# IwaiCosmo Holdings, 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87期(2025/04/01－2026/03/31) (S100YG9I)
> Page: https://vizora.meequs.com/en/company/iwaicosmo-holdings
> Retrieved: 2026-09-30T23:01:01.055Z

## Company

IwaiCosmo Holdings, founded in 1944, is a company in Securities & Asset Management listed on TSE Prime. It has 848 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | IwaiCosmo Holdings, Inc. |
| Ticker | 8707 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8707.T) |
| Listing | TSE Prime |
| Head office | 大阪市中央区今橋一丁目8番12号 |
| Representative (per filing) | 代表取締役会長 CEO 沖津 嘉昭 |
| Founded | Jul 1944 |
| Share capital | ¥10B |
| Employees (consolidated) | 848 |
| Fiscal year end | March |
| Website | www.iwaicosmo-hd.jp (https://www.iwaicosmo-hd.jp/) |
| Corporate number | 3120001074788 |
| EDINET | E03788 |
| Industries (Vizora) | Securities & Asset Management |

> Profile source: annual securities report (S100YG9I, filed 2026-06-23). As of filing

## Key points (generated from figures)

- About 88% of IwaiCosmo Holdings's sales come from IwaiCosmo Securities Co.,Ltd., with IwaiCosmo Holdings, Inc. and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥40 is left as operating profit.
- Revenue changed +25.3% from the prior year, operating profit +50.4%.

## Company structure

- Segment revenue mix: IwaiCosmo Securities Co.,Ltd. 87.6%、IwaiCosmo Holdings, Inc. 11.7%、Other 0.7%
- Revenue → net income: ¥32260000000 → ¥10443000000
- Net income → operating cash flow: ¥10443000000 → ¥2305000000（difference ¥-8138000000）
- Main uses of operating cash flow: CapEx ¥51000000 / dividends ¥4315000000 / buybacks ¥0
- Change in cash: ¥-2158000000
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 | ¥32.3B |  |
| Operating income | ¥13B | Margin 40.3% |
| Net income | ¥10.4B | Margin 32.4% |
| Free cash flow | ¥2.25B |  |
| Largest business | IwaiCosmo Securities Co.,Ltd. | of segment revenue 87.6% |
| Employees (consolidated) | 848 |  |
| EPS | ¥229.2 |  |
| Book value per share | ¥1753.36 |  |
| Equity ratio | 34.9% |  |
| Shares outstanding | 25,012,000 |  |
| Treasury shares | 1,524,000 |  |
| Shareholders | 11,285 |  |
| Cash ratio | 2.6% | Cash ÷ revenue 17.2% |
| Vs. industry median margin | +19.6 pp | Securities & Asset Management |
| ROE | 16.5% | Derived from disclosed figures |
| ROA | 5.2% | Derived from disclosed figures |

## Notable figures

- FY2026, operating income keeps 40 per ¥100 of revenue
- FY2026, cash is 3% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥22993000000 | ¥32260000000 | +40.3% |
| Operating income | ¥7182000000 | ¥13007000000 | +81.1% |
| Operating margin | 31.2% | 40.3% | +9.1 pp |
| Employees | 825 people | 848 people | +2.8% |
| Cash and equivalents | ¥10071000000 | ¥5560000000 | -44.8% |

### 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 |
| --- | ---: |
| 岩井コスモホールディングス株式会社 → 岩井コスモホールディングス株式会社 | 7.1% |
| 岩井コスモ証券株式会社 → 岩井コスモ証券株式会社 | 87.6% |
| 岩井コスモ証券株式会社 → 事業再編・廃止 | 4.5% |
| その他 → その他 | 0.7% |
| その他 → 事業再編・廃止 | 0.1% |
| 新設・再編 → 岩井コスモホールディングス株式会社 | 4.6% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| IwaiCosmo Securities Co.,Ltd. | 5 years | +7.0% | ¥32257000000 | 41.0% | 2 |
| IwaiCosmo Holdings, Inc. | 5 years | +19.5% | ¥4291000000 | 104.8% | 2 |
| Other | 5 years | +5.7% | ¥261000000 | 10.7% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 32,260 | 100.0% | S100YG9I |
| SG&A | 18,851 | 58.4% | S100YG9I |
| Operating income | 13,007 | 40.3% | S100YG9I |
| Ordinary income | 13,550 | 42.0% | S100YG9I |
| Pretax income | 14,839 | 46.0% | S100YG9I |
| Income tax | 4,395 | 13.6% | S100YG9I |
| Net income | 10,443 | 32.4% | S100YG9I |
| Net income attributable to owners | 10,443 | 32.4% | S100YG9I |

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

| Part | JPY |
| --- | ---: |
| Operating expenses | 60 |
| Operating income | 40 |
| (Ref.) Net income | 32 |

