# L is B: business model and financials

> Latest period: FY ending Dec 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 訂正有価証券報告書－第16期(2025/01/01－2025/12/31) (S100XYHQ)
> Page: https://vizora.meequs.com/en/company/l-is-b
> Retrieved: 2026-09-30T19:50:27.721Z

## Company

L is B, founded in 2010, is a company in IT Services & System Integration listed on TSE Growth. It has 185 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | L is B Corp. |
| Ticker | 145A |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/145A.T) |
| Listing | TSE Growth |
| Head office | 東京都千代田区岩本町三丁目11番11号 |
| Representative (per filing) | 代表取締役社長CEO 横井 太輔 |
| Founded | Sep 2010 |
| Share capital | ¥629.9M |
| Employees (consolidated) | 185 |
| Average salary (parent only) | ¥6.9M |
| Fiscal year end | December |
| Website | l-is-b.com (https://l-is-b.com/) |
| Corporate number | 6010601042541 |
| EDINET | E39409 |
| Industries (Vizora) | IT Services & System Integration, Software & SaaS, Venture Capital |

> Profile source: annual securities report (S100XYHQ, filed 2026-04-14). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 41.1 | 196 |
| Cash conversion | 72.2 | 185 |
| Efficiency | 7.9 | 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)

- L is B brought in ¥2.13B in revenue.
- Out of every ¥100 of sales, about ¥8 is left as operating profit.
- Revenue changed +33.8% from the prior year, operating profit +257.9%.

## Company structure

- Segment revenue mix: DX solution 100.0%
- Revenue → net income: ¥2132680000 → ¥138847000
- Net income → operating cash flow: ¥138847000 → ¥178234000（difference ¥39387000）
- Main uses of operating cash flow: CapEx ¥26975000 / dividends — / buybacks —
- Change in cash: ¥-457626000
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 | ¥2.13B |  |
| Operating income | ¥169.1M | Margin 7.9% |
| Net income | ¥138.9M | Margin 6.5% |
| Free cash flow | ¥151.3M |  |
| Largest business | DX solution | of segment revenue 100.0% |
| Employees (consolidated) | 185 |  |
| EPS | ¥32.65 |  |
| Book value per share | ¥371.97 |  |
| Equity ratio | 53.9% |  |
| Shares outstanding | 5,124,800 |  |
| Shareholders | 1,968 |  |
| Average salary (parent only) | ¥6.9M | Filing company only |
| Cash ratio | 41.3% | Cash ÷ revenue 66.3% |
| Vs. industry median margin | -1 pp | IT Services & System Integration |
| ROE | 7.8% | Derived from disclosed figures |
| ROA | 4.5% | Derived from disclosed figures |

## Notable figures

- FY2025, one segment accounts for 100% of positive segment profit
- FY2025, cash is 41% of total assets

## What changed in 3 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Dec 2022 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥970589000 | ¥2132680000 | — |
| Operating income | ¥-263996000 | ¥169142000 | — |
| Operating margin | -27.2% | 7.9% | +35.1 pp |
| Employees | 70 people | 185 people | — |
| Cash and equivalents | ¥1088500000 | ¥1413785000 | — |

### Change in segment revenue mix

Span: FY ending Dec 2022 → 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 |
| --- | ---: |
| 新設・再編 → DXソリューション事業 | 100.0% |

Segment revenue source references: 1 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 2,133 | 100.0% | S100XYHQ |
| Cost of revenue | 792 | 37.1% | S100XYHQ |
| Gross profit | 1,341 | 62.9% | S100XYHQ |
| SG&A | 1,172 | 54.9% | S100XYHQ |
| Operating income | 169 | 7.9% | S100XYHQ |
| Ordinary income | 147 | 6.9% | S100XYHQ |
| Pretax income | 147 | 6.9% | S100XYHQ |
| Income tax | 8 | 0.4% | S100XYHQ |
| Net income | 139 | 6.5% | S100XYHQ |
| Net income attributable to owners | 139 | 6.5% | S100XYHQ |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 37 |
| SG&A | 55 |
| Operating income | 8 |
| (Ref.) Net income | 7 |

### Margin funnel

Gross margin 62.9% → Operating margin 7.9% → Net margin 6.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +33.8%; Core profit growth: +257.9%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 7.63×
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 | 1,594 | 2,133 | 539 | +33.8% |
| Gross profit | 1,032 | 1,341 | 309 | +30.0% |
| Operating income | 47 | 169 | 122 | +257.9% |
| Net income attributable to owners | 13 | 139 | 126 | +963.7% |
| Operating cash flow | 28 | 178 | 150 | +540.7% |
| Free cash flow | -36 | 151 | 187 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2022 | 971 | -264 | -27.2% | -316 | -158 | -211 | S100TB4U |
| FY ending Dec 2023 | 1,280 | 38 | 3.0% | 46 | -12 | -57 | S100TB4U |
| FY ending Dec 2024 | 1,594 | 47 | 3.0% | 13 | 28 | -36 | S100XYHQ |
| FY ending Dec 2025 | 2,133 | 169 | 7.9% | 139 | 178 | 151 | S100XYHQ |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥11.5M |
| Operating income per employee (consolidated) | ¥914.3K |
| Net income per employee (consolidated) | ¥750.6K |

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

| History | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 70 | 88 | 121 | 185 |
| Average salary (parent company) | — | ¥6.7M | ¥6.9M | ¥6.9M |
| Average age (parent company) | — | 35.8 years | 35.9 years | 36.3 years |
| Average tenure (parent company) | — | 3.6 years | 3.8 years | 4.3 years |

