# CNS Co.,Ltd: business model and financials

> Latest period: FY ending May 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第41期(2025/06/01－2026/05/31) (S100YYRG)
> Page: https://vizora.meequs.com/en/company/cns
> Retrieved: 2026-09-30T18:55:14.492Z

## Company

CNS, founded in 1985, is a company in IT Services & System Integration listed on TSE Growth. It has 258 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | CNS Co.,Ltd. |
| Ticker | 4076 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4076.T) |
| Listing | TSE Growth |
| Head office | 東京都品川区上大崎二丁目25番2号 新目黒東急ビル5F |
| Representative (per filing) | 代表取締役社長 関根 政英 |
| Founded | Jul 1985 |
| Share capital | ¥478.8M |
| Employees (consolidated) | 258 |
| Average salary (parent only) | ¥6.8M |
| Fiscal year end | May |
| Website | www.cns.co.jp (https://www.cns.co.jp/) |
| Corporate number | 9011001034011 |
| EDINET | E36840 |
| Industries (Vizora) | IT Services & System Integration |

> Profile source: annual securities report (S100YYRG, filed 2026-08-26). As of filing

## Five-axis industry profile

Primary industry: IT Services & System Integration (2026-05-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 62.1 | 157 |
| Profitability | 49.2 | 196 |
| Cash conversion | 55.4 | 185 |
| Efficiency | 60.5 | 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)

- CNS brought in ¥7.77B in revenue.
- Out of every ¥100 of sales, about ¥9 is left as operating profit.
- Revenue changed +11.0% from the prior year, operating profit +23.4%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥7774309000 → ¥590821000
- Net income → operating cash flow: ¥590821000 → ¥579891000（difference ¥-10930000）
- Main uses of operating cash flow: CapEx ¥405389000 / dividends ¥217947000 / buybacks —
- Change in cash: ¥59781000
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 | ¥7.77B |  |
| Operating income | ¥685.4M | Margin 8.8% |
| Net income | ¥590.8M | Margin 7.6% |
| Free cash flow | ¥174.5M |  |
| Employees (consolidated) | 258 |  |
| EPS | ¥181.92 |  |
| Book value per share | ¥1347.02 |  |
| Equity ratio | 74.0% |  |
| Shares outstanding | 2,906,000 |  |
| Shareholders | 1,083 |  |
| Average salary (parent only) | ¥6.8M | Filing company only |
| Cash ratio | 51.7% | Cash ÷ revenue 38.9% |
| Vs. industry median margin | -0.1 pp | IT Services & System Integration |
| ROE | 14.3% | Derived from disclosed figures |
| ROA | 10.6% | Derived from disclosed figures |

## Notable figures

- FY2026, cash is 52% of total assets
- FY2026, employees -3% while operating income rose 23%

## What changed in 5 years

| Metric | FY ending May 2021 | FY ending May 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥4841026000 | ¥7774309000 | +60.6% |
| Operating income | ¥458240000 | ¥685445000 | +49.6% |
| Operating margin | 9.5% | 8.8% | -0.6 pp |
| Employees | 190 people | 258 people | +35.8% |
| Cash and equivalents | ¥1417055000 | ¥3026058000 | +113.5% |

### Change in segment revenue mix

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

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 7,774 | 100.0% | S100YYRG |
| Cost of revenue | 5,871 | 75.5% | S100YYRG |
| Gross profit | 1,903 | 24.5% | S100YYRG |
| SG&A | 1,218 | 15.7% | S100YYRG |
| Operating income | 685 | 8.8% | S100YYRG |
| Ordinary income | 726 | 9.3% | S100YYRG |
| Pretax income | 772 | 9.9% | S100YYRG |
| Income tax | 181 | 2.3% | S100YYRG |
| Net income | 591 | 7.6% | S100YYRG |
| Net income attributable to owners | 591 | 7.6% | S100YYRG |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 75 |
| SG&A | 16 |
| Operating income | 9 |
| (Ref.) Net income | 8 |

