# CDS 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46期(2025/01/01－2025/12/31) (S100XULK)
> Page: https://vizora.meequs.com/en/company/cds
> Retrieved: 2026-09-30T18:18:01.155Z

## Company

CDS, founded in 1980, is a company in Robots & Factory Automation listed on TSE Standard. It has 714 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | CDS Co.,Ltd. |
| Ticker | 2169 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2169.T) |
| Listing | TSE Standard |
| Head office | 愛知県岡崎市舞木町字市場46番地 |
| Representative (per filing) | 代表取締役社長 芝崎 雄太 |
| Founded | Feb 1980 |
| Share capital | ¥940.3M |
| Employees (consolidated) | 714 |
| Average salary (parent only) | ¥5.1M |
| Fiscal year end | December |
| Website | www.cds-japan.jp (https://www.cds-japan.jp/) |
| Corporate number | 9180301001381 |
| EDINET | E05726 |
| Industries (Vizora) | Robots & Factory Automation, IT Services & System Integration, Business Process Outsourcing |

> Profile source: annual securities report (S100XULK, filed 2026-03-30). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 11.8 | 157 |
| Profitability | 39.5 | 196 |
| Cash conversion | 97 | 185 |
| Efficiency | 15.1 | 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 50% of CDS's sales come from Digital Solution, with Tecnical Information Solution and FA Robot Solution making up much of the rest.
- Out of every ¥100 of sales, about ¥8 is left as operating profit.
- Revenue changed -15.9% from the prior year, operating profit -54.5%.

## Company structure

- Segment revenue mix: Digital Solution 49.8%、Tecnical Information Solution 39.5%、FA Robot Solution 10.7%
- Revenue → net income: ¥8827238000 → ¥456433000
- Net income → operating cash flow: ¥456433000 → ¥1578104000（difference ¥1121671000）
- Main uses of operating cash flow: CapEx ¥215748000 / dividends ¥551611000 / buybacks —
- Change in cash: ¥387910000
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 | ¥8.83B |  |
| Operating income | ¥685.3M | Margin 7.8% |
| Net income | ¥456.4M | Margin 5.2% |
| Free cash flow | ¥1.36B |  |
| Largest business | Digital Solution | of segment revenue 49.8% |
| Employees (consolidated) | 714 |  |
| EPS | ¥100.26 |  |
| Book value per share | ¥1373.58 |  |
| Equity ratio | 83.9% |  |
| Shares outstanding | 6,924,400 |  |
| Treasury shares | 104,700 |  |
| Shareholders | 10,659 |  |
| Average salary (parent only) | ¥5.1M | Filing company only |
| Cash ratio | 42.1% | Cash ÷ revenue 50.6% |
| Vs. industry median margin | -1.2 pp | IT Services & System Integration |
| ROE | 5.2% | Derived from disclosed figures |
| ROA | 4.2% | Derived from disclosed figures |

## Notable figures

- FY2025, operating cash flow is 3.5× net income
- FY2025, one segment accounts for 60% of positive segment profit
- FY2025, cash is 42% of total assets

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥7900357000 | ¥8827238000 | +11.7% |
| Operating income | ¥752951000 | ¥685280000 | -9.0% |
| Operating margin | 9.5% | 7.8% | -1.8 pp |
| Employees | 737 people | 714 people | -3.1% |
| Cash and equivalents | ¥1750672000 | ¥4462260000 | +154.9% |

### 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 |
| --- | ---: |
| ドキュメンテーション事業 → 事業再編・廃止 | 34.6% |
| エンジニアリング事業 → 事業再編・廃止 | 20.1% |
| 技術システム事業 → 事業再編・廃止 | 45.3% |
| 新設・再編 → 技術情報ソリューション事業 | 39.5% |
| 新設・再編 → ＦＡロボットソリューション事業 | 10.7% |
| 新設・再編 → デジタルソリューション事業 | 49.8% |

