# virtualex holdings, 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28期(2025/04/01－2026/03/31) (S100YK5W)
> Page: https://vizora.meequs.com/en/company/virtualex-holdings
> Retrieved: 2026-09-30T19:51:04.293Z

## Company

virtualex holdings, founded in 1999, is a company in IT Services & System Integration listed on TSE Growth. It has 396 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Virtualex Holdings, Inc. |
| Ticker | 6193 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6193.T) |
| Listing | TSE Growth |
| Head office | 東京都港区虎ノ門四丁目3番13号 |
| Representative (per filing) | 代表取締役社長 丸山 栄樹 |
| Founded | Jun 1999 |
| Share capital | ¥619.6M |
| Employees (consolidated) | 396 |
| Average salary (parent only) | ¥10.8M |
| Fiscal year end | March |
| Website | www.vx-holdings.com (https://www.vx-holdings.com/) |
| Corporate number | 3010401059383 |
| EDINET | E32203 |
| Industries (Vizora) | IT Services & System Integration, Consulting, Business Process Outsourcing |

> Profile source: annual securities report (S100YK5W, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: Consulting (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 11.3 | 31 |
| Profitability | 17 | 44 |
| Cash conversion | 64.8 | 44 |
| Efficiency | 94.3 | 44 |

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 59% of virtualex holdings's sales come from IT and Consulting business, with Outsourcing business making up much of the rest.
- Out of every ¥100 of sales, about ¥6 is left as operating profit.
- Revenue changed +6.0% from the prior year, operating profit +41.3%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥6.88B |  |
| Operating income | ¥394.5M | Margin 5.7% |
| Net income | -¥81.1M | Margin -1.2% |
| Free cash flow | ¥247M |  |
| Largest business | IT and Consulting business | of segment revenue 58.5% |
| Employees (consolidated) | 396 |  |
| EPS | ¥-80.65 |  |
| Book value per share | ¥418.06 |  |
| Equity ratio | 43.0% |  |
| Shares outstanding | 3,009,553 |  |
| Treasury shares | 176,200 |  |
| Shareholders | 5,412 |  |
| Average salary (parent only) | ¥10.8M | Filing company only |
| Cash ratio | 36.3% | Cash ÷ revenue 19.9% |
| Vs. industry median margin | -3.2 pp | IT Services & System Integration |
| ROA | -2.1% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 64% of positive segment profit
- FY2026, parent-company salary changed +34% over five years
- FY2026, cash is 36% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥5632835000 | ¥6880064000 | +22.1% |
| Operating income | ¥164834000 | ¥394491000 | +139.3% |
| Operating margin | 2.9% | 5.7% | +2.8 pp |
| Employees | 381 people | 396 people | +3.9% |
| Cash and equivalents | ¥447570000 | ¥1369905000 | +206.1% |

### 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 |
| --- | ---: |
| ＩＴ＆コンサルティング事業 → ＩＴ＆コンサルティング事業 | 52.6% |
| アウトソーシング事業 → アウトソーシング事業 | 41.5% |
| アウトソーシング事業 → 事業再編・廃止 | 6.0% |
| 新設・再編 → ＩＴ＆コンサルティング事業 | 6.0% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 6,880 | 100.0% | S100YK5W |
| Cost of revenue | 5,154 | 74.9% | S100YK5W |
| Gross profit | 1,726 | 25.1% | S100YK5W |
| SG&A | 1,332 | 19.4% | S100YK5W |
| Operating income | 394 | 5.7% | S100YK5W |
| Ordinary income | 443 | 6.4% | S100YK5W |
| Pretax income | 50 | 0.7% | S100YK5W |
| Income tax | 132 | 1.9% | S100YK5W |
| Net income | -81 | -1.2% | S100YK5W |
| Net income attributable to owners | -81 | -1.2% | S100YK5W |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 75 |
| SG&A | 19 |
| Operating income | 6 |
| (Ref.) Net income | -1 |

