Worth reading
72In focus
0–100. This measures how worthwhile something is to read, not how good or bad the company is.Direction
Mixed performance
Direction inferred from the company’s description.Scale
12
Operating margin (fiscal year ending February 2029, %)Wording
Conditional
How definitive the wording is.Items stated in the management plan
Partially revisedNet Sales-19.0%
基準 10,500Target8,500million yen
Operating profit+0.0%
基準 2,028Target2,029million yen
Each line is the climb from the baseline the document states to the target it sets. The slope is scaled against the largest climb in this document. The increase shown by the dotted line is calculated from the two reported figures because the company did not provide the amount of growth.
Operating profit marginNot disclosed → 12.0% or higher (fiscal year ending February 2029)
Only the target level is shown because the current level for comparison was not provided.What happened to the previous planPlan for the fiscal year ending February 2026: revenue 8,500, operating profit 380, EBITDA 750 → Actual results for the fiscal year ending February 2026: revenue 8,958, operating profit 431, EBITDA 923+5.4%Calculated from the two disclosed figures
Investment amount by sectorField Investment in growth areas such as IRI and AI Shield services / Amount Not disclosed, Field Investment in sales and marketing activities / Amount Not disclosed
Statements about the use of capital
Self-assessment of PBR and share priceThe Company identifies the following as reasons for its low share price: diversification has made it difficult to understand what kind of company it is; other segments are weighing on profit margins; and frequent impairment charges and downward earnings revisions have reduced market confidence and attention. PBR: Not disclosed.PBR is a measure of how many times the share price is the book value per share.
Key initiatives
01Expansion of the IRI business, a growth business
02Development of new growth businesses
03Portfolio Restructuring
04Execution of a disciplined financial strategy
05Human capital strategy aligned with the business strategy
06Strengthening dialogue with the market (IR)
07Operational Excellence
Plan assumptionsGiven market reforms, transformation to a market capitalization of more than ¥10 billion by 2030 is an urgent priority, The number of white-collar workers at target companies was calculated at 7.823 million by applying a white-collar worker ratio of 41.7% to the 18.76 million wage earners employed by companies with at least 1,000 employees
Segment targetSegment IRI business / Target 450,000 IDs and 10% coverage of 300 target companies / Timing Fiscal year ending February 2029, Segment New growth business (AI governance) / Target At least 200 cumulative clients, including 10 clients with ARR of at least ¥20 million / Timing Fiscal year ending February 2029
Non-financial targetsIndicator Number of IRI IDs (users subject to analysis) / Target 450,000 IDs / Timing Fiscal year ending February 2029, Indicator Coverage of 300 target companies / Target 10% / Timing Fiscal year ending February 2029, Indicator Number of speaking engagements at events generating more than 100 leads / Target At least 12 / Timing Plan for the fiscal year ending February 2027, Indicator Target leads exceeding 2,000 / Target More than 2,000 / Timing Plan for the fiscal year ending February 2027, Indicator Number of internal fraud diagnostic services provided / Target 50 per year / Timing Not disclosed, Indicator Number of consultations received through the internal fraud hotline / Target 100 per year / Timing Not disclosed, Indicator Cumulative number of clients in the AI governance field / Target At least 200 companies / Timing Fiscal year ending February 2029, Indicator Number of clients with ARR of at least ¥20 million (SR business only) / Target 10 companies / Timing Fiscal year ending February 2029
Size of the Target MarketJapan's total number of wage earners is 60.77 million; the number of white-collar workers at target companies with at least 1,000 employees is 7.823 million; and the current number of contracted IDs is 297,000 (with current revenue of approximately ¥1 billion). Sources: 2024 Survey on the Actual Status of Private-Sector Salaries and the Ministry of Internal Affairs and Communications' Labour Force Survey (Basic Tabulation).
Risks identified by the company
Earnings uncertainty resulting from a second-half concentration and dependence on large projects
Risk of confidential information leaks and the spread of misinformation through generative AI
Internal threat risks, including the removal of trade secrets
Cybersecurity Risk
Declining market confidence and attention due to impairment charges and downward earnings revisions
Extraordinary losses associated with the sale of JAPANDX and other companies
Reason for revision or withdrawal
The targets for the next three years were updated on a rolling basis, taking into account the results for the most recent fiscal year and changes in the operating environment. In October 2025, the Company announced a change in its management policy involving a strategic shift, changing from expanding the group through M&A to a strategy centered on the digital risk business as its core business. Accordingly, the strategy of the three-year management plan was also reviewed. The Company will decisively restructure areas that became undifferentiated through diversification by withdrawing from or downsizing those businesses.
