# CTS 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36期(2025/04/01－2026/03/31) (S100YDWN)
> Page: https://vizora.meequs.com/en/company/cts
> Retrieved: 2026-09-30T19:05:54.262Z

## Company

CTS, founded in 1972, is a company in Software & SaaS listed on TSE Prime. It has 286 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | CTS Co., Ltd. |
| Ticker | 4345 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4345.T) |
| Listing | TSE Prime |
| Head office | 長野県上田市古里115番地 |
| Representative (per filing) | 代表取締役 社長執行役員 横島 連 |
| Founded | Apr 1972 |
| Share capital | ¥3B |
| Employees (consolidated) | 286 |
| Average salary (parent only) | ¥6.5M |
| Fiscal year end | March |
| Corporate number | 7100001009957 |
| EDINET | E05267 |
| Industries (Vizora) | Software & SaaS, Leasing |

> Profile source: annual securities report (S100YDWN, filed 2026-06-19). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 24.3 | 105 |
| Profitability | 81 | 145 |
| Cash conversion | 45.7 | 128 |
| Efficiency | 32.1 | 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 59% of CTS's sales come from Digital data service, with Surveying measurement system and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥26 is left as operating profit.
- Revenue changed +7.8% from the prior year, operating profit +9.5%.

## Company structure

- Segment revenue mix: Digital data service 58.9%、Surveying measurement system 30.4%、Other 10.7%
- Revenue → net income: ¥12747000000 → ¥2686000000
- Net income → operating cash flow: ¥2686000000 → ¥3339000000（difference ¥653000000）
- Main uses of operating cash flow: CapEx ¥432000000 / dividends ¥1095000000 / buybacks ¥46000000
- Change in cash: ¥-358000000
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 | ¥12.7B |  |
| Operating income | ¥3.37B | Margin 26.4% |
| Net income | ¥2.69B | Margin 21.1% |
| Free cash flow | ¥2.91B |  |
| Largest business | Digital data service | of segment revenue 58.9% |
| Employees (consolidated) | 286 |  |
| EPS | ¥60.1 |  |
| Book value per share | ¥376.94 |  |
| Equity ratio | 76.2% |  |
| Shares outstanding | 42,000,000 |  |
| Treasury shares | 734,900 |  |
| Shareholders | 8,055 |  |
| Average salary (parent only) | ¥6.5M | Filing company only |
| Cash ratio | 20.2% | Cash ÷ revenue 32.7% |
| Vs. industry median margin | +14 pp | Software & SaaS |
| ROE | 21.7% | Derived from disclosed figures |
| ROA | 14.3% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 71% of positive segment profit
- FY2026, operating income keeps 26 per ¥100 of revenue

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥9968000000 | ¥12747000000 | +27.9% |
| Operating income | ¥2228000000 | ¥3369000000 | +51.2% |
| Operating margin | 22.4% | 26.4% | +4.1 pp |
| Employees | 259 people | 286 people | +10.4% |
| Cash and equivalents | ¥6216000000 | ¥4171000000 | -32.9% |

### 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 |
| --- | ---: |
| システム事業 → 事業再編・廃止 | 24.8% |
| ＤＤＳ事業 → ＤＤＳ事業 | 24.8% |
| 測量計測事業 → 事業再編・廃止 | 17.7% |
| ＳＭＳ事業 → ＳＭＳ事業 | 17.7% |
| ハウス備品事業 → 事業再編・廃止 | 5.9% |
| ＳＨ事業 → 事業再編・廃止 | 5.9% |
| その他 → その他 | 3.1% |
| 新設・再編 → ＤＤＳ事業 | 34.1% |
| 新設・再編 → ＳＭＳ事業 | 12.7% |
| 新設・再編 → その他 | 7.6% |

Segment revenue source references: 10 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Digital data service | 5 years | +9.4% | ¥7510000000 | 32.0% | 2 |
| Surveying measurement system | 5 years | +2.5% | ¥3870000000 | 19.4% | 2 |
| Other | 5 years | +17.8% | ¥1367000000 | 15.7% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 12,747 | 100.0% | S100YDWN |
| Cost of revenue | 6,198 | 48.6% | S100YDWN |
| Gross profit | 6,548 | 51.4% | S100YDWN |
| SG&A | 3,179 | 24.9% | S100YDWN |
| Operating income | 3,369 | 26.4% | S100YDWN |
| Ordinary income | 3,734 | 29.3% | S100YDWN |
| Pretax income | 3,763 | 29.5% | S100YDWN |
| Income tax | 1,076 | 8.4% | S100YDWN |
| Net income | 2,686 | 21.1% | S100YDWN |
| Net income attributable to owners | 2,686 | 21.1% | S100YDWN |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 49 |
| SG&A | 25 |
| Operating income | 26 |
| (Ref.) Net income | 21 |

