# Terilogy Holdings Corporation: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 訂正有価証券報告書－第4期(2025/04/01－2026/03/31) (S100YPAC)
> Page: https://vizora.meequs.com/en/company/terilogy-hd
> Retrieved: 2026-09-30T21:00:33.033Z

## Company

Terilogy Holdings, founded in 2022, is a company in Cybersecurity listed on TSE Standard. It has 297 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Terilogy Holdings Corporation |
| Ticker | 5133 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5133.T) |
| Listing | TSE Standard |
| Head office | 東京都千代田区神田神保町一丁目1番1 フロントプレイス神田神保町6階 (2026年5月7日から本店所在地 東京都千代田区九段北一丁目13番5号が上記のように移転しております。) |
| Representative (per filing) | 代表取締役社長 鈴木 達 |
| Founded | Nov 2022 |
| Share capital | ¥450M |
| Employees (consolidated) | 297 |
| Average salary (parent only) | ¥5.5M |
| Fiscal year end | March |
| Website | www.terilogy-hd.com (https://www.terilogy-hd.com/) |
| Corporate number | 4010001230566 |
| EDINET | E37914 |
| Industries (Vizora) | Cybersecurity |

> Profile source: annual securities report (S100YPAC, filed 2026-07-07). As of filing

## Five-axis industry profile

Primary industry: Cybersecurity (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 92.5 | 20 |
| Profitability | 19 | 29 |
| Cash conversion | 98.1 | 27 |
| Efficiency | 77.6 | 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)

- Terilogy Holdings brought in ¥10.6B in revenue.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed +23.0% from the prior year, operating profit +101.0%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥10646435000 → ¥372102000
- Net income → operating cash flow: ¥372102000 → ¥1860382000（difference ¥1488280000）
- Main uses of operating cash flow: CapEx ¥448781000 / dividends ¥84160000 / buybacks —
- Change in cash: ¥1444068000
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 | ¥10.6B |  |
| Operating income | ¥549M | Margin 5.2% |
| Net income | ¥347M | Margin 3.3% |
| Free cash flow | ¥1.41B |  |
| Employees (consolidated) | 297 |  |
| EPS | ¥8.68 |  |
| Diluted EPS | ¥8.65 |  |
| Book value per share | ¥138.2 |  |
| Equity ratio | 31.9% |  |
| Shares outstanding | 17,111,742 |  |
| Treasury shares | 5,500 |  |
| Shareholders | 8,232 |  |
| Average salary (parent only) | ¥5.5M | Filing company only |
| Cash ratio | 30.5% | Cash ÷ revenue 29.4% |
| Vs. industry median margin | -9.2 pp | Cybersecurity |
| ROE | 11.4% | Derived from disclosed figures |
| ROA | 4.0% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 5.4× net income
- FY2026, cash is 30% of total assets

## What changed in 3 years

| Metric | FY ending Mar 2023 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥5676728000 | ¥10646435000 | +87.5% |
| Operating income | ¥115448000 | ¥549020000 | +375.6% |
| Operating margin | 2.0% | 5.2% | +3.1 pp |
| Employees | 177 people | 297 people | +67.8% |
| Cash and equivalents | ¥2298832000 | ¥3125868000 | +36.0% |

### Change in segment revenue mix

Span: FY ending Mar 2023 → 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, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 10,646 | 100.0% | S100YPAC |
| Cost of revenue | 7,235 | 68.0% | S100YPAC |
| Gross profit | 3,411 | 32.0% | S100YPAC |
| SG&A | 2,862 | 26.9% | S100YPAC |
| Operating income | 549 | 5.2% | S100YPAC |
| Ordinary income | 657 | 6.2% | S100YPAC |
| Pretax income | 647 | 6.1% | S100YPAC |
| Income tax | 275 | 2.6% | S100YPAC |
| Net income | 372 | 3.5% | S100YPAC |
| Net income attributable to owners | 347 | 3.3% | S100YPAC |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 68 |
| SG&A | 27 |
| Operating income | 5 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 32.0% → Operating margin 5.2% → Net margin 3.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +23.0%; Core profit growth: +101.0%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 4.38×
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 | 8,654 | 10,646 | 1,993 | +23.0% |
| Gross profit | 2,818 | 3,411 | 594 | +21.1% |
| Operating income | 273 | 549 | 276 | +101.0% |
| Net income attributable to owners | 176 | 347 | 171 | +97.2% |
| Operating cash flow | -54 | 1,860 | 1,915 | — |
| Free cash flow | -204 | 1,412 | 1,616 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2023 | 5,677 | 115 | 2.0% | 47 | 287 | 133 | S100TREU |
| FY ending Mar 2024 | 6,881 | 272 | 4.0% | 189 | 324 | 171 | S100W7S3 |
| FY ending Mar 2025 | 8,654 | 273 | 3.2% | 176 | -54 | -204 | S100YPAC |
| FY ending Mar 2026 | 10,646 | 549 | 5.2% | 347 | 1,860 | 1,412 | S100YPAC |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥35.8M |
| Operating income per employee (consolidated) | ¥1.8M |
| 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 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 177 | 206 | 255 | 297 |
| Average salary (parent company) | ¥7M | ¥6.2M | ¥5.5M | ¥5.5M |
| Average age (parent company) | 42.5 years | 40.2 years | 40.1 years | 40.6 years |
| Average tenure (parent company) | 0.3 years | 1.3 years | 2.1 years | 2.5 years |

