# BIPROGY Inc.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, IFRS
> Unit: JPY millions
> Sources: 有価証券報告書－第82期(2025/04/01－2026/03/31) (S100YFCP)
> Page: https://vizora.meequs.com/en/company/biprogy
> Retrieved: 2026-09-30T18:18:30.056Z

## Company

Biprogy, founded in 1986, is a company in IT Services & System Integration listed on TSE Prime. It has 8,801 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | BIPROGY Inc. |
| Ticker | 8056 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8056.T) |
| Listing | TSE Prime |
| Head office | 東京都江東区豊洲一丁目1番1号 |
| Representative (per filing) | 代表取締役社長 齊藤昇 |
| Founded | Sep 1986 |
| Share capital | ¥5.48B |
| Employees (consolidated) | 8,801 |
| Average salary (parent only) | ¥8.8M |
| Fiscal year end | March |
| Website | www.biprogy.com (https://www.biprogy.com/) |
| Corporate number | 2010601029542 |
| EDINET | E02611 |
| Industries (Vizora) | IT Services & System Integration, Software & SaaS |

> Profile source: annual securities report (S100YFCP, filed 2026-06-22). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 45.5 | 157 |
| Profitability | 56.4 | 196 |
| Cash conversion | 86.2 | 185 |
| Efficiency | 45.7 | 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 32% of Biprogy's sales come from System Services, with Outsourcing and Hardware making up much of the rest.
- Out of every ¥100 of sales, about ¥10 is left as operating profit.
- Revenue changed +7.3% from the prior year, operating profit +9.1%.

## Company structure

- Segment revenue mix: System Services 32.5%、Outsourcing 22.4%、Hardware 17.4%、Support Services 13.8%、Software 10.9%
- Revenue → net income: ¥433686000000 → ¥31491000000
- Net income → operating cash flow: ¥31491000000 → ¥57566000000（difference ¥26075000000）
- Main uses of operating cash flow: CapEx ¥17398000000 / dividends ¥11745000000 / buybacks ¥10000000000
- Change in cash: ¥-17758000000
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 | ¥433.7B |  |
| Operating income | ¥42.6B | Margin 9.8% |
| Net income | ¥31.2B | Margin 7.2% |
| Free cash flow | ¥40.2B |  |
| Largest business | System Services | of segment revenue 32.5% |
| Employees (consolidated) | 8,801 |  |
| EPS | ¥320.64 |  |
| Diluted EPS | ¥320.03 |  |
| Book value per share | ¥1717.77 |  |
| Equity ratio | 47.0% | Derived from disclosed figures |
| Shares outstanding | 98,959,000 |  |
| Treasury shares | 2,312,600 |  |
| Shareholders | 6,618 |  |
| Average salary (parent only) | ¥8.8M | Filing company only |
| Cash ratio | 12.4% | Cash ÷ revenue 10.8% |
| Vs. industry median margin | +0.9 pp | IT Services & System Integration |
| ROE | 17.9% | Derived from disclosed figures |
| ROA | 8.8% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥308426000000 | ¥433686000000 | +40.6% |
| Operating income | ¥24624000000 | ¥42604000000 | +73.0% |
| Operating margin | 8.0% | 9.8% | +1.8 pp |
| Employees | 7,991 people | 8,801 people | +10.1% |
| Cash and equivalents | ¥46281000000 | ¥47043000000 | +1.6% |

### 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 |
| --- | ---: |
| システムサービス → システムサービス | 15.5% |
| システムサービス → 事業再編・廃止 | 15.4% |
| サポートサービス → サポートサービス | 8.8% |
| サポートサービス → 事業再編・廃止 | 8.7% |
| アウトソーシング → アウトソーシング | 9.8% |
| アウトソーシング → 事業再編・廃止 | 10.0% |
| ソフトウェア → ソフトウェア | 5.3% |
| ソフトウェア → 事業再編・廃止 | 5.5% |
| ハードウェア → ハードウェア | 9.5% |
| ハードウェア → 事業再編・廃止 | 9.5% |
| その他 → その他 | 1.9% |
| 新設・再編 → システムサービス | 17.0% |
| 新設・再編 → サポートサービス | 5.0% |
| 新設・再編 → アウトソーシング | 12.6% |
| 新設・再編 → ソフトウェア | 5.6% |
| 新設・再編 → ハードウェア | 7.9% |
| 新設・再編 → その他 | 1.1% |

