# ABIST Co.,Ltd.: business model and financials

> Latest period: FY ending Sep 2025, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第20期(2024/10/01－2025/09/30) (S100XARO)
> Page: https://vizora.meequs.com/en/company/abist
> Retrieved: 2026-09-30T18:59:07.201Z

## Company

Abist, founded in 2006, is a company in IT Services & System Integration listed on TSE Standard. It has 1,352 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | ABIST Co.,Ltd. |
| Ticker | 6087 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6087.T) |
| Listing | TSE Standard |
| Head office | 東京都三鷹市下連雀三丁目36番1号 |
| Representative (per filing) | 代表取締役社長 進顕 |
| Founded | Mar 2006 |
| Share capital | ¥1.03B |
| Employees (consolidated) | 1,352 |
| Average salary (parent only) | ¥5.1M |
| Fiscal year end | September |
| Website | www.abist.co.jp (https://www.abist.co.jp/) |
| Corporate number | 8011001065412 |
| EDINET | E27043 |
| Industries (Vizora) | IT Services & System Integration, HR & Staffing, Processed Foods, Real Estate Development & Leasing, Cosmetics |

> Profile source: annual securities report (S100XARO, filed 2025-12-18). As of filing

## Five-axis industry profile

Primary industry: HR & Staffing (2025-09-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 54 | 88 |
| Cash conversion | 11.9 | 80 |
| Efficiency | 32.4 | 88 |

Each axis is shown independently. Missing values are labeled unavailable; no combined score is calculated. Industry rank is not an investment recommendation.

## Key points (generated from figures)

- About 99% of Abist's sales come from Design and development outsourcing services, with Real estate leasing business and Beaty and health products making up much of the rest.
- Out of every ¥100 of sales, about ¥9 is left as operating profit.
- Revenue changed +6.2% from the prior year, operating profit +6.7%.

## Company structure

- Segment revenue mix: Design and development outsourcing services 99.0%、Real estate leasing business 0.6%、Beaty and health products 0.5%
- Revenue → net income: ¥10627251000 → ¥649573000
- Net income → operating cash flow: ¥649573000 → ¥445244000（difference ¥-204329000）
- Main uses of operating cash flow: CapEx ¥231870000 / dividends ¥405899000 / buybacks ¥820000
- Change in cash: ¥-345288000
Segment shares use total reported segment revenue, which may include inter-segment sales. The cash bridge is operating cash flow minus net income and combines non-cash items and working-capital effects.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥10.6B |  |
| Operating income | ¥963.9M | Margin 9.1% |
| Net income | ¥649.6M | Margin 6.1% |
| Free cash flow | ¥213.4M |  |
| Largest business | Design and development outsourcing services | of segment revenue 99.0% |
| Employees (consolidated) | 1,352 |  |
| EPS | ¥163.24 |  |
| Book value per share | ¥1861.03 |  |
| Equity ratio | 75.8% |  |
| Shares outstanding | 3,980,000 |  |
| Treasury shares | 800 |  |
| Shareholders | 8,702 |  |
| Average salary (parent only) | ¥5.1M | Filing company only |
| Cash ratio | 42.4% | Cash ÷ revenue 39.0% |
| Vs. industry median margin | +0.2 pp | IT Services & System Integration |
| ROE | 9.8% | Derived from disclosed figures |
| ROA | 6.8% | Derived from disclosed figures |

## Notable figures

- FY2025, one segment accounts for 98% of positive segment profit
- FY2025, cash is 42% of total assets

## What changed in 4 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Sep 2021 | FY ending Sep 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥9021960000 | ¥10627251000 | — |
| Operating income | ¥439463000 | ¥963907000 | — |
| Operating margin | 4.9% | 9.1% | +4.2 pp |
| Employees | 1,289 people | 1,352 people | — |
| Cash and equivalents | ¥3590970000 | ¥4143252000 | — |

### Change in segment revenue mix

Span: FY ending Sep 2021 → FY ending Sep 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 設計開発アウトソーシング事業 → 設計開発アウトソーシング事業 | 96.6% |
| 3Dプリント事業 → 事業再編・廃止 | 0.8% |
| 美容・健康商品製造販売事業 → 美容・健康商品製造販売事業 | 0.5% |
| 美容・健康商品製造販売事業 → 事業再編・廃止 | 1.3% |
| 不動産賃貸事業 → 不動産賃貸事業 | 0.6% |
| 不動産賃貸事業 → 事業再編・廃止 | 0.3% |
| 新設・再編 → 設計開発アウトソーシング事業 | 2.4% |

