# COMTURE 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42期(2025/04/01－2026/03/31) (S100YL64)
> Page: https://vizora.meequs.com/en/company/comture
> Retrieved: 2026-09-30T18:17:59.908Z

## Company

Comture, founded in 1985, is a company in IT Services & System Integration listed on TSE Prime. It has 1,964 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | COMTURE CORPORATION |
| Ticker | 3844 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3844.T) |
| Listing | TSE Prime |
| Head office | 東京都品川区大崎一丁目11番2号 |
| Representative (per filing) | 代表取締役 社長執行役員 澤田 千尋 |
| Founded | Jan 1985 |
| Share capital | ¥1.02B |
| Employees (consolidated) | 1,964 |
| Average salary (parent only) | ¥7M |
| Fiscal year end | March |
| Website | www.comture.com (https://www.comture.com/) |
| Corporate number | 3010701015193 |
| EDINET | E05678 |
| Industries (Vizora) | IT Services & System Integration |

> Profile source: annual securities report (S100YL64, filed 2026-06-25). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 79.3 | 157 |
| Profitability | 76.8 | 196 |
| Cash conversion | 35.4 | 185 |
| Efficiency | 62.5 | 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)

- Comture brought in ¥38.1B in revenue.
- Out of every ¥100 of sales, about ¥12 is left as operating profit.
- Revenue changed +4.9% from the prior year, operating profit +0.6%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥38109000000 → ¥3284000000
- Net income → operating cash flow: ¥3284000000 → ¥3414000000（difference ¥130000000）
- Main uses of operating cash flow: CapEx ¥969000000 / dividends ¥1575000000 / buybacks —
- Change in cash: ¥-2055000000
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 | ¥38.1B |  |
| Operating income | ¥4.66B | Margin 12.2% |
| Net income | ¥3.28B | Margin 8.6% |
| Free cash flow | ¥2.44B |  |
| Employees (consolidated) | 1,964 |  |
| EPS | ¥99.2 |  |
| Book value per share | ¥620.42 |  |
| Equity ratio | 74.6% |  |
| Shares outstanding | 32,241,600 |  |
| Treasury shares | 348,300 |  |
| Shareholders | 9,809 |  |
| Average salary (parent only) | ¥7M | Filing company only |
| Cash ratio | 40.0% | Cash ÷ revenue 28.4% |
| Vs. industry median margin | +3.3 pp | IT Services & System Integration |
| ROE | 17.0% | Derived from disclosed figures |
| ROA | 12.5% | Derived from disclosed figures |

## Notable figures

- FY2026, cash is 40% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥20868000000 | ¥38109000000 | +82.6% |
| Operating income | ¥3150000000 | ¥4660000000 | +47.9% |
| Operating margin | 15.1% | 12.2% | -2.9 pp |
| Employees | 1,316 people | 1,964 people | +49.2% |
| Cash and equivalents | ¥8251000000 | ¥10826000000 | +31.2% |

### 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 | 38,109 | 100.0% | S100YL64 |
| Cost of revenue | 29,974 | 78.7% | S100YL64 |
| Gross profit | 8,135 | 21.3% | S100YL64 |
| SG&A | 3,474 | 9.1% | S100YL64 |
| Operating income | 4,660 | 12.2% | S100YL64 |
| Ordinary income | 4,711 | 12.4% | S100YL64 |
| Pretax income | 4,711 | 12.4% | S100YL64 |
| Income tax | 1,426 | 3.7% | S100YL64 |
| Net income | 3,284 | 8.6% | S100YL64 |
| Net income attributable to owners | 3,284 | 8.6% | S100YL64 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 79 |
| SG&A | 9 |
| Operating income | 12 |
| (Ref.) Net income | 9 |

