# No.1: business model and financials

> Latest period: FY ending Feb 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第37期(2025/03/01－2026/02/28) (S100Y62C)
> Page: https://vizora.meequs.com/en/company/no-1
> Retrieved: 2026-09-30T21:00:41.455Z

## Company

No.1, founded in 1998, is a company in Cybersecurity listed on TSE Standard. It has 957 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | No.1 Co.,Ltd |
| Ticker | 3562 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3562.T) |
| Listing | TSE Standard |
| Head office | 東京都千代田区内幸町一丁目5番2号 |
| Representative (per filing) | 代表取締役 社長執行役員 辰巳 崇之 |
| Founded | Oct 1998 |
| Share capital | ¥655.6M |
| Employees (consolidated) | 957 |
| Average salary (parent only) | ¥5.5M |
| Fiscal year end | February |
| Website | www.number-1.co.jp (https://www.number-1.co.jp/) |
| Corporate number | 8010001136248 |
| EDINET | E33037 |
| Industries (Vizora) | Cybersecurity |

> Profile source: annual securities report (S100Y62C, filed 2026-05-25). As of filing

## Five-axis industry profile

Primary industry: Cybersecurity (2026-02-28)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 32.5 | 20 |
| Profitability | 36.2 | 29 |
| Cash conversion | 24.1 | 27 |
| Efficiency | 87.9 | 29 |

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)

- No.1 brought in ¥17.5B in revenue.
- Out of every ¥100 of sales, about ¥7 is left as operating profit.
- Revenue changed +23.4% from the prior year, operating profit +28.1%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥17529922000 → ¥719320000
- Net income → operating cash flow: ¥719320000 → ¥827009000（difference ¥107689000）
- Main uses of operating cash flow: CapEx ¥395809000 / dividends ¥236006000 / buybacks ¥630823000
- Change in cash: ¥-108123000
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 | ¥17.5B |  |
| Operating income | ¥1.33B | Margin 7.6% |
| Net income | ¥714M | Margin 4.1% |
| Free cash flow | ¥431.2M |  |
| Employees (consolidated) | 957 |  |
| EPS | ¥154.76 |  |
| Diluted EPS | ¥150.23 |  |
| Book value per share | ¥566.54 |  |
| Equity ratio | 31.2% |  |
| Shares outstanding | 7,034,700 |  |
| Treasury shares | 470,500 |  |
| Shareholders | 9,393 |  |
| Average salary (parent only) | ¥5.5M | Filing company only |
| Cash ratio | 20.4% | Net cash -¥1.53B · Cash ÷ revenue 16.3% |
| Vs. industry median margin | -6.8 pp | Cybersecurity |
| ROE | 16.2% | Derived from disclosed figures |
| ROA | 6.3% | Derived from disclosed figures |

## Notable figures

- FY2026, buybacks were 2.7× dividends

## What changed in 5 years

| Metric | FY ending Feb 2021 | FY ending Feb 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥11838577000 | ¥17529922000 | +48.1% |
| Operating income | ¥615385000 | ¥1330464000 | +116.2% |
| Operating margin | 5.2% | 7.6% | +2.4 pp |
| Employees | 562 people | 957 people | +70.3% |
| Cash and equivalents | ¥1780838000 | ¥2860294000 | +60.6% |

### Change in segment revenue mix

Span: FY ending Feb 2021 → FY ending Feb 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 17,530 | 100.0% | S100Y62C |
| Cost of revenue | 8,721 | 49.7% | S100Y62C |
| Gross profit | 8,809 | 50.3% | S100Y62C |
| SG&A | 7,479 | 42.7% | S100Y62C |
| Operating income | 1,330 | 7.6% | S100Y62C |
| Ordinary income | 1,394 | 7.9% | S100Y62C |
| Pretax income | 1,318 | 7.5% | S100Y62C |
| Income tax | 599 | 3.4% | S100Y62C |
| Net income | 719 | 4.1% | S100Y62C |
| Net income attributable to owners | 714 | 4.1% | S100Y62C |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 50 |
| SG&A | 43 |
| Operating income | 7 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 50.3% → Operating margin 7.6% → Net margin 4.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +23.4%; Core profit growth: +28.1%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.20×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Feb 2025 → FY ending Feb 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 14,209 | 17,530 | 3,320 | +23.4% |
| Gross profit | 6,479 | 8,809 | 2,330 | +36.0% |
| Operating income | 1,039 | 1,330 | 291 | +28.1% |
| Net income attributable to owners | 574 | 714 | 140 | +24.3% |
| Operating cash flow | 1,446 | 827 | -619 | -42.8% |
| Free cash flow | 1,173 | 431 | -742 | -63.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Feb 2020 | 8,818 | 361 | 4.1% | 266 | 209 | 89 | S100LF46 |
| FY ending Feb 2021 | 11,839 | 615 | 5.2% | 403 | 796 | 624 | S100O5GO |
| FY ending Feb 2022 | 13,920 | 854 | 6.1% | 532 | 499 | 282 | S100QV4R |
| FY ending Feb 2023 | 13,308 | 1,150 | 8.6% | 912 | 1,143 | 901 | S100TJ6Z |
| FY ending Feb 2024 | 13,452 | 1,228 | 9.1% | 886 | 565 | 376 | S100VUIQ |
| FY ending Feb 2025 | 14,209 | 1,039 | 7.3% | 574 | 1,446 | 1,173 | S100Y62C |
| FY ending Feb 2026 | 17,530 | 1,330 | 7.6% | 714 | 827 | 431 | S100Y62C |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥18.3M |
| Operating income per employee (consolidated) | ¥1.4M |
| Net income per employee (consolidated) | ¥746.1K |

