# COMPUTER ENGINEERING & CONSULTING LTD.: business model and financials

> Latest period: FY ending Jan 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第58期(2025/02/01－2026/01/31) (S100XZVZ)
> Page: https://vizora.meequs.com/en/company/computer-engineering-and-consulting
> Retrieved: 2026-09-30T19:44:40.034Z

## Company

Computer Engineering & Consulting, founded in 1968, is a company in Cybersecurity listed on TSE Prime. It has 2,401 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | COMPUTER ENGINEERING & CONSULTING LTD. |
| Ticker | 9692 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9692.T) |
| Listing | TSE Prime |
| Head office | 神奈川県座間市東原五丁目1番11号 |
| Representative (per filing) | 代表取締役社長 姫野 貴 |
| Founded | Feb 1968 |
| Share capital | ¥6.59B |
| Employees (consolidated) | 2,401 |
| Average salary (parent only) | ¥6.4M |
| Fiscal year end | January |
| Website | www.cec-ltd.co.jp (https://www.cec-ltd.co.jp/) |
| Corporate number | 9021001026338 |
| EDINET | E04853 |
| Industries (Vizora) | Cybersecurity, IT Services & System Integration, Software & SaaS |

> Profile source: annual securities report (S100XZVZ, filed 2026-04-21). As of filing

## Five-axis industry profile

Primary industry: IT Services & System Integration (2026-01-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 39.8 | 157 |
| Profitability | 67.6 | 196 |
| Cash conversion | 46.2 | 185 |
| Efficiency | 40.6 | 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 65% of Computer Engineering & Consulting's sales come from Integration Segment, with Connected Segment and Solution Segment making up much of the rest.
- Out of every ¥100 of sales, about ¥11 is left as operating profit.
- Revenue changed +17.2% from the prior year, operating profit +9.6%.

## Company structure

- Segment revenue mix: Integration Segment 65.2%、Connected Segment 18.0%、Solution Segment 16.8%
- Revenue → net income: ¥65882000000 → ¥5201000000
- Net income → operating cash flow: ¥5201000000 → ¥5825000000（difference ¥624000000）
- Main uses of operating cash flow: CapEx ¥816000000 / dividends ¥1901000000 / buybacks ¥1999000000
- Change in cash: ¥-272000000
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 | ¥65.9B |  |
| Operating income | ¥7.34B | Margin 11.1% |
| Net income | ¥5.2B | Margin 7.9% |
| Free cash flow | ¥5.01B |  |
| Largest business | Integration Segment | of segment revenue 65.2% |
| Employees (consolidated) | 2,401 |  |
| EPS | ¥145.71 |  |
| Diluted EPS | ¥145.62 |  |
| Book value per share | ¥1088.76 |  |
| Equity ratio | 68.4% |  |
| Shares outstanding | 35,168,200 |  |
| Treasury shares | 3,957,700 |  |
| Shareholders | 4,232 |  |
| Average salary (parent only) | ¥6.4M | Filing company only |
| Cash ratio | 40.5% | Cash ÷ revenue 38.3% |
| Vs. industry median margin | +2.2 pp | IT Services & System Integration |
| ROE | 13.0% | Derived from disclosed figures |
| ROA | 9.1% | Derived from disclosed figures |

## Notable figures

- FY2026, buybacks were 1.1× dividends
- FY2026, one segment accounts for 68% of positive segment profit
- FY2026, cash is 41% of total assets

## What changed in 5 years

| Metric | FY ending Jan 2021 | FY ending Jan 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥48003297000 | ¥65882000000 | +37.2% |
| Operating income | ¥5048692000 | ¥7338000000 | +45.3% |
| Operating margin | 10.5% | 11.1% | +0.6 pp |
| Employees | 2,174 people | 2,401 people | +10.4% |
| Cash and equivalents | ¥21020684000 | ¥25200000000 | +19.9% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| デジタルインダストリー事業 → 事業再編・廃止 | 34.0% |
| サービスインテグレーション事業 → 事業再編・廃止 | 66.0% |
| 新設・再編 → インテグレーションセグメント | 65.2% |
| 新設・再編 → コネクティッドセグメント | 18.0% |
| 新設・再編 → ソリューションセグメント | 16.8% |