### Margin funnel

Gross margin 21.3% → Operating margin 12.2% → Net margin 8.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +4.9%; Core profit growth: +0.6%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.13×
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 | 36,341 | 38,109 | 1,768 | +4.9% |
| Gross profit | 8,235 | 8,135 | -100 | -1.2% |
| Operating income | 4,630 | 4,660 | 30 | +0.6% |
| Net income attributable to owners | 3,160 | 3,284 | 124 | +3.9% |
| Operating cash flow | 3,194 | 3,414 | 220 | +6.9% |
| Free cash flow | 2,285 | 2,445 | 160 | +7.0% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 20,932 | 2,834 | 13.5% | 1,975 | 1,736 | 1,394 | S100LJB2 |
| FY ending Mar 2021 | 20,868 | 3,150 | 15.1% | 2,083 | 1,562 | 1,310 | S100OAXP |
| FY ending Mar 2022 | 24,985 | 3,996 | 16.0% | 2,517 | 4,420 | 4,389 | S100R4BJ |
| FY ending Mar 2023 | 29,056 | 4,065 | 14.0% | 2,695 | 1,947 | 1,830 | S100TQFL |
| FY ending Mar 2024 | 34,185 | 4,600 | 13.5% | 3,135 | 3,424 | 3,179 | S100W7QV |
| FY ending Mar 2025 | 36,341 | 4,630 | 12.7% | 3,160 | 3,194 | 2,285 | S100YL64 |
| FY ending Mar 2026 | 38,109 | 4,660 | 12.2% | 3,284 | 3,414 | 2,445 | S100YL64 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥19.4M |
| Operating income per employee (consolidated) | ¥2.4M |
| Net income per employee (consolidated) | ¥1.7M |

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) | 1,315 | 1,606 | 1,712 | 1,857 | 1,964 |
| Average salary (parent company) | ¥6M | ¥6M | ¥6M | ¥6M | ¥7M |
| Average age (parent company) | 36.6 years | 37.4 years | 35.3 years | 35.5 years | 35.5 years |
| Average tenure (parent company) | 7.0 years | 7.1 years | 6.6 years | 6.5 years | 8.7 years |

Year over year: Employees (consolidated) +5.8% · Revenue (consolidated) +4.9%

## 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 | 3,414 | 9.0% | S100YL64 |
| Capital expenditure | 969 | 2.5% | S100YL64 |
| Free cash flow | 2,445 | 6.4% | 算出 |
| Investing cash flow | -3,894 | -10.2% | S100YL64 |
| Financing cash flow | -1,575 | -4.1% | S100YL64 |
| Dividends paid | 1,575 | 4.1% | S100YL64 |
| Change in cash | -2,055 | -5.4% | S100YL64 |
| Cash and equivalents | 10,826 | 28.4% | S100YL64 |

## 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 | 11,265 | 10,202 | 12,123 | 12,881 | 10,826 | S100TQFL, S100W7QV, S100YL64 |
| Total assets | 18,934 | 21,738 | 23,442 | 25,611 | 27,052 | S100R4BJ, S100TQFL, S100W7QV, S100YL64 |
| Net assets | 13,820 | 15,097 | 16,805 | 18,468 | 20,191 | S100TQFL, S100W7QV, S100YL64 |
| Share capital | 1,022 | 1,022 | 1,022 | 1,022 | 1,022 | S100R4BJ, S100TQFL, S100W7QV, S100YL64 |
| Trade receivables | 3,988 | 6,094 | 6,577 | 7,178 | 7,481 | S100R4BJ, S100TQFL, S100W7QV, S100YL64 |
| Property, plant and equipment | 650 | 731 | 649 | 859 | 753 | S100R4BJ, S100TQFL, S100W7QV, S100YL64 |
| Intangible assets excluding goodwill | 819 | 1,806 | 1,650 | 2,024 | 3,589 | S100R4BJ, S100TQFL, S100W7QV, S100YL64 |
| Goodwill | 680 | 1,694 | 1,355 | 1,016 | 1,680 | S100R4BJ, S100TQFL, S100W7QV, S100YL64 |
| Investment securities | 563 | 173 | 136 | 88 | 359 | S100R4BJ, S100TQFL, S100W7QV, S100YL64 |
| Current assets | 15,628 | 16,785 | 19,225 | 20,843 | 18,776 | S100R4BJ, S100TQFL, S100W7QV, S100YL64 |
| Current liabilities | 4,650 | 5,673 | 5,882 | 6,590 | 6,220 | S100R4BJ, S100TQFL, S100W7QV, S100YL64 |
| Short-term borrowings | 200 | 700 | 200 | 200 | 200 | S100R4BJ, S100TQFL, S100W7QV, S100YL64 |
| Total liabilities | 5,113 | 6,641 | 6,637 | 7,143 | 6,860 | S100R4BJ, S100TQFL, S100W7QV, S100YL64 |
| Equity attributable to owners of parent | 13,808 | 15,089 | 16,798 | 18,457 | 20,176 | S100R4BJ, S100TQFL, S100W7QV, S100YL64 |
| Retained earnings | 9,262 | 10,543 | 12,228 | 13,874 | 15,580 | S100R4BJ, S100TQFL, S100W7QV, S100YL64 |
| Treasury stock | -107 | -107 | -103 | -102 | -99 | S100R4BJ, S100TQFL, S100W7QV, S100YL64 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 40% | S100YL64 |
| Receivables | 28% | S100YL64 |
| Property, plant and equipment | 3% | S100YL64 |
| Intangibles and goodwill | 19% | S100YL64 |
| Investment securities | 1% | S100YL64 |
| Other assets | 9% | S100YL64 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 25% | S100YL64 |
| Equity | 75% | S100YL64 |
| Other liabilities | 0% | S100YL64 |

