# Capital Asset Planning, Inc.: business model and financials

> Latest period: FY ending Sep 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第37期(2024/10/01－2025/09/30) (S100XB9Q)
> Page: https://vizora.meequs.com/en/company/capital-asset-planning
> Retrieved: 2026-09-30T19:53:07.049Z

## Company

Capital Asset Planning, founded in 1990, is a company in Software & SaaS listed on TSE Standard. It has 387 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Capital Asset Planning, Inc. |
| Ticker | 3965 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3965.T) |
| Listing | TSE Standard |
| Head office | 大阪市北区堂島二丁目4番27号 |
| Representative (per filing) | 代表取締役社長 北山 雅一 |
| Founded | Apr 1990 |
| Share capital | ¥948.8M |
| Employees (consolidated) | 387 |
| Average salary (parent only) | ¥7.3M |
| Fiscal year end | September |
| Website | www.cap-net.co.jp (https://www.cap-net.co.jp/) |
| Corporate number | 3120001077956 |
| EDINET | E32619 |
| Industries (Vizora) | Software & SaaS |

> Profile source: annual securities report (S100XB9Q, filed 2025-12-18). As of filing

## Five-axis industry profile

Primary industry: Software & SaaS (2025-09-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 35.7 | 105 |
| Profitability | 24.5 | 145 |
| Cash conversion | 30.1 | 128 |
| Efficiency | 92.1 | 145 |

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)

- Capital Asset Planning brought in ¥9.69B in revenue.
- Out of every ¥100 of sales, about ¥6 is left as operating profit.
- Revenue changed +18.5% from the prior year, operating profit +78.4%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥9689408000 → ¥398781000
- Net income → operating cash flow: ¥398781000 → ¥434506000（difference ¥35725000）
- Main uses of operating cash flow: CapEx ¥106000000 / dividends ¥91767000 / buybacks —
- Change in cash: ¥331457000
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 | ¥9.69B |  |
| Operating income | ¥530.6M | Margin 5.5% |
| Net income | ¥401.8M | Margin 4.1% |
| Free cash flow | ¥328.5M |  |
| Employees (consolidated) | 387 |  |
| EPS | ¥72.83 |  |
| Diluted EPS | ¥72.83 |  |
| Book value per share | ¥625.8 |  |
| Equity ratio | 56.1% |  |
| Shares outstanding | 5,747,616 |  |
| Treasury shares | 1,500 |  |
| Shareholders | 10,335 |  |
| Average salary (parent only) | ¥7.3M | Filing company only |
| Cash ratio | 26.4% | Cash ÷ revenue 18.0% |
| Vs. industry median margin | -7 pp | Software & SaaS |
| ROE | 12.6% | Derived from disclosed figures |
| ROA | 6.5% | Derived from disclosed figures |

## Notable figures

- FY2025, parent-company salary changed +26% over five years
- FY2025, cash is 26% of total assets

## What changed in 5 years

| Metric | FY ending Sep 2020 | FY ending Sep 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥6880005000 | ¥9689408000 | +40.8% |
| Operating income | ¥169218000 | ¥530589000 | +213.6% |
| Operating margin | 2.5% | 5.5% | +3 pp |
| Employees | 303 people | 387 people | +27.7% |
| Cash and equivalents | ¥1393729000 | ¥1747335000 | +25.4% |

