# Applied Co., Ltd.: 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44期(2025/04/01－2026/03/31) (S100YDKO)
> Page: https://vizora.meequs.com/en/company/applied
> Retrieved: 2026-09-30T20:58:20.177Z

## Company

Applied is a company in PCs & Peripherals listed on TSE Standard. It has 440 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Applied Co.,Ltd. |
| Ticker | 3020 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3020.T) |
| Listing | TSE Standard |
| Head office | 福岡市博多区東比恵三丁目3番1号 |
| Representative (per filing) | 代表取締役会長兼社長 岡 義治 |
| Share capital | ¥381M |
| Employees (consolidated) | 440 |
| Average salary (parent only) | ¥5.3M |
| Fiscal year end | March |
| Website | www.applied-g.jp (https://www.applied-g.jp/) |
| Corporate number | 4290001011410 |
| EDINET | E03472 |
| Industries (Vizora) | PCs & Peripherals, Publishing & Bookstores, Advertising, Electronics Retailers |

> Profile source: annual securities report (S100YDKO, filed 2026-06-18). As of filing

## Five-axis industry profile

Primary industry: PCs & Peripherals (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 40.9 | 11 |
| Profitability | 67.9 | 14 |
| Cash conversion | 68.2 | 11 |
| Efficiency | 96.4 | 14 |

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 78% of Applied's sales come from Personal computer and Game Business, with Cosmetic and Accessory Business and Publishing and Advertising Business making up much of the rest.
- Out of every ¥100 of sales, about ¥7 is left as operating profit.
- Revenue changed +1.5% from the prior year, operating profit +28.6%.

## Company structure

- Segment revenue mix: Personal computer and Game Business 77.9%、Cosmetic and Accessory Business 21.4%、Publishing and Advertising Business 0.8%
- Revenue → net income: ¥48010000000 → ¥2277000000
- Net income → operating cash flow: ¥2277000000 → ¥2999000000（difference ¥722000000）
- Main uses of operating cash flow: CapEx ¥841000000 / dividends ¥324000000 / buybacks ¥0
- Change in cash: ¥144000000
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 | ¥48B |  |
| Operating income | ¥3.43B | Margin 7.1% |
| Net income | ¥2.27B | Margin 4.7% |
| Free cash flow | ¥2.16B |  |
| Largest business | Personal computer and Game Business | of segment revenue 77.9% |
| Employees (consolidated) | 440 |  |
| EPS | ¥815.46 |  |
| Book value per share | ¥4930.58 |  |
| Equity ratio | 62.7% |  |
| Shares outstanding | 2,703,200 |  |
| Treasury shares | 300 |  |
| Shareholders | 1,815 |  |
| Average salary (parent only) | ¥5.3M | Filing company only |
| Cash ratio | 17.7% | Cash ÷ revenue 8.1% |
| Vs. industry median margin | +3.4 pp | PCs & Peripherals |
| ROE | 17.7% | Derived from disclosed figures |
| ROA | 10.8% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 99% of positive segment profit
- FY2026, segment profit share differs by 21 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥39670000000 | ¥48010000000 | +21.0% |
| Operating income | ¥2373000000 | ¥3431000000 | +44.6% |
| Operating margin | 6.0% | 7.1% | +1.2 pp |
| Employees | 402 people | 440 people | +9.5% |
| Cash and equivalents | ¥1493000000 | ¥3886000000 | +160.3% |

### 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 |
| --- | ---: |
| パソコン・ゲーム事業 → パソコン・ゲーム事業 | 65.6% |
| 化粧品・雑貨事業 → 化粧品・雑貨事業 | 21.4% |
| 化粧品・雑貨事業 → 事業再編・廃止 | 12.2% |
| 出版・広告事業 → 出版・広告事業 | 0.8% |
| 出版・広告事業 → 事業再編・廃止 | 0.0% |
| 新設・再編 → パソコン・ゲーム事業 | 12.2% |

