# CROSS CAT 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) (S100YJU2)
> Page: https://vizora.meequs.com/en/company/cross-cat
> Retrieved: 2026-09-30T18:28:25.126Z

## Company

Cross CAT, founded in 1973, is a company in IT Services & System Integration listed on TSE Prime. It has 881 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | CROSS CAT CO.,LTD. |
| Ticker | 2307 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2307.T) |
| Listing | TSE Prime |
| Head office | 東京都港区港南一丁目2番70号 |
| Representative (per filing) | 代表取締役社長 山根 光則 |
| Founded | Jun 1973 |
| Share capital | ¥1B |
| Employees (consolidated) | 881 |
| Average salary (parent only) | ¥5.7M |
| Fiscal year end | March |
| Website | www.xcat.co.jp (https://www.xcat.co.jp/) |
| Corporate number | 5010701002818 |
| EDINET | E05291 |
| Industries (Vizora) | IT Services & System Integration |

> Profile source: annual securities report (S100YJU2, 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 | 76.1 | 157 |
| Profitability | 70.7 | 196 |
| Cash conversion | 78.6 | 185 |
| Efficiency | 74.7 | 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)

- Cross CAT brought in ¥17.3B in revenue.
- Out of every ¥100 of sales, about ¥12 is left as operating profit.
- Revenue changed +6.9% from the prior year, operating profit +9.7%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥17314800000 → ¥1511155000
- Net income → operating cash flow: ¥1511155000 → ¥2344414000（difference ¥833259000）
- Main uses of operating cash flow: CapEx ¥69834000 / dividends ¥463775000 / buybacks ¥138365000
- Change in cash: ¥621196000
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 | ¥17.3B |  |
| Operating income | ¥2.01B | Margin 11.6% |
| Net income | ¥1.51B | Margin 8.7% |
| Free cash flow | ¥2.27B |  |
| Employees (consolidated) | 881 |  |
| EPS | ¥99.91 |  |
| Book value per share | ¥430.36 |  |
| Equity ratio | 61.4% |  |
| Shares outstanding | 17,005,674 |  |
| Treasury shares | 3,009,500 |  |
| Shareholders | 5,153 |  |
| Average salary (parent only) | ¥5.7M | Filing company only |
| Cash ratio | 30.5% | Cash ÷ revenue 19.1% |
| Vs. industry median margin | +2.7 pp | IT Services & System Integration |
| ROE | 27.1% | Derived from disclosed figures |
| ROA | 14.1% | Derived from disclosed figures |

## Notable figures

- FY2026, cash is 30% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥9626036000 | ¥17314800000 | +79.9% |
| Operating income | ¥493480000 | ¥2014029000 | +308.1% |
| Operating margin | 5.1% | 11.6% | +6.5 pp |
| Employees | 743 people | 881 people | +18.6% |
| Cash and equivalents | ¥1264359000 | ¥3304336000 | +161.3% |

### 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 | 17,315 | 100.0% | S100YJU2 |
| Cost of revenue | 13,237 | 76.4% | S100YJU2 |
| Gross profit | 4,078 | 23.6% | S100YJU2 |
| SG&A | 2,064 | 11.9% | S100YJU2 |
| Operating income | 2,014 | 11.6% | S100YJU2 |
| Ordinary income | 2,043 | 11.8% | S100YJU2 |
| Pretax income | 2,120 | 12.2% | S100YJU2 |
| Income tax | 609 | 3.5% | S100YJU2 |
| Net income | 1,511 | 8.7% | S100YJU2 |
| Net income attributable to owners | 1,511 | 8.7% | S100YJU2 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 76 |
| SG&A | 12 |
| Operating income | 12 |
| (Ref.) Net income | 9 |