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

| History | FY ending Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 652 | 644 | 649 | 680 | 957 |
| Average salary (parent company) | ¥5.1M | ¥5.1M | ¥5.3M | ¥5.4M | ¥5.5M |
| Average age (parent company) | 33.8 years | 34.1 years | 34.6 years | 35.2 years | 35.1 years |
| Average tenure (parent company) | 6.9 years | 7.5 years | 8.0 years | 8.1 years | 7.9 years |

Year over year: Employees (consolidated) +40.7% · Revenue (consolidated) +23.4%

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Feb 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 827 | 4.7% | S100Y62C |
| Capital expenditure | 396 | 2.3% | S100Y62C |
| Free cash flow | 431 | 2.5% | 算出 |
| Investing cash flow | -2,605 | -14.9% | S100Y62C |
| Financing cash flow | 1,670 | 9.5% | S100Y62C |
| Dividends paid | 236 | 1.3% | S100Y62C |
| Share buyback | 631 | 3.6% | S100Y62C |
| Change in cash | -108 | -0.6% | S100Y62C |
| Cash and equivalents | 2,860 | 16.3% | S100Y62C |

## 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 Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,535 | 2,320 | 2,285 | 2,890 | 2,860 | S100TJ6Z, S100VUIQ, S100Y62C |
| Total assets | 7,231 | 7,937 | 8,101 | 8,707 | 14,042 | S100QV4R, S100TJ6Z, S100VUIQ, S100Y62C |
| Net assets | 2,739 | 3,561 | 3,764 | 4,476 | 4,407 | S100TJ6Z, S100VUIQ, S100Y62C |
| Share capital | 608 | 624 | 630 | 650 | 656 | S100QV4R, S100TJ6Z, S100VUIQ, S100Y62C |
| Trade receivables | 2,255 | — | — | — | — | S100QV4R |
| Property, plant and equipment | 657 | 728 | 720 | 731 | 1,171 | S100QV4R, S100TJ6Z, S100VUIQ, S100Y62C |
| Intangible assets excluding goodwill | 796 | 722 | 678 | 684 | 3,328 | S100QV4R, S100TJ6Z, S100VUIQ, S100Y62C |
| Goodwill | 663 | 606 | 575 | 577 | 3,167 | S100QV4R, S100TJ6Z, S100VUIQ, S100Y62C |
| Investment securities | 32 | 35 | 86 | 218 | 321 | S100QV4R, S100TJ6Z, S100VUIQ, S100Y62C |
| Current assets | 5,048 | 5,713 | 5,914 | 6,206 | 7,925 | S100QV4R, S100TJ6Z, S100VUIQ, S100Y62C |
| Current liabilities | 3,135 | 2,951 | 3,217 | 3,226 | 6,473 | S100QV4R, S100TJ6Z, S100VUIQ, S100Y62C |
| Trade payables | 1,168 | 900 | 811 | 771 | 1,244 | S100QV4R, S100TJ6Z, S100VUIQ, S100Y62C |
| Short-term borrowings | 400 | — | 551 | 309 | 1,509 | S100QV4R, S100VUIQ, S100Y62C |
| Long-term borrowings | 962 | 1,045 | 781 | 697 | 2,867 | S100QV4R, S100TJ6Z, S100VUIQ, S100Y62C |
| Bonds | 35 | 61 | 37 | 20 | 10 | S100QV4R, S100TJ6Z, S100VUIQ, S100Y62C |
| Interest-bearing debt | 1,397 | — | 1,369 | 1,026 | 4,386 | 算出 |
| Total liabilities | 4,493 | 4,376 | 4,337 | 4,230 | 9,634 | S100QV4R, S100TJ6Z, S100VUIQ, S100Y62C |
| Non-controlling interests | 12 | 3 | 7 | 7 | 12 | S100QV4R, S100TJ6Z, S100VUIQ, S100Y62C |
| Equity attributable to owners of parent | 2,717 | 3,487 | 3,738 | 4,445 | 4,357 | S100QV4R, S100TJ6Z, S100VUIQ, S100Y62C |
| Retained earnings | 1,633 | 2,372 | 3,008 | 3,358 | 3,836 | S100QV4R, S100TJ6Z, S100VUIQ, S100Y62C |
| Treasury stock | -179 | -179 | -576 | -231 | -821 | S100QV4R, S100TJ6Z, S100VUIQ, S100Y62C |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 21% | S100Y62C |
| Property, plant and equipment | 8% | S100Y62C |
| Intangibles and goodwill | 46% | S100Y62C |
| Investment securities | 2% | S100Y62C |
| Other assets | 23% | S100Y62C |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 9% | S100Y62C |
| Interest-bearing debt | 31% | 算出 |
| Other liabilities | 29% | S100Y62C |
| Equity | 31% | S100Y62C |

