# Trend Micro Incorporated: 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37期(2025/01/01－2025/12/31) (S100XUHN)
> Page: https://vizora.meequs.com/en/company/trend-micro
> Retrieved: 2026-09-30T19:05:50.954Z

## Company

Trend Micro, founded in 1997, is a company in Cybersecurity listed on TSE Prime. It has 6,717 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Trend Micro Incorporated |
| Ticker | 4704 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4704.T) |
| Listing | TSE Prime |
| Head office | 東京都新宿区新宿四丁目1番6号JR新宿ミライナタワー |
| Representative (per filing) | 代表取締役社長 エバ・チェン |
| Founded | Jan 1997 |
| Share capital | ¥19.9B |
| Employees (consolidated) | 6,717 |
| Average salary (parent only) | ¥9.9M |
| Fiscal year end | December |
| Website | www.trendmicro.co.jp (https://www.trendmicro.co.jp/) |
| Corporate number | 9011001030704 |
| EDINET | E04999 |
| Industries (Vizora) | Cybersecurity |

> Profile source: annual securities report (S100XUHN, filed 2026-03-26). As of filing

## Five-axis industry profile

Primary industry: Cybersecurity (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 52.5 | 20 |
| Profitability | 70.7 | 29 |
| Cash conversion | 50 | 27 |
| Efficiency | 15.5 | 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 32% of Trend Micro's sales come from Japan, with Asia Pacific and Europe making up much of the rest.
- Out of every ¥100 of sales, about ¥21 is left as operating profit.
- Revenue changed +1.2% from the prior year, operating profit +20.1%.

## Company structure

- Segment revenue mix: Japan 31.8%、Asia Pacific 25.9%、Europe 22.3%、Americas 20.0%
- Revenue → net income: ¥275984000000 → ¥34100000000
- Net income → operating cash flow: ¥34100000000 → ¥64637000000（difference ¥30537000000）
- Main uses of operating cash flow: CapEx ¥22857000000 / dividends ¥23489000000 / buybacks ¥10000000000
- Change in cash: ¥43066000000
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 | ¥276B |  |
| Operating income | ¥57.8B | Margin 20.9% |
| Net income | ¥34.5B | Margin 12.5% |
| Free cash flow | ¥41.8B |  |
| Largest business | Japan | of segment revenue 31.8% |
| Employees (consolidated) | 6,717 |  |
| EPS | ¥280.14 |  |
| Diluted EPS | ¥278.52 |  |
| Book value per share | ¥702.85 |  |
| Equity ratio | 30.2% |  |
| Shares outstanding | 140,901,604 |  |
| Treasury shares | 10,221,300 |  |
| Shareholders | 11,117 |  |
| Average salary (parent only) | ¥9.9M | Filing company only |
| Cash ratio | 54.6% | Cash ÷ revenue 83.5% |
| Vs. industry median margin | +6.5 pp | Cybersecurity |
| ROE | 46.2% | Derived from disclosed figures |
| ROA | 8.4% | Derived from disclosed figures |

## Notable figures

- FY2025, cash is 55% of total assets
- FY2025, employees -2% while operating income rose 20%

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥174061000000 | ¥275984000000 | +58.6% |
| Operating income | ¥39464000000 | ¥57777000000 | +46.4% |
| Operating margin | 22.7% | 20.9% | -1.7 pp |
| Employees | 6,975 people | 6,717 people | -3.7% |
| Cash and equivalents | ¥174162000000 | ¥230458000000 | +32.3% |

### 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.

| Flow | Revenue share |
| --- | ---: |
| 日本 → 日本 | 31.8% |
| 日本 → 事業再編・廃止 | 9.5% |
| 北米 → 事業再編・廃止 | 20.3% |
| 欧州 → 欧州 | 17.7% |
| アジア・パシフィック → アジア・パシフィック | 17.8% |
| 中南米 → 事業再編・廃止 | 2.8% |
| 新設・再編 → アメリカズ | 20.0% |
| 新設・再編 → 欧州 | 4.5% |
| 新設・再編 → アジア・パシフィック | 8.1% |

