# CSS HOLDINGS,LTD.: business model and financials

> Latest period: FY ending Sep 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第41期(2024/10/01－2025/09/30) (S100XC7V)
> Page: https://vizora.meequs.com/en/company/css-holdings
> Retrieved: 2026-09-30T19:04:59.799Z

## Company

CSS Holdings, founded in 1984, is a company in Business Process Outsourcing listed on TSE Standard. It has 613 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | CSS Holdings,Ltd. |
| Ticker | 2304 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2304.T) |
| Listing | TSE Standard |
| Head office | 東京都中央区日本橋小伝馬町10番1号 |
| Representative (per filing) | 代表取締役社長 水野 克裕 |
| Founded | Dec 1984 |
| Share capital | ¥393.6M |
| Employees (consolidated) | 613 |
| Average salary (parent only) | ¥7.9M |
| Fiscal year end | September |
| Website | www.css-holdings.jp (https://www.css-holdings.jp/) |
| Corporate number | 2010001072812 |
| EDINET | E05288 |
| Industries (Vizora) | Business Process Outsourcing, Plant Engineering & Building Services, Takeout & Delivery Meals |

> Profile source: annual securities report (S100XC7V, filed 2025-12-22). As of filing

## Five-axis industry profile

Primary industry: Business Process Outsourcing (2025-09-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 52.8 | 18 |
| Profitability | 45.2 | 21 |
| Cash conversion | 26.5 | 17 |
| Efficiency | 97.6 | 21 |

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 48% of CSS Holdings's sales come from Steward, with Space produce and Food service making up much of the rest.
- Out of every ¥100 of sales, about ¥4 is left as operating profit.
- Revenue changed +10.6% from the prior year, operating profit +20.4%.

## Company structure

- Segment revenue mix: Steward 48.0%、Space produce 28.4%、Food service 23.6%、Other 0.1%
- Revenue → net income: ¥19499573000 → ¥587056000
- Net income → operating cash flow: ¥587056000 → ¥708106000（difference ¥121050000）
- Main uses of operating cash flow: CapEx ¥61835000 / dividends ¥178149000 / buybacks ¥75200000
- Change in cash: ¥232267000
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 | ¥19.5B |  |
| Operating income | ¥717.6M | Margin 3.7% |
| Net income | ¥587.1M | Margin 3.0% |
| Free cash flow | ¥646.3M |  |
| Largest business | Steward | of segment revenue 48.0% |
| Employees (consolidated) | 613 |  |
| EPS | ¥50.69 |  |
| Diluted EPS | ¥50.43 |  |
| Book value per share | ¥306.25 |  |
| Equity ratio | 48.9% |  |
| Shares outstanding | 5,285,600 |  |
| Treasury shares | 224,400 |  |
| Shareholders | 1,779 |  |
| Average salary (parent only) | ¥7.9M | Filing company only |
| Cash ratio | 18.0% | Cash ÷ revenue 5.8% |
| Vs. industry median margin | -0.2 pp | Business Process Outsourcing |
| ROE | 21.7% | Derived from disclosed figures |
| ROA | 9.6% | Derived from disclosed figures |

## Notable figures

- FY2025, revenue is 2.1× its level five years ago

## What changed in 5 years

| Metric | FY ending Sep 2020 | FY ending Sep 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥11962668000 | ¥19499573000 | +63.0% |
| Operating income | ¥-1072244000 | ¥717583000 | — |
| Operating margin | -9.0% | 3.7% | +12.6 pp |
| Employees | 529 people | 613 people | +15.9% |
| Cash and equivalents | ¥1149207000 | ¥1138856000 | -0.9% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| スチュワード事業 → スチュワード事業 | 41.5% |
| フードサービス事業 → フードサービス事業 | 18.2% |
| 空間プロデュース事業 → 空間プロデュース事業 | 28.4% |
| 空間プロデュース事業 → 事業再編・廃止 | 11.5% |
| その他 → その他 | 0.1% |
| その他 → 事業再編・廃止 | 0.3% |
| 新設・再編 → スチュワード事業 | 6.5% |
| 新設・再編 → フードサービス事業 | 5.4% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Steward | 5 years | +13.5% | ¥9354163000 | 5.9% | 2 |
| Space produce | 5 years | +3.0% | ¥5535669000 | 5.7% | 2 |
| Food service | 5 years | +16.1% | ¥4598427000 | 2.0% | 2 |
| Other | 5 years | -24.3% | ¥11312000 | 210.6% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 19,500 | 100.0% | S100XC7V |
| Cost of revenue | 16,280 | 83.5% | S100XC7V |
| Gross profit | 3,220 | 16.5% | S100XC7V |
| SG&A | 2,502 | 12.8% | S100XC7V |
| Operating income | 718 | 3.7% | S100XC7V |
| Ordinary income | 742 | 3.8% | S100XC7V |
| Pretax income | 751 | 3.9% | S100XC7V |
| Income tax | 164 | 0.8% | S100XC7V |
| Net income | 587 | 3.0% | S100XC7V |
| Net income attributable to owners | 587 | 3.0% | S100XC7V |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 83 |
| SG&A | 13 |
| Operating income | 4 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 16.5% → Operating margin 3.7% → Net margin 3.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +10.6%; Core profit growth: +20.4%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.93×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 17,631 | 19,500 | 1,868 | +10.6% |
| Gross profit | 2,859 | 3,220 | 361 | +12.6% |
| Operating income | 596 | 718 | 122 | +20.4% |
| Net income attributable to owners | 429 | 587 | 158 | +36.8% |
| Operating cash flow | 605 | 708 | 103 | +17.0% |
| Free cash flow | 519 | 646 | 127 | +24.5% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Sep 2019 | 18,446 | 455 | 2.5% | -110 | 428 | 378 | S100KEW5 |
| FY ending Sep 2020 | 11,963 | -1,072 | -9.0% | 23 | 346 | 318 | S100N47A |
| FY ending Sep 2021 | 9,412 | -717 | -7.6% | -420 | -360 | -375 | S100PTQ4 |
| FY ending Sep 2022 | 10,883 | -186 | -1.7% | 103 | 283 | 249 | S100SHIP |
| FY ending Sep 2023 | 14,833 | 276 | 1.9% | 230 | 471 | 443 | S100UZL6 |
| FY ending Sep 2024 | 17,631 | 596 | 3.4% | 429 | 605 | 519 | S100XC7V |
| FY ending Sep 2025 | 19,500 | 718 | 3.7% | 587 | 708 | 646 | S100XC7V |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥31.8M |
| Operating income per employee (consolidated) | ¥1.2M |
| Net income per employee (consolidated) | ¥957.7K |