### Balance sheet history

| Metric | FY ending Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 7,231 | 7,937 | 8,101 | 8,707 | 14,042 |
| Equity | 2,739 | 3,561 | 3,764 | 4,476 | 4,407 |
| Interest-bearing debt | 1,397 | — | 1,369 | 1,026 | 4,386 |
| Cash | 1,535 | 2,320 | 2,285 | 2,890 | 2,860 |

## 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) | 6.7% | S100Y62C |
| Fixed assets ÷ total assets | 8.3% | S100Y62C |
| Goodwill ÷ parent equity | 72.7% | S100Y62C |

Goodwill over 4 years: 663 → 3,167 JPY; total investing cash flow: -3,732 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) | 20.4% |
| Cash ÷ revenue | 16.3% |
| Net cash (cash − interest-bearing debt) | -¥1.53B |
| Net debt ÷ operating cash flow | 1.85× |
| Cash conversion (operating CF ÷ operating income) | 62.2% |
| Cash vs. profit gap | 113 JPY mn (of net income 15.8%) |
| Shareholder returns / net income | 121.4% |
| Shareholder returns / FCF | 201.0% |
| Shareholder payments — dividends / net income | 33.1% |
| Shareholder payments — dividends / FCF | 54.7% |
| CapEx intensity (capex ÷ revenue) | 2.3% |
| Investing CF relative to operating CF | 315.0% |

## 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 | 3.8% | 1.92× | 7.4% | 2.66× | 19.6% | S100QV4R |
| 2023 | 6.9% | 1.75× | 12.0% | 2.44× | 29.4% | S100TJ6Z |
| 2024 | 6.6% | 1.68× | 11.1% | 2.22× | 24.5% | S100VUIQ |
| 2025 | 4.0% | 1.69× | 6.8% | 2.05× | 14.0% | S100Y62C |
| 2026 | 4.1% | 1.54× | 6.3% | 2.58× | 16.2% | S100Y62C |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 辰巳 崇之 | Major shareholder | 16.2% | 2026-02-28 |
| 株式会社クレディセゾン | Major shareholder | 5.5% | 2026-02-28 |
| No.1従業員持株会 | Major shareholder | 3.5% | 2026-02-28 |
| 久松 千尋 | Major shareholder | 2.6% | 2026-02-28 |
| 竹澤 薫 | Major shareholder | 1.9% | 2026-02-28 |
| 桑島 恭規 | Major shareholder | 1.8% | 2026-02-28 |
| NTT・TCリース株式会社 | Major shareholder | 1.8% | 2026-02-28 |
| 楽天証券株式会社共有口 | Major shareholder | 1.3% | 2026-02-28 |
| 光通信ＫＫ投資事業有限責任組合 | Major shareholder | 1.1% | 2026-02-28 |
| 岩崎 泰次 | Major shareholder | 1.1% | 2026-02-28 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第37期(2025/03/01－2026/02/28) | S100Y62C | 2026-05-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y62C,, |
| 有価証券報告書－第36期(2024/03/01－2025/02/28) | S100VUIQ | 2025-05-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VUIQ,, |
| 有価証券報告書－第35期(2023/03/01－2024/02/29) | S100TJ6Z | 2024-05-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TJ6Z,, |
| 有価証券報告書－第34期(2022/03/01－2023/02/28) | S100QV4R | 2023-05-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QV4R,, |
| 有価証券報告書－第33期(令和3年3月1日－令和4年2月28日) | S100O5GO | 2022-05-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O5GO,, |
| 有価証券報告書－第32期(令和2年3月1日－令和3年2月28日) | S100LF46 | 2021-05-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LF46,, |

## 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).