# TISI 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18期(2025/04/01－2026/03/31) (S100YH5C)
> Page: https://vizora.meequs.com/en/company/tisi
> Retrieved: 2026-09-30T17:54:15.836Z

## Company

Tisi, founded in 2007, is a company in IT Services & System Integration listed on TSE Prime. It has 21,598 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | TIS Inc. |
| Ticker | 3626 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3626.T) |
| Listing | TSE Prime |
| Head office | 東京都新宿区西新宿八丁目17番1号 |
| Representative (per filing) | 代表取締役社長 岡本 安史 |
| Founded | Dec 2007 |
| Share capital | ¥10B |
| Employees (consolidated) | 21,598 |
| Average salary (parent only) | ¥8.3M |
| Fiscal year end | March |
| Website | www.tis.co.jp (https://www.tis.co.jp/) |
| Corporate number | 2010001134133 |
| EDINET | E05739 |
| Industries (Vizora) | IT Services & System Integration, Software & SaaS, Business Process Outsourcing |

> Profile source: annual securities report (S100YH5C, filed 2026-06-22). As of filing

## Five-axis industry profile

Primary industry: IT Services & System Integration (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 34.1 | 157 |
| Profitability | 79.8 | 196 |
| Cash conversion | 72.7 | 185 |
| Efficiency | 36 | 196 |

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 30% of Tisi's sales come from Regional IT Solutions, with Offering Service Business and Industrial IT Business making up much of the rest.
- Out of every ¥100 of sales, about ¥13 is left as operating profit.
- Revenue changed +4.3% from the prior year, operating profit +10.4%.

## Company structure

- Segment revenue mix: Regional IT Solutions 29.7%、Offering Service Business 24.2%、Industrial IT Business 22.3%、Financial IT Business 16.3%、Business Process Management 7.2%
- Revenue → net income: ¥596479000000 → ¥48594000000
- Net income → operating cash flow: ¥48594000000 → ¥81447000000（difference ¥32853000000）
- Main uses of operating cash flow: CapEx ¥28017000000 / dividends ¥17096000000 / buybacks ¥55929000000
- Change in cash: ¥-27613000000
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 | ¥596.5B |  |
| Operating income | ¥76.2B | Margin 12.8% |
| Net income | ¥46.6B | Margin 7.8% |
| Free cash flow | ¥53.4B |  |
| Largest business | Regional IT Solutions | of segment revenue 29.7% |
| Employees (consolidated) | 21,598 |  |
| EPS | ¥193.6 |  |
| Book value per share | ¥1059.53 |  |
| Equity ratio | 58.9% |  |
| Shares outstanding | 228,400,000 |  |
| Treasury shares | 7,164,900 |  |
| Shareholders | 14,809 |  |
| Average salary (parent only) | ¥8.3M | Filing company only |
| Cash ratio | 17.0% | Cash ÷ revenue 15.7% |
| Vs. industry median margin | +3.9 pp | IT Services & System Integration |
| ROE | 14.9% | Derived from disclosed figures |
| ROA | 8.4% | Derived from disclosed figures |

## Notable figures

- FY2026, buybacks were 3.3× dividends
- FY2026, employees -1% while operating income rose 10%

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥448383000000 | ¥596479000000 | +33.0% |
| Operating income | ¥45748000000 | ¥76229000000 | +66.6% |
| Operating margin | 10.2% | 12.8% | +2.6 pp |
| Employees | 21,817 people | 21,598 people | -1.0% |
| Cash and equivalents | ¥82924000000 | ¥93733000000 | +13.0% |

### 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 |
| --- | ---: |
| サービスＩＴ → 事業再編・廃止 | 27.7% |
| ＢＰＯ → 事業再編・廃止 | 7.3% |
| 金融ＩＴ → 金融ＩＴ | 16.3% |
| 金融ＩＴ → 事業再編・廃止 | 8.3% |
| 産業ＩＴ → 産業ＩＴ | 22.3% |
| 産業ＩＴ → 事業再編・廃止 | 17.1% |
| その他 → その他 | 0.4% |
| その他 → 事業再編・廃止 | 0.6% |
| 新設・再編 → オファリングサービス | 24.2% |
| 新設・再編 → ＢＰＭ | 7.2% |
| 新設・再編 → 広域ＩＴソリューション | 29.7% |

