# ALPHA SYSTEMS INC.: business model and financials

> Latest period: FY ending Mar 2026, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第54期(2025/04/01－2026/03/31) (S100YK7V)
> Page: https://vizora.meequs.com/en/company/alpha-systems
> Retrieved: 2026-09-30T18:17:59.055Z

## Company

Alpha Systems, founded in 1972, is a company in IT Services & System Integration listed on TSE Prime. It has 2,987 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | ALPHA SYSTEMS INC. |
| Ticker | 4719 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4719.T) |
| Listing | TSE Prime |
| Head office | 神奈川県川崎市中原区上小田中六丁目6番1号 |
| Representative (per filing) | 代表取締役社長 竹原 政義 |
| Founded | Oct 1972 |
| Share capital | ¥8.5B |
| Employees (consolidated) | 2,987 |
| Average salary (parent only) | ¥6.8M |
| Fiscal year end | March |
| Website | www.alpha.co.jp (https://www.alpha.co.jp/) |
| Corporate number | 7011001001789 |
| EDINET | E05029 |
| Industries (Vizora) | IT Services & System Integration |

> Profile source: annual securities report (S100YK7V, filed 2026-06-25). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 29 | 157 |
| Profitability | 75.8 | 196 |
| Cash conversion | 24.6 | 185 |
| Efficiency | 12.5 | 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 97% of Alpha Systems's sales come from Software development related business, with Other making up much of the rest.
- Out of every ¥100 of sales, about ¥12 is left as operating profit.
- Revenue changed +5.8% from the prior year, operating profit +11.8%.

## Company structure

- Segment revenue mix: Software development related business 96.9%、Other 3.1%
- Revenue → net income: ¥40722469000 → ¥3750232000
- Net income → operating cash flow: ¥3750232000 → ¥3026546000（difference ¥-723686000）
- Main uses of operating cash flow: CapEx ¥897497000 / dividends ¥1893941000 / buybacks ¥227000
- Change in cash: ¥-1921439000
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 | ¥40.7B |  |
| Operating income | ¥4.95B | Margin 12.1% |
| Net income | ¥3.75B | Margin 9.2% |
| Free cash flow | ¥2.13B |  |
| Largest business | Software development related business | of segment revenue 96.9% |
| Employees (consolidated) | 2,987 |  |
| EPS | ¥267.14 |  |
| Book value per share | ¥3229.29 |  |
| Equity ratio | 85.2% |  |
| Shares outstanding | 14,052,400 |  |
| Treasury shares | 13,700 |  |
| Shareholders | 3,103 |  |
| Average salary (parent only) | ¥6.8M | Filing company only |
| Cash ratio | 37.7% | Cash ÷ revenue 49.3% |
| Vs. industry median margin | +3.2 pp | IT Services & System Integration |
| ROE | 8.5% | Derived from disclosed figures |
| ROA | 7.1% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 95% of positive segment profit
- FY2026, cash is 38% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥31318573000 | ¥40722469000 | +30.0% |
| Operating income | ¥3370342000 | ¥4945023000 | +46.7% |
| Operating margin | 10.8% | 12.1% | +1.4 pp |
| Employees | 2,826 people | 2,987 people | +5.7% |
| Cash and equivalents | ¥20032135000 | ¥20074245000 | +0.2% |

### 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 |
| --- | ---: |
| ソフトウェア開発関連事業 → ソフトウェア開発関連事業 | 95.3% |
| その他 → その他 | 3.1% |
| その他 → 事業再編・廃止 | 1.6% |
| 新設・再編 → ソフトウェア開発関連事業 | 1.6% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 40,722 | 100.0% | S100YK7V |
| Cost of revenue | 31,286 | 76.8% | S100YK7V |
| Gross profit | 9,436 | 23.2% | S100YK7V |
| SG&A | 4,491 | 11.0% | S100YK7V |
| Operating income | 4,945 | 12.1% | S100YK7V |
| Ordinary income | 5,111 | 12.6% | S100YK7V |
| Pretax income | 5,084 | 12.5% | S100YK7V |
| Income tax | 1,334 | 3.3% | S100YK7V |
| Net income | 3,750 | 9.2% | S100YK7V |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 77 |
| SG&A | 11 |
| Operating income | 12 |
| (Ref.) Net income | 9 |

