# Core Concept Technologies Inc.: business model and financials

> Latest period: FY ending Dec 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第17期(2025/01/01－2025/12/31) (S100XUXC)
> Page: https://vizora.meequs.com/en/company/core-concept-technologies
> Retrieved: 2026-09-30T18:18:14.659Z

## Company

Core Concept Technologies, founded in 2009, is a company in IT Services & System Integration listed on TSE Growth. It has 584 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Core Concept Technologies Inc. |
| Ticker | 4371 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4371.T) |
| Listing | TSE Growth |
| Head office | 東京都豊島区南池袋一丁目16番15号 |
| Representative (per filing) | 代表取締役社長CEO 金子武史 |
| Founded | Sep 2009 |
| Share capital | ¥570.3M |
| Employees (consolidated) | 584 |
| Average salary (parent only) | ¥6.9M |
| Fiscal year end | December |
| Website | www.cct-inc.co.jp (https://www.cct-inc.co.jp/) |
| Corporate number | 4010001127738 |
| EDINET | E36897 |
| Industries (Vizora) | IT Services & System Integration |

> Profile source: annual securities report (S100XUXC, filed 2026-03-27). As of filing

## Five-axis industry profile

Primary industry: IT Services & System Integration (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 62.5 | 196 |
| Cash conversion | 52.2 | 185 |
| Efficiency | 98.2 | 196 |
| Financial strength | 64.3 | 7 |

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)

- Core Concept Technologies brought in ¥20.9B in revenue.
- Out of every ¥100 of sales, about ¥10 is left as operating profit.
- Revenue changed +8.9% from the prior year, operating profit +9.7%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥20878460000 → ¥1501810000
- Net income → operating cash flow: ¥1501810000 → ¥1835427000（difference ¥333617000）
- Main uses of operating cash flow: CapEx ¥131612000 / dividends — / buybacks ¥647491000
- Change in cash: ¥250655000
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 | ¥20.9B |  |
| Operating income | ¥2.2B | Margin 10.5% |
| Net income | ¥1.5B | Margin 7.2% |
| Free cash flow | ¥1.7B |  |
| Employees (consolidated) | 584 |  |
| EPS | ¥84.16 |  |
| Diluted EPS | ¥81.16 |  |
| Book value per share | ¥313.47 |  |
| Equity ratio | 59.1% |  |
| Shares outstanding | 17,602,800 |  |
| Treasury shares | 1,376,800 |  |
| Shareholders | 4,429 |  |
| Average salary (parent only) | ¥6.9M | Filing company only |
| Cash ratio | 27.0% | Net cash ¥2.09B · Cash ÷ revenue 11.1% |
| Vs. industry median margin | +1.6 pp | IT Services & System Integration |
| ROE | 32.5% | Derived from disclosed figures |
| ROA | 18.1% | Derived from disclosed figures |

## Notable figures

- FY2025, cash is 27% of total assets

## What changed in 5 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥5534604000 | ¥20878460000 | — |
| Operating income | ¥180772000 | ¥2201675000 | — |
| Operating margin | 3.3% | 10.5% | +7.3 pp |
| Employees | 202 people | 584 people | — |
| Cash and equivalents | ¥307338000 | ¥2314983000 | — |

### Change in segment revenue mix

Span: FY ending Dec 2020 → FY ending Dec 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

## Income statement（FY ending Dec 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 20,878 | 100.0% | S100XUXC |
| Cost of revenue | 15,194 | 72.8% | S100XUXC |
| Gross profit | 5,685 | 27.2% | S100XUXC |
| SG&A | 3,483 | 16.7% | S100XUXC |
| Operating income | 2,202 | 10.5% | S100XUXC |
| Ordinary income | 2,203 | 10.6% | S100XUXC |
| Pretax income | 2,203 | 10.6% | S100XUXC |
| Income tax | 701 | 3.4% | S100XUXC |
| Net income | 1,502 | 7.2% | S100XUXC |
| Net income attributable to owners | 1,502 | 7.2% | S100XUXC |

## Per ¥100 of revenue（FY ending Dec 2025）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 73 |
| SG&A | 17 |
| Operating income | 10 |
| (Ref.) Net income | 7 |