Segment revenue source references: 17 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| System Services | 5 years | +8.4% | ¥140845000000 | 36.3% | 2 |
| Outsourcing | 5 years | +10.3% | ¥97245000000 | 22.0% | 2 |
| Hardware | 5 years | +5.5% | ¥75264000000 | 18.1% | 2 |
| Support Services | 5 years | +2.4% | ¥59942000000 | 31.6% | 2 |
| Software | 5 years | +8.0% | ¥47444000000 | 15.9% | 2 |
| Other | 5 years | +2.2% | ¥12944000000 | 26.2% | 2 |

## Income statement（FY ending Mar 2026, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 433,686 | 100.0% | S100YFCP |
| Cost of revenue | 317,677 | 73.3% | S100YFCP |
| Gross profit | 116,009 | 26.7% | S100YFCP |
| SG&A | 72,441 | 16.7% | S100YFCP |
| Operating income | 42,604 | 9.8% | S100YFCP |
| Pretax income | 43,845 | 10.1% | S100YFCP |
| Income tax | 12,353 | 2.8% | S100YFCP |
| Net income | 31,491 | 7.3% | S100YFCP |
| Net income attributable to owners | 31,209 | 7.2% | S100YFCP |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 73 |
| SG&A | 17 |
| Operating income | 10 |
| (Ref.) Net income | 7 |

### Margin funnel

Gross margin 26.7% → Operating margin 9.8% → Net margin 7.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +7.3%; Core profit growth: +9.1%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.23×
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 | 404,010 | 433,686 | 29,676 | +7.3% |
| Gross profit | 105,831 | 116,009 | 10,178 | +9.6% |
| Operating income | 39,066 | 42,604 | 3,538 | +9.1% |
| Net income attributable to owners | 26,965 | 31,209 | 4,244 | +15.7% |
| Operating cash flow | 44,916 | 57,566 | 12,650 | +28.2% |
| Free cash flow | 31,921 | 40,168 | 8,247 | +25.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 311,554 | 26,139 | 8.4% | 18,182 | 27,539 | 18,178 | S100LJPZ |
| FY ending Mar 2021 | 308,426 | 24,624 | 8.0% | 16,639 | 40,567 | 29,602 | S100OKI4 |
| FY ending Mar 2022 | 317,600 | 27,425 | 8.6% | 20,490 | 29,435 | 20,370 | S100RV0M |
| FY ending Mar 2023 | 339,898 | 29,673 | 8.7% | 20,203 | 28,419 | 13,811 | S100TTV6 |
| FY ending Mar 2024 | 370,142 | 33,287 | 9.0% | 25,246 | 41,693 | 28,924 | S100W2VL |
| FY ending Mar 2025 | 404,010 | 39,066 | 9.7% | 26,965 | 44,916 | 31,921 | S100YFCP |
| FY ending Mar 2026 | 433,686 | 42,604 | 9.8% | 31,209 | 57,566 | 40,168 | S100YFCP |

## People and productivity（FY ending Mar 2026, consolidated, IFRS）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥49.3M |
| Operating income per employee (consolidated) | ¥4.8M |
| Net income per employee (consolidated) | ¥3.5M |

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) | 8,068 | 8,124 | 8,218 | 8,362 | 8,801 |
| Average salary (parent company) | ¥8.1M | ¥8.2M | ¥8.5M | ¥8.5M | ¥8.8M |
| Average age (parent company) | 46.1 years | 46.3 years | 46.4 years | 46.4 years | 46.3 years |
| Average tenure (parent company) | 21.0 years | 20.9 years | 21.0 years | 20.8 years | 20.4 years |

