# COMSYS Holdings Corporation: 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23期(2025/04/01－2026/03/31) (S100YFLP)
> Page: https://vizora.meequs.com/en/company/comsys-holdings
> Retrieved: 2026-09-30T22:01:02.605Z

## Company

COMSYS Holdings, founded in 2012, is a company in Plant Engineering & Building Services listed on TSE Prime. It has 17,765 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | COMSYS Holdings Corporation |
| Ticker | 1721 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/1721.T) |
| Listing | TSE Prime |
| Head office | 東京都品川区東五反田二丁目17番1号 |
| Representative (per filing) | 代表取締役社長 田辺 博 |
| Founded | Oct 2012 |
| Share capital | ¥10B |
| Employees (consolidated) | 17,765 |
| Average salary (parent only) | ¥9.6M |
| Fiscal year end | March |
| Website | www.comsys-hd.co.jp (https://www.comsys-hd.co.jp/) |
| Corporate number | 3010701014889 |
| EDINET | E00322 |
| Industries (Vizora) | Plant Engineering & Building Services, IT Services & System Integration |

> Profile source: annual securities report (S100YFLP, filed 2026-06-22). As of filing

## Five-axis industry profile

Primary industry: Plant Engineering & Building Services (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 14.6 | 72 |
| Profitability | 40.1 | 76 |
| Cash conversion | 53.4 | 74 |
| Efficiency | 66.4 | 76 |

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 51% of COMSYS Holdings's sales come from Nippon COMSYS Group, with NDS group and TSUKEN Group making up much of the rest.
- Out of every ¥100 of sales, about ¥8 is left as operating profit.
- Revenue changed +2.6% from the prior year, operating profit +10.7%.

## Company structure

- Segment revenue mix: Nippon COMSYS Group 50.8%、NDS group 15.0%、TSUKEN Group 9.5%、TOSYS Group 6.1%、SYSKEN group 5.3%
- Revenue → net income: ¥630658000000 → ¥36935000000
- Net income → operating cash flow: ¥36935000000 → ¥42469000000（difference ¥5534000000）
- Main uses of operating cash flow: CapEx ¥13619000000 / dividends ¥14048000000 / buybacks ¥10046000000
- Change in cash: ¥3042000000
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 | ¥630.7B |  |
| Operating income | ¥50.9B | Margin 8.1% |
| Net income | ¥36.3B | Margin 5.8% |
| Free cash flow | ¥28.9B |  |
| Largest business | Nippon COMSYS Group | of segment revenue 50.8% |
| Employees (consolidated) | 17,765 |  |
| EPS | ¥118.73 |  |
| Diluted EPS | ¥118.02 |  |
| Book value per share | ¥872.01 |  |
| Equity ratio | 70.7% |  |
| Shares outstanding | 118,000,000 |  |
| Treasury shares | 2,104,400 |  |
| Shareholders | 14,672 |  |
| Average salary (parent only) | ¥9.6M | Filing company only |
| Cash ratio | 7.3% | Cash ÷ revenue 6.6% |
| Vs. industry median margin | -1 pp | Plant Engineering & Building Services |
| ROE | 9.7% | Derived from disclosed figures |
| ROA | 6.6% | Derived from disclosed figures |

## Notable figures

- FY2026, segment profit share differs by 22 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥563252000000 | ¥630658000000 | +12.0% |
| Operating income | ¥41572000000 | ¥50904000000 | +22.4% |
| Operating margin | 7.4% | 8.1% | +0.7 pp |
| Employees | 17,066 people | 17,765 people | +4.1% |
| Cash and equivalents | ¥32936000000 | ¥41333000000 | +25.5% |

