# VisasQ Inc.: business model and financials

> Latest period: FY ending Feb 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第14期(2025/03/01－2026/02/28) (S100Y7OP)
> Page: https://vizora.meequs.com/en/company/visasq
> Retrieved: 2026-09-30T20:18:00.276Z

## Company

VisasQ, founded in 2012, is a company in Consulting listed on TSE Growth. It has 493 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | VisasQ Inc. |
| Ticker | 4490 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4490.T) |
| Listing | TSE Growth |
| Head office | 東京都目黒区青葉台四丁目7番7号 住友不動産青葉台ヒルズ9F |
| Representative (per filing) | 代表取締役 執行役員CEO 端羽 英子 |
| Founded | Mar 2012 |
| Share capital | ¥484.5M |
| Employees (consolidated) | 493 |
| Average salary (parent only) | ¥5.5M |
| Fiscal year end | February |
| Website | visasq.co.jp (https://visasq.co.jp/) |
| Corporate number | 5010001145747 |
| EDINET | E35278 |
| Industries (Vizora) | Consulting |

> Profile source: annual securities report (S100Y7OP, filed 2026-05-29). As of filing

## Five-axis industry profile

Primary industry: Consulting (2026-02-28)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 91.9 | 31 |
| Profitability | 67 | 44 |
| Cash conversion | 60.2 | 44 |
| Efficiency | 58 | 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)

- VisasQ brought in ¥9.97B in revenue.
- Out of every ¥100 of sales, about ¥13 is left as operating profit.
- Revenue changed +2.0% from the prior year, operating profit +9.3%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥9974670000 → ¥891901000
- Net income → operating cash flow: ¥891901000 → ¥1292027000（difference ¥400126000）
- Main uses of operating cash flow: CapEx ¥370397000 / dividends — / buybacks —
- Change in cash: ¥396705000
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 | ¥9.97B |  |
| Operating income | ¥1.34B | Margin 13.4% |
| Net income | ¥891.9M | Margin 8.9% |
| Free cash flow | ¥921.6M |  |
| Employees (consolidated) | 493 |  |
| EPS | ¥51.82 |  |
| Diluted EPS | ¥51.5 |  |
| Book value per share | ¥-924.31 |  |
| Equity ratio | 21.5% |  |
| Shares outstanding | 9,264,500 |  |
| Shareholders | 4,050 |  |
| Average salary (parent only) | ¥5.5M | Filing company only |
| Cash ratio | 61.8% | Cash ÷ revenue 50.2% |
| Vs. industry median margin | +3.9 pp | Consulting |
| ROA | 11.4% | Derived from disclosed figures |

## Notable figures

- FY2026, revenue is 2.7× its level five years ago
- FY2026, cash is 62% of total assets
- FY2026, employees -1% while operating income rose 9%

## What changed in 5 years

| Metric | FY ending Feb 2021 | FY ending Feb 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥1604316000 | ¥9974670000 | +521.7% |
| Operating income | ¥208448000 | ¥1341141000 | +543.4% |
| Operating margin | 13.0% | 13.4% | +0.5 pp |
| Employees | 144 people | 493 people | +242.4% |
| Cash and equivalents | ¥1357641000 | ¥5003357000 | +268.5% |

### Change in segment revenue mix

Span: FY ending Feb 2021 → FY ending Feb 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 9,975 | 100.0% | S100Y7OP |
| Operating income | 1,341 | 13.4% | S100Y7OP |
| Ordinary income | 1,404 | 14.1% | S100Y7OP |
| Pretax income | 1,150 | 11.5% | S100Y7OP |
| Income tax | 258 | 2.6% | S100Y7OP |
| Net income | 892 | 8.9% | S100Y7OP |
| Net income attributable to owners | 892 | 8.9% | S100Y7OP |

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

| Part | JPY |
| --- | ---: |
| Operating expenses | 87 |
| Operating income | 13 |
| (Ref.) Net income | 9 |

