Overview

VLC SECURITY CO., LTD.

VLC Security Group (formerly Bulk Holdings Group) is a Japan-based cybersecurity company providing total cybersecurity solutions including cyber training, training arenas, vulnerability assessment, and information leakage investigation. The group also offers information security consulting services such as Privacy Mark (P-Mark) and ISO 27001 (ISMS) certification support and operational consulting. Leveraging advanced technology and global experience—including a partnership with Israel's CyberGym Control Ltd.—the group serves corporate clients seeking to build comprehensive security frameworks and develop security talent.

Market Cap
¥—B
EV
¥—B
US$1 = ¥156.80 (2026-10-23)
LTM EV/EBITDA
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LTM EV/EBIT
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LTM PER
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LTM PBR
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No price data
Stock data unavailable
This company is listed on a regional exchange (Nagoya/Fukuoka/Sapporo) and is not distributed via J-Quants (JPX). Stock price, market cap, and EV-based multiples are not available. Financial data from public filings (P&L, BS, directors, etc.) remains accurate for analysis.
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Performance & Balance
Revenue 5Y (¥B)
1.93US$12.3M'22/32.47US$15.7M'23/32.21US$14.1M'24/31.61US$10.2M'25/31.37US$8.71M'26/3
EBITDA 5Y (¥B)
0.09US$0.57M'22/30.12US$0.79M'23/3-0.22-US$1.38M'24/3-0.25-US$1.57M'25/3-0.39-US$2.46M'26/3
Net Income 5Y (¥B)
0.04US$0.24M'22/30.07US$0.43M'23/3-0.31-US$1.97M'24/30.60US$3.81M'25/3-0.39-US$2.46M'26/3
Capital Structure
91%
EquityD/E 0.09xDebt
Liquidity vs Debt 5Y (¥B)▲ Net Cash
CashInv. Sec.Debt
0.18US$1.17M0.16US$1.01M'22/30.23US$1.45M0.03US$0.22M'23/30.24US$1.51M0.30US$1.94M'24/30.76US$4.88M0.15US$0.94M'25/30.62US$3.94M0.11US$0.70M'26/3
Shareholders
Top 10 hold 30.0%
1
Sumio MURAMATSU
6.60%
2
Norihiko ISHIHARA
5.80%
3
Sun Investment LLC (Note)
5.10%
4
Hayate Management Co., Ltd.
2.60%
5
Nishizawa Kanzai Co., Ltd.
2.20%
6
Takahiro MATSUDA
2.00%
7
Takenori TAKIGAWA
2.00%
8
SBI SECURITIES Co., Ltd.
1.30%
9
Michihiro KATAYAMA
1.20%
10
Art Ryokka Co., Ltd.
1.20%
Management
7 officers
Norihiko ISHIHARA
Representative Director, President and CEO
Apr 2001 Joined Goldman Sachs Asset Management Co., Ltd. Aug 2004 Joined Goldman Sachs Securities Co., Ltd. Feb 2009 Director and Vice President, Nihon Core Partner Co., Ltd. Jan 2011 Director, Atomix Media Co., Ltd. Mar 2011 Established Sun Investment LLC; Representative Member (current) Sep 2013 Director, Miyako Capital Co., Ltd. Apr 2014 Established Sun Investment Co., Ltd.; Representative Director (current) Jun 2014 Representative Director, Atomix Media Co., Ltd. Mar 2017 Director, Atomix Media Co., Ltd. Jun 2017 Director, the Company Jan 2018 Representative Director, President, the Company Jan 2018 Chairman of the Board and CEO, Strategic Cyber Holdings LLC (current) Sep 2018 Director, VLC Security Lab Co., Ltd. (current) Jun 2020 Representative Director, President and CEO, the Company (current) Jun 2020 Representative Director, President and CEO, VLC Security Consulting Co., Ltd. Aug 2020 Representative Director, President and CEO, VLC Security Arena Co., Ltd. Jun 2021 Director, MSS Co., Ltd. Jun 2022 Director, VLC Security Consulting Co., Ltd. (current) Jun 2023 Representative Director and CEO, VLC Security Arena Co., Ltd. (current) Apr 2024 Director, Dasection Co., Ltd. Jun 2024 Representative Director, President and CEO, Dasection Co., Ltd. Dec 2024 Representative Director, President and Executive Officer, CEO, Dasection Co., Ltd. (current)
1977-05-04
Kyoichiro TAKAHASHI
Director and CFO