### Change in segment revenue mix

Span: FY ending Sep 2020 → FY ending Sep 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 9,689 | 100.0% | S100XB9Q |
| Cost of revenue | 7,567 | 78.1% | S100XB9Q |
| Gross profit | 2,122 | 21.9% | S100XB9Q |
| SG&A | 1,591 | 16.4% | S100XB9Q |
| Operating income | 531 | 5.5% | S100XB9Q |
| Ordinary income | 535 | 5.5% | S100XB9Q |
| Pretax income | 545 | 5.6% | S100XB9Q |
| Income tax | 146 | 1.5% | S100XB9Q |
| Net income | 399 | 4.1% | S100XB9Q |
| Net income attributable to owners | 402 | 4.1% | S100XB9Q |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 78 |
| SG&A | 16 |
| Operating income | 6 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 21.9% → Operating margin 5.5% → Net margin 4.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +18.5%; Core profit growth: +78.4%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 4.25×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Sep 2024 → FY ending Sep 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 8,179 | 9,689 | 1,511 | +18.5% |
| Gross profit | 1,728 | 2,122 | 394 | +22.8% |
| Operating income | 297 | 531 | 233 | +78.4% |
| Net income attributable to owners | 157 | 402 | 245 | +156.3% |
| Operating cash flow | -283 | 435 | 718 | — |
| Free cash flow | -430 | 329 | 758 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Sep 2019 | 7,290 | 625 | 8.6% | 438 | 624 | 308 | S100KFZ5 |
| FY ending Sep 2020 | 6,880 | 169 | 2.5% | 89 | -458 | -777 | S100N4P3 |
| FY ending Sep 2021 | 6,631 | 120 | 1.8% | 70 | 997 | 487 | S100PV2C |
| FY ending Sep 2022 | 6,747 | -260 | -3.9% | -248 | -182 | -460 | S100SIP9 |
| FY ending Sep 2023 | 8,047 | 325 | 4.0% | 222 | 1,216 | 880 | S100V0DS |
| FY ending Sep 2024 | 8,179 | 297 | 3.6% | 157 | -283 | -430 | S100XB9Q |
| FY ending Sep 2025 | 9,689 | 531 | 5.5% | 402 | 435 | 329 | S100XB9Q |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥25M |
| Operating income per employee (consolidated) | ¥1.4M |
| Net income per employee (consolidated) | ¥1M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 312 | 327 | 344 | 360 | 387 |
| Average salary (parent company) | ¥5.8M | ¥6.1M | ¥6.8M | ¥6.9M | ¥7.3M |
| Average age (parent company) | 37.4 years | 37.7 years | 37.8 years | 38.4 years | 38.5 years |
| Average tenure (parent company) | 5.9 years | 6.0 years | 6.4 years | 6.7 years | 6.7 years |

Year over year: Employees (consolidated) +7.5% · Revenue (consolidated) +18.5%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 435 | 4.5% | S100XB9Q |
| Capital expenditure | 106 | 1.1% | S100XB9Q |
| Free cash flow | 329 | 3.4% | 算出 |
| Investing cash flow | -131 | -1.3% | S100XB9Q |
| Financing cash flow | 27 | 0.3% | S100XB9Q |
| Dividends paid | 92 | 0.9% | S100XB9Q |
| Change in cash | 331 | 3.4% | S100XB9Q |
| Cash and equivalents | 1,747 | 18.0% | S100XB9Q |

## 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 Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,870 | 1,188 | 1,866 | 1,416 | 1,747 | S100SIP9, S100V0DS, S100XB9Q |
| Total assets | 5,866 | 5,096 | 5,546 | 5,661 | 6,631 | S100PV2C, S100SIP9, S100V0DS, S100XB9Q |
| Net assets | 3,237 | 2,938 | 3,149 | 3,296 | 3,930 | S100SIP9, S100V0DS, S100XB9Q |
| Share capital | 935 | 940 | 941 | 944 | 949 | S100PV2C, S100SIP9, S100V0DS, S100XB9Q |
| Property, plant and equipment | 324 | 281 | 261 | 323 | 304 | S100PV2C, S100SIP9, S100V0DS, S100XB9Q |
| Intangible assets excluding goodwill | 975 | 795 | 724 | 423 | 273 | S100PV2C, S100SIP9, S100V0DS, S100XB9Q |
| Goodwill | 51 | 28 | 6 | — | — | S100PV2C, S100SIP9, S100V0DS |
| Investment securities | 422 | 424 | 563 | 653 | 921 | S100PV2C, S100SIP9, S100V0DS, S100XB9Q |
| Current assets | 3,612 | 3,136 | 3,557 | 3,816 | 4,678 | S100PV2C, S100SIP9, S100V0DS, S100XB9Q |
| Current liabilities | 1,750 | 1,643 | 1,878 | 1,714 | 1,957 | S100PV2C, S100SIP9, S100V0DS, S100XB9Q |
| Short-term borrowings | 550 | 500 | 500 | 500 | 500 | S100PV2C, S100SIP9, S100V0DS, S100XB9Q |
| Long-term borrowings | 531 | 345 | 347 | 442 | 433 | S100PV2C, S100SIP9, S100V0DS, S100XB9Q |
| Total liabilities | 2,629 | 2,157 | 2,397 | 2,364 | 2,700 | S100PV2C, S100SIP9, S100V0DS, S100XB9Q |
| Non-controlling interests | — | — | — | — | 144 | S100XB9Q |
| Equity attributable to owners of parent | 3,078 | 2,805 | 2,967 | 3,038 | 3,357 | S100PV2C, S100SIP9, S100V0DS, S100XB9Q |
| Retained earnings | 1,327 | 1,045 | 1,203 | 1,269 | 1,579 | S100PV2C, S100SIP9, S100V0DS, S100XB9Q |
| Treasury stock | -1 | -1 | -1 | -1 | -1 | S100PV2C, S100SIP9, S100V0DS, S100XB9Q |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 26% | S100XB9Q |
| Property, plant and equipment | 5% | S100XB9Q |
| Intangibles and goodwill | 4% | S100XB9Q |
| Investment securities | 14% | S100XB9Q |
| Other assets | 51% | S100XB9Q |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 41% | S100XB9Q |
| Equity | 59% | S100XB9Q |
| Other liabilities | 0% | S100XB9Q |

