# CORE 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57期(2025/04/01－2026/03/31) (S100YE3S)
> Page: https://vizora.meequs.com/en/company/core
> Retrieved: 2026-09-30T21:29:26.894Z

## Company

Core, founded in 1969, is a company in IT Services & System Integration listed on TSE Prime. It has 1,444 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | CORE CORPORATION |
| Ticker | 2359 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2359.T) |
| Listing | TSE Prime |
| Head office | 東京都世田谷区三軒茶屋一丁目22番3号 |
| Representative (per filing) | 代表取締役社長執行役員 横山 浩二 |
| Founded | Dec 1969 |
| Share capital | ¥440.2M |
| Employees (consolidated) | 1,444 |
| Average salary (parent only) | ¥7M |
| Fiscal year end | March |
| Website | www.core.co.jp (https://www.core.co.jp/) |
| Corporate number | 4010901003823 |
| EDINET | E05332 |
| Industries (Vizora) | IT Services & System Integration |

> Profile source: annual securities report (S100YE3S, filed 2026-06-18). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 27.1 | 157 |
| Profitability | 81.4 | 196 |
| Cash conversion | 20.8 | 185 |
| Efficiency | 28.3 | 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 52% of Core's sales come from Industrial technology solution business, with Customer business integration business and Future society solution business making up much of the rest.
- Out of every ¥100 of sales, about ¥15 is left as operating profit.
- Revenue changed +7.9% from the prior year, operating profit +20.3%.

## Company structure

- Segment revenue mix: Industrial technology solution business 51.6%、Customer business integration business 29.2%、Future society solution business 19.2%
- Revenue → net income: ¥26532025000 → ¥2879240000
- Net income → operating cash flow: ¥2879240000 → ¥2042681000（difference ¥-836559000）
- Main uses of operating cash flow: CapEx ¥188773000 / dividends ¥862186000 / buybacks —
- Change in cash: ¥601336000
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 | ¥26.5B |  |
| Operating income | ¥3.82B | Margin 14.4% |
| Net income | ¥2.88B | Margin 10.9% |
| Free cash flow | ¥1.85B |  |
| Largest business | Industrial technology solution business | of segment revenue 51.6% |
| Employees (consolidated) | 1,444 |  |
| EPS | ¥176.45 |  |
| Diluted EPS | ¥176.37 |  |
| Book value per share | ¥1234.81 |  |
| Equity ratio | 73.5% |  |
| Shares outstanding | 14,834,580 |  |
| Treasury shares | 468,400 |  |
| Shareholders | 12,561 |  |
| Average salary (parent only) | ¥7M | Filing company only |
| Cash ratio | 29.1% | Cash ÷ revenue 30.9% |
| Vs. industry median margin | +5.5 pp | IT Services & System Integration |
| ROE | 15.1% | Derived from disclosed figures |
| ROA | 10.8% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 61% of positive segment profit
- FY2026, cash is 29% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥20785262000 | ¥26532025000 | +27.6% |
| Operating income | ¥2032084000 | ¥3819602000 | +88.0% |
| Operating margin | 9.8% | 14.4% | +4.6 pp |
| Employees | 1,394 people | 1,444 people | +3.6% |
| Cash and equivalents | ¥3636219000 | ¥8187407000 | +125.2% |

### 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.

| Flow | Revenue share |
| --- | ---: |
| ソリューションビジネス → 事業再編・廃止 | 50.6% |
| ＳＩビジネス → 事業再編・廃止 | 49.1% |
| その他 → 事業再編・廃止 | 0.3% |
| 新設・再編 → 未来社会ソリューション事業 | 19.2% |
| 新設・再編 → 産業技術ソリューション事業 | 51.6% |
| 新設・再編 → 顧客業務インテグレーション事業 | 29.2% |

Segment revenue source references: 6 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Industrial technology solution business | 3 years | +14.7% | ¥13695680000 | 16.9% | 2 |
| Customer business integration business | 3 years | -6.8% | ¥7751777000 | 9.9% | 2 |
| Future society solution business | 3 years | +6.7% | ¥5084567000 | 14.6% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 26,532 | 100.0% | S100YE3S |
| Cost of revenue | 18,908 | 71.3% | S100YE3S |
| Gross profit | 7,624 | 28.7% | S100YE3S |
| SG&A | 3,804 | 14.3% | S100YE3S |
| Operating income | 3,820 | 14.4% | S100YE3S |
| Ordinary income | 3,922 | 14.8% | S100YE3S |
| Pretax income | 3,966 | 14.9% | S100YE3S |
| Income tax | 1,087 | 4.1% | S100YE3S |
| Net income | 2,879 | 10.9% | S100YE3S |
| Net income attributable to owners | 2,879 | 10.9% | S100YE3S |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 71 |
| SG&A | 14 |
| Operating income | 15 |
| (Ref.) Net income | 11 |