### 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.

| Flow | Revenue share |
| --- | ---: |
| 日本コムシスグループ → 日本コムシスグループ | 49.6% |
| サンワコムシスエンジニアリンググループ → サンワコムシスエンジニアリンググループ | 5.2% |
| サンワコムシスエンジニアリンググループ → 事業再編・廃止 | 5.2% |
| ＴＯＳＹＳグループ → ＴＯＳＹＳグループ | 5.3% |
| つうけんグループ → つうけんグループ | 9.3% |
| ＮＤＳグループ → ＮＤＳグループ | 14.1% |
| ＳＹＳＫＥＮグループ → ＳＹＳＫＥＮグループ | 5.3% |
| ＳＹＳＫＥＮグループ → 事業再編・廃止 | 0.7% |
| 北陸電話工事グループ → 北陸電話工事グループ | 2.9% |
| コムシス情報システムグループ → コムシス情報システムグループ | 2.1% |
| その他 → その他 | 0.3% |
| その他 → 事業再編・廃止 | 0.0% |
| 新設・再編 → 日本コムシスグループ | 1.2% |
| 新設・再編 → ＴＯＳＹＳグループ | 0.8% |
| 新設・再編 → つうけんグループ | 0.2% |
| 新設・再編 → ＮＤＳグループ | 0.9% |
| 新設・再編 → 北陸電話工事グループ | 0.1% |
| 新設・再編 → コムシス情報システムグループ | 2.7% |

Segment revenue source references: 18 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Nippon COMSYS Group | 5 years | +2.8% | ¥320501000000 | 8.1% | 2 |
| NDS group | 5 years | +3.6% | ¥94565000000 | 7.7% | 2 |
| TSUKEN Group | 5 years | +2.7% | ¥59997000000 | 10.4% | 2 |
| TOSYS Group | 5 years | +5.2% | ¥38467000000 | 8.1% | 2 |
| SYSKEN group | 5 years | -0.1% | ¥33290000000 | 6.2% | 2 |
| SANWA COMSYS Engineering Group | 5 years | -11.0% | ¥32755000000 | 2.7% | 2 |
| COMSYS JOHO SYSTEM Group | 5 years | +20.2% | ¥30211000000 | 10.6% | 2 |
| Hokuriku Denwa Kouji group | 5 years | +3.3% | ¥19059000000 | 8.7% | 2 |
| Other | 5 years | -0.8% | ¥1809000000 | 779.0% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 630,658 | 100.0% | S100YFLP |
| Cost of revenue | 538,748 | 85.4% | S100YFLP |
| Gross profit | 91,909 | 14.6% | S100YFLP |
| SG&A | 41,004 | 6.5% | S100YFLP |
| Operating income | 50,904 | 8.1% | S100YFLP |
| Ordinary income | 52,164 | 8.3% | S100YFLP |
| Pretax income | 52,471 | 8.3% | S100YFLP |
| Income tax | 15,536 | 2.5% | S100YFLP |
| Net income | 36,935 | 5.9% | S100YFLP |
| Net income attributable to owners | 36,307 | 5.8% | S100YFLP |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 85 |
| SG&A | 7 |
| Operating income | 8 |
| (Ref.) Net income | 6 |

### Margin funnel

Gross margin 14.6% → Operating margin 8.1% → Net margin 5.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +2.6%; Core profit growth: +10.7%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 4.09×
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 | 614,631 | 630,658 | 16,027 | +2.6% |
| Gross profit | 84,241 | 91,909 | 7,668 | +9.1% |
| Operating income | 45,998 | 50,904 | 4,906 | +10.7% |
| Net income attributable to owners | 30,076 | 36,307 | 6,231 | +20.7% |
| Operating cash flow | 16,625 | 42,469 | 25,844 | +155.5% |
| Free cash flow | 6,143 | 28,850 | 22,707 | +369.6% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 560,882 | 38,953 | 6.9% | 25,994 | 37,496 | 26,312 | S100LR5C |
| FY ending Mar 2021 | 563,252 | 41,572 | 7.4% | 29,369 | 25,469 | 13,318 | S100OHNZ |
| FY ending Mar 2022 | 589,028 | 42,963 | 7.3% | 29,208 | 5,244 | -5,576 | S100R32B |
| FY ending Mar 2023 | 563,295 | 32,104 | 5.7% | 19,338 | 61,781 | 53,099 | S100TUQG |
| FY ending Mar 2024 | 571,186 | 39,221 | 6.9% | 27,453 | 44,275 | 25,548 | S100W2MR |
| FY ending Mar 2025 | 614,631 | 45,998 | 7.5% | 30,076 | 16,625 | 6,143 | S100YFLP |
| FY ending Mar 2026 | 630,658 | 50,904 | 8.1% | 36,307 | 42,469 | 28,850 | S100YFLP |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥35.5M |
| Operating income per employee (consolidated) | ¥2.9M |
| Net income per employee (consolidated) | ¥2M |