### Margin funnel

Operating margin 13.4% → Net margin 8.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +2.0%; Core profit growth: +9.3%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 4.68×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Feb 2025 → FY ending Feb 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 9,781 | 9,975 | 194 | +2.0% |
| Operating income | 1,227 | 1,341 | 114 | +9.3% |
| Net income attributable to owners | 477 | 892 | 415 | +86.9% |
| Operating cash flow | 928 | 1,292 | 364 | +39.3% |
| Free cash flow | 637 | 922 | 284 | +44.6% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Feb 2021 | 1,604 | 208 | 13.0% | 202 | 393 | 366 | S100O5SZ |
| FY ending Feb 2022 | 3,702 | -112 | -3.0% | -476 | 231 | 152 | S100QV83 |
| FY ending Feb 2023 | 8,381 | 4 | 0.1% | 76 | 1,519 | 1,281 | S100TJI1 |
| FY ending Feb 2024 | 8,968 | -59 | -0.7% | -12,636 | 933 | 657 | S100VUYO |
| FY ending Feb 2025 | 9,781 | 1,227 | 12.5% | 477 | 928 | 637 | S100Y7OP |
| FY ending Feb 2026 | 9,975 | 1,341 | 13.4% | 892 | 1,292 | 922 | S100Y7OP |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥20.2M |
| Operating income per employee (consolidated) | ¥2.7M |
| Net income per employee (consolidated) | ¥1.8M |

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

| History | FY ending Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 416 | 442 | 481 | 497 | 493 |
| Average salary (parent company) | ¥5.1M | ¥5.7M | ¥6M | ¥6M | ¥5.5M |
| Average age (parent company) | 30.8 years | 31.6 years | 31.8 years | 31.6 years | 31.2 years |
| Average tenure (parent company) | 2.1 years | 2.1 years | 2.3 years | 2.4 years | 2.8 years |

Year over year: Employees (consolidated) -0.8% · Revenue (consolidated) +2.0%

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Feb 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 1,292 | 13.0% | S100Y7OP |
| Capital expenditure | 370 | 3.7% | S100Y7OP |
| Free cash flow | 922 | 9.2% | 算出 |
| Investing cash flow | -383 | -3.8% | S100Y7OP |
| Financing cash flow | -520 | -5.2% | S100Y7OP |
| Change in cash | 397 | 4.0% | S100Y7OP |
| Cash and equivalents | 5,003 | 50.2% | S100Y7OP |

## 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 Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 3,124 | 3,875 | 4,308 | 4,607 | 5,003 | S100TJI1, S100VUYO, S100Y7OP |
| Total assets | 18,751 | 20,884 | 7,294 | 7,511 | 8,092 | S100QV83, S100TJI1, S100VUYO, S100Y7OP |
| Net assets | 10,048 | 12,079 | 302 | 865 | 1,813 | S100TJI1, S100VUYO, S100Y7OP |
| Share capital | 422 | 444 | 468 | 479 | 484 | S100QV83, S100TJI1, S100VUYO, S100Y7OP |
| Property, plant and equipment | 67 | 80 | 34 | 30 | 116 | S100QV83, S100TJI1, S100VUYO, S100Y7OP |
| Intangible assets excluding goodwill | 13,396 | 14,566 | — | — | — | S100QV83, S100TJI1 |
| Goodwill | 6,123 | 6,643 | — | — | — | S100QV83, S100TJI1 |
| Current assets | 5,076 | 5,990 | 6,968 | 7,154 | 7,554 | S100QV83, S100TJI1, S100VUYO, S100Y7OP |
| Current liabilities | 2,996 | 3,522 | 4,114 | 4,157 | 6,173 | S100QV83, S100TJI1, S100VUYO, S100Y7OP |
| Long-term borrowings | 3,625 | 3,299 | 2,874 | 2,374 | — | S100QV83, S100TJI1, S100VUYO, S100Y7OP |
| Total liabilities | 8,702 | 8,806 | 6,992 | 6,645 | 6,278 | S100QV83, S100TJI1, S100VUYO, S100Y7OP |
| Equity attributable to owners of parent | 9,458 | 9,555 | -3,045 | -2,553 | -1,653 | S100QV83, S100TJI1, S100VUYO, S100Y7OP |
| Retained earnings | -193 | -117 | -12,753 | -12,276 | -11,384 | S100QV83, S100TJI1, S100VUYO, S100Y7OP |
| Treasury stock | -0 | -0 | -0 | -0 | -0 | S100QV83, S100TJI1, S100VUYO, S100Y7OP |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 62% | S100Y7OP |
| Property, plant and equipment | 1% | S100Y7OP |
| Other assets | 37% | S100Y7OP |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 78% | S100Y7OP |
| Equity | 22% | S100Y7OP |

