INTAGE HOLDINGS Inc.
4326・Prime Market・Information & Communication
Business
INTAGE Holdings Inc. is a leading marketing research company founded in 1960. With 29 consolidated subsidiaries and 2 equity-method affiliates, the company operates three segments: "Marketing Support (Consumer Goods & Services)," "Marketing Support (Healthcare)," and "Business Intelligence." Its main clients are consumer goods manufacturers, pharmaceutical companies, and distribution/retail businesses, and it provides a wide range of services including Panel Survey, Custom Research, real-world data, System Development, and BPO. In October 2023, it became a consolidated subsidiary of NTT DOCOMO and is currently pursuing a transformation into a data x technology company. Listed on the Prime Market of the Tokyo Stock Exchange.
Business Model
The company's business model is based on Panel Survey (SCI, etc.) that regularly collects data from consumers, retail stores, and medical institutions (recurring revenue), combined with Custom Research, Communication Services, System Development & Operation Services, and BPO (Business Process Outsourcing) tailored to client needs to generate revenue. Of the ¥65,571 million in net sales for FY2025 (ended June 2025), Marketing Support (Consumer Goods & Services) accounted for 69%, Marketing Support (Healthcare) 19%, and Business Intelligence 12%. Through a capital and business alliance with NTT DOCOMO, the company aims to expand into ID-based marketing support areas.
Company Strengths
Since its founding in 1960, the company has accumulated continuous panel survey data covering consumers, retail stores, and medical institutions. The transition of SCI (Panel Survey (SCI, etc.)) to the new SCI was completed in FY2025 (ending June 2025), renewing the value proposition offered to clients. This proprietary data asset forms an entry barrier that is difficult for competitors to replicate in a short period.
In October 2023, NTT DOCOMO acquired over 50% of voting rights and became the parent company. In July 2024, Docomo Insight Marketing was made a wholly owned subsidiary. The company has defined five synergy areas, including ID-based, end-to-end consumer-centric marketing support, and is driving business domain expansion beyond the scope of its existing research business.
In FY2025 (ending June 2025), the Healthcare segment posted net sales of ¥12,432 million against operating income of ¥2,133 million (margin of 17.2%). Profitability improved significantly (up 25.7% year on year) through business portfolio optimization following the sale of the CRO business. High-value-added services such as the Medical Real-World Data Integrated Database (CrossFact) are driving profit.
ENVALITH's Perspective
Performance Trend
For the nine-month cumulative period of Q3 FY2026 (ending June 2026), net sales were ¥51,874 million (up 1.8% year on year), operating profit was ¥5,568 million (up 30.5% year on year), and ordinary profit was ¥5,604 million (up 33.4% year on year). While sales growth was modest, a reduction in cost of sales (from ¥31,801 million in the same period of the previous year to ¥30,754 million in the current period) and a decrease in investment expenses led to a significant improvement in gross margin and operating margin. Looking at the operating profit trend over the past five fiscal years (¥4,421 million in FY2021, declining to ¥3,290 million in FY2024, then recovering to ¥4,241 million in FY2025), the full-year forecast for FY2026 of ¥5,600 million is expected to renew the all-time high. The financial position is sound, with total assets of ¥48,767 million and an equity ratio of 71.9%. Cash and deposits stood at ¥10,571 million, down ¥4,698 million from the end of the previous fiscal year, but this was mainly due to an increase in accounts receivable and contract assets (up ¥5,664 million), which is judged to be a normal fluctuation accompanying business expansion.
Growth Strategy
Centered on transformation into a Data＋Technology company, the strategy simultaneously advances optimization of core businesses and expansion of growth businesses
Leveraging the consolidation of Docomo Insight Marketing, Inc., the company is developing fusion solutions combining mobile data and research data. In the cumulative nine months of FY2026 (ending June 2026), the Marketing Solutions domain showed growth exceeding the previous year, and the company continues to strengthen its data utilization consulting and CX management systems and infrastructure.
Generative AI has been incorporated into the research process, simultaneously achieving operational efficiency and enhanced value delivery to customers. In the cumulative nine months of FY2026 (ending June 2026), cost of sales decreased by approximately ¥1,047 million year on year, reflecting the effects of cost structure improvement in the figures. The company continues to accelerate AI utilization across the group as a whole.
By concentrating on the highly profitable research business following the divestiture of the CRO business, the Healthcare segment achieved an operating margin of 23.8% in the cumulative nine months of FY2026 (ending June 2026). The company is advancing efforts to expand into new domains such as promotion and communication services, and to create new value propositions based on Patient Centricity.
While implementing organizational optimization measures such as the consolidation and relocation of the Nagano business site (completed November 2025), the company continues to expand the Data Integration Platform & Utilization Business and establish a recurring-revenue business model. Although revenue and profit declined in the short term due to impairment losses and one-time costs, profitability improvement (operating margin of 9.1%) through price revisions and operational efficiency gains has been confirmed.
The annual dividend forecast for FY2026 (ending June 2026) is ¥48.00 (a 6.7% increase from ¥45.00 in the previous fiscal year). The company continues to raise dividends on an ongoing basis while maintaining a sound financial foundation with an equity ratio of 71.9%. There has been no revision to the earnings forecast, and the dividend forecast remains unchanged.
Last updated: July 17, 2026