Year over year: Employees (consolidated) +16.5% · Revenue (consolidated) +23.0%

## 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 | 1,860 | 17.5% | S100YPAC |
| Capital expenditure | 449 | 4.2% | S100YPAC |
| Free cash flow | 1,412 | 13.3% | 算出 |
| Investing cash flow | -1,102 | -10.4% | S100YPAC |
| Financing cash flow | 679 | 6.4% | S100YPAC |
| Dividends paid | 84 | 0.8% | S100YPAC |
| Change in cash | 1,444 | 13.6% | S100YPAC |
| Cash and equivalents | 3,126 | 29.4% | S100YPAC |

## 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 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 2,299 | 1,916 | 1,682 | 3,126 | S100W7S3, S100YPAC |
| Total assets | 6,144 | 6,899 | 7,109 | 10,261 | S100TREU, S100W7S3, S100YPAC |
| Net assets | 2,445 | 2,565 | 2,871 | 3,365 | S100W7S3, S100YPAC |
| Share capital | 450 | 450 | 450 | 450 | S100TREU, S100W7S3, S100YPAC |
| Inventories | 112 | 112 | 181 | 207 | S100TREU, S100W7S3, S100YPAC |
| Property, plant and equipment | 194 | 248 | 255 | 574 | S100TREU, S100W7S3, S100YPAC |
| Intangible assets excluding goodwill | 434 | 678 | 595 | 906 | S100TREU, S100W7S3, S100YPAC |
| Goodwill | 287 | 559 | 476 | 770 | S100TREU, S100W7S3, S100YPAC |
| Investment securities | 157 | 381 | 428 | 499 | S100TREU, S100W7S3, S100YPAC |
| Current assets | 5,069 | 5,324 | 5,536 | 7,819 | S100TREU, S100W7S3, S100YPAC |
| Current liabilities | 3,326 | 3,994 | 4,003 | 6,512 | S100TREU, S100W7S3, S100YPAC |
| Short-term borrowings | — | — | — | 300 | S100YPAC |
| Long-term borrowings | 327 | 278 | 190 | 305 | S100TREU, S100W7S3, S100YPAC |
| Total liabilities | 3,699 | 4,334 | 4,238 | 6,896 | S100TREU, S100W7S3, S100YPAC |
| Non-controlling interests | 29 | 14 | 22 | 70 | S100TREU, S100W7S3, S100YPAC |
| Equity attributable to owners of parent | 2,388 | 2,504 | 2,816 | 3,246 | S100TREU, S100W7S3, S100YPAC |
| Retained earnings | 567 | 743 | 919 | 1,266 | S100TREU, S100W7S3, S100YPAC |
| Treasury stock | -300 | -266 | -11 | -2 | S100TREU, S100W7S3, S100YPAC |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 30% | S100YPAC |
| Inventories | 2% | S100YPAC |
| Property, plant and equipment | 6% | S100YPAC |
| Intangibles and goodwill | 16% | S100YPAC |
| Investment securities | 5% | S100YPAC |
| Other assets | 41% | S100YPAC |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 67% | S100YPAC |
| Equity | 33% | S100YPAC |
| Other liabilities | 0% | S100YPAC |

### Balance sheet history

| Metric | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: |
| Total assets | 6,144 | 6,899 | 7,109 | 10,261 |
| Equity | 2,445 | 2,565 | 2,871 | 3,365 |
| Interest-bearing debt | — | — | — | — |
| Cash | 2,299 | 1,916 | 1,682 | 3,126 |

## 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) | 5.4% | S100YPAC |
| Fixed assets ÷ total assets | 5.6% | S100YPAC |
| Goodwill ÷ parent equity | 23.7% | S100YPAC |

### 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) | 30.5% |
| Cash ÷ revenue | 29.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 338.9% |
| Cash vs. profit gap | 1,513 JPY mn (of net income 436.1%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 24.3% |
| Shareholder payments — dividends / FCF | 6.0% |
| CapEx intensity (capex ÷ revenue) | 4.2% |
| Investing CF relative to operating CF | 59.2% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2023 | 0.8% | 0.92× | 0.8% | 2.57× | 1.9% | S100TREU |
| 2024 | 2.7% | 1.06× | 2.9% | 2.67× | 7.7% | S100W7S3 |
| 2025 | 2.0% | 1.24× | 2.5% | 2.63× | 6.6% | S100YPAC |
| 2026 | 3.3% | 1.23× | 4.0% | 2.87× | 11.4% | S100YPAC |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 津吹 憲男 | Major shareholder | 13.4% | 2026-03-31 |
| 高千穂交易株式会社 | Major shareholder | 5.0% | 2026-03-31 |
| 兼松エレクトロニクス株式会社 | Major shareholder | 5.0% | 2026-03-31 |
| サクサ株式会社 | Major shareholder | 4.8% | 2026-03-31 |
| 阿部 昭彦 | Major shareholder | 4.5% | 2026-03-31 |
| 上田八木短資株式会社 | Major shareholder | 2.1% | 2026-03-31 |
| 大和証券株式会社 | Major shareholder | 2.0% | 2026-03-31 |
| 株式会社SBI証券 | Major shareholder | 1.3% | 2026-03-31 |
| テリロジー社員持株会 | Major shareholder | 1.1% | 2026-03-31 |
| 浅井 克己 | Major shareholder | 0.8% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 訂正有価証券報告書－第4期(2025/04/01－2026/03/31) | S100YPAC | 2026-07-07 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YPAC,, |
| 有価証券報告書－第3期(2024/04/01－2025/03/31) | S100W7S3 | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W7S3,, |
| 有価証券報告書－第2期(2023/04/01－2024/03/31) | S100TREU | 2024-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TREU,, |
| 訂正有価証券報告書－第1期(2022/04/01－2023/03/31) | S100RAVA | 2023-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RAVA,, |

## 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).