Overview
Information & Communication

Internet Initiative Japan Inc.

IIJ is Japan's pioneering Internet Service Provider, offering a comprehensive suite of network services to corporate and government clients, including Internet connectivity, outsourcing services (security, data center, cloud), WAN services, and system integration. The company also serves individual consumers through its 'IIJmio' mobile data communication service, featuring eSIM and 5G support. A secondary business segment, operated through consolidated subsidiary Trust Networks Inc., involves the construction and operation of bank ATM networks.

Market Cap
¥621B
US$3.96B
EV
¥613B
US$3.91B
Stock¥3,500▼-2.04%
US$1 = ¥156.80 (2026-10-23)
LTM EV/EBITDA
9.0
x
LTM EV/EBIT
17.3
x
LTM PER
25.0
x
LTM PBR
3.9
x
Stock vs TOPIX (1Y, base=100)vs TOPIX ▲+6.4%pt
10012345
Oct 23, 25 – Oct 23, 26StockTOPIX
1Nov 7, 25Interim earnings beat expectations
2Feb 6, 26Q3 earnings disappointment
3May 7, 26Oasis Management Company Ltd. filed large shareholding report
4May 13, 26Oasis Management Company Ltd. changed stake (7.48%→8.04%)
5Jul 1, 26Oasis Management Company Ltd. changed stake (8.04%→9.07%)
MC → EV Bridge
621BUS$3.96BMarket Cap35.6BUS$227M+ Debt34.2BUS$218M− Cash10.9BUS$69.6M− Inv. Sec.1.53BUS$9.74M+ NCI613BUS$3.91BEV
AI Briefing
Japan's pioneer ISP, spanning network/SI services and ATM operations via IIJmio and Trust Networks. FY26/3 revenue ¥345B, OP ¥34.8B (10.1% margin), scaling steadily off a ¥317B FY25/3 base. Strategic cap table with KDDI (11.5%) and NTT (6.9%) atop the register underscores entrenched telecom-carrier alignment.
Performance & Balance
Revenue 5Y (¥B)
226US$1.44B'22/3253US$1.61B'23/3276US$1.76B'24/3317US$2.02B'25/3345US$2.20B'26/3
EBITDA 5Y (¥B)
52.0US$332M'22/356.0US$357M'23/358.3US$372M'24/361.5US$392M'25/367.5US$431M'26/3
Net Income 5Y (¥B)
15.7US$99.9M'22/318.8US$120M'23/319.8US$126M'24/319.9US$127M'25/324.2US$154M'26/3
Capital Structure
82%
18%
EquityD/E 0.22xDebt
Liquidity vs Debt 5Y (¥B)▼ Net Debt
CashInv. Sec.Debt
47.4US$302M38.4US$245M'22/342.5US$271M34.6US$221M'23/345.5US$290M44.6US$285M'24/332.5US$207M33.6US$214M'25/338.4US$245M35.6US$227M'26/3
Shareholders
Top 10 hold 47.5%
1
KDDI CORPORATION
11.50%
2
NTT,Inc.
6.90%
3
The Master Trust Bank of Japan, Ltd. (Other Trust Account)
5.02%
4
NTT Docomo Business, Inc.
4.60%
5
ITOCHU Techno-Solutions Corporation
4.40%
6
Koichi SUZUKI
4.19%
7
The Master Trust Bank of Japan, Ltd. (Investment Trust Account)
3.95%
8
The Dai-ichi Life Insurance Company, Limited (Standing Proxy: Custody Bank of Japan, Ltd.)