Apr 1997 Joined Daiwa Securities Co., Ltd. Apr 1999 Joined Daiwa SB Capital Markets Co., Ltd. (now Daiwa Securities Co., Ltd.) Sep 2005 Joined ORIX Securities Co., Ltd. (now Monex Securities Co., Ltd.) Feb 2013 Joined MIT Holdings Co., Ltd. Apr 2015 Joined the Company Apr 2018 Executive Officer, the Company Jun 2019 Senior Executive Officer and CFO, the Company Jun 2019 Audit & Supervisory Board Member, MSS Co., Ltd. Feb 2020 Director, VLC Security Lab Co., Ltd. Jun 2020 Director and CFO, the Company (current) Aug 2020 Audit & Supervisory Board Member, VLC Security Arena Co., Ltd. (current) Jun 2022 Audit & Supervisory Board Member, VLC Security Lab Co., Ltd. (current) Jun 2023 Director, MSS Co., Ltd. Jun 2024 Director, VLC Security Consulting Co., Ltd. (current)
1975-01-01
Jiro TAMURA
Director
Apr 1991 Visiting Scholar, American Enterprise Institute (AEI), Brookings Institution, and Office of a U.S. Senator Sep 1992 Visiting Professor and Adjunct Professor, Georgetown University Law Center Apr 1997 Professor, Faculty of Law, Keio University Apr 2001 Special Counsel, White & Case LLP Sep 2001 Registered as Attorney-at-Law Sep 2009 Member, Negotiation and Conflict Resolution Committee, World Economic Forum (Davos) Sep 2010 International Academic Advisor, Harvard Program on Negotiation (current) Apr 2015 Chairman, Association for Negotiation Studies (current) Sep 2018 Director, Institute for Practical Studies in Society Apr 2019 President, Japan Society for Persuasion and Negotiation (current) Jul 2020 Representative Director and President, Tamura Soken Co., Ltd. (current) Nov 2020 Executive Advisor, VLC Security Arena Co., Ltd. (current) Jun 2021 Director, the Company (current) Sep 2023 Outside Director, FLUX Inc. (current) Apr 2024 Professor, Shizenkan University Graduate School (current) Apr 2024 Professor Emeritus, Keio University (current) Apr 2024 Specially Appointed Professor, Keio Global Research Institute (KGRI) (current) Jan 2025 Advisor, BM Fan Co., Ltd. (current) Apr 2025 Advisor, TMI Associates (current)
1959-02-09
Tsuyoshi HIRAYAMA
Audit & Supervisory Board Member
Apr 2004 Joined Pyramid Film Co., Ltd. Jun 2007 Joined Tohmatsu & Co. (now Deloitte Touche Tohmatsu LLC) Dec 2009 Registered as Certified Public Accountant Dec 2009 Registered as Attorney-at-Law Dec 2009 Established Tsuyoshi Hirayama CPA Office; Representative (current) Jan 2010 Joined Ito Mitomi Law Office (now Morrison Foerster Law Office) Oct 2012 Director, Omoroki Inc. (current) Mar 2015 Established Tairaka Law Office; Representative (current) Apr 2015 Part-time Lecturer, Faculty of Policy Management, Keio University Jun 2017 Director, the Company Sep 2018 Audit & Supervisory Board Member, Free Inc. Jun 2019 Audit & Supervisory Board Member, the Company (current) Jun 2020 Audit & Supervisory Board Member, Social Wire Co., Ltd. (current)
1980-08-01
Yusuke KOMATSU
Audit & Supervisory Board Member
Jun 1997 Joined Certified Public Accountant Toshikazu Oura Office Jun 2001 Registered as Certified Tax Accountant Jul 2001 Established Yusuke Komatsu Tax Accountant Office (trade name: Arcs General Accounting Office); Representative (current) Feb 2005 Representative Director, KTAX Co., Ltd. (current) May 2016 Audit & Supervisory Board Member, Toyo Tsushin Kogyo Co., Ltd. Jun 2019 Audit & Supervisory Board Member, the Company (current) Jun 2020 Audit & Supervisory Board Member, TTK Holdings Co., Ltd. (current)
1974-07-02
Makoto TANASE
Director
