3967
Eltes Co., Ltd.
株式会社エルテス
Information & Communication
Eltes Co.,Ltd. engages in the AI security, digital risk, DX promotion, and smart city businesses in Japan. The company offers risk management in the digital space, such as social networking sites, and an internal risk area; web risk monitoring service; and internal threat detection service. It also provides AI security services, which includes AIK order which matches security companies with security clients on the platform; and AIK assign, a SaaS service that digitizes security control operations by arranging and managing the placement of security guards. In addition, the company offers local government DX that supports the digitalization of government services; business company DX which provides support through a hybrid of SES and lab-type development; DX-Pand, an application that consolidates and centralizes various information sent by the government to residents and notifications from existing apps and web services; and Smart Public Lab for GovTech Program. Further, it provides smart city solutions comprising property management DX; and Mrs. Silve, a map search-specific customer attraction tool that utilizes Google Business Profiles. Eltes Co.,Ltd. was founded in 2004 and is headquartered in Tokyo, Japan.
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Overview
Filings & Signals
Ownership
Financials
▾ Collapse Charts
Income Statement
Balance Sheet
Cash Flow
Ratios & Per Share
Metric
FY 2025
EDINET ↗
FY 2024
EDINET ↗
FY 2023
EDINET ↗
FY 2022
EDINET ↗
FY 2021
EDINET ↗
Net Sales
¥9.0B
¥7.3B
¥6.5B
¥4.7B
¥2.7B
Cost of Sales
¥5.8B
¥4.4B
¥4.0B
¥2.7B
¥1.3B
Gross Profit
¥3.2B
¥2.9B
¥2.5B
¥1.9B
¥1.4B
SG&A
¥2.8B
¥2.8B
¥2.3B
¥1.7B
¥1.3B
Operating Income
¥431M
¥93M
¥182M
¥203M
¥80M
Non-Operating Income
¥14M
¥30M
¥14M
¥19M
¥23M
Dividend Income
¥0M
¥1M
¥0M
¥0M
¥0M
Interest Income
¥5M
¥1M
¥0M
¥0M
¥0M
Non-Operating Expenses
¥99M
¥54M
¥52M
¥77M
¥9M
Interest Expense
¥58M
¥32M
¥27M
¥15M
¥5M
Ordinary Income
¥347M
¥69M
¥144M
¥144M
¥94M
Pre-tax Income
¥88M
¥-693M
¥83M
¥132M
¥151M
Income Taxes
¥261M
¥169M
¥-174M
¥90M
¥23M
Current Tax
¥177M
¥97M
¥74M
¥129M
¥37M
Deferred Tax
¥84M
¥72M
¥-249M
¥-39M
¥-14M
Net Income (owners)
¥-168M
¥-860M
¥257M
¥43M
¥128M
Minority Interest
¥-5M
¥-1M
—
¥-0M
—
Comprehensive Income
¥-137M
¥-845M
¥243M
¥52M
¥126M
EBITDA
¥934M
¥613M
¥630M
¥501M
¥172M
Goodwill Amort. (J-GAAP)
¥307M
¥369M
¥349M
¥248M
¥55M
EPS
¥-27.47
¥-142.61
¥42.65
¥7.28
¥24.46
Shares Outstanding
6.2M
6.0M
6.0M
6.0M
5.2M
Shares Issued (total)
6.2M
6.1M
6.1M
6.1M
5.2M
Treasury Shares
0.0M
0.0M
0.0M
0.0M
0.0M
Metric
FY 2025
EDINET ↗
FY 2024
EDINET ↗
