| 指標 | 当期 | 前年同期 | YoY |
|---|---|---|---|
| 売上高 | ¥421.0億 | ¥388.0億 | +8.5% |
| 営業利益 | ¥32.6億 | ¥28.7億 | +13.6% |
| 税引前利益 | ¥41.6億 | ¥33.5億 | +24.0% |
| 純利益 | ¥30.3億 | ¥25.1億 | +20.7% |
| ROE | 9.7% | 8.5% | - |
For the fiscal year ended March 2026, the full-year results recorded Revenue of ¥421.0B (YoY +¥33.0B +8.5%), Operating Income of ¥32.6B (YoY +¥3.9B +13.6%), Ordinary Income of ¥31.8B (YoY +¥6.8B +27.1%), and Net Income attributable to owners of the parent of ¥29.9B (YoY +¥5.2B +21.0%), achieving revenue and profit growth at all stages. The Consulting & System Development business led with ¥231.1B (+11.4%), and BPO Services contributed with double-digit growth at ¥100.3B (+12.8%). Gross margin improved to 22.5% (YoY +0.4pt) and Operating Margin improved to 7.7% (YoY +0.4pt). In addition to margin expansion at the operating level, an increase in equity method investment income of ¥6.4B (prior year ¥4.6B) and financial income of ¥3.4B (prior year ¥1.1B) significantly boosted results from Ordinary Income onward. Operating Cash Flow (OCF) was ¥44.9B (YoY +58.0%), generating 1.5x of Net Income, and Free Cash Flow was ample at ¥45.9B. The company maintained financial soundness and capital efficiency with an Equity Ratio of 63.4% and ROE of 10.0%, and delivered shareholder returns of ¥11.9B in dividends (Payout Ratio 36.4%) plus ¥5.4B in share buybacks, achieving a Total Return Ratio of 57.7%.
【Revenue】 Revenue was ¥421.0B (YoY +8.5%), maintaining a growth trend. By segment, Consulting & System Development accounted for ¥231.1B (+11.4%), representing 54.9% of consolidated revenue, supported by expansion of high-value projects and improvement in project mix. BPO Services was ¥100.3B (+12.8%), 23.8% of revenue, driven by expansion in HR/payroll and accounting BPO and managed services contracts. Conversely, the SES Co-creation Business recorded ¥89.7B (-2.3%), 21.3% of revenue, with a decline due to selective order acceptance reducing low-margin contracts. External customer revenue after intersegment eliminations totaled ¥421.0B across all segments.
【Profitability】 Cost of sales was ¥326.1B, yielding Gross Profit of ¥94.9B (Gross Margin 22.5%, YoY +0.4pt), supported by improved project profitability management and a higher proportion of high-value projects. SG&A was ¥61.8B (14.7% of revenue, prior year 14.8%), growing below the revenue pace, and cost containment contributed to improvement in Operating Margin. Operating Income was ¥32.6B (Operating Margin 7.7%, YoY +0.4pt). Financial income was ¥3.4B (prior year ¥1.1B) due to increased securities sale gains and investment income, and equity-method investment income was ¥6.4B (prior year ¥4.6B) reflecting investee companies’ performance expansion. These non-operating factors substantially lifted Ordinary Income to ¥31.8B (+27.1%). A one-off impairment loss of ¥1.3B was recorded but was limited in scale. Profit before tax was ¥41.6B (+24.0%); after corporate taxes of ¥11.3B (effective tax rate 27.1%), Net Income was ¥30.3B (+20.7%), and Net Income attributable to owners of the parent was ¥29.9B (+21.0%). In conclusion, core business revenue and profit growth, combined with favorable non-operating items, produced substantial top- and bottom-line increases.
Consulting & System Development recorded Revenue of ¥231.1B (YoY +11.4%), Segment Profit of ¥24.3B (+25.5%), and a margin of 10.5% (prior year 9.3%, +1.2pt), serving as the core profit driver. Improved profitability was led by consulting in management accounting/PLM areas and higher-margin contract development. The SES Co-creation Business had Revenue of ¥89.7B (-2.3%), Segment Profit of ¥4.2B (+17.2%), and a margin of 4.7% (prior year 3.8%, +0.9pt); revenue declined due to selective order-taking, but profit expanded with improved efficiency. BPO Services posted Revenue of ¥100.3B (+12.8%), Segment Profit of ¥9.2B (+1.5%), and a margin of 9.1% (prior year 10.1%, -1.0pt); revenue growth prioritized scale despite a slight margin decline. Segment assets were ¥321.1B for Consulting, ¥102.1B for SES, and ¥101.0B for BPO, totaling ¥524.2B, of which Equity-Method Investments were ¥173.1B concentrated in the Consulting segment. Against consolidated Operating Income of ¥32.6B after corporate adjustments, Consulting contributed approximately 74%, BPO about 28%, and SES about 13%, with limited contribution from SES.
