# C.E.Management Integrated Laboratory Co.Ltd: business model and financials

> Latest period: FY ending Dec 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第41期(2025/01/01－2025/12/31) (S100XSOI)
> Page: https://vizora.meequs.com/en/company/c-e-management-integrated-laboratory
> Retrieved: 2026-09-30T21:00:48.769Z

## Company

C.E.Management Integrated Laboratory is a company in Software & SaaS listed on TSE Standard. It has 522 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | C.E.Management Integrated Laboratory Co.Ltd |
| Ticker | 6171 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6171.T) |
| Listing | TSE Standard |
| Head office | 長野県長野市篠ノ井御幣川877番地1 |
| Representative (per filing) | 代表取締役社長 下平 雄二 |
| Share capital | ¥1.21B |
| Employees (consolidated) | 522 |
| Average salary (parent only) | ¥4.3M |
| Fiscal year end | December |
| Website | www.dksiken.co.jp (https://www.dksiken.co.jp/) |
| Corporate number | 8100001002184 |
| EDINET | E31723 |
| Industries (Vizora) | Software & SaaS, Disaster Prevention & Infrastructure Maintenance, General Contractors |

> Profile source: annual securities report (S100XSOI, filed 2026-03-23). As of filing

## Five-axis industry profile

Primary industry: Disaster Prevention & Infrastructure Maintenance (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 35.7 | 35 |
| Profitability | 48.8 | 40 |
| Cash conversion | 46.1 | 38 |
| Efficiency | 63.8 | 40 |

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 80% of C.E.Management Integrated Laboratory's sales come from Integrated testing service, with Ground reinforcement service and Software development and sales making up much of the rest.
- Out of every ¥100 of sales, about ¥9 is left as operating profit.
- Revenue changed +4.8% from the prior year, operating profit +15.3%.

## Company structure

- Segment revenue mix: Integrated testing service 79.6%、Ground reinforcement service 11.2%、Software development and sales 8.8%、Other 0.4%
- Revenue → net income: ¥7695661000 → ¥482989000
- Net income → operating cash flow: ¥482989000 → ¥490308000（difference ¥7319000）
- Main uses of operating cash flow: CapEx ¥232849000 / dividends ¥170774000 / buybacks ¥11000
- Change in cash: ¥-46978000
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 | ¥7.7B |  |
| Operating income | ¥670.2M | Margin 8.7% |
| Net income | ¥483M | Margin 6.3% |
| Free cash flow | ¥257.5M |  |
| Largest business | Integrated testing service | of segment revenue 79.6% |
| Employees (consolidated) | 522 |  |
| EPS | ¥35.29 |  |
| Book value per share | ¥390.94 |  |
| Equity ratio | 70.4% |  |
| Shares outstanding | 14,237,995 |  |
| Treasury shares | 17,500 |  |
| Shareholders | 10,281 |  |
| Average salary (parent only) | ¥4.3M | Filing company only |
| Cash ratio | 27.8% | Cash ÷ revenue 26.6% |
| Vs. industry median margin | 0 pp | Disaster Prevention & Infrastructure Maintenance |
| ROE | 9.8% | Derived from disclosed figures |
| ROA | 6.7% | Derived from disclosed figures |

## Notable figures

- FY2025, one segment accounts for 82% of positive segment profit
- FY2025, employees -1% while operating income rose 15%
- FY2025, cash is 28% of total assets

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥6207980000 | ¥7695661000 | +24.0% |
| Operating income | ¥387877000 | ¥670175000 | +72.8% |
| Operating margin | 6.2% | 8.7% | +2.5 pp |
| Employees | 450 people | 522 people | +16.0% |
| Cash and equivalents | ¥1181916000 | ¥2043659000 | +72.9% |

### 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 |
| --- | ---: |
| 試験総合サービス事業 → 試験総合サービス事業 | 79.6% |
| 試験総合サービス事業 → 事業再編・廃止 | 9.2% |
| 工事総合サービス事業 → 工事総合サービス事業 | 9.1% |
| ソフトウェア開発販売事業 → ソフトウェア開発販売事業 | 1.4% |
| その他 → その他 | 0.4% |
| その他 → 事業再編・廃止 | 0.3% |
| 新設・再編 → 工事総合サービス事業 | 2.1% |
| 新設・再編 → ソフトウェア開発販売事業 | 7.4% |

Segment revenue source references: 8 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Integrated testing service | 5 years | +2.1% | ¥6129159000 | 20.4% | 2 |
| Ground reinforcement service | 5 years | +8.7% | ¥861865000 | 9.2% | 2 |
| Software development and sales | 5 years | +50.8% | ¥674579000 | 29.2% | 2 |
| Other | 5 years | -5.7% | ¥30057000 | 0.1% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 7,696 | 100.0% | S100XSOI |
| Cost of revenue | 4,697 | 61.0% | S100XSOI |
| Gross profit | 2,999 | 39.0% | S100XSOI |
| SG&A | 2,329 | 30.3% | S100XSOI |
| Operating income | 670 | 8.7% | S100XSOI |
| Ordinary income | 707 | 9.2% | S100XSOI |
| Pretax income | 731 | 9.5% | S100XSOI |
| Income tax | 248 | 3.2% | S100XSOI |
| Net income | 483 | 6.3% | S100XSOI |
| Net income attributable to owners | 483 | 6.3% | S100XSOI |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 61 |
| SG&A | 30 |
| Operating income | 9 |
| (Ref.) Net income | 6 |

