| 指標 | 当期 | 前年同期 | YoY |
|---|---|---|---|
| 売上高 | ¥76.2B | ¥83.3B | -8.6% |
| 営業利益 | ¥4.0B | ¥8.0B | -49.8% |
| 経常利益 | ¥4.0B | ¥8.1B | -50.6% |
| 純利益 | ¥2.6B | ¥5.3B | -51.3% |
| ROE | 2.5% | 4.5% | - |
The Q1 results for the fiscal year ending March 2026 came in at Revenue ¥76.2B (YoY -¥7.2B -8.6%), Operating Income ¥4.0B (YoY -¥4.0B -49.8%), Ordinary Income ¥4.0B (YoY -¥4.1B -50.6%), and Net Income ¥2.6B (YoY -¥2.7B -51.3%), marking declines in both revenue and profit. In addition to top-line contraction, gross profit margin fell from 33.2% in the prior-year period to 32.2% (≈100bp decline), while SG&A ratio rose from 23.7% to 27.0% (≈332bp increase), resulting in an operating margin deterioration from 9.6% to 5.3% (≈431bp worse). The effective tax rate also increased from 34.2% to 35.2% (≈96bp), and net margin declined from 6.4% to 3.4% (≈298bp). Progress against the full year plan (Revenue ¥362.6B, Operating Income ¥33.3B, Net Income ¥22.2B) stood at 21.0% for Revenue, 12.0% for Operating Income, and 11.6% for Net Income, substantially below a standard Q1 run-rate (~25% each).
【売上高】Revenue declined -8.6% YoY. Segment disclosures are not provided, so details are unclear, but advertising expenses were ¥3.9B, slightly down from ¥4.0B in the prior-year period, indicating promotional investment was maintained while softer demand or timing shifts in project recognition likely had an impact. Cost of goods sold was ¥51.6B (cost ratio 67.8%), down from ¥55.6B (cost ratio 66.8%) in the prior-year period, but gross margin declined from 33.2% to 32.2% (≈100bp), suggesting deterioration in product/service mix or pricing pressure that depressed profitability.
【損益】Gross profit was ¥24.6B (gross margin 32.2%), down from ¥27.7B (33.2%) in the prior-year period. SG&A was ¥20.6B (SG&A ratio 27.0%), up from ¥19.7B (23.7%) previously, increasing fixed cost burden alongside falling sales. While advertising expenses were slightly lower, other SG&A rose to ¥11.6B from ¥10.8B (＋7.4%), contributed by higher personnel expenses and bonus provisions (bonus provision charge ¥0.45B, prior ¥0.38B). As a result, Operating Income was ¥4.0B (Operating margin 5.3%), a large decline of -49.8% from ¥8.0B (9.6%) in the prior-year period. Non-operating items were minor (interest income ¥0.1B, interest expense ¥0.0B), leaving Ordinary Income at ¥4.0B (−50.6%). No extraordinary items were disclosed; income before tax was ¥4.0B, with income taxes of ¥1.4B (effective tax rate 35.2%, prior 34.2%), yielding Net Income ¥2.6B (Net margin 3.4%, prior 6.4%), down -51.3%. In conclusion, revenue decline combined with lower gross margin and higher SG&A ratio reversed operating leverage, resulting in a decline in both revenue and profit.