### Margin funnel

Gross margin 28.7% → Operating margin 14.4% → Net margin 10.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +7.9%; Core profit growth: +20.3%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.58×
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 | 24,599 | 26,532 | 1,933 | +7.9% |
| Gross profit | 6,778 | 7,624 | 846 | +12.5% |
| Operating income | 3,175 | 3,820 | 644 | +20.3% |
| Net income attributable to owners | 2,242 | 2,879 | 637 | +28.4% |
| Operating cash flow | 2,373 | 2,043 | -330 | -13.9% |
| Free cash flow | 2,241 | 1,854 | -387 | -17.3% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 20,997 | 1,801 | 8.6% | 1,173 | 1,326 | 1,094 | S100LPBQ |
| FY ending Mar 2021 | 20,785 | 2,032 | 9.8% | 1,423 | 1,851 | 1,681 | S100OEC3 |
| FY ending Mar 2022 | 21,798 | 2,368 | 10.9% | 1,623 | 1,799 | 1,663 | S100R1K0 |
| FY ending Mar 2023 | 22,848 | 2,744 | 12.0% | 1,968 | 1,944 | 1,753 | S100TSDS |
| FY ending Mar 2024 | 23,999 | 3,141 | 13.1% | 2,271 | 2,190 | 2,057 | S100W5KF |
| FY ending Mar 2025 | 24,599 | 3,175 | 12.9% | 2,242 | 2,373 | 2,241 | S100YE3S |
| FY ending Mar 2026 | 26,532 | 3,820 | 14.4% | 2,879 | 2,043 | 1,854 | S100YE3S |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥18.4M |
| Operating income per employee (consolidated) | ¥2.6M |
| 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) | 1,399 | 1,348 | 1,335 | 1,310 | 1,444 |
| Average salary (parent company) | ¥6M | ¥6.2M | ¥6.3M | ¥6.7M | ¥7M |
| Average age (parent company) | 40.0 years | 40.3 years | 40.5 years | 40.6 years | 40.6 years |
| Average tenure (parent company) | 15.3 years | 15.6 years | 15.7 years | 15.6 years | 15.6 years |

Year over year: Employees (consolidated) +10.2% · Revenue (consolidated) +7.9%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Future society solution business | 5,085 | 19.2% | 742 | 14.6% |
| Industrial technology solution business | 13,696 | 51.6% | 2,312 | 16.9% |
| Customer business integration business | 7,752 | 29.2% | 766 | 9.9% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Future society solution business | 19.2% | 19.4% | 0.3 | 14.6% |
| Industrial technology solution business | 51.6% | 60.5% | 8.9 | 16.9% |
| Customer business integration business | 29.2% | 20.0% | -9.2 | 9.9% |

Segment → industry: Customer business integration business → IT Services & System Integration / Industrial technology solution business → IT Services & System Integration / Future society solution business → 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 | 2,043 | 7.7% | S100YE3S |
| Capital expenditure | 189 | 0.7% | S100YE3S |
| Free cash flow | 1,854 | 7.0% | 算出 |
| Investing cash flow | -806 | -3.0% | S100YE3S |
| Financing cash flow | -635 | -2.4% | S100YE3S |
| Dividends paid | 862 | 3.2% | S100YE3S |
| Change in cash | 601 | 2.3% | S100YE3S |
| Cash and equivalents | 8,187 | 30.9% | S100YE3S |