Segment revenue source references: 5 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Integration Segment | — | — | ¥42953000000 | 20.5% | 2 |
| Connected Segment | — | — | ¥11837000000 | 19.3% | 2 |
| Solution Segment | — | — | ¥11091000000 | 17.5% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 65,882 | 100.0% | S100XZVZ |
| Cost of revenue | 49,019 | 74.4% | S100XZVZ |
| Gross profit | 16,863 | 25.6% | S100XZVZ |
| SG&A | 9,524 | 14.5% | S100XZVZ |
| Operating income | 7,338 | 11.1% | S100XZVZ |
| Ordinary income | 7,435 | 11.3% | S100XZVZ |
| Pretax income | 7,350 | 11.2% | S100XZVZ |
| Income tax | 2,149 | 3.3% | S100XZVZ |
| Net income | 5,201 | 7.9% | S100XZVZ |
| Net income attributable to owners | 5,201 | 7.9% | S100XZVZ |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 74 |
| SG&A | 15 |
| Operating income | 11 |
| (Ref.) Net income | 8 |

### Margin funnel

Gross margin 25.6% → Operating margin 11.1% → Net margin 7.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +17.2%; Core profit growth: +9.6%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.56×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 56,208 | 65,882 | 9,674 | +17.2% |
| Gross profit | 15,344 | 16,863 | 1,519 | +9.9% |
| Operating income | 6,696 | 7,338 | 642 | +9.6% |
| Net income attributable to owners | 4,040 | 5,201 | 1,161 | +28.7% |
| Operating cash flow | 5,269 | 5,825 | 556 | +10.6% |
| Free cash flow | 4,502 | 5,009 | 507 | +11.3% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Jan 2020 | 51,869 | 5,934 | 11.4% | 3,639 | 4,814 | 4,222 | S100L73D |
| FY ending Jan 2021 | 48,003 | 5,049 | 10.5% | 4,036 | 5,351 | 4,886 | S100NXK9 |
| FY ending Jan 2022 | 45,221 | 4,207 | 9.3% | 3,039 | 3,152 | 2,017 | S100QN76 |
| FY ending Jan 2023 | 48,206 | 4,374 | 9.1% | 5,179 | 2,495 | 1,650 | S100TBCQ |
| FY ending Jan 2024 | 53,124 | 6,361 | 12.0% | 4,541 | 5,682 | 5,252 | S100VNBN |
| FY ending Jan 2025 | 56,208 | 6,696 | 11.9% | 4,040 | 5,269 | 4,502 | S100XZVZ |
| FY ending Jan 2026 | 65,882 | 7,338 | 11.1% | 5,201 | 5,825 | 5,009 | S100XZVZ |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥27.4M |
| Operating income per employee (consolidated) | ¥3.1M |
| Net income per employee (consolidated) | ¥2.2M |

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

| History | FY ending Jan 2022 | FY ending Jan 2023 | FY ending Jan 2024 | FY ending Jan 2025 | FY ending Jan 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 2,184 | 2,195 | 2,209 | 2,270 | 2,401 |
| Average salary (parent company) | ¥6.1M | ¥6.1M | ¥6.3M | ¥6.4M | ¥6.4M |
| Average age (parent company) | 41.8 years | 41.1 years | 40.5 years | 39.4 years | 38.7 years |
| Average tenure (parent company) | 16.1 years | 15.5 years | 15.0 years | 13.5 years | 12.7 years |

