# SECURE,INC.: business model and financials

> Latest period: FY ending Dec 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第24期(2025/01/01－2025/12/31) (S100XTNP)
> Page: https://vizora.meequs.com/en/company/secure
> Retrieved: 2026-09-30T20:57:45.169Z

## Company

Secure, founded in 2002, is a company in Security Services listed on TSE Growth. It has 199 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | SECURE, INC. |
| Ticker | 4264 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4264.T) |
| Listing | TSE Growth |
| Head office | 東京都新宿区西新宿二丁目6番1号 新宿住友ビル20F |
| Representative (per filing) | 代表取締役社長 谷口 辰成 |
| Founded | Oct 2002 |
| Share capital | ¥1.28B |
| Employees (consolidated) | 199 |
| Average salary (parent only) | ¥5.9M |
| Fiscal year end | December |
| Website | secureinc.co.jp (https://secureinc.co.jp/) |
| Corporate number | 5011101040334 |
| EDINET | E36859 |
| Industries (Vizora) | Security Services |

> Profile source: annual securities report (S100XTNP, filed 2026-03-27). As of filing

## Five-axis industry profile

Primary industry: Security Services (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 92.9 | 7 |
| Profitability | 7.1 | 7 |
| Cash conversion | 7.1 | 7 |
| Efficiency | 78.6 | 7 |

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)

- Secure brought in ¥6.84B in revenue.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed +9.5% from the prior year, operating profit +6.6%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥6840816000 → ¥187586000
- Net income → operating cash flow: ¥187586000 → ¥220003000（difference ¥32417000）
- Main uses of operating cash flow: CapEx ¥104233000 / dividends — / buybacks —
- Change in cash: ¥1031216000
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 | ¥6.84B |  |
| Operating income | ¥326.1M | Margin 4.8% |
| Net income | ¥187.6M | Margin 2.7% |
| Free cash flow | ¥115.8M |  |
| Employees (consolidated) | 199 |  |
| EPS | ¥36.69 |  |
| Diluted EPS | ¥36.16 |  |
| Book value per share | ¥530.59 |  |
| Equity ratio | 55.7% |  |
| Shares outstanding | 5,639,420 |  |
| Shareholders | 2,681 |  |
| Average salary (parent only) | ¥5.9M | Filing company only |
| Cash ratio | 42.4% | Cash ÷ revenue 32.6% |
| Vs. industry median margin | -2 pp | Security Services |
| ROE | 8.9% | Derived from disclosed figures |
| ROA | 4.1% | Derived from disclosed figures |

## Notable figures

- FY2025, revenue is 2.0× its level five years ago
- FY2025, cash is 42% of total assets

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥2790181000 | ¥6840816000 | +145.2% |
| Operating income | ¥35591000 | ¥326122000 | +816.3% |
| Operating margin | 1.3% | 4.8% | +3.5 pp |
| Employees | 91 people | 199 people | +118.7% |
| Cash and equivalents | ¥372110000 | ¥2226823000 | +498.4% |

### Change in segment revenue mix

Span: FY ending Dec 2020 → FY ending Dec 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 6,841 | 100.0% | S100XTNP |
| Cost of revenue | 4,013 | 58.7% | S100XTNP |
| Gross profit | 2,828 | 41.3% | S100XTNP |
| SG&A | 2,502 | 36.6% | S100XTNP |
| Operating income | 326 | 4.8% | S100XTNP |
| Ordinary income | 300 | 4.4% | S100XTNP |
| Pretax income | 300 | 4.4% | S100XTNP |
| Income tax | 112 | 1.6% | S100XTNP |
| Net income | 188 | 2.7% | S100XTNP |
| Net income attributable to owners | 188 | 2.7% | S100XTNP |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 59 |
| SG&A | 36 |
| Operating income | 5 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 41.3% → Operating margin 4.8% → Net margin 2.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +9.5%; Core profit growth: +6.6%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.70×
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 | 6,247 | 6,841 | 594 | +9.5% |
| Gross profit | 2,529 | 2,828 | 300 | +11.9% |
| Operating income | 306 | 326 | 20 | +6.6% |
| Net income attributable to owners | 241 | 188 | -53 | -22.0% |
| Operating cash flow | 331 | 220 | -111 | -33.6% |
| Free cash flow | 279 | 116 | -163 | -58.4% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2020 | 2,790 | 36 | 1.3% | 33 | -132 | -202 | S100NRAV |
| FY ending Dec 2021 | 3,379 | 155 | 4.6% | 131 | 122 | 51 | S100QFXK |
| FY ending Dec 2022 | 3,385 | -170 | -5.0% | -228 | -268 | -363 | S100T4L3 |
| FY ending Dec 2023 | 5,191 | 188 | 3.6% | 169 | 99 | 76 | S100VI5J |
| FY ending Dec 2024 | 6,247 | 306 | 4.9% | 241 | 331 | 279 | S100XTNP |
| FY ending Dec 2025 | 6,841 | 326 | 4.8% | 188 | 220 | 116 | S100XTNP |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥34.4M |
| Operating income per employee (consolidated) | ¥1.6M |
| Net income per employee (consolidated) | ¥942.6K |

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

| History | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 98 | 113 | 131 | 157 | 199 |
| Average salary (parent company) | ¥5.5M | ¥5.9M | ¥5.6M | ¥5.9M | ¥5.9M |
| Average age (parent company) | 38.1 years | 38.1 years | 37.2 years | 38.6 years | 38.3 years |
| Average tenure (parent company) | 3.2 years | 4.4 years | 4.4 years | 4.6 years | 4.4 years |

