# VLC  SECURITY 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32期(2025/04/01－2026/03/31) (S100YMA4)
> Page: https://vizora.meequs.com/en/company/vlc-security
> Retrieved: 2026-09-30T20:48:07.006Z

## Company

VLC Security, founded in 1994, is a company in Cybersecurity listed on Nagoya. It has 59 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | VLC SECURITY CO.,LTD. (旧英訳名 VLC HOLDINGS CO.,LTD.) (注)2025年6月25日開催の第32回定時株主総会の決議により、 2025年10月6日から会社名を上記のとおり変更いたしました。 |
| Ticker | 2467 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2467.T) |
| Listing | Nagoya |
| Head office | 東京都港区虎ノ門四丁目1番40号 |
| Representative (per filing) | 代表取締役社長兼CEO 石原 紀彦 |
| Founded | Sep 1994 |
| Share capital | ¥128.4M |
| Employees (consolidated) | 59 |
| Average salary (parent only) | ¥9.6M |
| Fiscal year end | March |
| Website | vlcsecurity.com (https://vlcsecurity.com/) |
| Corporate number | 5010001067297 |
| EDINET | E05544 |
| Industries (Vizora) | Cybersecurity |

> Profile source: annual securities report (S100YMA4, filed 2026-06-26). As of filing

## Five-axis industry profile

Primary industry: Cybersecurity (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 7.5 | 20 |
| Profitability | 1.7 | 29 |
| Efficiency | 60.3 | 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)

- VLC Security brought in ¥1.37B in revenue.
- It lost about ¥29 for every ¥100 of sales at the operating level.
- Revenue changed -14.9% from the prior year.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥1.37B |  |
| Operating income | -¥388.1M | Margin -28.4% |
| Net income | -¥385.4M | Margin -28.2% |
| Free cash flow | -¥430.2M |  |
| Employees (consolidated) | 59 |  |
| EPS | ¥-31.82 |  |
| Book value per share | ¥28.99 |  |
| Equity ratio | 48.5% |  |
| Shares outstanding | 13,860,800 |  |
| Shareholders | 4,577 |  |
| Average salary (parent only) | ¥9.6M | Filing company only |
| Cash ratio | 10.3% | Cash ÷ revenue 9.1% |
| Vs. industry median margin | -42.8 pp | Cybersecurity |
| ROA | -30.8% | Derived from disclosed figures |

## Notable figures

- FY2026, operating loss is 29 per ¥100 of revenue
- FY2026, parent-company salary changed +25% over five years

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥1468536000 | ¥1365823000 | -7.0% |
| Operating income | ¥-304322000 | ¥-388065000 | — |
| Operating margin | -20.7% | -28.4% | -7.7 pp |
| Employees | 58 people | 59 people | +1.7% |
| Cash and equivalents | ¥196768000 | ¥123754000 | -37.1% |

### 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 |
| --- | ---: |
| セキュリティ事業 → 事業再編・廃止 | 40.3% |
| マーケティング事業 → 事業再編・廃止 | 59.7% |

Segment revenue source references: 2 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 1,366 | 100.0% | S100YMA4 |
| Cost of revenue | 760 | 55.6% | S100YMA4 |
| Gross profit | 606 | 44.4% | S100YMA4 |
| SG&A | 994 | 72.8% | S100YMA4 |
| Operating income | -388 | -28.4% | S100YMA4 |
| Ordinary income | -373 | -27.3% | S100YMA4 |
| Pretax income | -469 | -34.3% | S100YMA4 |
| Income tax | -83 | -6.1% | S100YMA4 |
| Net income | -385 | -28.2% | S100YMA4 |
| Net income attributable to owners | -385 | -28.2% | S100YMA4 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 56 |
| SG&A | 73 |
| Operating income | -29 |
| (Ref.) Net income | -28 |

### Margin funnel

Gross margin 44.4% → Operating margin -28.4% → Net margin -28.2%
Derived from reported figures (DERIVED).