Segment revenue source references: 9 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Japan | 5 years | +4.1% | ¥87840000000 | 23.5% | 2 |
| Asia Pacific | 5 years | +18.2% | ¥71516000000 | 18.2% | 2 |
| Europe | 5 years | +14.8% | ¥61439000000 | 20.1% | 2 |
| Americas | 4 years | +6.7% | ¥55187000000 | 20.0% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 275,984 | 100.0% | S100XUHN |
| Cost of revenue | 63,717 | 23.1% | S100XUHN |
| Gross profit | 212,267 | 76.9% | S100XUHN |
| SG&A | 154,490 | 56.0% | S100XUHN |
| Operating income | 57,777 | 20.9% | S100XUHN |
| Ordinary income | 53,980 | 19.6% | S100XUHN |
| Pretax income | 52,331 | 19.0% | S100XUHN |
| Income tax | 18,230 | 6.6% | S100XUHN |
| Net income | 34,100 | 12.4% | S100XUHN |
| Net income attributable to owners | 34,523 | 12.5% | S100XUHN |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 23 |
| SG&A | 56 |
| Operating income | 21 |
| (Ref.) Net income | 13 |

### Margin funnel

Gross margin 76.9% → Operating margin 20.9% → Net margin 12.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +1.2%; Core profit growth: +20.1%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 16.38×
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 | 272,638 | 275,984 | 3,346 | +1.2% |
| Gross profit | 207,657 | 212,267 | 4,610 | +2.2% |
| Operating income | 48,105 | 57,777 | 9,672 | +20.1% |
| Net income attributable to owners | 34,358 | 34,523 | 165 | +0.5% |
| Operating cash flow | 46,781 | 64,637 | 17,856 | +38.2% |
| Free cash flow | 21,841 | 41,780 | 19,939 | +91.3% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 165,195 | 37,686 | 22.8% | 27,946 | 45,109 | 34,417 | S100L13Q |
| FY ending Dec 2020 | 174,061 | 39,464 | 22.7% | 26,904 | 54,310 | 42,470 | S100NRUA |
| FY ending Dec 2021 | 190,359 | 43,641 | 22.9% | 38,367 | 55,267 | 36,480 | S100QH04 |
| FY ending Dec 2022 | 223,795 | 31,340 | 14.0% | 29,843 | 56,903 | 35,924 | S100T5XZ |
| FY ending Dec 2023 | 248,691 | 32,602 | 13.1% | 10,731 | 57,227 | 30,866 | S100VHSE |
| FY ending Dec 2024 | 272,638 | 48,105 | 17.6% | 34,358 | 46,781 | 21,841 | S100XUHN |
| FY ending Dec 2025 | 275,984 | 57,777 | 20.9% | 34,523 | 64,637 | 41,780 | S100XUHN |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥41.1M |
| Operating income per employee (consolidated) | ¥8.6M |
| Net income per employee (consolidated) | ¥5.1M |

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) | 7,024 | 7,669 | 7,432 | 6,869 | 6,717 |
| Average salary (parent company) | ¥9.4M | ¥8.9M | — | ¥9M | ¥9.9M |
| Average age (parent company) | 40.0 years | 40.4 years | 40.4 years | 40.3 years | 40.3 years |
| Average tenure (parent company) | 9.1 years | 8.2 years | 8.3 years | 9.4 years | 9.1 years |

Year over year: Employees (consolidated) -2.2% · Revenue (consolidated) +1.2%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Japan | 87,840 | 31.8% | 20,651 | 23.5% |
| Americas | 55,187 | 20.0% | 11,027 | 20.0% |
| Europe | 61,439 | 22.3% | 12,334 | 20.1% |
| Asia Pacific | 71,516 | 25.9% | 12,982 | 18.2% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Japan | 31.8% | 36.2% | 4.4 | 23.5% |
| Americas | 20.0% | 19.3% | -0.6 | 20.0% |
| Europe | 22.3% | 21.6% | -0.6 | 20.1% |
| Asia Pacific | 25.9% | 22.8% | -3.1 | 18.2% |

