# RISKMONSTER.COM: 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26期(2025/04/01－2026/03/31) (S100YGM6)
> Page: https://vizora.meequs.com/en/company/riskmonster-com
> Retrieved: 2026-09-30T19:05:00.289Z

## Company

Riskmonster.com, founded in 2000, is a company in Software & SaaS listed on TSE Standard. It has 185 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Riskmonster.com |
| Ticker | 3768 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3768.T) |
| Listing | TSE Standard |
| Head office | 東京都中央区日本橋二丁目16番5号 RMGビル |
| Representative (per filing) | 代表取締役社長 藤本 太一 |
| Founded | Sep 2000 |
| Share capital | ¥1.19B |
| Employees (consolidated) | 185 |
| Average salary (parent only) | ¥5.5M |
| Fiscal year end | March |
| Website | www.riskmonster.co.jp (https://www.riskmonster.co.jp/) |
| Corporate number | 5010001075531 |
| EDINET | E05471 |
| Industries (Vizora) | Software & SaaS, Business Process Outsourcing, Education |

> Profile source: annual securities report (S100YGM6, filed 2026-06-22). As of filing

## Five-axis industry profile

Primary industry: Software & SaaS (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 11 | 105 |
| Profitability | 42.4 | 145 |
| Cash conversion | 97.3 | 128 |
| Efficiency | 19 | 145 |

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)

- About 54% of Riskmonster.com's sales come from Credit management support services, with BPO services and Business portal sites making up much of the rest.
- Out of every ¥100 of sales, about ¥9 is left as operating profit.
- Revenue changed +2.6% from the prior year, operating profit +36.4%.

## Company structure

- Segment revenue mix: Credit management support services 53.5%、BPO services 21.3%、Business portal sites 16.5%、Training Services 4.7%、Other 3.9%
- Revenue → net income: ¥3824037000 → ¥226834000
- Net income → operating cash flow: ¥226834000 → ¥1739330000（difference ¥1512496000）
- Main uses of operating cash flow: CapEx ¥964283000 / dividends ¥112154000 / buybacks ¥85993000
- Change in cash: ¥522949000
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 | ¥3.82B |  |
| Operating income | ¥360.2M | Margin 9.4% |
| Net income | ¥223.3M | Margin 5.8% |
| Free cash flow | ¥775M |  |
| Largest business | Credit management support services | of segment revenue 53.5% |
| Employees (consolidated) | 185 |  |
| EPS | ¥13.83 |  |
| Diluted EPS | ¥13.81 |  |
| Book value per share | ¥562.02 |  |
| Equity ratio | 84.6% |  |
| Shares outstanding | 7,636,922 |  |
| Treasury shares | 177,400 |  |
| Shareholders | 4,488 |  |
| Average salary (parent only) | ¥5.5M | Filing company only |
| Cash ratio | 23.6% | Cash ÷ revenue 43.1% |
| Vs. industry median margin | -3 pp | Software & SaaS |
| ROE | 4.3% | Derived from disclosed figures |
| ROA | 3.2% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 7.8× net income
- FY2026, one segment accounts for 62% of positive segment profit
- FY2026, employees -7% while operating income rose 36%

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥3551134000 | ¥3824037000 | +7.7% |
| Operating income | ¥654867000 | ¥360195000 | -45.0% |
| Operating margin | 18.4% | 9.4% | -9 pp |
| Employees | 156 people | 185 people | +18.6% |
| Cash and equivalents | ¥2443729000 | ¥1648686000 | -32.5% |

### 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 |
| --- | ---: |
| 与信管理サービス → 与信管理サービス | 53.5% |
| 与信管理サービス → 事業再編・廃止 | 7.2% |
| ビジネスポータルサイト（グループウェアサービス等） → ビジネスポータルサイト（グループウェアサービス等） | 15.6% |
| 教育関連 → 教育関連 | 4.7% |
| 教育関連 → 事業再編・廃止 | 2.8% |
| ＢＰＯサービス → ＢＰＯサービス | 14.1% |
| その他 → その他 | 2.1% |
| 新設・再編 → ビジネスポータルサイト（グループウェアサービス等） | 0.9% |
| 新設・再編 → ＢＰＯサービス | 7.2% |
| 新設・再編 → その他 | 1.9% |

Segment revenue source references: 10 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Credit management support services | 5 years | -1.0% | ¥2047372000 | 17.3% | 2 |
| BPO services | 5 years | +10.2% | ¥815031000 | 1.2% | 2 |
| Business portal sites | 5 years | +2.7% | ¥630914000 | 31.7% | 2 |
| Training Services | 5 years | -7.5% | ¥180634000 | 3.1% | 2 |
| Other | 5 years | +15.3% | ¥150086000 | -6.8% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 3,824 | 100.0% | S100YGM6 |
| Cost of revenue | 2,054 | 53.7% | S100YGM6 |
| Gross profit | 1,770 | 46.3% | S100YGM6 |
| SG&A | 1,410 | 36.9% | S100YGM6 |
| Operating income | 360 | 9.4% | S100YGM6 |
| Ordinary income | 379 | 9.9% | S100YGM6 |
| Pretax income | 352 | 9.2% | S100YGM6 |
| Income tax | 125 | 3.3% | S100YGM6 |
| Net income | 227 | 5.9% | S100YGM6 |
| Net income attributable to owners | 223 | 5.8% | S100YGM6 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 54 |
| SG&A | 37 |
| Operating income | 9 |
| (Ref.) Net income | 6 |

