# CMC CORPORATION: 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64期(2024/10/01－2025/09/30) (S100X9E8)
> Page: https://vizora.meequs.com/en/company/cmc
> Retrieved: 2026-09-30T18:18:13.789Z

## Company

CMC, founded in 1962, is a company in IT Services & System Integration listed on TSE Standard. It has 825 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | CMC CORPORATION |
| Ticker | 2185 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2185.T) |
| Listing | TSE Standard |
| Head office | 名古屋市中区平和一丁目1番19号 |
| Representative (per filing) | 代表取締役社長 佐々 幸恭 |
| Founded | May 1962 |
| Share capital | ¥657.6M |
| Employees (consolidated) | 825 |
| Average salary (parent only) | ¥6.3M |
| Fiscal year end | September |
| Website | www.cmc.co.jp (https://www.cmc.co.jp/) |
| Corporate number | 4180001036617 |
| EDINET | E22042 |
| Industries (Vizora) | IT Services & System Integration |

> Profile source: annual securities report (S100X9E8, filed 2025-12-12). As of filing

## Five-axis industry profile

Primary industry: IT Services & System Integration (2025-09-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 9.2 | 157 |
| Profitability | 81.9 | 196 |
| Cash conversion | 58.1 | 185 |
| Efficiency | 6.9 | 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)

- CMC brought in ¥18.3B in revenue.
- Out of every ¥100 of sales, about ¥15 is left as operating profit.
- Revenue changed -6.5% from the prior year, operating profit -9.4%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥18256391000 → ¥2198183000
- Net income → operating cash flow: ¥2198183000 → ¥2309404000（difference ¥111221000）
- Main uses of operating cash flow: CapEx ¥612341000 / dividends ¥897283000 / buybacks ¥538057000
- Change in cash: ¥1231115000
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 | ¥18.3B |  |
| Operating income | ¥2.69B | Margin 14.8% |
| Net income | ¥2.15B | Margin 11.8% |
| Free cash flow | ¥1.7B |  |
| Employees (consolidated) | 825 |  |
| EPS | ¥206.33 |  |
| Book value per share | ¥1584.69 |  |
| Equity ratio | 79.5% |  |
| Shares outstanding | 14,364,000 |  |
| Treasury shares | 1,420,400 |  |
| Shareholders | 3,453 |  |
| Average salary (parent only) | ¥6.3M | Filing company only |
| Cash ratio | 48.1% | Cash ÷ revenue 71.5% |
| Vs. industry median margin | +5.8 pp | IT Services & System Integration |
| ROE | 10.6% | Derived from disclosed figures |
| ROA | 8.0% | Derived from disclosed figures |

## Notable figures

- FY2025, cash is 48% of total assets

## What changed in 5 years

| Metric | FY ending Sep 2020 | FY ending Sep 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥17071139000 | ¥18256391000 | +6.9% |
| Operating income | ¥1818539000 | ¥2694869000 | +48.2% |
| Operating margin | 10.7% | 14.8% | +4.1 pp |
| Employees | 972 people | 825 people | -15.1% |
| Cash and equivalents | ¥9325334000 | ¥13062042000 | +40.1% |

### 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.

| Flow | Revenue share |
| --- | ---: |
| マーケティング事業 → 事業再編・廃止 | 88.9% |
| システム開発事業 → 事業再編・廃止 | 11.1% |

Segment revenue source references: 2 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 18,256 | 100.0% | S100X9E8 |
| Cost of revenue | 11,352 | 62.2% | S100X9E8 |
| Gross profit | 6,905 | 37.8% | S100X9E8 |
| SG&A | 4,210 | 23.1% | S100X9E8 |
| Operating income | 2,695 | 14.8% | S100X9E8 |
| Ordinary income | 3,206 | 17.6% | S100X9E8 |
| Pretax income | 3,211 | 17.6% | S100X9E8 |
| Income tax | 1,013 | 5.5% | S100X9E8 |
| Net income | 2,198 | 12.0% | S100X9E8 |
| Net income attributable to owners | 2,150 | 11.8% | S100X9E8 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 62 |
| SG&A | 23 |
| Operating income | 15 |
| (Ref.) Net income | 12 |

