# CRESCO 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38期(2025/04/01－2026/03/31) (S100YDHC)
> Page: https://vizora.meequs.com/en/company/cresco
> Retrieved: 2026-09-30T21:32:11.211Z

## Company

Cresco, founded in 1988, is a company in IT Services & System Integration listed on TSE Prime. It has 3,188 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | CRESCO LTD. |
| Ticker | 4674 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4674.T) |
| Listing | TSE Prime |
| Head office | 東京都港区港南二丁目15番1号 |
| Representative (per filing) | 代表取締役 社長執行役員 冨永 宏 |
| Founded | Apr 1988 |
| Share capital | ¥2.51B |
| Employees (consolidated) | 3,188 |
| Average salary (parent only) | ¥6.7M |
| Fiscal year end | March |
| Website | www.cresco.co.jp (https://www.cresco.co.jp/) |
| Corporate number | 7010401008700 |
| EDINET | E04988 |
| Industries (Vizora) | IT Services & System Integration, Software & SaaS |

> Profile source: annual securities report (S100YDHC, 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 | 64 | 157 |
| Profitability | 61 | 196 |
| Cash conversion | 50.5 | 185 |
| Efficiency | 61.5 | 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)

- About 46% of Cresco's sales come from IT Service, with Enterprise and Finance making up much of the rest.
- Out of every ¥100 of sales, about ¥10 is left as operating profit.
- Revenue changed +10.1% from the prior year, operating profit +10.4%.

## Company structure

- Segment revenue mix: IT Service 46.1%、Enterprise 20.0%、Finance 14.5%、Manufacturing 11.6%、Digtal Solution 7.8%
- Revenue → net income: ¥64676944000 → ¥5279100000
- Net income → operating cash flow: ¥5279100000 → ¥5331233000（difference ¥52133000）
- Main uses of operating cash flow: CapEx ¥1026112000 / dividends ¥2122125000 / buybacks ¥1502920000
- Change in cash: ¥18690000
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 | ¥64.7B |  |
| Operating income | ¥6.61B | Margin 10.2% |
| Net income | ¥5.28B | Margin 8.2% |
| Free cash flow | ¥4.31B |  |
| Largest business | IT Service | of segment revenue 46.1% |
| Employees (consolidated) | 3,188 |  |
| EPS | ¥103.28 |  |
| Book value per share | ¥614.34 |  |
| Equity ratio | 69.9% |  |
| Shares outstanding | 42,000,000 |  |
| Treasury shares | 1,605,500 |  |
| Shareholders | 5,654 |  |
| Average salary (parent only) | ¥6.7M | Filing company only |
| Cash ratio | 31.9% | Cash ÷ revenue 23.6% |
| Vs. industry median margin | +1.3 pp | IT Services & System Integration |
| ROE | 18.5% | Derived from disclosed figures |
| ROA | 11.6% | Derived from disclosed figures |

## Notable figures

- FY2026, cash is 32% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥39706144000 | ¥64676944000 | +62.9% |
| Operating income | ¥3484456000 | ¥6605787000 | +89.6% |
| Operating margin | 8.8% | 10.2% | +1.4 pp |
| Employees | 2,301 people | 3,188 people | +38.5% |
| Cash and equivalents | ¥11015631000 | ¥15263484000 | +38.6% |

### 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 |
| --- | ---: |
| エンタープライズ → エンタープライズ | 14.5% |
| ソフトウェア開発事業 → 事業再編・廃止 | 28.0% |
| 金融 → 金融 | 10.5% |
| 組込型ソフトウェア開発事業 → 事業再編・廃止 | 5.7% |
| 製造 → 製造 | 7.5% |
| その他 → 事業再編・廃止 | 0.0% |
| ITサービス事業 → ITサービス事業 | 32.5% |
| デジタルソリューション事業 → デジタルソリューション事業 | 1.2% |
| 新設・再編 → エンタープライズ | 5.5% |
| 新設・再編 → 金融 | 4.0% |
| 新設・再編 → 製造 | 4.1% |
| 新設・再編 → ITサービス事業 | 13.6% |
| 新設・再編 → デジタルソリューション事業 | 6.5% |

