# CAC Holdings Corporation: 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60期(2025/01/01－2025/12/31) (S100XSXA)
> Page: https://vizora.meequs.com/en/company/cac-holdings
> Retrieved: 2026-09-30T21:40:41.861Z

## Company

CAC Holdings, founded in 1966, is a company in IT Services & System Integration listed on TSE Prime. It has 4,764 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | CAC Holdings Corporation |
| Ticker | 4725 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4725.T) |
| Listing | TSE Prime |
| Head office | 東京都中央区日本橋箱崎町24番1号 |
| Representative (per filing) | 代表取締役社長 西森 良太 |
| Founded | Aug 1966 |
| Share capital | ¥3.7B |
| Employees (consolidated) | 4,764 |
| Average salary (parent only) | ¥9.5M |
| Fiscal year end | December |
| Website | www.cac-holdings.com (https://www.cac-holdings.com/) |
| Corporate number | 1010001019335 |
| EDINET | E05036 |
| Industries (Vizora) | IT Services & System Integration |

> Profile source: annual securities report (S100XSXA, filed 2026-03-25). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 8 | 157 |
| Profitability | 23.7 | 196 |
| Cash conversion | 24.1 | 185 |
| Efficiency | 23.2 | 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 74% of CAC Holdings's sales come from Domestic IT, with Overseas IT making up much of the rest.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed -2.8% from the prior year, operating profit -24.0%.

## Company structure

- Segment revenue mix: Domestic IT 73.7%、Overseas IT 26.3%
- Revenue → net income: ¥50588000000 → ¥3538000000
- Net income → operating cash flow: ¥3538000000 → ¥1543000000（difference ¥-1995000000）
- Main uses of operating cash flow: CapEx ¥428000000 / dividends ¥1739000000 / buybacks —
- Change in cash: ¥-905000000
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 | ¥50.6B |  |
| Operating income | ¥2.58B | Margin 5.1% |
| Net income | ¥3.27B | Margin 6.5% |
| Free cash flow | ¥1.11B |  |
| Largest business | Domestic IT | of segment revenue 73.7% |
| Employees (consolidated) | 4,764 |  |
| EPS | ¥288.21 |  |
| Book value per share | ¥1718.76 |  |
| Equity ratio | 65.6% |  |
| Shares outstanding | 20,541,400 |  |
| Treasury shares | 3,063,100 |  |
| Shareholders | 6,891 |  |
| Average salary (parent only) | ¥9.5M | Filing company only |
| Cash ratio | 21.9% | Cash ÷ revenue 23.2% |
| Vs. industry median margin | -3.8 pp | IT Services & System Integration |
| ROE | 12.0% | Derived from disclosed figures |
| ROA | 6.0% | Derived from disclosed figures |

## Notable figures

- FY2025, one segment accounts for 73% of positive segment profit

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥48539000000 | ¥50588000000 | +4.2% |
| Operating income | ¥1948000000 | ¥2580000000 | +32.4% |
| Operating margin | 4.0% | 5.1% | +1.1 pp |
| Employees | 4,960 people | 4,764 people | -4.0% |
| Cash and equivalents | ¥9705000000 | ¥11759000000 | +21.2% |

### 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 |
| --- | ---: |
| 国内IT → 国内IT | 65.6% |
| 海外IT → 海外IT | 20.3% |
| CRO → 事業再編・廃止 | 14.1% |
| 新設・再編 → 国内IT | 8.1% |
| 新設・再編 → 海外IT | 6.0% |

Segment revenue source references: 5 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 50,588 | 100.0% | S100XSXA |
| Cost of revenue | 37,264 | 73.7% | S100XSXA |
| Gross profit | 13,323 | 26.3% | S100XSXA |
| SG&A | 10,742 | 21.2% | S100XSXA |
| Operating income | 2,580 | 5.1% | S100XSXA |
| Ordinary income | 2,392 | 4.7% | S100XSXA |
| Pretax income | 5,782 | 11.4% | S100XSXA |
| Income tax | 2,243 | 4.4% | S100XSXA |
| Net income | 3,538 | 7.0% | S100XSXA |
| Net income attributable to owners | 3,271 | 6.5% | S100XSXA |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 74 |
| SG&A | 21 |
| Operating income | 5 |
| (Ref.) Net income | 6 |