### Margin funnel

Gross margin 37.8% → Operating margin 14.8% → Net margin 11.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -6.5%; Core profit growth: -9.4%
Operating leverage (core profit growth ÷ revenue growth): 1.45×
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 | 19,524 | 18,256 | -1,268 | -6.5% |
| Gross profit | 7,275 | 6,905 | -371 | -5.1% |
| Operating income | 2,975 | 2,695 | -281 | -9.4% |
| Net income attributable to owners | 2,079 | 2,150 | 71 | +3.4% |
| Operating cash flow | 2,099 | 2,309 | 210 | +10.0% |
| Free cash flow | -209 | 1,697 | 1,906 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Sep 2019 | 19,251 | 2,247 | 11.7% | 1,314 | 1,721 | 1,505 | S100KF4I |
| FY ending Sep 2020 | 17,071 | 1,819 | 10.7% | 1,355 | 1,337 | 1,125 | S100N2ZE |
| FY ending Sep 2021 | 17,331 | 2,277 | 13.1% | 1,619 | 1,920 | 1,794 | S100PTJK |
| FY ending Sep 2022 | 17,918 | 2,590 | 14.5% | 2,003 | 1,793 | 1,652 | S100T4D5 |
| FY ending Sep 2023 | 18,451 | 2,617 | 14.2% | 1,762 | 3,055 | 2,709 | S100UXI8 |
| FY ending Sep 2024 | 19,524 | 2,975 | 15.2% | 2,079 | 2,099 | -209 | S100X9E8 |
| FY ending Sep 2025 | 18,256 | 2,695 | 14.8% | 2,150 | 2,309 | 1,697 | S100X9E8 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥22.1M |
| Operating income per employee (consolidated) | ¥3.3M |
| Net income per employee (consolidated) | ¥2.6M |

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) | 934 | 909 | 925 | 862 | 825 |
| Average salary (parent company) | ¥6M | ¥6.3M | ¥6.4M | ¥6M | ¥6.3M |
| Average age (parent company) | 41.9 years | 41.8 years | 42.3 years | 43.3 years | 43.4 years |
| Average tenure (parent company) | 15.3 years | 14.8 years | 15.5 years | 16.7 years | 17.2 years |

Year over year: Employees (consolidated) -4.3% · Revenue (consolidated) -6.5%

## 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 | 2,309 | 12.6% | S100X9E8 |
| Capital expenditure | 612 | 3.4% | S100X9E8 |
| Free cash flow | 1,697 | 9.3% | 算出 |
| Investing cash flow | 367 | 2.0% | S100X9E8 |
| Financing cash flow | -1,568 | -8.6% | S100X9E8 |
| Dividends paid | 897 | 4.9% | S100X9E8 |
| Share buyback | 538 | 2.9% | S100X9E8 |
| Change in cash | 1,231 | 6.7% | S100X9E8 |
| Cash and equivalents | 13,062 | 71.5% | S100X9E8 |

## 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 | 9,870 | 11,443 | 13,477 | 11,831 | 13,062 | S100T4D5, S100UXI8, S100X9E8 |
| Total assets | 21,069 | 22,627 | 24,747 | 26,409 | 27,138 | S100PTJK, S100T4D5, S100UXI8, S100X9E8 |
| Net assets | 15,963 | 17,532 | 19,223 | 20,928 | 21,919 | S100T4D5, S100UXI8, S100X9E8 |
| Share capital | 658 | 658 | 658 | 658 | 658 | S100PTJK, S100T4D5, S100UXI8, S100X9E8 |
| Trade receivables | 4,086 | 3,936 | 3,022 | 3,585 | 3,152 | S100PTJK, S100T4D5, S100UXI8, S100X9E8 |
| Inventories | 776 | 1,115 | 1,082 | 862 | 1,067 | S100PTJK, S100T4D5, S100UXI8, S100X9E8 |
| Property, plant and equipment | 2,890 | 2,769 | 3,524 | 5,502 | 6,115 | S100PTJK, S100T4D5, S100UXI8, S100X9E8 |
| Intangible assets excluding goodwill | 336 | 315 | 441 | 523 | 458 | S100PTJK, S100T4D5, S100UXI8, S100X9E8 |
| Goodwill | 16 | — | 115 | 86 | 48 | S100PTJK, S100UXI8, S100X9E8 |
| Investment securities | 1,214 | 1,073 | 1,243 | 1,367 | 1,277 | S100PTJK, S100T4D5, S100UXI8, S100X9E8 |
| Current assets | 15,262 | 17,102 | 18,098 | 17,610 | 17,952 | S100PTJK, S100T4D5, S100UXI8, S100X9E8 |
| Current liabilities | 3,456 | 3,459 | 3,483 | 3,552 | 3,330 | S100PTJK, S100T4D5, S100UXI8, S100X9E8 |
| Trade payables | 1,396 | 1,157 | 1,121 | 1,036 | 828 | S100PTJK, S100T4D5, S100UXI8, S100X9E8 |
| Short-term borrowings | 15 | 71 | 80 | 35 | 15 | S100PTJK, S100T4D5, S100UXI8, S100X9E8 |
| Long-term borrowings | — | — | 310 | 264 | 206 | S100UXI8, S100X9E8 |
| Total liabilities | 5,106 | 5,094 | 5,524 | 5,480 | 5,219 | S100PTJK, S100T4D5, S100UXI8, S100X9E8 |
| Non-controlling interests | 80 | 111 | 281 | 299 | 333 | S100PTJK, S100T4D5, S100UXI8, S100X9E8 |
| Equity attributable to owners of parent | 15,441 | 17,021 | 18,409 | 19,996 | 20,733 | S100PTJK, S100T4D5, S100UXI8, S100X9E8 |
| Retained earnings | 15,341 | 16,983 | 18,348 | 19,923 | 21,175 | S100PTJK, S100T4D5, S100UXI8, S100X9E8 |
| Treasury stock | -1,221 | -1,287 | -1,271 | -1,259 | -1,780 | S100PTJK, S100T4D5, S100UXI8, S100X9E8 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 48% | S100X9E8 |
| Receivables | 12% | S100X9E8 |
| Inventories | 4% | S100X9E8 |
| Property, plant and equipment | 22% | S100X9E8 |
| Intangibles and goodwill | 2% | S100X9E8 |
| Investment securities | 5% | S100X9E8 |
| Other assets | 7% | S100X9E8 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 3% | S100X9E8 |
| Other liabilities | 16% | S100X9E8 |
| Equity | 81% | S100X9E8 |
| Other liabilities | 0% | S100X9E8 |

