Komori
V

Vario Secure Inc.

4494Information and Communications, Services and Others
680JPY+4.1%
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Price history
¥680Latest-51.3%
Drag across the chart to measure the move between two points.Delayed 15 minutes · monthly closing basis
Business overview

This report describes a business model centered on the security services business, with integrated internet security services built around VSR (Vario Secure Router) as its core offering. The company is expanding nationwide through a recurring-revenue business that provides a one-stop service, based on products developed in-house in Japan, covering the procurement of security equipment, development of core software, equipment installation, monitoring and operations. As of the end of February 2026, VSR had been installed at 7,651 sites across all 47 prefectures, accounting for 87.6% of revenue from security BPO services. The company owns and provides VSR as an in-house-developed product and has established a 24/365 monitoring and operational support system. Major customers include USEN ICT Solutions and SoftBank.

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Key numbersShowing 8 of 10
ROE
6.0%Earning power. A figure above 10% is generally considered good.
Dividend yield
0.0%The annual dividend as a percentage of the share price.
Operating margin
19.8%The percentage of revenue remaining from the company’s core business.
Revenue growth (3 years)
2.6%The average annual growth in sales over the past three years.
ROA
4.8%Shows how efficiently the company is using its assets.
EPS growth rate (3 years)
-3.6%The average annual growth in earnings per share over the past three years.
EPS
¥84Earnings per share.
D/E ratio
0.24Debt burden. A lower ratio is generally considered to indicate a more conservative financial position.
What to watch next
The effective date of the HEROZ share exchange, scheduled for 30 June 2026, will advance the practical execution of the group integration.
2026-06-30Impact HighLikelihood Medium
The ramp-up of Security BPaaS “Vario Ultimate ZERO,” launched in August 2024, with a focus on the stage at which subsequent sales expansion and retention can be assessed.
Impact MediumLikelihood Medium
Expansion of sales of the ransomware protection package, launched in August 2025, and assessment of its impact on the churn rate.
Impact MediumLikelihood Medium
Completion of software development and server-related equipment investments, amounting to ¥251.792 million and scheduled to begin in March 2026 and be completed in February 2027, and the emergence of improvements in operating efficiency.
2027-02Impact MediumLikelihood Low
What to watch next
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Who owns itTop holders total 91.1%
Listed holders 91.1%Everyone else 8.9%
HEROZ, Inc.66.93%
光通信ＫＫ 投資事業有限責任組合6.67%
楽天証券株式会社3.49%
株式会社ＳＢＩ証券2.88%
有限会社光パワー2.53%
ＵＨ Ｐａｒｔｎｅｒｓ ２投資事業有限責任組合2.43%
重田康光2.36%
BNP PARIBAS等（BNY GCM CLIENT ACCOUNT JP R）1.42%
2 other listed holders2.35%
Who owns it
HolderOwnership (%)
HEROZ, Inc.66.93
光通信ＫＫ 投資事業有限責任組合6.67
楽天証券株式会社3.49
株式会社ＳＢＩ証券2.88
有限会社光パワー2.53
ＵＨ Ｐａｒｔｎｅｒｓ ２投資事業有限責任組合2.43
重田康光2.36
BNP PARIBAS等（BNY GCM CLIENT ACCOUNT JP R）1.42
2 other listed holders2.35
This company's documents
Filings
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