Segment revenue source references: 6 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Digital Solution | 2 years | -3.7% | ¥4399253000 | 11.7% | 2 |
| Tecnical Information Solution | 2 years | -1.1% | ¥3485637000 | 24.2% | 2 |
| FA Robot Solution | 2 years | -18.4% | ¥942347000 | 4.9% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 8,827 | 100.0% | S100XULK |
| Cost of revenue | 6,318 | 71.6% | S100XULK |
| Gross profit | 2,509 | 28.4% | S100XULK |
| SG&A | 1,824 | 20.7% | S100XULK |
| Operating income | 685 | 7.8% | S100XULK |
| Ordinary income | 697 | 7.9% | S100XULK |
| Pretax income | 695 | 7.9% | S100XULK |
| Income tax | 239 | 2.7% | S100XULK |
| Net income | 456 | 5.2% | S100XULK |
| Net income attributable to owners | 456 | 5.2% | S100XULK |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 71 |
| SG&A | 21 |
| Operating income | 8 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 28.4% → Operating margin 7.8% → Net margin 5.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -15.9%; Core profit growth: -54.5%
Operating leverage (core profit growth ÷ revenue growth): 3.44×
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 | 10,492 | 8,827 | -1,665 | -15.9% |
| Gross profit | 3,322 | 2,509 | -813 | -24.5% |
| Operating income | 1,507 | 685 | -821 | -54.5% |
| Net income attributable to owners | 1,057 | 456 | -600 | -56.8% |
| Operating cash flow | 991 | 1,578 | 587 | +59.3% |
| Free cash flow | 894 | 1,362 | 469 | +52.4% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 10,665 | 1,560 | 14.6% | 993 | 1,100 | 491 | S100L1OM |
| FY ending Dec 2020 | 7,900 | 753 | 9.5% | 693 | 1,040 | 598 | S100NR09 |
| FY ending Dec 2021 | 8,371 | 1,046 | 12.5% | 829 | 568 | 527 | S100QGH5 |
| FY ending Dec 2022 | 9,658 | 1,550 | 16.1% | 1,006 | 1,631 | 1,539 | S100T4CN |
| FY ending Dec 2023 | 9,722 | 1,466 | 15.1% | 999 | 716 | 651 | S100VGEB |
| FY ending Dec 2024 | 10,492 | 1,507 | 14.4% | 1,057 | 991 | 894 | S100XULK |
| FY ending Dec 2025 | 8,827 | 685 | 7.8% | 456 | 1,578 | 1,362 | S100XULK |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥12.4M |
| Operating income per employee (consolidated) | ¥959.8K |
| Net income per employee (consolidated) | ¥639.3K |

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) | 707 | 678 | 693 | 706 | 714 |
| Average salary (parent company) | ¥4.5M | ¥4.7M | ¥4.9M | ¥5M | ¥5.1M |
| Average age (parent company) | 36.4 years | 37.8 years | 37.9 years | 37.9 years | 37.9 years |
| Average tenure (parent company) | 11.6 years | 12.9 years | 13.2 years | 13.3 years | 13.6 years |

Year over year: Employees (consolidated) +1.1% · Revenue (consolidated) -15.9%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Tecnical Information Solution | 3,486 | 39.5% | 844 | 24.2% |
| FA Robot Solution | 942 | 10.7% | 46 | 4.9% |
| Digital Solution | 4,399 | 49.8% | 514 | 11.7% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Tecnical Information Solution | 39.5% | 60.1% | 20.6 | 24.2% |
| FA Robot Solution | 10.7% | 3.3% | -7.4 | 4.9% |
| Digital Solution | 49.8% | 36.6% | -13.2 | 11.7% |

Segment → industry: FA Robot Solution → Robots & Factory Automation / Digital Solution → IT Services & System Integration / Tecnical Information Solution → Business Process Outsourcing

## 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 | 1,578 | 17.9% | S100XULK |
| Capital expenditure | 216 | 2.4% | S100XULK |
| Free cash flow | 1,362 | 15.4% | 算出 |
| Investing cash flow | -313 | -3.5% | S100XULK |
| Financing cash flow | -882 | -10.0% | S100XULK |
| Dividends paid | 552 | 6.2% | S100XULK |
| Change in cash | 388 | 4.4% | S100XULK |
| Cash and equivalents | 4,462 | 50.6% | S100XULK |