### Margin funnel

Gross margin 46.3% → Operating margin 9.4% → Net margin 5.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +2.6%; Core profit growth: +36.4%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 14.18×
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 | 3,728 | 3,824 | 96 | +2.6% |
| Gross profit | 1,701 | 1,770 | 69 | +4.0% |
| Operating income | 264 | 360 | 96 | +36.4% |
| Net income attributable to owners | -50 | 223 | 273 | — |
| Operating cash flow | 226 | 1,739 | 1,513 | +669.6% |
| Free cash flow | -705 | 775 | 1,480 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 3,150 | 507 | 16.1% | 306 | 711 | 227 | S100LM38 |
| FY ending Mar 2021 | 3,551 | 655 | 18.4% | 438 | 1,053 | 561 | S100OEDT |
| FY ending Mar 2022 | 3,746 | 670 | 17.9% | 459 | 651 | -205 | S100R5YU |
| FY ending Mar 2023 | 3,745 | 565 | 15.1% | 360 | 917 | 57 | S100TST3 |
| FY ending Mar 2024 | 3,666 | 301 | 8.2% | 161 | 812 | -131 | S100W2HK |
| FY ending Mar 2025 | 3,728 | 264 | 7.1% | -50 | 226 | -705 | S100YGM6 |
| FY ending Mar 2026 | 3,824 | 360 | 9.4% | 223 | 1,739 | 775 | S100YGM6 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥20.7M |
| Operating income per employee (consolidated) | ¥1.9M |
| Net income per employee (consolidated) | ¥1.2M |

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) | 183 | 185 | 202 | 199 | 185 |
| Average salary (parent company) | ¥6.2M | ¥5.7M | ¥5.3M | ¥5.4M | ¥5.5M |
| Average age (parent company) | 36.8 years | 38.1 years | 38.5 years | 38.8 years | 39.0 years |
| Average tenure (parent company) | 7.0 years | 6.9 years | 7.4 years | 8.0 years | 8.1 years |

Year over year: Employees (consolidated) -7.0% · Revenue (consolidated) +2.6%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Credit management support services | 2,047 | 53.5% | 354 | 17.3% |
| Business portal sites | 631 | 16.5% | 200 | 31.7% |
| Training Services | 181 | 4.7% | 6 | 3.1% |
| BPO services | 815 | 21.3% | 10 | 1.2% |
| Other | 150 | 3.9% | -10 | -6.8% |

### 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 | Profit share | Difference (pt) | Margin |
| --- | ---: | ---: | ---: | ---: |
| Credit management support services | 53.5% | 62.1% | 8.6 | 17.3% |
| Business portal sites | 16.5% | 35.2% | 18.7 | 31.7% |
| Training Services | 4.7% | 1.0% | -3.7 | 3.1% |
| BPO services | 21.3% | 1.7% | -19.6 | 1.2% |
| Other | 3.9% | — | — | -6.8% |

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

Segment → industry: Business portal sites → Software & SaaS / Credit management support services → Software & SaaS / BPO services → Business Process Outsourcing / Training Services → Education

## 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 | 1,739 | 45.5% | S100YGM6 |
| Capital expenditure | 964 | 25.2% | S100YGM6 |
| Free cash flow | 775 | 20.3% | 算出 |
| Investing cash flow | -894 | -23.4% | S100YGM6 |
| Financing cash flow | -322 | -8.4% | S100YGM6 |
| Dividends paid | 112 | 2.9% | S100YGM6 |
| Share buyback | 86 | 2.2% | S100YGM6 |
| Change in cash | 523 | 13.7% | S100YGM6 |
| Cash and equivalents | 1,649 | 43.1% | S100YGM6 |

