# Computer Management Co.,Ltd.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第45期(2025/04/01－2026/03/31) (S100YGM1)
> Page: https://vizora.meequs.com/en/company/cmknet
> Retrieved: 2026-09-30T19:00:24.421Z

## Company

Computer Management is a company in IT Services & System Integration listed on TSE Standard. It has 754 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Computer Management Co.,Ltd. |
| Ticker | 4491 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4491.T) |
| Listing | TSE Standard |
| Head office | 大阪市北区梅田一丁目13番1号 |
| Representative (per filing) | 代表取締役社長 竹中 英之 |
| Share capital | ¥405.2M |
| Employees (consolidated) | 754 |
| Average salary (parent only) | ¥5.4M |
| Fiscal year end | March |
| Website | www.cmknet.co.jp (https://www.cmknet.co.jp/) |
| Corporate number | 8120001028938 |
| EDINET | E35466 |
| Industries (Vizora) | IT Services & System Integration |

> Profile source: annual securities report (S100YGM1, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: IT Services & System Integration (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 32.8 | 157 |
| Profitability | 38 | 196 |
| Cash conversion | 27.3 | 185 |
| Efficiency | 65.1 | 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)

- Computer Management brought in ¥8.24B in revenue.
- Out of every ¥100 of sales, about ¥8 is left as operating profit.
- Revenue changed +4.2% from the prior year, operating profit +22.3%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥8235420000 → ¥511812000
- Net income → operating cash flow: ¥511812000 → ¥406435000（difference ¥-105377000）
- Main uses of operating cash flow: CapEx ¥39269000 / dividends ¥101950000 / buybacks ¥109000
- Change in cash: ¥239299000
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 | ¥8.24B |  |
| Operating income | ¥629M | Margin 7.6% |
| Net income | ¥511.8M | Margin 6.2% |
| Free cash flow | ¥367.2M |  |
| Employees (consolidated) | 754 |  |
| EPS | ¥248.14 |  |
| Diluted EPS | ¥244.66 |  |
| Book value per share | ¥1927.92 |  |
| Equity ratio | 72.5% |  |
| Shares outstanding | 2,038,000 |  |
| Treasury shares | 200 |  |
| Shareholders | 2,828 |  |
| Average salary (parent only) | ¥5.4M | Filing company only |
| Cash ratio | 61.9% | Cash ÷ revenue 43.0% |
| Vs. industry median margin | -1.3 pp | IT Services & System Integration |
| ROE | 14.5% | Derived from disclosed figures |
| ROA | 9.4% | Derived from disclosed figures |

## Notable figures

- FY2026, cash is 62% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥6233729000 | ¥8235420000 | +32.1% |
| Operating income | ¥385065000 | ¥628967000 | +63.3% |
| Operating margin | 6.2% | 7.6% | +1.5 pp |
| Employees | 637 people | 754 people | +18.4% |
| Cash and equivalents | ¥2045720000 | ¥3542748000 | +73.2% |

### Change in segment revenue mix

Span: FY ending Mar 2021 → FY ending Mar 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

## Income statement（FY ending Mar 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 8,235 | 100.0% | S100YGM1 |
| Cost of revenue | 6,064 | 73.6% | S100YGM1 |
| Gross profit | 2,171 | 26.4% | S100YGM1 |
| SG&A | 1,542 | 18.7% | S100YGM1 |
| Operating income | 629 | 7.6% | S100YGM1 |
| Ordinary income | 650 | 7.9% | S100YGM1 |
| Pretax income | 646 | 7.8% | S100YGM1 |
| Income tax | 135 | 1.6% | S100YGM1 |
| Net income | 512 | 6.2% | S100YGM1 |
| Net income attributable to owners | 512 | 6.2% | S100YGM1 |

## Per ¥100 of revenue（FY ending Mar 2026）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 73 |
| SG&A | 19 |
| Operating income | 8 |
| (Ref.) Net income | 6 |

