# IX Knowledge Incorporated: 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48期(2025/04/01－2026/03/31) (S100YIII)
> Page: https://vizora.meequs.com/en/company/ix-knowledge
> Retrieved: 2026-09-30T20:58:11.654Z

## Company

IX Knowledge, founded in 1979, is a company in IT Services & System Integration listed on TSE Standard. It has 1,248 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | I X Knowledge Incorporated |
| Ticker | 9753 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9753.T) |
| Listing | TSE Standard |
| Head office | 東京都港区海岸三丁目22番23号 |
| Representative (per filing) | 代表取締役社長 犬飼 博文 |
| Founded | Jun 1979 |
| Share capital | ¥1.18B |
| Employees (consolidated) | 1,248 |
| Average salary (parent only) | ¥6.1M |
| Fiscal year end | March |
| Website | www.ikic.co.jp (https://www.ikic.co.jp/) |
| Corporate number | 5010401047403 |
| EDINET | E04815 |
| Industries (Vizora) | IT Services & System Integration |

> Profile source: annual securities report (S100YIII, filed 2026-06-24). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 51.3 | 196 |
| Cash conversion | 32.2 | 185 |
| Efficiency | 67.6 | 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)

- IX Knowledge brought in ¥24.4B in revenue.
- Out of every ¥100 of sales, about ¥9 is left as operating profit.
- Revenue changed +6.7% from the prior year, operating profit +18.2%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥24351168000 → ¥1714774000
- Net income → operating cash flow: ¥1714774000 → ¥1558274000（difference ¥-156500000）
- Main uses of operating cash flow: CapEx ¥47878000 / dividends ¥379505000 / buybacks ¥393000
- Change in cash: ¥990980000
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 | ¥24.4B |  |
| Operating income | ¥2.21B | Margin 9.1% |
| Net income | ¥1.71B | Margin 7.0% |
| Free cash flow | ¥1.51B |  |
| Employees (consolidated) | 1,248 |  |
| EPS | ¥167.24 |  |
| Book value per share | ¥1133.75 |  |
| Equity ratio | 70.9% |  |
| Shares outstanding | 10,800,000 |  |
| Treasury shares | 1,229,500 |  |
| Shareholders | 2,386 |  |
| Average salary (parent only) | ¥6.1M | Filing company only |
| Cash ratio | 45.4% | Cash ÷ revenue 30.5% |
| Vs. industry median margin | +0.1 pp | IT Services & System Integration |
| ROE | 18.1% | Derived from disclosed figures |
| ROA | 10.9% | Derived from disclosed figures |

## Notable figures

- FY2026, cash is 45% of total assets
- FY2026, employees -2% while operating income rose 18%

## What changed in 5 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥17289478000 | ¥24351168000 | — |
| Operating income | ¥868892000 | ¥2207413000 | — |
| Operating margin | 5.0% | 9.1% | +4 pp |
| Employees | 1,231 people | 1,248 people | — |
| Cash and equivalents | ¥4495248000 | ¥7426403000 | — |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 24,351 | 100.0% | S100YIII |
| Cost of revenue | 19,324 | 79.4% | S100YIII |
| Gross profit | 5,027 | 20.6% | S100YIII |
| SG&A | 2,820 | 11.6% | S100YIII |
| Operating income | 2,207 | 9.1% | S100YIII |
| Ordinary income | 2,319 | 9.5% | S100YIII |
| Pretax income | 2,377 | 9.8% | S100YIII |
| Income tax | 662 | 2.7% | S100YIII |
| Net income | 1,715 | 7.0% | S100YIII |
| Net income attributable to owners | 1,715 | 7.0% | S100YIII |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 79 |
| SG&A | 12 |
| Operating income | 9 |
| (Ref.) Net income | 7 |