### Margin funnel

Gross margin 27.2% → Operating margin 10.5% → Net margin 7.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +8.9%; Core profit growth: +9.7%
Growth quality: similar-growth
Operating leverage (core profit growth ÷ revenue growth): 1.08×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Dec 2024 → FY ending Dec 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 19,167 | 20,878 | 1,712 | +8.9% |
| Gross profit | 5,020 | 5,685 | 664 | +13.2% |
| Operating income | 2,007 | 2,202 | 194 | +9.7% |
| Net income attributable to owners | 1,439 | 1,502 | 62 | +4.3% |
| Operating cash flow | 983 | 1,835 | 852 | +86.7% |
| Free cash flow | 835 | 1,704 | 869 | +104.1% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2020 | 5,535 | 181 | 3.3% | 125 | 136 | -118 | S100NSL9 |
| FY ending Dec 2021 | 7,801 | 546 | 7.0% | 410 | 582 | 523 | S100QI4S |
| FY ending Dec 2022 | 12,113 | 1,121 | 9.3% | 837 | 884 | 799 | S100QI4S |
| FY ending Dec 2023 | 15,921 | 1,744 | 11.0% | 1,303 | 1,163 | 916 | S100VHNU |
| FY ending Dec 2024 | 19,167 | 2,007 | 10.5% | 1,439 | 983 | 835 | S100XUXC |
| FY ending Dec 2025 | 20,878 | 2,202 | 10.5% | 1,502 | 1,835 | 1,704 | S100XUXC |

## People and productivity（FY ending Dec 2025, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥35.8M |
| Operating income per employee (consolidated) | ¥3.8M |
| Net income per employee (consolidated) | ¥2.6M |

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

| History | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 241 | 305 | 441 | 533 | 584 |
| Average salary (parent company) | ¥6.2M | ¥6.8M | ¥6.9M | ¥7.5M | ¥6.9M |
| Average age (parent company) | 35.3 years | 35.0 years | 34.9 years | 35.4 years | 35.5 years |
| Average tenure (parent company) | 2.1 years | 3.0 years | 3.2 years | 3.6 years | 3.9 years |

Year over year: Employees (consolidated) +9.6% · Revenue (consolidated) +8.9%

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Dec 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 1,835 | 8.8% | S100XUXC |
| Capital expenditure | 132 | 0.6% | S100XUXC |
| Free cash flow | 1,704 | 8.2% | 算出 |
| Investing cash flow | -281 | -1.3% | S100XUXC |
| Financing cash flow | -1,303 | -6.2% | S100XUXC |
| Share buyback | 647 | 3.1% | S100XUXC |
| Change in cash | 251 | 1.2% | S100XUXC |
| Cash and equivalents | 2,315 | 11.1% | S100XUXC |

## 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 Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,342 | 2,199 | 1,820 | 2,064 | 2,315 | S100QI4S, S100XUXC |
| Total assets | 3,774 | 5,114 | 6,111 | 8,009 | 8,562 | S100QI4S, S100VHNU, S100XUXC |
| Net assets | 1,962 | 2,846 | 3,208 | 4,195 | 5,058 | S100QI4S, S100XUXC |
| Share capital | 510 | 534 | 562 | 566 | 570 | S100QI4S, S100VHNU, S100XUXC |
| Property, plant and equipment | 272 | 270 | 320 | 277 | 238 | S100QI4S, S100VHNU, S100XUXC |
| Intangible assets excluding goodwill | 60 | 52 | 449 | 1,134 | 1,077 | S100QI4S, S100VHNU, S100XUXC |
| Goodwill | — | — | 205 | 642 | 571 | S100VHNU, S100XUXC |
| Investment securities | — | — | 29 | 196 | 273 | S100VHNU, S100XUXC |
| Current assets | 3,032 | 4,352 | 4,746 | 5,828 | 6,430 | S100QI4S, S100VHNU, S100XUXC |
| Current liabilities | 1,618 | 2,134 | 2,757 | 3,583 | 3,294 | S100QI4S, S100VHNU, S100XUXC |
| Short-term borrowings | 30 | 100 | 100 | 830 | 180 | S100QI4S, S100VHNU, S100XUXC |
| Long-term borrowings | — | — | — | 37 | 34 | S100XUXC |
| Bonds | 71 | 45 | 35 | 25 | 15 | S100QI4S, S100VHNU, S100XUXC |
| Interest-bearing debt | — | — | — | 892 | 229 | 算出 |
| Total liabilities | 1,812 | 2,268 | 2,903 | 3,814 | 3,504 | S100QI4S, S100VHNU, S100XUXC |
| Equity attributable to owners of parent | 1,961 | 2,845 | 3,207 | 4,194 | 5,057 | S100QI4S, S100VHNU, S100XUXC |
| Retained earnings | 977 | 1,814 | 3,119 | 4,559 | 6,060 | S100QI4S, S100VHNU, S100XUXC |
| Treasury stock | — | -0 | -1,000 | -1,461 | -2,108 | S100QI4S, S100VHNU, S100XUXC |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 27% | S100XUXC |
| Property, plant and equipment | 3% | S100XUXC |
| Intangibles and goodwill | 19% | S100XUXC |
| Investment securities | 3% | S100XUXC |
| Other assets | 48% | S100XUXC |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Interest-bearing debt | 3% | 算出 |
| Other liabilities | 38% | S100XUXC |
| Equity | 59% | S100XUXC |
| Other liabilities | 0% | S100XUXC |