## 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 | 2,052 | 1,903 | 1,723 | 1,126 | 1,649 | S100TST3, S100W2HK, S100YGM6 |
| Total assets | 6,940 | 6,677 | 6,786 | 7,139 | 6,982 | S100R5YU, S100TST3, S100W2HK, S100YGM6 |
| Net assets | 5,895 | 5,846 | 6,022 | 5,982 | 6,020 | S100TST3, S100W2HK, S100YGM6 |
| Share capital | 1,156 | 1,188 | 1,188 | 1,188 | 1,188 | S100R5YU, S100TST3, S100W2HK, S100YGM6 |
| Property, plant and equipment | 1,070 | 1,054 | 1,027 | 1,006 | 996 | S100R5YU, S100TST3, S100W2HK, S100YGM6 |
| Intangible assets excluding goodwill | 1,405 | 1,757 | 2,094 | 2,038 | 2,229 | S100R5YU, S100TST3, S100W2HK, S100YGM6 |
| Goodwill | 52 | 47 | 73 | 63 | 53 | S100R5YU, S100TST3, S100W2HK, S100YGM6 |
| Investment securities | 1,640 | 1,193 | 1,248 | 1,387 | 1,210 | S100R5YU, S100TST3, S100W2HK, S100YGM6 |
| Current assets | 2,734 | 2,576 | 2,296 | 2,567 | 2,351 | S100R5YU, S100TST3, S100W2HK, S100YGM6 |
| Current liabilities | 579 | 527 | 433 | 859 | 651 | S100R5YU, S100TST3, S100W2HK, S100YGM6 |
| Short-term borrowings | — | — | — | 350 | 233 | S100YGM6 |
| Long-term borrowings | 95 | 35 | — | — | — | S100R5YU, S100TST3 |
| Total liabilities | 1,045 | 832 | 764 | 1,157 | 962 | S100R5YU, S100TST3, S100W2HK, S100YGM6 |
| Non-controlling interests | 57 | 57 | 77 | 95 | 100 | S100R5YU, S100TST3, S100W2HK, S100YGM6 |
| Equity attributable to owners of parent | 5,002 | 5,212 | 5,209 | 5,102 | 5,203 | S100R5YU, S100TST3, S100W2HK, S100YGM6 |
| Retained earnings | 3,055 | 3,306 | 3,357 | 3,197 | 3,308 | S100R5YU, S100TST3, S100W2HK, S100YGM6 |
| Treasury stock | -4 | -111 | -156 | -97 | -99 | S100R5YU, S100TST3, S100W2HK, S100YGM6 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 24% | S100YGM6 |
| Property, plant and equipment | 14% | S100YGM6 |
| Intangibles and goodwill | 33% | S100YGM6 |
| Investment securities | 17% | S100YGM6 |
| Other assets | 12% | S100YGM6 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 14% | S100YGM6 |
| Equity | 86% | S100YGM6 |

### 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 | 6,940 | 6,677 | 6,786 | 7,139 | 6,982 |
| Equity | 5,895 | 5,846 | 6,022 | 5,982 | 6,020 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 2,052 | 1,903 | 1,723 | 1,126 | 1,649 |

## 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) | 26.0% | S100YGM6 |
| Fixed assets ÷ total assets | 14.3% | S100YGM6 |
| Goodwill ÷ parent equity | 1.0% | S100YGM6 |

Goodwill over 4 years: 52 → 53 JPY; total investing cash flow: -4,213 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) | 23.6% |
| Cash ÷ revenue | 43.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 482.9% |
| Cash vs. profit gap | 1,516 JPY mn (of net income 678.9%) |
| Shareholder returns / net income | 88.7% |
| Shareholder returns / FCF | 25.6% |
| Shareholder payments — dividends / net income | 50.2% |
| Shareholder payments — dividends / FCF | 14.5% |
| CapEx intensity (capex ÷ revenue) | 25.2% |
| Investing CF relative to operating CF | 51.4% |

## 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 | 12.3% | 0.54× | 6.6% | 1.39× | 9.2% | S100R5YU |
| 2023 | 9.6% | 0.55× | 5.3% | 1.33× | 7.1% | S100TST3 |
| 2024 | 4.4% | 0.54× | 2.4% | 1.29× | 3.1% | S100W2HK |
| 2025 | — | —× | -0.7% | —× | — | S100YGM6 |
| 2026 | 5.8% | 0.54× | 3.2% | 1.37× | 4.3% | S100YGM6 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 藤本 太一 | Major shareholder | 11.8% | 2026-03-31 |
| 株式会社東京商工リサーチ | Major shareholder | 8.7% | 2026-03-31 |
| ＵＨＰａｒｔｎｅｒｓ２投資事業有限責任組合 無限責任組合員 株式会社ＵＨＰａｒｔｎｅｒｓ２ | Major shareholder | 7.5% | 2026-03-31 |
| 光通信株式会社 | Major shareholder | 7.5% | 2026-03-31 |
| 金田 真吾 | Major shareholder | 3.6% | 2026-03-31 |
| 株式会社エヌアイデイ | Major shareholder | 3.2% | 2026-03-31 |
| 株式会社オービックビジネスコンサルタント | Major shareholder | 2.7% | 2026-03-31 |
| 水元 公仁 | Major shareholder | 2.7% | 2026-03-31 |
| テクマトリックス株式会社 | Major shareholder | 2.4% | 2026-03-31 |
| 嶋田 知浩 | Major shareholder | 1.7% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第26期(2025/04/01－2026/03/31) | S100YGM6 | 2026-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YGM6,, |
| 有価証券報告書－第25期(2024/04/01－2025/03/31) | S100W2HK | 2025-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W2HK,, |
| 有価証券報告書－第24期(2023/04/01－2024/03/31) | S100TST3 | 2024-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TST3,, |
| 有価証券報告書－第23期(2022/04/01－2023/03/31) | S100R5YU | 2023-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R5YU,, |
| 有価証券報告書－第22期(令和3年4月1日－令和4年3月31日) | S100OEDT | 2022-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OEDT,, |
| 有価証券報告書－第21期(令和2年4月1日－令和3年3月31日) | S100LM38 | 2021-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LM38,, |

## 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).