# IRRC Corporation: 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30期(2024/07/01－2025/06/30) (S100WS0W)
> Page: https://vizora.meequs.com/en/company/irrc
> Retrieved: 2026-09-30T18:28:23.572Z

## Company

Irrc, founded in 1995, is a company in IT Services & System Integration listed on TSE Growth. It has 643 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | IRRC Corporation |
| Ticker | 7325 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7325.T) |
| Listing | TSE Growth |
| Head office | 東京都文京区本郷二丁目27番20号 |
| Representative (per filing) | 代表取締役社長CEO 勝本 竜二 |
| Founded | Jul 1995 |
| Share capital | ¥1.35B |
| Employees (consolidated) | 643 |
| Average salary (parent only) | ¥5.4M |
| Fiscal year end | June |
| Website | www.irrc.co.jp (https://www.irrc.co.jp/) |
| Corporate number | 6010001065944 |
| EDINET | E34281 |
| Industries (Vizora) | IT Services & System Integration, Software & SaaS, Non-life Insurance |

> Profile source: annual securities report (S100WS0W, filed 2025-09-29). As of filing

## Key points (generated from figures)

- About 62% of Irrc's sales come from Insurance business, with Solution business and System business making up much of the rest.
- Out of every ¥100 of sales, about ¥8 is left as operating profit.
- Revenue changed +19.0% from the prior year, operating profit +49.7%.

## Company structure

- Segment revenue mix: Insurance business 61.8%、Solution business 23.7%、System business 14.5%
- Revenue → net income: ¥9424658000 → ¥451284000
- Net income → operating cash flow: ¥451284000 → ¥1075471000（difference ¥624187000）
- Main uses of operating cash flow: CapEx ¥380115000 / dividends ¥164103000 / buybacks ¥20290000
- Change in cash: ¥351931000
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 | ¥9.42B |  |
| Operating income | ¥741.6M | Margin 7.9% |
| Net income | ¥435.4M | Margin 4.6% |
| Free cash flow | ¥695.4M |  |
| Largest business | Insurance business | of segment revenue 61.8% |
| Employees (consolidated) | 643 |  |
| EPS | ¥43.45 |  |
| Diluted EPS | ¥52.65 |  |
| Book value per share | ¥445.42 |  |
| Equity ratio | 64.2% |  |
| Shares outstanding | 8,708,000 |  |
| Treasury shares | 530,600 |  |
| Shareholders | 3,556 |  |
| Average salary (parent only) | ¥5.4M | Filing company only |
| Cash ratio | 36.7% | Cash ÷ revenue 23.6% |
| Vs. industry median margin | -1.4 pp | Non-life Insurance |
| ROE | 11.6% | Derived from disclosed figures |
| ROA | 7.7% | Derived from disclosed figures |

## Notable figures

- FY2025, operating cash flow is 2.5× net income
- FY2025, revenue is 2.0× its level five years ago
- FY2025, segment profit share differs by 29 points

## What changed in 5 years

| Metric | FY ending Jun 2020 | FY ending Jun 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥4169349000 | ¥9424658000 | +126.0% |
| Operating income | ¥479241000 | ¥741621000 | +54.7% |
| Operating margin | 11.5% | 7.9% | -3.6 pp |
| Employees | 296 people | 643 people | +117.2% |
| Cash and equivalents | ¥2105730000 | ¥2222780000 | +5.6% |

