# ISB CORPORATION: business model and financials

> Latest period: FY ending Dec 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第56期(2025/01/01－2025/12/31) (S100XU2G)
> Page: https://vizora.meequs.com/en/company/isb
> Retrieved: 2026-09-30T18:37:50.282Z

## Company

ISB, founded in 1970, is a company in IT Services & System Integration listed on TSE Prime. It has 2,246 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | I S B CORPORATION |
| Ticker | 9702 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9702.T) |
| Listing | TSE Prime |
| Head office | 東京都港区港南二丁目16番3号 |
| Representative (per filing) | 代表取締役社長 若尾 一史 |
| Founded | Jun 1970 |
| Share capital | ¥2.41B |
| Employees (consolidated) | 2,246 |
| Average salary (parent only) | ¥6.1M |
| Fiscal year end | December |
| Website | www.isb.co.jp (https://www.isb.co.jp/) |
| Corporate number | 4010701000269 |
| EDINET | E04846 |
| Industries (Vizora) | IT Services & System Integration, Security Services |

> Profile source: annual securities report (S100XU2G, filed 2026-03-26). As of filing

## Five-axis industry profile

Primary industry: IT Services & System Integration (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 55.1 | 157 |
| Profitability | 30.4 | 196 |
| Cash conversion | 38.6 | 185 |
| Efficiency | 81.4 | 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)

- About 85% of ISB's sales come from Information service business, with Security system making up much of the rest.
- Out of every ¥100 of sales, about ¥6 is left as operating profit.
- Revenue changed +9.0% from the prior year, operating profit -17.4%.

## Company structure

- Segment revenue mix: Information service business 85.1%、Security system 14.9%
- Revenue → net income: ¥37020000000 → ¥1435000000
- Net income → operating cash flow: ¥1435000000 → ¥1745000000（difference ¥310000000）
- Main uses of operating cash flow: CapEx ¥952000000 / dividends ¥616000000 / buybacks —
- Change in cash: ¥103000000
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 | ¥37B |  |
| Operating income | ¥2.31B | Margin 6.3% |
| Net income | ¥1.44B | Margin 3.9% |
| Free cash flow | ¥793M |  |
| Largest business | Information service business | of segment revenue 85.1% |
| Employees (consolidated) | 2,246 |  |
| EPS | ¥32.45 |  |
| Book value per share | ¥931.56 |  |
| Equity ratio | 67.2% |  |
| Shares outstanding | 11,463,000 |  |
| Treasury shares | 100 |  |
| Shareholders | 3,559 |  |
| Average salary (parent only) | ¥6.1M | Filing company only |
| Cash ratio | 42.0% | Cash ÷ revenue 24.5% |
| Vs. industry median margin | -2.7 pp | IT Services & System Integration |
| ROE | 10.5% | Derived from disclosed figures |
| ROA | 6.9% | Derived from disclosed figures |

## Notable figures

- FY2025, one segment accounts for 67% of positive segment profit
- FY2025, cash is 42% of total assets

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥24434307000 | ¥37020000000 | +51.5% |
| Operating income | ¥1644053000 | ¥2314000000 | +40.7% |
| Operating margin | 6.7% | 6.3% | -0.5 pp |
| Employees | 1,717 people | 2,246 people | +30.8% |
| Cash and equivalents | ¥5196122000 | ¥9078000000 | +74.7% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| 情報サービス → 情報サービス | 83.5% |
| セキュリティシステム → セキュリティシステム | 14.9% |
| セキュリティシステム → 事業再編・廃止 | 1.6% |
| 新設・再編 → 情報サービス | 1.6% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 37,020 | 100.0% | S100XU2G |
| Cost of revenue | 28,534 | 77.1% | S100XU2G |
| Gross profit | 8,486 | 22.9% | S100XU2G |
| SG&A | 6,171 | 16.7% | S100XU2G |
| Operating income | 2,314 | 6.3% | S100XU2G |
| Ordinary income | 2,384 | 6.4% | S100XU2G |
| Pretax income | 2,384 | 6.4% | S100XU2G |
| Income tax | 948 | 2.6% | S100XU2G |
| Net income | 1,435 | 3.9% | S100XU2G |
| Net income attributable to owners | 1,435 | 3.9% | S100XU2G |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 77 |
| SG&A | 17 |
| Operating income | 6 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 22.9% → Operating margin 6.3% → Net margin 3.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +9.0%; Core profit growth: -17.4%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -1.92×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 33,954 | 37,020 | 3,066 | +9.0% |
| Gross profit | 8,241 | 8,486 | 245 | +3.0% |
| Operating income | 2,800 | 2,314 | -486 | -17.4% |
| Net income attributable to owners | 2,032 | 1,435 | -597 | -29.4% |
| Operating cash flow | 1,880 | 1,745 | -135 | -7.2% |
| Free cash flow | 1,444 | 793 | -651 | -45.1% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 22,520 | 1,194 | 5.3% | 633 | 1,347 | 1,272 | S100L17I |
| FY ending Dec 2020 | 24,434 | 1,644 | 6.7% | 994 | 1,863 | 1,738 | S100NQA8 |
| FY ending Dec 2021 | 26,177 | 1,870 | 7.1% | 1,110 | 1,457 | 1,309 | S100QHQN |
| FY ending Dec 2022 | 28,953 | 2,319 | 8.0% | 1,424 | 1,926 | 1,805 | S100T4OZ |
| FY ending Dec 2023 | 32,388 | 2,734 | 8.4% | 1,473 | 1,946 | 1,822 | S100VI6E |
| FY ending Dec 2024 | 33,954 | 2,800 | 8.2% | 2,032 | 1,880 | 1,444 | S100XU2G |
| FY ending Dec 2025 | 37,020 | 2,314 | 6.3% | 1,435 | 1,745 | 793 | S100XU2G |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥16.5M |
| Operating income per employee (consolidated) | ¥1M |
| Net income per employee (consolidated) | ¥638.9K |

