# SecuAvail Inc.: 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25期(2025/04/01－2026/03/31) (S100YH8N)
> Page: https://vizora.meequs.com/en/company/secuavail
> Retrieved: 2026-09-30T21:33:03.094Z

## Company

SecuAvail, founded in 2001, is a company in Cybersecurity listed on TSE Standard. It has 116 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | SecuAvail Inc. |
| Ticker | 3042 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3042.T) |
| Listing | TSE Standard |
| Head office | 大阪市北区東天満一丁目1番19号 |
| Representative (per filing) | 代表取締役社長 米今 政臣 |
| Founded | Aug 2001 |
| Share capital | ¥627.6M |
| Employees (consolidated) | 116 |
| Average salary (parent only) | ¥4.5M |
| Fiscal year end | March |
| Website | www.secuavail.com (https://www.secuavail.com/) |
| Corporate number | 3120001099513 |
| EDINET | E05606 |
| Industries (Vizora) | Cybersecurity, HR & Staffing |

> Profile source: annual securities report (S100YH8N, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: Cybersecurity (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 39.7 | 29 |
| Cash conversion | 9.3 | 27 |
| Efficiency | 29.3 | 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)

- About 81% of SecuAvail's sales come from Information security business, with Human resources service business making up much of the rest.
- Out of every ¥100 of sales, about ¥9 is left as operating profit.
- Revenue changed +11.4% from the prior year, operating profit +220.9%.

## Company structure

- Segment revenue mix: Information security business 80.5%、Human resources service business 19.5%
- Revenue → net income: ¥1279871000 → ¥105720000
- Net income → operating cash flow: ¥105720000 → ¥38753000（difference ¥-66967000）
- Main uses of operating cash flow: CapEx ¥3005000 / dividends ¥15379000 / buybacks —
- Change in cash: ¥18701000
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 | ¥1.28B |  |
| Operating income | ¥112.7M | Margin 8.8% |
| Net income | ¥105.7M | Margin 8.3% |
| Free cash flow | ¥35.7M |  |
| Largest business | Information security business | of segment revenue 80.5% |
| Employees (consolidated) | 116 |  |
| EPS | ¥2.05 |  |
| Diluted EPS | ¥2.04 |  |
| Book value per share | ¥150.02 |  |
| Equity ratio | 81.1% |  |
| Shares outstanding | 7,690,000 |  |
| Treasury shares | 400 |  |
| Shareholders | 7,549 |  |
| Average salary (parent only) | ¥4.5M | Filing company only |
| Cash ratio | 71.6% | Cash ÷ revenue 88.4% |
| Vs. industry median margin | -5.6 pp | Cybersecurity |
| ROE | 8.6% | Derived from disclosed figures |
| ROA | 6.8% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 91% of positive segment profit
- FY2026, cash is 72% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥1200344000 | ¥1279871000 | +6.6% |
| Operating income | ¥33050000 | ¥112711000 | +241.0% |
| Operating margin | 2.8% | 8.8% | +6.1 pp |
| Employees | 71 people | 116 people | +63.4% |
| Cash and equivalents | ¥980103000 | ¥1130962000 | +15.4% |

### 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 |
| --- | ---: |
| 情報セキュリティ事業 → 情報セキュリティ事業 | 44.9% |
| 情報システム事業 → 事業再編・廃止 | 44.9% |
| 人材サービス事業 → 人材サービス事業 | 5.1% |
| 人材派遣事業 → 事業再編・廃止 | 5.1% |
| 新設・再編 → 情報セキュリティ事業 | 35.6% |
| 新設・再編 → 人材サービス事業 | 14.4% |

Segment revenue source references: 6 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 1,280 | 100.0% | S100YH8N |
| Cost of revenue | 699 | 54.6% | S100YH8N |
| Gross profit | 580 | 45.4% | S100YH8N |
| SG&A | 468 | 36.5% | S100YH8N |
| Operating income | 113 | 8.8% | S100YH8N |
| Ordinary income | 115 | 9.0% | S100YH8N |
| Pretax income | 117 | 9.1% | S100YH8N |
| Income tax | 11 | 0.9% | S100YH8N |
| Net income | 106 | 8.3% | S100YH8N |
| Net income attributable to owners | 106 | 8.3% | S100YH8N |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 55 |
| SG&A | 36 |
| Operating income | 9 |
| (Ref.) Net income | 8 |

