# p-ban.com Corp.: business model and financials

> Latest period: FY ending Mar 2026, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第24期(2025/04/01－2026/03/31) (S100YH49)
> Page: https://vizora.meequs.com/en/company/p-ban-com
> Retrieved: 2026-09-30T21:33:55.527Z

## Company

p-ban.com is a company in Electronic Components listed on TSE Standard. It has 40 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | p-ban.com Corp. |
| Ticker | 3559 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3559.T) |
| Listing | TSE Standard |
| Head office | 東京都千代田区五番町14番地 五番町光ビル4F |
| Representative (per filing) | 代表取締役社長 後藤 康進 |
| Share capital | ¥181.6M |
| Employees (consolidated) | 40 |
| Average salary (parent only) | ¥5.7M |
| Fiscal year end | March |
| Website | www.p-ban.com (https://www.p-ban.com/) |
| Corporate number | 9010001131479 |
| EDINET | E33016 |
| Industries (Vizora) | Electronic Components |

> Profile source: annual securities report (S100YH49, filed 2026-06-22). As of filing

## Five-axis industry profile

Primary industry: Electronic Components (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 25.5 | 53 |
| Profitability | 65.2 | 56 |
| Cash conversion | 30.2 | 48 |
| Efficiency | 90.2 | 56 |

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)

- p-ban.com brought in ¥2.31B in revenue.
- Out of every ¥100 of sales, about ¥8 is left as operating profit.
- Revenue changed +6.0% from the prior year, operating profit +21.2%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥2311924000 → ¥106013000
- Net income → operating cash flow: ¥106013000 → ¥190479000（difference ¥84466000）
- Main uses of operating cash flow: CapEx ¥59795000 / dividends ¥46807000 / buybacks —
- Change in cash: ¥77345000
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 | ¥2.31B |  |
| Operating income | ¥190.5M | Margin 8.2% |
| Net income | ¥106M | Margin 4.6% |
| Free cash flow | ¥130.7M |  |
| Employees (consolidated) | 40 |  |
| EPS | ¥22.57 |  |
| Diluted EPS | ¥22.53 |  |
| Book value per share | ¥306.97 |  |
| Equity ratio | 79.0% |  |
| Shares outstanding | 4,992,406 |  |
| Treasury shares | 289,300 |  |
| Shareholders | 3,333 |  |
| Average salary (parent only) | ¥5.7M | Filing company only |
| Cash ratio | 66.5% | Cash ÷ revenue 52.6% |
| Vs. industry median margin | +2.3 pp | Electronic Components |
| ROE | 7.5% | Derived from disclosed figures |
| ROA | 6.0% | Derived from disclosed figures |

## Notable figures

- FY2026, cash is 66% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥1989282000 | ¥2311924000 | +16.2% |
| Operating income | ¥204702000 | ¥190481000 | -6.9% |
| Operating margin | 10.3% | 8.2% | -2.1 pp |
| Employees | 28 people | 40 people | +42.9% |
| Cash and equivalents | ¥1007566000 | ¥1214954000 | +20.6% |

### 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, non-consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 2,312 | 100.0% | S100YH49 |
| Cost of revenue | 1,439 | 62.2% | S100YH49 |
| Gross profit | 873 | 37.8% | S100YH49 |
| SG&A | 683 | 29.5% | S100YH49 |
| Operating income | 190 | 8.2% | S100YH49 |
| Ordinary income | 187 | 8.1% | S100YH49 |
| Pretax income | 157 | 6.8% | S100YH49 |
| Income tax | 51 | 2.2% | S100YH49 |
| Net income | 106 | 4.6% | S100YH49 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 62 |
| SG&A | 30 |
| Operating income | 8 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 37.8% → Operating margin 8.2% → Net margin 4.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +6.0%; Core profit growth: +21.2%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 3.52×
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 | 2,181 | 2,312 | 131 | +6.0% |
| Gross profit | 789 | 873 | 84 | +10.7% |
| Operating income | 157 | 190 | 33 | +21.2% |
| Operating cash flow | 145 | 190 | 46 | +31.8% |
| Free cash flow | 126 | 131 | 5 | +4.0% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 2,133 | 247 | 11.6% | 112 | 227 | 188 | S100LTC8 |
| FY ending Mar 2021 | 1,989 | 205 | 10.3% | 143 | 137 | 114 | S100OKW9 |
| FY ending Mar 2022 | 1,933 | 198 | 10.2% | 137 | 229 | 201 | S100R7PG |
| FY ending Mar 2023 | 2,015 | 183 | 9.1% | 93 | 105 | 85 | S100TULB |
| FY ending Mar 2024 | 2,016 | 133 | 6.6% | 93 | 149 | 117 | S100W5QJ |
| FY ending Mar 2025 | 2,181 | 157 | 7.2% | 113 | 145 | 126 | S100YH49 |
| FY ending Mar 2026 | 2,312 | 190 | 8.2% | 106 | 190 | 131 | S100YH49 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥57.8M |
| Operating income per employee (consolidated) | ¥4.8M |
| Net income per employee (consolidated) | ¥2.7M |

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) | 28 | 29 | 35 | 40 | 40 |
| Average salary (parent company) | ¥5.7M | ¥5.6M | ¥5.5M | ¥5.4M | ¥5.7M |
| Average age (parent company) | 40.2 years | 40.8 years | 38.5 years | 39.3 years | 40.0 years |
| Average tenure (parent company) | 5.9 years | 7.2 years | 6.5 years | 5.6 years | 6.5 years |