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

| History | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 490 | 481 | 545 | 572 | 613 |
| Average salary (parent company) | ¥7.5M | ¥8.8M | ¥8.6M | ¥8.1M | ¥7.9M |
| Average age (parent company) | 51.7 years | 50.3 years | 51.3 years | 52.3 years | 53.3 years |
| Average tenure (parent company) | 8.0 years | 10.0 years | 11.0 years | 12.0 years | 13.0 years |

Year over year: Employees (consolidated) +7.2% · Revenue (consolidated) +10.6%

## Segments（FY ending Sep 2025, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Steward | 9,354 | 48.0% | 555 | 5.9% |
| Food service | 4,598 | 23.6% | 92 | 2.0% |
| Space produce | 5,536 | 28.4% | 313 | 5.7% |
| Other | 11 | 0.1% | 24 | 210.6% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Steward | 48.0% | 56.4% | 8.4 | 5.9% |
| Food service | 23.6% | 9.3% | -14.2 | 2.0% |
| Space produce | 28.4% | 31.8% | 3.4 | 5.7% |
| Other | 0.1% | 2.4% | 2.4 | 210.6% |

Segment → industry: Steward → Business Process Outsourcing / Space produce → Plant Engineering & Building Services / Food service → Takeout & Delivery Meals

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 708 | 3.6% | S100XC7V |
| Capital expenditure | 62 | 0.3% | S100XC7V |
| Free cash flow | 646 | 3.3% | 算出 |
| Investing cash flow | -58 | -0.3% | S100XC7V |
| Financing cash flow | -419 | -2.1% | S100XC7V |
| Dividends paid | 178 | 0.9% | S100XC7V |
| Share buyback | 75 | 0.4% | S100XC7V |
| Change in cash | 232 | 1.2% | S100XC7V |
| Cash and equivalents | 1,139 | 5.8% | S100XC7V |

