# Tobila Systems Inc.: business model and financials

> Latest period: FY ending Oct 2025, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第19期(2024/11/01－2025/10/31) (S100XH6J)
> Page: https://vizora.meequs.com/en/company/tobila-systems
> Retrieved: 2026-09-30T19:08:01.930Z

## Company

Tobila Systems, founded in 2006, is a company in Cybersecurity listed on TSE Standard. It has 114 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Tobila Systems Inc. |
| Ticker | 4441 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4441.T) |
| Listing | TSE Standard |
| Head office | 愛知県名古屋市中区錦二丁目5番12号 |
| Representative (per filing) | 代表取締役社長 明田 篤 |
| Founded | Dec 2006 |
| Share capital | ¥333.8M |
| Employees (consolidated) | 114 |
| Average salary (parent only) | ¥6.2M |
| Fiscal year end | October |
| Website | tobila.com (https://tobila.com/) |
| Corporate number | 9180001066502 |
| EDINET | E34814 |
| Industries (Vizora) | Cybersecurity |

> Profile source: annual securities report (S100XH6J, filed 2026-01-26). As of filing

## Five-axis industry profile

Primary industry: Cybersecurity (2025-10-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 77.5 | 20 |
| Profitability | 91.4 | 29 |
| Cash conversion | 90.7 | 27 |
| Efficiency | 8.6 | 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)

- About 68% of Tobila Systems's sales come from Security business, with Solution business making up much of the rest.
- Out of every ¥100 of sales, about ¥32 is left as operating profit.
- Revenue changed +16.6% from the prior year, operating profit +8.1%.

## Company structure

- Segment revenue mix: Security business 67.9%、Solution business 32.1%
- Revenue → net income: ¥2805366000 → ¥625676000
- Net income → operating cash flow: ¥625676000 → ¥1752043000（difference ¥1126367000）
- Main uses of operating cash flow: CapEx ¥134319000 / dividends ¥208183000 / buybacks ¥292608000
- Change in cash: ¥-180778000
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 | ¥2.81B |  |
| Operating income | ¥898.7M | Margin 32.0% |
| Net income | ¥625.7M | Margin 22.3% |
| Free cash flow | ¥1.62B |  |
| Largest business | Security business | of segment revenue 67.9% |
| Employees (consolidated) | 114 |  |
| EPS | ¥61.59 |  |
| Diluted EPS | ¥61.21 |  |
| Book value per share | ¥256.92 |  |
| Equity ratio | 48.2% |  |
| Shares outstanding | 10,644,000 |  |
| Treasury shares | 542,700 |  |
| Shareholders | 4,949 |  |
| Average salary (parent only) | ¥6.2M | Filing company only |
| Cash ratio | 56.4% | Cash ÷ revenue 108.2% |
| Vs. industry median margin | +17.6 pp | Cybersecurity |
| ROE | 25.0% | Derived from disclosed figures |
| ROA | 12.9% | Derived from disclosed figures |

## Notable figures

- FY2025, operating cash flow is 2.8× net income
- FY2025, buybacks were 1.4× dividends
- FY2025, one segment accounts for 90% of positive segment profit

## What changed in 5 years

| Metric | FY ending Oct 2020 | FY ending Oct 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥1234315000 | ¥2805366000 | +127.3% |
| Operating income | ¥498654000 | ¥898744000 | +80.2% |
| Operating margin | 40.4% | 32.0% | -8.4 pp |
| Employees | 53 people | 114 people | +115.1% |
| Cash and equivalents | ¥1218358000 | ¥3034879000 | +149.1% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| 迷惑情報フィルタ事業 → 事業再編・廃止 | 92.5% |
| その他 → 事業再編・廃止 | 7.5% |
| 新設・再編 → セキュリティ事業 | 67.9% |
| 新設・再編 → ソリューション事業 | 32.1% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 2,805 | 100.0% | S100XH6J |
| Cost of revenue | 870 | 31.0% | S100XH6J |
| Gross profit | 1,935 | 69.0% | S100XH6J |
| SG&A | 1,036 | 36.9% | S100XH6J |
| Operating income | 899 | 32.0% | S100XH6J |
| Ordinary income | 907 | 32.3% | S100XH6J |
| Pretax income | 871 | 31.1% | S100XH6J |
| Income tax | 246 | 8.8% | S100XH6J |
| Net income | 626 | 22.3% | S100XH6J |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 31 |
| SG&A | 37 |
| Operating income | 32 |
| (Ref.) Net income | 22 |

