# ARGO GRAPHICS Inc.: 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42期(2025/04/01－2026/03/31) (S100YF23)
> Page: https://vizora.meequs.com/en/company/argo-graphics
> Retrieved: 2026-09-30T18:42:45.356Z

## Company

Argo Graphics, founded in 1985, is a company in IT Services & System Integration listed on TSE Prime. It has 1,198 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | ARGO GRAPHICS Inc. |
| Ticker | 7595 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7595.T) |
| Listing | TSE Prime |
| Head office | 東京都中央区日本橋箱崎町5番14号 |
| Representative (per filing) | 代表取締役 会長執行役員(CEO) 藤澤 義麿 |
| Founded | Feb 1985 |
| Share capital | ¥1.87B |
| Employees (consolidated) | 1,198 |
| Average salary (parent only) | ¥8.1M |
| Fiscal year end | March |
| Corporate number | 7010001062783 |
| EDINET | E05018 |
| Industries (Vizora) | IT Services & System Integration |

> Profile source: annual securities report (S100YF23, 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 | 64.6 | 157 |
| Profitability | 82.4 | 196 |
| Cash conversion | 13.8 | 185 |
| Efficiency | 18.1 | 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 Argo Graphics's sales come from PLM Business, with EDA Business making up much of the rest.
- Out of every ¥100 of sales, about ¥15 is left as operating profit.
- Revenue changed +2.9% from the prior year, operating profit +5.3%.

## Company structure

- Segment revenue mix: PLM Business 97.2%、EDA Business 2.8%
- Revenue → net income: ¥71526005000 → ¥19344862000
- Net income → operating cash flow: ¥19344862000 → ¥4663332000（difference ¥-14681530000）
- Main uses of operating cash flow: CapEx ¥4075373000 / dividends ¥2711070000 / buybacks ¥19054417000
- Change in cash: ¥-3690298000
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 | ¥71.5B |  |
| Operating income | ¥10.7B | Margin 15.0% |
| Net income | ¥19.2B | Margin 26.8% |
| Free cash flow | ¥588M |  |
| Largest business | PLM Business | of segment revenue 97.2% |
| Employees (consolidated) | 1,198 |  |
| EPS | ¥268.09 |  |
| Book value per share | ¥637.66 |  |
| Equity ratio | 60.3% |  |
| Shares outstanding | 80,000,000 |  |
| Treasury shares | 9,320,700 |  |
| Shareholders | 8,942 |  |
| Average salary (parent only) | ¥8.1M | Filing company only |
| Cash ratio | 39.8% | Cash ÷ revenue 45.0% |
| Vs. industry median margin | +6.1 pp | IT Services & System Integration |
| ROE | 41.5% | Derived from disclosed figures |
| ROA | 22.9% | Derived from disclosed figures |

## Notable figures

- FY2026, buybacks were 7.0× dividends
- FY2026, one segment accounts for 98% of positive segment profit
- FY2026, cash is 40% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥43416334000 | ¥71526005000 | +64.7% |
| Operating income | ¥5639164000 | ¥10745268000 | +90.5% |
| Operating margin | 13.0% | 15.0% | +2 pp |
| Employees | 1,044 people | 1,198 people | +14.8% |
| Cash and equivalents | ¥21064384000 | ¥32213267000 | +52.9% |

### 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 |
| --- | ---: |
| PLM事業 → 事業再編・廃止 | 95.8% |
| EDA事業 → 事業再編・廃止 | 4.2% |
| 新設・再編 → PLM事業 | 97.2% |
| 新設・再編 → EDA事業 | 2.8% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 71,526 | 100.0% | S100YF23 |
| Cost of revenue | 52,746 | 73.7% | S100YF23 |
| Gross profit | 18,780 | 26.3% | S100YF23 |
| SG&A | 8,035 | 11.2% | S100YF23 |
| Operating income | 10,745 | 15.0% | S100YF23 |
| Ordinary income | 11,419 | 16.0% | S100YF23 |
| Pretax income | 27,437 | 38.4% | S100YF23 |
| Income tax | 8,092 | 11.3% | S100YF23 |
| Net income | 19,345 | 27.0% | S100YF23 |
| Net income attributable to owners | 19,190 | 26.8% | S100YF23 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 74 |
| SG&A | 11 |
| Operating income | 15 |
| (Ref.) Net income | 27 |