Segment revenue source references: 6 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Personal computer and Game Business | 5 years | +7.5% | ¥37384000000 | 8.7% | 2 |
| Cosmetic and Accessory Business | 5 years | -5.1% | ¥10263000000 | -0.4% | 2 |
| Publishing and Advertising Business | 5 years | +3.5% | ¥362000000 | 10.8% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 48,010 | 100.0% | S100YDKO |
| Cost of revenue | 36,850 | 76.8% | S100YDKO |
| Gross profit | 11,159 | 23.2% | S100YDKO |
| SG&A | 7,728 | 16.1% | S100YDKO |
| Operating income | 3,431 | 7.1% | S100YDKO |
| Ordinary income | 3,470 | 7.2% | S100YDKO |
| Pretax income | 3,469 | 7.2% | S100YDKO |
| Income tax | 1,191 | 2.5% | S100YDKO |
| Net income | 2,277 | 4.7% | S100YDKO |
| Net income attributable to owners | 2,268 | 4.7% | S100YDKO |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 77 |
| SG&A | 16 |
| Operating income | 7 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 23.2% → Operating margin 7.1% → Net margin 4.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +1.5%; Core profit growth: +28.6%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 18.76×
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 | 47,288 | 48,010 | 722 | +1.5% |
| Gross profit | 10,064 | 11,159 | 1,095 | +10.9% |
| Operating income | 2,667 | 3,431 | 764 | +28.6% |
| Net income attributable to owners | 1,767 | 2,268 | 501 | +28.4% |
| Operating cash flow | 2,945 | 2,999 | 54 | +1.8% |
| Free cash flow | 2,700 | 2,158 | -542 | -20.1% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 32,214 | 1,982 | 6.2% | 1,130 | 1,947 | 1,757 | S100LVFY |
| FY ending Mar 2021 | 39,670 | 2,373 | 6.0% | 1,540 | 1,347 | 1,092 | S100OLP1 |
| FY ending Mar 2022 | 43,956 | 2,365 | 5.4% | 1,485 | 996 | 758 | S100R7PB |
| FY ending Mar 2023 | 38,606 | 1,737 | 4.5% | 1,098 | 1,831 | 1,532 | S100TWPK |
| FY ending Mar 2024 | 42,819 | 2,124 | 5.0% | 1,210 | 1,427 | 1,138 | S100W7W6 |
| FY ending Mar 2025 | 47,288 | 2,667 | 5.6% | 1,767 | 2,945 | 2,700 | S100YDKO |
| FY ending Mar 2026 | 48,010 | 3,431 | 7.1% | 2,268 | 2,999 | 2,158 | S100YDKO |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥109.1M |
| Operating income per employee (consolidated) | ¥7.8M |
| Net income per employee (consolidated) | ¥5.2M |

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) | 426 | 428 | 425 | 421 | 440 |
| Average salary (parent company) | ¥4.8M | ¥4.8M | ¥4.9M | ¥5.1M | ¥5.3M |
| Average age (parent company) | 33.6 years | 33.9 years | 34.3 years | 34.7 years | 34.5 years |
| Average tenure (parent company) | 9.8 years | 10.2 years | 10.6 years | 11.2 years | 11.0 years |

Year over year: Employees (consolidated) +4.5% · Revenue (consolidated) +1.5%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Personal computer and Game Business | 37,384 | 77.9% | 3,253 | 8.7% |
| Cosmetic and Accessory Business | 10,263 | 21.4% | -36 | -0.4% |
| Publishing and Advertising Business | 362 | 0.8% | 39 | 10.8% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Personal computer and Game Business | 77.9% | 98.8% | 20.9 | 8.7% |
| Cosmetic and Accessory Business | 21.4% | — | — | -0.4% |
| Publishing and Advertising Business | 0.8% | 1.2% | 0.4 | 10.8% |

Loss-making segment (excluded from profit shares): Cosmetic and Accessory Business -36 JPY mn

Segment → industry: Personal computer and Game Business → PCs & Peripherals / Publishing and Advertising Business → Publishing & Bookstores / Publishing and Advertising Business → Advertising / Personal computer and Game Business → Electronics Retailers

## 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 | 2,999 | 6.2% | S100YDKO |
| Capital expenditure | 841 | 1.8% | S100YDKO |
| Free cash flow | 2,158 | 4.5% | 算出 |
| Investing cash flow | -2,131 | -4.4% | S100YDKO |
| Financing cash flow | -724 | -1.5% | S100YDKO |
| Dividends paid | 324 | 0.7% | S100YDKO |
| Share buyback | 0 | 0.0% | S100YDKO |
| Change in cash | 144 | 0.3% | S100YDKO |
| Cash and equivalents | 3,886 | 8.1% | S100YDKO |