### Margin funnel

Gross margin 69.0% → Operating margin 32.0% → Net margin 22.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +16.6%; Core profit growth: +8.1%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.48×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Oct 2024 → FY ending Oct 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 2,406 | 2,805 | 399 | +16.6% |
| Gross profit | 1,706 | 1,935 | 229 | +13.4% |
| Operating income | 832 | 899 | 67 | +8.1% |
| Operating cash flow | 1,306 | 1,752 | 446 | +34.2% |
| Free cash flow | 1,197 | 1,618 | 421 | +35.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Oct 2019 | 982 | 406 | 41.4% | 249 | 380 | 333 | S100KK6U |
| FY ending Oct 2020 | 1,234 | 499 | 40.4% | 322 | 359 | 241 | S100O2OG |
| FY ending Oct 2021 | 1,425 | 580 | 40.7% | 386 | 492 | 384 | S100Q0PP |
| FY ending Oct 2022 | 1,682 | 541 | 32.2% | 322 | 642 | 498 | S100SNT6 |
| FY ending Oct 2023 | 2,061 | 683 | 33.1% | 518 | 1,221 | 1,073 | S100V5BJ |
| FY ending Oct 2024 | 2,406 | 832 | 34.6% | 602 | 1,306 | 1,197 | S100XH6J |
| FY ending Oct 2025 | 2,805 | 899 | 32.0% | 626 | 1,752 | 1,618 | S100XH6J |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥24.6M |
| Operating income per employee (consolidated) | ¥7.9M |
| Net income per employee (consolidated) | ¥5.5M |

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

| History | FY ending Oct 2021 | FY ending Oct 2022 | FY ending Oct 2023 | FY ending Oct 2024 | FY ending Oct 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 59 | 58 | 71 | 83 | 114 |
| Average salary (parent company) | ¥5.3M | ¥5.6M | ¥5.6M | ¥6.3M | ¥6.2M |
| Average age (parent company) | 33.8 years | 35.7 years | 35.4 years | 35.5 years | 34.6 years |
| Average tenure (parent company) | 3.5 years | 4.5 years | 4.3 years | 4.3 years | 3.7 years |

Year over year: Employees (consolidated) +37.3% · Revenue (consolidated) +16.6%

## Segments（FY ending Oct 2025, non-consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Security business | 1,905 | 67.9% | 1,338 | 70.2% |
| Solution business | 900 | 32.1% | 151 | 16.8% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Security business | 67.9% | 89.8% | 21.9 | 70.2% |
| Solution business | 32.1% | 10.2% | -21.9 | 16.8% |

Segment → industry: Solution business → Cybersecurity / Security business → Cybersecurity

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Oct 2025, non-consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 1,752 | 62.5% | S100XH6J |
| Capital expenditure | 134 | 4.8% | S100XH6J |
| Free cash flow | 1,618 | 57.7% | 算出 |
| Investing cash flow | -1,384 | -49.3% | S100XH6J |
| Financing cash flow | -549 | -19.6% | S100XH6J |
| Dividends paid | 208 | 7.4% | S100XH6J |
| Share buyback | 293 | 10.4% | S100XH6J |
| Change in cash | -181 | -6.4% | S100XH6J |
| Cash and equivalents | 3,035 | 108.2% | S100XH6J |

## 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 Oct 2021 | FY ending Oct 2022 | FY ending Oct 2023 | FY ending Oct 2024 | FY ending Oct 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,146 | 1,436 | 2,405 | 3,216 | 3,035 | S100SNT6, S100V5BJ, S100XH6J |
| Total assets | 2,170 | 2,667 | 3,647 | 4,356 | 5,381 | S100Q0PP, S100SNT6, S100V5BJ, S100XH6J |
| Net assets | 1,489 | 1,711 | 2,137 | 2,441 | 2,595 | S100SNT6, S100V5BJ, S100XH6J |
| Share capital | 315 | 332 | 332 | 333 | 334 | S100Q0PP, S100SNT6, S100V5BJ, S100XH6J |
| Property, plant and equipment | 50 | 58 | 104 | 91 | 99 | S100Q0PP, S100SNT6, S100V5BJ, S100XH6J |
| Intangible assets excluding goodwill | 509 | 477 | 405 | 309 | 210 | S100Q0PP, S100SNT6, S100V5BJ, S100XH6J |
| Goodwill | 325 | 258 | 192 | 126 | 60 | S100Q0PP, S100SNT6, S100V5BJ, S100XH6J |
| Investment securities | 141 | 0 | 0 | 20 | 327 | S100Q0PP, S100SNT6, S100V5BJ, S100XH6J |
| Current assets | 1,389 | 1,836 | 2,816 | 3,649 | 4,427 | S100Q0PP, S100SNT6, S100V5BJ, S100XH6J |
| Current liabilities | 385 | 711 | 1,314 | 1,769 | 2,690 | S100Q0PP, S100SNT6, S100V5BJ, S100XH6J |
| Long-term borrowings | 296 | 246 | 196 | 146 | 96 | S100Q0PP, S100SNT6, S100V5BJ, S100XH6J |
| Total liabilities | 681 | 956 | 1,510 | 1,914 | 2,786 | S100Q0PP, S100SNT6, S100V5BJ, S100XH6J |
| Equity attributable to owners of parent | 1,489 | 1,711 | 2,137 | 2,427 | 2,582 | S100Q0PP, S100SNT6, S100V5BJ, S100XH6J |
| Retained earnings | 1,038 | 1,226 | 1,608 | 2,026 | 2,440 | S100Q0PP, S100SNT6, S100V5BJ, S100XH6J |
| Treasury stock | -144 | -144 | -100 | -228 | -490 | S100Q0PP, S100SNT6, S100V5BJ, S100XH6J |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 56% | S100XH6J |
| Property, plant and equipment | 2% | S100XH6J |
| Intangibles and goodwill | 5% | S100XH6J |
| Investment securities | 6% | S100XH6J |
| Other assets | 31% | S100XH6J |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 52% | S100XH6J |
| Equity | 48% | S100XH6J |