### Margin funnel

Gross margin 23.2% → Operating margin 12.1% → Net margin 9.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +5.8%; Core profit growth: +11.8%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.03×
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 | 38,484 | 40,722 | 2,238 | +5.8% |
| Gross profit | 8,916 | 9,436 | 520 | +5.8% |
| Operating income | 4,423 | 4,945 | 522 | +11.8% |
| Operating cash flow | 1,568 | 3,027 | 1,458 | +93.0% |
| Free cash flow | 1,396 | 2,129 | 733 | +52.5% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 30,826 | 3,338 | 10.8% | 2,294 | 2,996 | 2,895 | S100LV5U |
| FY ending Mar 2021 | 31,319 | 3,370 | 10.8% | 2,282 | 2,239 | 2,128 | S100OL1F |
| FY ending Mar 2022 | 33,875 | 4,033 | 11.9% | 2,789 | 2,930 | 2,772 | S100RA3M |
| FY ending Mar 2023 | 35,549 | 4,214 | 11.9% | 2,919 | 2,946 | 2,905 | S100TWJ6 |
| FY ending Mar 2024 | 36,383 | 4,349 | 12.0% | 3,045 | 4,707 | 4,587 | S100W69R |
| FY ending Mar 2025 | 38,484 | 4,423 | 11.5% | 3,211 | 1,568 | 1,396 | S100YK7V |
| FY ending Mar 2026 | 40,722 | 4,945 | 12.1% | 3,750 | 3,027 | 2,129 | S100YK7V |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥13.6M |
| Operating income per employee (consolidated) | ¥1.7M |
| Net income per employee (consolidated) | ¥1.3M |

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) | 2,906 | 2,944 | 2,895 | 2,924 | 2,987 |
| Average salary (parent company) | ¥6M | ¥6.1M | ¥6.2M | ¥6.3M | ¥6.8M |
| Average age (parent company) | 37.9 years | 38.2 years | 38.8 years | 38.9 years | 38.9 years |
| Average tenure (parent company) | 14.7 years | 14.9 years | 15.5 years | 15.6 years | 15.7 years |

Year over year: Employees (consolidated) +2.2% · Revenue (consolidated) +5.8%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Software development related business | 39,477 | 96.9% | 4,711 | 11.9% |
| Other | 1,246 | 3.1% | 252 | 20.2% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Software development related business | 96.9% | 94.9% | -2.0 | 11.9% |
| Other | 3.1% | 5.1% | 2.0 | 20.2% |

Segment → industry: Other → IT Services & System Integration / Software development related business → IT Services & System Integration

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 3,027 | 7.4% | S100YK7V |
| Capital expenditure | 897 | 2.2% | S100YK7V |
| Free cash flow | 2,129 | 5.2% | 算出 |
| Investing cash flow | -3,054 | -7.5% | S100YK7V |
| Financing cash flow | -1,894 | -4.7% | S100YK7V |
| Dividends paid | 1,894 | 4.7% | S100YK7V |
| Share buyback | 0 | 0.0% | S100YK7V |
| Change in cash | -1,921 | -4.7% | S100YK7V |
| Cash and equivalents | 20,074 | 49.3% | S100YK7V |

## 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 | 22,201 | 22,542 | 25,127 | 21,996 | 20,074 | S100TWJ6, S100W69R, S100YK7V |
| Total assets | 46,825 | 48,167 | 50,807 | 52,017 | 53,239 | S100RA3M, S100TWJ6, S100W69R, S100YK7V |
| Net assets | 38,123 | 39,775 | 41,861 | 43,473 | 45,335 | S100TWJ6, S100W69R, S100YK7V |
| Share capital | 8,501 | 8,501 | 8,501 | 8,501 | 8,501 | S100RA3M, S100TWJ6, S100W69R, S100YK7V |
| Property, plant and equipment | 9,542 | 9,342 | 9,213 | 9,174 | 9,744 | S100RA3M, S100TWJ6, S100W69R, S100YK7V |
| Intangible assets excluding goodwill | 24 | 22 | 27 | 20 | 13 | S100RA3M, S100TWJ6, S100W69R, S100YK7V |
| Investment securities | 793 | 1,590 | 1,625 | 3,770 | 5,302 | S100RA3M, S100TWJ6, S100W69R, S100YK7V |
| Current assets | 33,004 | 32,833 | 35,197 | 34,102 | 33,217 | S100RA3M, S100TWJ6, S100W69R, S100YK7V |
| Current liabilities | 7,179 | 6,966 | 7,656 | 7,584 | 7,469 | S100RA3M, S100TWJ6, S100W69R, S100YK7V |
| Total liabilities | 8,702 | 8,392 | 8,946 | 8,544 | 7,904 | S100RA3M, S100TWJ6, S100W69R, S100YK7V |
| Equity attributable to owners of parent | 38,070 | 39,724 | 41,785 | 43,382 | 45,237 | S100RA3M, S100TWJ6, S100W69R, S100YK7V |
| Retained earnings | 20,961 | 22,616 | 24,678 | 26,275 | 28,130 | S100RA3M, S100TWJ6, S100W69R, S100YK7V |
| Treasury stock | -38 | -39 | -40 | -41 | -41 | S100RA3M, S100TWJ6, S100W69R, S100YK7V |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 38% | S100YK7V |
| Property, plant and equipment | 18% | S100YK7V |
| Intangibles and goodwill | 0% | S100YK7V |
| Investment securities | 10% | S100YK7V |
| Other assets | 34% | S100YK7V |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 15% | S100YK7V |
| Equity | 85% | S100YK7V |

