# CGS HOLDINGS INC.: 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19期(2025/01/01－2025/12/31) (S100XRYC)
> Page: https://vizora.meequs.com/en/company/cgs-holdings
> Retrieved: 2026-09-30T20:30:01.440Z

## Company

CGS Holdings, founded in 2007, is a company in Machine Tools listed on TSE Standard. It has 299 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | CGS HOLDINGS INC.(旧英訳名 C&G SYSTEMS INC.)(注)2025年3月26日開催の第18回定時株主総会の決議により、2025年4月1日から会社名を上記のとおり変更いたしました。 |
| Ticker | 6633 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6633.T) |
| Listing | TSE Standard |
| Head office | 福岡県北九州市八幡西区引野一丁目5番15号(2025年4月1日から本店所在地 東京都品川区東品川二丁目2番24号が上記のように移転しております。) |
| Representative (per filing) | 代表取締役社長 塩田聖一 |
| Founded | Feb 2007 |
| Share capital | ¥500M |
| Employees (consolidated) | 299 |
| Average salary (parent only) | ¥5.6M |
| Fiscal year end | December |
| Website | www.cgshd.co.jp (https://www.cgshd.co.jp/) |
| Corporate number | 4010701025183 |
| EDINET | E02120 |
| Industries (Vizora) | Machine Tools, Software & SaaS |

> Profile source: annual securities report (S100XRYC, filed 2026-03-24). As of filing

## Five-axis industry profile

Primary industry: Software & SaaS (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 32.9 | 105 |
| Profitability | 32.1 | 145 |
| Cash conversion | 17.6 | 128 |
| Efficiency | 36.9 | 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)

- About 83% of CGS Holdings's sales come from CAD, CAM system, etc. business, with Mold manufacturing business making up much of the rest.
- Out of every ¥100 of sales, about ¥7 is left as operating profit.
- Revenue changed +26.9% from the prior year, operating profit +116.3%.

## Company structure

- Segment revenue mix: CAD, CAM system, etc. business 83.0%、Mold manufacturing business 17.0%
- Revenue → net income: ¥4982129000 → ¥315977000
- Net income → operating cash flow: ¥315977000 → ¥253790000（difference ¥-62187000）
- Main uses of operating cash flow: CapEx ¥77494000 / dividends ¥95723000 / buybacks ¥31300000
- Change in cash: ¥-18781000
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 | ¥4.98B |  |
| Operating income | ¥342.9M | Margin 6.9% |
| Net income | ¥264M | Margin 5.3% |
| Free cash flow | ¥176.3M |  |
| Largest business | CAD, CAM system, etc. business | of segment revenue 83.0% |
| Employees (consolidated) | 299 |  |
| EPS | ¥3.19 |  |
| Book value per share | ¥300.73 |  |
| Equity ratio | 47.2% |  |
| Shares outstanding | 9,801,549 |  |
| Treasury shares | 100,100 |  |
| Shareholders | 3,055 |  |
| Average salary (parent only) | ¥5.6M | Filing company only |
| Cash ratio | 38.9% | Cash ÷ revenue 55.6% |
| Vs. industry median margin | -5.6 pp | Software & SaaS |
| ROE | 8.9% | Derived from disclosed figures |
| ROA | 4.0% | Derived from disclosed figures |

## Notable figures

- FY2025, one segment accounts for 71% of positive segment profit
- FY2025, cash is 39% of total assets

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥3684797000 | ¥4982129000 | +35.2% |
| Operating income | ¥192236000 | ¥342900000 | +78.4% |
| Operating margin | 5.2% | 6.9% | +1.7 pp |
| Employees | 244 people | 299 people | +22.5% |
| Cash and equivalents | ¥2468081000 | ¥2770424000 | +12.3% |

