Overview
Services

GRCS Inc.

GRCS Inc. provides GRC (Governance, Risk, and Compliance) and cybersecurity solutions to Japanese corporations, helping them manage enterprise-wide risks, regulatory compliance, and information security through a combination of proprietary SaaS products and expert consulting services. The company's key offerings include the ERMT enterprise risk management tool (ISO31000-compliant), the CSIRT MT.mss incident response platform, and a Financial Technology division delivering capital markets technology solutions. With over 200 client engagements, GRCS differentiates itself through specialized consultants and engineers with deep GRC and security expertise, enabling clients to digitize and automate complex governance workflows.

Market Cap
¥2.17B
US$13.8M
EV
¥2.62B
US$16.7M
Stock¥1,447▼-12.25%
US$1 = ¥156.80 (2026-10-23)
LTM EV/EBITDA
46.1
x
LTM EV/EBIT
NM
LTM PER
NM
LTM PBR
395.4
x
Stock vs TOPIX (1Y, base=100)vs TOPIX ▲+5.5%pt
1001234
Oct 27, 25 – Oct 23, 26StockTOPIX
1Jan 21, 26Activist investor continued proposals to management
2Jan 26, 26Waning of activist investor effects
3Oct 16, 26Q3 FY2026/11 earnings announced
4Oct 21, 26Launch of 'Cybersecurity Governance Special Consultation Desk' amid buying interest in security stocks following unauthorized access incidents
MC → EV Bridge
2.17BUS$13.8MMarket Cap0.76BUS$4.85M+ Debt0.31BUS$1.96M− Cash0.00BUS$0.00M− Inv. Sec.2.62BUS$16.7MEV
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Performance & Balance
Revenue 5Y (¥B)
1.76US$11.2M'21/112.40US$15.3M'22/112.78US$17.7M'23/113.29US$21.0M'24/113.33US$21.3M'25/11
EBITDA 5Y (¥B)
0.13US$0.83M'21/11-0.18-US$1.14M'22/11-0.13-US$0.84M'23/110.06US$0.39M'24/11-0.01-US$0.08M'25/11
Net Income 5Y (¥B)
0.14US$0.91M'21/11-0.21-US$1.33M'22/11-0.28-US$1.79M'23/110.11US$0.71M'24/11-0.53-US$3.36M'25/11
Capital Structure
99%
EquityD/E 138.74xDebt
Liquidity vs Debt 5Y (¥B)▼ Net Debt
CashInv. Sec.Debt
0.88US$5.58M'21/110.85US$5.40M0.57US$3.62M'22/110.61US$3.90M0.67US$4.25M'23/110.74US$4.72M0.65US$4.15M'24/110.53US$3.38M1.00US$6.40M'25/11
Shareholders
Top 10 hold 65.3%
1
Trojans LLC
24.99%
2
Fixstars Investment Co., Ltd.
9.69%
3
Takuya TSUKAMOTO
5.55%
4
Jiwa SASAKI
4.68%
5
Milestone Capital Management Co., Ltd.
4.12%
6
Satoshi ITAKURA
4.01%
7
Tomoyuki ARAI
4.01%
8
Rakuten Securities, Inc. (Joint Account)
3.18%
9
Ikue TANAKA
3.10%
10
Manchun CHOE
2.00%
Management
9 officers
Jiwa SASAKI
Representative Director, President
Jan 2002 Joined Hewlett-Packard Japan, Ltd. (now Hewlett Packard Japan, LLC) Mar 2005 Founded Frontier X Frontier Co., Ltd. (now the Company); Representative Director, President Nov 2020 Founded Trojans LLC; Managing Member (current) Jun 2022 Representative Director, President and General Manager, Financial Technology Division Jan 2023 Representative Director, President (current)
1976-09-05
Takuya TSUKAMOTO
Director
Apr 2002 Joined NEC Software, Ltd. (now NEC Solution Innovators, Ltd.) May 2007 Representative Director, ENVISIONLAB Co., Ltd. (current) Dec 2013 Director, the Company Dec 2019 General Manager, Global Technology Division, the Company Jul 2022 Representative Director, Valuate Co., Ltd. Dec 2023 General Manager, Sales Promotion Division, the Company Dec 2024 Director in charge of GRCS Platform Business, the Company Feb 2025 Director, Valuate Co., Ltd. (current) Jan 2026 Director in charge of GRC Business, the Company (current)
1978-04-05
Ikue TANAKA
Director