Segment → industry: Asia Pacific → Cybersecurity / Europe → Cybersecurity / Americas → Cybersecurity / Japan → Cybersecurity

## 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 | 64,637 | 23.4% | S100XUHN |
| Capital expenditure | 22,857 | 8.3% | S100XUHN |
| Free cash flow | 41,780 | 15.1% | 算出 |
| Investing cash flow | 759 | 0.3% | S100XUHN |
| Financing cash flow | -27,467 | -10.0% | S100XUHN |
| Dividends paid | 23,489 | 8.5% | S100XUHN |
| Share buyback | 10,000 | 3.6% | S100XUHN |
| Change in cash | 43,066 | 15.6% | S100XUHN |
| Cash and equivalents | 230,458 | 83.5% | S100XUHN |

## 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 | 225,681 | 207,643 | 261,265 | 187,392 | 230,458 | S100T5XZ, S100VHSE, S100XUHN |
| Total assets | 420,457 | 470,799 | 492,628 | 400,316 | 422,238 | S100QH04, S100T5XZ, S100VHSE, S100XUHN |
| Net assets | 221,434 | 228,679 | 214,423 | 119,446 | 131,126 | S100T5XZ, S100VHSE, S100XUHN |
| Share capital | 19,358 | 19,585 | 19,855 | 19,926 | 19,926 | S100QH04, S100T5XZ, S100VHSE, S100XUHN |
| Trade receivables | 53,499 | — | — | — | — | S100QH04 |
| Inventories | 3,701 | 4,255 | 6,662 | 8,455 | 10,048 | S100QH04, S100T5XZ, S100VHSE, S100XUHN |
| Property, plant and equipment | 7,932 | 7,089 | 6,489 | 5,548 | 4,797 | S100QH04, S100T5XZ, S100VHSE, S100XUHN |
| Intangible assets excluding goodwill | 25,433 | 24,292 | 31,883 | 31,393 | 28,031 | S100QH04, S100T5XZ, S100VHSE, S100XUHN |
| Goodwill | 2,817 | 1,094 | 3,662 | 2,268 | 1,552 | S100QH04, S100T5XZ, S100VHSE, S100XUHN |
| Investment securities | 26,087 | 70,297 | 16,908 | 4,520 | 4,727 | S100QH04, S100T5XZ, S100VHSE, S100XUHN |
| Current assets | 321,749 | 319,934 | 388,885 | 307,829 | 332,690 | S100QH04, S100T5XZ, S100VHSE, S100XUHN |
| Current liabilities | 133,624 | 232,297 | 265,077 | 267,274 | 278,479 | S100QH04, S100T5XZ, S100VHSE, S100XUHN |
| Trade payables | 1,165 | 2,164 | 2,727 | 3,627 | 2,973 | S100QH04, S100T5XZ, S100VHSE, S100XUHN |
| Total liabilities | 199,023 | 242,120 | 278,205 | 280,870 | 291,111 | S100QH04, S100T5XZ, S100VHSE, S100XUHN |
| Non-controlling interests | 789 | 18 | 33 | — | 498 | S100QH04, S100T5XZ, S100VHSE, S100XUHN |
| Equity attributable to owners of parent | 215,979 | 203,738 | 170,558 | 71,543 | 77,770 | S100QH04, S100T5XZ, S100VHSE, S100XUHN |
| Retained earnings | 175,505 | 166,635 | 156,299 | 90,541 | 100,906 | S100QH04, S100T5XZ, S100VHSE, S100XUHN |
| Treasury stock | -5,656 | -10,291 | -33,836 | -66,781 | -71,864 | S100QH04, S100T5XZ, S100VHSE, S100XUHN |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 55% | S100XUHN |
| Inventories | 2% | S100XUHN |
| Property, plant and equipment | 1% | S100XUHN |
| Intangibles and goodwill | 7% | S100XUHN |
| Investment securities | 1% | S100XUHN |
| Other assets | 34% | S100XUHN |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 1% | S100XUHN |
| Other liabilities | 68% | S100XUHN |
| Equity | 31% | S100XUHN |
| Other liabilities | 0% | S100XUHN |