2.89%
9
Custody Bank of Japan, Ltd. (Investment Trust Account)
2.20%
10
KS Holdings Co., Ltd. (Note 4)
1.83%
Management
14 officers
Koichi SUZUKI
Representative Director, Chairman and Executive Officer, Co-CEO
Apr 1972 Joined Japan Management Association Sep 1983 Representative Director, President, Japan Applied Research Institute Inc. Dec 1992 Director, Internet Initiative Japan Inc. (IIJ) Apr 1994 Representative Director, President and CEO, IIJ Mar 1996 Chairman of the Board, IIJ America Inc. (current) Sep 1997 Representative Director, President, Internet Multifeed Co., Ltd. (current) Jun 2013 Representative Director, Chairman and CEO, IIJ Dec 2016 Representative Director, Chairman, JOCDN Inc. (current) Jun 2019 Representative Director, Chairman, IIJ Engineering Co., Ltd. (current) Apr 2021 Representative Director, Chairman and Co-CEO, IIJ Apr 2024 Representative Director, Chairman and Executive Officer, Co-CEO, IIJ (current)
1946-09-03
Yasuhiko TANIWAKI
Representative Director, President and Executive Officer, Co-CEO and COO
Apr 1984 Joined Ministry of Posts and Telecommunications (now Ministry of Internal Affairs and Communications, MIC) Jun 2013 Deputy Cabinet Councillor; Deputy Director-General, National Information Security Center (NISC) Jun 2016 Director-General, Global ICT Strategy Bureau, MIC Jul 2017 Director-General for Policy Planning (Cybersecurity), MIC Jul 2018 Director-General, Telecommunications Bureau, MIC Dec 2019 Senior Vice-Minister (Postal Services and Telecommunications), MIC Mar 2021 Retired from MIC Jan 2022 Advisor, IIJ Jun 2022 Director and Vice President, IIJ Apr 2024 Director, Executive Vice President and Executive Officer, IIJ Apr 2025 Representative Director, President and Executive Officer, Co-CEO and COO, IIJ (current) Director, DeCurret Holdings, Inc. (current)
1960-09-11
Koichi KITAMURA
Director, Executive Vice President and Executive Officer
Apr 1978 Joined Nippon Steel Corporation (now Nippon Steel Corporation) Jun 2004 Director, Nippon Steel Solutions Corporation Apr 2009 Managing Director, Nippon Steel Solutions Corporation Apr 2012 Senior Managing Director, Nippon Steel Solutions Corporation Jun 2016 Director, Executive Vice President and Executive Officer, Nippon Steel Solutions Corporation Apr 2020 Senior Managing Executive Officer; Assistant to Head of Business Unit, IIJ Apr 2021 Senior Managing Executive Officer, Head of Business Unit, IIJ Jun 2021 Senior Managing Director, Head of Business Unit, IIJ Apr 2024 Director, Senior Managing Executive Officer, Head of Business Unit, IIJ Apr 2025 Director, Executive Vice President and Executive Officer, Head of Enterprise Sales Division, IIJ (current)
1954-05-12
Akihisa WATAI
Director, Executive Vice President and Executive Officer, CFO
Apr 1989 Joined Sumitomo Bank (now Sumitomo Mitsui Banking Corporation) Aug 1996 Seconded to IIJ Feb 2000 Joined IIJ Apr 2004 General Manager, Finance Department, Administration Division, IIJ Jun 2004 Director, CFO, IIJ Aug 2006 Director, NetChart Inc. (current) Jul 2007 Director, Trust Networks Inc. (current) Apr 2010 Managing Director, CFO, IIJ Apr 2011 General Manager, Corporate Planning Division, IIJ Apr 2013 General Manager, Administration Division, IIJ Dec 2014 Director, Ryukosha Netware Co., Ltd. (now IIJ Protech Co., Ltd.) (current) Apr 2015 General Manager, Finance Division, IIJ (current) Apr 2021 Senior Managing Director, CFO, IIJ Feb 2022 Director, DeCurret DCP, Inc. (current) Apr 2024 Director, Senior Managing Executive Officer, CFO, IIJ Apr 2025 Director, Executive Vice President and Executive Officer, CFO, IIJ (current); General Manager, Corporate Strategy Division, IIJ (current) Jun 2026 Director, DeCurret Holdings, Inc. (current)