### Margin funnel

Gross margin 25.1% → Operating margin 5.7% → Net margin -1.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +6.0%; Core profit growth: +41.3%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 6.85×
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 | 6,489 | 6,880 | 391 | +6.0% |
| Gross profit | 1,614 | 1,726 | 112 | +6.9% |
| Operating income | 279 | 394 | 115 | +41.3% |
| Net income attributable to owners | 111 | -81 | -192 | -173.1% |
| Operating cash flow | 230 | 410 | 181 | +78.6% |
| Free cash flow | -1 | 247 | 248 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 5,949 | -193 | -3.2% | -519 | -167 | -269 | S100LRKP |
| FY ending Mar 2021 | 5,633 | 165 | 2.9% | 111 | 495 | 358 | S100OI18 |
| FY ending Mar 2022 | 6,224 | 520 | 8.4% | 364 | 275 | 214 | S100RHQJ |
| FY ending Mar 2023 | 6,799 | 576 | 8.5% | 636 | 444 | 275 | S100TTW5 |
| FY ending Mar 2024 | 6,692 | 371 | 5.5% | 203 | 400 | 231 | S100WBB7 |
| FY ending Mar 2025 | 6,489 | 279 | 4.3% | 111 | 230 | -1 | S100YK5W |
| FY ending Mar 2026 | 6,880 | 394 | 5.7% | -81 | 410 | 247 | S100YK5W |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥17.4M |
| Operating income per employee (consolidated) | ¥996.2K |
| Net income per employee (consolidated) | -¥204.8K |

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) | 376 | 380 | 376 | 380 | 396 |
| Average salary (parent company) | ¥8.1M | ¥10.5M | ¥10.1M | ¥11.3M | ¥10.8M |
| Average age (parent company) | 47.5 years | 47.5 years | 43.0 years | 44.0 years | 45.0 years |
| Average tenure (parent company) | 7.9 years | 7.9 years | 0.6 years | 1.3 years | 2.3 years |

Year over year: Employees (consolidated) +4.2% · Revenue (consolidated) +6.0%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| IT and Consulting business | 4,028 | 58.5% | 943 | 23.4% |
| Outsourcing business | 2,852 | 41.5% | 520 | 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 |
| --- | ---: | ---: | ---: | ---: |
| IT and Consulting business | 58.5% | 64.5% | 5.9 | 23.4% |
| Outsourcing business | 41.5% | 35.5% | -5.9 | 18.2% |

Segment → industry: IT and Consulting business → IT Services & System Integration / IT and Consulting business → Consulting / Outsourcing business → 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 | 410 | 6.0% | S100YK5W |
| Capital expenditure | 163 | 2.4% | S100YK5W |
| Free cash flow | 247 | 3.6% | 算出 |
| Investing cash flow | -249 | -3.6% | S100YK5W |
| Financing cash flow | -157 | -2.3% | S100YK5W |
| Dividends paid | 42 | 0.6% | S100YK5W |
| Change in cash | 4 | 0.1% | S100YK5W |
| Cash and equivalents | 1,370 | 19.9% | S100YK5W |

## 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 | 293 | 1,341 | 1,156 | 1,365 | 1,370 | S100TTW5, S100WBB7, S100YK5W |
| Total assets | 2,853 | 3,445 | 3,524 | 3,787 | 3,774 | S100RHQJ, S100TTW5, S100WBB7, S100YK5W |
| Net assets | 1,147 | 1,623 | 1,753 | 1,773 | 1,660 | S100TTW5, S100WBB7, S100YK5W |
| Share capital | 604 | 611 | 611 | 611 | 620 | S100RHQJ, S100TTW5, S100WBB7, S100YK5W |
| Property, plant and equipment | 99 | 89 | 71 | 83 | 76 | S100RHQJ, S100TTW5, S100WBB7, S100YK5W |
| Intangible assets excluding goodwill | 126 | 209 | 248 | 351 | 406 | S100RHQJ, S100TTW5, S100WBB7, S100YK5W |
| Investment securities | 853 | 193 | 537 | 428 | 157 | S100RHQJ, S100TTW5, S100WBB7, S100YK5W |
| Current assets | 1,515 | 2,673 | 2,422 | 2,679 | 2,889 | S100RHQJ, S100TTW5, S100WBB7, S100YK5W |
| Current liabilities | 1,216 | 1,448 | 1,454 | 1,600 | 1,825 | S100RHQJ, S100TTW5, S100WBB7, S100YK5W |
| Short-term borrowings | 180 | 360 | 400 | 500 | 500 | S100RHQJ, S100TTW5, S100WBB7, S100YK5W |
| Long-term borrowings | 415 | 360 | 287 | 405 | 277 | S100RHQJ, S100TTW5, S100WBB7, S100YK5W |
| Total liabilities | 1,706 | 1,821 | 1,771 | 2,013 | 2,114 | S100RHQJ, S100TTW5, S100WBB7, S100YK5W |
| Equity attributable to owners of parent | 926 | 1,576 | 1,685 | 1,698 | 1,592 | S100RHQJ, S100TTW5, S100WBB7, S100YK5W |
| Retained earnings | 66 | 701 | 860 | 928 | 805 | S100RHQJ, S100TTW5, S100WBB7, S100YK5W |
| Treasury stock | -50 | -50 | -100 | -155 | -155 | S100RHQJ, S100TTW5, S100WBB7, S100YK5W |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 36% | S100YK5W |
| Property, plant and equipment | 2% | S100YK5W |
| Intangibles and goodwill | 11% | S100YK5W |
| Investment securities | 4% | S100YK5W |
| Other assets | 47% | S100YK5W |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 56% | S100YK5W |
| Equity | 44% | S100YK5W |
| Other liabilities | 0% | S100YK5W |