### Balance sheet history

| Metric | FY ending Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 18,751 | 20,884 | 7,294 | 7,511 | 8,092 |
| Equity | 10,048 | 12,079 | 302 | 865 | 1,813 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 3,124 | 3,875 | 4,308 | 4,607 | 5,003 |

## 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) | 1.2% | S100Y7OP |
| Fixed assets ÷ total assets | 1.4% | S100Y7OP |
| Goodwill ÷ parent equity | — | —, S100Y7OP |

### 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) | 61.8% |
| Cash ÷ revenue | 50.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 96.3% |
| Cash vs. profit gap | 400 JPY mn (of net income 44.9%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 3.7% |
| Investing CF relative to operating CF | 29.6% |

## 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 | — | —× | -2.5% | —× | — | S100QV83 |
| 2023 | 0.9% | 0.42× | 0.4% | 2.08× | 0.8% | S100TJI1 |
| 2024 | — | —× | -89.7% | —× | — | S100VUYO |
| 2025 | — | —× | 6.4% | —× | — | S100Y7OP |
| 2026 | — | —× | 11.4% | —× | — | S100Y7OP |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 端羽英子 | Major shareholder | 47.5% | 2026-02-28 |
| Ａ－Ｆｕｎｄ ＩＩ，Ｌ．Ｐ． （国内連絡先 シティユーワ法律事務所 弁護士 渋谷治香） | Major shareholder | 6.0% | 2026-02-28 |
| 楽天証券株式会社 | Major shareholder | 2.3% | 2026-02-28 |
| 株式会社ＳＢＩ証券 | Major shareholder | 1.6% | 2026-02-28 |
| ＣＡＳｔａｒｔｕｐｓＩｎｔｅｒｎｅｔＦｕｎｄ２号投資事業有限責任組合 | Major shareholder | 1.3% | 2026-02-28 |
| 瓜生英敏 | Major shareholder | 0.9% | 2026-02-28 |
| ＩＸＧＳ Ｉｎｖｅｓｔｍｅｎｔ Ⅳ，Ｌ．Ｐ． （常任代理人 株式会社イントリム） | Major shareholder | 0.8% | 2026-02-28 |
| 安岡徹 | Major shareholder | 0.8% | 2026-02-28 |
| 岡島裕樹 | Major shareholder | 0.8% | 2026-02-28 |
| 西村裕二 | Major shareholder | 0.7% | 2026-02-28 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第14期(2025/03/01－2026/02/28) | S100Y7OP | 2026-05-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y7OP,, |
| 有価証券報告書－第13期(2024/03/01－2025/02/28) | S100VUYO | 2025-05-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VUYO,, |
| 有価証券報告書－第12期(2023/03/01－2024/02/29) | S100TJI1 | 2024-05-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TJI1,, |
| 有価証券報告書－第11期(2022/03/01－2023/02/28) | S100QV83 | 2023-05-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QV83,, |
| 有価証券報告書－第10期(令和3年3月1日－令和4年2月28日) | S100O5SZ | 2022-05-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O5SZ,, |
| 有価証券報告書－第9期(令和2年3月1日－令和3年2月28日) | S100LFWE | 2021-05-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LFWE,, |

## 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).