1965-09-30
Junichi SHIMAGAMI
Director, Executive Vice President and Executive Officer, CTO
Apr 1990 Joined Nomura Research Institute, Ltd. Sep 1996 Joined IIJ Aug 2003 General Manager, Operations Department, Operations Division, IIJ Apr 2006 General Manager, Service Operations Department, Network Service Division, IIJ Apr 2007 General Manager, Network Service Division, IIJ Jun 2007 Director, IIJ Apr 2010 Managing Executive Officer, Head of Service Division, IIJ Apr 2015 Senior Managing Executive Officer, CTO, Head of Network Division, IIJ Jun 2015 Director, CTO, Head of Network Division, IIJ Apr 2016 Director, CTO, Head of Technology Unit, IIJ Jun 2020 Managing Director, CTO, Head of Technology Unit, IIJ Apr 2024 Director, Senior Managing Executive Officer, CTO, Head of Technology Unit, IIJ Jul 2024 Managing Director, Internet Multifeed Co., Ltd. (current) Apr 2025 Director, Executive Vice President and Executive Officer, CTO, IIJ (current)
1967-04-17
Takafumi TSUKAMOTO
Director
Apr 1974 Joined Dai-Ichi Kangyo Bank (now Mizuho Bank, Ltd.) Apr 2004 Managing Executive Officer, European Regional Head, Mizuho Corporate Bank, Ltd. Apr 2007 Deputy President, Mizuho Corporate Bank, Ltd. Apr 2008 Vice President; Head of Finance and Accounting Group, Mizuho Financial Group, Inc. Apr 2009 President, Mizuho Financial Group, Inc. Jun 2011 President and Director, Mizuho Bank, Ltd.; Chairman of the Board, Mizuho Financial Group, Inc. Jul 2013 Chairman of the Board, Mizuho Bank, Ltd. Apr 2014 Senior Advisor, Mizuho Financial Group, Inc. Apr 2017 Honorary Advisor, Mizuho Financial Group, Inc. Jun 2017 Director, IIJ (current) Jul 2023 Special Advisor, Mizuho Financial Group, Inc. (current)
1950-08-02
Kazuo TSUKUDA
Director
Apr 1968 Joined Mitsubishi Heavy Industries, Ltd. Jun 1999 Director, Mitsubishi Heavy Industries, Ltd. Apr 2002 Managing Director, Mitsubishi Heavy Industries, Ltd. Jun 2003 President and Representative Director, Mitsubishi Heavy Industries, Ltd. Apr 2008 Chairman and Representative Director, Mitsubishi Heavy Industries, Ltd. Apr 2013 Director and Advisor, Mitsubishi Heavy Industries, Ltd. Jun 2019 Special Advisor, Mitsubishi Heavy Industries, Ltd. Jun 2020 Director, IIJ (current) Jun 2021 Honorary Advisor, Mitsubishi Heavy Industries, Ltd.
1943-09-01
Yoichiro IWAMA
Director
Apr 1967 Joined Tokio Marine & Fire Insurance Co., Ltd. (now Tokio Marine & Nichido Fire Insurance Co., Ltd.) Jun 1996 Director, Tokio Marine & Fire Insurance Co., Ltd. Apr 2005 Senior Managing Director, Tokio Marine & Fire Insurance Co., Ltd. Jun 2005 President and Representative Director, Tokio Marine Asset Management Investment Trust Co., Ltd. (now Tokio Marine Asset Management Co., Ltd.) Jun 2010 Chairman, Japan Securities Investment Advisers Association (now Japan Investment Advisers Association) May 2018 Outside Director and Chairman of the Board, Nikko Asset Management Co., Ltd. (now Amova Asset Management Co., Ltd.) Jun 2021 Director, IIJ (current)
1943-09-15
Atsushi OKAMOTO
Director
Apr 1974 Joined Iwanami Shoten, Publishers Apr 2008 General Manager, Editorial Department, Iwanami Shoten, Publishers Jun 2010 Director, Iwanami Shoten, Publishers Jun 2013 President and Representative Director, Iwanami Shoten, Publishers Jun 2022 Director, IIJ (current)
1954-03-26
Kahori SASAGASU
Director
Apr 1985 Joined Fuji Bank (now Mizuho Bank, Ltd.) Jun 2001 Joined Tohmatsu Audit Corporation (now Tohmatsu LLC) Jun 2006 Partner, Tohmatsu Audit Corporation Nov 2015 Board Member, Deloitte Tohmatsu Group Jun 2018 Board Member, Tohmatsu LLC Jun 2022 Director, IIJ (current)