### Margin funnel

Gross margin 26.3% → Operating margin 15.0% → Net margin 26.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +2.9%; Core profit growth: +5.3%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.87×
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 | 69,542 | 71,526 | 1,984 | +2.9% |
| Gross profit | 17,868 | 18,780 | 912 | +5.1% |
| Operating income | 10,200 | 10,745 | 546 | +5.3% |
| Net income attributable to owners | 7,447 | 19,190 | 11,743 | +157.7% |
| Operating cash flow | 6,458 | 4,663 | -1,795 | -27.8% |
| Free cash flow | 5,734 | 588 | -5,146 | -89.7% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 48,192 | 6,266 | 13.0% | 4,214 | 6,410 | 6,369 | S100LKEV |
| FY ending Mar 2021 | 43,416 | 5,639 | 13.0% | 3,961 | 2,592 | 2,549 | S100OF4T |
| FY ending Mar 2022 | 46,188 | 6,601 | 14.3% | 4,518 | 5,959 | 5,906 | S100R264 |
| FY ending Mar 2023 | 53,348 | 7,774 | 14.6% | 5,421 | 3,365 | 3,016 | S100TN9C |
| FY ending Mar 2024 | 59,511 | 9,173 | 15.4% | 6,520 | 9,676 | 9,566 | S100W0WR |
| FY ending Mar 2025 | 69,542 | 10,200 | 14.7% | 7,447 | 6,458 | 5,734 | S100YF23 |
| FY ending Mar 2026 | 71,526 | 10,745 | 15.0% | 19,190 | 4,663 | 588 | S100YF23 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥59.7M |
| Operating income per employee (consolidated) | ¥9M |
| Net income per employee (consolidated) | ¥16M |

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) | 1,036 | 1,076 | 1,135 | 1,166 | 1,198 |
| Average salary (parent company) | ¥6.7M | ¥7.1M | ¥7.6M | ¥7.7M | ¥8.1M |
| Average age (parent company) | 43.3 years | 44.1 years | 42.6 years | 42.6 years | 42.3 years |
| Average tenure (parent company) | 12.6 years | 12.8 years | 13.1 years | 13.2 years | 13.0 years |

Year over year: Employees (consolidated) +2.7% · Revenue (consolidated) +2.9%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| PLM Business | 69,490 | 97.2% | 10,485 | 15.1% |
| EDA Business | 2,036 | 2.8% | 261 | 12.8% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| PLM Business | 97.2% | 97.6% | 0.4 | 15.1% |
| EDA Business | 2.8% | 2.4% | -0.4 | 12.8% |

Segment → industry: EDA Business → IT Services & System Integration / PLM Business → 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 | 4,663 | 6.5% | S100YF23 |
| Capital expenditure | 4,075 | 5.7% | S100YF23 |
| Free cash flow | 588 | 0.8% | 算出 |
| Investing cash flow | 12,947 | 18.1% | S100YF23 |
| Financing cash flow | -21,447 | -30.0% | S100YF23 |
| Dividends paid | 2,711 | 3.8% | S100YF23 |
| Share buyback | 19,054 | 26.6% | S100YF23 |
| Change in cash | -3,690 | -5.2% | S100YF23 |
| Cash and equivalents | 32,213 | 45.0% | S100YF23 |

## 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 | 25,155 | 24,905 | 31,833 | 35,904 | 32,213 | S100TN9C, S100W0WR, S100YF23 |
| Total assets | 58,830 | 65,502 | 75,054 | 86,491 | 80,967 | S100R264, S100TN9C, S100W0WR, S100YF23 |
| Net assets | 39,859 | 43,942 | 52,442 | 59,670 | 51,379 | S100TN9C, S100W0WR, S100YF23 |
| Share capital | 1,873 | 1,873 | 1,873 | 1,873 | 1,873 | S100R264, S100TN9C, S100W0WR, S100YF23 |
| Property, plant and equipment | 213 | 396 | 430 | 1,094 | 5,669 | S100R264, S100TN9C, S100W0WR, S100YF23 |
| Intangible assets excluding goodwill | 491 | 494 | 525 | 344 | 295 | S100R264, S100TN9C, S100W0WR, S100YF23 |
| Goodwill | 468 | 449 | 487 | 298 | 244 | S100R264, S100TN9C, S100W0WR, S100YF23 |
| Investment securities | 13,915 | 13,262 | 19,090 | 21,186 | 12,729 | S100R264, S100TN9C, S100W0WR, S100YF23 |
| Current assets | 43,265 | 50,403 | 53,883 | 61,792 | 60,145 | S100R264, S100TN9C, S100W0WR, S100YF23 |
| Current liabilities | 14,951 | 17,481 | 16,887 | 20,156 | 25,718 | S100R264, S100TN9C, S100W0WR, S100YF23 |
| Total liabilities | 18,971 | 21,560 | 22,612 | 26,821 | 29,588 | S100R264, S100TN9C, S100W0WR, S100YF23 |
| Non-controlling interests | 2,054 | 2,125 | 2,321 | 2,482 | 2,591 | S100R264, S100TN9C, S100W0WR, S100YF23 |
| Equity attributable to owners of parent | 33,524 | 37,288 | 41,983 | 47,265 | 45,169 | S100R264, S100TN9C, S100W0WR, S100YF23 |
| Retained earnings | 30,218 | 34,203 | 38,983 | 44,255 | 51,540 | S100R264, S100TN9C, S100W0WR, S100YF23 |
| Treasury stock | -700 | -926 | -1,010 | -1,000 | -10,289 | S100R264, S100TN9C, S100W0WR, S100YF23 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 40% | S100YF23 |
| Property, plant and equipment | 7% | S100YF23 |
| Intangibles and goodwill | 0% | S100YF23 |
| Investment securities | 16% | S100YF23 |
| Other assets | 37% | S100YF23 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 37% | S100YF23 |
| Equity | 63% | S100YF23 |

