Overview
Information & Communication

Encourage Technologies Co.,Ltd.

Encourage Technology develops and sells packaged software solutions focused on IT security and internal controls, with core products covering privileged ID management, operation log recording, and system operation auditing (e.g., ESS REC, ESS AdminControl, ESS AdminONE). The company serves Japanese enterprises and public sector organizations seeking to strengthen IT governance, comply with regulatory requirements, and manage human risks in system operations. Revenue streams include software licenses, maintenance and support services, cloud-based subscription products, consulting, and on-site SIO managed services where staff are embedded at client sites to perform IT control operations.

Market Cap
¥4.42B
US$28.2M
EV
¥0.12B
US$0.73M
Stock¥664▼-1.78%
US$1 = ¥157.05 (2026-10-22)
LTM EV/EBITDA
0.2
x
LTM EV/EBIT
0.4
x
LTM PER
21.6
x
LTM PBR
1.3
x
2026-08-25 closing price basis: ranked #114 in beluuga.ai's "Japanese listed companies with negative Enterprise Value" ranking (simplified EV ≈ ¥-4B).
Stock vs TOPIX (1Y, base=100)vs TOPIX ▼-13.4%pt
1001
Oct 23, 25 – Oct 23, 26StockTOPIX
1Aug 13, 26Q1 FY2027/03 earnings announced
MC → EV Bridge
4.42BUS$28.2MMarket Cap0.00BUS$0.00M+ Debt4.26BUS$27.1M− Cash0.05BUS$0.34M− Inv. Sec.0.12BUS$0.73MEV
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Performance & Balance
Revenue 5Y (¥B)
2.07US$13.2M'22/32.12US$13.5M'23/32.50US$15.9M'24/32.50US$15.9M'25/32.58US$16.5M'26/3
EBITDA 5Y (¥B)
0.43US$2.75M'22/30.35US$2.23M'23/30.69US$4.40M'24/30.58US$3.70M'25/30.55US$3.52M'26/3
Net Income 5Y (¥B)
0.25US$1.58M'22/30.17US$1.11M'23/30.22US$1.39M'24/30.22US$1.40M'25/30.21US$1.35M'26/3
Capital Structure
100%
EquityD/E 0.00xDebt
Liquidity vs Debt 5Y (¥B)▲ Net Cash
CashInv. Sec.Debt
3.79US$24.1M'22/33.43US$21.9M'23/33.80US$24.2M'24/33.75US$23.9M'25/34.11US$26.1M'26/3
Shareholders
Top 10 hold 62.1%
1
Shinya ISHII
26.81%
2
UHpartners 3 Investment Limited Partnership
7.57%
3
UHpartners 2 Investment Limited Partnership
7.51%
4
Hikari Tsushin KK Investment Limited Partnership
6.68%
5
SOLXYZ Co.,Ltd.
3.57%
6
Toshiyuki KATO
2.69%
7
SIL Investment Limited Partnership
2.55%
8
Shohei OKAMOTO
1.70%
9
CANON ELECTRONICS INC.
1.49%
10
OBIC BUSINESS CONSULTANTS CO.,LTD.
