# ITFOR 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67期(2025/04/01－2026/03/31) (S100YAUM)
> Page: https://vizora.meequs.com/en/company/itfor
> Retrieved: 2026-09-30T18:16:40.200Z

## Company

Itfor, founded in 1959, is a company in IT Services & System Integration listed on TSE Prime. It has 892 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | ITFOR Inc. |
| Ticker | 4743 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4743.T) |
| Listing | TSE Prime |
| Head office | 東京都千代田区一番町21番地 |
| Representative (per filing) | 代表取締役社長 坂田幸司 |
| Founded | May 1959 |
| Share capital | ¥1.12B |
| Employees (consolidated) | 892 |
| Average salary (parent only) | ¥7.3M |
| Fiscal year end | March |
| Website | ir.itfor.co.jp (https://ir.itfor.co.jp/) |
| Corporate number | 3010001022865 |
| EDINET | E02909 |
| Industries (Vizora) | IT Services & System Integration, Business Process Outsourcing |

> Profile source: annual securities report (S100YAUM, filed 2026-06-12). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 46.2 | 157 |
| Profitability | 88.5 | 196 |
| Cash conversion | 48.4 | 185 |
| Efficiency | 20.2 | 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 59% of Itfor's sales come from System development and sales, with Recurring making up much of the rest.
- Out of every ¥100 of sales, about ¥17 is left as operating profit.
- Revenue changed +12.4% from the prior year, operating profit +9.2%.

## Company structure

- Segment revenue mix: System development and sales 59.2%、Recurring 40.8%
- Revenue → net income: ¥23101002000 → ¥2845337000
- Net income → operating cash flow: ¥2845337000 → ¥3091147000（difference ¥245810000）
- Main uses of operating cash flow: CapEx ¥749694000 / dividends ¥1477619000 / buybacks ¥139000
- Change in cash: ¥-24978000
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 | ¥23.1B |  |
| Operating income | ¥3.86B | Margin 16.7% |
| Net income | ¥2.76B | Margin 11.9% |
| Free cash flow | ¥2.34B |  |
| Largest business | System development and sales | of segment revenue 59.2% |
| Employees (consolidated) | 892 |  |
| EPS | ¥91.88 |  |
| Book value per share | ¥737.07 |  |
| Equity ratio | 73.6% |  |
| Shares outstanding | 27,911,900 |  |
| Treasury shares | 995,100 |  |
| Shareholders | 10,974 |  |
| Average salary (parent only) | ¥7.3M | Filing company only |
| Cash ratio | 31.7% | Cash ÷ revenue 38.6% |
| Vs. industry median margin | +7.8 pp | IT Services & System Integration |
| ROE | 14.7% | Derived from disclosed figures |
| ROA | 10.6% | Derived from disclosed figures |

## Notable figures

- FY2026, cash is 32% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥16289970000 | ¥23101002000 | +41.8% |
| Operating income | ¥2186871000 | ¥3858688000 | +76.4% |
| Operating margin | 13.4% | 16.7% | +3.3 pp |
| Employees | 635 people | 892 people | +40.5% |
| Cash and equivalents | ¥8672163000 | ¥8909467000 | +2.7% |

### 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 |
| --- | ---: |
| システム開発・販売 → システム開発・販売 | 30.9% |
| システムソリューション → 事業再編・廃止 | 27.0% |
| リカーリング → リカーリング | 19.1% |
| サービスソリューション → 事業再編・廃止 | 11.7% |
| 基盤ソリューション → 事業再編・廃止 | 11.4% |
| 新設・再編 → システム開発・販売 | 28.3% |
| 新設・再編 → リカーリング | 21.7% |

Segment revenue source references: 7 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 23,101 | 100.0% | S100YAUM |
| Cost of revenue | 14,308 | 61.9% | S100YAUM |
| Gross profit | 8,793 | 38.1% | S100YAUM |
| SG&A | 4,934 | 21.4% | S100YAUM |
| Operating income | 3,859 | 16.7% | S100YAUM |
| Ordinary income | 4,054 | 17.6% | S100YAUM |
| Pretax income | 4,160 | 18.0% | S100YAUM |
| Income tax | 1,315 | 5.7% | S100YAUM |
| Net income | 2,845 | 12.3% | S100YAUM |
| Net income attributable to owners | 2,758 | 11.9% | S100YAUM |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 62 |
| SG&A | 21 |
| Operating income | 17 |
| (Ref.) Net income | 12 |

