Global Security Experts Inc.
4417・Growth Market・Information & Communication
Business
Global Security Expert Inc. is a cybersecurity specialist company that provides an integrated offering of consulting, vulnerability assessment, solutions, training, education, and staffing (SES). Under the concept of a "Cybersecurity Education Company," it targets semi-major, mid-tier, and small-to-medium enterprises as well as government agencies, which are relatively behind in security measures, as its main customers. Its business is organized into three divisions—Cybersecurity Services (consulting, diagnostics, solutions, training), Security Education Services (EC-Council and other certification courses), and Security Human Resources Business (SES)—and operates as a single segment. The company listed on the TSE Mothers market in December 2021 and has since transitioned to the Growth Market.
Business Model
The company adopts a cross-sell model that acquires customers through consulting and vulnerability assessments as an entry point, then chains services into solution implementation, training, education, and SES personnel provision. In the Security Human Resources Business (SES), the company reskills partner companies' IT engineers to provide them as SES personnel, securing a supply-side advantage in a market facing personnel shortages. By maintaining a high transaction retention rate while expanding customer spend, the company has achieved an operating margin of 20.3% (FY2026 (ending March 2026)).
Company Strengths
In FY2026 (ending March 2026), sales results showed growth across all divisions: Cybersecurity Services at ¥7,178 million (up 16.6% year on year), Security Education Services at ¥1,495 million (up 50.3% year on year), and Security Human Resources Business at ¥2,347 million (up 42.4% year on year). The company's ability to provide services in-house, from consulting through to human resource provision, is a key differentiating factor versus competitors.
Net sales expanded approximately 2.5x from ¥4,391 million in FY2022 (ended March 2022) to ¥11,022 million in FY2026 (ending March 2026). Operating profit grew approximately 5.1x over the same period, from ¥440 million to ¥2,238 million, and the operating margin continuously improved from 10.0% in FY2022 (ended March 2022) to 20.3% in FY2026 (ending March 2026). The rate of profit growth consistently exceeding the rate of sales growth has become firmly established.
The company has established a business model in which IT engineers from partner companies are reskilled through its own security education programs and then supplied to client companies as SES (Security Human Resources Business) personnel. In April 2024, CyberSTAR Co., Ltd. was established through an incorporation-type company split, corporatizing the Security Human Resources Business (SES). Its unique supply-side solution to the structural challenge of the security human resources shortage differentiates it from competitors.
ENVALITH's Perspective
Performance Trend
In FY2026 (ending March 2026), the company posted net sales of ¥11,022 million (up 25.2% year on year), operating profit of ¥2,238 million (up 38.6%), and net income of ¥1,487 million (up 47.2%), setting new record highs across all metrics. Over the four years from FY2022 to FY2026, net sales expanded approximately 2.5-fold and operating profit approximately 5.1-fold, with profit growth substantially outpacing sales growth. The operating margin roughly doubled, rising from 10.0% in FY2022 to 20.3% in FY2026. In terms of the market environment, tailwinds included the sophistication of AI-driven attacks, the enactment of the government's Active Cyber Defense Law, and demand for supply chain risk countermeasures, driving growth across all services. For FY2027 (ending March 2027), the company forecasts net sales of ¥13,778 million (up 25.0%) and operating profit of ¥2,939 million (up 31.3%), anticipating continued high growth.
Growth Strategy
Continuing to expand sales in the mid-tier and SME markets while emphasizing profitability improvement, targeting sales of ¥13,778 million in FY2027 (ending March 2027)
All services—education, diagnostics, and SES—grew in FY2026 (ending March 2026). Sales of ¥13,778 million (up 25.0% year on year) are forecast for FY2027 (ending March 2027) as well. The company intends to continue capturing the robust demand for security measures among semi-major, mid-tier, and small and medium-sized enterprises.
The company has articulated a basic policy of "continuing to expand sales while emphasizing improvement in profit margins." An operating profit margin of 20.3% was achieved in FY2026 (ending March 2026). For FY2027 (ending March 2027), the company targets operating profit of ¥2,939 million (equivalent to an operating profit margin of 21.3%), aiming for further improvement.
The SES business is growing rapidly against the backdrop of a shortage of security personnel. The company is strengthening its human resource supply system to meet corporate demand for specialized personnel. While absorbing increased personnel expenses associated with the rise in employee headcount through the effect of higher revenue, the company aims to develop the human resources business into a second pillar of earnings.
The company disclosed that its equity-method affiliates are "on an upward business trend but have not yet reached the point of contributing to profit." The equity in loss of affiliates for FY2026 (ending March 2026) improved significantly to ¥1,727 thousand from ¥34,768 thousand in the prior fiscal year. Should these affiliates turn profitable, it would become an additional upside factor for ordinary profit and net profit.
The company continues to operate the J-ESOP with the aim of promoting long-term employee retention and boosting motivation. The provision for share-based payments increased to ¥170,608 thousand (from ¥122,228 thousand in the prior fiscal year), reflecting expansion of the program. Securing and retaining specialized security personnel is directly linked to maintaining competitive advantage.
Last updated: July 19, 2026