## 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 Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 632 | 714 | 777 | 907 | 1,139 | S100SHIP, S100UZL6, S100XC7V |
| Total assets | 4,701 | 5,096 | 5,701 | 5,931 | 6,317 | S100PTQ4, S100SHIP, S100UZL6, S100XC7V |
| Net assets | 2,125 | 2,169 | 2,346 | 2,675 | 3,090 | S100SHIP, S100UZL6, S100XC7V |
| Share capital | 394 | 394 | 394 | 394 | 394 | S100PTQ4, S100SHIP, S100UZL6, S100XC7V |
| Trade receivables | 1,201 | — | — | — | — | S100PTQ4 |
| Property, plant and equipment | 1,427 | 1,386 | 1,373 | 1,386 | 1,373 | S100PTQ4, S100SHIP, S100UZL6, S100XC7V |
| Intangible assets excluding goodwill | 102 | 95 | 80 | 72 | 63 | S100PTQ4, S100SHIP, S100UZL6, S100XC7V |
| Goodwill | 32 | 26 | 20 | 13 | 7 | S100PTQ4, S100SHIP, S100UZL6, S100XC7V |
| Investment securities | 433 | 454 | 532 | 539 | 613 | S100PTQ4, S100SHIP, S100UZL6, S100XC7V |
| Current assets | 2,543 | 2,931 | 3,497 | 3,675 | 3,914 | S100PTQ4, S100SHIP, S100UZL6, S100XC7V |
| Current liabilities | 1,668 | 2,544 | 2,961 | 2,858 | 2,843 | S100PTQ4, S100SHIP, S100UZL6, S100XC7V |
| Trade payables | 351 | 430 | 539 | 491 | 570 | S100PTQ4, S100SHIP, S100UZL6, S100XC7V |
| Short-term borrowings | 450 | 450 | 750 | 450 | 300 | S100PTQ4, S100SHIP, S100UZL6, S100XC7V |
| Long-term borrowings | 517 | — | — | — | — | S100PTQ4 |
| Total liabilities | 2,577 | 2,928 | 3,355 | 3,256 | 3,228 | S100PTQ4, S100SHIP, S100UZL6, S100XC7V |
| Equity attributable to owners of parent | 2,047 | 2,096 | 2,214 | 2,540 | 2,873 | S100PTQ4, S100SHIP, S100UZL6, S100XC7V |
| Retained earnings | 1,487 | 1,533 | 1,650 | 1,977 | 2,384 | S100PTQ4, S100SHIP, S100UZL6, S100XC7V |
| Treasury stock | -113 | -110 | -110 | -110 | -178 | S100PTQ4, S100SHIP, S100UZL6, S100XC7V |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 18% | S100XC7V |
| Property, plant and equipment | 22% | S100XC7V |
| Intangibles and goodwill | 1% | S100XC7V |
| Investment securities | 10% | S100XC7V |
| Other assets | 49% | S100XC7V |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 9% | S100XC7V |
| Other liabilities | 42% | S100XC7V |
| Equity | 49% | S100XC7V |
| Other liabilities | 0% | S100XC7V |

### Balance sheet history

| Metric | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 4,701 | 5,096 | 5,701 | 5,931 | 6,317 |
| Equity | 2,125 | 2,169 | 2,346 | 2,675 | 3,090 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 632 | 714 | 777 | 907 | 1,139 |

## 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) | 7.0% | S100XC7V |
| Fixed assets ÷ total assets | 21.7% | S100XC7V |
| Goodwill ÷ parent equity | 0.2% | S100XC7V |

Goodwill over 4 years: 32 → 7 JPY; total investing cash flow: -147 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) | 18.0% |
| Cash ÷ revenue | 5.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 98.7% |
| Cash vs. profit gap | 121 JPY mn (of net income 20.6%) |
| Shareholder returns / net income | 43.2% |
| Shareholder returns / FCF | 39.2% |
| Shareholder payments — dividends / net income | 30.3% |
| Shareholder payments — dividends / FCF | 27.6% |
| CapEx intensity (capex ÷ revenue) | 0.3% |
| Investing CF relative to operating CF | 8.2% |

## 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 | — | —× | -8.9% | —× | — | S100PTQ4 |
| 2022 | 0.9% | 2.22× | 2.1% | 2.36× | 5.0% | S100SHIP |
| 2023 | 1.6% | 2.75× | 4.3% | 2.51× | 10.7% | S100UZL6 |
| 2024 | 2.4% | 3.03× | 7.4% | 2.45× | 18.1% | S100XC7V |
| 2025 | 3.0% | 3.18× | 9.6% | 2.26× | 21.7% | S100XC7V |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行㈱（リテール信託口） （注）１ | Major shareholder | 13.4% | 2025-09-30 |
| 日本マスタートラスト信託銀行㈱（リテール信託口） （注）１ | Major shareholder | 13.3% | 2025-09-30 |
| ㈱ユニヴァ・アセット・マネジメント | Major shareholder | 11.8% | 2025-09-30 |
| 野口 緑 | Major shareholder | 11.6% | 2025-09-30 |
| Ｓ・ＴＥＣ㈱ | Major shareholder | 8.4% | 2025-09-30 |
| 白土 将敏 | Major shareholder | 4.4% | 2025-09-30 |
| 秋元 之浩 | Major shareholder | 3.6% | 2025-09-30 |
| ＣＳＳグループ従業員持株会 | Major shareholder | 2.9% | 2025-09-30 |
| ㈱日本カストディ銀行(信託E口) （注）２ | Major shareholder | 2.5% | 2025-09-30 |
| 越智 敦生 | Major shareholder | 0.8% | 2025-09-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第41期(2024/10/01－2025/09/30) | S100XC7V | 2025-12-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XC7V,, |
| 有価証券報告書－第40期(2023/10/01－2024/09/30) | S100UZL6 | 2024-12-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UZL6,, |
| 有価証券報告書－第39期(2022/10/01－2023/09/30) | S100SHIP | 2023-12-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SHIP,, |
| 有価証券報告書－第38期(令和3年10月1日－令和4年9月30日) | S100PTQ4 | 2022-12-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PTQ4,, |
| 有価証券報告書－第37期(令和2年10月1日－令和3年9月30日) | S100N47A | 2021-12-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100N47A,, |
| 有価証券報告書－第36期(令和1年10月1日－令和2年9月30日) | S100KEW5 | 2020-12-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KEW5,, |

## 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).