Year over year: Employees (consolidated) +52.9% · Revenue (consolidated) +33.8%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| DX solution | 2,133 | 100.0% | 179 | 8.4% |
| Investment business | — | 0.0% | -10 | — |

### 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 | Profit share | Margin |
| --- | ---: | ---: |
| DX solution | 100.0% | 8.4% |
| Investment business | — | — |

Loss-making segment (excluded from profit shares): Investment business -10 JPY mn

Segment → industry: DX solution → IT Services & System Integration / DX solution → Software & SaaS / Investment business → Venture Capital

## 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 | 178 | 8.4% | S100XYHQ |
| Capital expenditure | 27 | 1.3% | S100XYHQ |
| Free cash flow | 151 | 7.1% | 算出 |
| Investing cash flow | -1,080 | -50.6% | S100XYHQ |
| Financing cash flow | 444 | 20.8% | S100XYHQ |
| Change in cash | -458 | -21.5% | S100XYHQ |
| Cash and equivalents | 1,414 | 66.3% | S100XYHQ |

## 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 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,089 | 1,010 | 1,871 | 1,414 | S100TB4U, S100XYHQ |
| Total assets | 1,279 | 1,321 | 2,708 | 3,426 | S100TB4U, S100XYHQ |
| Net assets | 590 | 636 | 1,709 | 1,848 | S100TB4U, S100XYHQ |
| Share capital | 100 | 100 | 630 | 630 | S100TB4U, S100XYHQ |
| Property, plant and equipment | 1 | 5 | 103 | 108 | S100TB4U, S100XYHQ |
| Intangible assets excluding goodwill | 7 | 41 | 101 | 536 | S100TB4U, S100XYHQ |
| Goodwill | — | — | 51 | 487 | S100XYHQ |
| Investment securities | — | — | 155 | 410 | S100XYHQ |
| Current assets | 1,255 | 1,235 | 2,240 | 2,236 | S100TB4U, S100XYHQ |
| Current liabilities | 194 | 201 | 546 | 494 | S100TB4U, S100XYHQ |
| Short-term borrowings | 30 | 30 | 60 | 30 | S100TB4U, S100XYHQ |
| Long-term borrowings | 495 | 484 | 435 | 1,066 | S100TB4U, S100XYHQ |
| Total liabilities | 689 | 684 | 999 | 1,578 | S100TB4U, S100XYHQ |
| Non-controlling interests | — | — | — | 0 | S100XYHQ |
| Equity attributable to owners of parent | 590 | 636 | 1,709 | 1,848 | S100TB4U, S100XYHQ |
| Retained earnings | -983 | -937 | -924 | -786 | S100TB4U, S100XYHQ |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 41% | S100XYHQ |
| Property, plant and equipment | 3% | S100XYHQ |
| Intangibles and goodwill | 30% | S100XYHQ |
| Investment securities | 12% | S100XYHQ |
| Other assets | 14% | S100XYHQ |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 46% | S100XYHQ |
| Equity | 54% | S100XYHQ |

### Balance sheet history

| Metric | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: |
| Total assets | 1,279 | 1,321 | 2,708 | 3,426 |
| Equity | 590 | 636 | 1,709 | 1,848 |
| Interest-bearing debt | — | — | — | — |
| Cash | 1,089 | 1,010 | 1,871 | 1,414 |

## 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) | 5.1% | S100XYHQ |
| Fixed assets ÷ total assets | 3.2% | S100XYHQ |
| Goodwill ÷ parent equity | 26.4% | S100XYHQ |

### 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) | 41.3% |
| Cash ÷ revenue | 66.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 105.4% |
| Cash vs. profit gap | 39 JPY mn (of net income 28.4%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 1.3% |
| Investing CF relative to operating CF | 605.7% |

## 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 | — | —× | -24.7% | —× | — | S100TB4U |
| 2023 | 3.6% | 0.98× | 3.5% | 2.12× | 7.5% | S100TB4U |
| 2024 | 0.8% | 0.59× | 0.5% | 1.58× | 0.8% | S100XYHQ |
| 2025 | 6.5% | 0.70× | 4.5% | 1.72× | 7.8% | S100XYHQ |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社Well Side | Major shareholder | 29.7% | 2025-12-31 |
| 株式会社チェンジホールディングス | Major shareholder | 5.9% | 2025-12-31 |
| 横井 太輔 | Major shareholder | 5.9% | 2025-12-31 |
| DCIベンチャー成長支援投資事業有限責任組合 | Major shareholder | 5.1% | 2025-12-31 |
| アズワン株式会社 | Major shareholder | 3.9% | 2025-12-31 |
| 株式会社シーティーエス | Major shareholder | 2.5% | 2025-12-31 |
| 在間 文人 | Major shareholder | 2.1% | 2025-12-31 |
| 楽天証券株式会社共有口 | Major shareholder | 1.9% | 2025-12-31 |
| 株式会社ＳＢＩ証券 | Major shareholder | 1.8% | 2025-12-31 |
| 株式会社サンロフト | Major shareholder | 1.6% | 2025-12-31 |
| 株式会社QTnet | Major shareholder | 1.6% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 訂正有価証券報告書－第16期(2025/01/01－2025/12/31) | S100XYHQ | 2026-04-14 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XYHQ,, |
| 有価証券報告書－第15期(2024/01/01－2024/12/31) | S100VGBV | 2025-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VGBV,, |
| 訂正有価証券報告書－第14期(2023/01/01－2023/12/31) | S100TB4U | 2024-04-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TB4U,, |

## 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).