### 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 | 46,825 | 48,167 | 50,807 | 52,017 | 53,239 |
| Equity | 38,123 | 39,775 | 41,861 | 43,473 | 45,335 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 22,201 | 22,542 | 25,127 | 21,996 | 20,074 |

## 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) | 23.9% | S100YK7V |
| Fixed assets ÷ total assets | 18.3% | S100YK7V |
| Goodwill ÷ parent equity | — | —, S100YK7V |

### 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) | 37.7% |
| Cash ÷ revenue | 49.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 61.2% |
| Cash vs. profit gap | -724 JPY mn (of net income -19.3%) |
| Shareholder returns / net income | 50.5% |
| Shareholder returns / FCF | 89.0% |
| Shareholder payments — dividends / net income | 50.5% |
| Shareholder payments — dividends / FCF | 89.0% |
| CapEx intensity (capex ÷ revenue) | 2.2% |
| Investing CF relative to operating CF | 100.9% |

## 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 | 8.2% | 0.72× | 6.0% | 1.23× | 7.3% | S100RA3M |
| 2023 | 8.2% | 0.75× | 6.1% | 1.22× | 7.5% | S100TWJ6 |
| 2024 | 8.4% | 0.74× | 6.2% | 1.21× | 7.5% | S100W69R |
| 2025 | 8.3% | 0.75× | 6.2% | 1.21× | 7.5% | S100YK7V |
| 2026 | 9.2% | 0.77× | 7.1% | 1.19× | 8.5% | S100YK7V |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 石川 義昭 | Major shareholder | 34.2% | 2026-03-31 |
| NOMURA CUSTODY NOMINEES LIMITED OMNIBUS－FULLY PAID（CASHPB） （常任代理人 野村證券株式会社） | Major shareholder | 9.9% | 2026-03-31 |
| アルファシステムズ従業員持株会 | Major shareholder | 9.3% | 2026-03-31 |
| 株式会社オルビック | Major shareholder | 6.4% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 6.2% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 4.8% | 2026-03-31 |
| 株式会社シー・アール・シー | Major shareholder | 3.8% | 2026-03-31 |
| 石川 有子 | Major shareholder | 2.8% | 2026-03-31 |
| NORTHERN TRUST CO. （AVFC）RE IEDU UCITS CLIENTS NON LENDING 15 PCT TREATY ACCOUNT （常任代理人 香港上海銀行東京支店） | Major shareholder | 1.7% | 2026-03-31 |
| 三菱UFJ信託銀行株式会社 | Major shareholder | 1.1% | 2026-03-31 |
| 株式会社きらぼし銀行 | Major shareholder | 1.1% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第54期(2025/04/01－2026/03/31) | S100YK7V | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YK7V,, |
| 有価証券報告書－第53期(2024/04/01－2025/03/31) | S100W69R | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W69R,, |
| 有価証券報告書－第52期(2023/04/01－2024/03/31) | S100TWJ6 | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TWJ6,, |
| 有価証券報告書－第51期(2022/04/01－2023/03/31) | S100RA3M | 2023-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RA3M,, |
| 有価証券報告書－第50期(令和3年4月1日－令和4年3月31日) | S100OL1F | 2022-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OL1F,, |
| 有価証券報告書－第49期(令和2年4月1日－令和3年3月31日) | S100LV5U | 2021-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LV5U,, |

## 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).