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

| History | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 1,791 | 1,887 | 1,985 | 2,125 | 2,246 |
| Average salary (parent company) | ¥5.7M | ¥6.1M | ¥6M | ¥5.7M | ¥6.1M |
| Average age (parent company) | 37.8 years | 37.5 years | 37.7 years | 37.1 years | 37.0 years |
| Average tenure (parent company) | 12.7 years | 12.4 years | 11.9 years | 11.5 years | 11.3 years |

Year over year: Employees (consolidated) +5.7% · Revenue (consolidated) +9.0%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Information service business | 31,508 | 85.1% | 1,517 | 4.8% |
| Security system | 5,512 | 14.9% | 760 | 13.8% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Information service business | 85.1% | 66.6% | -18.5 | 4.8% |
| Security system | 14.9% | 33.4% | 18.5 | 13.8% |

Segment → industry: Information service business → IT Services & System Integration / Security system → Security Services

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 1,745 | 4.7% | S100XU2G |
| Capital expenditure | 952 | 2.6% | S100XU2G |
| Free cash flow | 793 | 2.1% | 算出 |
| Investing cash flow | -1,017 | -2.7% | S100XU2G |
| Financing cash flow | -617 | -1.7% | S100XU2G |
| Dividends paid | 616 | 1.7% | S100XU2G |
| Change in cash | 103 | 0.3% | S100XU2G |
| Cash and equivalents | 9,078 | 24.5% | S100XU2G |

## 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 Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 6,072 | 7,626 | 8,872 | 8,975 | 9,078 | S100T4OZ, S100VI6E, S100XU2G |
| Total assets | 14,362 | 16,459 | 17,989 | 19,942 | 21,610 | S100QHQN, S100T4OZ, S100VI6E, S100XU2G |
| Net assets | 9,558 | 10,683 | 11,821 | 13,504 | 14,522 | S100T4OZ, S100VI6E, S100XU2G |
| Share capital | 2,347 | 2,362 | 2,379 | 2,392 | 2,410 | S100QHQN, S100T4OZ, S100VI6E, S100XU2G |
| Trade receivables | 4,962 | — | — | — | — | S100QHQN |
| Property, plant and equipment | 991 | 1,004 | 918 | 1,033 | 1,923 | S100QHQN, S100T4OZ, S100VI6E, S100XU2G |
| Intangible assets excluding goodwill | 756 | 395 | 37 | 866 | 769 | S100QHQN, S100T4OZ, S100VI6E, S100XU2G |
| Goodwill | 712 | 356 | — | 358 | 286 | S100QHQN, S100T4OZ, S100XU2G |
| Investment securities | 468 | 398 | 484 | 545 | 803 | S100QHQN, S100T4OZ, S100VI6E, S100XU2G |
| Current assets | 11,613 | 14,034 | 15,663 | 16,257 | 16,947 | S100QHQN, S100T4OZ, S100VI6E, S100XU2G |
| Current liabilities | 4,224 | 5,231 | 5,676 | 5,785 | 6,109 | S100QHQN, S100T4OZ, S100VI6E, S100XU2G |
| Trade payables | 1,635 | 2,067 | 2,117 | 2,296 | 2,373 | S100QHQN, S100T4OZ, S100VI6E, S100XU2G |
| Short-term borrowings | 120 | 120 | 120 | 120 | 120 | S100QHQN, S100T4OZ, S100VI6E, S100XU2G |
| Total liabilities | 4,804 | 5,776 | 6,167 | 6,437 | 7,087 | S100QHQN, S100T4OZ, S100VI6E, S100XU2G |
| Equity attributable to owners of parent | 9,416 | 10,545 | 11,597 | 13,176 | 14,030 | S100QHQN, S100T4OZ, S100VI6E, S100XU2G |
| Retained earnings | 4,118 | 5,218 | 6,235 | 7,787 | 8,605 | S100QHQN, S100T4OZ, S100VI6E, S100XU2G |
| Treasury stock | -0 | -0 | -0 | 0 | 0 | S100QHQN, S100T4OZ, S100VI6E, S100XU2G |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 42% | S100XU2G |
| Property, plant and equipment | 9% | S100XU2G |
| Intangibles and goodwill | 5% | S100XU2G |
| Investment securities | 4% | S100XU2G |
| Other assets | 40% | S100XU2G |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 11% | S100XU2G |
| Other liabilities | 22% | S100XU2G |
| Equity | 67% | S100XU2G |
| Other liabilities | 0% | S100XU2G |