### Margin funnel

Gross margin 45.4% → Operating margin 8.8% → Net margin 8.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +11.4%; Core profit growth: +220.9%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 19.41×
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 | 1,149 | 1,280 | 131 | +11.4% |
| Gross profit | 451 | 580 | 130 | +28.8% |
| Operating income | 35 | 113 | 78 | +220.9% |
| Net income attributable to owners | 43 | 106 | 63 | +146.9% |
| Operating cash flow | -20 | 39 | 59 | — |
| Free cash flow | -27 | 36 | 63 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 1,190 | 78 | 6.5% | 57 | 94 | 92 | S100LR2Q |
| FY ending Mar 2021 | 1,200 | 33 | 2.8% | 46 | 47 | 1 | S100OG7S |
| FY ending Mar 2022 | 957 | -92 | -9.7% | -112 | -151 | -156 | S100R7RM |
| FY ending Mar 2023 | 1,029 | -35 | -3.4% | -44 | -41 | -48 | S100TXWG |
| FY ending Mar 2024 | 1,099 | -33 | -3.0% | 229 | -26 | -41 | S100W8D0 |
| FY ending Mar 2025 | 1,149 | 35 | 3.1% | 43 | -20 | -27 | S100YH8N |
| FY ending Mar 2026 | 1,280 | 113 | 8.8% | 106 | 39 | 36 | S100YH8N |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥11M |
| Operating income per employee (consolidated) | ¥971.6K |
| Net income per employee (consolidated) | ¥911.4K |

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) | 72 | 78 | 94 | 106 | 116 |
| Average salary (parent company) | ¥4M | ¥4.2M | ¥4.6M | ¥4.3M | ¥4.5M |
| Average age (parent company) | 28.6 years | 31.7 years | 32.1 years | 32.4 years | 34.8 years |
| Average tenure (parent company) | 5.0 years | 4.9 years | 5.0 years | 5.1 years | 6.3 years |

Year over year: Employees (consolidated) +9.4% · Revenue (consolidated) +11.4%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Information security business | 1,031 | 80.5% | 258 | 25.0% |
| Human resources service business | 249 | 19.5% | 26 | 10.4% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Information security business | 80.5% | 90.9% | 10.3 | 25.0% |
| Human resources service business | 19.5% | 9.1% | -10.3 | 10.4% |

Segment → industry: Information security business → Cybersecurity / Human resources service business → HR & Staffing

## 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 | 39 | 3.0% | S100YH8N |
| Capital expenditure | 3 | 0.2% | S100YH8N |
| Free cash flow | 36 | 2.8% | 算出 |
| Investing cash flow | -3 | -0.2% | S100YH8N |
| Financing cash flow | -17 | -1.4% | S100YH8N |
| Dividends paid | 15 | 1.2% | S100YH8N |
| Change in cash | 19 | 1.5% | S100YH8N |
| Cash and equivalents | 1,131 | 88.4% | S100YH8N |