## 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 | 2,471 | 3,103 | 3,762 | 4,074 | 4,462 | S100T4CN, S100VGEB, S100XULK |
| Total assets | 9,399 | 9,728 | 10,768 | 11,386 | 10,601 | S100QGH5, S100T4CN, S100VGEB, S100XULK |
| Net assets | 7,081 | 7,691 | 8,292 | 8,898 | 8,893 | S100T4CN, S100VGEB, S100XULK |
| Share capital | 940 | 940 | 940 | 940 | 940 | S100QGH5, S100T4CN, S100VGEB, S100XULK |
| Trade receivables | 2,683 | — | — | — | — | S100QGH5 |
| Property, plant and equipment | 2,685 | 2,614 | 2,525 | 2,437 | 2,508 | S100QGH5, S100T4CN, S100VGEB, S100XULK |
| Intangible assets excluding goodwill | 202 | 141 | 123 | 145 | 120 | S100QGH5, S100T4CN, S100VGEB, S100XULK |
| Goodwill | 133 | 59 | 42 | 25 | 8 | S100QGH5, S100T4CN, S100VGEB, S100XULK |
| Investment securities | 63 | 85 | 116 | 133 | 260 | S100QGH5, S100T4CN, S100VGEB, S100XULK |
| Current assets | 6,074 | 6,516 | 7,644 | 8,303 | 7,332 | S100QGH5, S100T4CN, S100VGEB, S100XULK |
| Current liabilities | 2,306 | 2,026 | 2,462 | 2,473 | 1,657 | S100QGH5, S100T4CN, S100VGEB, S100XULK |
| Trade payables | 282 | 367 | 547 | 439 | 239 | S100QGH5, S100T4CN, S100VGEB, S100XULK |
| Short-term borrowings | 750 | 270 | 700 | 600 | 270 | S100QGH5, S100T4CN, S100VGEB, S100XULK |
| Total liabilities | 2,318 | 2,037 | 2,476 | 2,488 | 1,708 | S100QGH5, S100T4CN, S100VGEB, S100XULK |
| Equity attributable to owners of parent | 7,083 | 7,673 | 8,249 | 8,841 | 8,745 | S100QGH5, S100T4CN, S100VGEB, S100XULK |
| Retained earnings | 4,997 | 5,587 | 6,163 | 6,756 | 6,660 | S100QGH5, S100T4CN, S100VGEB, S100XULK |
| Treasury stock | -26 | -26 | -26 | -27 | -27 | S100QGH5, S100T4CN, S100VGEB, S100XULK |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 42% | S100XULK |
| Property, plant and equipment | 24% | S100XULK |
| Intangibles and goodwill | 1% | S100XULK |
| Investment securities | 2% | S100XULK |
| Other assets | 31% | S100XULK |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 2% | S100XULK |
| Other liabilities | 14% | S100XULK |
| Equity | 84% | S100XULK |
| Other liabilities | 0% | S100XULK |

### 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 | 9,399 | 9,728 | 10,768 | 11,386 | 10,601 |
| Equity | 7,081 | 7,691 | 8,292 | 8,898 | 8,893 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 2,471 | 3,103 | 3,762 | 4,074 | 4,462 |

## 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) | 28.4% | S100XULK |
| Fixed assets ÷ total assets | 23.7% | S100XULK |
| Goodwill ÷ parent equity | 0.1% | S100XULK |

Goodwill over 4 years: 133 → 8 JPY; total investing cash flow: -392 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) | 42.1% |
| Cash ÷ revenue | 50.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 230.3% |
| Cash vs. profit gap | 1,122 JPY mn (of net income 245.7%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 120.9% |
| Shareholder payments — dividends / FCF | 40.5% |
| CapEx intensity (capex ÷ revenue) | 2.4% |
| Investing CF relative to operating CF | 19.8% |

## 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 | 9.9% | 0.89× | 8.8% | 1.33× | 11.7% | S100QGH5 |
| 2022 | 10.4% | 1.01× | 10.5% | 1.30× | 13.6% | S100T4CN |
| 2023 | 10.3% | 0.95× | 9.7% | 1.29× | 12.5% | S100VGEB |
| 2024 | 10.1% | 0.95× | 9.5% | 1.30× | 12.4% | S100XULK |
| 2025 | 5.2% | 0.80× | 4.2% | 1.25× | 5.2% | S100XULK |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| しばざき株式会社 | Major shareholder | 13.2% | 2025-12-31 |
| ＣＤＳ従業員持株会 | Major shareholder | 7.3% | 2025-12-31 |
| 学校法人麻生塾 | Major shareholder | 2.9% | 2025-12-31 |
| 芝崎 雄太 | Major shareholder | 2.6% | 2025-12-31 |
| 株式会社あいち銀行 | Major shareholder | 2.1% | 2025-12-31 |
| 芝崎 基次 | Major shareholder | 1.8% | 2025-12-31 |
| 芝崎 恭子 | Major shareholder | 1.4% | 2025-12-31 |
| 芝崎 晶紀 | Major shareholder | 1.3% | 2025-12-31 |
| 一般財団法人操志会 | Major shareholder | 1.3% | 2025-12-31 |
| 伏見 眞 | Major shareholder | 1.3% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第46期(2025/01/01－2025/12/31) | S100XULK | 2026-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XULK,, |
| 有価証券報告書－第45期(2024/01/01－2024/12/31) | S100VGEB | 2025-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VGEB,, |
| 有価証券報告書－第44期(2023/01/01－2023/12/31) | S100T4CN | 2024-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T4CN,, |
| 有価証券報告書－第43期(2022/01/01－2022/12/31) | S100QGH5 | 2023-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QGH5,, |
| 有価証券報告書－第42期(令和3年1月1日－令和3年12月31日) | S100NR09 | 2022-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NR09,, |
| 有価証券報告書－第41期(令和2年1月1日－令和2年12月31日) | S100L1OM | 2021-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L1OM,, |

## 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).