# APPLIED TECHNOLOGY CO., LTD: business model and financials

> Latest period: FY ending Dec 2025, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第43期(2025/01/01－2025/12/31) (S100XSUL)
> Page: https://vizora.meequs.com/en/company/applied-technology
> Retrieved: 2026-09-30T18:16:41.241Z

## Company

Applied Technology, founded in 1984, is a company in IT Services & System Integration listed on TSE Standard. It has 270 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | APPLIED TECHNOLOGY CO., LTD. |
| Ticker | 4356 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4356.T) |
| Listing | TSE Standard |
| Head office | 大阪市北区中崎西二丁目4番12号 梅田センタービル |
| Representative (per filing) | 代表取締役社長 船橋俊郎 |
| Founded | Jun 1984 |
| Share capital | ¥600M |
| Employees (consolidated) | 270 |
| Average salary (parent only) | ¥7.4M |
| Fiscal year end | December |
| Website | www.apptec.co.jp (https://www.apptec.co.jp/) |
| Corporate number | 9120001121031 |
| EDINET | E05282 |
| Industries (Vizora) | IT Services & System Integration, Software & SaaS, Consulting |

> Profile source: annual securities report (S100XSUL, filed 2026-03-24). As of filing

## Five-axis industry profile

Primary industry: IT Services & System Integration (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 58.9 | 157 |
| Profitability | 86.5 | 196 |
| Cash conversion | 76.5 | 185 |
| Efficiency | 25.8 | 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 72% of Applied Technology's sales come from Solution service business, with Engineering service business making up much of the rest.
- Out of every ¥100 of sales, about ¥16 is left as operating profit.
- Revenue changed -4.9% from the prior year, operating profit +28.0%.

## Company structure

- Segment revenue mix: Solution service business 71.7%、Engineering service business 28.3%
- Revenue → net income: ¥7454059000 → ¥914874000
- Net income → operating cash flow: ¥914874000 → ¥1363024000（difference ¥448150000）
- Main uses of operating cash flow: CapEx ¥39313000 / dividends ¥170742000 / buybacks ¥76000
- Change in cash: ¥1151970000
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 | ¥7.45B |  |
| Operating income | ¥1.2B | Margin 16.1% |
| Net income | ¥914.9M | Margin 12.3% |
| Free cash flow | ¥1.32B |  |
| Largest business | Solution service business | of segment revenue 71.7% |
| Employees (consolidated) | 270 |  |
| EPS | ¥160.23 |  |
| Book value per share | ¥1095.08 |  |
| Equity ratio | 76.0% |  |
| Shares outstanding | 5,716,800 |  |
| Treasury shares | 7,100 |  |
| Shareholders | 1,035 |  |
| Average salary (parent only) | ¥7.4M | Filing company only |
| Cash ratio | 61.7% | Cash ÷ revenue 68.1% |
| Vs. industry median margin | +7.2 pp | IT Services & System Integration |
| ROE | 15.6% | Derived from disclosed figures |
| ROA | 11.9% | Derived from disclosed figures |

## Notable figures

- FY2025, one segment accounts for 63% of positive segment profit
- FY2025, cash is 62% of total assets

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥4800324000 | ¥7454059000 | +55.3% |
| Operating income | ¥686436000 | ¥1199878000 | +74.8% |
| Operating margin | 14.3% | 16.1% | +1.8 pp |
| Employees | 217 people | 270 people | +24.4% |
| Cash and equivalents | ¥2202958000 | ¥5078191000 | +130.5% |

### Change in segment revenue mix

Span: FY ending Dec 2020 → FY ending Dec 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| ソリューションサービス事業 → ソリューションサービス事業 | 64.3% |
| エンジニアリングサービス事業 → エンジニアリングサービス事業 | 28.3% |
| エンジニアリングサービス事業 → 事業再編・廃止 | 7.4% |
| 新設・再編 → ソリューションサービス事業 | 7.4% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 7,454 | 100.0% | S100XSUL |
| Cost of revenue | 5,160 | 69.2% | S100XSUL |
| Gross profit | 2,294 | 30.8% | S100XSUL |
| SG&A | 1,094 | 14.7% | S100XSUL |
| Operating income | 1,200 | 16.1% | S100XSUL |
| Ordinary income | 1,279 | 17.2% | S100XSUL |
| Pretax income | 1,279 | 17.2% | S100XSUL |
| Income tax | 364 | 4.9% | S100XSUL |
| Net income | 915 | 12.3% | S100XSUL |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 69 |
| SG&A | 15 |
| Operating income | 16 |
| (Ref.) Net income | 12 |