【収益性】Operating margin 5.3% (prior 9.6%, -431bp), Net margin 3.4% (prior 6.4%, -298bp) significantly declined. Both gross margin 32.2% (prior 33.2%, -100bp) and SG&A ratio 27.0% (prior 23.7%, +332bp) pressured profitability. ROE 2.5% retreated materially from prior-year level; Dupont decomposition is explained by Net margin 3.4% × Total Asset Turnover 0.455 × Financial Leverage 1.63. The primary bottleneck is the decline in Net margin, driven by compression in Operating margin and a rise in effective tax rate. 【キャッシュ品質】Accounts receivable ¥15.2B (DSO 73 days) decreased from ¥16.7B in the prior-year period but collection remains extended, leaving working capital funding risk. Accounts payable ¥24.7B (DPO 43 days) and short payment terms create potential short-term funding gaps. Cash and deposits ¥58.9B (prior ¥75.2B, -21.5%) declined due to shareholder returns and working capital, but still provide a substantial cushion. 【投資効率】Total asset turnover 0.455x (annualized 1.82x) declined from prior-year level. Tangible fixed assets ¥53.8B and intangible assets ¥7.3B indicate stable investment in property and intangibles, but asset efficiency deteriorated with lower sales. 【財務健全性】Equity Ratio 61.5% (prior 64.2%, -2.7pt) remains high. Interest-bearing debt ¥9.0B (long-term borrowings ¥9.0B), D/E ratio 0.63x, Debt/Capital ratio 8.0% indicate very low leverage. Interest coverage approximately 130x (Operating Income ¥4.0B ÷ interest expense ¥0.03B) shows very high interest-bearing capacity. Current ratio 157.6%, Quick ratio 157.6% indicate healthy liquidity. Treasury stock -¥8.2B (prior -¥1.2B) shows active share buybacks, and retained earnings ¥72.9B (prior ¥81.2B, -10.3%) declined due to dividends and profit decrease, but financial resilience remains strong.
Cash and deposits ¥58.9B decreased -21.5% from ¥75.2B in the prior-year period, primarily due to increased share repurchases (treasury stock acquisition -¥8.2B, prior -¥1.2B) and reduction in retained earnings (dividend payments and profit decline leading to -¥8.3B). Accounts receivable ¥15.2B with DSO 73 days indicates prolonged collection and continued working capital tied-up. Conversely, accounts payable ¥24.7B with DPO 43 days implies short payment terms, which can create short-term cash gaps. Inventories are minimal at ¥0.2B, limiting inventory burden. Tangible fixed assets ¥53.8B were almost flat versus ¥54.3B prior, showing no evidence of large capital expenditures. Interest-bearing debt ¥9.0B (long-term borrowings) slightly decreased from ¥9.4B prior, suggesting debt repayments in financing cash flow. Net cash position (Cash ¥58.9B − Interest-bearing debt ¥9.0B = ¥49.9B) remains substantial, providing capacity for near-term working capital needs, shareholder returns, and strategic investments. If collection processes are improved and DSO shortens, cash flow stability and capital efficiency could further improve.
The gap between Ordinary Income ¥4.0B and Net Income ¥2.6B is mainly due to tax burden (income taxes ¥1.4B, effective tax rate 35.2%), with no extraordinary items disclosed and no temporary factors identified. Breakdown of non-operating income ¥0.1B includes interest income ¥0.1B and subsidies ¥0.0B; non-operating expenses ¥0.1B include interest expense ¥0.0B and fees ¥0.0B — all immaterial, limiting impact on ordinary income. The effective tax rate rose from 34.2% to 35.2% (≈96bp), weighing on Net Income. Extended DSO of 73 days for accounts receivable and lengthening collection is a concern from the perspective of revenue recognition quality and accruals, indicating uncertainty in future cash realization. The simultaneous decline in gross margin and rise in SG&A ratio, and resultant ≈431bp deterioration in operating margin, point to structural issues in core profitability. Given the minimal influence of non-operating items, earnings quality is heavily dependent on operating performance, and the current profit decline reflects changes in business conditions and cost structure rather than a one-off event.
The full year plan forecasts Revenue ¥362.6B (YoY +13.0%), Operating Income ¥33.3B (YoY +11.5%), Ordinary Income ¥34.7B (YoY +9.9%), and Net Income ¥22.2B (YoY +8.8%). Q1 progress rates are Revenue 21.0%, Operating Income 12.0%, Net Income 11.6%, substantially below standard progress (~25% each). The fact that Operating Income and Net Income progress lag Revenue suggests margin deterioration concentrated in Q1. Achieving the full year plan requires recovery of sales momentum from Q2 onward, improvement in gross margin (correcting product/service mix, revising pricing strategy), and SG&A efficiency (particularly controlling other SG&A and personnel costs). If seasonality or project recognition timing leads to heavier weighting in the second half, the slow Q1 progress may be acceptable, but presently a comeback in Q2+ and cost control are prerequisites. Forecast EPS is ¥96.62, and actual EPS (annualized from Q1) is approximately ¥44.6, indicating substantial profit recovery is needed to meet the full year plan.