### 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 | 21,069 | 22,627 | 24,747 | 26,409 | 27,138 |
| Equity | 15,963 | 17,532 | 19,223 | 20,928 | 21,919 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 9,870 | 11,443 | 13,477 | 11,831 | 13,062 |

## 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) | 33.5% | S100X9E8 |
| Fixed assets ÷ total assets | 22.5% | S100X9E8 |
| Goodwill ÷ parent equity | 0.2% | S100X9E8 |

Goodwill over 4 years: 16 → 48 JPY; total investing cash flow: -3,788 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) | 48.1% |
| Cash ÷ revenue | 71.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 85.7% |
| Cash vs. profit gap | 160 JPY mn (of net income 7.4%) |
| Shareholder returns / net income | 66.8% |
| Shareholder returns / FCF | 84.6% |
| Shareholder payments — dividends / net income | 41.7% |
| Shareholder payments — dividends / FCF | 52.9% |
| CapEx intensity (capex ÷ revenue) | 3.4% |
| Investing CF relative to operating CF | 15.9% |

## 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 | 9.3% | 0.82× | 7.7% | 1.36× | 10.5% | S100PTJK |
| 2022 | 11.2% | 0.82× | 9.2% | 1.35× | 12.3% | S100T4D5 |
| 2023 | 9.6% | 0.78× | 7.4% | 1.34× | 9.9% | S100UXI8 |
| 2024 | 10.6% | 0.76× | 8.1% | 1.33× | 10.8% | S100X9E8 |
| 2025 | 11.8% | 0.68× | 8.0% | 1.31× | 10.6% | S100X9E8 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 佐々 香予子 | Major shareholder | 24.4% | 2025-09-30 |
| 光通信ＫＫ投資事業有限責任組合 無限責任組合員光通信株式会社 | Major shareholder | 6.6% | 2025-09-30 |
| 株式会社ササコーポレーション | Major shareholder | 6.2% | 2025-09-30 |
| シイエム・シイ従業員持株会 | Major shareholder | 4.7% | 2025-09-30 |
| 佐々 幸恭 | Major shareholder | 3.0% | 2025-09-30 |
| 株式会社三菱ＵＦＪ銀行 | Major shareholder | 2.8% | 2025-09-30 |
| 株式会社新居浜鉄工所 | Major shareholder | 1.9% | 2025-09-30 |
| 株式会社三井住友銀行 | Major shareholder | 1.8% | 2025-09-30 |
| 龍山 真澄 | Major shareholder | 1.7% | 2025-09-30 |
| 鷲尾 美里 | Major shareholder | 1.7% | 2025-09-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第64期(2024/10/01－2025/09/30) | S100X9E8 | 2025-12-12 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100X9E8,, |
| 有価証券報告書－第63期(2023/10/01－2024/09/30) | S100UXI8 | 2024-12-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UXI8,, |
| 訂正有価証券報告書－第62期(2022/10/01－2023/09/30) | S100T4D5 | 2024-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T4D5,, |
| 有価証券報告書－第61期(令和3年10月1日－令和4年9月30日) | S100PTJK | 2022-12-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PTJK,, |
| 有価証券報告書－第60期(令和2年10月1日－令和3年9月30日) | S100N2ZE | 2021-12-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100N2ZE,, |
| 有価証券報告書－第59期(令和1年10月1日－令和2年9月30日) | S100KF4I | 2020-12-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KF4I,, |

## 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).