### 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 |
| --- | ---: |
| CAD/CAMシステム等事業 → CAD/CAMシステム等事業 | 83.0% |
| CAD/CAMシステム等事業 → 事業再編・廃止 | 1.9% |
| 金型製造事業 → 金型製造事業 | 15.1% |
| 新設・再編 → 金型製造事業 | 1.9% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 4,982 | 100.0% | S100XRYC |
| Cost of revenue | 1,910 | 38.3% | S100XRYC |
| Gross profit | 3,072 | 61.7% | S100XRYC |
| SG&A | 2,729 | 54.8% | S100XRYC |
| Operating income | 343 | 6.9% | S100XRYC |
| Ordinary income | 388 | 7.8% | S100XRYC |
| Pretax income | 388 | 7.8% | S100XRYC |
| Income tax | 72 | 1.4% | S100XRYC |
| Net income | 316 | 6.3% | S100XRYC |
| Net income attributable to owners | 264 | 5.3% | S100XRYC |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 38 |
| SG&A | 55 |
| Operating income | 7 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 61.7% → Operating margin 6.9% → Net margin 5.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +26.9%; Core profit growth: +116.3%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 4.33×
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 | 3,928 | 4,982 | 1,055 | +26.9% |
| Gross profit | 2,594 | 3,072 | 478 | +18.4% |
| Operating income | 158 | 343 | 184 | +116.3% |
| Net income attributable to owners | 122 | 264 | 142 | +116.6% |
| Operating cash flow | 209 | 254 | 44 | +21.2% |
| Free cash flow | 189 | 176 | -12 | -6.5% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 4,197 | 309 | 7.4% | 181 | 364 | 294 | S100KZSF |
| FY ending Dec 2020 | 3,685 | 192 | 5.2% | 60 | 493 | 450 | S100NPKP |
| FY ending Dec 2021 | 3,745 | 277 | 7.4% | 219 | 340 | 300 | S100QFGU |
| FY ending Dec 2022 | 4,422 | 455 | 10.3% | 294 | 412 | 360 | S100T3WO |
| FY ending Dec 2023 | 3,826 | 91 | 2.4% | 68 | 89 | 14 | S100VFRH |
| FY ending Dec 2024 | 3,928 | 158 | 4.0% | 122 | 209 | 189 | S100XRYC |
| FY ending Dec 2025 | 4,982 | 343 | 6.9% | 264 | 254 | 176 | S100XRYC |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥16.7M |
| Operating income per employee (consolidated) | ¥1.1M |
| Net income per employee (consolidated) | ¥882.8K |

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) | 239 | 241 | 250 | 245 | 299 |
| Average salary (parent company) | ¥5.7M | ¥5.9M | ¥5.8M | ¥5.7M | ¥5.6M |
| Average age (parent company) | 43.2 years | 43.2 years | 42.9 years | 42.8 years | 42.8 years |
| Average tenure (parent company) | 17.0 years | 16.8 years | 16.3 years | 16.2 years | 14.3 years |

Year over year: Employees (consolidated) +22.0% · Revenue (consolidated) +26.9%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| CAD, CAM system, etc. business | 4,133 | 83.0% | 244 | 5.9% |
| Mold manufacturing business | 849 | 17.0% | 99 | 11.6% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| CAD, CAM system, etc. business | 83.0% | 71.2% | -11.7 | 5.9% |
| Mold manufacturing business | 17.0% | 28.8% | 11.7 | 11.6% |

Segment → industry: Mold manufacturing business → Machine Tools / CAD, CAM system, etc. business → Software & SaaS

## 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 | 254 | 5.1% | S100XRYC |
| Capital expenditure | 77 | 1.6% | S100XRYC |
| Free cash flow | 176 | 3.5% | 算出 |
| Investing cash flow | -166 | -3.3% | S100XRYC |
| Financing cash flow | -114 | -2.3% | S100XRYC |
| Dividends paid | 96 | 1.9% | S100XRYC |
| Share buyback | 31 | 0.6% | S100XRYC |
| Change in cash | -19 | -0.4% | S100XRYC |
| Cash and equivalents | 2,770 | 55.6% | S100XRYC |

## 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 | 2,720 | 2,965 | 2,773 | 2,789 | 2,770 | S100T3WO, S100VFRH, S100XRYC |
| Total assets | 5,365 | 5,735 | 5,584 | 6,048 | 7,115 | S100QFGU, S100T3WO, S100VFRH, S100XRYC |
| Net assets | 2,861 | 3,141 | 3,126 | 3,232 | 3,511 | S100T3WO, S100VFRH, S100XRYC |
| Share capital | 500 | 500 | 500 | 500 | 500 | S100QFGU, S100T3WO, S100VFRH, S100XRYC |
| Trade receivables | 274 | — | — | — | — | S100QFGU |
| Inventories | 89 | 34 | 36 | 63 | 41 | S100QFGU, S100T3WO, S100VFRH, S100XRYC |
| Property, plant and equipment | 274 | 344 | 355 | 330 | 418 | S100QFGU, S100T3WO, S100VFRH, S100XRYC |
| Intangible assets excluding goodwill | 24 | 35 | 26 | 16 | 319 | S100QFGU, S100T3WO, S100VFRH, S100XRYC |
| Goodwill | — | — | — | — | 298 | S100XRYC |
| Investment securities | 170 | 170 | 250 | 320 | 412 | S100QFGU, S100T3WO, S100VFRH, S100XRYC |
| Current assets | 3,579 | 3,839 | 3,546 | 3,934 | 4,223 | S100QFGU, S100T3WO, S100VFRH, S100XRYC |
| Current liabilities | 1,164 | 1,248 | 1,076 | 1,421 | 1,898 | S100QFGU, S100T3WO, S100VFRH, S100XRYC |
| Total liabilities | 2,504 | 2,594 | 2,458 | 2,816 | 3,605 | S100QFGU, S100T3WO, S100VFRH, S100XRYC |
| Non-controlling interests | 62 | 96 | 52 | 41 | 149 | S100QFGU, S100T3WO, S100VFRH, S100XRYC |
| Equity attributable to owners of parent | 2,723 | 2,921 | 2,864 | 2,891 | 3,059 | S100QFGU, S100T3WO, S100VFRH, S100XRYC |
| Retained earnings | 2,216 | 2,414 | 2,357 | 2,383 | 2,551 | S100QFGU, S100T3WO, S100VFRH, S100XRYC |
| Treasury stock | -118 | -118 | -118 | -118 | -107 | S100QFGU, S100T3WO, S100VFRH, S100XRYC |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 39% | S100XRYC |
| Inventories | 0% | S100XRYC |
| Property, plant and equipment | 6% | S100XRYC |
| Intangibles and goodwill | 9% | S100XRYC |
| Investment securities | 6% | S100XRYC |
| Other assets | 40% | S100XRYC |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 51% | S100XRYC |
| Equity | 49% | S100XRYC |
| Other liabilities | 0% | S100XRYC |