Aug 2005 Chief, Prefectural Tax Division, Local Tax Bureau, Ministry of Internal Affairs and Communications Jul 2010 Assistant Director, Legal Affairs Division, Budget Bureau, Ministry of Finance Jul 2011 Assistant Budget Examiner (Chief Examiner for Education, Culture, Sports, Science and Technology), Budget Bureau, Ministry of Finance Aug 2014 Head of Financial Crimes Unit, International Criminal Police Organization (ICPO/INTERPOL) Aug 2017 Director, Drug and Firearms Control Division, Organized Crime Countermeasures Department, Criminal Affairs Bureau, National Police Agency (Superintendent General) Aug 2018 Planning Officer, Small Unmanned Aircraft Countermeasures Promotion Office, Cabinet Secretariat (Superintendent General) Aug 2019 Director of Criminal Affairs Department, Hyogo Prefectural Police Headquarters (Superintendent General) Sep 2020 Planning Officer, Public Security Division, Criminal Affairs Bureau, Ministry of Justice (Superintendent General) Oct 2021 Counselor, Criminal Affairs Bureau, Ministry of Justice (Senior Superintendent General) Aug 2023 Director, Cyber Investigation Division, Cyber Police Bureau, National Police Agency (Senior Superintendent General) Dec 2024 Representative Director, CONNECT Co., Ltd. (current)
1977-04-16
Takuma OKUYAMA
Full-time Audit & Supervisory Board Member
Apr 2002 Joined Azsa & Co. (now Azsa LLC) May 2005 Registered as Certified Public Accountant Oct 2013 Established Takuma Okuyama CPA Office; Representative (current) Jun 2016 Audit & Supervisory Board Member, the Company Mar 2017 Representative Director, Nakada Management Service Co., Ltd. Jun 2018 Full-time Audit & Supervisory Board Member, the Company (current) Jun 2018 Audit & Supervisory Board Member, VLC Security Consulting Co., Ltd. (current) Jun 2018 Audit & Supervisory Board Member, MSS Co., Ltd. Sep 2018 Audit & Supervisory Board Member, VLC Security Lab Co., Ltd. Jun 2023 Audit & Supervisory Board Member, MSS Co., Ltd. (current) Oct 2024 Representative Partner, Nakada Accounting Tax Corporation (current)
1971-12-23
Large Shareholding Reports
Hayate Management Co., Ltd.
2026-06-30
11.25%→4.98%
Annual report (as of 2026-03-31): 2.60%
Hayate Management Co., Ltd.
2025-10-28
12.69%→11.25%
Annual report (as of 2026-03-31): 2.60%
Hayate Management Co., Ltd.
2025-08-01
13.13%→12.69%
Correction filing (name/detail fix only) — ratio carried over from the original filing
Annual report (as of 2026-03-31): 2.60%
Hayate Management Co., Ltd.
2025-07-31
13.13%→12.69%
Annual report (as of 2026-03-31): 2.60%
Disclosures
No disclosures
Primary Source Filings
EDINET
2026-06-30
Large Shareholding Report
EDINET
2026-06-26
Annual Securities Report
Period: Apr 2025 – Mar 2026
TDnet
2026-02-16
Q3 Earnings Flash
FY ending Mar 2026
EDINET
2025-11-14
Semi-Annual Securities Report
Period: Apr 2025 – Mar 2026
EDINET
2025-10-28
Large Shareholding Report
TDnet
2025-08-14
Q1 Earnings Flash
FY ending Mar 2026
EDINETAmended
2025-08-01
Change Report
EDINET
2025-07-31
Large Shareholding Report
EDINET
2025-06-30
Annual Securities Report
Period: Apr 2024 – Mar 2025
TDnet
2025-02-14
Q3 Earnings Flash
FY ending Mar 2025
EDINET
2024-11-14
Semi-Annual Securities Report
Period: Apr 2024 – Mar 2025
TDnet
2024-08-14
Q1 Earnings Flash
FY ending Mar 2025
EDINET
2024-07-01
Annual Securities Report
Period: Apr 2023 – Mar 2024
EDINETAmended
2024-02-14
Amended Annual Securities Report
Period: Apr 2022 – Mar 2023
EDINET
2024-02-14
Quarterly Securities Report
Period: Oct 2023 – Dec 2023
EDINETAmended
2023-12-06
Amended Annual Securities Report
Period: Apr 2022 – Mar 2023
EDINET
2023-11-14
Quarterly Securities Report
Period: Jul 2023 – Sep 2023
EDINET
2023-08-14
Quarterly Securities Report
Period: Apr 2023 – Jun 2023
EDINET
2023-06-30
Annual Securities Report
Period: Apr 2022 – Mar 2023
EDINET
2023-02-14
Quarterly Securities Report
Period: Oct 2022 – Dec 2022
EDINET
2022-11-14
Quarterly Securities Report
EDINET
2022-08-15
Quarterly Securities Report
EDINET
2022-06-30
Annual Securities Report
EDINET
2022-06-14
Securities Registration Statement
EDINET
2022-02-14
Quarterly Securities Report
EDINET
2021-11-15
Quarterly Securities Report
EDINET
2021-08-16
Quarterly Securities Report
EDINETAmended
2021-06-30
Amended Securities Registration Statement
EDINET
2021-06-30
Annual Securities Report
EDINETAmended
2021-06-29
Amended Securities Registration Statement
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