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 1,605 | 1,366 | -239 | -14.9% |
| Gross profit | 651 | 606 | -45 | -6.9% |
| Operating income | -270 | -388 | -118 | — |
| Net income attributable to owners | 599 | -385 | -984 | -164.4% |
| Operating cash flow | -87 | -412 | -326 | — |
| Free cash flow | -106 | -430 | -324 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 1,353 | -568 | -42.0% | -1,320 | -338 | -374 | S100LVT6 |
| FY ending Mar 2021 | 1,469 | -304 | -20.7% | -435 | -126 | -211 | S100OMS4 |
| FY ending Mar 2022 | 1,932 | 70 | 3.6% | 39 | -106 | -229 | S100SW41 |
| FY ending Mar 2023 | 2,468 | 83 | 3.4% | 68 | 35 | 5 | S100TYXQ |
| FY ending Mar 2024 | 2,212 | -257 | -11.6% | -310 | -342 | -360 | S100W96H |
| FY ending Mar 2025 | 1,605 | -270 | -16.8% | 599 | -87 | -106 | S100YMA4 |
| FY ending Mar 2026 | 1,366 | -388 | -28.4% | -385 | -412 | -430 | S100YMA4 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥23.1M |
| Operating income per employee (consolidated) | -¥6.6M |
| Net income per employee (consolidated) | -¥6.5M |

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) | 61 | 74 | 91 | 54 | 59 |
| Average salary (parent company) | ¥7.7M | ¥7.8M | ¥7.2M | ¥8.8M | ¥9.6M |
| Average age (parent company) | 42.2 years | 45.1 years | 47.7 years | 49.1 years | 48.3 years |
| Average tenure (parent company) | 6.2 years | 5.2 years | 4.6 years | 5.8 years | 4.5 years |

Year over year: Employees (consolidated) +9.3% · Revenue (consolidated) -14.9%

## 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 | -412 | -30.2% | S100YMA4 |
| Capital expenditure | 18 | 1.3% | S100YMA4 |
| Free cash flow | -430 | -31.5% | 算出 |
| Investing cash flow | 105 | 7.7% | S100YMA4 |
| Financing cash flow | 165 | 12.1% | S100YMA4 |
| Change in cash | -142 | -10.4% | S100YMA4 |
| Cash and equivalents | 124 | 9.1% | S100YMA4 |

## 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 | 183 | 206 | 215 | 266 | 124 | S100TYXQ, S100W96H, S100YMA4 |
| Total assets | 1,020 | 1,093 | 1,132 | 1,305 | 1,197 | S100SW41, S100TYXQ, S100W96H, S100YMA4 |
| Net assets | 365 | 547 | 350 | 536 | 583 | S100TYXQ, S100W96H, S100YMA4 |
| Share capital | 983 | 10 | 10 | 25 | 128 | S100SW41, S100TYXQ, S100W96H, S100YMA4 |
| Property, plant and equipment | 66 | 52 | 15 | 1 | 1 | S100SW41, S100TYXQ, S100W96H, S100YMA4 |
| Intangible assets excluding goodwill | 67 | 67 | 44 | 1 | 8 | S100SW41, S100TYXQ, S100W96H, S100YMA4 |
| Goodwill | 28 | 24 | 19 | — | — | S100SW41, S100TYXQ, S100W96H |
| Investment securities | — | 22 | 21 | 499 | 494 | S100TYXQ, S100W96H, S100YMA4 |
| Current assets | 777 | 865 | 964 | 721 | 603 | S100SW41, S100TYXQ, S100W96H, S100YMA4 |
| Current liabilities | 564 | 483 | 589 | 340 | 306 | S100SW41, S100TYXQ, S100W96H, S100YMA4 |
| Trade payables | 146 | 132 | 129 | 61 | 40 | S100SW41, S100TYXQ, S100W96H, S100YMA4 |
| Short-term borrowings | 67 | — | 128 | — | — | S100SW41, S100W96H |
| Long-term borrowings | 42 | 15 | 128 | 110 | 72 | S100SW41, S100TYXQ, S100W96H, S100YMA4 |
| Total liabilities | 656 | 547 | 781 | 769 | 614 | S100SW41, S100TYXQ, S100W96H, S100YMA4 |
| Equity attributable to owners of parent | 361 | 556 | 360 | 987 | 809 | S100SW41, S100TYXQ, S100W96H, S100YMA4 |
| Retained earnings | -2,017 | 201 | -108 | 490 | 105 | S100SW41, S100TYXQ, S100W96H, S100YMA4 |
| Treasury stock | — | — | -24 | — | — | S100W96H |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 10% | S100YMA4 |
| Property, plant and equipment | 0% | S100YMA4 |
| Intangibles and goodwill | 1% | S100YMA4 |
| Investment securities | 41% | S100YMA4 |
| Other assets | 48% | S100YMA4 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 3% | S100YMA4 |
| Other liabilities | 48% | S100YMA4 |
| Equity | 49% | S100YMA4 |

