# creo co.,ltd.: 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53期(2025/04/01－2026/03/31) (S100YGVQ)
> Page: https://vizora.meequs.com/en/company/creo
> Retrieved: 2026-09-30T21:33:33.240Z

## Company

creo, founded in 1974, is a company in IT Services & System Integration listed on TSE Standard. It has 1,167 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | CREO CO.,LTD. |
| Ticker | 9698 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9698.T) |
| Listing | TSE Standard |
| Head office | 東京都品川区東品川四丁目10番27号 |
| Representative (per filing) | 代表取締役社長 COO 二宮 桐人 |
| Founded | Mar 1974 |
| Share capital | ¥3.15B |
| Employees (consolidated) | 1,167 |
| Average salary (parent only) | ¥5.8M |
| Fiscal year end | March |
| Website | www.creo.co.jp (https://www.creo.co.jp/) |
| Corporate number | 7010401008436 |
| EDINET | E04849 |
| Industries (Vizora) | IT Services & System Integration, Software & SaaS, Business Process Outsourcing |

> Profile source: annual securities report (S100YGVQ, filed 2026-06-22). As of filing

## Five-axis industry profile

Primary industry: Software & SaaS (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 5.2 | 105 |
| Profitability | 38.3 | 145 |
| Cash conversion | 58.2 | 128 |
| Efficiency | 87.2 | 145 |

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 37% of creo's sales come from Solutions Service Business, with Support Service Business and Contracted Development Business making up much of the rest.
- Out of every ¥100 of sales, about ¥8 is left as operating profit.
- Revenue changed +0.3% from the prior year, operating profit +5.7%.

## Company structure

- Segment revenue mix: Solutions Service Business 36.7%、Support Service Business 29.3%、Contracted Development Business 19.1%、Systems operation and Service Business 14.9%
- Revenue → net income: ¥14569000000 → ¥807000000
- Net income → operating cash flow: ¥807000000 → ¥1341000000（difference ¥534000000）
- Main uses of operating cash flow: CapEx ¥397000000 / dividends ¥412000000 / buybacks ¥0
- Change in cash: ¥506000000
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 | ¥14.6B |  |
| Operating income | ¥1.19B | Margin 8.2% |
| Net income | ¥807M | Margin 5.5% |
| Free cash flow | ¥944M |  |
| Largest business | Solutions Service Business | of segment revenue 36.7% |
| Employees (consolidated) | 1,167 |  |
| EPS | ¥101.72 |  |
| Book value per share | ¥754.21 |  |
| Equity ratio | 73.4% |  |
| Shares outstanding | 8,585,000 |  |
| Treasury shares | 470,300 |  |
| Shareholders | 3,958 |  |
| Average salary (parent only) | ¥5.8M | Filing company only |
| Cash ratio | 58.1% | Cash ÷ revenue 42.1% |
| Vs. industry median margin | -4.2 pp | Software & SaaS |
| ROE | 10.7% | Derived from disclosed figures |
| ROA | 7.9% | Derived from disclosed figures |

## Notable figures

- FY2026, cash is 58% of total assets
- FY2026, employees -1% while operating income rose 6%

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥14745000000 | ¥14569000000 | -1.2% |
| Operating income | ¥1131000000 | ¥1194000000 | +5.6% |
| Operating margin | 7.7% | 8.2% | +0.5 pp |
| Employees | 1,196 people | 1,167 people | -2.4% |
| Cash and equivalents | ¥3927000000 | ¥6128000000 | +56.0% |

### 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 |
| --- | ---: |
| ソリューションサービス事業 → ソリューションサービス事業 | 36.7% |
| ソリューションサービス事業 → 事業再編・廃止 | 1.4% |
| 受託開発事業 → 受託開発事業 | 17.1% |
| システム運用・サービス事業 → システム運用・サービス事業 | 13.8% |
| サポートサービス事業 → サポートサービス事業 | 29.3% |
| サポートサービス事業 → 事業再編・廃止 | 1.6% |
| 新設・再編 → 受託開発事業 | 2.0% |
| 新設・再編 → システム運用・サービス事業 | 1.0% |

Segment revenue source references: 8 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Solutions Service Business | 5 years | -1.0% | ¥5342000000 | 19.1% | 2 |
| Support Service Business | 5 years | -1.3% | ¥4275000000 | 6.4% | 2 |
| Contracted Development Business | 5 years | +2.0% | ¥2786000000 | 19.8% | 2 |
| Systems operation and Service Business | 5 years | +1.2% | ¥2165000000 | 14.3% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 14,569 | 100.0% | S100YGVQ |
| Cost of revenue | 10,899 | 74.8% | S100YGVQ |
| Gross profit | 3,669 | 25.2% | S100YGVQ |
| SG&A | 2,475 | 17.0% | S100YGVQ |
| Operating income | 1,194 | 8.2% | S100YGVQ |
| Ordinary income | 1,207 | 8.3% | S100YGVQ |
| Pretax income | 1,132 | 7.8% | S100YGVQ |
| Income tax | 325 | 2.2% | S100YGVQ |
| Net income | 807 | 5.5% | S100YGVQ |
| Net income attributable to owners | 807 | 5.5% | S100YGVQ |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 75 |
| SG&A | 17 |
| Operating income | 8 |
| (Ref.) Net income | 6 |

