Overview
Information & Communication

Vario Secure Inc.

Vario Secure Inc. provides managed network security services primarily targeting small and mid-sized enterprises (SMEs) across Japan, offering its proprietary integrated internet security appliance (VSR) that consolidates firewall, IDS, and ADS functions into a single device. The company operates a Security BPaaS model ('Vario Ultimate ZERO') under which it handles the full lifecycle—hardware procurement, in-house software development, installation, and 24/365 monitoring and operations—on a recurring monthly fee basis, with managed security revenues representing approximately 87.9% of total revenue. As of February 2025, the service is deployed at 7,670 sites across all 47 prefectures in Japan, distributed through a nationwide indirect sales network of OEM and reseller partners including telecom carriers, ISPs, and data center operators.

Market Cap
¥—B
EV
¥—B
StockUS$4.26(¥680)▲+3.98%
US$1 = ¥159.70 (2026-11-12)
LTM EV/EBITDA
—
LTM EV/EBIT
—
LTM PER
—
LTM PBR
—
Stock vs TOPIX (1Y, base=100)vs TOPIX ▼-33.5%pt
100
Nov 13, 25 – Jun 25, 26StockTOPIX
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Performance & Balance
Revenue 5Y (US$)
US$16.1M¥2.57B'22/2US$16.5M¥2.63B'23/2US$16.5M¥2.64B'24/2US$16.7M¥2.67B'25/2US$17.8M¥2.84B'26/2
EBITDA 5Y (US$)
US$6.70M¥1.07B'22/2US$5.82M¥0.93B'23/2US$5.57M¥0.89B'24/2US$5.53M¥0.88B'25/2US$4.32M¥0.69B'26/2
Net Income 5Y (US$)
US$3.13M¥0.50B'22/2US$2.40M¥0.38B'23/2US$2.18M¥0.35B'24/2US$2.14M¥0.34B'25/2US$2.36M¥0.38B'26/2
Capital Structure
85%
EquityD/E 0.17xDebt
Liquidity vs Debt 5Y (US$)▼ Net Debt
CashInv. Sec.Debt
US$2.44M¥0.39BUS$11.5M¥1.83B'22/2US$6.51M¥1.04BUS$9.39M¥1.50B'23/2US$5.15M¥0.82BUS$8.32M¥1.33B'24/2US$4.76M¥0.76BUS$7.65M¥1.22B'25/2US$6.10M¥0.97BUS$6.74M¥1.08B'26/2
Shareholders
Top 10 hold 66.9%
1
HEROZ,Inc.
42.80%
2
Koutsuushin KK Investment Limited Liability Partnership
6.67%
3
Rakuten Securities, Inc.
3.49%
4
SBI SECURITIES Co., Ltd.
2.88%
5
Hikari Power Ltd.
2.53%
6
UH Partners 2 Investment Limited Liability Partnership
2.43%
7
Yasumitsu SHIGETA
2.36%
8
BNY GCM CLIENT ACCOUNT JPRD AC ISG (FE-AC; Standing Proxy: MUFG Bank, Ltd.)