### Balance sheet history

| Metric | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 3,774 | 5,114 | 6,111 | 8,009 | 8,562 |
| Equity | 1,962 | 2,846 | 3,208 | 4,195 | 5,058 |
| Interest-bearing debt | — | — | — | 892 | 229 |
| Cash | 1,342 | 2,199 | 1,820 | 2,064 | 2,315 |

## 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) | 1.1% | S100XUXC |
| Fixed assets ÷ total assets | 2.8% | S100XUXC |
| Goodwill ÷ parent equity | 11.3% | S100XUXC |

### 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) | 27.0% |
| Cash ÷ revenue | 11.1% |
| Net cash (cash − interest-bearing debt) | ¥2.09B |
| Net debt ÷ operating cash flow | -1.14× |
| Cash conversion (operating CF ÷ operating income) | 83.4% |
| Cash vs. profit gap | 334 JPY mn (of net income 22.2%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.6% |
| Investing CF relative to operating CF | 15.3% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 5.3% | 2.07× | 10.9% | 1.92× | 20.9% | S100QI4S |
| 2022 | 6.9% | 2.73× | 18.8% | 1.85× | 34.8% | S100QI4S |
| 2023 | 8.2% | 2.61× | 21.3% | 1.91× | 40.6% | S100VHNU |
| 2024 | 7.5% | 2.71× | 20.4% | 1.91× | 38.9% | S100XUXC |
| 2025 | 7.2% | 2.52× | 18.1% | 1.79× | 32.5% | S100XUXC |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 金子武史 | Major shareholder | 14.4% | 2025-12-31 |
| 株 式 会 社 B I P E D | Major shareholder | 8.6% | 2025-12-31 |
| 芸 陽 線 材 株 式 会 社 | Major shareholder | 5.6% | 2025-12-31 |
| 下村克則 | Major shareholder | 5.3% | 2025-12-31 |
| グ ッ ド エ コ 株 式 会 社 | Major shareholder | 4.6% | 2025-12-31 |
| 中島数晃 | Major shareholder | 4.3% | 2025-12-31 |
| 田口紀成 | Major shareholder | 4.2% | 2025-12-31 |
| 髙盛豊文 | Major shareholder | 4.1% | 2025-12-31 |
| 津野尾肇 | Major shareholder | 3.6% | 2025-12-31 |
| 光通信ＫＫ投資事業有限責任組合 | Major shareholder | 2.9% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第17期(2025/01/01－2025/12/31) | S100XUXC | 2026-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XUXC,, |
| 有価証券報告書－第16期(2024/01/01－2024/12/31) | S100VHNU | 2025-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VHNU,, |
| 有価証券報告書－第15期(2023/01/01－2023/12/31) | S100T5UE | 2024-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T5UE,, |
| 有価証券報告書－第14期(2022/01/01－2022/12/31) | S100QI4S | 2023-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QI4S,, |
| 有価証券報告書－第13期(令和3年1月1日－令和3年12月31日) | S100NSL9 | 2022-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NSL9,, |

## 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).