| Item | Details |
|---|---|
| Plan name | Three-Year Management Plan |
| Plan period | Fiscal years ending February 2027 to February 2029 |
| Progress against the plan | Partially revised |
| Sales Target | 10,000–10,500 (fiscal year ending February 2028, previous three-year management plan) → — (fiscal year ending February 2029; reference: plan of 8,500 for the fiscal year ending February 2027) |
| Operating profit target | 900–1,200 (fiscal year ending February 2028, previous three-year management plan) → 900 (fiscal year ending February 2029) |
| Operating profit margin target | Not disclosed → 12.0% or higher (fiscal year ending February 2029) |
| Self-assessment of PBR and share price | The Company identifies the following as reasons for its low share price: diversification has made it difficult to understand what kind of company it is; other segments are weighing on profit margins; and frequent impairment charges and downward earnings revisions have reduced market confidence and attention. PBR: Not disclosed. |
| Investment amount by sector | Field Investment in growth areas such as IRI and AI Shield services / Amount Not disclosed, Field Investment in sales and marketing activities / Amount Not disclosed |
| Segment target | Segment IRI business / Target 450,000 IDs and 10% coverage of 300 target companies / Timing Fiscal year ending February 2029, Segment New growth business (AI governance) / Target At least 200 cumulative clients, including 10 clients with ARR of at least ¥20 million / Timing Fiscal year ending February 2029 |
| Non-financial targets | Indicator Number of IRI IDs (users subject to analysis) / Target 450,000 IDs / Timing Fiscal year ending February 2029, Indicator Coverage of 300 target companies / Target 10% / Timing Fiscal year ending February 2029, Indicator Number of speaking engagements at events generating more than 100 leads / Target At least 12 / Timing Plan for the fiscal year ending February 2027, Indicator Target leads exceeding 2,000 / Target More than 2,000 / Timing Plan for the fiscal year ending February 2027, Indicator Number of internal fraud diagnostic services provided / Target 50 per year / Timing Not disclosed, Indicator Number of consultations received through the internal fraud hotline / Target 100 per year / Timing Not disclosed, Indicator Cumulative number of clients in the AI governance field / Target At least 200 companies / Timing Fiscal year ending February 2029, Indicator Number of clients with ARR of at least ¥20 million (SR business only) / Target 10 companies / Timing Fiscal year ending February 2029 |
| Plan assumptions | Given market reforms, transformation to a market capitalization of more than ¥10 billion by 2030 is an urgent priority, The number of white-collar workers at target companies was calculated at 7.823 million by applying a white-collar worker ratio of 41.7% to the 18.76 million wage earners employed by companies with at least 1,000 employees |
| Key initiatives | Expansion of the IRI business, a growth business, Development of new growth businesses, Portfolio Restructuring, Execution of a disciplined financial strategy, Human capital strategy aligned with the business strategy, Strengthening dialogue with the market (IR), Operational Excellence |
| Results under the previous plan | Plan for the fiscal year ending February 2026: revenue 8,500, operating profit 380, EBITDA 750 → Actual results for the fiscal year ending February 2026: revenue 8,958, operating profit 431, EBITDA 923 |
| Reason for revision or withdrawal | The targets for the next three years were updated on a rolling basis, taking into account the results for the most recent fiscal year and changes in the operating environment. In October 2025, the Company announced a change in its management policy involving a strategic shift, changing from expanding the group through M&A to a strategy centered on the digital risk business as its core business. Accordingly, the strategy of the three-year management plan was also reviewed. The Company will decisively restructure areas that became undifferentiated through diversification by withdrawing from or downsizing those businesses. |
| Size of the Target Market | Japan's total number of wage earners is 60.77 million; the number of white-collar workers at target companies with at least 1,000 employees is 7.823 million; and the current number of contracted IDs is 297,000 (with current revenue of approximately ¥1 billion). Sources: 2024 Survey on the Actual Status of Private-Sector Salaries and the Ministry of Internal Affairs and Communications' Labour Force Survey (Basic Tabulation). |
| Risks identified | Earnings uncertainty resulting from a second-half concentration and dependence on large projects, Risk of confidential information leaks and the spread of misinformation through generative AI, Internal threat risks, including the removal of trade secrets, Cybersecurity Risk, Declining market confidence and attention due to impairment charges and downward earnings revisions, Extraordinary losses associated with the sale of JAPANDX and other companies |
| Publication date | 27 April 2026 |
Items this document does not state (8)
Net income targetROE targetROIC targetPayout ratio / DOE policyTreasury share acquisition policyCost of capitalTotal investment planDate of board resolution
These are items the company does not state in this document. We do not leave them blank, nor fill them in from other sources or by inference.
The reasons the company gives
The company's own explanation, not something inferred from the numbers.The targets for the next three years were updated on a rolling basis, taking into account the results for the most recent fiscal year and changes in the operating environment. In October 2025, the Company changed its strategy from expanding the group through M&A to making the digital risk business its core business, and therefore reviewed its growth strategy and key metrics. The plan for the fiscal year ending February 2027 was revised downward from the previous plan due to the impact of the carve-out of the DX Promotion business and office relocation costs.
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