### 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.

| Flow | Revenue share |
| --- | ---: |
| 保険販売事業 → 保険販売事業 | 61.8% |
| ソリューション事業 → ソリューション事業 | 23.7% |
| ソリューション事業 → 事業再編・廃止 | 4.5% |
| システム事業 → システム事業 | 10.0% |
| 新設・再編 → 保険販売事業 | 0.0% |
| 新設・再編 → システム事業 | 4.5% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Insurance business | 5 years | +17.7% | ¥5825871000 | 8.6% | 2 |
| Solution business | 5 years | +13.7% | ¥2230528000 | 33.3% | 2 |
| System business | 5 years | +26.8% | ¥1368258000 | 12.1% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 9,425 | 100.0% | S100WS0W |
| Cost of revenue | 2,057 | 21.8% | S100WS0W |
| Gross profit | 7,368 | 78.2% | S100WS0W |
| SG&A | 6,627 | 70.3% | S100WS0W |
| Operating income | 742 | 7.9% | S100WS0W |
| Ordinary income | 753 | 8.0% | S100WS0W |
| Pretax income | 688 | 7.3% | S100WS0W |
| Income tax | 237 | 2.5% | S100WS0W |
| Net income | 451 | 4.8% | S100WS0W |
| Net income attributable to owners | 435 | 4.6% | S100WS0W |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 22 |
| SG&A | 70 |
| Operating income | 8 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 78.2% → Operating margin 7.9% → Net margin 4.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +19.0%; Core profit growth: +49.7%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.62×
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 | 7,922 | 9,425 | 1,503 | +19.0% |
| Gross profit | 6,229 | 7,368 | 1,139 | +18.3% |
| Operating income | 495 | 742 | 246 | +49.7% |
| Net income attributable to owners | 352 | 435 | 84 | +23.8% |
| Operating cash flow | 984 | 1,075 | 92 | +9.3% |
| Free cash flow | 664 | 695 | 31 | +4.7% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Jun 2019 | 3,870 | 563 | 14.6% | 327 | 712 | 505 | S100JT30 |
| FY ending Jun 2020 | 4,169 | 479 | 11.5% | 323 | 204 | -5 | S100MJ08 |
| FY ending Jun 2021 | 4,638 | 366 | 7.9% | 233 | 434 | 124 | S100P9ZJ |
| FY ending Jun 2022 | 5,199 | 418 | 8.0% | 256 | 615 | 316 | S100RY6Q |
| FY ending Jun 2023 | 6,005 | 188 | 3.1% | 16 | 208 | -89 | S100UG95 |
| FY ending Jun 2024 | 7,922 | 495 | 6.3% | 352 | 984 | 664 | S100WS0W |
| FY ending Jun 2025 | 9,425 | 742 | 7.9% | 435 | 1,075 | 695 | S100WS0W |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥14.7M |
| Operating income per employee (consolidated) | ¥1.2M |
| Net income per employee (consolidated) | ¥677.2K |

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) | 336 | 363 | 411 | 554 | 643 |
| Average salary (parent company) | ¥4.8M | ¥4.9M | ¥5.1M | ¥5.2M | ¥5.4M |
| Average age (parent company) | 40.6 years | 40.9 years | 41.0 years | 41.0 years | 41.2 years |
| Average tenure (parent company) | 5.1 years | 5.9 years | 5.1 years | 6.0 years | 5.7 years |

Year over year: Employees (consolidated) +16.1% · Revenue (consolidated) +19.0%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Insurance business | 5,826 | 61.8% | 502 | 8.6% |
| Solution business | 2,231 | 23.7% | 743 | 33.3% |
| System business | 1,368 | 14.5% | 166 | 12.1% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Insurance business | 61.8% | 35.5% | -26.3 | 8.6% |
| Solution business | 23.7% | 52.7% | 29.0 | 33.3% |
| System business | 14.5% | 11.8% | -2.7 | 12.1% |

Segment → industry: System business → IT Services & System Integration / Solution business → Software & SaaS / Insurance business → Non-life Insurance

## 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 | 1,075 | 11.4% | S100WS0W |
| Capital expenditure | 380 | 4.0% | S100WS0W |
| Free cash flow | 695 | 7.4% | 算出 |
| Investing cash flow | -462 | -4.9% | S100WS0W |
| Financing cash flow | -262 | -2.8% | S100WS0W |
| Dividends paid | 164 | 1.7% | S100WS0W |
| Share buyback | 20 | 0.2% | S100WS0W |
| Change in cash | 352 | 3.7% | S100WS0W |
| Cash and equivalents | 2,223 | 23.6% | S100WS0W |

## 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 | 2,072 | 2,233 | 1,601 | 1,871 | 2,223 | S100RY6Q, S100UG95, S100WS0W |
| Total assets | 4,281 | 4,578 | 4,499 | 5,186 | 6,052 | S100P9ZJ, S100RY6Q, S100UG95, S100WS0W |
| Net assets | 3,631 | 3,801 | 3,614 | 3,678 | 3,945 | S100RY6Q, S100UG95, S100WS0W |
| Share capital | 1,319 | 1,325 | 1,355 | 1,355 | 1,355 | S100P9ZJ, S100RY6Q, S100UG95, S100WS0W |
| Property, plant and equipment | 292 | 251 | 220 | 225 | 320 | S100P9ZJ, S100RY6Q, S100UG95, S100WS0W |
| Intangible assets excluding goodwill | 581 | 632 | 673 | 1,185 | 1,221 | S100P9ZJ, S100RY6Q, S100UG95, S100WS0W |
| Goodwill | 78 | 67 | 57 | 179 | 125 | S100P9ZJ, S100RY6Q, S100UG95, S100WS0W |
| Investment securities | 101 | 111 | 133 | 133 | 43 | S100P9ZJ, S100RY6Q, S100UG95, S100WS0W |
| Current assets | 2,776 | 3,010 | 2,831 | 3,017 | 3,830 | S100P9ZJ, S100RY6Q, S100UG95, S100WS0W |
| Current liabilities | 631 | 759 | 863 | 1,437 | 2,060 | S100P9ZJ, S100RY6Q, S100UG95, S100WS0W |
| Long-term borrowings | — | — | — | 16 | — | S100WS0W |
| Total liabilities | 650 | 777 | 885 | 1,508 | 2,107 | S100P9ZJ, S100RY6Q, S100UG95, S100WS0W |
| Non-controlling interests | — | — | 28 | 45 | 61 | S100UG95, S100WS0W |
| Equity attributable to owners of parent | 3,630 | 3,800 | 3,586 | 3,632 | 3,883 | S100P9ZJ, S100RY6Q, S100UG95, S100WS0W |
| Retained earnings | 1,049 | 1,207 | 1,120 | 1,345 | 1,616 | S100P9ZJ, S100RY6Q, S100UG95, S100WS0W |
| Treasury stock | -0 | -0 | -189 | -370 | -390 | S100P9ZJ, S100RY6Q, S100UG95, S100WS0W |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 37% | S100WS0W |
| Property, plant and equipment | 5% | S100WS0W |
| Intangibles and goodwill | 22% | S100WS0W |
| Investment securities | 1% | S100WS0W |
| Other assets | 35% | S100WS0W |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 35% | S100WS0W |
| Equity | 65% | S100WS0W |
| Other liabilities | 0% | S100WS0W |