Year over year: Employees (consolidated) +5.8% · Revenue (consolidated) +17.2%

## Segments（FY ending Jan 2026, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Integration Segment | 42,953 | 65.2% | 8,786 | 20.5% |
| Connected Segment | 11,837 | 18.0% | 2,284 | 19.3% |
| Solution Segment | 11,091 | 16.8% | 1,939 | 17.5% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Integration Segment | 65.2% | 67.5% | 2.3 | 20.5% |
| Connected Segment | 18.0% | 17.6% | -0.4 | 19.3% |
| Solution Segment | 16.8% | 14.9% | -1.9 | 17.5% |

Segment → industry: Solution Segment → Cybersecurity / Connected Segment → IT Services & System Integration / Integration Segment → IT Services & System Integration / Solution Segment → Software & SaaS

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 5,825 | 8.8% | S100XZVZ |
| Capital expenditure | 816 | 1.2% | S100XZVZ |
| Free cash flow | 5,009 | 7.6% | 算出 |
| Investing cash flow | -2,184 | -3.3% | S100XZVZ |
| Financing cash flow | -3,914 | -5.9% | S100XZVZ |
| Dividends paid | 1,901 | 2.9% | S100XZVZ |
| Share buyback | 1,999 | 3.0% | S100XZVZ |
| Change in cash | -272 | -0.4% | S100XZVZ |
| Cash and equivalents | 25,200 | 38.3% | S100XZVZ |

## 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 Jan 2022 | FY ending Jan 2023 | FY ending Jan 2024 | FY ending Jan 2025 | FY ending Jan 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 22,431 | 23,302 | 26,714 | 25,472 | 25,200 | S100TBCQ, S100VNBN, S100XZVZ |
| Total assets | 45,148 | 46,334 | 51,391 | 52,636 | 62,210 | S100QN76, S100TBCQ, S100VNBN, S100XZVZ |
| Net assets | 35,737 | 37,379 | 40,787 | 40,401 | 42,603 | S100TBCQ, S100VNBN, S100XZVZ |
| Share capital | 6,586 | 6,586 | 6,586 | 6,586 | 6,586 | S100QN76, S100TBCQ, S100VNBN, S100XZVZ |
| Trade receivables | 9,943 | — | — | — | — | S100QN76 |
| Property, plant and equipment | 6,567 | 6,615 | 7,438 | 6,821 | 6,851 | S100QN76, S100TBCQ, S100VNBN, S100XZVZ |
| Intangible assets excluding goodwill | 244 | 258 | 239 | 395 | 827 | S100QN76, S100TBCQ, S100VNBN, S100XZVZ |
| Goodwill | — | — | — | 143 | 638 | S100XZVZ |
| Investment securities | 1,667 | 1,329 | 1,600 | 2,231 | 3,505 | S100QN76, S100TBCQ, S100VNBN, S100XZVZ |
| Current assets | 34,060 | 35,209 | 39,005 | 39,114 | 46,210 | S100QN76, S100TBCQ, S100VNBN, S100XZVZ |
| Current liabilities | 8,311 | 8,311 | 9,006 | 10,389 | 17,400 | S100QN76, S100TBCQ, S100VNBN, S100XZVZ |
| Short-term borrowings | 350 | 350 | 350 | 350 | 352 | S100QN76, S100TBCQ, S100VNBN, S100XZVZ |
| Long-term borrowings | 27 | 14 | — | — | 13 | S100QN76, S100TBCQ, S100XZVZ |
| Total liabilities | 9,411 | 8,954 | 10,603 | 12,234 | 19,607 | S100QN76, S100TBCQ, S100VNBN, S100XZVZ |
| Equity attributable to owners of parent | 35,095 | 36,920 | 39,997 | 39,198 | 40,531 | S100QN76, S100TBCQ, S100VNBN, S100XZVZ |
| Retained earnings | 23,439 | 27,106 | 30,135 | 30,539 | 32,619 | S100QN76, S100TBCQ, S100VNBN, S100XZVZ |
| Treasury stock | -1,664 | -3,505 | -3,462 | -4,660 | -5,408 | S100QN76, S100TBCQ, S100VNBN, S100XZVZ |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 41% | S100XZVZ |
| Property, plant and equipment | 11% | S100XZVZ |
| Intangibles and goodwill | 2% | S100XZVZ |
| Investment securities | 6% | S100XZVZ |
| Other assets | 40% | S100XZVZ |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 32% | S100XZVZ |
| Equity | 68% | S100XZVZ |

