# VALTES HOLDINGS CO.,LTD.: 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22期(2025/04/01－2026/03/31) (S100YE1A)
> Page: https://vizora.meequs.com/en/company/valtes-holdings
> Retrieved: 2026-09-30T18:27:01.194Z

## Company

Valtes Holdings, founded in 2004, is a company in Cybersecurity listed on TSE Growth. It has 864 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | VALTES HOLDINGS CO.,LTD. |
| Ticker | 4442 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4442.T) |
| Listing | TSE Growth |
| Head office | 大阪市西区阿波座1丁目3番15号 |
| Representative (per filing) | 代表取締役会長兼社長 田中 真史 |
| Founded | Apr 2004 |
| Share capital | ¥90M |
| Employees (consolidated) | 864 |
| Average salary (parent only) | ¥6.2M |
| Fiscal year end | March |
| Website | www.valtes-hd.co.jp (https://www.valtes-hd.co.jp/) |
| Corporate number | 1120001107293 |
| EDINET | E34880 |
| Industries (Vizora) | Cybersecurity, IT Services & System Integration |

> Profile source: annual securities report (S100YE1A, filed 2026-06-23). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 85.7 | 157 |
| Profitability | 39 | 196 |
| Cash conversion | 70 | 185 |
| Efficiency | 81.9 | 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 85% of Valtes Holdings's sales come from Software testing, with EREMENT02 and EREMENT03 making up much of the rest.
- Out of every ¥100 of sales, about ¥8 is left as operating profit.
- Revenue changed +10.6% from the prior year, operating profit -0.4%.

## Company structure

- Segment revenue mix: Software testing 85.2%、EREMENT02 12.4%、EREMENT03 2.4%
- Revenue → net income: ¥11939953000 → ¥573341000
- Net income → operating cash flow: ¥573341000 → ¥934838000（difference ¥361497000）
- Main uses of operating cash flow: CapEx ¥139492000 / dividends ¥80339000 / buybacks ¥128336000
- Change in cash: ¥419462000
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 | ¥11.9B |  |
| Operating income | ¥923.8M | Margin 7.7% |
| Net income | ¥573.3M | Margin 4.8% |
| Free cash flow | ¥795.3M |  |
| Largest business | Software testing | of segment revenue 85.2% |
| Employees (consolidated) | 864 |  |
| EPS | ¥6.43 |  |
| Book value per share | ¥133.87 |  |
| Equity ratio | 53.9% |  |
| Shares outstanding | 21,450,000 |  |
| Treasury shares | 1,647,700 |  |
| Shareholders | 10,793 |  |
| Average salary (parent only) | ¥6.2M | Filing company only |
| Cash ratio | 34.7% | Cash ÷ revenue 19.6% |
| Vs. industry median margin | -1.2 pp | IT Services & System Integration |
| ROE | 16.7% | Derived from disclosed figures |
| ROA | 8.7% | Derived from disclosed figures |

## Notable figures

- FY2026, buybacks were 1.6× dividends
- FY2026, one segment accounts for 87% of positive segment profit
- FY2026, parent-company salary changed +28% over five years

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥5262208000 | ¥11939953000 | +126.9% |
| Operating income | ¥344719000 | ¥923808000 | +168.0% |
| Operating margin | 6.6% | 7.7% | +1.2 pp |
| Employees | 489 people | 864 people | +76.7% |
| Cash and equivalents | ¥1170437000 | ¥2336314000 | +99.6% |

### 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 |
| --- | ---: |
| ソフトウェアテストサービス → 事業再編・廃止 | 91.1% |
| Web／モバイルアプリ開発サービス → 事業再編・廃止 | 8.5% |
| オフショアサービス → 事業再編・廃止 | 0.4% |
| 新設・再編 → ソフトウェアテスト | 85.2% |
| 新設・再編 → 開発 | 12.4% |
| 新設・再編 → セキュリティ | 2.4% |

