# AGS Corporation: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第31期(2025/04/01－2026/03/31) (S100YEL6)
> Page: https://vizora.meequs.com/en/company/ags
> Retrieved: 2026-09-30T18:37:50.271Z

## Company

AGS, founded in 2004, is a company in Cloud & Data Centers listed on TSE Standard. It has 1,109 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | AGS Corporation |
| Ticker | 3648 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3648.T) |
| Listing | TSE Standard |
| Head office | 埼玉県さいたま市浦和区針ヶ谷四丁目3番25号 |
| Representative (per filing) | 代表取締役社長 中野 真治 |
| Founded | Jul 2004 |
| Share capital | ¥1.43B |
| Employees (consolidated) | 1,109 |
| Average salary (parent only) | ¥6.9M |
| Fiscal year end | March |
| Corporate number | 2030001000011 |
| EDINET | E25263 |
| Industries (Vizora) | Cloud & Data Centers, IT Services & System Integration |

> Profile source: annual securities report (S100YEL6, filed 2026-06-19). As of filing

## Five-axis industry profile

Primary industry: IT Services & System Integration (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 38.5 | 157 |
| Profitability | 47.2 | 196 |
| Cash conversion | 62.4 | 185 |
| Efficiency | 51.3 | 196 |

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 42% of AGS's sales come from Information Processing Service, with Software Development and Additional Information Services making up much of the rest.
- Out of every ¥100 of sales, about ¥9 is left as operating profit.
- Revenue changed +15.1% from the prior year, operating profit +32.4%.

## Company structure

- Segment revenue mix: Information Processing Service 42.4%、Software Development 35.4%、Additional Information Services 14.0%、Hardware Sales of IT Equipment 8.2%
- Revenue → net income: ¥28622381000 → ¥1932324000
- Net income → operating cash flow: ¥1932324000 → ¥2249360000（difference ¥317036000）
- Main uses of operating cash flow: CapEx ¥600684000 / dividends ¥534540000 / buybacks ¥73485000
- Change in cash: ¥738210000
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 | ¥28.6B |  |
| Operating income | ¥2.45B | Margin 8.6% |
| Net income | ¥1.93B | Margin 6.8% |
| Free cash flow | ¥1.65B |  |
| Largest business | Information Processing Service | of segment revenue 42.4% |
| Employees (consolidated) | 1,109 |  |
| EPS | ¥113.07 |  |
| Book value per share | ¥883.72 |  |
| Equity ratio | 68.2% |  |
| Shares outstanding | 17,158,732 |  |
| Treasury shares | 476,700 |  |
| Shareholders | 8,930 |  |
| Average salary (parent only) | ¥6.9M | Filing company only |
| Cash ratio | 26.3% | Cash ÷ revenue 21.6% |
| Vs. industry median margin | +3.3 pp | Cloud & Data Centers |
| ROE | 13.3% | Derived from disclosed figures |
| ROA | 8.6% | Derived from disclosed figures |

## Notable figures

- FY2026, cash is 26% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥20949674000 | ¥28622381000 | +36.6% |
| Operating income | ¥769555000 | ¥2449968000 | +218.4% |
| Operating margin | 3.7% | 8.6% | +4.9 pp |
| Employees | 1,049 people | 1,109 people | +5.7% |
| Cash and equivalents | ¥4290249000 | ¥6174133000 | +43.9% |

### Change in segment revenue mix

Span: FY ending Mar 2021 → FY ending Mar 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 情報処理サービス → 情報処理サービス | 42.4% |
| 情報処理サービス → 事業再編・廃止 | 8.8% |
| ソフトウエア開発 → ソフトウエア開発 | 22.3% |
| その他情報サービス → その他情報サービス | 12.9% |
| システム機器販売 → システム機器販売 | 8.2% |
| システム機器販売 → 事業再編・廃止 | 5.4% |
| 新設・再編 → ソフトウエア開発 | 13.1% |
| 新設・再編 → その他情報サービス | 1.1% |

Segment revenue source references: 8 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Information Processing Service | 5 years | +2.5% | ¥12148462000 | 16.7% | 2 |
| Software Development | 5 years | +16.7% | ¥10127867000 | 17.9% | 2 |
| Additional Information Services | 5 years | +8.3% | ¥4007878000 | 19.9% | 2 |
| Hardware Sales of IT Equipment | 5 years | -3.8% | ¥2338173000 | 4.4% | 2 |

## Income statement（FY ending Mar 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 28,622 | 100.0% | S100YEL6 |
| Cost of revenue | 21,326 | 74.5% | S100YEL6 |
| Gross profit | 7,296 | 25.5% | S100YEL6 |
| SG&A | 4,846 | 16.9% | S100YEL6 |
| Operating income | 2,450 | 8.6% | S100YEL6 |
| Ordinary income | 2,509 | 8.8% | S100YEL6 |
| Pretax income | 2,633 | 9.2% | S100YEL6 |
| Income tax | 701 | 2.4% | S100YEL6 |
| Net income | 1,932 | 6.8% | S100YEL6 |
| Net income attributable to owners | 1,932 | 6.8% | S100YEL6 |