Year over year: Employees (consolidated) 0.0% · Revenue (consolidated) +6.0%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 190 | 8.2% | S100YH49 |
| Capital expenditure | 60 | 2.6% | S100YH49 |
| Free cash flow | 131 | 5.7% | 算出 |
| Investing cash flow | -67 | -2.9% | S100YH49 |
| Financing cash flow | -46 | -2.0% | S100YH49 |
| Dividends paid | 47 | 2.0% | S100YH49 |
| Change in cash | 77 | 3.3% | S100YH49 |
| Cash and equivalents | 1,215 | 52.6% | S100YH49 |

## 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 | 1,153 | 1,052 | 1,077 | 1,138 | 1,215 | S100TULB, S100W5QJ, S100YH49 |
| Total assets | 1,608 | 1,527 | 1,610 | 1,733 | 1,828 | S100R7PG, S100TULB, S100W5QJ, S100YH49 |
| Net assets | 1,301 | 1,231 | 1,299 | 1,378 | 1,444 | S100TULB, S100W5QJ, S100YH49 |
| Share capital | 179 | 179 | 181 | 181 | 182 | S100R7PG, S100TULB, S100W5QJ, S100YH49 |
| Property, plant and equipment | 12 | 11 | 12 | 10 | 16 | S100R7PG, S100TULB, S100W5QJ, S100YH49 |
| Intangible assets excluding goodwill | 56 | 53 | 60 | 55 | 84 | S100R7PG, S100TULB, S100W5QJ, S100YH49 |
| Investment securities | 28 | 40 | 96 | 110 | 76 | S100R7PG, S100TULB, S100W5QJ, S100YH49 |
| Current assets | 1,420 | 1,360 | 1,378 | 1,482 | 1,567 | S100R7PG, S100TULB, S100W5QJ, S100YH49 |
| Current liabilities | 293 | 280 | 295 | 341 | 369 | S100R7PG, S100TULB, S100W5QJ, S100YH49 |
| Total liabilities | 307 | 296 | 310 | 355 | 384 | S100R7PG, S100TULB, S100W5QJ, S100YH49 |
| Equity attributable to owners of parent | 1,301 | 1,231 | 1,299 | 1,378 | 1,442 | S100R7PG, S100TULB, S100W5QJ, S100YH49 |
| Retained earnings | 1,057 | 1,106 | 1,161 | 1,233 | 1,292 | S100R7PG, S100TULB, S100W5QJ, S100YH49 |
| Treasury stock | -80 | -199 | -191 | -184 | -179 | S100R7PG, S100TULB, S100W5QJ, S100YH49 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 66% | S100YH49 |
| Property, plant and equipment | 1% | S100YH49 |
| Intangibles and goodwill | 5% | S100YH49 |
| Investment securities | 4% | S100YH49 |
| Other assets | 24% | S100YH49 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 21% | S100YH49 |
| Equity | 79% | S100YH49 |
| Other liabilities | 0% | S100YH49 |

### 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 | 1,608 | 1,527 | 1,610 | 1,733 | 1,828 |
| Equity | 1,301 | 1,231 | 1,299 | 1,378 | 1,444 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,153 | 1,052 | 1,077 | 1,138 | 1,215 |

## 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) | 0.7% | S100YH49 |
| Fixed assets ÷ total assets | 0.9% | S100YH49 |
| Goodwill ÷ parent equity | — | —, S100YH49 |

### 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) | 66.5% |
| Cash ÷ revenue | 52.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 100.0% |
| Cash vs. profit gap | 84 JPY mn (of net income 79.7%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 44.2% |
| Shareholder payments — dividends / FCF | 35.8% |
| CapEx intensity (capex ÷ revenue) | 2.6% |
| Investing CF relative to operating CF | 35.0% |

## 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 | 7.1% | 1.20× | 8.5% | 1.24× | 10.6% | S100R7PG |
| 2023 | 4.6% | 1.29× | 5.9% | 1.24× | 7.3% | S100TULB |
| 2024 | 4.6% | 1.29× | 5.9% | 1.24× | 7.4% | S100W5QJ |
| 2025 | 5.2% | 1.30× | 6.7% | 1.25× | 8.4% | S100YH49 |
| 2026 | 4.6% | 1.30× | 6.0% | 1.26× | 7.5% | S100YH49 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社インフロー | Major shareholder | 33.0% | 2026-03-31 |
| 田坂 正樹 | Major shareholder | 9.8% | 2026-03-31 |
| 楽天証券株式会社 | Major shareholder | 1.9% | 2026-03-31 |
| 株式会社SBI証券 | Major shareholder | 1.4% | 2026-03-31 |
| 前島 稔 | Major shareholder | 1.3% | 2026-03-31 |
| 五十畑 輝夫 | Major shareholder | 1.3% | 2026-03-31 |
| 後藤 康進 | Major shareholder | 1.3% | 2026-03-31 |
| 村杉 一 | Major shareholder | 1.2% | 2026-03-31 |
| 土屋 拳 | Major shareholder | 1.2% | 2026-03-31 |
| 株式会社石内地所 | Major shareholder | 1.1% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第24期(2025/04/01－2026/03/31) | S100YH49 | 2026-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YH49,, |
| 有価証券報告書－第23期(2024/04/01－2025/03/31) | S100W5QJ | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W5QJ,, |
| 有価証券報告書－第22期(2023/04/01－2024/03/31) | S100TULB | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TULB,, |
| 有価証券報告書－第21期(2022/04/01－2023/03/31) | S100R7PG | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R7PG,, |
| 有価証券報告書－第20期(令和3年4月1日－令和4年3月31日) | S100OKW9 | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OKW9,, |
| 有価証券報告書－第19期(令和2年4月1日－令和3年3月31日) | S100LTC8 | 2021-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LTC8,, |

## 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).