1.42%
9
Shigeo MAKITA
1.20%
10
Daisuke YAMAMOTO
1.15%
Management
7 officers
Tomohiro TAKAHASHI
Representative Director, President
Apr 1999 Joined NEC Corporation; assigned to BIGLOBE Business Division and Corporate Planning Department Apr 2009 Established HEROZ, Inc.; Representative Director, COO Jul 2023 Director, CRO, HEROZ, Inc. (current) Mar 2024 Director, Tifana.com Inc. (current) May 2025 Director, VOIQ Inc. (current) May 2026 Assumed office as Representative Director, President, the Company (current)
1976-12-30
Takahiro HAYASHI
Director
Apr 1999 Joined NEC Corporation; assigned to IT Strategy Department and Corporate Planning Department Apr 2009 Established HEROZ, Inc.; Representative Director, CEO (current) Sep 2022 Assumed office as Director, Stratesit Inc. (current) Nov 2022 Assumed office as Director, the Company (current) Oct 2023 Assumed office as Outside Director, FirstLogic, Inc. (now Rakumachi Inc.) (current) Dec 2023 Assumed office as Director, AI Square Inc. (current) Mar 2024 Assumed office as Director, Tifana.com Inc. (current) Aug 2024 Assumed office as Director, VOIQ Inc. (current)
1976-12-20
Keiichi IGUCHI
Director
Apr 2003 Joined NEC Corporation; assigned to Central Research Laboratory Apr 2010 Joined Donuts Inc. as General Manager, Development Department May 2012 Established Ginger Inc.; Director Jun 2013 Joined HEROZ, Inc. as General Manager, Development Department Jul 2020 Director, CTO, HEROZ, Inc. (current) Nov 2021 Assumed office as Outside Director, the Company Nov 2022 Assumed office as Director, the Company (current) Aug 2024 Assumed office as Director, VOIQ Inc. (current)
1978-07-19
Hiroya MORI
Director
Oct 1996 Joined Century Audit Corporation (now EY ShinNihon LLC) Jul 2000 Joined Intelaset Co., Ltd. Jul 2002 Joined Intelligence Co., Ltd. (now Persol Career Co., Ltd.) Apr 2016 Transferred to Temp Holdings Co., Ltd. (now Persol Holdings Co., Ltd.); General Manager, Group Finance Headquarters Oct 2021 Joined HEROZ, Inc. as Executive Officer, CFO Sep 2022 Assumed office as Director, Stratesit Inc. (current) Nov 2022 Assumed office as Director, the Company (current) Jul 2023 Assumed office as Director, CFO, HEROZ, Inc. (current) Dec 2023 Assumed office as Director, AI Square Inc. (current) Mar 2024 Assumed office as Representative Director, Tifana.com Inc. (current) Aug 2024 Assumed office as Director, VOIQ Inc. (current)
1973-10-19
Keiko HATA
Director, Audit and Supervisory Committee Member
Apr 1994 Enlisted in Air Self-Defense Force, Japan Defense Agency (now Ministry of Defense) May 2007 Joined Fukuoka SoftBank Hawks Inc. May 2008 Assumed office as General Manager, Human Resources and General Affairs Department, Corporate Division, Smiles Co., Ltd. Apr 2014 Joined Sebon Co., Ltd. Jul 2015 Joined Teradakura Co., Ltd. Apr 2016 Assumed office as Executive Officer and General Manager, Human Resources Development Office, Teradakura Co., Ltd. Aug 2017 Assumed office as Senior Executive Officer and General Manager, Human Resources Development Office, Teradakura Co., Ltd. May 2018 Assumed office as Managing Executive Officer and General Manager, Human Resources Development Office, Teradakura Co., Ltd. Nov 2018 Assumed office as Representative Director, CEO, HOP Inc. (current) Sep 2020 Assumed office as Director, CHRO and CCO, Farmship Inc. May 2024 Assumed office as Outside Director, Audit and Supervisory Committee Member, the Company (current)
1971-01-06
Kana TAKAHASHI
Director, Audit and Supervisory Committee Member