### 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 | 18,934 | 21,738 | 23,442 | 25,611 | 27,052 |
| Equity | 13,820 | 15,097 | 16,805 | 18,468 | 20,191 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 11,265 | 10,202 | 12,123 | 12,881 | 10,826 |

## 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) | 2.0% | S100YL64 |
| Fixed assets ÷ total assets | 2.8% | S100YL64 |
| Goodwill ÷ parent equity | 8.3% | S100YL64 |

Goodwill over 4 years: 680 → 1,680 JPY; total investing cash flow: -6,044 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) | 40.0% |
| Cash ÷ revenue | 28.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 73.3% |
| Cash vs. profit gap | 130 JPY mn (of net income 4.0%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 48.0% |
| Shareholder payments — dividends / FCF | 64.4% |
| CapEx intensity (capex ÷ revenue) | 2.5% |
| Investing CF relative to operating CF | 114.1% |

## 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 | 10.1% | 1.32× | 13.3% | 1.37× | 18.2% | S100R4BJ |
| 2023 | 9.3% | 1.43× | 13.3% | 1.41× | 18.7% | S100TQFL |
| 2024 | 9.2% | 1.51× | 13.9% | 1.42× | 19.7% | S100W7QV |
| 2025 | 8.7% | 1.48× | 12.9% | 1.39× | 17.9% | S100YL64 |
| 2026 | 8.6% | 1.45× | 12.5% | 1.36× | 17.0% | S100YL64 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 有限会社コム | Major shareholder | 20.5% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 9.9% | 2026-03-31 |
| コムチュア社員持株会 | Major shareholder | 3.6% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505044(常任代理人名 株式会社みずほ銀行決済営業部) | Major shareholder | 3.3% | 2026-03-31 |
| 伊藤忠商事株式会社 | Major shareholder | 2.8% | 2026-03-31 |
| MACQUARIE BANK LIMITED DBU AC(常任代理人名 シティバンク、エヌ・エイ東京支店) | Major shareholder | 2.8% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 2.7% | 2026-03-31 |
| MSIP CLIENT SECURITIES(常任代理人名 モルガン・スタンレーＭＵＦＧ証券株式会社) | Major shareholder | 2.3% | 2026-03-31 |
| JP JPMSE LUX RE UBS AG LONDON BRANCH EQ CO(常任代理人名 株式会社三菱ＵＦＪ銀行) | Major shareholder | 1.9% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505019(常任代理人名 株式会社みずほ銀行決済営業部) | Major shareholder | 1.7% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第42期(2025/04/01－2026/03/31) | S100YL64 | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YL64,, |
| 有価証券報告書－第41期(2024/04/01－2025/03/31) | S100W7QV | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W7QV,, |
| 有価証券報告書－第40期(2023/04/01－2024/03/31) | S100TQFL | 2024-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TQFL,, |
| 有価証券報告書－第39期(2022/04/01－2023/03/31) | S100R4BJ | 2023-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R4BJ,, |
| 有価証券報告書－第38期(令和3年4月1日－令和4年3月31日) | S100OAXP | 2022-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OAXP,, |
| 有価証券報告書－第37期(令和2年4月1日－令和3年3月31日) | S100LJB2 | 2021-06-16 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LJB2,, |

## 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).