Segment revenue source references: 11 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Regional IT Solutions | 4 years | +4.1% | ¥176953000000 | 13.2% | 2 |
| Offering Service Business | 4 years | +12.1% | ¥144593000000 | 7.2% | 2 |
| Industrial IT Business | 5 years | -5.6% | ¥132791000000 | 16.9% | 2 |
| Financial IT Business | 5 years | -2.5% | ¥96941000000 | 13.1% | 2 |
| Business Process Management | 4 years | +1.3% | ¥42803000000 | 14.9% | 2 |
| Other | 5 years | -11.2% | ¥2396000000 | 39.2% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 596,479 | 100.0% | S100YH5C |
| Cost of revenue | 428,145 | 71.8% | S100YH5C |
| Gross profit | 168,334 | 28.2% | S100YH5C |
| SG&A | 92,105 | 15.4% | S100YH5C |
| Operating income | 76,229 | 12.8% | S100YH5C |
| Ordinary income | 76,511 | 12.8% | S100YH5C |
| Pretax income | 68,953 | 11.6% | S100YH5C |
| Income tax | 20,358 | 3.4% | S100YH5C |
| Net income | 48,594 | 8.1% | S100YH5C |
| Net income attributable to owners | 46,624 | 7.8% | S100YH5C |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 72 |
| SG&A | 15 |
| Operating income | 13 |
| (Ref.) Net income | 8 |

### Margin funnel

Gross margin 28.2% → Operating margin 12.8% → Net margin 7.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +4.3%; Core profit growth: +10.4%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.40×
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 | 571,687 | 596,479 | 24,792 | +4.3% |
| Gross profit | 160,206 | 168,334 | 8,128 | +5.1% |
| Operating income | 69,047 | 76,229 | 7,182 | +10.4% |
| Net income attributable to owners | 50,012 | 46,624 | -3,388 | -6.8% |
| Operating cash flow | 63,748 | 81,447 | 17,699 | +27.8% |
| Free cash flow | 38,336 | 53,430 | 15,094 | +39.4% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 443,717 | 44,839 | 10.1% | 29,411 | 38,569 | 22,479 | S100LOZE |
| FY ending Mar 2021 | 448,383 | 45,748 | 10.2% | 27,692 | 33,345 | 11,822 | S100OG7A |
| FY ending Mar 2022 | 482,547 | 54,739 | 11.3% | 39,462 | 56,126 | 40,847 | S100R3YD |
| FY ending Mar 2023 | 508,400 | 62,328 | 12.3% | 55,461 | 33,634 | 23,252 | S100TU5W |
| FY ending Mar 2024 | 549,004 | 64,568 | 11.8% | 48,873 | 62,578 | 43,647 | S100W24K |
| FY ending Mar 2025 | 571,687 | 69,047 | 12.1% | 50,012 | 63,748 | 38,336 | S100YH5C |
| FY ending Mar 2026 | 596,479 | 76,229 | 12.8% | 46,624 | 81,447 | 53,430 | S100YH5C |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥27.6M |
| Operating income per employee (consolidated) | ¥3.5M |
| Net income per employee (consolidated) | ¥2.2M |

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) | 21,709 | 21,946 | 21,972 | 21,765 | 21,598 |
| Average salary (parent company) | ¥7.4M | ¥7.5M | ¥8M | ¥8.1M | ¥8.3M |
| Average age (parent company) | 40.0 years | 40.0 years | 40.0 years | 40.0 years | 40.0 years |
| Average tenure (parent company) | 14.0 years | 14.0 years | 14.0 years | 14.0 years | 14.0 years |

Year over year: Employees (consolidated) -0.8% · Revenue (consolidated) +4.3%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Offering Service Business | 144,593 | 24.2% | 10,442 | 7.2% |
| Business Process Management | 42,803 | 7.2% | 6,397 | 14.9% |
| Financial IT Business | 96,941 | 16.3% | 12,729 | 13.1% |
| Industrial IT Business | 132,791 | 22.3% | 22,507 | 16.9% |
| Regional IT Solutions | 176,953 | 29.7% | 23,328 | 13.2% |
| Other | 2,396 | 0.4% | 940 | 39.2% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Offering Service Business | 24.2% | 13.7% | -10.6 | 7.2% |
| Business Process Management | 7.2% | 8.4% | 1.2 | 14.9% |
| Financial IT Business | 16.3% | 16.7% | 0.4 | 13.1% |
| Industrial IT Business | 22.3% | 29.5% | 7.2 | 16.9% |
| Regional IT Solutions | 29.7% | 30.6% | 0.9 | 13.2% |
| Other | 0.4% | 1.2% | 0.8 | 39.2% |