FY 2023
EDINET ↗
FY 2022
EDINET ↗
FY 2021
EDINET ↗
Total Assets
¥7.1B
¥7.4B
¥6.9B
¥6.0B
¥2.5B
Current Assets
¥4.3B
¥4.1B
¥2.9B
¥2.5B
¥1.8B
Cash & Deposits
¥1.8B
¥2.5B
¥1.6B
¥1.7B
¥1.3B
Trade Receivables
¥1.5B
¥1.2B
¥1.2B
¥633M
—
Non-Current Assets
¥2.8B
¥3.3B
¥4.0B
¥3.5B
¥687M
PP&E
¥108M
¥153M
¥59M
¥40M
¥34M
Goodwill
¥1.6B
¥1.9B
¥2.6B
¥2.6B
¥230M
Intangible Assets
¥1.9B
¥2.3B
¥2.9B
¥2.7B
¥284M
Investment Securities
¥456M
¥418M
¥529M
¥511M
¥249M
Deferred Tax Assets
¥218M
¥310M
¥384M
¥124M
¥30M
Total Liabilities
¥5.3B
¥5.5B
¥4.3B
¥3.7B
¥1.1B
Current Liabilities
¥3.4B
¥3.1B
¥2.0B
¥1.3B
¥432M
ST Debt
¥1.9B
¥1.9B
¥1.2B
¥555M
¥94M
Taxes Payable
¥155M
¥52M
¥3M
¥48M
¥46M
Non-Current Liabilities
¥1.9B
¥2.4B
¥2.2B
¥2.3B
¥638M
Total LT Borrowings
¥1.7B
¥2.3B
¥2.1B
¥2.2B
¥638M
Total Equity
¥1.9B
¥1.9B
¥2.6B
¥2.3B
¥1.4B
Capital Stock
¥1.3B
¥1.2B
¥1.2B
¥1.2B
¥815M
Capital Surplus
¥1.5B
¥1.4B
¥1.3B
¥1.3B
¥791M
Retained Earnings
¥-983M
¥-810M
¥51M
¥-207M
¥-251M
Treasury Stock
¥-0M
¥-0M
¥-0M
¥-0M
¥-0M
AOCI
¥47M
¥11M
¥-5M
¥9M
¥-1M
Equity (owners)
¥1.8B
¥1.8B
¥2.6B
¥2.3B
¥1.4B
Minority Interests
¥34M
¥25M
—
—
—
Total Interest-Bearing Debt ⓘ
¥3.6B
¥4.2B
¥3.3B
¥2.7B
¥732M
Net Cash ⓘ
¥-1.8B
¥-1.7B
¥-1.8B
¥-1.1B
¥535M
NCAV ⓘ
¥-923M
¥-1.4B
¥-1.4B
¥-1.2B
¥713M
NCAV/Share
¥-149
¥-240
¥-226
¥-192
¥136
BV/Share
¥287
¥300
¥424
¥378
¥259
Metric
FY 2025
EDINET ↗
FY 2024
EDINET ↗
FY 2023
EDINET ↗
FY 2022
EDINET ↗
FY 2021
EDINET ↗
Operating CF
¥-15M
¥588M
¥-0M
¥715M
¥191M
Taxes Paid
¥-80M
¥-62M
¥-112M
¥-147M
¥40M
Interest Paid
¥-58M
¥-32M
¥-27M
¥-15M
¥-5M
Interest Received
¥5M
¥1M
¥0M
¥0M
¥0M
D&A
¥195M
¥151M
¥98M
¥50M
¥37M
Goodwill Amort.
¥307M
¥369M
¥349M
¥248M
¥55M
Investing CF
¥-310M
¥-571M
¥-690M
¥-3.1B
¥129M
CapEx
¥28M
¥127M
¥40M
¥16M
¥20M
Purchase Investments
¥-28M
¥-111M
¥-111M
¥-295M
¥-37M
Proceeds from Invest.
¥48M
¥229M
—
¥44M
¥164M
Financing CF
¥-373M
¥939M
¥590M
¥2.8B
¥-74M
LT Debt Repaid
¥-1.5B
¥-940M
¥-615M
¥-735M
¥-112M
Free Cash Flow
¥-43M
¥460M
¥-40M
¥700M
¥171M
Net Change in Cash
¥-698M
¥956M
¥-101M
¥390M
¥246M
Metric
FY 2025
EDINET ↗
FY 2024
EDINET ↗
FY 2023
EDINET ↗
FY 2022
EDINET ↗
FY 2021
EDINET ↗
ROE
-9.0%
-38.4%
10.6%
1.9%
9.9%
ROA
-2.3%
-12.0%
4.0%
1.0%
5.2%
EPS
¥-27.47
¥-142.61
¥42.65
¥7.28
¥24.46
BPS
¥300.30
¥306.10
¥423.24
¥379.74
¥258.97
FCF/Share
¥-7
¥76
¥-7
¥116
¥33
NCAV/Share
¥-149
¥-240
¥-226
¥-192
¥136
Event Timeline
S Shareholder
A Capital Signal
▾ Hide Chart
Large Shareholder Reports 11
Date Activist Stake Event Flag Demands Source
2026-01-14
Takahiro Sugawara
26.33%
correction
Passive
—
2026-01-09
Takahiro Sugawara
26.33%
-4.79%
change
Passive
—
2026-01-07
Growth Partners Co., Ltd.