## 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 | 1,066 | 1,416 | 1,899 | 3,741 | 3,886 | S100TWPK, S100W7W6, S100YDKO |
| Total assets | 16,090 | 16,929 | 18,070 | 20,179 | 21,976 | S100R7PB, S100TWPK, S100W7W6, S100YDKO |
| Net assets | 8,529 | 9,408 | 10,416 | 11,953 | 13,908 | S100R7PB, S100TWPK, S100W7W6, S100YDKO |
| Share capital | 381 | 381 | 381 | 381 | 381 | S100R7PB, S100TWPK, S100W7W6, S100YDKO |
| Property, plant and equipment | 4,660 | 4,645 | 4,523 | 4,571 | 5,191 | S100R7PB, S100TWPK, S100W7W6, S100YDKO |
| Intangible assets excluding goodwill | 25 | 19 | 16 | 14 | 12 | S100R7PB, S100TWPK, S100W7W6, S100YDKO |
| Investment securities | 33 | 31 | 33 | 33 | 35 | S100R7PB, S100TWPK, S100W7W6, S100YDKO |
| Current assets | 9,866 | 10,965 | 12,377 | 14,565 | 15,786 | S100R7PB, S100TWPK, S100W7W6, S100YDKO |
| Current liabilities | 6,053 | 6,438 | 6,837 | 7,504 | 7,657 | S100R7PB, S100TWPK, S100W7W6, S100YDKO |
| Trade payables | 2,840 | 3,219 | 3,185 | 3,624 | 3,148 | S100R7PB, S100TWPK, S100W7W6, S100YDKO |
| Long-term borrowings | 1,063 | 652 | 398 | 308 | — | S100R7PB, S100TWPK, S100W7W6, S100YDKO |
| Total liabilities | 7,560 | 7,520 | 7,654 | 8,225 | 8,068 | S100R7PB, S100TWPK, S100W7W6, S100YDKO |
| Non-controlling interests | 75 | 87 | 99 | 111 | 120 | S100R7PB, S100TWPK, S100W7W6, S100YDKO |
| Equity attributable to owners of parent | 8,453 | 9,322 | 10,316 | 11,840 | 13,785 | S100R7PB, S100TWPK, S100W7W6, S100YDKO |
| Retained earnings | 7,162 | 8,031 | 9,025 | 10,550 | 12,494 | S100R7PB, S100TWPK, S100W7W6, S100YDKO |
| Treasury stock | 0 | 0 | 0 | 0 | 0 | S100R7PB, S100TWPK, S100W7W6, S100YDKO |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 18% | S100YDKO |
| Property, plant and equipment | 24% | S100YDKO |
| Intangibles and goodwill | 0% | S100YDKO |
| Investment securities | 0% | S100YDKO |
| Other assets | 58% | S100YDKO |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 14% | S100YDKO |
| Other liabilities | 23% | S100YDKO |
| Equity | 63% | S100YDKO |

### 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 | 16,090 | 16,929 | 18,070 | 20,179 | 21,976 |
| Equity | 8,529 | 9,408 | 10,416 | 11,953 | 13,908 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,066 | 1,416 | 1,899 | 3,741 | 3,886 |

## 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) | 10.8% | S100YDKO |
| Fixed assets ÷ total assets | 23.6% | S100YDKO |
| Goodwill ÷ parent equity | — | —, S100YDKO |

### 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) | 17.7% |
| Cash ÷ revenue | 8.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 87.4% |
| Cash vs. profit gap | 731 JPY mn (of net income 32.2%) |
| Shareholder returns / net income | 14.3% |
| Shareholder returns / FCF | 15.0% |
| Shareholder payments — dividends / net income | 14.3% |
| Shareholder payments — dividends / FCF | 15.0% |
| CapEx intensity (capex ÷ revenue) | 1.8% |
| Investing CF relative to operating CF | 71.1% |

## 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 | 3.4% | 2.73× | 9.2% | 1.90× | 17.6% | S100R7PB |
| 2023 | 2.8% | 2.34× | 6.7% | 1.86× | 12.4% | S100TWPK |
| 2024 | 2.8% | 2.45× | 6.9% | 1.78× | 12.3% | S100W7W6 |
| 2025 | 3.7% | 2.47× | 9.2% | 1.73× | 16.0% | S100YDKO |
| 2026 | 4.7% | 2.28× | 10.8% | 1.65× | 17.7% | S100YDKO |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ㈱ パ ム | Major shareholder | 49.1% | 2026-03-31 |
| 日本証券金融㈱ | Major shareholder | 3.1% | 2026-03-31 |
| 岡 義 治 | Major shareholder | 3.0% | 2026-03-31 |
| アプライド従業員持株会 | Major shareholder | 2.8% | 2026-03-31 |
| 内 藤 征 吾 | Major shareholder | 2.5% | 2026-03-31 |
| ㈱西日本シティ銀行 | Major shareholder | 2.5% | 2026-03-31 |
| 光通信ＫＫ投資事業有限責任組合 | Major shareholder | 1.9% | 2026-03-31 |
| ＩＮＴＥＲＡＣＴＩＶＥ ＢＲＯＫＥＲＳ ＬＬＣ （常任代理人 インタラクティブ・ブローカーズ証券㈱） | Major shareholder | 1.6% | 2026-03-31 |
| 上田八木短資㈱ | Major shareholder | 1.3% | 2026-03-31 |
| 若 杉 精三郎 | Major shareholder | 1.2% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第44期(2025/04/01－2026/03/31) | S100YDKO | 2026-06-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YDKO,, |
| 有価証券報告書－第43期(2024/04/01－2025/03/31) | S100W7W6 | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W7W6,, |
| 有価証券報告書－第42期(2023/04/01－2024/03/31) | S100TWPK | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TWPK,, |
| 有価証券報告書－第41期(2022/04/01－2023/03/31) | S100R7PB | 2023-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R7PB,, |
| 有価証券報告書－第40期(令和3年4月1日－令和4年3月31日) | S100OLP1 | 2022-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OLP1,, |
| 有価証券報告書－第39期(令和2年4月1日－令和3年3月31日) | S100LVFY | 2021-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LVFY,, |

## 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).