### Margin funnel

Gross margin 39.0% → Operating margin 8.7% → Net margin 6.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +4.8%; Core profit growth: +15.3%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 3.22×
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 | 7,346 | 7,696 | 350 | +4.8% |
| Gross profit | 2,866 | 2,999 | 133 | +4.6% |
| Operating income | 581 | 670 | 89 | +15.3% |
| Net income attributable to owners | 363 | 483 | 120 | +33.2% |
| Operating cash flow | 686 | 490 | -196 | -28.6% |
| Free cash flow | 460 | 257 | -202 | -44.0% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 6,066 | 487 | 8.0% | 306 | 613 | 369 | S100KZVQ |
| FY ending Dec 2020 | 6,208 | 388 | 6.2% | 293 | 519 | 320 | S100NPIK |
| FY ending Dec 2021 | 7,341 | 485 | 6.6% | 213 | 641 | 251 | S100QFEQ |
| FY ending Dec 2022 | 6,999 | 532 | 7.6% | 350 | 329 | 286 | S100T3LP |
| FY ending Dec 2023 | 7,327 | 474 | 6.5% | 190 | 953 | 900 | S100VFQY |
| FY ending Dec 2024 | 7,346 | 581 | 7.9% | 363 | 686 | 460 | S100XSOI |
| FY ending Dec 2025 | 7,696 | 670 | 8.7% | 483 | 490 | 257 | S100XSOI |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥14.7M |
| Operating income per employee (consolidated) | ¥1.3M |
| Net income per employee (consolidated) | ¥925.3K |

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) | 477 | 483 | 486 | 525 | 522 |
| Average salary (parent company) | ¥4.1M | ¥4.1M | ¥4.1M | ¥4.3M | ¥4.3M |
| Average age (parent company) | 37.0 years | 37.8 years | 38.2 years | 38.5 years | 39.3 years |
| Average tenure (parent company) | 8.0 years | 8.9 years | 8.9 years | 9.3 years | 9.8 years |

Year over year: Employees (consolidated) -0.6% · Revenue (consolidated) +4.8%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Integrated testing service | 6,129 | 79.6% | 1,252 | 20.4% |
| Ground reinforcement service | 862 | 11.2% | 79 | 9.2% |
| Software development and sales | 675 | 8.8% | 197 | 29.2% |
| Other | 30 | 0.4% | 0 | 0.1% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Integrated testing service | 79.6% | 81.9% | 2.3 | 20.4% |
| Ground reinforcement service | 11.2% | 5.2% | -6.0 | 9.2% |
| Software development and sales | 8.8% | 12.9% | 4.1 | 29.2% |
| Other | 0.4% | 0.0% | -0.4 | 0.1% |

Segment → industry: Software development and sales → Software & SaaS / Ground reinforcement service → Disaster Prevention & Infrastructure Maintenance / Integrated testing service → Disaster Prevention & Infrastructure Maintenance / Ground reinforcement service → General Contractors

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 490 | 6.4% | S100XSOI |
| Capital expenditure | 233 | 3.0% | S100XSOI |
| Free cash flow | 257 | 3.3% | 算出 |
| Investing cash flow | -219 | -2.9% | S100XSOI |
| Financing cash flow | -317 | -4.1% | S100XSOI |
| Dividends paid | 171 | 2.2% | S100XSOI |
| Share buyback | 0 | 0.0% | S100XSOI |
| Change in cash | -47 | -0.6% | S100XSOI |
| Cash and equivalents | 2,044 | 26.6% | S100XSOI |

