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Overview

Information & Communication

Global Security Experts Inc.

Global Security Experts Inc. (GSX) is a Japan-based cybersecurity specialist company positioning itself as a 'Cybersecurity Education Company,' offering end-to-end services across education & awareness, risk assessment, organizational security framework development, and security solution implementation. The company serves approximately 3,000 client organizations annually—primarily mid-sized enterprises and government agencies—with a ~90% repeat rate, providing services ranging from phishing simulation training (Trap Mail®), e-learning (Mina Secure®), and EC-Council certified programs to vulnerability assessments, penetration testing, CSIRT construction, and managed security solutions. GSX differentiates itself by targeting underserved mid-market and SME clients with scalable, competitively priced security services and a comprehensive one-stop offering that covers the full PDCA cycle of cybersecurity management.

Market Cap

¥116B

US$739M

¥114B

US$728M

Stock¥7,730▼-2.89%

US$1 = ¥156.80 (2026-10-23)

LTM EV/EBITDA

46.9

LTM EV/EBIT

47.9

LTM PER

72.1

LTM PBR

26.1

Stock vs TOPIX (1Y, base=100)vs TOPIX ▲+65.9%pt

Oct 24, 25 – Oct 23, 26StockTOPIX

1Aug 3, 26Q1 FY2027/03 earnings announced

MC → EV Bridge

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Performance & Balance

Revenue 5Y (¥B)

EBITDA 5Y (¥B)

Net Income 5Y (¥B)

Capital Structure

78%

22%

EquityD/E 0.28xDebt

Liquidity vs Debt 5Y (¥B)▲ Net Cash

CashInv. Sec.Debt

Shareholders

Top 10 hold 74.3%

as of 2026-03-31 · Source: Annual Securities Report

BUSINESS BRAIN SHOWA・OTA INC.

39.56%

KANEMATSU ELECTRONICS LTD.

20.26%

BNY GCM CLIENT ACCOUNT JPRD AC ISG (FE-AC; Standing Proxy: MUFG Bank, Ltd.)

3.36%

THE BANK OF NEW YORK 133652 (Standing Proxy: Mizuho Bank, Ltd.)

2.54%

Marubeni i-DIGIO Holdings Corporation

2.13%

Shiro SUZUKI

1.57%

Shinichi HARA

1.51%

The Master Trust Bank of Japan, Ltd. (Trust Account)

1.44%

GOLDMAN SACHS INTERNATIONAL (Standing Proxy: Goldman Sachs Japan Co., Ltd.)

1.04%

THE BANK OF NEW YORK MELLON 140051 (Standing Proxy: Mizuho Bank, Ltd.)

0.85%

Management

13 officers

Shiro AOYAGI

Representative Director, President

Apr 1998 Joined Beacon Information Technology Inc. (currently Unirita Inc.) Jan 2009 Director, Head of Security Business Division, Cloud Technologies Inc. Mar 2012 Joined the Company Oct 2012 General Manager, Business Development Division, the Company Jun 2014 Executive Officer, Head of Sales Division, the Company Apr 2017 Director, Head of Corporate Planning Division, the Company Apr 2018 Representative Director, President, the Company (current) Jul 2020 Director, Japan Cybersecurity Human Resources Career Support Association (general incorporated foundation) Apr 2022 Director, Cybersecurity Initiative Japan (current) Jun 2022 Non-Executive Director, Financial Brain Systems Inc. Sep 2024 Outside Director, Broadband Security, Inc. (current) Jun 2025 Chairman of the Board, CyberSTAR Co., Ltd. (current)