Year over year: Employees (consolidated) +5.2% · Revenue (consolidated) +7.3%

## Segments（FY ending Mar 2026, consolidated, IFRS、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| System Services | 140,845 | 32.5% | 51,127 | 36.3% |
| Support Services | 59,942 | 13.8% | 18,953 | 31.6% |
| Outsourcing | 97,245 | 22.4% | 21,353 | 22.0% |
| Software | 47,444 | 10.9% | 7,542 | 15.9% |
| Hardware | 75,264 | 17.4% | 13,638 | 18.1% |
| Other | 12,944 | 3.0% | 3,393 | 26.2% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| System Services | 32.5% | 44.1% | 11.6 | 36.3% |
| Support Services | 13.8% | 16.3% | 2.5 | 31.6% |
| Outsourcing | 22.4% | 18.4% | -4.0 | 22.0% |
| Software | 10.9% | 6.5% | -4.4 | 15.9% |
| Hardware | 17.4% | 11.8% | -5.6 | 18.1% |
| Other | 3.0% | 2.9% | -0.1 | 26.2% |

Segment → industry: Hardware → IT Services & System Integration / Outsourcing → IT Services & System Integration / Support Services → IT Services & System Integration / System Services → IT Services & System Integration / Software → Software & SaaS

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 57,566 | 13.3% | S100YFCP |
| Capital expenditure | 17,398 | 4.0% | S100YFCP |
| Free cash flow | 40,168 | 9.3% | 算出 |
| Investing cash flow | -73,978 | -17.1% | S100YFCP |
| Financing cash flow | -1,512 | -0.3% | S100YFCP |
| Dividends paid | 11,745 | 2.7% | S100YFCP |
| Share buyback | 10,000 | 2.3% | S100YFCP |
| Change in cash | -17,758 | -4.1% | S100YFCP |
| Cash and equivalents | 47,043 | 10.8% | S100YFCP |

## 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 | 48,703 | 43,645 | 59,263 | 64,801 | 47,043 | S100TTV6, S100W2VL, S100YFCP |
| Total assets | 268,647 | 280,396 | 314,219 | 330,876 | 380,669 | S100RV0M, S100TTV6, S100W2VL, S100YFCP |
| Net assets | 130,674 | 141,597 | 168,314 | 171,297 | 181,059 | S100TTV6, S100W2VL, S100YFCP |
| Share capital | 5,483 | 5,483 | 5,483 | 5,483 | 5,483 | S100RV0M, S100TTV6, S100W2VL, S100YFCP |
| Property, plant and equipment | 11,479 | 12,663 | 13,486 | 13,056 | 16,789 | S100RV0M, S100TTV6, S100W2VL, S100YFCP |
| Goodwill | 1,589 | 1,906 | 1,926 | 2,539 | 48,378 | S100RV0M, S100TTV6, S100W2VL, S100YFCP |
| Current assets | 158,056 | 164,650 | 187,914 | 196,809 | 178,089 | S100RV0M, S100TTV6, S100W2VL, S100YFCP |
| Total liabilities | 137,972 | 138,798 | 145,905 | 159,578 | 199,610 | S100RV0M, S100TTV6, S100W2VL, S100YFCP |
| Equity attributable to owners of parent | 128,917 | 139,887 | 166,423 | 169,050 | 178,988 | S100RV0M, S100TTV6, S100W2VL, S100YFCP |
| Retained earnings | 113,599 | 124,460 | 150,605 | 151,107 | 164,405 | S100RV0M, S100TTV6, S100W2VL, S100YFCP |
| Treasury stock | -13,400 | -13,315 | -13,226 | -5,247 | -8,689 | S100RV0M, S100TTV6, S100W2VL, S100YFCP |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 12% | S100YFCP |
| Property, plant and equipment | 4% | S100YFCP |
| Intangibles and goodwill | 13% | — |
| Other assets | 71% | S100YFCP |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 52% | S100YFCP |
| Equity | 48% | S100YFCP |

### 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 | 268,647 | 280,396 | 314,219 | 330,876 | 380,669 |
| Equity | 130,674 | 141,597 | 168,314 | 171,297 | 181,059 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 48,703 | 43,645 | 59,263 | 64,801 | 47,043 |

## 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) | 3.9% | S100YFCP |
| Fixed assets ÷ total assets | 4.4% | S100YFCP |
| Goodwill ÷ parent equity | 27.0% | S100YFCP |