### Margin funnel

Gross margin 23.6% → Operating margin 11.6% → Net margin 8.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +6.9%; Core profit growth: +9.7%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.40×
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 | 16,195 | 17,315 | 1,120 | +6.9% |
| Gross profit | 3,846 | 4,078 | 231 | +6.0% |
| Operating income | 1,837 | 2,014 | 177 | +9.7% |
| Net income attributable to owners | 1,317 | 1,511 | 194 | +14.8% |
| Operating cash flow | 692 | 2,344 | 1,652 | +238.7% |
| Free cash flow | 612 | 2,275 | 1,662 | +271.6% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 9,675 | 722 | 7.5% | 495 | 952 | 800 | S100LNIE |
| FY ending Mar 2021 | 9,626 | 493 | 5.1% | 370 | 360 | 268 | S100OH5U |
| FY ending Mar 2022 | 12,119 | 1,110 | 9.2% | 765 | 680 | 652 | S100R4DI |
| FY ending Mar 2023 | 13,836 | 1,461 | 10.6% | 1,020 | 737 | 601 | S100TQZF |
| FY ending Mar 2024 | 14,932 | 1,522 | 10.2% | 1,311 | 1,224 | 1,065 | S100W49F |
| FY ending Mar 2025 | 16,195 | 1,837 | 11.3% | 1,317 | 692 | 612 | S100YJU2 |
| FY ending Mar 2026 | 17,315 | 2,014 | 11.6% | 1,511 | 2,344 | 2,275 | S100YJU2 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥19.7M |
| Operating income per employee (consolidated) | ¥2.3M |
| 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) | 765 | 777 | 796 | 856 | 881 |
| Average salary (parent company) | ¥5.2M | ¥5.4M | ¥5.5M | ¥5.5M | ¥5.7M |
| Average age (parent company) | 37.0 years | 37.0 years | 37.0 years | 36.0 years | 36.0 years |
| Average tenure (parent company) | 11.0 years | 11.0 years | 11.0 years | 11.0 years | 11.0 years |

Year over year: Employees (consolidated) +2.9% · Revenue (consolidated) +6.9%

## 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 | 2,344 | 13.5% | S100YJU2 |
| Capital expenditure | 70 | 0.4% | S100YJU2 |
| Free cash flow | 2,275 | 13.1% | 算出 |
| Investing cash flow | -321 | -1.9% | S100YJU2 |
| Financing cash flow | -1,402 | -8.1% | S100YJU2 |
| Dividends paid | 464 | 2.7% | S100YJU2 |
| Share buyback | 138 | 0.8% | S100YJU2 |
| Change in cash | 621 | 3.6% | S100YJU2 |
| Cash and equivalents | 3,304 | 19.1% | S100YJU2 |

## 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 | 1,345 | 1,984 | 2,339 | 2,683 | 3,304 | S100TQZF, S100W49F, S100YJU2 |
| Total assets | 7,366 | 8,594 | 9,466 | 10,527 | 10,846 | S100R4DI, S100TQZF, S100W49F, S100YJU2 |
| Net assets | 4,220 | 5,076 | 5,083 | 5,854 | 6,656 | S100TQZF, S100W49F, S100YJU2 |
| Share capital | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | S100R4DI, S100TQZF, S100W49F, S100YJU2 |
| Property, plant and equipment | 228 | 334 | 410 | 356 | 342 | S100R4DI, S100TQZF, S100W49F, S100YJU2 |
| Intangible assets excluding goodwill | 456 | 436 | 345 | 237 | 147 | S100R4DI, S100TQZF, S100W49F, S100YJU2 |
| Goodwill | 283 | 224 | 175 | 125 | 75 | S100R4DI, S100TQZF, S100W49F, S100YJU2 |
| Investment securities | 974 | 1,061 | 1,156 | 1,255 | 1,548 | S100R4DI, S100TQZF, S100W49F, S100YJU2 |
| Current assets | 5,200 | 6,242 | 7,015 | 8,161 | 8,312 | S100R4DI, S100TQZF, S100W49F, S100YJU2 |
| Current liabilities | 2,349 | 2,573 | 3,456 | 3,701 | 3,407 | S100R4DI, S100TQZF, S100W49F, S100YJU2 |
| Short-term borrowings | 400 | 700 | 1,200 | 1,500 | 700 | S100R4DI, S100TQZF, S100W49F, S100YJU2 |
| Total liabilities | 3,146 | 3,518 | 4,383 | 4,673 | 4,190 | S100R4DI, S100TQZF, S100W49F, S100YJU2 |
| Equity attributable to owners of parent | 3,721 | 4,523 | 4,396 | 5,117 | 6,049 | S100R4DI, S100TQZF, S100W49F, S100YJU2 |
| Retained earnings | 3,783 | 4,138 | 4,894 | 5,812 | 6,857 | S100R4DI, S100TQZF, S100W49F, S100YJU2 |
| Treasury stock | -1,062 | -615 | -1,512 | -1,724 | -1,847 | S100R4DI, S100TQZF, S100W49F, S100YJU2 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 31% | S100YJU2 |
| Property, plant and equipment | 3% | S100YJU2 |
| Intangibles and goodwill | 2% | S100YJU2 |
| Investment securities | 14% | S100YJU2 |
| Other assets | 50% | S100YJU2 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 39% | S100YJU2 |
| Equity | 61% | S100YJU2 |
| Other liabilities | 0% | S100YJU2 |