Apr 1993 Joined LCA Japan, Ltd. (now Interprise Consulting, Inc.) Jun 1997 Founded Agasta Ltd. (now Agasta, Inc.) Dec 1998 Director, Agasta, Inc. Jul 2012 Founded AZ-it Inc.; Representative Director (current) May 2014 Director, the Company Dec 2019 General Manager, Administration Division, the Company Jul 2022 Director, Valuate Co., Ltd. (current) Dec 2024 Director, the Company (current)
1970-11-25
Atsushi MOCHIZUKI
Director
Apr 1988 Joined Digital Equipment Japan Co., Ltd. (now Hewlett Packard Japan, LLC) Oct 1988 Joined Compaq Computer K.K. (now Hewlett Packard Japan, LLC) Nov 2002 Joined Hewlett-Packard Japan, Ltd. (now Hewlett Packard Japan, LLC) Jan 2009 General Manager, Security Solutions Division, Hewlett-Packard Japan, Ltd. Nov 2014 General Manager, Security Headquarters, Hewlett-Packard Japan, Ltd. May 2018 General Manager, Security Services Division, the Company Mar 2019 Executive Officer, General Manager, Security Services Division, the Company Dec 2019 Executive Officer, General Manager, GRC Security Headquarters, the Company Dec 2024 Executive Officer, General Manager, Solutions Headquarters, the Company Feb 2025 Director in charge of GRCS Solutions Business, the Company Feb 2025 Representative Director, Valuate Co., Ltd. (current) Jan 2026 Director in charge of Security Business, the Company (current)
1965-01-03
Keiichi KUBO
Outside Director
Mar 1976 Joined Azusa & Co. (now Deloitte Touche Tohmatsu LLC) Apr 2009 President and Representative Director, Deloitte Tohmatsu Risk Services Co., Ltd. (now Deloitte Tohmatsu Risk Advisory LLC) Jan 2015 Opened Keiichi Kubo Certified Public Accountant Office (current) Mar 2018 Outside Director, the Company (current) Jun 2020 Director and Audit and Supervisory Committee Member, Pado Inc. (now Def consulting Inc.) (current)
1953-11-13
Osamu YAMANO
Outside Director
Jun 1984 Senior Researcher, AT&T Bell Laboratories Nov 1985 Joined Yokogawa Hewlett-Packard Co., Ltd. (now Hewlett-Packard Japan, LLC) Sep 1999 Representative Director, President, RSA Security Japan K.K. Jul 2010 Representative Director, Executive Vice President, EMC Japan K.K.; Executive Vice President, EMC Corporation Jan 2011 Representative Director, President, EMC Japan K.K. May 2016 Representative Director, President, McAfee K.K.; Vice President, Intel Corporation; Vice President, McAfee, LLC. Mar 2019 Authorized Representative, President, Akamai Technologies G.K.; Vice President, Akamai Technologies Inc. Feb 2022 Outside Director of the Company (current) Jun 2022 Representative Executive Officer, President, Cybereason G.K.
1959-06-13
Naoto SATO
Full-time Audit & Supervisory Board Member
Apr 1981 Joined The Taiyo Kobe Bank, Ltd. (now Sumitomo Mitsui Banking Corporation) Jul 2001 General Manager, Risk Management Department, Minato Bank, Ltd. Aug 2003 Senior Examiner, Internal Audit Department, Sumitomo Mitsui Banking Corporation Jan 2007 Director and Deputy General Manager, Sanyo Special Steel (Ningbo) Special Steel Products Co., Ltd. Apr 2011 General Manager, Overseas Division, Harima Chemicals, Inc. (now Harima Chemicals Group, Inc.) Jun 2012 Executive Officer, Harima Chemicals, Inc. Jun 2012 Vice President, Finance & Information Systems, Lawter Inc. Jun 2015 Senior Executive Officer and General Manager, Finance Group, Harima Chemicals Group, Inc. Jun 2024 Special Advisor, Harima Chemicals Group, Inc. Feb 2025 Outside Audit & Supervisory Board Member, the Company (current)
1957-05-05
Yasuo SHIMADA
Audit & Supervisory Board Member