## 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 | 811 | 769 | 1,201 | 1,112 | 1,131 | S100TXWG, S100W8D0, S100YH8N |
| Total assets | 1,354 | 1,321 | 1,483 | 1,552 | 1,579 | S100R7RM, S100TXWG, S100W8D0, S100YH8N |
| Net assets | 1,110 | 1,060 | 1,145 | 1,186 | 1,282 | S100TXWG, S100W8D0, S100YH8N |
| Share capital | 628 | 628 | 628 | 628 | 628 | S100R7RM, S100TXWG, S100W8D0, S100YH8N |
| Property, plant and equipment | 38 | 35 | — | 5 | 12 | S100R7RM, S100TXWG, S100YH8N |
| Intangible assets excluding goodwill | — | 2 | — | — | — | S100TXWG |
| Investment securities | 248 | 240 | 2 | 59 | 66 | S100R7RM, S100TXWG, S100W8D0, S100YH8N |
| Current assets | 1,001 | 991 | 1,434 | 1,428 | 1,428 | S100R7RM, S100TXWG, S100W8D0, S100YH8N |
| Current liabilities | 190 | 200 | 324 | 353 | 279 | S100R7RM, S100TXWG, S100W8D0, S100YH8N |
| Total liabilities | 244 | 260 | 337 | 366 | 297 | S100R7RM, S100TXWG, S100W8D0, S100YH8N |
| Equity attributable to owners of parent | 958 | 914 | 1,143 | 1,186 | 1,276 | S100R7RM, S100TXWG, S100W8D0, S100YH8N |
| Retained earnings | 7 | -37 | 192 | 235 | 325 | S100R7RM, S100TXWG, S100W8D0, S100YH8N |
| Treasury stock | -0 | -0 | -0 | -0 | -0 | S100R7RM, S100TXWG, S100W8D0, S100YH8N |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 72% | S100YH8N |
| Property, plant and equipment | 1% | S100YH8N |
| Investment securities | 4% | S100YH8N |
| Other assets | 23% | S100YH8N |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 19% | S100YH8N |
| Equity | 81% | S100YH8N |

### 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 | 1,354 | 1,321 | 1,483 | 1,552 | 1,579 |
| Equity | 1,110 | 1,060 | 1,145 | 1,186 | 1,282 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 811 | 769 | 1,201 | 1,112 | 1,131 |

## 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) | 0.9% | S100YH8N |
| Fixed assets ÷ total assets | 0.8% | S100YH8N |
| Goodwill ÷ parent equity | — | —, S100YH8N |

### 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) | 71.6% |
| Cash ÷ revenue | 88.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 34.4% |
| Cash vs. profit gap | -67 JPY mn (of net income -63.3%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 14.5% |
| Shareholder payments — dividends / FCF | 43.0% |
| CapEx intensity (capex ÷ revenue) | 0.2% |
| Investing CF relative to operating CF | 6.8% |

## 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 | — | —× | -8.3% | —× | — | S100R7RM |
| 2023 | — | —× | -3.3% | —× | — | S100TXWG |
| 2024 | 20.8% | 0.78× | 16.3% | 1.36× | 22.3% | S100W8D0 |
| 2025 | 3.7% | 0.76× | 2.8% | 1.30× | 3.7% | S100YH8N |
| 2026 | 8.3% | 0.82× | 6.8% | 1.27× | 8.6% | S100YH8N |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ＮＲＩセキュアテクノロジーズ株式会社 | Major shareholder | 15.6% | 2026-03-31 |
| 米今 政臣 | Major shareholder | 15.6% | 2026-03-31 |
| ｅｖｅｒＹｏｎｅ株式会社 | Major shareholder | 5.4% | 2026-03-31 |
| 株式会社ブロードバンドセキュリティ | Major shareholder | 5.0% | 2026-03-31 |
| 楽天証券株式会社 | Major shareholder | 1.8% | 2026-03-31 |
| ＪＰモルガン証券株式会社 | Major shareholder | 1.1% | 2026-03-31 |
| 遠藤 護 | Major shareholder | 0.9% | 2026-03-31 |
| UBS AG LONDON ASIA EQUITIES (常任代理人 シティバンク、エヌ、エイ東京支店) | Major shareholder | 0.8% | 2026-03-31 |
| 三木 亮二 | Major shareholder | 0.8% | 2026-03-31 |
| 岸 國博 | Major shareholder | 0.8% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第25期(2025/04/01－2026/03/31) | S100YH8N | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YH8N,, |
| 有価証券報告書－第24期(2024/04/01－2025/03/31) | S100W8D0 | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W8D0,, |
| 有価証券報告書－第23期(2023/04/01－2024/03/31) | S100TXWG | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TXWG,, |
| 有価証券報告書－第22期(2022/04/01－2023/03/31) | S100R7RM | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R7RM,, |
| 有価証券報告書－第21期(令和3年4月1日－令和4年3月31日) | S100OG7S | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OG7S,, |
| 有価証券報告書－第20期(令和2年4月1日－令和3年3月31日) | S100LR2Q | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LR2Q,, |

## 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).