### 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 | 58,830 | 65,502 | 75,054 | 86,491 | 80,967 |
| Equity | 39,859 | 43,942 | 52,442 | 59,670 | 51,379 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 25,155 | 24,905 | 31,833 | 35,904 | 32,213 |

## 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) | 7.9% | S100YF23 |
| Fixed assets ÷ total assets | 7.0% | S100YF23 |
| Goodwill ÷ parent equity | 0.5% | S100YF23 |

Goodwill over 4 years: 468 → 244 JPY; total investing cash flow: 9,347 JPY. This does not imply causation.

### 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) | 39.8% |
| Cash ÷ revenue | 45.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 43.4% |
| Cash vs. profit gap | -14,527 JPY mn (of net income -75.7%) |
| Shareholder returns / net income | 113.4% |
| Shareholder returns / FCF | 3701.9% |
| Shareholder payments — dividends / net income | 14.1% |
| Shareholder payments — dividends / FCF | 461.1% |
| CapEx intensity (capex ÷ revenue) | 5.7% |
| Investing CF relative to operating CF | 277.6% |

## 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 | 9.8% | 0.79× | 7.7% | 1.75× | 13.5% | S100R264 |
| 2023 | 10.2% | 0.86× | 8.7% | 1.76× | 15.3% | S100TN9C |
| 2024 | 11.0% | 0.85× | 9.3% | 1.77× | 16.5% | S100W0WR |
| 2025 | 10.7% | 0.86× | 9.2% | 1.81× | 16.7% | S100YF23 |
| 2026 | 26.8% | 0.85× | 22.9% | 1.81× | 41.5% | S100YF23 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行㈱（信託口） | Major shareholder | 13.2% | 2026-03-31 |
| ㈱日本カストディ銀行（信託口） | Major shareholder | 6.3% | 2026-03-31 |
| BBH FOR FIDELITY LOW-PRICED STOCK FUND（常任代理人 ㈱三菱ＵＦＪ銀行） | Major shareholder | 3.9% | 2026-03-31 |
| 藤澤 義麿 | Major shareholder | 3.3% | 2026-03-31 |
| ㈱タムロン | Major shareholder | 3.3% | 2026-03-31 |
| ＳＣＳＫ㈱ | Major shareholder | 3.3% | 2026-03-31 |
| NORTHERN TRUST CO.(AVFC) RE IEDP AIF CLIENTS NON TREATY ACCOUNT（常任代理人 香港上海銀行東京支店） | Major shareholder | 3.2% | 2026-03-31 |
| 野村信託銀行㈱（投信口） | Major shareholder | 3.2% | 2026-03-31 |
| ㈱日本カストディ銀行（信託Ｅ口） | Major shareholder | 2.8% | 2026-03-31 |
| THE CHASE MANHATTAN BANK,N.A. LONDONSECS LENDING OMNIBUS ACCOUNT（常任代理人 ㈱みずほ銀行） | Major shareholder | 2.5% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第42期(2025/04/01－2026/03/31) | S100YF23 | 2026-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YF23,, |
| 有価証券報告書－第41期(2024/04/01－2025/03/31) | S100W0WR | 2025-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W0WR,, |
| 有価証券報告書－第40期(2023/04/01－2024/03/31) | S100TN9C | 2024-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TN9C,, |
| 有価証券報告書－第39期(2022/04/01－2023/03/31) | S100R264 | 2023-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R264,, |
| 有価証券報告書－第38期(令和3年4月1日－令和4年3月31日) | S100OF4T | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OF4T,, |
| 有価証券報告書－第37期(令和2年4月1日－令和3年3月31日) | S100LKEV | 2021-06-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LKEV,, |

## 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).