### Margin funnel

Gross margin 26.3% → Operating margin 5.1% → Net margin 6.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -2.8%; Core profit growth: -24.0%
Operating leverage (core profit growth ÷ revenue growth): 8.47×
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 | 52,063 | 50,588 | -1,475 | -2.8% |
| Gross profit | 13,571 | 13,323 | -248 | -1.8% |
| Operating income | 3,394 | 2,580 | -814 | -24.0% |
| Net income attributable to owners | 3,096 | 3,271 | 175 | +5.7% |
| Operating cash flow | 5,713 | 1,543 | -4,170 | -73.0% |
| Free cash flow | 5,451 | 1,115 | -4,336 | -79.5% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 50,683 | 1,314 | 2.6% | 1,500 | 104 | -1,455 | S100L0UI |
| FY ending Dec 2020 | 48,539 | 1,948 | 4.0% | 1,669 | 1,110 | 608 | S100NQIE |
| FY ending Dec 2021 | 47,935 | 3,697 | 7.7% | 2,476 | 2,902 | 2,503 | S100QHYU |
| FY ending Dec 2022 | 47,971 | 3,187 | 6.6% | 2,093 | 2,625 | 2,375 | S100T5LN |
| FY ending Dec 2023 | 50,539 | 3,327 | 6.6% | 2,473 | 594 | 67 | S100VIHL |
| FY ending Dec 2024 | 52,063 | 3,394 | 6.5% | 3,096 | 5,713 | 5,451 | S100XSXA |
| FY ending Dec 2025 | 50,588 | 2,580 | 5.1% | 3,271 | 1,543 | 1,115 | S100XSXA |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥10.6M |
| Operating income per employee (consolidated) | ¥541.6K |
| Net income per employee (consolidated) | ¥686.6K |

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) | 4,249 | 4,357 | 4,447 | 4,653 | 4,764 |
| Average salary (parent company) | ¥9.4M | ¥10.1M | ¥10.1M | ¥8M | ¥9.5M |
| Average age (parent company) | 50.2 years | 50.9 years | 50.2 years | 48.5 years | 41.2 years |
| Average tenure (parent company) | 16.6 years | 16.9 years | 15.1 years | 14.3 years | 11.5 years |

Year over year: Employees (consolidated) +2.4% · Revenue (consolidated) -2.8%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Domestic IT | 37,282 | 73.7% | 3,626 | 9.7% |
| Overseas IT | 13,306 | 26.3% | 1,343 | 10.1% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Domestic IT | 73.7% | 73.0% | -0.7 | 9.7% |
| Overseas IT | 26.3% | 27.0% | 0.7 | 10.1% |

Segment → industry: Overseas IT → IT Services & System Integration / Domestic IT → IT Services & System Integration

## 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 | 1,543 | 3.1% | S100XSXA |
| Capital expenditure | 428 | 0.8% | S100XSXA |
| Free cash flow | 1,115 | 2.2% | 算出 |
| Investing cash flow | -1,339 | -2.6% | S100XSXA |
| Financing cash flow | -1,188 | -2.3% | S100XSXA |
| Dividends paid | 1,739 | 3.4% | S100XSXA |
| Change in cash | -905 | -1.8% | S100XSXA |
| Cash and equivalents | 11,759 | 23.2% | S100XSXA |

## 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 | 10,367 | 10,879 | 11,029 | 12,664 | 11,759 | S100T5LN, S100VIHL, S100XSXA |
| Total assets | 47,261 | 44,213 | 48,532 | 54,733 | 53,719 | S100QHYU, S100T5LN, S100VIHL, S100XSXA |
| Net assets | 31,398 | 29,300 | 32,346 | 37,714 | 35,812 | S100T5LN, S100VIHL, S100XSXA |
| Share capital | 3,702 | 3,702 | 3,702 | 3,702 | 3,702 | S100QHYU, S100T5LN, S100VIHL, S100XSXA |
| Trade receivables | 8,568 | — | — | — | — | S100QHYU |
| Property, plant and equipment | 1,313 | 1,489 | 1,701 | 1,634 | 1,705 | S100QHYU, S100T5LN, S100VIHL, S100XSXA |
| Intangible assets excluding goodwill | 1,679 | 1,856 | 1,901 | 4,174 | 5,720 | S100QHYU, S100T5LN, S100VIHL, S100XSXA |
| Goodwill | 521 | 763 | 939 | 3,032 | 4,854 | S100QHYU, S100T5LN, S100VIHL, S100XSXA |
| Investment securities | 20,623 | 14,543 | 17,508 | 21,820 | 15,812 | S100QHYU, S100T5LN, S100VIHL, S100XSXA |
| Current assets | 21,804 | 24,758 | 25,408 | 25,095 | 28,183 | S100QHYU, S100T5LN, S100VIHL, S100XSXA |
| Current liabilities | 8,879 | 9,199 | 12,558 | 10,407 | 13,530 | S100QHYU, S100T5LN, S100VIHL, S100XSXA |
| Trade payables | 2,701 | 3,172 | 4,356 | 2,732 | 3,317 | S100QHYU, S100T5LN, S100VIHL, S100XSXA |
| Short-term borrowings | 678 | 606 | 476 | 50 | 1,000 | S100QHYU, S100T5LN, S100VIHL, S100XSXA |
| Long-term borrowings | 2,000 | 2,000 | — | 1,713 | 1,627 | S100QHYU, S100T5LN, S100XSXA |
| Bonds | — | — | — | 10 | — | S100XSXA |
| Interest-bearing debt | — | — | — | 1,773 | — | 算出 |
| Total liabilities | 15,862 | 14,912 | 16,185 | 17,019 | 17,907 | S100QHYU, S100T5LN, S100VIHL, S100XSXA |
| Non-controlling interests | 629 | 679 | 407 | 346 | 581 | S100QHYU, S100T5LN, S100VIHL, S100XSXA |
| Equity attributable to owners of parent | 22,434 | 23,683 | 25,008 | 26,363 | 27,947 | S100QHYU, S100T5LN, S100VIHL, S100XSXA |
| Retained earnings | 19,408 | 20,498 | 21,780 | 23,482 | 25,007 | S100QHYU, S100T5LN, S100VIHL, S100XSXA |
| Treasury stock | -4,411 | -4,267 | -4,417 | -4,375 | -4,341 | S100QHYU, S100T5LN, S100VIHL, S100XSXA |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 22% | S100XSXA |
| Property, plant and equipment | 3% | S100XSXA |
| Intangibles and goodwill | 20% | S100XSXA |
| Investment securities | 29% | S100XSXA |
| Other assets | 26% | S100XSXA |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 6% | S100XSXA |
| Other liabilities | 27% | S100XSXA |
| Equity | 67% | S100XSXA |