Segment revenue source references: 6 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Software testing | 2 years | +6.3% | ¥10172739000 | 8.5% | 2 |
| EREMENT02 | 2 years | +13.6% | ¥1476699000 | 6.2% | 2 |
| EREMENT03 | 2 years | +16.5% | ¥290514000 | 13.3% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 11,940 | 100.0% | S100YE1A |
| Cost of revenue | 8,279 | 69.3% | S100YE1A |
| Gross profit | 3,661 | 30.7% | S100YE1A |
| SG&A | 2,737 | 22.9% | S100YE1A |
| Operating income | 924 | 7.7% | S100YE1A |
| Ordinary income | 921 | 7.7% | S100YE1A |
| Pretax income | 842 | 7.1% | S100YE1A |
| Income tax | 268 | 2.2% | S100YE1A |
| Net income | 573 | 4.8% | S100YE1A |
| Net income attributable to owners | 573 | 4.8% | S100YE1A |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 69 |
| SG&A | 23 |
| Operating income | 8 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 30.7% → Operating margin 7.7% → Net margin 4.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +10.6%; Core profit growth: -0.4%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -0.04×
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 | 10,795 | 11,940 | 1,145 | +10.6% |
| Gross profit | 3,211 | 3,661 | 450 | +14.0% |
| Operating income | 928 | 924 | -4 | -0.4% |
| Net income attributable to owners | 581 | 573 | -7 | -1.2% |
| Operating cash flow | 603 | 935 | 332 | +55.0% |
| Free cash flow | 401 | 795 | 395 | +98.6% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 4,876 | 322 | 6.6% | 224 | 246 | 167 | S100LSFD |
| FY ending Mar 2021 | 5,262 | 345 | 6.6% | 247 | 291 | 164 | S100OGGY |
| FY ending Mar 2022 | 6,707 | 570 | 8.5% | 414 | 505 | 462 | S100RCQI |
| FY ending Mar 2023 | 9,059 | 970 | 10.7% | 651 | 847 | 729 | S100TQGV |
| FY ending Mar 2024 | 10,362 | 839 | 8.1% | 517 | 458 | 294 | S100W8BK |
| FY ending Mar 2025 | 10,795 | 928 | 8.6% | 581 | 603 | 401 | S100YE1A |
| FY ending Mar 2026 | 11,940 | 924 | 7.7% | 573 | 935 | 795 | S100YE1A |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥13.8M |
| Operating income per employee (consolidated) | ¥1.1M |
| Net income per employee (consolidated) | ¥663.6K |

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) | 546 | 640 | 801 | 817 | 864 |
| Average salary (parent company) | ¥4.9M | ¥5M | ¥5.2M | ¥6M | ¥6.2M |
| Average age (parent company) | 33.6 years | 33.7 years | 37.4 years | 39.3 years | 38.7 years |
| Average tenure (parent company) | 3.6 years | 3.7 years | 4.9 years | 4.9 years | 4.5 years |

Year over year: Employees (consolidated) +5.8% · Revenue (consolidated) +10.6%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Software testing | 10,173 | 85.2% | 864 | 8.5% |
| EREMENT02 | 1,477 | 12.4% | 92 | 6.2% |
| EREMENT03 | 291 | 2.4% | 39 | 13.3% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Software testing | 85.2% | 86.9% | 1.7 | 8.5% |
| EREMENT02 | 12.4% | 9.2% | -3.1 | 6.2% |
| EREMENT03 | 2.4% | 3.9% | 1.4 | 13.3% |

Segment → industry: EREMENT03 → Cybersecurity / EREMENT02 → IT Services & System Integration / Software testing → IT Services & System Integration

## 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 | 935 | 7.8% | S100YE1A |
| Capital expenditure | 139 | 1.2% | S100YE1A |
| Free cash flow | 795 | 6.7% | 算出 |
| Investing cash flow | -234 | -2.0% | S100YE1A |
| Financing cash flow | -281 | -2.4% | S100YE1A |
| Dividends paid | 80 | 0.7% | S100YE1A |
| Share buyback | 128 | 1.1% | S100YE1A |
| Change in cash | 419 | 3.5% | S100YE1A |
| Cash and equivalents | 2,336 | 19.6% | S100YE1A |