### 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 | 5,365 | 5,735 | 5,584 | 6,048 | 7,115 |
| Equity | 2,861 | 3,141 | 3,126 | 3,232 | 3,511 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 2,720 | 2,965 | 2,773 | 2,789 | 2,770 |

## 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) | 8.4% | S100XRYC |
| Fixed assets ÷ total assets | 5.9% | S100XRYC |
| Goodwill ÷ parent equity | 9.7% | S100XRYC |

### 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) | 38.9% |
| Cash ÷ revenue | 55.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 74.0% |
| Cash vs. profit gap | -10 JPY mn (of net income -3.9%) |
| Shareholder returns / net income | 48.1% |
| Shareholder returns / FCF | 72.1% |
| Shareholder payments — dividends / net income | 36.3% |
| Shareholder payments — dividends / FCF | 54.3% |
| CapEx intensity (capex ÷ revenue) | 1.6% |
| Investing CF relative to operating CF | 65.3% |

## 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 | 5.8% | 0.70× | 4.1% | 1.97× | 8.0% | S100QFGU |
| 2022 | 6.6% | 0.80× | 5.3% | 1.97× | 10.4% | S100T3WO |
| 2023 | 1.8% | 0.68× | 1.2% | 1.96× | 2.4% | S100VFRH |
| 2024 | 3.1% | 0.68× | 2.1% | 2.02× | 4.2% | S100XRYC |
| 2025 | 5.3% | 0.76× | 4.0% | 2.21× | 8.9% | S100XRYC |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社山口クリエイト | Major shareholder | 17.2% | 2025-12-31 |
| 日本生命保険相互会社（常任代理人日本マスタートラスト信託銀行株式会社） | Major shareholder | 4.7% | 2025-12-31 |
| ＣＧＳグループ従業員持株会 | Major shareholder | 3.3% | 2025-12-31 |
| リズム株式会社 | Major shareholder | 3.3% | 2025-12-31 |
| 山口 修司 | Major shareholder | 3.0% | 2025-12-31 |
| 稲田 清春 | Major shareholder | 3.0% | 2025-12-31 |
| アイビー投資事業有限責任組合無限責任組合員 株式会社アイビー | Major shareholder | 2.3% | 2025-12-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 2.1% | 2025-12-31 |
| ＪＰ ＪＰＭＳＥ ＬＵＸ ＲＥ ＣＩＴＩＧＲＯＵＰ ＧＬＯＢＡＬ ＭＡＲＫＥＴＳ Ｌ ＥＱ ＣＯ（常任代理人株式会社三菱ＵＦＪ銀行） | Major shareholder | 1.9% | 2025-12-31 |
| 乗田工業株式会社 | Major shareholder | 1.5% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第19期(2025/01/01－2025/12/31) | S100XRYC | 2026-03-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XRYC,, |
| 有価証券報告書－第18期(2024/01/01－2024/12/31) | S100VFRH | 2025-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VFRH,, |
| 有価証券報告書－第17期(2023/01/01－2023/12/31) | S100T3WO | 2024-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T3WO,, |
| 有価証券報告書－第16期(2022/01/01－2022/12/31) | S100QFGU | 2023-03-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QFGU,, |
| 有価証券報告書－第15期(令和3年1月1日－令和3年12月31日) | S100NPKP | 2022-03-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NPKP,, |
| 有価証券報告書－第14期(令和2年1月1日－令和2年12月31日) | S100KZSF | 2021-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KZSF,, |

## 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).