings | 542 | 718 | -439 | -425 | 213 | S100R531, S100TTI8, S100W30V, S100YG4N |
| Treasury stock | -0 | -0 | -0 | -0 | -0 | S100R531, S100TTI8, S100W30V, S100YG4N |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 51% | S100YG4N |
| Property, plant and equipment | 0% | S100YG4N |
| Intangibles and goodwill | 14% | S100YG4N |
| Investment securities | 2% | S100YG4N |
| Other assets | 33% | S100YG4N |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 46% | S100YG4N |
| Equity | 54% | S100YG4N |
| Other liabilities | 0% | S100YG4N |

### 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 | 4,525 | 5,639 | 5,502 | 5,961 | 5,662 |
| Equity | 3,304 | 3,328 | 2,225 | 2,573 | 3,035 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,434 | 1,854 | 2,872 | 2,739 | 2,887 |

## 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) | 0.3% | S100YG4N |
| Fixed assets ÷ total assets | 0.3% | S100YG4N |
| Goodwill ÷ parent equity | — | —, S100YG4N |

### 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) | 51.0% |
| Cash ÷ revenue | 40.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 758.9% |
| Cash vs. profit gap | 222 JPY mn (of net income 34.7%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 9.0% |
| Investing CF relative to operating CF | 51.6% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 4.7% | 1.20× | 5.6% | 1.49× | 8.4% | S100R531 |
| 2023 | 3.2% | 1.07× | 3.4% | 1.61× | 5.6% | S100TTI8 |
| 2024 | — | —× | -20.8% | —× | — | S100W30V |
| 2025 | 0.2% | 1.17× | 0.2% | 2.48× | 0.6% | S100YG4N |
| 2026 | 9.0% | 1.22× | 11.0% | 2.11× | 23.2% | S100YG4N |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 小田 健太郎 | Major shareholder | 29.8% | 2026-03-31 |
| ディップ株式会社 | Major shareholder | 4.6% | 2026-03-31 |
| 五味 大輔 | Major shareholder | 3.4% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 1.9% | 2026-03-31 |
| 初雁 益夫 | Major shareholder | 1.9% | 2026-03-31 |
| 株式会社博報堂 | Major shareholder | 1.8% | 2026-03-31 |
| 株式会社SBI証券 | Major shareholder | 1.7% | 2026-03-31 |
| 株式会社NTTデータ | Major shareholder | 1.7% | 2026-03-31 |
| アイリッジ従業員持株会 | Major shareholder | 1.5% | 2026-03-31 |
| 吉永 聰志 | Major shareholder | 0.7% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第18期(2025/04/01－2026/03/31) | S100YG4N | 2026-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YG4N,, |
| 有価証券報告書－第17期(2024/04/01－2025/03/31) | S100W30V | 2025-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W30V,, |
| 有価証券報告書－第16期(2023/04/01－2024/03/31) | S100TTI8 | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TTI8,, |
| 有価証券報告書－第15期(2022/04/01－2023/03/31) | S100R531 | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R531,, |
| 有価証券報告書－第14期(令和3年4月1日－令和4年3月31日) | S100OIL0 | 2022-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OIL0,, |
| 有価証券報告書－第13期(令和2年4月1日－令和3年3月31日) | S100LVCC | 2021-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LVCC,, |

## 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).