1961-12-24
Masayoshi TOBITA
Full-time Corporate Auditor
Apr 1983 Joined Itochu Corporation Apr 2001 Joined IIJ Technology Inc. Jun 2002 Director, IIJ Technology Inc. Jun 2006 Managing Director, IIJ Technology Inc. Apr 2010 Managing Executive Officer, IIJ Apr 2015 General Manager, Administration Division, IIJ Jun 2024 Corporate Auditor, IIJ (current) Corporate Auditor, IIJ Global Solutions Co., Ltd. (current) Corporate Auditor, NetChart Inc. (current) Corporate Auditor, Trust Networks Inc. (current) Corporate Auditor, JOCDN Inc. (current) Oct 2024 Corporate Auditor, DeCurret Holdings, Inc. Jun 2026 Outside Director (Audit and Supervisory Committee Member), DeCurret Holdings, Inc. (current)
1959-04-12
Masako TANAKA
Full-time Corporate Auditor
Dec 1992 Joined IIJ May 1993 General Manager, Administration Department, IIJ Feb 2002 General Manager, Human Resources Department, IIJ Jun 2003 Corporate Auditor, Internet Multifeed Co., Ltd. (current) Apr 2014 General Manager, Human Resources Department, Administration Division, IIJ Jun 2018 Corporate Auditor, IIJ (current); Corporate Auditor, IIJ Engineering Co., Ltd. (current) Jun 2020 Corporate Auditor, IIJ Protech Co., Ltd. (current)
1958-04-04
Kumiko ASO
Corporate Auditor
Apr 1981 Joined Deloitte Haskins & Sells Certified Public Accountants' Office (now Tohmatsu LLC) Jul 1993 Partner, Tohmatsu Audit Corporation (now Tohmatsu LLC) Jun 2024 Corporate Auditor, IIJ (current)
1958-02-20
Shio HARADA
Corporate Auditor
Apr 2000 Registered as attorney-at-law (Second Tokyo Bar Association); joined Minori Sogo Law Office Aug 2012 Opened Shiki no Kaze Sogo Law Office (current) Jun 2026 Corporate Auditor, IIJ (current)
1974-05-03
Large Shareholding Reports
Oasis Management Company Ltd.
2026-07-01
8.04%→9.07%
Nomura Asset Management Co., Ltd.
2026-06-19
4.36%→3.34%
Oasis Management Company Ltd.
2026-05-13
7.48%→8.04%
Oasis Management Company Ltd.
2026-05-07
7.48%
Nomura Asset Management Co., Ltd.
2026-03-05
4.36%
NTT, Inc.
2025-11-10
6.68%→6.67%
Annual report (as of 2026-03-31): 6.90%
Disclosures
No disclosures
Primary Source Filings
TDnet
2026-08-07
Q1 Earnings Flash
FY ending Mar 2027
EDINET
2026-07-01
Large Shareholding Report
EDINET
2026-06-25
Annual Securities Report
Period: Apr 2025 – Mar 2026
EDINET
2026-06-19
Large Shareholding Report
EDINET
2026-05-25
Securities Registration Statement
EDINET
2026-05-13
Large Shareholding Report
EDINET
2026-05-07
Large Shareholding Report
EDINET
2026-03-05
Large Shareholding Report
TDnet
2026-02-06
Q3 Earnings Flash
FY ending Mar 2026
EDINET
2025-11-14
Semi-Annual Securities Report
Period: Apr 2025 – Mar 2026
EDINET
2025-11-10
Large Shareholding Report
TDnet
2025-08-07
Q1 Earnings Flash
FY ending Mar 2026
EDINET
2025-06-30
Annual Securities Report
Period: Apr 2024 – Mar 2025
EDINET
2025-05-23
Securities Registration Statement
TDnet
2025-02-07
Q3 Earnings Flash
FY ending Mar 2025
EDINET
2024-11-14
Semi-Annual Securities Report
Period: Apr 2024 – Mar 2025
TDnet
2024-08-07
Q1 Earnings Flash
FY ending Mar 2025
EDINETAmended
2024-06-28
Amended Securities Registration Statement
EDINET
2024-06-28
Annual Securities Report
Period: Apr 2023 – Mar 2024
EDINET
2024-06-27
Securities Registration Statement
EDINET
2024-02-14
Quarterly Securities Report
Period: Oct 2023 – Dec 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
2022-02-14
Quarterly Securities Report
EDINET
2021-11-15
Quarterly Securities Report
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