Goodwill over 4 years: 1,589 → 48,378 JPY; total investing cash flow: -117,948 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) | 12.4% |
| Cash ÷ revenue | 10.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 135.1% |
| Cash vs. profit gap | 26,357 JPY mn (of net income 84.5%) |
| Shareholder returns / net income | 69.7% |
| Shareholder returns / FCF | 54.1% |
| Shareholder payments — dividends / net income | 37.6% |
| Shareholder payments — dividends / FCF | 29.2% |
| CapEx intensity (capex ÷ revenue) | 4.0% |
| Investing CF relative to operating CF | 128.5% |

## 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 | 6.5% | 1.18× | 7.6% | 2.08× | 15.9% | S100RV0M |
| 2023 | 5.9% | 1.24× | 7.4% | 2.04× | 15.0% | S100TTV6 |
| 2024 | 6.8% | 1.24× | 8.5% | 1.94× | 16.5% | S100W2VL |
| 2025 | 6.7% | 1.25× | 8.4% | 1.92× | 16.1% | S100YFCP |
| 2026 | 7.2% | 1.22× | 8.8% | 2.04× | 17.9% | S100YFCP |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 大日本印刷株式会社 | Major shareholder | 21.4% | 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 | 11.5% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 11.3% | 2026-03-31 |
| THE BANK OF NEW YORK MELLON 140044 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 2.2% | 2026-03-31 |
| JPモルガン証券株式会社 | Major shareholder | 2.0% | 2026-03-31 |
| JP MORGAN CHASE BANK 385781 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 2.0% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505001 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.8% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505103 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.8% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505301 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.7% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口4） | Major shareholder | 1.6% | 2026-03-31 |

## AI commentary（text by AI; the tables above are authoritative、claude-code）

- Revenue for the year to March 2026 was ¥433.7B, up +7.3% from ¥404B.
- SG&A went up on higher pay, growth investment and acquisition costs, but gross profit grew +9.6% to ¥116B and more than covered it, so operating income reached ¥42.6B (+9.1%).
- Net income rose +15.7% to ¥31.2B, well ahead of revenue growth.
- Operating cash flow climbed +28.2% to ¥57.6B, and free cash flow rose +25.8% to ¥40.2B.

### Drivers

- Clients kept spending on IT, lifting sales mainly in services and product sales.
- In System Services, development work for banks, retailers and power companies grew steadily.
- Outsourcing benefited from more banks adopting BankVision, a wider range of operations services, and the addition of the newly acquired Catalina Marketing Japan.

### Risks

- If a large development project runs into trouble, fixing it can cost more money and time than planned.
- AI may change the traditional model of billing for development hours and push more clients to build systems in-house.
- Acquisitions and investments may not grow as expected, which would hurt results.

Cited: Annual Securities Report, 82nd term (Apr 2025 – Mar 2026) (経営者による財政状態、経営成績及びキャッシュ・フローの状況の分析); Annual Securities Report, 82nd term (Apr 2025 – Mar 2026) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第82期(2025/04/01－2026/03/31) | S100YFCP | 2026-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YFCP,, |
| 有価証券報告書－第81期(2024/04/01－2025/03/31) | S100W2VL | 2025-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W2VL,, |
| 有価証券報告書－第80期(2023/04/01－2024/03/31) | S100TTV6 | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TTV6,, |
| 訂正有価証券報告書－第79期(2022/04/01－2023/03/31) | S100RV0M | 2023-09-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RV0M,, |
| 有価証券報告書－第78期(令和3年4月1日－令和4年3月31日) | S100OKI4 | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OKI4,, |
| 有価証券報告書－第77期(令和2年4月1日－令和3年3月31日) | S100LJPZ | 2021-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LJPZ,, |

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

| Partner | Type | Description | Source |
| --- | ---: | ---: | ---: |
| ユニシス・コーポレーション（米国） | Supply/OEM | ユニシス製コンピュータの日本総代理店契約（ユニシスが供給、当社が輸入販売・保守） | S100YFCP |
| 大日本印刷 | Alliance | クラウド・新プラットフォームサービス・マーケティング販売連携の業務提携 | S100YFCP |

## 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).