### Margin funnel

Gross margin 24.5% → Operating margin 8.8% → Net margin 7.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +11.0%; Core profit growth: +23.4%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.13×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 7,005 | 7,774 | 769 | +11.0% |
| Gross profit | 1,707 | 1,903 | 197 | +11.5% |
| Operating income | 555 | 685 | 130 | +23.4% |
| Net income attributable to owners | 427 | 591 | 163 | +38.3% |
| Operating cash flow | 444 | 580 | 136 | +30.7% |
| Free cash flow | 420 | 175 | -246 | -58.5% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending May 2020 | 4,578 | 437 | 9.6% | 325 | 646 | 628 | S100MD32 |
| FY ending May 2021 | 4,841 | 458 | 9.5% | 337 | 183 | 125 | S100P3L0 |
| FY ending May 2022 | 5,419 | 533 | 9.8% | 409 | 461 | 443 | S100RRJG |
| FY ending May 2023 | 5,989 | 559 | 9.3% | 433 | 353 | 294 | S100UAM9 |
| FY ending May 2024 | 6,657 | 620 | 9.3% | 461 | 565 | 554 | S100WLIX |
| FY ending May 2025 | 7,005 | 555 | 7.9% | 427 | 444 | 420 | S100YYRG |
| FY ending May 2026 | 7,774 | 685 | 8.8% | 591 | 580 | 175 | S100YYRG |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥30.1M |
| Operating income per employee (consolidated) | ¥2.7M |
| Net income per employee (consolidated) | ¥2.3M |

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

| History | FY ending May 2022 | FY ending May 2023 | FY ending May 2024 | FY ending May 2025 | FY ending May 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 210 | 242 | 255 | 265 | 258 |
| Average salary (parent company) | ¥6.3M | ¥6.2M | ¥6.4M | ¥6.8M | ¥6.8M |
| Average age (parent company) | 32.7 years | 32.7 years | 32.6 years | 32.7 years | 33.8 years |
| Average tenure (parent company) | 6.0 years | 6.0 years | 6.0 years | 6.0 years | 7.0 years |

Year over year: Employees (consolidated) -2.6% · Revenue (consolidated) +11.0%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 580 | 7.5% | S100YYRG |
| Capital expenditure | 405 | 5.2% | S100YYRG |
| Free cash flow | 175 | 2.2% | 算出 |
| Investing cash flow | -299 | -3.9% | S100YYRG |
| Financing cash flow | -221 | -2.8% | S100YYRG |
| Dividends paid | 218 | 2.8% | S100YYRG |
| Change in cash | 60 | 0.8% | S100YYRG |
| Cash and equivalents | 3,026 | 38.9% | S100YYRG |

## 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 May 2022 | FY ending May 2023 | FY ending May 2024 | FY ending May 2025 | FY ending May 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 2,489 | 2,583 | 2,934 | 2,966 | 3,026 | S100UAM9, S100WLIX, S100YYRG |
| Total assets | 4,152 | 4,547 | 4,934 | 5,260 | 5,857 | S100RRJG, S100UAM9, S100WLIX, S100YYRG |
| Net assets | 3,039 | 3,341 | 3,672 | 3,959 | 4,332 | S100UAM9, S100WLIX, S100YYRG |
| Share capital | 479 | 479 | 479 | 479 | 479 | S100RRJG, S100UAM9, S100WLIX, S100YYRG |
| Inventories | 5 | 15 | 4 | 15 | 6 | S100RRJG, S100UAM9, S100WLIX, S100YYRG |
| Property, plant and equipment | 71 | 72 | 65 | 50 | 429 | S100RRJG, S100UAM9, S100WLIX, S100YYRG |
| Intangible assets excluding goodwill | 36 | 80 | 49 | 39 | 25 | S100RRJG, S100UAM9, S100WLIX, S100YYRG |
| Investment securities | 5 | 5 | 5 | 5 | 3 | S100RRJG, S100UAM9, S100WLIX, S100YYRG |
| Current assets | 3,629 | 3,951 | 4,349 | 4,506 | 4,796 | S100RRJG, S100UAM9, S100WLIX, S100YYRG |
| Current liabilities | 724 | 795 | 834 | 862 | 1,074 | S100RRJG, S100UAM9, S100WLIX, S100YYRG |
| Total liabilities | 1,113 | 1,206 | 1,262 | 1,300 | 1,524 | S100RRJG, S100UAM9, S100WLIX, S100YYRG |
| Equity attributable to owners of parent | 3,039 | 3,341 | 3,672 | 3,959 | 4,332 | S100RRJG, S100UAM9, S100WLIX, S100YYRG |
| Retained earnings | 2,125 | 2,428 | 2,758 | 3,046 | 3,419 | S100RRJG, S100UAM9, S100WLIX, S100YYRG |
| Treasury stock | — | — | — | -0 | -0 | S100YYRG |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 52% | S100YYRG |
| Inventories | 0% | S100YYRG |
| Property, plant and equipment | 7% | S100YYRG |
| Intangibles and goodwill | 0% | S100YYRG |
| Investment securities | 0% | S100YYRG |
| Other assets | 41% | S100YYRG |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 26% | S100YYRG |
| Equity | 74% | S100YYRG |