Segment revenue source references: 13 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| IT Service | 5 years | +7.7% | ¥55364561000 | 14.5% | 2 |
| Enterprise | 5 years | +7.1% | ¥24008994000 | 13.7% | 2 |
| Finance | 5 years | +7.1% | ¥17427161000 | 12.7% | 2 |
| Manufacturing | 5 years | +9.6% | ¥13928405000 | 18.2% | 2 |
| Digtal Solution | 5 years | +44.9% | ¥9312382000 | 8.8% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 64,677 | 100.0% | S100YDHC |
| Cost of revenue | 51,566 | 79.7% | S100YDHC |
| Gross profit | 13,111 | 20.3% | S100YDHC |
| SG&A | 6,505 | 10.1% | S100YDHC |
| Operating income | 6,606 | 10.2% | S100YDHC |
| Ordinary income | 6,980 | 10.8% | S100YDHC |
| Pretax income | 7,541 | 11.7% | S100YDHC |
| Income tax | 2,262 | 3.5% | S100YDHC |
| Net income | 5,279 | 8.2% | S100YDHC |
| Net income attributable to owners | 5,279 | 8.2% | S100YDHC |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 80 |
| SG&A | 10 |
| Operating income | 10 |
| (Ref.) Net income | 8 |

### Margin funnel

Gross margin 20.3% → Operating margin 10.2% → Net margin 8.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +10.1%; Core profit growth: +10.4%
Growth quality: similar-growth
Operating leverage (core profit growth ÷ revenue growth): 1.03×
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 | 58,761 | 64,677 | 5,916 | +10.1% |
| Gross profit | 11,780 | 13,111 | 1,331 | +11.3% |
| Operating income | 5,984 | 6,606 | 622 | +10.4% |
| Net income attributable to owners | 4,406 | 5,279 | 874 | +19.8% |
| Operating cash flow | 4,762 | 5,331 | 569 | +12.0% |
| Free cash flow | 4,167 | 4,305 | 138 | +3.3% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 39,338 | 3,556 | 9.0% | 2,421 | 3,693 | 3,290 | S100LKL0 |
| FY ending Mar 2021 | 39,706 | 3,484 | 8.8% | 2,634 | 3,155 | 2,972 | S100O9DJ |
| FY ending Mar 2022 | 44,450 | 4,458 | 10.0% | 3,237 | 3,223 | 3,012 | S100QYPV |
| FY ending Mar 2023 | 48,368 | 4,999 | 10.3% | 3,329 | 1,680 | 1,282 | S100VBSZ |
| FY ending Mar 2024 | 52,756 | 5,122 | 9.7% | 3,729 | 3,214 | 2,949 | S100VZI7 |
| FY ending Mar 2025 | 58,761 | 5,984 | 10.2% | 4,406 | 4,762 | 4,167 | S100YDHC |
| FY ending Mar 2026 | 64,677 | 6,606 | 10.2% | 5,279 | 5,331 | 4,305 | S100YDHC |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥20.3M |
| Operating income per employee (consolidated) | ¥2.1M |
| 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) | 2,450 | 2,657 | 2,742 | 2,999 | 3,188 |
| Average salary (parent company) | ¥6.5M | ¥6.4M | ¥6.4M | ¥6.6M | ¥6.7M |
| Average age (parent company) | 38.0 years | 37.9 years | 38.3 years | 37.6 years | 37.2 years |
| Average tenure (parent company) | 11.0 years | 11.1 years | 11.3 years | 11.1 years | 11.9 years |

Year over year: Employees (consolidated) +6.3% · Revenue (consolidated) +10.1%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Enterprise | 24,009 | 20.0% | 3,296 | 13.7% |
| Finance | 17,427 | 14.5% | 2,208 | 12.7% |
| Manufacturing | 13,928 | 11.6% | 2,535 | 18.2% |
| IT Service | 55,365 | 46.1% | 8,040 | 14.5% |
| Digtal Solution | 9,312 | 7.8% | 815 | 8.8% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Enterprise | 20.0% | 19.5% | -0.5 | 13.7% |
| Finance | 14.5% | 13.1% | -1.4 | 12.7% |
| Manufacturing | 11.6% | 15.0% | 3.4 | 18.2% |
| IT Service | 46.1% | 47.6% | 1.5 | 14.5% |
| Digtal Solution | 7.8% | 4.8% | -2.9 | 8.8% |