### Balance sheet history

| Metric | FY ending Jan 2022 | FY ending Jan 2023 | FY ending Jan 2024 | FY ending Jan 2025 | FY ending Jan 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 45,148 | 46,334 | 51,391 | 52,636 | 62,210 |
| Equity | 35,737 | 37,379 | 40,787 | 40,401 | 42,603 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 22,431 | 23,302 | 26,714 | 25,472 | 25,200 |

## 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) | 10.4% | S100XZVZ |
| Fixed assets ÷ total assets | 11.0% | S100XZVZ |
| Goodwill ÷ parent equity | 1.6% | S100XZVZ |

### 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) | 40.5% |
| Cash ÷ revenue | 38.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 79.4% |
| Cash vs. profit gap | 624 JPY mn (of net income 12.0%) |
| Shareholder returns / net income | 75.0% |
| Shareholder returns / FCF | 77.9% |
| Shareholder payments — dividends / net income | 36.6% |
| Shareholder payments — dividends / FCF | 38.0% |
| CapEx intensity (capex ÷ revenue) | 1.2% |
| Investing CF relative to operating CF | 37.5% |

## 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 | 6.7% | 1.00× | 6.7% | 1.29× | 8.7% | S100QN76 |
| 2023 | 10.7% | 1.05× | 11.3% | 1.27× | 14.4% | S100TBCQ |
| 2024 | 8.5% | 1.09× | 9.3% | 1.27× | 11.8% | S100VNBN |
| 2025 | 7.2% | 1.08× | 7.8% | 1.31× | 10.2% | S100XZVZ |
| 2026 | 7.9% | 1.15× | 9.1% | 1.44× | 13.0% | S100XZVZ |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ミツイワ株式会社 | Major shareholder | 14.2% | 2026-01-31 |
| 日本マスタートラスト信託銀行株式会社(信託口) | Major shareholder | 11.8% | 2026-01-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 7.5% | 2026-01-31 |
| 岩﨑 宏達 | Major shareholder | 4.3% | 2026-01-31 |
| 富士通株式会社 | Major shareholder | 4.0% | 2026-01-31 |
| シーイーシー従業員持株会 | Major shareholder | 3.4% | 2026-01-31 |
| BNP PARIBAS LUXEMBOURG/2S/JASDEC/FIM/LUXEMBOURGFUNDS/UCITS ASSETS （常任代理人 香港上海銀行東京支店） | Major shareholder | 3.1% | 2026-01-31 |
| 日本フォーサイト電子株式会社 | Major shareholder | 3.0% | 2026-01-31 |
| MSIP CLIENT SECURITIES （常任代理人 モルガン・スタンレーＭＵＦＧ証券株式会社） | Major shareholder | 2.4% | 2026-01-31 |
| STATE STREET BANK AND TRUST COMPANY 505103 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.6% | 2026-01-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第58期(2025/02/01－2026/01/31) | S100XZVZ | 2026-04-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XZVZ,, |
| 有価証券報告書－第57期(2024/02/01－2025/01/31) | S100VNBN | 2025-04-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VNBN,, |
| 有価証券報告書－第56期(2023/02/01－2024/01/31) | S100TBCQ | 2024-04-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TBCQ,, |
| 有価証券報告書－第55期(2022/02/01－2023/01/31) | S100QN76 | 2023-04-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QN76,, |
| 有価証券報告書－第54期(令和3年2月1日－令和4年1月31日) | S100NXK9 | 2022-04-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NXK9,, |
| 有価証券報告書－第53期(令和2年2月1日－令和3年1月31日) | S100L73D | 2021-04-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L73D,, |

## 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).