### Margin funnel

Gross margin 26.4% → Operating margin 7.6% → Net margin 6.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +4.2%; Core profit growth: +22.3%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 5.30×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Mar 2025 → FY ending Mar 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 7,902 | 8,235 | 333 | +4.2% |
| Gross profit | 2,012 | 2,171 | 160 | +7.9% |
| Operating income | 514 | 629 | 115 | +22.3% |
| Net income attributable to owners | 398 | 512 | 114 | +28.6% |
| Operating cash flow | 483 | 406 | -76 | -15.8% |
| Free cash flow | 475 | 367 | -108 | -22.7% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 6,147 | 327 | 5.3% | 217 | 274 | 271 | S100LP1H |
| FY ending Mar 2021 | 6,234 | 385 | 6.2% | 285 | 158 | 144 | S100OE2F |
| FY ending Mar 2022 | 6,491 | 494 | 7.6% | 353 | 394 | 370 | S100R0E7 |
| FY ending Mar 2023 | 6,931 | 473 | 6.8% | 338 | 404 | 333 | S100TP15 |
| FY ending Mar 2024 | 7,194 | 427 | 5.9% | 327 | 429 | 405 | S100W243 |
| FY ending Mar 2025 | 7,902 | 514 | 6.5% | 398 | 483 | 475 | S100YGM1 |
| FY ending Mar 2026 | 8,235 | 629 | 7.6% | 512 | 406 | 367 | S100YGM1 |

## People and productivity（FY ending Mar 2026, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥10.9M |
| Operating income per employee (consolidated) | ¥834.2K |
| Net income per employee (consolidated) | ¥678.8K |

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

| History | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 657 | 654 | 694 | 731 | 754 |
| Average salary (parent company) | ¥5M | ¥5M | ¥5M | ¥5.1M | ¥5.4M |
| Average age (parent company) | 38.5 years | 38.7 years | 38.3 years | 38.5 years | 38.9 years |
| Average tenure (parent company) | 6.7 years | 7.2 years | 7.3 years | 7.4 years | 7.9 years |

Year over year: Employees (consolidated) +3.1% · Revenue (consolidated) +4.2%

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 406 | 4.9% | S100YGM1 |
| Capital expenditure | 39 | 0.5% | S100YGM1 |
| Free cash flow | 367 | 4.5% | 算出 |
| Investing cash flow | -67 | -0.8% | S100YGM1 |
| Financing cash flow | -100 | -1.2% | S100YGM1 |
| Dividends paid | 102 | 1.2% | S100YGM1 |
| Share buyback | 0 | 0.0% | S100YGM1 |
| Change in cash | 239 | 2.9% | S100YGM1 |
| Cash and equivalents | 3,543 | 43.0% | S100YGM1 |

## 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 Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 2,316 | 2,579 | 2,913 | 3,303 | 3,543 | S100TP15, S100W243, S100YGM1 |
| Total assets | 3,968 | 4,303 | 4,748 | 5,137 | 5,728 | S100R0E7, S100TP15, S100W243, S100YGM1 |
| Net assets | 2,585 | 2,852 | 3,198 | 3,580 | 4,151 | S100TP15, S100W243, S100YGM1 |
| Share capital | 402 | 403 | 404 | 404 | 405 | S100R0E7, S100TP15, S100W243, S100YGM1 |
| Property, plant and equipment | 26 | 84 | 84 | 73 | 85 | S100R0E7, S100TP15, S100W243, S100YGM1 |
| Intangible assets excluding goodwill | 22 | 17 | 13 | 10 | 4 | S100R0E7, S100TP15, S100W243, S100YGM1 |
| Investment securities | 201 | 191 | 314 | 293 | 476 | S100R0E7, S100TP15, S100W243, S100YGM1 |
| Current assets | 3,329 | 3,603 | 3,952 | 4,400 | 4,790 | S100R0E7, S100TP15, S100W243, S100YGM1 |
| Current liabilities | 811 | 827 | 891 | 989 | 1,189 | S100R0E7, S100TP15, S100W243, S100YGM1 |
| Total liabilities | 1,383 | 1,451 | 1,551 | 1,557 | 1,577 | S100R0E7, S100TP15, S100W243, S100YGM1 |
| Equity attributable to owners of parent | 2,478 | 2,755 | 3,014 | 3,331 | 3,742 | S100R0E7, S100TP15, S100W243, S100YGM1 |
| Retained earnings | 1,723 | 2,000 | 2,256 | 2,572 | 2,982 | S100R0E7, S100TP15, S100W243, S100YGM1 |
| Treasury stock | -0 | -0 | -0 | -0 | -1 | S100R0E7, S100TP15, S100W243, S100YGM1 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 62% | S100YGM1 |
| Property, plant and equipment | 2% | S100YGM1 |
| Intangibles and goodwill | 0% | S100YGM1 |
| Investment securities | 8% | S100YGM1 |
| Other assets | 28% | S100YGM1 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 28% | S100YGM1 |
| Equity | 72% | S100YGM1 |