Oct 1991 Joined Audit Corporation Tohmatsu (now Deloitte Touche Tohmatsu LLC) Aug 2000 Joined J.P. Morgan Securities Ltd. Aug 2001 Joined Deutsche Securities Inc. Apr 2003 Joined Phoenix Capital Co., Ltd. (now Endeavor United Co., Ltd.) Nov 2004 Director, Edosawa Co., Ltd. (now Yakiniku Sakai Holdings Co., Ltd.) Oct 2005 Managing Partner, Competent Co., Ltd. (current) May 2008 Representative Member, Competent Tax Accountant Corporation (current) Jul 2010 Outside Audit & Supervisory Board Member, I-Pet Co., Ltd. (now iPet Non-Life Insurance Co., Ltd.) Jul 2014 Outside Audit & Supervisory Board Member, the Company (current) Apr 2017 Outside Audit & Supervisory Board Member, Human Creation Holdings Inc. Apr 2020 Outside Director, Human Creation Holdings Inc. (current) Oct 2021 Supervisory Executive Officer, Tokyo Infrastructure Energy Investment Corporation (current) Aug 2023 Outside Director, Hybridy Inc. (current)
1969-02-02
Shino IGA
Audit & Supervisory Board Member
Oct 2006 Joined White & Case LLP Feb 2009 Deputy Director-General, Competitive Environment Improvement Office, Economic Policy Bureau, Ministry of Economy, Trade and Industry Jan 2011 Returned to White & Case LLP Apr 2018 Outside Audit & Supervisory Board Member, the Company (current)
1980-04-27
Large Shareholding Reports
Milestone Capital Management Co., Ltd.
2026-05-15
18.10%→4.07%
Annual report (as of 2026-05-31): 4.12%
Takuya TSUKAMOTO
2026-02-26
6.32%→6.00%
Annual report (as of 2026-05-31): 5.55%
Takuya TSUKAMOTO
2026-02-26
6.32%→6.00%
Correction filing (name/detail fix only) — ratio carried over from the original filing
Annual report (as of 2026-05-31): 5.55%
Fixstars Investment
2026-02-09
9.57%
Annual report (as of 2026-05-31): 9.69%
Milestone Capital Management Co., Ltd.
2026-01-27
19.58%→18.10%
Annual report (as of 2026-05-31): 4.12%
Trojans
2025-11-17
30.00%→27.10%
Annual report (as of 2026-05-31): 24.99%
Disclosures
No disclosures
Primary Source Filings
TDnet
2026-10-15
Q3 Earnings Flash
FY ending Nov 2026
EDINET
2026-07-15
Semi-Annual Securities Report
Period: Dec 2025 – Nov 2026
TDnet
2026-07-15
Q2 Earnings Flash
FY ending Nov 2026
EDINET
2026-05-15
Large Shareholding Report
TDnet
2026-04-14
Q1 Earnings Flash
FY ending Nov 2026
EDINET
2026-02-26
Large Shareholding Report
EDINET
2026-02-26
Annual Securities Report
Period: Dec 2024 – Nov 2025
EDINETAmended
2026-02-26
Change Report
EDINET
2026-02-09
Large Shareholding Report
EDINET
2026-01-27
Large Shareholding Report
EDINET
2025-11-17
Large Shareholding Report
TDnet
2025-10-15
Q3 Earnings Flash
FY ending Nov 2025
EDINET
2025-07-15
Semi-Annual Securities Report
Period: Dec 2024 – Nov 2025
TDnet
2025-04-14
Q1 Earnings Flash
FY ending Nov 2025
EDINET
2025-02-28
Annual Securities Report
Period: Dec 2023 – Nov 2024
EDINET
2024-07-12
Quarterly Securities Report
Period: Mar 2024 – May 2024
EDINET
2024-04-26
Securities Registration Statement
EDINET
2024-04-12
Quarterly Securities Report
Period: Dec 2023 – Feb 2024
EDINET
2024-02-28
Annual Securities Report
Period: Dec 2022 – Nov 2023
EDINET
2023-10-13
Quarterly Securities Report
Period: Jun 2023 – Aug 2023
EDINET
2023-07-14
Quarterly Securities Report
Period: Mar 2023 – May 2023
EDINET
2023-04-14
Quarterly Securities Report
Period: Dec 2022 – Feb 2023
EDINET
2023-02-28
Annual Securities Report
Period: Dec 2021 – Nov 2022
EDINET
2022-10-14
Quarterly Securities Report
EDINET
2022-07-14
Quarterly Securities Report
EDINET
2022-04-14
Quarterly Securities Report
EDINET
2022-02-28
Annual Securities Report
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