### Margin funnel

Operating margin 40.3% → Net margin 32.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +25.3%; Core profit growth: +50.4%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.99×
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 | 25,750 | 32,260 | 6,510 | +25.3% |
| Operating income | 8,648 | 13,007 | 4,359 | +50.4% |
| Net income attributable to owners | 6,725 | 10,443 | 3,718 | +55.3% |
| Operating cash flow | 3,131 | 2,305 | -826 | -26.4% |
| Free cash flow | 2,614 | 2,254 | -360 | -13.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 18,948 | 3,817 | 20.1% | 2,700 | 5,025 | 4,223 | S100TP2P |
| FY ending Mar 2021 | 22,993 | 7,182 | 31.2% | 5,362 | 3,963 | 3,126 | S100W4OK |
| FY ending Mar 2022 | 20,708 | 5,381 | 26.0% | 3,756 | 6,361 | 5,927 | S100YG9I |
| FY ending Mar 2023 | 19,691 | 4,770 | 24.2% | 3,564 | -5,797 | -5,887 | S100YG9I |
| FY ending Mar 2024 | 24,040 | 7,600 | 31.6% | 5,554 | 1,579 | 1,042 | S100YG9I |
| FY ending Mar 2025 | 25,750 | 8,648 | 33.6% | 6,725 | 3,131 | 2,614 | S100YG9I |
| FY ending Mar 2026 | 32,260 | 13,007 | 40.3% | 10,443 | 2,305 | 2,254 | S100YG9I |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥38M |
| Operating income per employee (consolidated) | ¥15.3M |
| Net income per employee (consolidated) | ¥12.3M |

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) | 795 | 766 | 800 | 825 | 848 |
| Average salary (parent company) | — | — | — | — | — |
| Average age (parent company) | — | — | — | — | — |
| Average tenure (parent company) | — | — | — | — | — |

Year over year: Employees (consolidated) +2.8% · Revenue (consolidated) +25.3%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| IwaiCosmo Holdings, Inc. | 4,291 | 11.7% | 4,499 | 104.8% |
| IwaiCosmo Securities Co.,Ltd. | 32,257 | 87.6% | 13,222 | 41.0% |
| Other | 261 | 0.7% | 28 | 10.7% |

### 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 |
| --- | ---: |
| IwaiCosmo Holdings, Inc. | 11.7% |
| IwaiCosmo Securities Co.,Ltd. | 87.6% |
| Other | 0.7% |

Segment → industry: IwaiCosmo Securities Co.,Ltd. → Securities & Asset Management / IwaiCosmo Holdings, Inc. → Securities & Asset Management

## 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 | 2,305 | 7.1% | S100YG9I |
| Capital expenditure | 51 | 0.2% | S100YG9I |
| Free cash flow | 2,254 | 7.0% | 算出 |
| Investing cash flow | -700 | -2.2% | S100YG9I |
| Financing cash flow | -4,422 | -13.7% | S100YG9I |
| Dividends paid | 4,315 | 13.4% | S100YG9I |
| Share buyback | 0 | 0.0% | S100YG9I |
| Change in cash | -2,158 | -6.7% | S100YG9I |
| Cash and equivalents | 5,560 | 17.2% | S100YG9I |

## 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 | 13,876 | 4,731 | 7,982 | 7,719 | 5,560 | S100TP2P, S100W4OK, S100YG9I |
| Total assets | 182,476 | 183,509 | 208,114 | 185,451 | 213,027 | S100R1VQ, S100TP2P, S100W4OK, S100YG9I |
| Net assets | 56,496 | 57,557 | 66,344 | 67,701 | 74,295 | S100TP2P, S100W4OK, S100YG9I |
| Share capital | 10,004 | 10,004 | 10,004 | 10,004 | 10,004 | S100R1VQ, S100TP2P, S100W4OK, S100YG9I |
| Property, plant and equipment | 1,678 | 1,466 | 1,745 | 1,872 | 1,570 | S100R1VQ, S100TP2P, S100W4OK, S100YG9I |
| Intangible assets excluding goodwill | 615 | 444 | 274 | 125 | 23 | S100R1VQ, S100TP2P, S100W4OK, S100YG9I |
| Investment securities | 10,803 | 9,839 | 17,229 | 13,871 | 14,578 | S100R1VQ, S100TP2P, S100W4OK, S100YG9I |
| Current assets | 167,852 | 170,384 | 187,447 | 168,237 | 195,239 | S100R1VQ, S100TP2P, S100W4OK, S100YG9I |
| Current liabilities | 120,999 | 119,241 | 132,716 | 111,718 | 132,519 | S100R1VQ, S100TP2P, S100W4OK, S100YG9I |
| Short-term borrowings | 3,300 | 3,500 | 3,500 | 3,500 | 5,400 | S100R1VQ, S100TP2P, S100W4OK, S100YG9I |
| Bonds | 2,000 | 4,000 | 4,000 | 2,000 | 2,000 | S100R1VQ, S100TP2P, S100W4OK, S100YG9I |
| Total liabilities | 125,979 | 125,952 | 141,769 | 117,750 | 138,731 | S100R1VQ, S100TP2P, S100W4OK, S100YG9I |
| Equity attributable to owners of parent | 51,073 | 52,758 | 56,433 | 60,340 | 66,438 | S100R1VQ, S100TP2P, S100W4OK, S100YG9I |
| Retained earnings | 37,881 | 39,566 | 43,242 | 47,149 | 53,247 | S100R1VQ, S100TP2P, S100W4OK, S100YG9I |
| Treasury stock | -1,702 | -1,702 | -1,702 | -1,702 | -1,703 | S100R1VQ, S100TP2P, S100W4OK, S100YG9I |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 2% | S100YG9I |
| Property, plant and equipment | 1% | S100YG9I |
| Intangibles and goodwill | 0% | S100YG9I |
| Investment securities | 7% | S100YG9I |
| Other assets | 90% | S100YG9I |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 65% | S100YG9I |
| Equity | 35% | S100YG9I |
| Other liabilities | 0% | S100YG9I |