### Margin funnel

Gross margin 38.1% → Operating margin 16.7% → Net margin 11.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +12.4%; Core profit growth: +9.2%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.74×
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 | 20,552 | 23,101 | 2,549 | +12.4% |
| Gross profit | 7,870 | 8,793 | 922 | +11.7% |
| Operating income | 3,533 | 3,859 | 326 | +9.2% |
| Net income attributable to owners | 2,914 | 2,758 | -157 | -5.4% |
| Operating cash flow | 2,609 | 3,091 | 482 | +18.5% |
| Free cash flow | 2,155 | 2,341 | 186 | +8.6% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 15,239 | 1,729 | 11.3% | 1,232 | 1,880 | 1,456 | S100LK2U |
| FY ending Mar 2021 | 16,290 | 2,187 | 13.4% | 1,684 | 2,729 | 2,416 | S100O9G4 |
| FY ending Mar 2022 | 17,022 | 3,031 | 17.8% | 2,113 | 2,812 | 2,448 | S100QZZM |
| FY ending Mar 2023 | 18,322 | 3,218 | 17.6% | 2,291 | 1,714 | 1,171 | S100TOK3 |
| FY ending Mar 2024 | 20,653 | 3,738 | 18.1% | 2,771 | 2,837 | 2,433 | S100VXI4 |
| FY ending Mar 2025 | 20,552 | 3,533 | 17.2% | 2,914 | 2,609 | 2,155 | S100YAUM |
| FY ending Mar 2026 | 23,101 | 3,859 | 16.7% | 2,758 | 3,091 | 2,341 | S100YAUM |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥25.9M |
| Operating income per employee (consolidated) | ¥4.3M |
| Net income per employee (consolidated) | ¥3.1M |

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) | 603 | 568 | 592 | 625 | 892 |
| Average salary (parent company) | ¥6.7M | ¥6.8M | ¥7.1M | ¥7.5M | ¥7.3M |
| Average age (parent company) | 41.0 years | 41.0 years | 41.0 years | 40.0 years | 39.0 years |
| Average tenure (parent company) | 11.0 years | 11.0 years | 12.0 years | 11.0 years | 11.0 years |

Year over year: Employees (consolidated) +42.7% · Revenue (consolidated) +12.4%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| System development and sales | 13,672 | 59.2% | 1,956 | 14.3% |
| Recurring | 9,429 | 40.8% | 1,904 | 20.2% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| System development and sales | 59.2% | 50.7% | -8.5 | 14.3% |
| Recurring | 40.8% | 49.3% | 8.5 | 20.2% |

Segment → industry: Recurring → IT Services & System Integration / System development and sales → IT Services & System Integration / Recurring → Business Process Outsourcing

## 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 | 3,091 | 13.4% | S100YAUM |
| Capital expenditure | 750 | 3.2% | S100YAUM |
| Free cash flow | 2,341 | 10.1% | 算出 |
| Investing cash flow | -1,619 | -7.0% | S100YAUM |
| Financing cash flow | -1,497 | -6.5% | S100YAUM |
| Dividends paid | 1,478 | 6.4% | S100YAUM |
| Share buyback | 0 | 0.0% | S100YAUM |
| Change in cash | -25 | -0.1% | S100YAUM |
| Cash and equivalents | 8,909 | 38.6% | S100YAUM |

## 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 | 10,586 | 10,797 | 11,506 | 8,934 | 8,909 | S100TOK3, S100VXI4, S100YAUM |
| Total assets | 20,011 | 21,667 | 23,996 | 23,952 | 28,066 | S100QZZM, S100TOK3, S100VXI4, S100YAUM |
| Net assets | 15,607 | 17,168 | 18,837 | 19,045 | 21,146 | S100TOK3, S100VXI4, S100YAUM |
| Share capital | 1,125 | 1,125 | 1,125 | 1,125 | 1,125 | S100QZZM, S100TOK3, S100VXI4, S100YAUM |
| Inventories | 672 | 616 | 686 | 629 | 397 | S100QZZM, S100TOK3, S100VXI4, S100YAUM |
| Property, plant and equipment | 620 | 903 | 833 | 902 | 1,066 | S100QZZM, S100TOK3, S100VXI4, S100YAUM |
| Intangible assets excluding goodwill | 588 | 455 | 431 | 466 | 907 | S100QZZM, S100TOK3, S100VXI4, S100YAUM |
| Goodwill | 116 | 62 | 7 | — | 108 | S100QZZM, S100TOK3, S100VXI4, S100YAUM |
| Investment securities | 1,785 | 1,771 | 2,479 | 2,997 | 4,552 | S100QZZM, S100TOK3, S100VXI4, S100YAUM |
| Current assets | 16,264 | 17,677 | 19,498 | 18,460 | 20,081 | S100QZZM, S100TOK3, S100VXI4, S100YAUM |
| Current liabilities | 4,174 | 4,243 | 4,879 | 4,512 | 6,078 | S100QZZM, S100TOK3, S100VXI4, S100YAUM |
| Short-term borrowings | — | — | — | — | 92 | S100YAUM |
| Long-term borrowings | — | — | — | — | 146 | S100YAUM |
| Total liabilities | 4,404 | 4,500 | 5,160 | 4,908 | 6,920 | S100QZZM, S100TOK3, S100VXI4, S100YAUM |
| Non-controlling interests | — | — | — | — | 492 | S100YAUM |
| Equity attributable to owners of parent | 15,157 | 16,717 | 17,883 | 18,124 | 19,449 | S100QZZM, S100TOK3, S100VXI4, S100YAUM |
| Retained earnings | 13,943 | 15,404 | 16,799 | 17,392 | 18,670 | S100QZZM, S100TOK3, S100VXI4, S100YAUM |
| Treasury stock | -1,270 | -1,179 | -1,262 | -1,614 | -1,567 | S100QZZM, S100TOK3, S100VXI4, S100YAUM |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 32% | S100YAUM |
| Inventories | 1% | S100YAUM |
| Property, plant and equipment | 4% | S100YAUM |
| Intangibles and goodwill | 4% | S100YAUM |
| Investment securities | 16% | S100YAUM |
| Other assets | 43% | S100YAUM |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 25% | S100YAUM |
| Equity | 75% | S100YAUM |