Segment → industry: Regional IT Solutions → IT Services & System Integration / Industrial IT Business → IT Services & System Integration / Financial IT Business → IT Services & System Integration / Offering Service Business → IT Services & System Integration / Offering Service Business → Software & SaaS / Business Process Management → Business Process Outsourcing

## 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 | 81,447 | 13.7% | S100YH5C |
| Capital expenditure | 28,017 | 4.7% | S100YH5C |
| Free cash flow | 53,430 | 9.0% | 算出 |
| Investing cash flow | -30,920 | -5.2% | S100YH5C |
| Financing cash flow | -78,362 | -13.1% | S100YH5C |
| Dividends paid | 17,096 | 2.9% | S100YH5C |
| Share buyback | 55,929 | 9.4% | S100YH5C |
| Change in cash | -27,613 | -4.6% | S100YH5C |
| Cash and equivalents | 93,733 | 15.7% | S100YH5C |

## 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 | 113,820 | 94,306 | 102,722 | 121,288 | 93,733 | S100TU5W, S100W24K, S100YH5C |
| Total assets | 476,642 | 462,320 | 525,456 | 558,051 | 551,507 | S100R3YD, S100TU5W, S100W24K, S100YH5C |
| Net assets | 302,993 | 309,226 | 324,725 | 356,064 | 337,726 | S100TU5W, S100W24K, S100YH5C |
| Share capital | 10,001 | 10,001 | 10,001 | 10,001 | 10,001 | S100R3YD, S100TU5W, S100W24K, S100YH5C |
| Property, plant and equipment | 65,389 | 62,318 | 69,715 | 81,002 | 88,886 | S100R3YD, S100TU5W, S100W24K, S100YH5C |
| Intangible assets excluding goodwill | 28,750 | 27,671 | 55,801 | 48,722 | 46,669 | S100R3YD, S100TU5W, S100W24K, S100YH5C |
| Goodwill | 770 | 692 | 9,659 | 7,863 | 7,969 | S100R3YD, S100TU5W, S100W24K, S100YH5C |
| Investment securities | 76,823 | 52,799 | 56,396 | 57,041 | 58,705 | S100R3YD, S100TU5W, S100W24K, S100YH5C |
| Current assets | 259,261 | 268,682 | 291,556 | 319,080 | 295,295 | S100R3YD, S100TU5W, S100W24K, S100YH5C |
| Current liabilities | 139,236 | 117,179 | 140,277 | 153,210 | 164,190 | S100R3YD, S100TU5W, S100W24K, S100YH5C |
| Trade payables | 22,475 | 26,976 | 26,206 | 28,946 | 30,064 | S100R3YD, S100TU5W, S100W24K, S100YH5C |
| Short-term borrowings | 35,229 | 11,990 | 17,398 | 22,213 | 21,330 | S100R3YD, S100TU5W, S100W24K, S100YH5C |
| Long-term borrowings | 2,213 | 4,052 | 20,509 | 14,766 | 13,494 | S100R3YD, S100TU5W, S100W24K, S100YH5C |
| Total liabilities | 173,649 | 153,094 | 200,730 | 201,986 | 213,780 | S100R3YD, S100TU5W, S100W24K, S100YH5C |
| Non-controlling interests | 9,867 | 12,186 | 12,315 | 12,715 | 12,995 | S100R3YD, S100TU5W, S100W24K, S100YH5C |
| Equity attributable to owners of parent | 275,100 | 290,120 | 299,453 | 326,709 | 300,304 | S100R3YD, S100TU5W, S100W24K, S100YH5C |
| Retained earnings | 203,256 | 247,263 | 283,533 | 316,376 | 317,476 | S100R3YD, S100TU5W, S100W24K, S100YH5C |
| Treasury stock | -3,117 | -7,614 | -6,395 | -11,958 | -31,284 | S100R3YD, S100TU5W, S100W24K, S100YH5C |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 17% | S100YH5C |
| Property, plant and equipment | 16% | S100YH5C |
| Intangibles and goodwill | 10% | S100YH5C |
| Investment securities | 11% | S100YH5C |
| Other assets | 46% | S100YH5C |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 6% | S100YH5C |
| Other liabilities | 33% | S100YH5C |
| Equity | 61% | S100YH5C |
| Other liabilities | 0% | S100YH5C |