### Balance sheet history

| Metric | FY ending Oct 2021 | FY ending Oct 2022 | FY ending Oct 2023 | FY ending Oct 2024 | FY ending Oct 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 2,170 | 2,667 | 3,647 | 4,356 | 5,381 |
| Equity | 1,489 | 1,711 | 2,137 | 2,441 | 2,595 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,146 | 1,436 | 2,405 | 3,216 | 3,035 |

## 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) | 3.5% | S100XH6J |
| Fixed assets ÷ total assets | 1.8% | S100XH6J |
| Goodwill ÷ parent equity | 2.3% | S100XH6J |

Goodwill over 4 years: 325 → 60 JPY; total investing cash flow: -2,394 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) | 56.4% |
| Cash ÷ revenue | 108.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 194.9% |
| Cash vs. profit gap | 1,126 JPY mn (of net income 180.0%) |
| Shareholder returns / net income | 80.0% |
| Shareholder returns / FCF | 31.0% |
| Shareholder payments — dividends / net income | 33.3% |
| Shareholder payments — dividends / FCF | 12.9% |
| CapEx intensity (capex ÷ revenue) | 4.8% |
| Investing CF relative to operating CF | 79.0% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 27.1% | 0.66× | 17.8% | 1.46× | 25.9% | S100Q0PP |
| 2022 | 19.1% | 0.70× | 13.3% | 1.51× | 20.1% | S100SNT6 |
| 2023 | 25.1% | 0.65× | 16.4% | 1.64× | 26.9% | S100V5BJ |
| 2024 | 25.0% | 0.60× | 15.0% | 1.75× | 26.4% | S100XH6J |
| 2025 | 22.3% | 0.58× | 12.9% | 1.94× | 25.0% | S100XH6J |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 明田 篤 | Major shareholder | 45.6% | 2025-10-31 |
| ＩＮＴＥＲＡＣＴＩＶＥ ＢＲＯＫＥＲＳ ＬＬＣ（常任代理人 インタラクティブ・ブローカーズ証券株式会社） | Major shareholder | 7.8% | 2025-10-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 6.3% | 2025-10-31 |
| ＢＮＹＭ ＡＳ ＡＧＴ／ＣＬＴＳ ＮＯＮ ＴＲＥＡＴＹ ＪＡＳＤＥＣ（常任代理人 株式会社三菱ＵＦＪ銀行） | Major shareholder | 3.3% | 2025-10-31 |
| 有限会社石雄 | Major shareholder | 1.7% | 2025-10-31 |
| ＴＨＥ ＢＡＮＫ ＯＦ ＮＥＷ ＹＯＲＫ ＭＥＬＬＯＮ １４００４２（常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.6% | 2025-10-31 |
| 木下 圭一郎 | Major shareholder | 1.3% | 2025-10-31 |
| 株式会社ＳＢＩ証券 | Major shareholder | 0.9% | 2025-10-31 |
| 坂倉 翼 | Major shareholder | 0.8% | 2025-10-31 |
| 楽天証券株式会社共有口 | Major shareholder | 0.8% | 2025-10-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第19期(2024/11/01－2025/10/31) | S100XH6J | 2026-01-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XH6J,, |
| 有価証券報告書－第18期(2023/11/01－2024/10/31) | S100V5BJ | 2025-01-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100V5BJ,, |
| 有価証券報告書－第17期(2022/11/01－2023/10/31) | S100SNT6 | 2024-01-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SNT6,, |
| 有価証券報告書－第16期(2021/11/01－2022/10/31) | S100Q0PP | 2023-01-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Q0PP,, |
| 訂正有価証券報告書－第15期(令和2年11月1日－令和3年10月31日) | S100O2OG | 2022-05-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O2OG,, |
| 有価証券報告書－第14期(令和1年11月1日－令和2年10月31日) | S100KK6U | 2021-01-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KK6U,, |

## 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).