【Profitability】ROE was 10.0%, improving 1.5pt from 8.5% the prior year, exceeding the company’s historical levels. Operating Margin was 7.7% (prior year 7.4%), up 0.4pt due to gross margin improvement and SG&A control; Net Margin was 7.1% (prior year 6.4%), up 0.7pt. DuPont decomposition yields Net Margin 7.1% × Total Asset Turnover 0.87x × Financial Leverage 1.55x, implying ROE of approximately 9.6%, broadly consistent with the XBRL reported figure of 10.0%. Margin improvement was the largest contributing factor. 【Cash Quality】OCF of ¥44.9B was 1.5x Net Income of ¥30.3B, indicating high quality, and OCF/EBITDA ratio was 0.93x, maintaining good cash conversion. Accrual ratio was -3.1%, indicating earnings well backed by cash. 【Investment Efficiency】Capital expenditures of ¥2.2B were 0.14x depreciation of ¥15.5B, demonstrating a clear stance of capex restraint. Including intangible asset additions of ¥1.9B, total investment was well below depreciation, leaving scope to accelerate growth investments. 【Financial Soundness】Equity Ratio was 63.4% (prior year 64.3%). Interest-bearing liabilities totaled ¥33.0B (current ¥6.1B, non-current ¥26.9B), mainly lease liabilities; net financial debt is effectively near zero and D/E ratio was 0.55x, very conservative. Interest Coverage was Operating Income ¥32.6B / Financial Expense ¥0.3B ≈ 96x, indicating ample ability to cover interest. Goodwill was ¥19.7B, 6.3% of Net Assets ¥312.2B and 0.41x of EBITDA ¥48.1B, low and limiting M&A risk.
Cash flow from operating activities was ¥44.9B (YoY +58.0%), generating 1.5x Net Income of ¥30.3B and demonstrating strong cash backing of profits. Operating CF subtotal was ¥48.3B, with non-cash adjustments including Depreciation ¥15.5B and equity-method investment earnings ¥6.4B; changes in working capital saw an increase in trade receivables of ¥5.3B absorbing cash, partially offset by a decrease in contract assets of ¥1.9B. After payments of corporate taxes ¥7.6B and lease payments ¥10.3B, OCF was ¥44.9B. Cash flow from investing activities showed a small inflow of ¥1.0B, as proceeds from disposals/redemptions of ¥7.0B exceeded capex ¥2.2B and intangible acquisitions ¥1.9B. Free Cash Flow was ample at ¥45.9B, and even after shareholder returns—dividend payments ¥11.9B and share buybacks ¥5.4B totaling ¥17.3B—the company retained sufficient capacity. Financing CF was a net outflow of ¥27.7B, including shareholder returns and lease liability repayments of ¥10.3B. Cash and cash equivalents increased by ¥18.2B from the opening balance of ¥99.1B to ¥117.3B at year-end, preserving high liquidity.
Core earnings are derived from operating profits of Consulting & System Development and BPO Services, representing income from recurring business activities. Non-operating contributions—financial income ¥3.4B (0.8% of revenue) and equity-method investment income ¥6.4B (1.5% of revenue)—total 2.3% of revenue and are limited in scale, not materially distorting the revenue structure. Financial income comprises interest/dividends received and securities sale gains, and includes some temporary elements dependent on market valuations and timing of disposals. Equity-method investment income is tied to investee performance; although it increased this term, it is a non-operating factor and is expected to normalize. A one-off impairment loss of ¥1.3B was recorded but is minor at 4.0% of Operating Income. Accrual quality is strong with OCF/Net Income 1.5x and accrual ratio -3.1%, indicating cash-backed earnings. The difference between Ordinary Income ¥31.8B and Net Income ¥30.3B is explained by corporate taxes of ¥11.3B; there are limited abnormal non-operating items. Overall, this was a period where core business expansion was augmented by favorable non-operating items; next year assumptions should incorporate normalization of non-operating contributions.
For the fiscal year ending March 2027, guidance forecasts Revenue of ¥436.0B (approx. +3.6% YoY), Operating Income of ¥34.3B (approx. +5.2% YoY), and Net Income attributable to owners of the parent of ¥28.5B (YoY -4.6%), indicating revenue and operating profit growth but a decrease in net income. Operating-level improvements are expected from continued project mix enhancement and utilization optimization, but the plan appears conservative on Net Income to account for reversals in this year’s financial income and equity-method investment income and possible upward pressure on the effective tax rate. Progress rates at year-end equated to 96.6% of revenue, 95.1% of operating income, and 104.7% of net income relative to the plan, indicating operating performance near plan and net income exceeding plan. Forecast EPS is ¥87.76 (post-share-split basis), and forecast dividend is ¥23.50 with an implied Payout Ratio of approximately 26.8%, continuing a stable dividend policy. Considering this year’s Total Return Ratio of 57.7%, next year the company is expected to maintain dividends while considering opportunistic share buybacks.