## 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 | 1,031 | 1,567 | 1,958 | 2,091 | 2,044 | S100T3LP, S100VFQY, S100XSOI |
| Total assets | 6,915 | 7,013 | 6,861 | 7,029 | 7,352 | S100QFEQ, S100T3LP, S100VFQY, S100XSOI |
| Net assets | 4,358 | 4,573 | 4,631 | 4,873 | 5,175 | S100T3LP, S100VFQY, S100XSOI |
| Share capital | 1,205 | 1,205 | 1,205 | 1,206 | 1,206 | S100QFEQ, S100T3LP, S100VFQY, S100XSOI |
| Trade receivables | 1,350 | — | — | — | — | S100QFEQ |
| Property, plant and equipment | 2,303 | 2,193 | 2,103 | 2,241 | 2,381 | S100QFEQ, S100T3LP, S100VFQY, S100XSOI |
| Intangible assets excluding goodwill | 539 | 572 | 306 | 206 | 116 | S100QFEQ, S100T3LP, S100VFQY, S100XSOI |
| Goodwill | 300 | 313 | 148 | 77 | 12 | S100QFEQ, S100T3LP, S100VFQY, S100XSOI |
| Investment securities | 307 | 343 | 387 | 354 | 346 | S100QFEQ, S100T3LP, S100VFQY, S100XSOI |
| Current assets | 3,572 | 3,670 | 3,816 | 4,027 | 4,313 | S100QFEQ, S100T3LP, S100VFQY, S100XSOI |
| Current liabilities | 1,397 | 1,244 | 1,253 | 1,282 | 1,422 | S100QFEQ, S100T3LP, S100VFQY, S100XSOI |
| Long-term borrowings | 734 | 708 | 495 | 324 | 219 | S100QFEQ, S100T3LP, S100VFQY, S100XSOI |
| Total liabilities | 2,557 | 2,440 | 2,230 | 2,156 | 2,177 | S100QFEQ, S100T3LP, S100VFQY, S100XSOI |
| Equity attributable to owners of parent | 4,363 | 4,563 | 4,590 | 4,784 | 5,097 | S100QFEQ, S100T3LP, S100VFQY, S100XSOI |
| Retained earnings | 2,003 | 2,204 | 2,231 | 2,423 | 2,735 | S100QFEQ, S100T3LP, S100VFQY, S100XSOI |
| Treasury stock | — | — | 0 | 0 | -0 | S100VFQY, S100XSOI |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 28% | S100XSOI |
| Property, plant and equipment | 32% | S100XSOI |
| Intangibles and goodwill | 2% | S100XSOI |
| Investment securities | 5% | S100XSOI |
| Other assets | 33% | S100XSOI |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 30% | S100XSOI |
| Equity | 70% | S100XSOI |

### 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 | 6,915 | 7,013 | 6,861 | 7,029 | 7,352 |
| Equity | 4,358 | 4,573 | 4,631 | 4,873 | 5,175 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,031 | 1,567 | 1,958 | 2,091 | 2,044 |

## 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) | 30.9% | S100XSOI |
| Fixed assets ÷ total assets | 32.4% | S100XSOI |
| Goodwill ÷ parent equity | 0.2% | S100XSOI |

Goodwill over 4 years: 300 → 12 JPY; total investing cash flow: -1,023 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) | 27.8% |
| Cash ÷ revenue | 26.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 73.2% |
| Cash vs. profit gap | 7 JPY mn (of net income 1.5%) |
| Shareholder returns / net income | 35.4% |
| Shareholder returns / FCF | 66.3% |
| Shareholder payments — dividends / net income | 35.4% |
| Shareholder payments — dividends / FCF | 66.3% |
| CapEx intensity (capex ÷ revenue) | 3.0% |
| Investing CF relative to operating CF | 44.7% |

## 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 | 2.9% | 1.06× | 3.1% | 1.58× | 4.9% | S100QFEQ |
| 2022 | 5.0% | 1.00× | 5.0% | 1.56× | 7.8% | S100T3LP |
| 2023 | 2.6% | 1.06× | 2.7% | 1.52× | 4.2% | S100VFQY |
| 2024 | 4.9% | 1.06× | 5.2% | 1.48× | 7.7% | S100XSOI |
| 2025 | 6.3% | 1.07× | 6.7% | 1.46× | 9.8% | S100XSOI |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社Ｆｅｅｌ | Major shareholder | 21.8% | 2025-12-31 |
| 下平 雄二 | Major shareholder | 11.2% | 2025-12-31 |
| 土木管理総合試験所従業員持株会 | Major shareholder | 4.3% | 2025-12-31 |
| 下平 美奈子 | Major shareholder | 3.1% | 2025-12-31 |
| 下平 絵里加 | Major shareholder | 2.0% | 2025-12-31 |
| 下平 真里奈 | Major shareholder | 2.0% | 2025-12-31 |
| 松本土建株式会社 | Major shareholder | 1.6% | 2025-12-31 |
| 株式会社ＳＢＩ証券 | Major shareholder | 1.5% | 2025-12-31 |
| 外池 榮一郎 | Major shareholder | 1.1% | 2025-12-31 |
| 母袋 道也 | Major shareholder | 1.0% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第41期(2025/01/01－2025/12/31) | S100XSOI | 2026-03-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XSOI,, |
| 有価証券報告書－第40期(2024/01/01－2024/12/31) | S100VFQY | 2025-03-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VFQY,, |
| 有価証券報告書－第39期(2023/01/01－2023/12/31) | S100T3LP | 2024-03-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T3LP,, |
| 有価証券報告書－第38期(2022/01/01－2022/12/31) | S100QFEQ | 2023-03-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QFEQ,, |
| 有価証券報告書－第37期(令和3年1月1日－令和3年12月31日) | S100NPIK | 2022-03-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NPIK,, |
| 有価証券報告書－第36期(令和2年1月1日－令和2年12月31日) | S100KZVQ | 2021-03-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KZVQ,, |

## 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).