1.49%
Management
8 officers
Shinya ISHII
Representative Director, President
Apr 1983 Joined Computer Service Co., Ltd. (now SCSK Corporation) Jul 1994 Joined Joint System Technology Co., Ltd. (now BMC Software K.K.) May 2000 Director, Fusion One Co., Ltd. Sep 2001 Joined Broad Co., Ltd. as Chief Operating Officer Nov 2002 Established the Company; Representative Director, President (current)
1962-02-18
Yoshiharu HIOKI
Director; General Manager, Service Division; General Manager, Marketing Department
Apr 1991 Joined Daiichi Hotel Co., Ltd. (now Hankyu Hanshin Hotels Co., Ltd.) Oct 2000 Joined SoftBank Commerce Co., Ltd. (now SB C&S Corp.) Aug 2003 Joined Citrix Systems Japan K.K. Aug 2008 Senior Manager, Partner Marketing, Marketing Division, Citrix Systems Japan K.K. Oct 2008 Joined the Company Oct 2009 General Manager, Marketing Department Apr 2014 General Manager, Business Promotion Department Jun 2017 Director; General Manager, Business Promotion Department Apr 2020 Director; General Manager, Marketing Department Apr 2021 Director; General Manager, Marketing Department and General Manager, Presales Department Apr 2024 Director; General Manager, Service Division and General Manager, Marketing Department (current)
1968-10-15
Shin IIZUKA
Director; General Manager, Management Department
Nov 1994 Joined Yazawa Accounting Office Mar 1996 Joined Nifty Corporation May 2011 General Manager, Management Strategy Office, Nifty Corporation Jul 2017 Joined the Company; Deputy General Manager, Management Department Apr 2019 General Manager, Management Department Jun 2019 Director; General Manager, Management Department (current)
1967-06-13
Hiroshi UEDA
Director; General Manager, Product Division; General Manager, Customer Support Department; General Manager, Quality Assurance Department
Apr 1983 Joined Sumitomo Trust & Banking Co., Ltd. (now Sumitomo Mitsui Trust Bank, Limited) Feb 2012 Joined Sumishin Information Service Co., Ltd. (now Sumitomo Mitsui Trust Bank, Limited); General Manager, System Development Department I Oct 2016 General Manager, System Development Department V, Sumishin Information Service Co., Ltd. Jan 2019 Joined the Company Apr 2019 General Manager, R&D Department Apr 2021 General Manager, Customer Support Department Jun 2021 Director; General Manager, Customer Support Department Apr 2023 Director; General Manager, Technology Division, General Manager, Customer Support Department and General Manager, R&D Department I Apr 2024 Director; General Manager, Product Division, General Manager, Customer Support Department and General Manager, Quality Assurance Department (current)
1960-08-03
Nobuyuki WATANABE
Director; General Manager, Sales Division; General Manager, Strategic Sales Department; General Manager, Solutions Sales Department; General Manager, Partner Sales Department
Apr 1984 Joined Fuji Bank Software Service Co., Ltd. (now Mizuho Bank, Ltd.) Nov 1990 Joined Sumitomo Trust & Banking Co., Ltd. (now Sumitomo Mitsui Trust Bank, Limited) Jun 2012 Joined Sumishin Information Service Co., Ltd. (now Sumitomo Mitsui Trust Bank, Limited); Executive Officer; General Manager, System Integration Promotion Department Apr 2016 Director; Managing Executive Officer, Sumishin Information Service Co., Ltd. Apr 2022 Joined the Company; Deputy General Manager, Sales Department I May 2022 General Manager, Sales Department I Apr 2023 General Manager, Sales Headquarters and General Manager, Sales Department I Apr 2024 General Manager, Sales Division; General Manager, Strategic Sales Department and General Manager, Solutions Sales Department Jun 2024 Director; General Manager, Sales Division; General Manager, Strategic Sales Department and General Manager, Solutions Sales Department Sep 2024 Director; General Manager, Sales Division; General Manager, Strategic Sales Department, General Manager, Solutions Sales Department and General Manager, Partner Sales Department (current)
1960-07-20
Toru KAJI
Director, Full-time Audit and Supervisory Committee Member