Segment revenue source references: 7 (derived)

## Business growth × margin

X-axis: segment revenue CAGR. Y-axis: latest operating margin. Bubble size: latest revenue. CAGR requires at least two comparable years.

| Segment | CAGR span | Revenue CAGR | Latest revenue | Operating margin | Source refs |
| --- | ---: | ---: | ---: | ---: | ---: |
| Design and development outsourcing services | — | — | ¥10517560000 | 17.5% | 2 |
| Real estate leasing business | — | — | ¥60050000 | 35.9% | 2 |
| Beaty and health products | — | — | ¥49640000 | 46.4% | 2 |

## Income statement（FY ending Sep 2025, non-consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 10,627 | 100.0% | S100XARO |
| Cost of revenue | 7,692 | 72.4% | S100XARO |
| Gross profit | 2,935 | 27.6% | S100XARO |
| SG&A | 1,971 | 18.6% | S100XARO |
| Operating income | 964 | 9.1% | S100XARO |
| Ordinary income | 977 | 9.2% | S100XARO |
| Pretax income | 929 | 8.7% | S100XARO |
| Income tax | 280 | 2.6% | S100XARO |
| Net income | 650 | 6.1% | S100XARO |

## Per ¥100 of revenue（FY ending Sep 2025）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 72 |
| SG&A | 19 |
| Operating income | 9 |
| (Ref.) Net income | 6 |

### Margin funnel

Gross margin 27.6% → Operating margin 9.1% → Net margin 6.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +6.2%; Core profit growth: +6.7%
Growth quality: similar-growth
Operating leverage (core profit growth ÷ revenue growth): 1.07×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Sep 2024 → FY ending Sep 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 10,002 | 10,627 | 625 | +6.2% |
| Gross profit | 2,745 | 2,935 | 191 | +6.9% |
| Operating income | 903 | 964 | 60 | +6.7% |
| Operating cash flow | 572 | 445 | -127 | -22.2% |
| Free cash flow | 516 | 213 | -303 | -58.7% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Sep 2019 | 9,128 | 1,296 | 14.2% | 949 | 908 | -1,081 | S100KE7D |
| FY ending Sep 2020 | 9,266 | 831 | 9.0% | 140 | 1,214 | 963 | S100N2T2 |
| FY ending Sep 2021 | 9,022 | 439 | 4.9% | 670 | 315 | 183 | S100PUSI |
| FY ending Sep 2022 | 9,363 | 738 | 7.9% | 364 | 712 | 663 | S100PUSI |
| FY ending Sep 2022 | 9,283 | 765 | 8.2% | 295 | 712 | — | S100SHMB |
| FY ending Sep 2023 | 9,509 | 733 | 7.7% | 729 | 828 | 766 | S100V11Q |
| FY ending Sep 2024 | 10,002 | 903 | 9.0% | 611 | 572 | 516 | S100XARO |
| FY ending Sep 2025 | 10,627 | 964 | 9.1% | 650 | 445 | 213 | S100XARO |

## People and productivity（FY ending Sep 2025, non-consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥7.9M |
| Operating income per employee (consolidated) | ¥712.9K |
| Net income per employee (consolidated) | ¥480.5K |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Sep 2022 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 1,276 | 1,269 | 1,271 | 1,294 | 1,352 |
| Average salary (parent company) | ¥4.6M | — | ¥4.6M | ¥4.8M | ¥5.1M |
| Average age (parent company) | 32.8 years | — | 33.7 years | 34.5 years | 35.0 years |
| Average tenure (parent company) | 8.2 years | — | 8.8 years | 9.1 years | 9.3 years |

Year over year: Employees (consolidated) +4.5% · Revenue (consolidated) +6.2%

## Segments（FY ending Sep 2025, non-consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Design and development outsourcing services | 10,518 | 99.0% | 1,839 | 17.5% |
| Beaty and health products | 50 | 0.5% | 23 | 46.4% |
| Real estate leasing business | 60 | 0.6% | 22 | 35.9% |