Annual dividend was ¥135.0 (pre-share-split basis), with total dividends of ¥11.9B against Net Income attributable to owners of the parent of ¥29.9B, a Payout Ratio of 36.4%, at a sustainable level. Dividend payments represented 26.5% of OCF ¥44.9B and 25.9% of FCF ¥45.9B, and are well supported by cash flows. Share buybacks of ¥5.4B were executed, and combined with dividends of ¥11.9B, total shareholder returns were ¥17.3B, yielding a Total Return Ratio of 57.7%. Treasury stock cancellations of ¥17.9B were carried out, reducing treasury stock balances from ¥26.4B to ¥12.8B year-on-year, indicating proactive capital efficiency measures. Next fiscal year dividend forecast is ¥23.50 (post-share-split basis), and considering the share split, the company intends to continue an effectively stable dividend policy. Strong financial base and FCF generation support continued combination of dividends and share buybacks in the medium term.
Segment concentration risk: The Consulting & System Development segment accounts for 54.9% of revenue and about 74% of Operating Income, making the company vulnerable to deterioration in project profitability or order declines in this segment. Equity-method investment income of ¥6.4B is also mainly concentrated in this segment, and investee performance volatility could materially affect final profits.
Rising labor cost risk: In an environment of tight IT labor supply and wage inflation, increases in hiring and retention costs could pressure SG&A. Competition for specialized talent handling high-value projects is intensifying; hiring difficulties or higher attrition could impair utilization and margins. SG&A is currently controlled at 14.7% of revenue, but future wage adjustments and recruitment strengthening could constrain margin improvement.
Growth constraint risk from underinvestment: Capex of ¥2.2B is extremely low at 0.14x depreciation of ¥15.5B, indicating restrained investment in development platforms and infrastructure. While this raises FCF in the short term, it could delay productivity improvements and new service development medium-term, constraining growth potential. Increasing lease liabilities (non-current +42.6%) converts costs to fixed obligations while investment in owned assets remains suppressed.
Profitability & Returns
| 指標 | 自社 | 中央値 (IQR) | Delta |
|---|---|---|---|
| 自己資本利益率 | 10.0% | 10.1% (2.2%–17.8%) | -0.1pt |
| 営業利益率 | 7.7% | 8.1% (3.6%–16.0%) | -0.4pt |
| 純利益率 | 7.2% | 5.8% (1.2%–11.6%) | +1.4pt |
ROE and Operating Margin are near industry medians and at standard levels; Net Margin exceeds the median by 1.4pt, ranking higher due to contributions from non-operating income.
Growth & Capital Efficiency
| 指標 | 自社 | 中央値 (IQR) | Delta |
|---|---|---|---|
| 売上高成長率（前年比） | 8.5% | 10.1% (1.7%–20.2%) | -1.6pt |
Revenue growth rate is slightly below the median, placing the company in the mid-range within the industry.
※ Source: Company aggregation
Continued improvement in core business profitability and strengthened cash generation are notable. Operating Margin improved to 7.7% (+0.4pt), OCF/Net Income was 1.5x, and FCF was ¥45.9B, reflecting high cash conversion. Gross margin improvement and SG&A control lifted operating profitability, and margin expansion in the Consulting & System Development segment to 10.5% indicates a structural shift. With an Equity Ratio of 63.4% and D/E 0.55x, the company maintains a conservative financial base and delivered a Total Return Ratio of 57.7% combining a Payout Ratio of 36.4% and share buybacks, balancing shareholder returns and retained earnings.
Conversely, the extremely low Capex/Depreciation ratio of 0.14 highlights a clear stance of investment restraint, posing a medium-term challenge to accelerate growth investments. Segment concentration is high, with Consulting & Development accounting for 54.9% of revenue and 74% of profit contribution, increasing dependence risk. Next year’s plan foresees operating profit growth but a decline in Net Income, reflecting conservative assumptions for normalization of equity-method investment income and financial income. The SES Co-creation segment improved margins through selective order-taking but continued revenue declines could expose limits to fixed cost absorption. Wage inflation and intensified talent competition could pressure SG&A; implementing price revisions and utilization optimization will be critical. The rise in lease liabilities increases fixed cost structure, reducing cost elasticity in demand fluctuations.
This report was automatically generated by AI analyzing XBRL financial statement data. It is not a recommendation to invest in any specific security. Industry benchmarks are reference information aggregated by the company based on public financial statements. Investment decisions are your own responsibility; consult a professional if necessary before making investment decisions.