Sep 2007 Registered as attorney-at-law Sep 2007 Joined Mori Hamada & Matsumoto Aug 2016 Joined Chugai Pharmaceutical Co., Ltd. Nov 2018 Joined Hifumi Sogo Law Office (current) Apr 2022 Assumed office as Outside Audit & Supervisory Board Member, White Essence Co., Ltd. Oct 2022 Assumed office as Outside Audit & Supervisory Board Member, matsuri technologies Inc. (current) May 2024 Assumed office as Outside Director, Audit and Supervisory Committee Member, the Company (current) Nov 2024 Assumed office as Supervisory Director, Canadian Solar Infrastructure Fund, Inc. (current) Mar 2025 Assumed office as Director, Audit and Supervisory Committee Member, Renatus Co., Ltd. (current) Apr 2025 Assumed office as Supervisory Director, Kasumigaseki Hotel REIT Investment Corporation (current)
1984-03-12
Motoi MORIWAKI
Director, Audit and Supervisory Committee Member
Apr 2002 Joined Baseball Magazine Sha Co., Ltd. (now BBM Sports Commission Inc.) Jan 2008 Joined Sogo Rinsho Holdings Co., Ltd. (now EPLink Inc.) Jul 2009 Joined Aproad Inc. Apr 2011 Joined En Japan Inc. Jan 2023 Assumed office as Head of CFO Office, BuySell Technologies Co., Ltd. May 2024 Assumed office as Outside Director, Audit and Supervisory Committee Member, the Company (current) Apr 2026 General Manager, IR Department, Finance & IR Strategy Office, BuySell Technologies Co., Ltd. (current)
1979-03-25
Large Shareholding Reports
Yasumitsu SHIGETA
2026-05-26
2.36%→2.36%
Annual report (as of 2026-02-28): 2.36%
Yasumitsu SHIGETA
2026-05-25
2.81%→2.36%
Annual report (as of 2026-02-28): 2.36%
Koutsushin Co., Ltd.
2025-09-26
7.67%→7.67%
Disclosures
No disclosures
Primary Source Filings
EDINET
2026-05-27
Annual Securities Report
Period: Mar 2025 – Feb 2026
EDINETAmended
2026-05-26
Change Report
EDINET
2026-05-25
Large Shareholding Report
TDnet
2026-01-09
Q3 Earnings Flash
FY ending Feb 2026
EDINET
2025-10-14
Semi-Annual Securities Report
Period: Mar 2025 – Feb 2026
EDINET
2025-09-26
Large Shareholding Report
TDnet
2025-07-11
Q1 Earnings Flash
FY ending Feb 2026
EDINET
2025-05-27
Annual Securities Report
Period: Mar 2024 – Feb 2025
TDnet
2025-01-10
Q3 Earnings Flash
FY ending Feb 2025
EDINET
2024-10-15
Semi-Annual Securities Report
Period: Mar 2024 – Feb 2025
EDINET
2024-07-11
Quarterly Securities Report
Period: Mar 2024 – May 2024
TDnet
2024-07-10
Q1 Earnings Flash
FY ending Feb 2025
EDINET
2024-05-29
Annual Securities Report
Period: Mar 2023 – Feb 2024
EDINET
2024-01-12
Quarterly Securities Report
Period: Sep 2023 – Nov 2023
EDINET
2023-10-11
Quarterly Securities Report
Period: Jun 2023 – Aug 2023
EDINET
2023-07-12
Quarterly Securities Report
Period: Mar 2023 – May 2023
EDINET
2023-05-25
Annual Securities Report
Period: Mar 2022 – Feb 2023
EDINETAmended
2023-02-22
Amended Annual Securities Report
Period: Mar 2021 – Feb 2022
EDINETAmended
2023-02-22
Amended Annual Securities Report
Period: Mar 2020 – Feb 2021
EDINET
2023-01-11
Quarterly Securities Report
Period: Sep 2022 – Nov 2022
TDnet
2023-01-10
Q3 Earnings Flash
FY ending Feb 2023
EDINET
2022-10-11
Quarterly Securities Report
EDINETAmended
2022-09-12
Amended Securities Registration Statement
EDINET
2022-09-09
Securities Registration Statement
EDINET
2022-07-12
Quarterly Securities Report
EDINET
2022-05-25
Annual Securities Report
EDINET
2022-01-14
Quarterly Securities Report
EDINET
2021-10-15
Quarterly Securities Report
EDINET
2021-07-15
Quarterly Securities Report
EDINET
2021-05-31
Annual Securities Report
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