## Per ¥100 of revenue（FY ending Mar 2026）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 74 |
| SG&A | 17 |
| Operating income | 9 |
| (Ref.) Net income | 7 |

### Margin funnel

Gross margin 25.5% → Operating margin 8.6% → Net margin 6.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +15.1%; Core profit growth: +32.4%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.14×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Mar 2025 → FY ending Mar 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 24,862 | 28,622 | 3,760 | +15.1% |
| Gross profit | 6,164 | 7,296 | 1,132 | +18.4% |
| Operating income | 1,850 | 2,450 | 600 | +32.4% |
| Net income attributable to owners | 1,380 | 1,932 | 553 | +40.1% |
| Operating cash flow | 742 | 2,249 | 1,507 | +203.1% |
| Free cash flow | 204 | 1,649 | 1,445 | +710.0% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 19,942 | 715 | 3.6% | 476 | 1,655 | 926 | S100LL0Q |
| FY ending Mar 2021 | 20,950 | 770 | 3.7% | 497 | 1,748 | 1,045 | S100OB5T |
| FY ending Mar 2022 | 21,187 | 949 | 4.5% | 638 | 2,123 | 1,580 | S100R0CG |
| FY ending Mar 2023 | 21,066 | 874 | 4.1% | 682 | 1,711 | 1,088 | S100U8K1 |
| FY ending Mar 2024 | 22,092 | 1,273 | 5.8% | 936 | 2,505 | 1,695 | S100W007 |
| FY ending Mar 2025 | 24,862 | 1,850 | 7.4% | 1,380 | 742 | 204 | S100YEL6 |
| FY ending Mar 2026 | 28,622 | 2,450 | 8.6% | 1,932 | 2,249 | 1,649 | S100YEL6 |

## People and productivity（FY ending Mar 2026, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥25.8M |
| Operating income per employee (consolidated) | ¥2.2M |
| Net income per employee (consolidated) | ¥1.7M |

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

| History | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 1,057 | 1,052 | 1,050 | 1,069 | 1,109 |
| Average salary (parent company) | ¥5.9M | ¥6M | ¥6.1M | ¥6.6M | ¥6.9M |
| Average age (parent company) | 43.1 years | 43.7 years | 44.1 years | 43.9 years | 43.3 years |
| Average tenure (parent company) | 19.6 years | 20.2 years | 20.6 years | 20.3 years | 19.4 years |

Year over year: Employees (consolidated) +3.7% · Revenue (consolidated) +15.1%

## Segments（FY ending Mar 2026, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Information Processing Service | 12,148 | 42.4% | 2,032 | 16.7% |
| Software Development | 10,128 | 35.4% | 1,817 | 17.9% |
| Additional Information Services | 4,008 | 14.0% | 799 | 19.9% |
| Hardware Sales of IT Equipment | 2,338 | 8.2% | 102 | 4.4% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Information Processing Service | 42.4% | 42.8% | 0.3 | 16.7% |
| Software Development | 35.4% | 38.3% | 2.9 | 17.9% |
| Additional Information Services | 14.0% | 16.8% | 2.8 | 19.9% |
| Hardware Sales of IT Equipment | 8.2% | 2.2% | -6.0 | 4.4% |

Segment → industry: Information Processing Service → Cloud & Data Centers / Hardware Sales of IT Equipment → IT Services & System Integration / Additional Information Services → IT Services & System Integration / Software Development → IT Services & System Integration / Information Processing Service → IT Services & System Integration

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 2,249 | 7.9% | S100YEL6 |
| Capital expenditure | 601 | 2.1% | S100YEL6 |
| Free cash flow | 1,649 | 5.8% | 算出 |
| Investing cash flow | -361 | -1.3% | S100YEL6 |
| Financing cash flow | -1,150 | -4.0% | S100YEL6 |
| Dividends paid | 535 | 1.9% | S100YEL6 |
| Share buyback | 73 | 0.3% | S100YEL6 |
| Change in cash | 738 | 2.6% | S100YEL6 |
| Cash and equivalents | 6,174 | 21.6% | S100YEL6 |