### 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 | 1,020 | 1,093 | 1,132 | 1,305 | 1,197 |
| Equity | 365 | 547 | 350 | 536 | 583 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 183 | 206 | 215 | 266 | 124 |

## 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) | 0.1% | S100YMA4 |
| Fixed assets ÷ total assets | 0.1% | S100YMA4 |
| Goodwill ÷ parent equity | — | —, S100YMA4 |

### 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) | 10.3% |
| Cash ÷ revenue | 9.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | -27 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 1.3% |
| Investing CF relative to operating CF | — |

## 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 | 2.0% | 1.89× | 3.8% | 2.83× | 10.7% | S100SW41 |
| 2023 | 2.8% | 2.34× | 6.4% | 2.30× | 14.8% | S100TYXQ |
| 2024 | — | —× | -27.8% | —× | — | S100W96H |
| 2025 | 37.3% | 1.32× | 49.1% | 1.81× | 88.9% | S100YMA4 |
| 2026 | — | —× | -30.8% | —× | — | S100YMA4 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 村松 澄夫 | Major shareholder | 6.6% | 2026-03-31 |
| 石原 紀彦 | Major shareholder | 5.8% | 2026-03-31 |
| サンインベストメント合同会社（注) | Major shareholder | 5.1% | 2026-03-31 |
| ハヤテマネジメント株式会社 | Major shareholder | 2.6% | 2026-03-31 |
| 西澤管財株式会社 | Major shareholder | 2.2% | 2026-03-31 |
| 滝川 武則 | Major shareholder | 2.0% | 2026-03-31 |
| 松田 孝裕 | Major shareholder | 2.0% | 2026-03-31 |
| 株式会社ＳＢＩ証券 | Major shareholder | 1.3% | 2026-03-31 |
| 片山 道弘 | Major shareholder | 1.2% | 2026-03-31 |
| 有限会社アート緑化 | Major shareholder | 1.2% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第32期(2025/04/01－2026/03/31) | S100YMA4 | 2026-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YMA4,, |
| 有価証券報告書－第31期(2024/04/01－2025/03/31) | S100W96H | 2025-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W96H,, |
| 有価証券報告書－第30期(2023/04/01－2024/03/31) | S100TYXQ | 2024-07-01 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TYXQ,, |
| 訂正有価証券報告書－第29期(2022/04/01－2023/03/31) | S100SW41 | 2024-02-14 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SW41,, |
| 有価証券報告書－第28期(令和3年4月1日－令和4年3月31日) | S100OMS4 | 2022-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OMS4,, |
| 有価証券報告書－第27期(令和2年4月1日－令和3年3月31日) | S100LVT6 | 2021-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LVT6,, |

## 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).