### Balance sheet history

| Metric | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 14,362 | 16,459 | 17,989 | 19,942 | 21,610 |
| Equity | 9,558 | 10,683 | 11,821 | 13,504 | 14,522 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 6,072 | 7,626 | 8,872 | 8,975 | 9,078 |

## 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) | 5.2% | S100XU2G |
| Fixed assets ÷ total assets | 8.9% | S100XU2G |
| Goodwill ÷ parent equity | 2.0% | S100XU2G |

Goodwill over 4 years: 712 → 286 JPY; total investing cash flow: -2,917 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) | 42.0% |
| Cash ÷ revenue | 24.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 75.4% |
| Cash vs. profit gap | 310 JPY mn (of net income 21.6%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 42.9% |
| Shareholder payments — dividends / FCF | 77.7% |
| CapEx intensity (capex ÷ revenue) | 2.6% |
| Investing CF relative to operating CF | 58.3% |

## 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 | 4.2% | 1.82× | 7.7% | 1.53× | 11.8% | S100QHQN |
| 2022 | 4.9% | 1.88× | 9.2% | 1.54× | 14.3% | S100T4OZ |
| 2023 | 4.5% | 1.88× | 8.5% | 1.56× | 13.3% | S100VI6E |
| 2024 | 6.0% | 1.79× | 10.7% | 1.53× | 16.4% | S100XU2G |
| 2025 | 3.9% | 1.78× | 6.9% | 1.53× | 10.5% | S100XU2G |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 有限会社若尾商事 | Major shareholder | 17.4% | 2025-12-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 10.0% | 2025-12-31 |
| アイ・エス・ビー・グループ従業員持株会 | Major shareholder | 3.5% | 2025-12-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 3.3% | 2025-12-31 |
| ヨシダトモヒロ | Major shareholder | 3.0% | 2025-12-31 |
| GLOBAL ESG STRATEGY ［常任代理人 立花証券株式会社］ | Major shareholder | 3.0% | 2025-12-31 |
| 若尾 一史 | Major shareholder | 2.7% | 2025-12-31 |
| 鈴木 育夫 | Major shareholder | 1.9% | 2025-12-31 |
| GLOBAL ESG STRATEGY ［常任代理人 フィリップ証券株式会社］ | Major shareholder | 1.8% | 2025-12-31 |
| 株式会社第一情報システムズ | Major shareholder | 1.6% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第56期(2025/01/01－2025/12/31) | S100XU2G | 2026-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XU2G,, |
| 有価証券報告書－第55期(2024/01/01－2024/12/31) | S100VI6E | 2025-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VI6E,, |
| 有価証券報告書－第54期(2023/01/01－2023/12/31) | S100T4OZ | 2024-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T4OZ,, |
| 有価証券報告書－第53期(2022/01/01－2022/12/31) | S100QHQN | 2023-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QHQN,, |
| 有価証券報告書－第52期(令和3年1月1日－令和3年12月31日) | S100NQA8 | 2022-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NQA8,, |
| 有価証券報告書－第51期(令和2年1月1日－令和2年12月31日) | S100L17I | 2021-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L17I,, |

## 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).