### Margin funnel

Gross margin 30.8% → Operating margin 16.1% → Net margin 12.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue down, profit up
Revenue growth: -4.9%; Core profit growth: +28.0%
Operating leverage (core profit growth ÷ revenue growth): -5.71×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 7,838 | 7,454 | -384 | -4.9% |
| Gross profit | 2,006 | 2,294 | 288 | +14.4% |
| Operating income | 938 | 1,200 | 262 | +28.0% |
| Operating cash flow | 751 | 1,363 | 613 | +81.6% |
| Free cash flow | 707 | 1,324 | 616 | +87.1% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 4,317 | 650 | 15.1% | 471 | 599 | 549 | S100KZZY |
| FY ending Dec 2020 | 4,800 | 686 | 14.3% | 475 | 419 | 351 | S100NPW1 |
| FY ending Dec 2021 | 6,447 | 908 | 14.1% | 711 | 582 | 544 | S100QF7D |
| FY ending Dec 2022 | 7,076 | 956 | 13.5% | 736 | 526 | 499 | S100T39Z |
| FY ending Dec 2023 | 7,419 | 978 | 13.2% | 716 | 531 | 478 | S100VG7Z |
| FY ending Dec 2024 | 7,838 | 938 | 12.0% | 726 | 751 | 707 | S100XSUL |
| FY ending Dec 2025 | 7,454 | 1,200 | 16.1% | 915 | 1,363 | 1,324 | S100XSUL |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥27.6M |
| Operating income per employee (consolidated) | ¥4.4M |
| Net income per employee (consolidated) | ¥3.4M |

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

| History | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 235 | 253 | 267 | 265 | 270 |
| Average salary (parent company) | ¥6.9M | ¥7.1M | ¥6.7M | ¥7.1M | ¥7.4M |
| Average age (parent company) | 42.0 years | 43.0 years | 43.0 years | 44.0 years | 44.0 years |
| Average tenure (parent company) | 11.0 years | 11.0 years | 11.0 years | 11.0 years | 12.0 years |

Year over year: Employees (consolidated) +1.9% · Revenue (consolidated) -4.9%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Solution service business | 5,347 | 71.7% | 1,085 | 20.3% |
| Engineering service business | 2,107 | 28.3% | 644 | 30.6% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Solution service business | 71.7% | 62.7% | -9.0 | 20.3% |
| Engineering service business | 28.3% | 37.3% | 9.0 | 30.6% |

Segment → industry: Solution service business → IT Services & System Integration / Solution service business → Software & SaaS / Engineering service business → Consulting

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 1,363 | 18.3% | S100XSUL |
| Capital expenditure | 39 | 0.5% | S100XSUL |
| Free cash flow | 1,324 | 17.8% | 算出 |
| Investing cash flow | -40 | -0.5% | S100XSUL |
| Financing cash flow | -171 | -2.3% | S100XSUL |
| Dividends paid | 171 | 2.3% | S100XSUL |
| Share buyback | 0 | 0.0% | S100XSUL |
| Change in cash | 1,152 | 15.5% | S100XSUL |
| Cash and equivalents | 5,078 | 68.1% | S100XSUL |