### segmentMix — Revenue and profit mix

Calculated from disclosed figures (DERIVED). Shares use total segment revenue and total positive segment profit respectively. Difference = profit share − revenue share (pt). Inter-segment sales may prevent reconciliation to company revenue.

| Segment | Revenue share | Profit share | Difference (pt) | Margin |
| --- | ---: | ---: | ---: | ---: |
| Design and development outsourcing services | 99.0% | 97.6% | -1.3 | 17.5% |
| Beaty and health products | 0.5% | 1.2% | 0.8 | 46.4% |
| Real estate leasing business | 0.6% | 1.1% | 0.6 | 35.9% |

Segment → industry: Design and development outsourcing services → IT Services & System Integration / Design and development outsourcing services → HR & Staffing / Beaty and health products → Processed Foods / Real estate leasing business → Real Estate Development & Leasing / Beaty and health products → Cosmetics

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Sep 2025, non-consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 445 | 4.2% | S100XARO |
| Capital expenditure | 232 | 2.2% | S100XARO |
| Free cash flow | 213 | 2.0% | 算出 |
| Investing cash flow | -344 | -3.2% | S100XARO |
| Financing cash flow | -447 | -4.2% | S100XARO |
| Dividends paid | 406 | 3.8% | S100XARO |
| Share buyback | 1 | 0.0% | S100XARO |
| Change in cash | -345 | -3.2% | S100XARO |
| Cash and equivalents | 4,143 | 39.0% | S100XARO |

## Balance sheet

Figures are as of each fiscal year end. Derived values are marked as such in the source column. Lease liabilities are excluded from interest-bearing debt.

| Metric | FY ending Sep 2022 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 3,852 | 3,825 | 4,311 | 4,489 | 4,143 | S100PUSI, S100V11Q, S100XARO |
| Total assets | 8,380 | 8,360 | 9,331 | 9,380 | 9,769 | S100PUSI, S100SHMB, S100V11Q, S100XARO |
| Net assets | 6,153 | 5,957 | 6,536 | 6,859 | 7,405 | S100PUSI, S100V11Q, S100XARO |
| Share capital | 1,027 | 1,027 | 1,027 | 1,027 | 1,027 | S100PUSI, S100SHMB, S100V11Q, S100XARO |
| Property, plant and equipment | 2,082 | — | 2,031 | 1,966 | 1,997 | S100PUSI, S100V11Q, S100XARO |
| Intangible assets excluding goodwill | 199 | — | 134 | 81 | 151 | S100PUSI, S100V11Q, S100XARO |
| Investment securities | 198 | — | 567 | 739 | 1,188 | S100PUSI, S100V11Q, S100XARO |
| Current assets | 5,413 | — | 5,903 | 6,139 | 6,044 | S100PUSI, S100V11Q, S100XARO |
| Current liabilities | 1,363 | — | 1,411 | 1,709 | 1,556 | S100PUSI, S100V11Q, S100XARO |
| Short-term borrowings | 50 | — | 50 | 50 | 10 | S100PUSI, S100V11Q, S100XARO |
| Total liabilities | 2,227 | — | 2,796 | 2,521 | 2,364 | S100PUSI, S100V11Q, S100XARO |
| Equity attributable to owners of parent | 6,142 | — | 6,280 | 6,485 | 6,727 | S100PUSI, S100V11Q, S100XARO |
| Retained earnings | 4,100 | — | 4,238 | 4,443 | 4,687 | S100PUSI, S100V11Q, S100XARO |
| Treasury stock | -1 | — | -1 | -2 | -3 | S100PUSI, S100V11Q, S100XARO |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 42% | S100XARO |
| Property, plant and equipment | 21% | S100XARO |
| Intangibles and goodwill | 2% | S100XARO |
| Investment securities | 12% | S100XARO |
| Other assets | 23% | S100XARO |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 24% | S100XARO |
| Equity | 76% | S100XARO |
| Other liabilities | 0% | S100XARO |

### Balance sheet history

| Metric | FY ending Sep 2022 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 8,380 | 8,360 | 9,331 | 9,380 | 9,769 |
| Equity | 6,153 | 5,957 | 6,536 | 6,859 | 7,405 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 3,852 | 3,825 | 4,311 | 4,489 | 4,143 |

## Asset intensity and goodwill

Ratios are derived from reported values. Goodwill is used only when separately reported, never inferred from combined intangible assets.