### Balance sheet history

| Metric | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 5,866 | 5,096 | 5,546 | 5,661 | 6,631 |
| Equity | 3,237 | 2,938 | 3,149 | 3,296 | 3,930 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,870 | 1,188 | 1,866 | 1,416 | 1,747 |

## 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) | 3.1% | S100XB9Q |
| Fixed assets ÷ total assets | 4.6% | S100XB9Q |
| Goodwill ÷ parent equity | — | —, S100XB9Q |

### 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) | 26.4% |
| Cash ÷ revenue | 18.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 81.9% |
| Cash vs. profit gap | 33 JPY mn (of net income 8.1%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 22.8% |
| Shareholder payments — dividends / FCF | 27.9% |
| CapEx intensity (capex ÷ revenue) | 1.1% |
| Investing CF relative to operating CF | 30.0% |

## 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 | 1.0% | 1.13× | 1.2% | 1.91× | 2.3% | S100PV2C |
| 2022 | — | —× | -4.5% | —× | — | S100SIP9 |
| 2023 | 2.8% | 1.51× | 4.2% | 1.84× | 7.7% | S100V0DS |
| 2024 | 1.9% | 1.46× | 2.8% | 1.87× | 5.2% | S100XB9Q |
| 2025 | 4.1% | 1.58× | 6.5% | 1.92× | 12.6% | S100XB9Q |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 合同会社フィンテックマネジメント | Major shareholder | 15.3% | 2025-09-30 |
| 特定有価証券信託受託者株式会社ＳＭＢＣ信託銀行 (注）１ | Major shareholder | 11.9% | 2025-09-30 |
| 北山 雅一 | Major shareholder | 9.1% | 2025-09-30 |
| ソニー生命保険株式会社 | Major shareholder | 3.0% | 2025-09-30 |
| キヤノンマーケティングジャパン株式会社 | Major shareholder | 3.0% | 2025-09-30 |
| 株式会社ＳＢＩ証券 | Major shareholder | 2.6% | 2025-09-30 |
| 里見 努 | Major shareholder | 1.8% | 2025-09-30 |
| 馬野 功二 | Major shareholder | 1.6% | 2025-09-30 |
| 洪 竣 | Major shareholder | 1.5% | 2025-09-30 |
| 北山 智子 | Major shareholder | 1.4% | 2025-09-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第37期(2024/10/01－2025/09/30) | S100XB9Q | 2025-12-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XB9Q,, |
| 有価証券報告書－第36期(2023/10/01－2024/09/30) | S100V0DS | 2024-12-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100V0DS,, |
| 有価証券報告書－第35期(2022/10/01－2023/09/30) | S100SIP9 | 2023-12-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SIP9,, |
| 有価証券報告書－第34期(令和3年10月1日－令和4年9月30日) | S100PV2C | 2022-12-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PV2C,, |
| 有価証券報告書－第33期(令和2年10月1日－令和3年9月30日) | S100N4P3 | 2021-12-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100N4P3,, |
| 有価証券報告書－第32期(令和1年10月1日－令和2年9月30日) | S100KFZ5 | 2020-12-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KFZ5,, |

## 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).