### Balance sheet history

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 3,968 | 4,303 | 4,748 | 5,137 | 5,728 |
| Equity | 2,585 | 2,852 | 3,198 | 3,580 | 4,151 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 2,316 | 2,579 | 2,913 | 3,303 | 3,543 |

## 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) | 1.0% | S100YGM1 |
| Fixed assets ÷ total assets | 1.5% | S100YGM1 |
| Goodwill ÷ parent equity | — | —, S100YGM1 |

### 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) | 61.9% |
| Cash ÷ revenue | 43.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 64.6% |
| Cash vs. profit gap | -105 JPY mn (of net income -20.6%) |
| Shareholder returns / net income | 19.9% |
| Shareholder returns / FCF | 27.8% |
| Shareholder payments — dividends / net income | 19.9% |
| Shareholder payments — dividends / FCF | 27.8% |
| CapEx intensity (capex ÷ revenue) | 0.5% |
| Investing CF relative to operating CF | 16.4% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 5.4% | 1.64× | 8.9% | 1.60× | 14.3% | S100R0E7 |
| 2023 | 4.9% | 1.68× | 8.2% | 1.58× | 12.9% | S100TP15 |
| 2024 | 4.6% | 1.59× | 7.2% | 1.57× | 11.3% | S100W243 |
| 2025 | 5.0% | 1.60× | 8.1% | 1.56× | 12.5% | S100YGM1 |
| 2026 | 6.2% | 1.52× | 9.4% | 1.54× | 14.5% | S100YGM1 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 有限会社シー・エム・ケー | Major shareholder | 35.9% | 2026-03-31 |
| コンピューターマネージメント社員持株会 | Major shareholder | 13.9% | 2026-03-31 |
| ＵＨ Ｐａｒｔｎｅｒｓ ２投資事業有限責任組合 | Major shareholder | 7.0% | 2026-03-31 |
| 光通信ＫＫ投資事業有限責任組合 | Major shareholder | 6.4% | 2026-03-31 |
| 竹中 英之 | Major shareholder | 2.2% | 2026-03-31 |
| 槇田 重夫 | Major shareholder | 2.1% | 2026-03-31 |
| 長平 由美子 | Major shareholder | 2.1% | 2026-03-31 |
| 竹中 利之 | Major shareholder | 2.1% | 2026-03-31 |
| 亀井 友廣 | Major shareholder | 1.2% | 2026-03-31 |
| 辻下 知充 | Major shareholder | 1.0% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第45期(2025/04/01－2026/03/31) | S100YGM1 | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YGM1,, |
| 有価証券報告書－第44期(2024/04/01－2025/03/31) | S100W243 | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W243,, |
| 有価証券報告書－第43期(2023/04/01－2024/03/31) | S100TP15 | 2024-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TP15,, |
| 有価証券報告書－第42期(2022/04/01－2023/03/31) | S100R0E7 | 2023-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R0E7,, |
| 有価証券報告書－第41期(令和3年4月1日－令和4年3月31日) | S100OE2F | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OE2F,, |
| 有価証券報告書－第40期(令和2年4月1日－令和3年3月31日) | S100LP1H | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LP1H,, |

## 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).