| Metric | Value | Sources |
| --- | ---: | ---: |
| Asset intensity (fixed assets ÷ revenue) | 18.8% | S100XARO |
| Fixed assets ÷ total assets | 20.4% | S100XARO |
| Goodwill ÷ parent equity | — | —, S100XARO |

### Cash quality

Net cash = cash − interest-bearing debt. Net debt ratio = (interest-bearing debt − cash) ÷ positive operating cash flow. Omit when debt components are incomplete; other ratios are derived from reported figures.

| Metric | Value |
| --- | ---: |
| Cash ratio (cash ÷ total assets) | 42.4% |
| Cash ÷ revenue | 39.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 46.2% |
| Cash vs. profit gap | -204 JPY mn (of net income -31.5%) |
| Shareholder returns / net income | 62.6% |
| Shareholder returns / FCF | 190.6% |
| Shareholder payments — dividends / net income | 62.5% |
| Shareholder payments — dividends / FCF | 190.2% |
| CapEx intensity (capex ÷ revenue) | 2.2% |
| Investing CF relative to operating CF | 77.2% |

## ROA and ROE

ROE is decomposed into net margin × asset turnover × financial leverage. Leverage can raise ROE, so the ratio alone does not assess a company's condition. Ending balances are used without a prior year; total equity approximates parent equity when unavailable.

| Period | Net margin | Asset turnover | ROA | Financial leverage | ROE | Sources |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 3.9% | 1.12× | 4.3% | 1.36× | 5.9% | S100PUSI |
| 2022 | 3.2% | 1.11× | 3.5% | 1.40× | 5.0% | S100XARO, S100SHMB, S100V11Q |
| 2023 | 7.7% | 1.07× | 8.2% | 1.41× | 11.6% | S100V11Q |
| 2024 | 6.1% | 1.07× | 6.5% | 1.47× | 9.6% | S100XARO |
| 2025 | 6.1% | 1.11× | 6.8% | 1.45× | 9.8% | S100XARO |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社プロシード | Major shareholder | 18.2% | 2025-09-30 |
| ＡＢＩＳＴ社員持株会 | Major shareholder | 6.4% | 2025-09-30 |
| 大宅 清文 | Major shareholder | 2.5% | 2025-09-30 |
| 日本生命保険相互会社 | Major shareholder | 2.5% | 2025-09-30 |
| 小林 秀樹 | Major shareholder | 1.9% | 2025-09-30 |
| 進 里江 | Major shareholder | 1.9% | 2025-09-30 |
| 大宅 ヤイ子 | Major shareholder | 1.5% | 2025-09-30 |
| 小林 喜美 | Major shareholder | 1.0% | 2025-09-30 |
| 久留島 秀彦 | Major shareholder | 0.8% | 2025-09-30 |
| 木下 譲 | Major shareholder | 0.7% | 2025-09-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第20期(2024/10/01－2025/09/30) | S100XARO | 2025-12-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XARO,, |
| 有価証券報告書－第19期(2023/10/01－2024/09/30) | S100V11Q | 2025-01-06 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100V11Q,, |
| 有価証券報告書－第18期(2022/10/01－2023/09/30) | S100SHMB | 2023-12-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SHMB,, |
| 有価証券報告書－第17期(令和3年10月1日－令和4年9月30日) | S100PUSI | 2022-12-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PUSI,, |
| 有価証券報告書－第16期(令和2年10月1日－令和3年9月30日) | S100N2T2 | 2021-12-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100N2T2,, |
| 有価証券報告書－第15期(令和1年10月1日－令和2年9月30日) | S100KE7D | 2020-12-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KE7D,, |

## Definitions

- Amounts are in millions of JPY (rounded). The period is stated in each table heading
- Operating margin = operating income ÷ revenue. Net income is attributable to owners of the parent when disclosed
- Free cash flow (FCF) = operating cash flow − capital expenditure
- ¥100 model = breakdown per ¥100 of revenue (rounded so parts sum to 100)
- Segment revenues include inter-segment sales and may not sum to consolidated revenue
- Source IDs are EDINET document IDs (docID). "算出" (derived) means computed from other disclosed values
- All figures are extracted mechanically from filings. AI-written text never generates figures
- Source: company filings submitted to EDINET (Financial Services Agency of Japan). Figures were extracted, edited and processed, and charts and text were created, by Vizora — not by the FSA (used under the Public Data License v1.0).