## 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 Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 5,150 | 5,630 | 6,336 | 5,436 | 6,174 | S100U8K1, S100W007, S100YEL6 |
| Total assets | 18,600 | 20,124 | 20,821 | 21,577 | 23,485 | S100R0CG, S100U8K1, S100W007, S100YEL6 |
| Net assets | 12,909 | 13,441 | 13,853 | 14,662 | 16,011 | S100U8K1, S100W007, S100YEL6 |
| Share capital | 1,431 | 1,431 | 1,431 | 1,431 | 1,431 | S100R0CG, S100U8K1, S100W007, S100YEL6 |
| Property, plant and equipment | 5,510 | 5,756 | 5,349 | 4,995 | 4,764 | S100R0CG, S100U8K1, S100W007, S100YEL6 |
| Intangible assets excluding goodwill | 803 | 1,359 | 1,518 | 1,274 | 1,186 | S100R0CG, S100U8K1, S100W007, S100YEL6 |
| Investment securities | 1,787 | 1,954 | 2,103 | 2,100 | 2,067 | S100R0CG, S100U8K1, S100W007, S100YEL6 |
| Current assets | 9,860 | 10,442 | 11,218 | 12,500 | 14,574 | S100R0CG, S100U8K1, S100W007, S100YEL6 |
| Current liabilities | 4,319 | 4,518 | 4,913 | 5,341 | 6,267 | S100R0CG, S100U8K1, S100W007, S100YEL6 |
| Total liabilities | 5,691 | 6,683 | 6,968 | 6,915 | 7,474 | S100R0CG, S100U8K1, S100W007, S100YEL6 |
| Equity attributable to owners of parent | 12,274 | 12,675 | 12,929 | 13,806 | 15,148 | S100R0CG, S100U8K1, S100W007, S100YEL6 |
| Retained earnings | 10,386 | 10,873 | 11,414 | 12,333 | 13,603 | S100R0CG, S100U8K1, S100W007, S100YEL6 |
| Treasury stock | -49 | -135 | -422 | -463 | -392 | S100R0CG, S100U8K1, S100W007, S100YEL6 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 26% | S100YEL6 |
| Property, plant and equipment | 20% | S100YEL6 |
| Intangibles and goodwill | 5% | S100YEL6 |
| Investment securities | 9% | S100YEL6 |
| Other assets | 40% | S100YEL6 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 32% | S100YEL6 |
| Equity | 68% | S100YEL6 |

### Balance sheet history

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 18,600 | 20,124 | 20,821 | 21,577 | 23,485 |
| Equity | 12,909 | 13,441 | 13,853 | 14,662 | 16,011 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 5,150 | 5,630 | 6,336 | 5,436 | 6,174 |

## 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) | 16.6% | S100YEL6 |
| Fixed assets ÷ total assets | 20.3% | S100YEL6 |
| Goodwill ÷ parent equity | — | —, S100YEL6 |

### 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) | 26.3% |
| Cash ÷ revenue | 21.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 91.8% |
| Cash vs. profit gap | 317 JPY mn (of net income 16.4%) |
| Shareholder returns / net income | 31.5% |
| Shareholder returns / FCF | 36.9% |
| Shareholder payments — dividends / net income | 27.7% |
| Shareholder payments — dividends / FCF | 32.4% |
| CapEx intensity (capex ÷ revenue) | 2.1% |
| Investing CF relative to operating CF | 16.0% |

## 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 | 3.0% | 1.14× | 3.4% | 1.52× | 5.2% | S100R0CG |
| 2023 | 3.2% | 1.09× | 3.5% | 1.55× | 5.5% | S100U8K1 |
| 2024 | 4.2% | 1.08× | 4.6% | 1.60× | 7.3% | S100W007 |
| 2025 | 5.5% | 1.17× | 6.5% | 1.59× | 10.3% | S100YEL6 |
| 2026 | 6.8% | 1.27× | 8.6% | 1.56× | 13.3% | S100YEL6 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ＡＧＳ社員持株会 | Major shareholder | 10.3% | 2026-03-31 |
| 大栄不動産株式会社 | Major shareholder | 8.6% | 2026-03-31 |
| 埼玉県民共済生活協同組合 | Major shareholder | 6.3% | 2026-03-31 |
| 富士倉庫運輸株式会社 | Major shareholder | 6.3% | 2026-03-31 |
| 千葉県民共済生活協同組合 | Major shareholder | 6.0% | 2026-03-31 |
| 株式会社りそな銀行 | Major shareholder | 4.8% | 2026-03-31 |
| 株式会社ティー・アイ・シー | Major shareholder | 3.6% | 2026-03-31 |
| 武州瓦斯株式会社 | Major shareholder | 2.4% | 2026-03-31 |
| 株式会社ＫＳＫ | Major shareholder | 2.4% | 2026-03-31 |
| 兼松エレクトロニクス株式会社 | Major shareholder | 2.4% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第31期(2025/04/01－2026/03/31) | S100YEL6 | 2026-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YEL6,, |
| 有価証券報告書－第30期(2024/04/01－2025/03/31) | S100W007 | 2025-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W007,, |
| 訂正有価証券報告書－第29期(2023/04/01－2024/03/31) | S100U8K1 | 2024-08-16 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100U8K1,, |
| 有価証券報告書－第28期(2022/04/01－2023/03/31) | S100R0CG | 2023-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R0CG,, |
| 有価証券報告書－第27期(令和3年4月1日－令和4年3月31日) | S100OB5T | 2022-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OB5T,, |
| 有価証券報告書－第26期(令和2年4月1日－令和3年3月31日) | S100LL0Q | 2021-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LL0Q,, |

## Key alliances (from the filing's material contracts)

| Partner | Type | Description | Source |
| --- | ---: | ---: | ---: |
| 富士通 | Supply/OEM | 富士通が製品・サービスを供給し当社が販売（富士通パートナー契約） | S100YEL6 |
| 富士通Japan株式会社 | Supply/OEM | 富士通Japanが富士通製品・サービスを供給し当社が販売（取引基本契約） | S100YEL6 |

## 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).