### Margin funnel

Gross margin 25.2% → Operating margin 8.2% → Net margin 5.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +0.3%; Core profit growth: +5.7%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 17.13×
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 | 14,521 | 14,569 | 48 | +0.3% |
| Gross profit | 3,560 | 3,669 | 109 | +3.1% |
| Operating income | 1,130 | 1,194 | 64 | +5.7% |
| Net income attributable to owners | 696 | 807 | 111 | +15.9% |
| Operating cash flow | 972 | 1,341 | 369 | +38.0% |
| Free cash flow | 695 | 944 | 249 | +35.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 14,624 | 1,044 | 7.1% | 731 | 889 | 629 | S100LOPU |
| FY ending Mar 2021 | 14,745 | 1,131 | 7.7% | 776 | 494 | 118 | S100OH4Y |
| FY ending Mar 2022 | 14,784 | 1,060 | 7.2% | 657 | 1,110 | 749 | S100R36G |
| FY ending Mar 2023 | 14,689 | 904 | 6.2% | 487 | 515 | 235 | S100TOZK |
| FY ending Mar 2024 | 14,351 | 1,085 | 7.6% | 717 | 2,174 | 2,001 | S100W62O |
| FY ending Mar 2025 | 14,521 | 1,130 | 7.8% | 696 | 972 | 695 | S100YGVQ |
| FY ending Mar 2026 | 14,569 | 1,194 | 8.2% | 807 | 1,341 | 944 | S100YGVQ |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥12.5M |
| Operating income per employee (consolidated) | ¥1M |
| Net income per employee (consolidated) | ¥691.5K |

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) | 1,204 | 1,218 | 1,212 | 1,178 | 1,167 |
| Average salary (parent company) | ¥5.5M | ¥5.5M | ¥5.7M | ¥5.8M | ¥5.8M |
| Average age (parent company) | 40.5 years | 41.2 years | 41.7 years | 41.9 years | 41.8 years |
| Average tenure (parent company) | 12.2 years | 13.2 years | 14.2 years | 14.2 years | 14.3 years |

Year over year: Employees (consolidated) -0.9% · Revenue (consolidated) +0.3%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Solutions Service Business | 5,342 | 36.7% | 1,019 | 19.1% |
| Contracted Development Business | 2,786 | 19.1% | 553 | 19.8% |
| Systems operation and Service Business | 2,165 | 14.9% | 309 | 14.3% |
| Support Service Business | 4,275 | 29.3% | 275 | 6.4% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Solutions Service Business | 36.7% | 47.3% | 10.6 | 19.1% |
| Contracted Development Business | 19.1% | 25.6% | 6.5 | 19.8% |
| Systems operation and Service Business | 14.9% | 14.3% | -0.5 | 14.3% |
| Support Service Business | 29.3% | 12.8% | -16.6 | 6.4% |

Segment → industry: Systems operation and Service Business → IT Services & System Integration / Contracted Development Business → IT Services & System Integration / Solutions Service Business → Software & SaaS / Support Service Business → Business Process Outsourcing

## 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 | 1,341 | 9.2% | S100YGVQ |
| Capital expenditure | 397 | 2.7% | S100YGVQ |
| Free cash flow | 944 | 6.5% | 算出 |
| Investing cash flow | -426 | -2.9% | S100YGVQ |
| Financing cash flow | -407 | -2.8% | S100YGVQ |
| Dividends paid | 412 | 2.8% | S100YGVQ |
| Share buyback | 0 | 0.0% | S100YGVQ |
| Change in cash | 506 | 3.5% | S100YGVQ |
| Cash and equivalents | 6,128 | 42.1% | S100YGVQ |