### 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 | 4,281 | 4,578 | 4,499 | 5,186 | 6,052 |
| Equity | 3,631 | 3,801 | 3,614 | 3,678 | 3,945 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 2,072 | 2,233 | 1,601 | 1,871 | 2,223 |

## 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) | 3.4% | S100WS0W |
| Fixed assets ÷ total assets | 5.3% | S100WS0W |
| Goodwill ÷ parent equity | 3.2% | S100WS0W |

Goodwill over 4 years: 78 → 125 JPY; total investing cash flow: -2,255 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) | 36.7% |
| Cash ÷ revenue | 23.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 145.0% |
| Cash vs. profit gap | 640 JPY mn (of net income 147.0%) |
| Shareholder returns / net income | 42.3% |
| Shareholder returns / FCF | 26.5% |
| Shareholder payments — dividends / net income | 37.7% |
| Shareholder payments — dividends / FCF | 23.6% |
| CapEx intensity (capex ÷ revenue) | 4.0% |
| Investing CF relative to operating CF | 42.9% |

## 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 | 5.0% | 1.08× | 5.4% | 1.18× | 6.4% | S100P9ZJ |
| 2022 | 4.9% | 1.17× | 5.8% | 1.19× | 6.9% | S100RY6Q |
| 2023 | 0.3% | 1.32× | 0.4% | 1.23× | 0.4% | S100UG95 |
| 2024 | 4.4% | 1.64× | 7.3% | 1.34× | 9.7% | S100WS0W |
| 2025 | 4.6% | 1.68× | 7.7% | 1.50× | 11.6% | S100WS0W |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| Nihon IFA Partners Ltd． （常任代理人 マローン・インベストメント・ホールディングス・リミテッド） | Major shareholder | 29.6% | 2025-06-30 |
| 勝本 竜二 | Major shareholder | 14.2% | 2025-06-30 |
| 住友生命保険相互会社 （常任代理人 株式会社日本カストディ銀行） | Major shareholder | 6.9% | 2025-06-30 |
| 第一生命ホールディングス株式会社 | Major shareholder | 6.9% | 2025-06-30 |
| 式会社トラッドジャパン | Major shareholder | 5.3% | 2025-06-30 |
| 清板 大亮 | Major shareholder | 2.8% | 2025-06-30 |
| ＦＷＤ生命保険株式会社 （常任代理人 株式会社日本カストディ銀行） | Major shareholder | 2.7% | 2025-06-30 |
| 勝本 伸弘 | Major shareholder | 2.6% | 2025-06-30 |
| 半澤 勝広 | Major shareholder | 2.5% | 2025-06-30 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 1.2% | 2025-06-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第30期(2024/07/01－2025/06/30) | S100WS0W | 2025-09-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WS0W,, |
| 有価証券報告書－第29期(2023/07/01－2024/06/30) | S100UG95 | 2024-09-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UG95,, |
| 有価証券報告書－第28期(2022/07/01－2023/06/30) | S100RY6Q | 2023-09-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RY6Q,, |
| 有価証券報告書－第27期(令和3年7月1日－令和4年6月30日) | S100P9ZJ | 2022-09-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100P9ZJ,, |
| 有価証券報告書－第26期(令和2年7月1日－令和3年6月30日) | S100MJ08 | 2021-09-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MJ08,, |
| 有価証券報告書－第25期(令和1年7月1日－令和2年6月30日) | S100JT30 | 2020-09-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100JT30,, |

## 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).