## 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 Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 2,686 | 3,070 | 3,389 | 3,926 | 5,078 | S100T39Z, S100VG7Z, S100XSUL |
| Total assets | 4,989 | 5,743 | 6,554 | 7,126 | 8,231 | S100QF7D, S100T39Z, S100VG7Z, S100XSUL |
| Net assets | 3,580 | 4,409 | 4,955 | 5,509 | 6,253 | S100T39Z, S100VG7Z, S100XSUL |
| Share capital | 600 | 600 | 600 | 600 | 600 | S100QF7D, S100T39Z, S100VG7Z, S100XSUL |
| Property, plant and equipment | 113 | 94 | 130 | 130 | 125 | S100QF7D, S100T39Z, S100VG7Z, S100XSUL |
| Intangible assets excluding goodwill | 45 | 36 | 38 | 26 | 18 | S100QF7D, S100T39Z, S100VG7Z, S100XSUL |
| Investment securities | 22 | 24 | 0 | 0 | 0 | S100QF7D, S100T39Z, S100VG7Z, S100XSUL |
| Current assets | 4,538 | 5,277 | 6,021 | 6,546 | 7,605 | S100QF7D, S100T39Z, S100VG7Z, S100XSUL |
| Current liabilities | 1,353 | 1,277 | 1,509 | 1,526 | 1,888 | S100QF7D, S100T39Z, S100VG7Z, S100XSUL |
| Total liabilities | 1,409 | 1,333 | 1,599 | 1,617 | 1,978 | S100QF7D, S100T39Z, S100VG7Z, S100XSUL |
| Equity attributable to owners of parent | 3,581 | 4,410 | 4,955 | 5,509 | 6,253 | S100QF7D, S100T39Z, S100VG7Z, S100XSUL |
| Retained earnings | 2,593 | 3,423 | 3,967 | 4,522 | 5,265 | S100QF7D, S100T39Z, S100VG7Z, S100XSUL |
| Treasury stock | -4 | -4 | -4 | -4 | -5 | S100QF7D, S100T39Z, S100VG7Z, S100XSUL |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 62% | S100XSUL |
| Property, plant and equipment | 1% | S100XSUL |
| Intangibles and goodwill | 0% | S100XSUL |
| Investment securities | 0% | S100XSUL |
| Other assets | 37% | S100XSUL |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 24% | S100XSUL |
| Equity | 76% | S100XSUL |

### Balance sheet history

| Metric | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 4,989 | 5,743 | 6,554 | 7,126 | 8,231 |
| Equity | 3,580 | 4,409 | 4,955 | 5,509 | 6,253 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 2,686 | 3,070 | 3,389 | 3,926 | 5,078 |

## 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) | 1.7% | S100XSUL |
| Fixed assets ÷ total assets | 1.5% | S100XSUL |
| Goodwill ÷ parent equity | — | —, S100XSUL |

### 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) | 61.7% |
| Cash ÷ revenue | 68.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 113.6% |
| Cash vs. profit gap | 448 JPY mn (of net income 49.0%) |
| Shareholder returns / net income | 18.7% |
| Shareholder returns / FCF | 12.9% |
| Shareholder payments — dividends / net income | 18.7% |
| Shareholder payments — dividends / FCF | 12.9% |
| CapEx intensity (capex ÷ revenue) | 0.5% |
| Investing CF relative to operating CF | 3.0% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 11.0% | 1.29× | 14.3% | 1.39× | 19.9% | S100QF7D |
| 2022 | 10.4% | 1.32× | 13.7% | 1.34× | 18.4% | S100T39Z |
| 2023 | 9.7% | 1.21× | 11.6% | 1.31× | 15.3% | S100VG7Z |
| 2024 | 9.3% | 1.15× | 10.6% | 1.31× | 13.9% | S100XSUL |
| 2025 | 12.3% | 0.97× | 11.9% | 1.31× | 15.6% | S100XSUL |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| トランス・コスモス株式会社 | Major shareholder | 60.2% | 2025-12-31 |
| 光通信KK投資事業有限責任組合 | Major shareholder | 6.5% | 2025-12-31 |
| UH Partners 2投資事業有限責任組合 | Major shareholder | 3.1% | 2025-12-31 |
| 株式会社日本カストディ銀行(信託口) | Major shareholder | 2.6% | 2025-12-31 |
| 応用技術社員持株会 | Major shareholder | 2.3% | 2025-12-31 |
| 奥 田 昌 孝 | Major shareholder | 2.0% | 2025-12-31 |
| 五 味 大 輔 | Major shareholder | 1.7% | 2025-12-31 |
| 大阪中小企業投資育成株式会社 | Major shareholder | 1.4% | 2025-12-31 |
| 日本マスタートラスト信託銀行株式会社(信託口) | Major shareholder | 1.3% | 2025-12-31 |
| 光通信株式会社 | Major shareholder | 1.0% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第43期(2025/01/01－2025/12/31) | S100XSUL | 2026-03-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XSUL,, |
| 有価証券報告書－第42期(2024/01/01－2024/12/31) | S100VG7Z | 2025-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VG7Z,, |
| 有価証券報告書－第41期(2023/01/01－2023/12/31) | S100T39Z | 2024-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T39Z,, |
| 有価証券報告書－第40期(2022/01/01－2022/12/31) | S100QF7D | 2023-03-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QF7D,, |
| 有価証券報告書－第39期(令和3年1月1日－令和3年12月31日) | S100NPW1 | 2022-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NPW1,, |
| 有価証券報告書－第38期(令和2年1月1日－令和2年12月31日) | S100KZZY | 2021-03-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KZZY,, |

## 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).