Planned dividend is maintained at ¥47 per annum; payout ratio against forecast EPS ¥96.62 is approximately 48.6%, within a sustainable range. Prior-year dividend was also ¥47, showing intent to maintain dividend level despite earnings decline. Treasury stock increased to -¥8.2B (prior -¥1.2B), evidencing active share buybacks. Total return level combining dividends and buybacks is not directly disclosed, but retained earnings fell to ¥72.9B (prior ¥81.2B, -10.3%), indicating dividend payments and buybacks reduced internal reserves. With cash and deposits ¥58.9B and interest-bearing debt ¥9.0B, net cash ¥49.9B supports short-term dividend payment capacity. However, given slow Q1 profit progress, achieving the full year profit plan and normalizing working capital are prerequisites for dividend sustainability. While shareholder return policy is proactive, monitoring is needed on the balance between earnings recovery and capital efficiency.
Continued profitability deterioration risk: Concurrent worsening of gross margin 32.2% (prior 33.2%, -100bp) and SG&A ratio 27.0% (prior 23.7%, +332bp) drove Operating margin down to 5.3% (prior 9.6%, -431bp). Causes likely include deterioration in product/service mix, pricing pressure, and fixedization of promotional and personnel costs. If this trend continues into Q2 and beyond, achieving the full year plan (assumed Operating margin 9.2%) will be difficult, potentially causing further ROE decline.
Working capital funding risk: Accounts receivable ¥15.2B with DSO 73 days indicates prolonged collections and higher cash flow uncertainty. Short payment terms (DPO 43 days) increase the likelihood of short-term funding gaps. Cash balance ¥58.9B remains ample but has decreased -21.5% YoY; delays in collection improvements could pressure liquidity.
Full year plan miss risk: Q1 progress rates (Revenue 21.0%, Operating Income 12.0%, Net Income 11.6%) are well below standard progress (~25% each). Meeting the full year plan assumes second-half weighted revenue and profit generation; softer demand or delayed cost efficiency could force plan revisions or constrain dividend capacity. Seasonality or timing of project recognition may explain the lag, but Q2 progress will be a key indicator.
収益性・リターン
| 指標 | 自社 | 中央値 (IQR) | Delta |
|---|---|---|---|
| 営業利益率 | 5.3% | – | – |
| 純利益率 | 3.4% | – | – |
Industry comparison data are limited, so evaluation focuses on the company. Operating margin 5.3% is substantially down from 9.6% in the prior-year period, highlighting the need for profitability improvement.
成長性・資本効率
| 指標 | 自社 | 中央値 (IQR) | Delta |
|---|---|---|---|
| 売上高成長率（前年比） | -8.6% | – | – |
Revenue growth -8.6% shows deterioration YoY, and recovery in Q2+ is key to achieving full year targets.
※Source: Company compilation by our firm
Path to profitability recovery: The main driver of the sharp decline in Operating margin to 5.3% (prior 9.6%, -431bp) is simultaneous deterioration of gross margin (-100bp) and SG&A ratio (+332bp). To meet the full year plan, improvements in gross margin (correcting product/service mix, revising pricing strategy) and SG&A efficiency (particularly controlling other SG&A and personnel expenses) are essential; progress from Q2 onward will be a monitoring point.
Working capital efficiency and financial resilience: DSO 73 days indicates extended collection and raises concerns over cash flow stability. However, cash ¥58.9B, net cash ¥49.9B, and D/E ratio 0.63x reflect strong financial standing, and improvements in collection processes could further enhance capital efficiency and liquidity.
Sustainability of shareholder returns: Forecast dividend ¥47 (payout ratio 48.6%) is currently at a sustainable level, and share buybacks have been increased. Nonetheless, slow Q1 profit progress means achievement of full year profit targets and working capital normalization are prerequisites for sustaining dividend and total return. Recovery in the second half and successful cost control are required.
This report is an earnings analysis document automatically generated by AI analyzing XBRL financial statement data. It does not constitute a recommendation to invest in any specific security. Industry benchmarks are reference information compiled by our firm based on publicly available financial statements. Investment decisions are your own responsibility; consult a professional advisor as needed.