Segment → industry: Digtal Solution → IT Services & System Integration / IT Service → IT Services & System Integration / Manufacturing → IT Services & System Integration / Finance → IT Services & System Integration / Enterprise → IT Services & System Integration / Digtal Solution → Software & SaaS

## 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 | 5,331 | 8.2% | S100YDHC |
| Capital expenditure | 1,026 | 1.6% | S100YDHC |
| Free cash flow | 4,305 | 6.7% | 算出 |
| Investing cash flow | -1,319 | -2.0% | S100YDHC |
| Financing cash flow | -3,996 | -6.2% | S100YDHC |
| Dividends paid | 2,122 | 3.3% | S100YDHC |
| Share buyback | 1,503 | 2.3% | S100YDHC |
| Change in cash | 19 | 0.0% | S100YDHC |
| Cash and equivalents | 15,263 | 23.6% | S100YDHC |

## 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 | 11,738 | 10,915 | 14,865 | 15,245 | 15,263 | S100VBSZ, S100VZI7, S100YDHC |
| Total assets | 33,137 | 33,635 | 39,714 | 43,337 | 47,900 | S100QYPV, S100VBSZ, S100VZI7, S100YDHC |
| Net assets | 22,134 | 24,449 | 27,681 | 30,816 | 33,479 | S100VBSZ, S100VZI7, S100YDHC |
| Share capital | 2,515 | 2,515 | 2,515 | 2,515 | 2,515 | S100QYPV, S100VBSZ, S100VZI7, S100YDHC |
| Property, plant and equipment | 462 | 711 | 701 | 1,009 | 1,957 | S100QYPV, S100VBSZ, S100VZI7, S100YDHC |
| Intangible assets excluding goodwill | 2,025 | 1,968 | 1,443 | 3,090 | 3,097 | S100QYPV, S100VBSZ, S100VZI7, S100YDHC |
| Goodwill | 1,529 | 1,566 | 1,145 | 2,756 | 2,729 | S100QYPV, S100VBSZ, S100VZI7, S100YDHC |
| Investment securities | 6,467 | 6,210 | 7,410 | 8,104 | 8,999 | S100QYPV, S100VBSZ, S100VZI7, S100YDHC |
| Current assets | 22,187 | 22,487 | 27,902 | 28,451 | 30,778 | S100QYPV, S100VBSZ, S100VZI7, S100YDHC |
| Current liabilities | 7,434 | 7,250 | 8,589 | 8,971 | 10,271 | S100QYPV, S100VBSZ, S100VZI7, S100YDHC |
| Short-term borrowings | 100 | 130 | 100 | 100 | 200 | S100QYPV, S100VBSZ, S100VZI7, S100YDHC |
| Long-term borrowings | 820 | 337 | 1,595 | 1,160 | 762 | S100QYPV, S100VBSZ, S100VZI7, S100YDHC |
| Bonds | — | 50 | 30 | — | — | S100VBSZ, S100VZI7 |
| Interest-bearing debt | — | 517 | 1,725 | — | — | 算出 |
| Total liabilities | 11,003 | 9,186 | 12,033 | 12,521 | 14,421 | S100QYPV, S100VBSZ, S100VZI7, S100YDHC |
| Equity attributable to owners of parent | 20,479 | 22,873 | 24,579 | 27,700 | 29,459 | S100QYPV, S100VBSZ, S100VZI7, S100YDHC |
| Retained earnings | 16,766 | 19,105 | 20,898 | 22,697 | 25,853 | S100QYPV, S100VBSZ, S100VZI7, S100YDHC |
| Treasury stock | -2,185 | -2,151 | -1,813 | -492 | -1,918 | S100QYPV, S100VBSZ, S100VZI7, S100YDHC |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 32% | S100YDHC |
| Property, plant and equipment | 4% | S100YDHC |
| Intangibles and goodwill | 12% | S100YDHC |
| Investment securities | 19% | S100YDHC |
| Other assets | 33% | S100YDHC |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 30% | S100YDHC |
| Equity | 70% | S100YDHC |

