ENVALITH
株式会社ビジョン logo

VISION INC.

9416・Prime Market・Information & Communication

Official website
株式会社ビジョン logo
VISION INC.9416

Business

Vision Inc. was established in 1996 and is an information and communications group comprising 23 consolidated subsidiaries. In its core Global WiFi Business, the company offers mobile Wi-Fi router rental for inbound visitors to Japan under "NINJA WiFi" and for outbound travelers under "Global WiFi," as well as fully digital eSIM services, operating counters at more than 20 domestic airports. In its Information & Communications Services Business, the company provides mobile communications device sales, broadband service agency services, OA equipment sales, and other services to corporate and SOHO customers. In its Glamping & Tourism Business, the company operates high-value-added glamping facilities and offers inbound tourism services through a DMC model. The company is listed on the Prime Market of the Tokyo Stock Exchange.

Business Model

In the Global WiFi Business, high-quality lines are procured from telecom carriers around the world and provided to end users via the direct site, app, airport counters, corporate sales, and partners. Reduced procurement costs through volume discounts underpin the high profit margin (segment profit margin of 30.2%). In the Information & Communications Services Business, in addition to sell-off type flow revenue, the company is accelerating the shift toward recurring revenue such as maintenance and continuous service usage fees, maximizing LTV through upselling and cross-selling via CLT.

Company Strengths

In FY2025, the Global WiFi Business achieved net sales of ¥21,011 million, segment profit of ¥6,351 million, and a profit margin of 30.2%. High profitability is driven by volume discounts from large-scale procurement with carriers worldwide, combined with a multi-channel approach including direct sites, airport counters, and corporate sales.

Net sales expanded approximately 2.2x from ¥18,101 million in FY2021 to ¥39,012 million in FY2025. Operating profit grew approximately 5.9x over the same period, from ¥1,105 million to ¥6,465 million, with the operating profit margin continuously improving from 6.1% to 16.6%. In FY2025, net sales, operating profit, ordinary profit, and net income all reached record highs.

At the end of FY2025, the equity ratio was maintained at a high level of 69.2% (69.1% at the end of the previous fiscal year), and the quick ratio stood at 310.0% (270.2% at the end of the previous fiscal year). The company holds net assets of ¥21,289 million and cash and cash equivalents of ¥13,599 million, with a policy of funding working capital from its own resources. This ensures a structure that allows continued growth investment while restraining financial leverage.

ENVALITH's Perspective

In Q1 FY2026 (ending December 2026), revenue rose to ¥9,308 million (+0.8% YoY), securing revenue growth, but operating profit declined slightly to ¥1,496 million (-0.3% YoY) and profit attributable to owners of parent fell to ¥999 million (-4.5% YoY). Against full-year guidance (revenue of ¥42,000 million, operating profit of ¥7,500 million), Q1 progress rates stood at only 22.2% for revenue and 19.9% for operating profit, premised on a heavy weighting toward the second half. There has been no revision to earnings guidance, and management has expressed confidence in achieving the full-year targets, but external risks such as the Middle East situation and US trade policy remain as downside factors.

The number of Japanese overseas travelers in the January-March 2026 period rose 4.8% YoY to 3.68 million, showing a recovery trend, but remains at only 74.9% of the 2019 level (source: JNTO). Stagnation in corporate business travel demand due to the Middle East situation and a shift of leisure travel to neighboring countries pushed revenue down 4.5% YoY. External factors such as continued yen depreciation and persistently high fuel surcharges are also suppressing the recovery in travel appetite, and the timing of a full-fledged recovery in outbound demand holds the key to full-year performance.

Segment profit in the Information & Communications Services Business declined slightly to ¥513 million (-0.6% YoY). This reflects the planned execution of upfront investments, including staff reinforcement, aimed at expanding orders in the Accounting BPO field, and the short-term profit pressure is explained as intentional. The timing and scale at which the investment effects will materialize remain unclear, requiring continued monitoring of whether the upfront investment leads to improved profit margins. It should also be noted that the SME business conditions DI (an external factor) has declined for three consecutive periods to minus 17.6, indicating uncertainty in the demand environment.

Growth Strategy

Composite growth strategy across three business segments aiming for FY2028 operating profit of ¥10,000 million centered on Vision 3.0

Promoting profit-focused optimization of promotional expenses across both corporate and individual customers. Accelerating awareness of World eSIM, strengthening SIM card vending machines at airport counters, and expanding globally through the New York subsidiary. Achieved profit growth despite a revenue decline in Q1 FY2026 (ending December 2026), confirming the effectiveness of the strategy.

Executing planned upfront investments, including personnel increases, to expand orders in the Accounting BPO Service business. Promoting expanded sales, upselling, and cross-selling of Proprietary Recurring Services to reduce churn rate and maximize LTV. Revenue in Q1 FY2026 (ending December 2026) continued to grow, up 6.3% year on year.

The two existing facilities, Yamanakako and Koshikano Onsen, performed steadily (Q1 FY2026 (ending December 2026) revenue up 11.1% year on year, segment profit up 12.5%). Construction of "VISION GLAMPING Resort & Spa Awajishima" is progressing as planned. Aiming to enhance added value through experiential content offerings by advancing the sophistication of the DMC model.

Building a data-driven sales structure across the three business segments, pursuing maximization of customer touchpoints and improved revenue efficiency. Pursuing a medium-term target of FY2028 operating profit of ¥10,000 million, with a strategy underway to organically link the growth engines of each business.

Last updated: July 17, 2026