1975-11-19

Shinichi HARA

Representative Director, Vice President

Apr 1991 Joined Amada Metrex Co., Ltd. (currently Amada Co., Ltd.) Apr 2000 Representative Director, Advanced Link Inc. Apr 2012 Director, StartCom Co., Ltd. Apr 2018 Joined the Company; Executive Officer, Vice President and Head of Corporate Planning Division Jun 2018 Representative Director, Vice President, the Company; Head of Administration Division Feb 2022 Director, Security Camp Council (general incorporated association) (current) Apr 2023 Representative Director, Vice President, the Company (current) Jun 2023 Director, Japan Cybersecurity Human Resources Career Support Association (general incorporated foundation) (current) Feb 2024 Outside Director, Secure Innovation Inc. (current) Jun 2025 Director, CyberSTAR Co., Ltd. (current)

1968-11-14

Tsuyoshi MIKI

Senior Managing Director, Head of Area Headquarters

Oct 2007 Joined Kobe Digital Lab Co., Ltd. Oct 2012 Executive Officer, Head of Security Solutions Business Division, Kobe Digital Lab Co., Ltd. Oct 2017 Director, Head of Service Promotion Headquarters and Head of Security Solutions Business Division, Kobe Digital Lab Co., Ltd. Aug 2019 Joined the Company Oct 2019 General Manager, Western Japan Branch, the Company Apr 2020 Director, General Manager, Western Japan Branch, the Company Apr 2022 Non-Executive Director, BSC Inc. Jun 2023 Managing Director, General Manager, Western Japan Branch, the Company Feb 2024 Director, Medical Cybersecurity Council (general incorporated association) (current) Apr 2024 Managing Director, the Company Jun 2024 Director, the Company Jun 2025 Managing Director, Area Management, the Company Apr 2026 Managing Director, Head of Area Headquarters, the Company Jun 2026 Senior Managing Director, Head of Area Headquarters, the Company (current)

1970-07-21

Takayuki NAKAMURA

Managing Director, Head of Education Business Division

Apr 2001 Joined SoftBank Technology Corp. Aug 2017 Joined Skydisk Inc. Nov 2019 Joined the Company; Senior Manager, Sales Division Apr 2021 General Manager, Sales Division and Head of Strategy Office, the Company Apr 2022 Executive Officer, Head of Corporate Strategy Division and Head of Cybersecurity Sales Division, the Company Apr 2023 Executive Officer, Head of Sales Division and General Manager, Third Sales Department, the Company Jun 2023 Director, Head of Sales Division, the Company Apr 2024 Director, Head of Sales Division and Head of Education Business Division, the Company Apr 2025 Director, Head of Education Business Division, the Company Jun 2025 Managing Director, Head of Education Business Division, the Company (current)

1977-12-01

Chikara YOSHIMI

Director, General Manager, Western Japan Branch

May 2005 Joined Panash Co., Ltd. (currently EP Consulting Service Co., Ltd.) Apr 2006 Senior Account Executive, EP Consulting Service Co., Ltd. Dec 2008 Sales Manager, IT Solutions Business Division, EP Consulting Service Co., Ltd. Apr 2016 General Manager, IT Solutions Business Division, EP Consulting Service Co., Ltd. Jun 2016 Director, General Manager, IT Solutions Business Division, EP Consulting Service Co., Ltd. Apr 2020 Director, Head of IT Solutions Business Division, the Company Apr 2021 Director, the Company Jun 2023 Director, Deputy General Manager, Western Japan Branch, the Company Apr 2024 Director, General Manager, Western Japan Branch, the Company (current)

1974-09-25

Takashi SUZUKI

Director, Deputy Head of Cybersecurity Business Division, General Manager of Technology Division, Director of Cybersecurity Research Institute

Apr 1992 Joined Mitsubishi Electric Corporation Feb 1996 Joined Angangman Bus Networks Co., Ltd. May 1998 Joined Future System Consulting Corp. May 2014 Joined the Company Nov 2015 Deputy General Manager, Cybersecurity Services Business Division, the Company Oct 2017 Head, R&D Preparatory Office, the Company Apr 2018 Executive Officer, Director of Cybersecurity Research Institute, the Company Apr 2021 Executive Officer, Head of Cybersecurity Business Division and Director of Cybersecurity Research Institute, the Company Jun 2023 Senior Executive Officer, Head of Cybersecurity Division and Director of Cybersecurity Research Institute, the Company Jun 2024 Director, Head of Cybersecurity Business Division and Director of Cybersecurity Research Institute, the Company Apr 2025 Director, Deputy Head of Cybersecurity Business Division, General Manager of Technology Division and Director of Cybersecurity Research Institute, the Company (current)