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) | 17,520 | 17,512 | 17,405 | 17,626 | 17,765 |
| Average salary (parent company) | ¥9M | ¥9.3M | ¥9.2M | ¥9.4M | ¥9.6M |
| Average age (parent company) | 51.0 years | 51.8 years | 52.2 years | 50.9 years | 50.2 years |
| Average tenure (parent company) | 21.0 years | 21.0 years | 21.6 years | 21.1 years | 20.5 years |

Year over year: Employees (consolidated) +0.8% · Revenue (consolidated) +2.6%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Nippon COMSYS Group | 320,501 | 50.8% | 26,064 | 8.1% |
| SANWA COMSYS Engineering Group | 32,755 | 5.2% | 869 | 2.7% |
| TOSYS Group | 38,467 | 6.1% | 3,129 | 8.1% |
| TSUKEN Group | 59,997 | 9.5% | 6,227 | 10.4% |
| NDS group | 94,565 | 15.0% | 7,259 | 7.7% |
| SYSKEN group | 33,290 | 5.3% | 2,078 | 6.2% |
| Hokuriku Denwa Kouji group | 19,059 | 3.0% | 1,666 | 8.7% |
| COMSYS JOHO SYSTEM Group | 30,211 | 4.8% | 3,209 | 10.6% |
| Other | 1,809 | 0.3% | 14,092 | 779.0% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Nippon COMSYS Group | 50.8% | 40.4% | -10.5 | 8.1% |
| SANWA COMSYS Engineering Group | 5.2% | 1.3% | -3.8 | 2.7% |
| TOSYS Group | 6.1% | 4.8% | -1.3 | 8.1% |
| TSUKEN Group | 9.5% | 9.6% | 0.1 | 10.4% |
| NDS group | 15.0% | 11.2% | -3.8 | 7.7% |
| SYSKEN group | 5.3% | 3.2% | -2.1 | 6.2% |
| Hokuriku Denwa Kouji group | 3.0% | 2.6% | -0.4 | 8.7% |
| COMSYS JOHO SYSTEM Group | 4.8% | 5.0% | 0.2 | 10.6% |
| Other | 0.3% | 21.8% | 21.5 | 779.0% |

Segment → industry: Nippon COMSYS Group → Plant Engineering & Building Services / SANWA COMSYS Engineering Group → Plant Engineering & Building Services / TOSYS Group → Plant Engineering & Building Services / TSUKEN Group → Plant Engineering & Building Services / NDS group → Plant Engineering & Building Services / SYSKEN group → Plant Engineering & Building Services / Hokuriku Denwa Kouji group → Plant Engineering & Building Services / COMSYS JOHO SYSTEM Group → IT Services & System Integration

## 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 | 42,469 | 6.7% | S100YFLP |
| Capital expenditure | 13,619 | 2.2% | S100YFLP |
| Free cash flow | 28,850 | 4.6% | 算出 |
| Investing cash flow | -15,642 | -2.5% | S100YFLP |
| Financing cash flow | -23,785 | -3.8% | S100YFLP |
| Dividends paid | 14,048 | 2.2% | S100YFLP |
| Share buyback | 10,046 | 1.6% | S100YFLP |
| Change in cash | 3,042 | 0.5% | S100YFLP |
| Cash and equivalents | 41,333 | 6.6% | S100YFLP |