## 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 | 1,337 | 1,515 | 1,741 | 1,917 | 2,336 | S100TQGV, S100W8BK, S100YE1A |
| Total assets | 2,931 | 4,089 | 5,395 | 6,500 | 6,725 | S100RCQI, S100TQGV, S100W8BK, S100YE1A |
| Net assets | 1,713 | 2,406 | 2,825 | 3,253 | 3,628 | S100TQGV, S100W8BK, S100YE1A |
| Share capital | 90 | 90 | 90 | 90 | 90 | S100RCQI, S100TQGV, S100W8BK, S100YE1A |
| Property, plant and equipment | 89 | 185 | 198 | 286 | 358 | S100RCQI, S100TQGV, S100W8BK, S100YE1A |
| Intangible assets excluding goodwill | 197 | 451 | 996 | 1,542 | 1,368 | S100RCQI, S100TQGV, S100W8BK, S100YE1A |
| Goodwill | 64 | 350 | 839 | 1,349 | 1,167 | S100RCQI, S100TQGV, S100W8BK, S100YE1A |
| Investment securities | 62 | 192 | 212 | 214 | 140 | S100RCQI, S100TQGV, S100W8BK, S100YE1A |
| Current assets | 2,346 | 2,894 | 3,526 | 3,988 | 4,324 | S100RCQI, S100TQGV, S100W8BK, S100YE1A |
| Current liabilities | 1,159 | 1,649 | 1,799 | 2,561 | 2,065 | S100RCQI, S100TQGV, S100W8BK, S100YE1A |
| Short-term borrowings | 120 | 115 | 115 | 815 | 275 | S100RCQI, S100TQGV, S100W8BK, S100YE1A |
| Long-term borrowings | 55 | 33 | 768 | 684 | 1,030 | S100RCQI, S100TQGV, S100W8BK, S100YE1A |
| Total liabilities | 1,218 | 1,683 | 2,570 | 3,246 | 3,097 | S100RCQI, S100TQGV, S100W8BK, S100YE1A |
| Equity attributable to owners of parent | 1,713 | 2,408 | 2,823 | 3,242 | 3,623 | S100RCQI, S100TQGV, S100W8BK, S100YE1A |
| Retained earnings | 1,068 | 1,719 | 2,236 | 2,736 | 3,229 | S100RCQI, S100TQGV, S100W8BK, S100YE1A |
| Treasury stock | -205 | -177 | -304 | -395 | -510 | S100RCQI, S100TQGV, S100W8BK, S100YE1A |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 35% | S100YE1A |
| Property, plant and equipment | 5% | S100YE1A |
| Intangibles and goodwill | 38% | S100YE1A |
| Investment securities | 2% | S100YE1A |
| Other assets | 20% | S100YE1A |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 46% | S100YE1A |
| Equity | 54% | S100YE1A |
| Other liabilities | 0% | S100YE1A |

### 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 | 2,931 | 4,089 | 5,395 | 6,500 | 6,725 |
| Equity | 1,713 | 2,406 | 2,825 | 3,253 | 3,628 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,337 | 1,515 | 1,741 | 1,917 | 2,336 |

## 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) | 3.0% | S100YE1A |
| Fixed assets ÷ total assets | 5.3% | S100YE1A |
| Goodwill ÷ parent equity | 32.2% | S100YE1A |

Goodwill over 4 years: 64 → 1,167 JPY; total investing cash flow: -2,703 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) | 34.7% |
| Cash ÷ revenue | 19.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 101.2% |
| Cash vs. profit gap | 361 JPY mn (of net income 63.1%) |
| Shareholder returns / net income | 36.4% |
| Shareholder returns / FCF | 26.2% |
| Shareholder payments — dividends / net income | 14.0% |
| Shareholder payments — dividends / FCF | 10.1% |
| CapEx intensity (capex ÷ revenue) | 1.2% |
| Investing CF relative to operating CF | 25.0% |

## 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 | 6.2% | 2.29× | 14.1% | 1.71× | 24.2% | S100RCQI |
| 2023 | 7.2% | 2.58× | 18.6% | 1.70× | 31.6% | S100TQGV |
| 2024 | 5.0% | 2.19× | 10.9% | 1.81× | 19.8% | S100W8BK |
| 2025 | 5.4% | 1.82× | 9.8% | 1.96× | 19.1% | S100YE1A |
| 2026 | 4.8% | 1.81× | 8.7% | 1.93× | 16.7% | S100YE1A |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 田中 真史 | Major shareholder | 40.8% | 2026-03-31 |
| 株式会社ポリアフ | Major shareholder | 8.5% | 2026-03-31 |
| バルテス・ホールディングス社員持株会 | Major shareholder | 6.6% | 2026-03-31 |
| 大薗 雅嗣 | Major shareholder | 1.9% | 2026-03-31 |
| 角田 誠 | Major shareholder | 1.1% | 2026-03-31 |
| 住友生命保険相互会社 （常任代理人 株式会社日本カストディ銀行） | Major shareholder | 0.9% | 2026-03-31 |
| 合同会社YMT | Major shareholder | 0.8% | 2026-03-31 |
| 北口 慶 | Major shareholder | 0.8% | 2026-03-31 |
| 小久保 雄史 | Major shareholder | 0.5% | 2026-03-31 |
| 竹村 祐一 | Major shareholder | 0.5% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第22期(2025/04/01－2026/03/31) | S100YE1A | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YE1A,, |
| 有価証券報告書－第21期(2024/04/01－2025/03/31) | S100W8BK | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W8BK,, |
| 有価証券報告書－第20期(2023/04/01－2024/03/31) | S100TQGV | 2024-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TQGV,, |
| 訂正有価証券報告書－第19期(2022/04/01－2023/03/31) | S100RCQI | 2023-07-07 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RCQI,, |
| 有価証券報告書－第18期(令和3年4月1日－令和4年3月31日) | S100OGGY | 2022-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OGGY,, |
| 有価証券報告書－第17期(令和2年4月1日－令和3年3月31日) | S100LSFD | 2021-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LSFD,, |

## 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).