Apr 1976 Joined Nihon Business Consultant Co., Ltd. (now Hitachi Systems, Ltd.) May 1985 Joined Nikko System Center Co., Ltd. (now Japan Research Institute, Limited) Feb 1996 General Manager, Planning Department, Nikko System Center Co., Ltd. Apr 1999 Joined Postal Savings Funds Research Foundation as Chief Researcher, Information Systems Department Oct 2001 Joined Ensidot.com Securities Co., Ltd.; General Manager, Systems Department Jul 2002 Director, Ensidot.com Securities Co., Ltd. Jul 2018 Joined the Company; in charge of PMO, Management Department Mar 2019 PMO, assigned to the President Jun 2019 Director Jun 2021 Director, Full-time Audit and Supervisory Committee Member (current)
1954-01-02
Katsuhiko KUDO
Director, Audit and Supervisory Committee Member
Apr 1976 Joined Mitsui Trust & Banking Co., Ltd. (now Sumitomo Mitsui Trust Bank, Limited) Apr 2004 General Manager, Systems Planning Department, Chuo Mitsui Trust & Banking Co., Ltd. (now Sumitomo Mitsui Trust Bank, Limited) Jul 2005 Executive Officer; General Manager, Systems Planning Department, Chuo Mitsui Trust & Banking Co., Ltd. Jun 2009 Managing Executive Officer; General Manager, Systems Planning Department, Chuo Mitsui Trust & Banking Co., Ltd. Jul 2011 Director and President, Chuo Mitsui Information Technology Co., Ltd. (now Sumitomo Mitsui Trust Bank, Limited) Apr 2012 Managing Executive Officer, Sumitomo Mitsui Trust Holdings, Inc. (now Sumitomo Mitsui Trust Group, Inc.) Apr 2013 Senior Managing Executive Officer, Sumitomo Mitsui Trust Holdings, Inc.; Director and Senior Managing Executive Officer, Sumitomo Mitsui Trust Bank, Limited Jun 2018 Outside Director, the Company Jun 2021 Director, Audit and Supervisory Committee Member (current) Jun 2025 Outside Audit & Supervisory Board Member, Toho System Science Co., Ltd. Apr 2026 Outside Audit & Supervisory Board Member, Tranvia Co., Ltd. (current)
1953-05-16
Koji ITAGAKI
Director, Audit and Supervisory Committee Member
Dec 2007 Joined Shin Nihon & Co. (now EY ShinNihon LLC) Mar 2012 Joined Accenture K.K. Apr 2014 Joined Tokyo Kyodo Accounting Office Aug 2017 Established Vista Plus Partners LLC; Representative Member and CEO (current) Jun 2020 Outside Audit & Supervisory Board Member, the Company Jun 2021 Director, Audit and Supervisory Committee Member (current) Jul 2021 Outside Audit & Supervisory Board Member, GENDA Inc.
1983-06-29
Large Shareholding Reports
Koutsushin Co., Ltd.
2026-02-16
7.48%→7.48%
Shinya ISHII
2026-02-13
26.00%→26.00%
Annual report (as of 2026-03-31): 26.81%
Shinya ISHII
2026-02-13
26.00%→26.00%
Annual report (as of 2026-03-31): 26.81%
Koutsushin Co., Ltd.
2025-09-26
7.48%→7.48%
Koutsushin Co., Ltd.
2025-08-21
7.48%→7.48%
Disclosures
No disclosures
Primary Source Filings
TDnet
2026-08-13
Q1 Earnings Flash
FY ending Mar 2027
EDINET
2026-06-18
Annual Securities Report
Period: Apr 2025 – Mar 2026
EDINET
2026-02-16
Large Shareholding Report
EDINETAmended
2026-02-13
Change Report
EDINET
2026-02-13
Large Shareholding Report
TDnet
2026-02-12
Q3 Earnings Flash
FY ending Mar 2026
EDINET
2025-11-11
Semi-Annual Securities Report
Period: Apr 2025 – Sep 2025
EDINET
2025-09-26
Large Shareholding Report
EDINET
2025-08-21
Large Shareholding Report
TDnet
2025-08-13
Q1 Earnings Flash
FY ending Mar 2026
EDINETAmended
2025-07-22
Amended Annual Securities Report
Period: Apr 2024 – Mar 2025
EDINET
2025-06-19
Annual Securities Report
Period: Apr 2024 – Mar 2025
TDnet
2025-02-12
Q3 Earnings Flash
FY ending Mar 2025
EDINET
2024-11-08
Semi-Annual Securities Report
Period: Apr 2024 – Mar 2025
TDnet
2024-08-09
Q1 Earnings Flash
FY ending Mar 2025
EDINET
2024-06-21
Annual Securities Report
Period: Apr 2023 – Mar 2024
EDINETAmended
2024-02-21
Amended Quarterly Securities Report
Period: Oct 2023 – Dec 2023
EDINET
2024-02-14
Quarterly Securities Report
Period: Oct 2023 – Dec 2023
EDINET
2023-11-10
Quarterly Securities Report
Period: Jul 2023 – Sep 2023
EDINET
2023-08-10
Quarterly Securities Report
Period: Apr 2023 – Jun 2023
EDINET
2023-06-23
Annual Securities Report
Period: Apr 2022 – Mar 2023
EDINET
2023-02-14
Quarterly Securities Report
Period: Oct 2022 – Dec 2022
EDINET
2022-11-10
Quarterly Securities Report
EDINET
2022-08-10
Quarterly Securities Report
EDINET
2022-06-24
Annual Securities Report
EDINET
2022-02-10
Quarterly Securities Report
EDINET
2021-11-05
Quarterly Securities Report
EDINET
2021-08-06
Quarterly Securities Report
EDINET
2021-06-25
Annual Securities Report
EDINET
2021-02-12
Quarterly Securities Report
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