Year over year: Employees (consolidated) +26.8% · Revenue (consolidated) +9.5%

## 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 | 220 | 3.2% | S100XTNP |
| Capital expenditure | 104 | 1.5% | S100XTNP |
| Free cash flow | 116 | 1.7% | 算出 |
| Investing cash flow | -267 | -3.9% | S100XTNP |
| Financing cash flow | 1,078 | 15.8% | S100XTNP |
| Change in cash | 1,031 | 15.1% | S100XTNP |
| Cash and equivalents | 2,227 | 32.6% | S100XTNP |

## 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 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 676 | 474 | 809 | 1,196 | 2,227 | S100T4L3, S100VI5J, S100XTNP |
| Total assets | 1,981 | 1,993 | 2,750 | 3,784 | 5,257 | S100QFXK, S100T4L3, S100VI5J, S100XTNP |
| Net assets | 983 | 842 | 1,022 | 1,282 | 2,926 | S100T4L3, S100VI5J, S100XTNP |
| Share capital | 490 | 537 | 541 | 547 | 1,282 | S100QFXK, S100T4L3, S100VI5J, S100XTNP |
| Trade receivables | 498 | 460 | 787 | — | — | S100QFXK, S100T4L3 |
| Property, plant and equipment | 43 | 98 | 101 | 102 | 141 | S100QFXK, S100T4L3, S100VI5J, S100XTNP |
| Intangible assets excluding goodwill | 109 | 90 | 53 | 320 | 362 | S100QFXK, S100T4L3, S100VI5J, S100XTNP |
| Goodwill | — | — | — | 268 | 296 | S100XTNP |
| Investment securities | 22 | 9 | 19 | 210 | 259 | S100QFXK, S100T4L3, S100VI5J, S100XTNP |
| Current assets | 1,684 | 1,651 | 2,408 | 2,942 | 4,292 | S100QFXK, S100T4L3, S100VI5J, S100XTNP |
| Current liabilities | 796 | 839 | 1,198 | 1,539 | 1,599 | S100QFXK, S100T4L3, S100VI5J, S100XTNP |
| Short-term borrowings | 200 | 200 | 200 | 300 | 200 | S100QFXK, S100T4L3, S100VI5J, S100XTNP |
| Long-term borrowings | 166 | 273 | 475 | 835 | 574 | S100QFXK, S100T4L3, S100VI5J, S100XTNP |
| Total liabilities | 998 | 1,151 | 1,727 | 2,502 | 2,331 | S100QFXK, S100T4L3, S100VI5J, S100XTNP |
| Equity attributable to owners of parent | 979 | 844 | 1,021 | 1,274 | 2,932 | S100QFXK, S100T4L3, S100VI5J, S100XTNP |
| Retained earnings | 117 | -110 | 58 | 299 | 487 | S100QFXK, S100T4L3, S100VI5J, S100XTNP |
| Treasury stock | — | — | -0 | -0 | -0 | S100VI5J, S100XTNP |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 42% | S100XTNP |
| Property, plant and equipment | 3% | S100XTNP |
| Intangibles and goodwill | 12% | S100XTNP |
| Investment securities | 5% | S100XTNP |
| Other assets | 38% | S100XTNP |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 44% | S100XTNP |
| Equity | 56% | S100XTNP |

### Balance sheet history

| Metric | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 1,981 | 1,993 | 2,750 | 3,784 | 5,257 |
| Equity | 983 | 842 | 1,022 | 1,282 | 2,926 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 676 | 474 | 809 | 1,196 | 2,227 |

## 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) | 2.1% | S100XTNP |
| Fixed assets ÷ total assets | 2.7% | S100XTNP |
| Goodwill ÷ parent equity | 10.1% | S100XTNP |

### 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) | 42.4% |
| Cash ÷ revenue | 32.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 67.5% |
| Cash vs. profit gap | 32 JPY mn (of net income 17.3%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 1.5% |
| Investing CF relative to operating CF | 121.5% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 3.9% | 1.71× | 6.6% | 2.02× | 13.4% | S100QFXK |
| 2022 | — | —× | -11.5% | —× | — | S100T4L3 |
| 2023 | 3.3% | 2.19× | 7.1% | 2.54× | 18.1% | S100VI5J |
| 2024 | 3.9% | 1.91× | 7.4% | 2.85× | 21.0% | S100XTNP |
| 2025 | 2.7% | 1.51× | 4.1% | 2.15× | 8.9% | S100XTNP |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 合同会社ＬＹＯＮ | Major shareholder | 18.0% | 2025-12-31 |
| 株式会社バッファロー | Major shareholder | 14.2% | 2025-12-31 |
| 谷口 辰成 | Major shareholder | 7.7% | 2025-12-31 |
| 谷口 才成 | Major shareholder | 7.1% | 2025-12-31 |
| 谷口 喆成 | Major shareholder | 6.6% | 2025-12-31 |
| 合同会社ＹＳＨ | Major shareholder | 5.2% | 2025-12-31 |
| ＣＢＣ株式会社 | Major shareholder | 4.0% | 2025-12-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 3.5% | 2025-12-31 |
| 株式会社ブロードバンドタワー | Major shareholder | 2.7% | 2025-12-31 |
| 株式会社東邦銀行 | Major shareholder | 2.1% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第24期(2025/01/01－2025/12/31) | S100XTNP | 2026-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XTNP,, |
| 訂正有価証券報告書－第23期(2024/01/01－2024/12/31) | S100VI5J | 2025-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VI5J,, |
| 有価証券報告書－第22期(2023/01/01－2023/12/31) | S100T4L3 | 2024-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T4L3,, |
| 有価証券報告書－第21期(2022/01/01－2022/12/31) | S100QFXK | 2023-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QFXK,, |
| 有価証券報告書－第20期(令和3年1月1日－令和3年12月31日) | S100NRAV | 2022-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NRAV,, |

## 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).