### 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 | 182,476 | 183,509 | 208,114 | 185,451 | 213,027 |
| Equity | 56,496 | 57,557 | 66,344 | 67,701 | 74,295 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 13,876 | 4,731 | 7,982 | 7,719 | 5,560 |

## 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) | 4.9% | S100YG9I |
| Fixed assets ÷ total assets | 0.7% | S100YG9I |
| Goodwill ÷ parent equity | — | —, S100YG9I |

### 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) | 2.6% |
| Cash ÷ revenue | 17.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 17.7% |
| Cash vs. profit gap | -8,138 JPY mn (of net income -77.9%) |
| Shareholder returns / net income | 41.3% |
| Shareholder returns / FCF | 191.4% |
| Shareholder payments — dividends / net income | 41.3% |
| Shareholder payments — dividends / FCF | 191.4% |
| CapEx intensity (capex ÷ revenue) | 0.2% |
| Investing CF relative to operating CF | 30.4% |

## 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 | 18.1% | 0.11× | 2.1% | 3.57× | 7.4% | S100R1VQ, S100YG9I |
| 2023 | 18.1% | 0.11× | 1.9% | 3.52× | 6.9% | S100TP2P, S100YG9I |
| 2024 | 23.1% | 0.12× | 2.8% | 3.59× | 10.2% | S100W4OK, S100YG9I |
| 2025 | 26.1% | 0.13× | 3.4% | 3.37× | 11.5% | S100YG9I |
| 2026 | 32.4% | 0.16× | 5.2% | 3.14× | 16.5% | S100YG9I |

## 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 | 11.1% | 2026-03-31 |
| 株式会社りそな銀行 | Major shareholder | 4.3% | 2026-03-31 |
| 日本理化工業株式会社 | Major shareholder | 4.3% | 2026-03-31 |
| トーターエンジニアリング株式会社 | Major shareholder | 4.3% | 2026-03-31 |
| 株式会社ＬＩＶＮＥＸ | Major shareholder | 2.8% | 2026-03-31 |
| 株式会社日本カストディ銀行 （信託口） | Major shareholder | 2.6% | 2026-03-31 |
| 石橋 瀧世 | Major shareholder | 1.9% | 2026-03-31 |
| 吉本興業ホールディングス株式会社 | Major shareholder | 1.9% | 2026-03-31 |
| ＤＦＡ ＩＮＴＬ ＳＭＡＬＬ ＣＡＰ ＶＡＬＵＥ ＰＯＲＴＦＯＬＩＯ （常任代理人 シティバンク、 エヌ・エイ東京支店） | Major shareholder | 1.8% | 2026-03-31 |
| 株式会社ヤマト | Major shareholder | 1.8% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第87期(2025/04/01－2026/03/31) | S100YG9I | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YG9I,, |
| 有価証券報告書－第86期(2024/04/01－2025/03/31) | S100W4OK | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W4OK,, |
| 有価証券報告書－第85期(2023/04/01－2024/03/31) | S100TP2P | 2024-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TP2P,, |
| 有価証券報告書－第84期(2022/04/01－2023/03/31) | S100R1VQ | 2023-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R1VQ,, |
| 有価証券報告書－第83期(令和3年4月1日－令和4年3月31日) | S100OEXE | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OEXE,, |
| 有価証券報告書－第82期(令和2年4月1日－令和3年3月31日) | S100LQ1R | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LQ1R,, |

## 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).