### 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 | 20,011 | 21,667 | 23,996 | 23,952 | 28,066 |
| Equity | 15,607 | 17,168 | 18,837 | 19,045 | 21,146 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 10,586 | 10,797 | 11,506 | 8,934 | 8,909 |

## 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) | 4.6% | S100YAUM |
| Fixed assets ÷ total assets | 3.8% | S100YAUM |
| Goodwill ÷ parent equity | 0.6% | S100YAUM |

Goodwill over 4 years: 116 → 108 JPY; total investing cash flow: -5,744 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) | 31.7% |
| Cash ÷ revenue | 38.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 80.1% |
| Cash vs. profit gap | 333 JPY mn (of net income 12.1%) |
| Shareholder returns / net income | 53.6% |
| Shareholder returns / FCF | 63.1% |
| Shareholder payments — dividends / net income | 53.6% |
| Shareholder payments — dividends / FCF | 63.1% |
| CapEx intensity (capex ÷ revenue) | 3.2% |
| Investing CF relative to operating CF | 52.4% |

## 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 | 12.4% | 0.85× | 10.6% | 1.32× | 13.9% | S100QZZM |
| 2023 | 12.5% | 0.88× | 11.0% | 1.31× | 14.4% | S100TOK3 |
| 2024 | 13.4% | 0.90× | 12.1% | 1.32× | 16.0% | S100VXI4 |
| 2025 | 14.2% | 0.86× | 12.2% | 1.33× | 16.2% | S100YAUM |
| 2026 | 11.9% | 0.89× | 10.6% | 1.38× | 14.7% | S100YAUM |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 12.8% | 2026-03-31 |
| 光通信ＫＫ投資事業有限責任組合 | Major shareholder | 6.5% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 5.9% | 2026-03-31 |
| 株式会社日本カストディ銀行（三井住友信託銀行再信託分・ブラザー工業株式会社退職給付信託口） | Major shareholder | 5.3% | 2026-03-31 |
| アイティフォー社員持株会 | Major shareholder | 4.0% | 2026-03-31 |
| 明治安田生命保険相互会社(常任代理人 株式会社日本カストディ銀行) | Major shareholder | 2.1% | 2026-03-31 |
| 株式会社横浜銀行 (常任代理人 株式会社日本カストディ銀行) | Major shareholder | 1.9% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY505004(常任代理人 みずほ銀行) | Major shareholder | 1.4% | 2026-03-31 |
| 村上 英志 | Major shareholder | 1.3% | 2026-03-31 |
| いやさか投資事業有限責任組合 | Major shareholder | 1.3% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第67期(2025/04/01－2026/03/31) | S100YAUM | 2026-06-12 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YAUM,, |
| 有価証券報告書－第66期(2024/04/01－2025/03/31) | S100VXI4 | 2025-06-13 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VXI4,, |
| 有価証券報告書－第65期(2023/04/01－2024/03/31) | S100TOK3 | 2024-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TOK3,, |
| 有価証券報告書－第64期(2022/04/01－2023/03/31) | S100QZZM | 2023-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QZZM,, |
| 有価証券報告書－第63期(令和3年4月1日－令和4年3月31日) | S100O9G4 | 2022-06-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O9G4,, |
| 有価証券報告書－第62期(令和2年4月1日－令和3年3月31日) | S100LK2U | 2021-06-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LK2U,, |

## 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).