1968-07-14

Kei GOTO

Director, Deputy Head of Cybersecurity Business Division

Apr 2003 Joined Japan Third Party Co., Ltd. Aug 2004 Joined SoftBank BB Corp. May 2007 Joined Shinkisho Co., Ltd. Aug 2008 Joined Humanetech Co., Ltd. Jun 2012 Joined EP Consulting Service Co., Ltd.; Account Executive, Staffing Business Division Apr 2014 System Engineer, IT Solutions Business Division, EP Consulting Service Co., Ltd. Apr 2015 Manager, IT Solutions Business Division, EP Consulting Service Co., Ltd. Apr 2020 Joined the Company; Deputy Head of IT Solutions Business Division Apr 2021 Head of IT Solutions Business Division, the Company Apr 2022 Deputy Head of Cybersecurity Business Division, the Company Apr 2023 Head of CX Division and General Manager, PS Business Department, the Company Jun 2023 Executive Officer, Head of CX Division and General Manager, PS Business Department, the Company Jun 2024 Senior Executive Officer, Deputy Head of Cybersecurity Business Division, General Manager of Consulting Division and General Manager, PS Business Department, the Company Apr 2025 Senior Executive Officer, Deputy Head of Cybersecurity Business Division, the Company Jun 2025 Director, Deputy Head of Cybersecurity Business Division, the Company (current)

1979-10-14

Junji INOUE

Director (Audit and Supervisory Committee Member)

Apr 1982 Joined NEC Corporation Apr 2012 General Manager, Smart Energy Business Unit Planning Division, NEC Corporation Jul 2016 Full-time Audit & Supervisory Board Member (in charge of part-time auditor posts at subsidiaries), Management Audit Division, NEC Corporation; Part-time Auditor, NEC Aerospace Systems, Ltd.; Part-time Auditor, NEC Lighting, Ltd. (currently Hotalux Corporation); Part-time Auditor, Cyber Defense Institute, Inc. Jul 2017 Full-time Audit & Supervisory Board Member (in charge of part-time auditor posts at subsidiaries), Management Audit Division, NEC Corporation; Part-time Auditor, NEC Communication Systems, Ltd.; Part-time Auditor, NEC Lighting, Ltd. (currently Hotalux Corporation); Part-time Auditor, Cyber Defense Institute, Inc. Jul 2019 Full-time Auditor, Skydisk Inc. Jun 2020 Director (Audit and Supervisory Committee Member), the Company (current)

1958-02-07

Soichi KONDO

Director

Apr 1984 Joined Kanematsu Electronics Ltd. Apr 2009 General Manager, First Solutions Sales Division, Kanematsu Electronics Ltd. Apr 2016 Executive Officer, Kanematsu Electronics Ltd. Oct 2017 Non-Executive Director, the Company (current) Apr 2018 Senior Executive Officer, Head of First Solutions Sales Division, Kanematsu Electronics Ltd. Apr 2019 Senior Executive Officer, in charge of Western Japan Sales and General Manager, Osaka Branch, Kanematsu Electronics Ltd. Jun 2019 Director, in charge of Western Japan Sales, General Manager, Osaka Branch, and General Manager, Osaka General Affairs Department, Kanematsu Electronics Ltd. Jun 2020 Executive Officer, in charge of Western Japan Sales and General Manager, Osaka Branch, Kanematsu Electronics Ltd. Apr 2021 Managing Executive Officer, in charge of Sales, and President, Nihon Office Systems Co., Ltd., Kanematsu Electronics Ltd. Apr 2023 Managing Executive Officer, in charge of Sales, Kanematsu Electronics Ltd. Jun 2023 Managing Director, in charge of Sales, Kanematsu Electronics Ltd. Apr 2024 Managing Director, in charge of Sales and Technology & Services, Kanematsu Electronics Ltd. Apr 2025 Senior Managing Director, in charge of Sales and Technology & Services, Kanematsu Electronics Ltd. (current)