## 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 | 34,033 | 40,788 | 51,932 | 38,146 | 41,333 | S100TUQG, S100W2MR, S100YFLP |
| Total assets | 524,062 | 502,133 | 514,647 | 539,730 | 565,709 | S100R32B, S100TUQG, S100W2MR, S100YFLP |
| Net assets | 343,489 | 346,725 | 368,055 | 380,983 | 407,451 | S100TUQG, S100W2MR, S100YFLP |
| Share capital | 10,000 | 10,000 | 10,000 | 10,000 | 10,000 | S100R32B, S100TUQG, S100W2MR, S100YFLP |
| Property, plant and equipment | 145,382 | 143,236 | 147,410 | 147,059 | 149,281 | S100R32B, S100TUQG, S100W2MR, S100YFLP |
| Intangible assets excluding goodwill | 7,848 | 6,737 | 5,820 | 5,112 | 6,413 | S100R32B, S100TUQG, S100W2MR, S100YFLP |
| Goodwill | 2,261 | 1,648 | 568 | 216 | 96 | S100R32B, S100TUQG, S100W2MR, S100YFLP |
| Investment securities | 22,890 | 25,454 | 32,939 | 31,261 | 41,577 | S100R32B, S100TUQG, S100W2MR, S100YFLP |
| Current assets | 322,216 | 303,983 | 302,347 | 327,747 | 330,883 | S100R32B, S100TUQG, S100W2MR, S100YFLP |
| Current liabilities | 158,764 | 134,446 | 124,327 | 137,932 | 133,046 | S100R32B, S100TUQG, S100W2MR, S100YFLP |
| Short-term borrowings | 31,845 | 3,950 | 3,984 | 2,996 | 2,413 | S100R32B, S100TUQG, S100W2MR, S100YFLP |
| Long-term borrowings | 486 | 179 | 70 | 13 | — | S100R32B, S100TUQG, S100W2MR, S100YFLP |
| Total liabilities | 180,573 | 155,407 | 146,591 | 158,747 | 158,257 | S100R32B, S100TUQG, S100W2MR, S100YFLP |
| Non-controlling interests | 4,662 | 4,692 | 5,081 | 5,883 | 6,520 | S100R32B, S100TUQG, S100W2MR, S100YFLP |
| Equity attributable to owners of parent | 341,006 | 344,079 | 354,364 | 366,048 | 380,354 | S100R32B, S100TUQG, S100W2MR, S100YFLP |
| Retained earnings | 279,157 | 286,284 | 300,918 | 317,908 | 340,162 | S100R32B, S100TUQG, S100W2MR, S100YFLP |
| Treasury stock | -40,851 | -45,318 | -31,857 | -37,347 | -6,710 | S100R32B, S100TUQG, S100W2MR, S100YFLP |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 7% | S100YFLP |
| Property, plant and equipment | 27% | S100YFLP |
| Intangibles and goodwill | 1% | S100YFLP |
| Investment securities | 7% | S100YFLP |
| Other assets | 58% | S100YFLP |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 28% | S100YFLP |
| Equity | 72% | S100YFLP |
| Other liabilities | 0% | S100YFLP |

### 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 | 524,062 | 502,133 | 514,647 | 539,730 | 565,709 |
| Equity | 343,489 | 346,725 | 368,055 | 380,983 | 407,451 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 34,033 | 40,788 | 51,932 | 38,146 | 41,333 |

## 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) | 23.7% | S100YFLP |
| Fixed assets ÷ total assets | 26.4% | S100YFLP |
| Goodwill ÷ parent equity | 0.0% | S100YFLP |

Goodwill over 4 years: 2,261 → 96 JPY; total investing cash flow: -59,750 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) | 7.3% |
| Cash ÷ revenue | 6.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 83.4% |
| Cash vs. profit gap | 6,162 JPY mn (of net income 17.0%) |
| Shareholder returns / net income | 66.4% |
| Shareholder returns / FCF | 83.5% |
| Shareholder payments — dividends / net income | 38.7% |
| Shareholder payments — dividends / FCF | 48.7% |
| CapEx intensity (capex ÷ revenue) | 2.2% |
| Investing CF relative to operating CF | 36.8% |