### 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 | 47,261 | 44,213 | 48,532 | 54,733 | 53,719 |
| Equity | 31,398 | 29,300 | 32,346 | 37,714 | 35,812 |
| Interest-bearing debt | — | — | — | 1,773 | — |
| Cash | 10,367 | 10,879 | 11,029 | 12,664 | 11,759 |

## 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) | 3.4% | S100XSXA |
| Fixed assets ÷ total assets | 3.2% | S100XSXA |
| Goodwill ÷ parent equity | 17.4% | S100XSXA |

Goodwill over 4 years: 521 → 4,854 JPY; total investing cash flow: -1,479 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) | 21.9% |
| Cash ÷ revenue | 23.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 59.8% |
| Cash vs. profit gap | -1,728 JPY mn (of net income -52.8%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 53.2% |
| Shareholder payments — dividends / FCF | 156.0% |
| CapEx intensity (capex ÷ revenue) | 0.8% |
| Investing CF relative to operating CF | 86.8% |

## 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 | 5.2% | 1.01× | 5.2% | 2.11× | 11.0% | S100QHYU |
| 2022 | 4.4% | 1.05× | 4.6% | 1.98× | 9.1% | S100T5LN |
| 2023 | 4.9% | 1.09× | 5.3% | 1.90× | 10.2% | S100VIHL |
| 2024 | 5.9% | 1.01× | 6.0% | 2.01× | 12.1% | S100XSXA |
| 2025 | 6.5% | 0.93× | 6.0% | 2.00× | 12.0% | S100XSXA |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社小学館 | Major shareholder | 17.8% | 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 | 8.5% | 2025-12-31 |
| ＣＡＣ社員持株会 | Major shareholder | 3.0% | 2025-12-31 |
| 株式会社三井住友銀行 | Major shareholder | 2.8% | 2025-12-31 |
| 光通信ＫＫ投資事業有限責任組合 | Major shareholder | 2.4% | 2025-12-31 |
| 住友不動産株式会社 | Major shareholder | 2.3% | 2025-12-31 |
| 株式会社日本カストディ銀行（信託E口） | Major shareholder | 2.1% | 2025-12-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 2.0% | 2025-12-31 |
| ＢＮＹＭ ＡＳ ＡＧＴ／ＣＬＴＳ ＮＯＮ ＴＲＥＡＴＹ ＪＡＳＤＥＣ（常任代理人 株式会社三菱ＵＦＪ銀行） | Major shareholder | 1.8% | 2025-12-31 |
| 株式会社巴コーポレーション | Major shareholder | 1.7% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第60期(2025/01/01－2025/12/31) | S100XSXA | 2026-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XSXA,, |
| 有価証券報告書－第59期(2024/01/01－2024/12/31) | S100VIHL | 2025-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VIHL,, |
| 有価証券報告書－第58期(2023/01/01－2023/12/31) | S100T5LN | 2024-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T5LN,, |
| 有価証券報告書－第57期(2022/01/01－2022/12/31) | S100QHYU | 2023-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QHYU,, |
| 有価証券報告書－第56期(令和3年1月1日－令和3年12月31日) | S100NQIE | 2022-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NQIE,, |
| 有価証券報告書－第55期(令和2年1月1日－令和2年12月31日) | S100L0UI | 2021-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L0UI,, |

## 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).