### Margin funnel

Gross margin 20.6% → Operating margin 9.1% → Net margin 7.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +6.7%; Core profit growth: +18.2%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.73×
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 | 22,828 | 24,351 | 1,523 | +6.7% |
| Gross profit | 4,549 | 5,027 | 478 | +10.5% |
| Operating income | 1,868 | 2,207 | 340 | +18.2% |
| Net income attributable to owners | 1,327 | 1,715 | 388 | +29.3% |
| Operating cash flow | 838 | 1,558 | 720 | +85.9% |
| Free cash flow | 830 | 1,510 | 681 | +82.0% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 17,456 | 785 | 4.5% | 541 | 474 | 404 | S100LO23 |
| FY ending Mar 2021 | 17,289 | 869 | 5.0% | 630 | 951 | 815 | S100OCLK |
| FY ending Mar 2022 | 18,542 | 1,150 | 6.2% | 849 | 339 | 323 | S100OCLK |
| FY ending Mar 2023 | 20,206 | 1,459 | 7.2% | 1,028 | 1,042 | 1,032 | S100UC9P |
| FY ending Mar 2024 | 21,748 | 1,655 | 7.6% | 1,275 | 1,146 | 1,132 | S100W2OD |
| FY ending Mar 2025 | 22,828 | 1,868 | 8.2% | 1,327 | 838 | 830 | S100YIII |
| FY ending Mar 2026 | 24,351 | 2,207 | 9.1% | 1,715 | 1,558 | 1,510 | S100YIII |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥19.5M |
| Operating income per employee (consolidated) | ¥1.8M |
| Net income per employee (consolidated) | ¥1.4M |

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) | 1,232 | 1,260 | 1,264 | 1,268 | 1,248 |
| Average salary (parent company) | ¥5.6M | ¥5.7M | ¥5.9M | ¥5.8M | ¥6.1M |
| Average age (parent company) | 39.0 years | 39.0 years | 39.0 years | 39.0 years | 39.2 years |
| Average tenure (parent company) | 14.0 years | 15.0 years | 15.0 years | 15.0 years | 15.2 years |

Year over year: Employees (consolidated) -1.6% · Revenue (consolidated) +6.7%

## 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 | 1,558 | 6.4% | S100YIII |
| Capital expenditure | 48 | 0.2% | S100YIII |
| Free cash flow | 1,510 | 6.2% | 算出 |
| Investing cash flow | -87 | -0.4% | S100YIII |
| Financing cash flow | -480 | -2.0% | S100YIII |
| Dividends paid | 380 | 1.6% | S100YIII |
| Share buyback | 0 | 0.0% | S100YIII |
| Change in cash | 991 | 4.1% | S100YIII |
| Cash and equivalents | 7,426 | 30.5% | S100YIII |

## 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 | 4,829 | 5,094 | 5,774 | 6,435 | 7,426 | S100OCLK, S100W2OD, S100YIII |
| Total assets | 11,210 | 12,724 | 13,652 | 15,070 | 16,344 | S100OCLK, S100UC9P, S100W2OD, S100YIII |
| Net assets | 6,266 | 7,495 | 8,813 | 10,059 | 11,580 | S100OCLK, S100W2OD, S100YIII |
| Share capital | 1,181 | 1,181 | 1,181 | 1,181 | 1,181 | S100OCLK, S100UC9P, S100W2OD, S100YIII |
| Property, plant and equipment | 222 | 212 | 208 | 213 | 232 | S100OCLK, S100UC9P, S100W2OD, S100YIII |
| Intangible assets excluding goodwill | 125 | 410 | 337 | 266 | 204 | S100OCLK, S100UC9P, S100W2OD, S100YIII |
| Goodwill | — | 160 | 137 | 114 | 91 | S100UC9P, S100W2OD, S100YIII |
| Investment securities | 1,479 | 2,007 | 2,672 | 2,906 | 3,301 | S100OCLK, S100UC9P, S100W2OD, S100YIII |
| Current assets | 8,155 | 8,952 | 9,510 | 10,820 | 11,884 | S100OCLK, S100UC9P, S100W2OD, S100YIII |
| Current liabilities | 2,942 | 3,335 | 3,136 | 3,664 | 3,617 | S100OCLK, S100UC9P, S100W2OD, S100YIII |
| Long-term borrowings | 160 | 200 | 140 | 240 | 140 | S100OCLK, S100UC9P, S100W2OD, S100YIII |
| Total liabilities | 4,944 | 5,229 | 4,839 | 5,011 | 4,764 | S100OCLK, S100UC9P, S100W2OD, S100YIII |
| Equity attributable to owners of parent | 5,922 | 6,870 | 7,760 | 8,806 | 10,145 | S100OCLK, S100UC9P, S100W2OD, S100YIII |
| Retained earnings | 4,031 | 5,121 | 6,107 | 7,146 | 8,479 | S100OCLK, S100UC9P, S100W2OD, S100YIII |
| Treasury stock | -581 | -537 | -634 | -632 | -629 | S100OCLK, S100UC9P, S100W2OD, S100YIII |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 46% | S100YIII |
| Property, plant and equipment | 1% | S100YIII |
| Intangibles and goodwill | 2% | S100YIII |
| Investment securities | 20% | S100YIII |
| Other assets | 31% | S100YIII |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 29% | S100YIII |
| Equity | 71% | S100YIII |