6.6%
initial_5pct
Passive
—
2025-06-13
Modern Path LLC.
7.76%
change
Passive
—
2024-12-24
Takahiro Sugawara
31.12%
change
Passive
—
2024-08-14
Takahiro Sugawara
31.12%
change
Passive
—
2024-08-14
Takahiro Sugawara
31.12%
change
Passive
—
2023-08-30
Takahiro Sugawara
31.12%
correction
Passive
—
2023-08-17
Modern Path LLC.
7.76%
initial_5pct
Passive
—
2023-08-17
Takahiro Sugawara
31.12%
+2.0%
change
Passive
—
2023-06-16
Takahiro Sugawara
29.12%
change
Passive
—
Top 10 Shareholders
Ownership DNA
Cross-Holdings Tracker 0
#
Shareholder
Shares (thou.)
% of Total
1
株式会社TSパートナーズ
1,013,900
16.39%
2
株式会社ラック
620,000
10.02%
3
菅原 貴弘
317,200
5.12%
4
三井住友信託銀行株式会社(常任代理人 株式会社日本カストディ銀行)
166,600
2.69%
5
楽天証券株式会社共有口
99,400
1.60%
6
富本 耀月
93,300
1.50%
7
株式会社マイナビ
83,200
1.34%
8
学校法人国際総合学園
60,000
0.97%
9
ドリーム10号投資事業有限責任組合 無限責任組合員モダンパス合同会社
43,700
0.70%
10
尾下 佳代
29,700
0.48%
Domestic Nominees
2.7%
-0.1% vs 2025
Trust bank custodians — GPIF, pensions, investment trusts
Foreign Custodians
0.0%
-0.4% vs 2025
Sub-custodians for foreign asset managers
Direct / Strategic
38.1%
+1.0% vs 2025
Named entities with disclosed investment intent
Shareholder
Trend
2023
2024
2025
2026
式会社TSパートナーズ
—
—
16.80%
16.39%
-0.41%
式会社ラック
10.28%
10.27%
10.27%
10.02%
-0.25%
菅原 貴弘
5.26%
5.25%
5.25%
5.12%
-0.13%
三井住友信託銀行
2.76%
2.76%
2.76%
2.69%
-0.07%
楽天証券株式会社共有口
NEW ENTRY
—
—
—
—
1.60%
NEW
富本 耀月
NEW ENTRY
—
—
—
—
1.50%
NEW
式会社マイナビ
1.38%
1.37%
1.37%
1.34%
-0.03%
学校法人国際総合学園
0.99%
0.99%
0.99%
0.97%
-0.02%
ドリーム10号投資事業有限責任組合 無限責任組合員モダンパス合同会社
NEW ENTRY
—
—
—
—
0.70%
NEW
尾下 佳代
—
—
0.49%
0.48%
-0.01%
東京短資
last seen 2025
Exited Top 10
—
—
1.36%
—
JPモルガン証券
last seen 2025
Exited Top 10
—
—
0.59%
—
BNY Mellon
last seen 2025
Exited Top 10
—
—
0.39%
—
式会社SBI証券
last seen 2024
Exited Top 10
1.06%
2.72%
—
—
BNYM SA/NV FOR BNY M FOR BNYM GCM CLI ENT ACCTS M ILM FE
last seen 2024
Exited Top 10
—
0.62%
—
—
楽天証券
last seen 2024
Exited Top 10
1.06%
1.32%
—
—
DOSO
last seen 2024
Exited Top 10
6.80%
6.78%
—
—
式会社TSパートナーズ
last seen 2024
Exited Top 10
16.82%
16.80%
—
—
式会社電通グループ
last seen 2023
Exited Top 10
1.11%
—
—
—
Concentration (HHI)
ⓘ
476
481
428
411
4 fiscal years · top-10 holders per year · >2,500 HHI = high concentration · entity-resolved
Portfolio Book Value
¥0M
-100% since 2024
Holdings
0
1 exited
Trend
Stable
vs 2024
Held Company
FY2025
¥0M total
FY2024
¥202M total
Book Val ¥M
Shares
Book Val ¥M
Shares
㈱ネクスグループ
—
−100%
Exit
—
202
1,337,791
Portfolio total
0
202
Book value in ¥M · ↓ reduced · ↑ increased vs prior year · M = mutual holding