## 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 | 4,317 | 3,910 | 5,584 | 5,621 | 6,128 | S100TOZK, S100W62O, S100YGVQ |
| Total assets | 9,777 | 9,748 | 10,057 | 9,992 | 10,554 | S100R36G, S100TOZK, S100W62O, S100YGVQ |
| Net assets | 6,997 | 6,904 | 7,296 | 7,334 | 7,742 | S100TOZK, S100W62O, S100YGVQ |
| Share capital | 3,149 | 3,149 | 3,149 | 3,149 | 3,149 | S100R36G, S100TOZK, S100W62O, S100YGVQ |
| Property, plant and equipment | 295 | 267 | 256 | 250 | 267 | S100R36G, S100TOZK, S100W62O, S100YGVQ |
| Intangible assets excluding goodwill | 695 | 722 | 533 | 494 | 644 | S100R36G, S100TOZK, S100W62O, S100YGVQ |
| Investment securities | 118 | 153 | 144 | 133 | 82 | S100R36G, S100TOZK, S100W62O, S100YGVQ |
| Current assets | 8,017 | 7,985 | 8,474 | 8,499 | 8,889 | S100R36G, S100TOZK, S100W62O, S100YGVQ |
| Current liabilities | 2,575 | 2,630 | 2,542 | 2,389 | 2,512 | S100R36G, S100TOZK, S100W62O, S100YGVQ |
| Total liabilities | 2,780 | 2,844 | 2,761 | 2,658 | 2,812 | S100R36G, S100TOZK, S100W62O, S100YGVQ |
| Equity attributable to owners of parent | 6,976 | 6,901 | 7,292 | 7,332 | 7,733 | S100R36G, S100TOZK, S100W62O, S100YGVQ |
| Retained earnings | 3,605 | 3,757 | 4,141 | 4,421 | 4,815 | S100R36G, S100TOZK, S100W62O, S100YGVQ |
| Treasury stock | -535 | -704 | -697 | -937 | -930 | S100R36G, S100TOZK, S100W62O, S100YGVQ |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 58% | S100YGVQ |
| Property, plant and equipment | 3% | S100YGVQ |
| Intangibles and goodwill | 6% | S100YGVQ |
| Investment securities | 1% | S100YGVQ |
| Other assets | 32% | S100YGVQ |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 27% | S100YGVQ |
| Equity | 73% | S100YGVQ |

### 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 | 9,777 | 9,748 | 10,057 | 9,992 | 10,554 |
| Equity | 6,997 | 6,904 | 7,296 | 7,334 | 7,742 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 4,317 | 3,910 | 5,584 | 5,621 | 6,128 |

## 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) | 1.8% | S100YGVQ |
| Fixed assets ÷ total assets | 2.5% | S100YGVQ |
| Goodwill ÷ parent equity | — | —, S100YGVQ |

### 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) | 58.1% |
| Cash ÷ revenue | 42.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 112.3% |
| Cash vs. profit gap | 534 JPY mn (of net income 66.2%) |
| Shareholder returns / net income | 51.1% |
| Shareholder returns / FCF | 43.6% |
| Shareholder payments — dividends / net income | 51.1% |
| Shareholder payments — dividends / FCF | 43.6% |
| CapEx intensity (capex ÷ revenue) | 2.7% |
| Investing CF relative to operating CF | 31.8% |

## 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 | 4.4% | 1.51× | 6.7% | 1.40× | 9.4% | S100R36G |
| 2023 | 3.3% | 1.50× | 5.0% | 1.41× | 7.0% | S100TOZK |
| 2024 | 5.0% | 1.45× | 7.2% | 1.40× | 10.1% | S100W62O |
| 2025 | 4.8% | 1.45× | 6.9% | 1.37× | 9.5% | S100YGVQ |
| 2026 | 5.5% | 1.42× | 7.9% | 1.36× | 10.7% | S100YGVQ |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| アマノ株式会社 | Major shareholder | 32.6% | 2026-03-31 |
| LINEヤフー株式会社 | Major shareholder | 13.6% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託Ｅ口） | Major shareholder | 4.6% | 2026-03-31 |
| クレオ従業員持株会 | Major shareholder | 3.3% | 2026-03-31 |
| 和田 正次 | Major shareholder | 1.9% | 2026-03-31 |
| 椎名 敬一 | Major shareholder | 1.8% | 2026-03-31 |
| 丸田 稔 | Major shareholder | 1.3% | 2026-03-31 |
| 明治安田生命保険相互会社 | Major shareholder | 1.2% | 2026-03-31 |
| ＢＢＨ（ＬＵＸ） ＦＯＲ ＭＵＦＧ ＧＬＯＢＡＬ ＦＵＮＤ ＳＩＣＡＶ － ＭＵＦＧ ＪＡＰＡＮ ＥＱＵＩＴＹ ＳＭＡＬＬ ＣＡＰ ＦＵＮＤ （常任代理人 株式会社三菱ＵＦＪ銀行） | Major shareholder | 0.8% | 2026-03-31 |
| 呉 春毅 | Major shareholder | 0.7% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第53期(2025/04/01－2026/03/31) | S100YGVQ | 2026-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YGVQ,, |
| 有価証券報告書－第52期(2024/04/01－2025/03/31) | S100W62O | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W62O,, |
| 有価証券報告書－第51期(2023/04/01－2024/03/31) | S100TOZK | 2024-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TOZK,, |
| 有価証券報告書－第50期(2022/04/01－2023/03/31) | S100R36G | 2023-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R36G,, |
| 有価証券報告書－第49期(令和3年4月1日－令和4年3月31日) | S100OH4Y | 2022-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OH4Y,, |
| 有価証券報告書－第48期(令和2年4月1日－令和3年3月31日) | S100LOPU | 2021-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LOPU,, |

## 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).