### Balance sheet history

| Metric | FY ending May 2022 | FY ending May 2023 | FY ending May 2024 | FY ending May 2025 | FY ending May 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 4,152 | 4,547 | 4,934 | 5,260 | 5,857 |
| Equity | 3,039 | 3,341 | 3,672 | 3,959 | 4,332 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 2,489 | 2,583 | 2,934 | 2,966 | 3,026 |

## 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) | 5.5% | S100YYRG |
| Fixed assets ÷ total assets | 7.3% | S100YYRG |
| Goodwill ÷ parent equity | — | —, S100YYRG |

### 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) | 51.7% |
| Cash ÷ revenue | 38.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 84.6% |
| Cash vs. profit gap | -11 JPY mn (of net income -1.8%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 36.9% |
| Shareholder payments — dividends / FCF | 124.9% |
| CapEx intensity (capex ÷ revenue) | 5.2% |
| Investing CF relative to operating CF | 51.6% |

## 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 | 7.6% | 1.31× | 9.9% | 1.37× | 13.5% | S100RRJG |
| 2023 | 7.2% | 1.38× | 10.0% | 1.36× | 13.6% | S100UAM9 |
| 2024 | 6.9% | 1.40× | 9.7% | 1.35× | 13.2% | S100WLIX |
| 2025 | 6.1% | 1.37× | 8.4% | 1.34× | 11.2% | S100YYRG |
| 2026 | 7.6% | 1.40× | 10.6% | 1.34× | 14.3% | S100YYRG |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| Ｎ＆ＫＴ株式会社 | Major shareholder | 20.6% | 2026-05-31 |
| 富山 広己 | Major shareholder | 13.9% | 2026-05-31 |
| 関根 政英 | Major shareholder | 6.1% | 2026-05-31 |
| シイエヌエス従業員持株会 | Major shareholder | 4.6% | 2026-05-31 |
| 小野間 治彦 | Major shareholder | 3.9% | 2026-05-31 |
| 楠見 慶太 | Major shareholder | 3.9% | 2026-05-31 |
| 生活協同組合コープさっぽろ | Major shareholder | 3.4% | 2026-05-31 |
| 株式会社ＮＴＴデータグループ | Major shareholder | 3.4% | 2026-05-31 |
| 戸田 忠志 | Major shareholder | 1.9% | 2026-05-31 |
| 種田 政行 | Major shareholder | 1.8% | 2026-05-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第41期(2025/06/01－2026/05/31) | S100YYRG | 2026-08-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YYRG,, |
| 有価証券報告書－第40期(2024/06/01－2025/05/31) | S100WLIX | 2025-08-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WLIX,, |
| 有価証券報告書－第39期(2023/06/01－2024/05/31) | S100UAM9 | 2024-08-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UAM9,, |
| 有価証券報告書－第38期(2022/06/01－2023/05/31) | S100RRJG | 2023-08-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RRJG,, |
| 有価証券報告書－第37期(令和3年6月1日－令和4年5月31日) | S100P3L0 | 2022-08-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100P3L0,, |
| 有価証券報告書－第36期(令和2年6月1日－令和3年5月31日) | S100MD32 | 2021-08-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MD32,, |

## 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).