### 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 | 11,210 | 12,724 | 13,652 | 15,070 | 16,344 |
| Equity | 6,266 | 7,495 | 8,813 | 10,059 | 11,580 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 4,829 | 5,094 | 5,774 | 6,435 | 7,426 |

## 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) | 1.0% | S100YIII |
| Fixed assets ÷ total assets | 1.4% | S100YIII |
| Goodwill ÷ parent equity | 0.9% | S100YIII |

### 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) | 45.4% |
| Cash ÷ revenue | 30.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 70.6% |
| Cash vs. profit gap | -156 JPY mn (of net income -9.1%) |
| Shareholder returns / net income | 22.2% |
| Shareholder returns / FCF | 25.2% |
| Shareholder payments — dividends / net income | 22.1% |
| Shareholder payments — dividends / FCF | 25.1% |
| CapEx intensity (capex ÷ revenue) | 0.2% |
| Investing CF relative to operating CF | 5.6% |

## 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 | 4.6% | 1.65× | 7.6% | 1.89× | 14.3% | S100OCLK |
| 2023 | 5.1% | 1.59× | 8.1% | 1.85× | 15.0% | S100UC9P |
| 2024 | 5.9% | 1.65× | 9.7% | 1.80× | 17.4% | S100W2OD |
| 2025 | 5.8% | 1.59× | 9.2% | 1.73× | 16.0% | S100YIII |
| 2026 | 7.0% | 1.55× | 10.9% | 1.66× | 18.1% | S100YIII |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 安藤 文男 | Major shareholder | 15.9% | 2026-03-31 |
| ＩＫＩ持株会 | Major shareholder | 7.4% | 2026-03-31 |
| 光通信ＫＫ投資事業有限責任組合 | Major shareholder | 6.4% | 2026-03-31 |
| ヨシダ トモヒロ | Major shareholder | 3.4% | 2026-03-31 |
| ㈱三菱ＵＦＪ銀行 | Major shareholder | 2.2% | 2026-03-31 |
| 日本証券金融㈱ | Major shareholder | 2.2% | 2026-03-31 |
| ㈱千葉興業銀行（常任代理人 ㈱日本カストディ銀行） | Major shareholder | 2.1% | 2026-03-31 |
| 有限会社エム・ビ・エス | Major shareholder | 2.1% | 2026-03-31 |
| 三井倉庫ホールディングス㈱ | Major shareholder | 2.1% | 2026-03-31 |
| 光通信㈱ | Major shareholder | 1.1% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第48期(2025/04/01－2026/03/31) | S100YIII | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YIII,, |
| 有価証券報告書－第47期(2024/04/01－2025/03/31) | S100W2OD | 2025-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W2OD,, |
| 訂正有価証券報告書－第46期(2023/04/01－2024/03/31) | S100UC9P | 2024-09-06 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UC9P,, |
| 訂正有価証券報告書－第45期(2022/04/01－2023/03/31) | S100SSTJ | 2024-02-09 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SSTJ,, |
| 有価証券報告書－第44期(令和3年4月1日－令和4年3月31日) | S100OCLK | 2022-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OCLK,, |
| 有価証券報告書－第43期(令和2年4月1日－令和3年3月31日) | S100LO23 | 2021-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LO23,, |

## 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).