## 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 | 4,700 | 5,587 | 6,300 | 7,586 | 8,187 | S100TSDS, S100W5KF, S100YE3S |
| Total assets | 19,963 | 21,720 | 23,890 | 25,158 | 28,169 | S100R1K0, S100TSDS, S100W5KF, S100YE3S |
| Net assets | 13,617 | 15,199 | 17,004 | 18,532 | 20,709 | S100TSDS, S100W5KF, S100YE3S |
| Share capital | 440 | 440 | 440 | 440 | 440 | S100R1K0, S100TSDS, S100W5KF, S100YE3S |
| Property, plant and equipment | 5,468 | 5,405 | 5,319 | 5,255 | 5,504 | S100R1K0, S100TSDS, S100W5KF, S100YE3S |
| Intangible assets excluding goodwill | 168 | 220 | 192 | 152 | 502 | S100R1K0, S100TSDS, S100W5KF, S100YE3S |
| Goodwill | — | — | — | — | 427 | S100YE3S |
| Investment securities | 1,425 | 1,599 | 2,022 | 1,921 | 2,141 | S100R1K0, S100TSDS, S100W5KF, S100YE3S |
| Current assets | 11,612 | 13,128 | 14,972 | 16,387 | 18,348 | S100R1K0, S100TSDS, S100W5KF, S100YE3S |
| Current liabilities | 5,407 | 5,775 | 6,243 | 5,996 | 6,631 | S100R1K0, S100TSDS, S100W5KF, S100YE3S |
| Short-term borrowings | 1,560 | 1,565 | 1,606 | 1,352 | 1,571 | S100R1K0, S100TSDS, S100W5KF, S100YE3S |
| Long-term borrowings | 404 | 247 | 128 | 60 | 92 | S100R1K0, S100TSDS, S100W5KF, S100YE3S |
| Total liabilities | 6,346 | 6,521 | 6,886 | 6,626 | 7,460 | S100R1K0, S100TSDS, S100W5KF, S100YE3S |
| Non-controlling interests | 23 | 48 | — | — | — | S100R1K0, S100TSDS |
| Equity attributable to owners of parent | 13,293 | 14,829 | 16,560 | 18,094 | 20,118 | S100R1K0, S100TSDS, S100W5KF, S100YE3S |
| Retained earnings | 13,258 | 14,728 | 16,355 | 17,809 | 19,826 | S100R1K0, S100TSDS, S100W5KF, S100YE3S |
| Treasury stock | -618 | -570 | -513 | -471 | -466 | S100R1K0, S100TSDS, S100W5KF, S100YE3S |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 29% | S100YE3S |
| Property, plant and equipment | 20% | S100YE3S |
| Intangibles and goodwill | 3% | S100YE3S |
| Investment securities | 8% | S100YE3S |
| Other assets | 40% | S100YE3S |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 26% | S100YE3S |
| Equity | 74% | S100YE3S |

### 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 | 19,963 | 21,720 | 23,890 | 25,158 | 28,169 |
| Equity | 13,617 | 15,199 | 17,004 | 18,532 | 20,709 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 4,700 | 5,587 | 6,300 | 7,586 | 8,187 |

## 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) | 20.7% | S100YE3S |
| Fixed assets ÷ total assets | 19.5% | S100YE3S |
| Goodwill ÷ parent equity | 2.1% | S100YE3S |

### 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) | 29.1% |
| Cash ÷ revenue | 30.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 53.5% |
| Cash vs. profit gap | -837 JPY mn (of net income -29.1%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 29.9% |
| Shareholder payments — dividends / FCF | 46.5% |
| CapEx intensity (capex ÷ revenue) | 0.7% |
| Investing CF relative to operating CF | 39.5% |

## 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 | 7.4% | 1.09× | 8.1% | 1.50× | 12.2% | S100R1K0 |
| 2023 | 8.6% | 1.10× | 9.4% | 1.48× | 14.0% | S100TSDS |
| 2024 | 9.5% | 1.05× | 10.0% | 1.45× | 14.5% | S100W5KF |
| 2025 | 9.1% | 1.00× | 9.1% | 1.42× | 12.9% | S100YE3S |
| 2026 | 10.9% | 1.00× | 10.8% | 1.40× | 15.1% | S100YE3S |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社タネムラコーポレーション | Major shareholder | 14.6% | 2026-03-31 |
| 株式会社シージー・エンタープライズ | Major shareholder | 13.0% | 2026-03-31 |
| コア従業員持株会 | Major shareholder | 7.2% | 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 | 5.0% | 2026-03-31 |
| 有限会社タネムラ・フジワラ | Major shareholder | 4.5% | 2026-03-31 |
| 種村 良平 | Major shareholder | 2.9% | 2026-03-31 |
| 種村 良一 | Major shareholder | 2.9% | 2026-03-31 |
| 牛嶋 友美 | Major shareholder | 2.6% | 2026-03-31 |
| 種村 美那子 | Major shareholder | 2.5% | 2026-03-31 |
| 神山 恵美子 | Major shareholder | 2.5% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第57期(2025/04/01－2026/03/31) | S100YE3S | 2026-06-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YE3S,, |
| 有価証券報告書－第56期(2024/04/01－2025/03/31) | S100W5KF | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W5KF,, |
| 有価証券報告書－第55期(2023/04/01－2024/03/31) | S100TSDS | 2024-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TSDS,, |
| 有価証券報告書－第54期(2022/04/01－2023/03/31) | S100R1K0 | 2023-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R1K0,, |
| 有価証券報告書－第53期(令和3年4月1日－令和4年3月31日) | S100OEC3 | 2022-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OEC3,, |
| 有価証券報告書－第52期(令和2年4月1日－令和3年3月31日) | S100LPBQ | 2021-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LPBQ,, |

## 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).