### 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 | 476,642 | 462,320 | 525,456 | 558,051 | 551,507 |
| Equity | 302,993 | 309,226 | 324,725 | 356,064 | 337,726 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 113,820 | 94,306 | 102,722 | 121,288 | 93,733 |

## 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) | 14.9% | S100YH5C |
| Fixed assets ÷ total assets | 16.1% | S100YH5C |
| Goodwill ÷ parent equity | 2.7% | S100YH5C |

Goodwill over 4 years: 770 → 7,969 JPY; total investing cash flow: -73,602 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) | 17.0% |
| Cash ÷ revenue | 15.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 106.8% |
| Cash vs. profit gap | 34,823 JPY mn (of net income 74.7%) |
| Shareholder returns / net income | 156.6% |
| Shareholder returns / FCF | 136.7% |
| Shareholder payments — dividends / net income | 36.7% |
| Shareholder payments — dividends / FCF | 32.0% |
| CapEx intensity (capex ÷ revenue) | 4.7% |
| Investing CF relative to operating CF | 38.0% |

## 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 | 8.2% | 1.01× | 8.3% | 1.73× | 14.3% | S100R3YD |
| 2023 | 10.9% | 1.08× | 11.8% | 1.66× | 19.6% | S100TU5W |
| 2024 | 8.9% | 1.11× | 9.9% | 1.68× | 16.6% | S100W24K |
| 2025 | 8.7% | 1.06× | 9.2% | 1.73× | 16.0% | S100YH5C |
| 2026 | 7.8% | 1.08× | 8.4% | 1.77× | 14.9% | S100YH5C |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| いちごトラスト・ピーティーイー・リミテッド(常任代理人 香港上海銀行東京支店) | Major shareholder | 12.6% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社 | Major shareholder | 12.5% | 2026-03-31 |
| 株式会社日本カストディ銀行 | Major shareholder | 5.3% | 2026-03-31 |
| JP MORGAN CHASE BANK 380055（常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 3.6% | 2026-03-31 |
| 日本生命保険相互会社 (常任代理人 日本マスタートラスト信託銀行株式会社) | Major shareholder | 3.3% | 2026-03-31 |
| ＴＩＳインテックグループ従業員持株会 | Major shareholder | 3.0% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505001（常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 2.6% | 2026-03-31 |
| 株式会社ジェーシービー | Major shareholder | 1.6% | 2026-03-31 |
| JP MORGAN CHASE BANK 385781 (常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 1.4% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505223 (常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 1.1% | 2026-03-31 |

## AI commentary（text by AI; the tables above are authoritative、claude-code）

- Revenue reached ¥596.5B (+4.3%) and operating income ¥76.2B (+10.4%), so profit grew faster than sales.
- Net income attributable to owners still slipped to ¥46.6B from ¥50B, a -6.8% drop.
- Cash was the bright spot: operating cash flow hit ¥81.4B (+27.8%) and free cash flow ¥53.4B (+39.4%).

### Drivers

- Industrial IT Business did best on the profit side, as clients in services, manufacturing and retail spent more on IT and loss-making projects shrank.
- Financial IT Business sold less after a big build for a credit card client passed its peak, yet earned more from projects replacing old systems.
- Net income fell because the company set aside money to settle a long-running lawsuit and booked impairment losses.

### Risks

- If it is slow to adopt AI-based development methods or hire the right people, its contract development could lose ground.
- Projects that miss quality or deadline targets lead to extra work costs and possible damage claims.
- Its outsourcing and cloud services run in data centers that a major disaster or long power cut could knock out.

Cited: Annual securities report (経営者による財政状態、経営成績及びキャッシュ・フローの状況の分析); Annual securities report (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第18期(2025/04/01－2026/03/31) | S100YH5C | 2026-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YH5C,, |
| 有価証券報告書－第17期(2024/04/01－2025/03/31) | S100W24K | 2025-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W24K,, |
| 有価証券報告書－第16期(2023/04/01－2024/03/31) | S100TU5W | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TU5W,, |
| 有価証券報告書－第15期(2022/04/01－2023/03/31) | S100R3YD | 2023-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R3YD,, |
| 有価証券報告書－第14期(令和3年4月1日－令和4年3月31日) | S100OG7A | 2022-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OG7A,, |
| 有価証券報告書－第13期(令和2年4月1日－令和3年3月31日) | S100LOZE | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LOZE,, |

## 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).