### 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 | 420,457 | 470,799 | 492,628 | 400,316 | 422,238 |
| Equity | 221,434 | 228,679 | 214,423 | 119,446 | 131,126 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 225,681 | 207,643 | 261,265 | 187,392 | 230,458 |

## 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) | 1.7% | S100XUHN |
| Fixed assets ÷ total assets | 1.1% | S100XUHN |
| Goodwill ÷ parent equity | 2.0% | S100XUHN |

Goodwill over 4 years: 2,817 → 1,552 JPY; total investing cash flow: -28,338 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) | 54.6% |
| Cash ÷ revenue | 83.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 111.9% |
| Cash vs. profit gap | 30,114 JPY mn (of net income 87.2%) |
| Shareholder returns / net income | 97.0% |
| Shareholder returns / FCF | 80.2% |
| Shareholder payments — dividends / net income | 68.0% |
| Shareholder payments — dividends / FCF | 56.2% |
| CapEx intensity (capex ÷ revenue) | 8.3% |
| Investing CF relative to operating CF | 1.2% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 20.2% | 0.45× | 9.1% | 1.95× | 17.8% | S100QH04 |
| 2022 | 13.3% | 0.50× | 6.7% | 2.12× | 14.2% | S100T5XZ |
| 2023 | 4.3% | 0.52× | 2.2% | 2.57× | 5.7% | S100VHSE |
| 2024 | 12.6% | 0.61× | 7.7% | 3.69× | 28.4% | S100XUHN |
| 2025 | 12.5% | 0.67× | 8.4% | 5.51× | 46.2% | S100XUHN |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行株式会社(信託口) | Major shareholder | 25.7% | 2025-12-31 |
| 株式会社日本カストディ銀行(信託口) | Major shareholder | 11.2% | 2025-12-31 |
| チャン ミン ジャン ※ａ | Major shareholder | 4.1% | 2025-12-31 |
| BNYM AS AGT/CLTS 10 PERCENT ※ｂ | Major shareholder | 2.8% | 2025-12-31 |
| THE NOMURA TRUST AND BANKING CO., LTD. AS THE TRUSTEE OF REPURCHASE AGREEMENT MOTHER FUND ※ｃ | Major shareholder | 2.0% | 2025-12-31 |
| BNYMSANV RE BNYMSANVDUB RE LEGAL (AND) GENERAL UCITS ETF PLC ※ｂ | Major shareholder | 1.8% | 2025-12-31 |
| SMBC日興証券株式会社 | Major shareholder | 1.6% | 2025-12-31 |
| 日本証券金融株式会社 | Major shareholder | 1.6% | 2025-12-31 |
| HSBC HONG KONG－TREASURY SERVICES A/C ASIAN EQUITIES DERIVATIVES ※ｄ | Major shareholder | 1.5% | 2025-12-31 |
| STATE STREET BANK AND TRUST COMPANY 505001 ※ｅ | Major shareholder | 1.5% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第37期(2025/01/01－2025/12/31) | S100XUHN | 2026-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XUHN,, |
| 有価証券報告書－第36期(2024/01/01－2024/12/31) | S100VHSE | 2025-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VHSE,, |
| 有価証券報告書－第35期(2023/01/01－2023/12/31) | S100T5XZ | 2024-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T5XZ,, |
| 有価証券報告書－第34期(2022/01/01－2022/12/31) | S100QH04 | 2023-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QH04,, |
| 有価証券報告書－第33期(令和3年1月1日－令和3年12月31日) | S100NRUA | 2022-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NRUA,, |
| 有価証券報告書－第32期(令和2年1月1日－令和2年12月31日) | S100L13Q | 2021-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L13Q,, |

## Key alliances (from the filing's material contracts)

| Partner | Type | Description | Source |
| --- | ---: | ---: | ---: |
| 米国IBM社 | Co-development | 互いの特許のクロスライセンス | S100XUHN |
| 米国シマンテック社 | Co-development | 互いの特許のクロスライセンス | S100XUHN |
| ネットワークアソシエイツ社 | Co-development | 互いの特許のクロスライセンス（現マカフィー社） | S100XUHN |

## 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).