1961-12-24

Sen UENO

Director

Mar 2000 Joined Sitedesign Co., Ltd. Dec 2002 Joined Zeroex Co., Ltd. Apr 2003 Director, Zeroex Co., Ltd. Dec 2004 Joined Improve Technologies Inc. Jun 2006 Representative Director, Tricoder Inc. (current) Dec 2019 Outside Director, Flatt Security Inc. (currently GMO Flatt Security Inc.) Jun 2022 Non-Executive Director, the Company (current) Dec 2024 Outside Auditor, TRUSTDOCK Inc. (current) Sep 2025 Outside Director, Broadband Security, Inc. (current)

1975-09-28

Koichi MORIMOTO

Director

Apr 1989 Joined Temporary Center Co., Ltd. (currently Nanbu Enterprise Co., Ltd.) Mar 1998 Director, Pasona Tech Inc. (currently Pasona Inc.) Oct 1999 Representative Director, President, Pasona Tech Inc. Feb 2009 Chairman and Representative Director, Pasona Tech Vietnam Co., Ltd. Aug 2009 Director, Pasona Group Inc. Apr 2012 Representative Director, President, Caplan Co., Ltd.; Representative Director, Chairman, Pasona Tech Inc. (currently Pasona Inc.) Jun 2013 Representative Director, Pasona Tekira Co., Ltd. (currently Circlace Co., Ltd.) Aug 2016 Director, Pasona Inc. Aug 2018 Senior Managing Executive Officer (Vice President), Pasona Group Inc. Nov 2018 Director, B-Wides Co., Ltd. Feb 2019 Representative Director, President, Pasona JOB HUB Co., Ltd. Jun 2019 Representative Director, Chairman, B-Wides Co., Ltd. Jul 2020 Representative Director, President, B-Wides Co., Ltd. (in charge of overall management, audit and operations); Vice President, Pasona Group Inc. Nov 2020 Director, Ivrit Co., Ltd. Aug 2023 Representative Director, President, B-Wides Co., Ltd. (in charge of overall management and audit department) Mar 2025 Chairman of the Board, B-Wides Co., Ltd. (current) Jun 2026 Non-Executive Director, the Company (current)

1965-07-03

Shintaro FURUYA

Director (Audit and Supervisory Committee Member)

Nov 1977 Joined Showa Audit Corporation (currently EY ShinNihon LLC) May 1999 Partner, Ota Showa Audit Corporation (currently EY ShinNihon LLC) Jun 2014 Auditor, Business Brain Ota Showa Inc. Jun 2016 Non-Executive Director (Audit and Supervisory Committee Member), Business Brain Ota Showa Inc. Jun 2020 Non-Executive Auditor, Rikei Corporation (current) Jun 2020 Non-Executive Director (Audit and Supervisory Committee Member), the Company (current)

1953-12-23

Shigeyuki MIZUTANI

Director (Audit and Supervisory Committee Member)

Feb 2009 Joined Hibiya Partners Law Office (currently Tokyo Kamiyacho Sogo Law Office) (current) Jun 2015 Non-Executive Auditor, Chugai Mining Co., Ltd. (current) Jun 2020 Non-Executive Director (Audit and Supervisory Committee Member), the Company (current) Dec 2023 Auditor, Nippon Colloid Co., Ltd. (current)

1982-04-07

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Disclosures

No disclosures

Primary Source Filings

EDINET

2026-10-22

Large Shareholding Report

Global Security Experts Inc.

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Global Security Experts Inc.

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