### 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 | 2,853 | 3,445 | 3,524 | 3,787 | 3,774 |
| Equity | 1,147 | 1,623 | 1,753 | 1,773 | 1,660 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 293 | 1,341 | 1,156 | 1,365 | 1,370 |

## 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) | 1.1% | S100YK5W |
| Fixed assets ÷ total assets | 2.0% | S100YK5W |
| Goodwill ÷ parent equity | — | —, S100YK5W |

### 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) | 36.3% |
| Cash ÷ revenue | 19.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 104.0% |
| Cash vs. profit gap | 492 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | 17.0% |
| CapEx intensity (capex ÷ revenue) | 2.4% |
| Investing CF relative to operating CF | 60.6% |

## 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 | 5.9% | 2.18× | 12.8% | 3.08× | 39.3% | S100RHQJ |
| 2023 | 9.4% | 2.16× | 20.2% | 2.52× | 50.8% | S100TTW5 |
| 2024 | 3.0% | 1.92× | 5.8% | 2.14× | 12.4% | S100WBB7 |
| 2025 | 1.7% | 1.78× | 3.0% | 2.16× | 6.6% | S100YK5W |
| 2026 | — | —× | -2.1% | —× | — | S100YK5W |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| シンプレクス株式会社 | Major shareholder | 15.5% | 2026-03-31 |
| 丸山栄樹 | Major shareholder | 11.2% | 2026-03-31 |
| ＳＢＳホールディングス株式会社 | Major shareholder | 3.8% | 2026-03-31 |
| バーチャレクス従業員持株会 | Major shareholder | 3.7% | 2026-03-31 |
| 黒田勝 | Major shareholder | 2.6% | 2026-03-31 |
| 宮越則和 | Major shareholder | 2.1% | 2026-03-31 |
| 大川真美 | Major shareholder | 1.9% | 2026-03-31 |
| ボンズテック株式会社 | Major shareholder | 1.7% | 2026-03-31 |
| 株式会社ＳＩＭＰＬＥＸ | Major shareholder | 1.3% | 2026-03-31 |
| 丸山勇人 | Major shareholder | 1.1% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第28期(2025/04/01－2026/03/31) | S100YK5W | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YK5W,, |
| 訂正有価証券報告書－第27期(2024/04/01－2025/03/31) | S100WBB7 | 2025-07-04 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WBB7,, |
| 有価証券報告書－第26期(2023/04/01－2024/03/31) | S100TTW5 | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TTW5,, |
| 訂正有価証券報告書－第25期(2022/04/01－2023/03/31) | S100RHQJ | 2023-07-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RHQJ,, |
| 有価証券報告書－第24期(令和3年4月1日－令和4年3月31日) | S100OI18 | 2022-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OI18,, |
| 有価証券報告書－第23期(令和2年4月1日－令和3年3月31日) | S100LRKP | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LRKP,, |

## 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).