## 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 | 5.0% | 1.12× | 5.6% | 1.54× | 8.6% | S100R32B |
| 2023 | 3.4% | 1.10× | 3.8% | 1.50× | 5.6% | S100TUQG |
| 2024 | 4.8% | 1.12× | 5.4% | 1.46× | 7.9% | S100W2MR |
| 2025 | 4.9% | 1.17× | 5.7% | 1.46× | 8.3% | S100YFLP |
| 2026 | 5.8% | 1.14× | 6.6% | 1.48× | 9.7% | S100YFLP |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行株式会社 投資信託口 | Major shareholder | 19.8% | 2026-03-31 |
| 株式会社日本カストディ銀行 投資信託口 | Major shareholder | 9.7% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社 その他信託口 | Major shareholder | 6.6% | 2026-03-31 |
| 日本生命保険相互会社 | Major shareholder | 2.8% | 2026-03-31 |
| 株式会社日本カストディ銀行 その他信託口 | Major shareholder | 2.1% | 2026-03-31 |
| コムシスホールディングス従業員持株会 | Major shareholder | 2.1% | 2026-03-31 |
| ＳＴＡＴＥ ＳＴＲＥＥＴ ＢＡＮＫ ＡＮＤ ＴＲＵＳＴ ＣＯＭＰＡＮＹ ５０５００１ | Major shareholder | 1.6% | 2026-03-31 |
| ＨＳＢＣ ＨＯＮＧ ＫＯＮＧ－ＴＲＥＡＳＵＲＹ ＳＥＲＶＩＣＥＳ Ａ／Ｃ ＡＳＩＡＮ ＥＱＵＩＴＩＥＳ ＤＥＲＩＶＡＴＩＶＥＳ | Major shareholder | 1.4% | 2026-03-31 |
| ＪＰ ＭＯＲＧＡＮ ＣＨＡＳＥ ＢＡＮＫ ３８５７８１ | Major shareholder | 1.4% | 2026-03-31 |
| 明治安田生命保険相互会社 | Major shareholder | 1.3% | 2026-03-31 |
| ＢＮＰ ＰＡＲＩＢＡＳ ＬＯＮＤＯＮ ＢＲＡＮＣＨ ＦＯＲ ＰＲＩＭＥ ＢＲＯＫＥＲＡＧＥ ＳＥＧＲＥＧＡＴＩＯＮ ＡＣＣ ＦＯＲ ＴＨＩＲＤ ＰＡＲＴＹ | Major shareholder | 1.3% | 2026-03-31 |
| ＳＴＡＴＥ ＳＴＲＥＥＴ ＢＡＮＫ ＡＮＤ ＴＲＵＳＴ ＣＯＭＰＡＮＹ ５０５１０３ | Major shareholder | 1.2% | 2026-03-31 |

## AI commentary（text by AI; the tables above are authoritative、claude-code）

- Revenue for the FY ending Mar 2026 was ¥630.7B, up +2.6% from ¥614.6B.
- Profit grew faster than sales: operating income reached ¥50.9B (+10.7%) and net income attributable to owners ¥36.3B (+20.7%).
- Operating cash flow jumped from ¥16.6B to ¥42.5B, and free cash flow came to ¥28.9B.

### Drivers

- Telecom carrier work grew in both sales and profit, helped by mobile network quality upgrades for NTT and equipment work for faster fiber lines
- In IT solutions, large orders won the year before, such as device procurement and maintenance and system development, progressed on schedule
- Wider use of digital tools made field work more efficient, which lifted profit
- Social infrastructure sales dipped after a one-off boost in the prior year, but data center and building electrical projects moved ahead and profit rose

### Risks

- A large share of business comes from telecom carriers such as the NTT group, so their capital spending plans directly affect results
- A serious equipment accident, injury or quality failure could lead to bidding bans and lost orders
- Political instability abroad can push up material and energy prices or delay supplies, which may halt or slow projects

Cited: Annual Securities Report, 23rd fiscal year (Apr 2025 – Mar 2026) (経営者による財政状態、経営成績及びキャッシュ・フローの状況の分析); Annual Securities Report, 23rd fiscal year (Apr 2025 – Mar 2026) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第23期(2025/04/01－2026/03/31) | S100YFLP | 2026-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YFLP,, |
| 有価証券報告書－第22期(2024/04/01－2025/03/31) | S100W2MR | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W2MR,, |
| 有価証券報告書－第21期(2023/04/01－2024/03/31) | S100TUQG | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TUQG,, |
| 有価証券報告書－第20期(2022/04/01－2023/03/31) | S100R32B | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R32B,, |
| 有価証券報告書－第19期(令和3年4月1日－令和4年3月31日) | S100OHNZ | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OHNZ,, |
| 有価証券報告書－第18期(令和2年4月1日－令和3年3月31日) | S100LR5C | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LR5C,, |

## 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).