### 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 | 7,366 | 8,594 | 9,466 | 10,527 | 10,846 |
| Equity | 4,220 | 5,076 | 5,083 | 5,854 | 6,656 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,345 | 1,984 | 2,339 | 2,683 | 3,304 |

## 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% | S100YJU2 |
| Fixed assets ÷ total assets | 3.2% | S100YJU2 |
| Goodwill ÷ parent equity | 1.2% | S100YJU2 |

Goodwill over 4 years: 283 → 75 JPY; total investing cash flow: -448 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) | 30.5% |
| Cash ÷ revenue | 19.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 116.4% |
| Cash vs. profit gap | 833 JPY mn (of net income 55.1%) |
| Shareholder returns / net income | 39.8% |
| Shareholder returns / FCF | 26.5% |
| Shareholder payments — dividends / net income | 30.7% |
| Shareholder payments — dividends / FCF | 20.4% |
| CapEx intensity (capex ÷ revenue) | 0.4% |
| Investing CF relative to operating CF | 13.7% |

## 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 | 6.3% | 1.65× | 10.4% | 1.98× | 20.6% | S100R4DI |
| 2023 | 7.4% | 1.73× | 12.8% | 1.94× | 24.7% | S100TQZF |
| 2024 | 8.8% | 1.65× | 14.5% | 2.02× | 29.4% | S100W49F |
| 2025 | 8.1% | 1.62× | 13.2% | 2.10× | 27.7% | S100YJU2 |
| 2026 | 8.7% | 1.62× | 14.1% | 1.91× | 27.1% | S100YJU2 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 8.7% | 2026-03-31 |
| クロスキャット社員持株会 | Major shareholder | 6.2% | 2026-03-31 |
| 尾野 貴子 | Major shareholder | 4.1% | 2026-03-31 |
| 佐藤 順子 | Major shareholder | 3.8% | 2026-03-31 |
| 牛島 豊 | Major shareholder | 3.6% | 2026-03-31 |
| 小野田 亜紀 | Major shareholder | 3.5% | 2026-03-31 |
| 明治安田生命保険相互会社（常任代理人 株式会社日本カストディ銀行） | Major shareholder | 3.4% | 2026-03-31 |
| 磯田 晶子 | Major shareholder | 3.2% | 2026-03-31 |
| 大久保 尚子 | Major shareholder | 3.2% | 2026-03-31 |
| 田崎 冬子 | Major shareholder | 3.1% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第53期(2025/04/01－2026/03/31) | S100YJU2 | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YJU2,, |
| 有価証券報告書－第52期(2024/04/01－2025/03/31) | S100W49F | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W49F,, |
| 有価証券報告書－第51期(2023/04/01－2024/03/31) | S100TQZF | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TQZF,, |
| 有価証券報告書－第50期(2022/04/01－2023/03/31) | S100R4DI | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R4DI,, |
| 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) | S100OH5U | 2022-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OH5U,, |
| 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) | S100LNIE | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LNIE,, |

## 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).