### 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 | 33,137 | 33,635 | 39,714 | 43,337 | 47,900 |
| Equity | 22,134 | 24,449 | 27,681 | 30,816 | 33,479 |
| Interest-bearing debt | — | 517 | 1,725 | — | — |
| Cash | 11,738 | 10,915 | 14,865 | 15,245 | 15,263 |

## 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) | 3.0% | S100YDHC |
| Fixed assets ÷ total assets | 4.1% | S100YDHC |
| Goodwill ÷ parent equity | 9.3% | S100YDHC |

Goodwill over 4 years: 1,529 → 2,729 JPY; total investing cash flow: -4,192 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) | 31.9% |
| Cash ÷ revenue | 23.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 80.7% |
| Cash vs. profit gap | 52 JPY mn (of net income 1.0%) |
| Shareholder returns / net income | 68.7% |
| Shareholder returns / FCF | 84.2% |
| Shareholder payments — dividends / net income | 40.2% |
| Shareholder payments — dividends / FCF | 49.3% |
| CapEx intensity (capex ÷ revenue) | 1.6% |
| Investing CF relative to operating CF | 24.7% |

## 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 | 7.3% | 1.34× | 9.8% | 1.62× | 15.8% | S100QYPV |
| 2023 | 6.9% | 1.45× | 10.0% | 1.54× | 15.4% | S100VBSZ |
| 2024 | 7.1% | 1.44× | 10.2% | 1.55× | 15.7% | S100VZI7 |
| 2025 | 7.5% | 1.42× | 10.6% | 1.59× | 16.9% | S100YDHC |
| 2026 | 8.2% | 1.42× | 11.6% | 1.60× | 18.5% | S100YDHC |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 有限会社イワサキコーポレーション | Major shareholder | 18.0% | 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 | 10.9% | 2026-03-31 |
| 浦 崎 雅 博 | Major shareholder | 6.2% | 2026-03-31 |
| クレスコ従業員持株会 | Major shareholder | 3.4% | 2026-03-31 |
| 岩 﨑 俊 雄 | Major shareholder | 3.0% | 2026-03-31 |
| BBH FOR FIDELITY LOW-PRICED STOCK FUND (常任代理人 株式会社三菱UFJ銀行決済事業部） | Major shareholder | 3.0% | 2026-03-31 |
| STATE STREET BANK AND TRUST CLIENT OMNIBUS ACCOUNT OM02 505002(常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 2.9% | 2026-03-31 |
| BNP PARIBAS LUXEMBOURG/2S/JASDEC/FIM/LUXEMBOURG FUNDS/UCITS ASSETS(常任代理人 香港上海銀行東京支店） | Major shareholder | 2.5% | 2026-03-31 |
| 佐 藤 和 弘 | Major shareholder | 2.4% | 2026-03-31 |
| 株式会社日本カストディ銀行(信託口) | Major shareholder | 2.3% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第38期(2025/04/01－2026/03/31) | S100YDHC | 2026-06-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YDHC,, |
| 有価証券報告書－第37期(2024/04/01－2025/03/31) | S100VZI7 | 2025-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VZI7,, |
| 訂正有価証券報告書－第36期(2023/04/01－2024/03/31) | S100VBSZ | 2025-03-03 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VBSZ,, |
| 有価証券報告書－第35期(2022/04/01－2023/03/31) | S100QYPV | 2023-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QYPV,, |
| 有価証券報告書－第34期(令和3年4月1日－令和4年3月31日) | S100O9DJ | 2022-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O9DJ,, |
| 有価証券報告書－第33期(令和2年4月1日－令和3年3月31日) | S100LKL0 | 2021-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LKL0,, |

## 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).