### Margin funnel

Gross margin 51.4% → Operating margin 26.4% → Net margin 21.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +7.8%; Core profit growth: +9.5%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.21×
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 | 11,821 | 12,747 | 926 | +7.8% |
| Gross profit | 6,076 | 6,548 | 472 | +7.8% |
| Operating income | 3,077 | 3,369 | 292 | +9.5% |
| Net income attributable to owners | 2,190 | 2,686 | 496 | +22.6% |
| Operating cash flow | 2,842 | 3,339 | 497 | +17.5% |
| Free cash flow | 2,638 | 2,907 | 269 | +10.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 9,172 | 1,852 | 20.2% | 1,248 | 1,973 | 1,888 | S100LKFT |
| FY ending Mar 2021 | 9,968 | 2,228 | 22.4% | 1,456 | 2,328 | 1,930 | S100O9EQ |
| FY ending Mar 2022 | 10,542 | 2,628 | 24.9% | 1,731 | 2,905 | 2,719 | S100QYF2 |
| FY ending Mar 2023 | 10,797 | 2,691 | 24.9% | 1,758 | 2,614 | 2,549 | S100TLV5 |
| FY ending Mar 2024 | 11,090 | 2,865 | 25.8% | 1,858 | 2,982 | 2,759 | S100VZXM |
| FY ending Mar 2025 | 11,821 | 3,077 | 26.0% | 2,190 | 2,842 | 2,638 | S100YDWN |
| FY ending Mar 2026 | 12,747 | 3,369 | 26.4% | 2,686 | 3,339 | 2,907 | S100YDWN |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥44.6M |
| Operating income per employee (consolidated) | ¥11.8M |
| Net income per employee (consolidated) | ¥9.4M |

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) | 279 | 286 | 272 | 278 | 286 |
| Average salary (parent company) | ¥5.6M | ¥5.6M | ¥6M | ¥6.1M | ¥6.5M |
| Average age (parent company) | 41.7 years | 41.9 years | 42.7 years | 43.2 years | 43.8 years |
| Average tenure (parent company) | 8.8 years | 9.2 years | 10.2 years | 10.7 years | 11.2 years |

Year over year: Employees (consolidated) +2.9% · Revenue (consolidated) +7.8%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Digital data service | 7,510 | 58.9% | 2,403 | 32.0% |
| Surveying measurement system | 3,870 | 30.4% | 751 | 19.4% |
| Other | 1,367 | 10.7% | 214 | 15.7% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Digital data service | 58.9% | 71.3% | 12.4 | 32.0% |
| Surveying measurement system | 30.4% | 22.3% | -8.1 | 19.4% |
| Other | 10.7% | 6.4% | -4.4 | 15.7% |

Segment → industry: Digital data service → Software & SaaS / Other → Leasing / Surveying measurement system → Leasing

## 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 | 3,339 | 26.2% | S100YDWN |
| Capital expenditure | 432 | 3.4% | S100YDWN |
| Free cash flow | 2,907 | 22.8% | 算出 |
| Investing cash flow | -1,771 | -13.9% | S100YDWN |
| Financing cash flow | -1,926 | -15.1% | S100YDWN |
| Dividends paid | 1,095 | 8.6% | S100YDWN |
| Share buyback | 46 | 0.4% | S100YDWN |
| Change in cash | -358 | -2.8% | S100YDWN |
| Cash and equivalents | 4,171 | 32.7% | S100YDWN |

## 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 | 5,172 | 6,272 | 6,952 | 4,529 | 4,171 | S100TLV5, S100VZXM, S100YDWN |
| Total assets | 14,361 | 14,741 | 16,710 | 17,080 | 20,607 | S100QYF2, S100TLV5, S100VZXM, S100YDWN |
| Net assets | 9,743 | 10,582 | 12,230 | 12,872 | 15,706 | S100TLV5, S100VZXM, S100YDWN |
| Share capital | 425 | 3,000 | 3,000 | 3,000 | 3,000 | S100QYF2, S100TLV5, S100VZXM, S100YDWN |
| Trade receivables | 1,795 | 1,672 | 1,749 | 1,667 | 1,696 | S100QYF2, S100TLV5, S100VZXM, S100YDWN |
| Inventories | 312 | 366 | 472 | 517 | 609 | S100QYF2, S100TLV5, S100VZXM, S100YDWN |
| Property, plant and equipment | 4,164 | 3,671 | 3,586 | 3,633 | 3,816 | S100QYF2, S100TLV5, S100VZXM, S100YDWN |
| Intangible assets excluding goodwill | 140 | 113 | 147 | 161 | 258 | S100QYF2, S100TLV5, S100VZXM, S100YDWN |
| Investment securities | 2,329 | 2,140 | 3,370 | 6,206 | 9,628 | S100QYF2, S100TLV5, S100VZXM, S100YDWN |
| Current assets | 7,422 | 8,710 | 9,536 | 7,002 | 6,823 | S100QYF2, S100TLV5, S100VZXM, S100YDWN |
| Current liabilities | 2,753 | 2,745 | 2,926 | 2,393 | 2,417 | S100QYF2, S100TLV5, S100VZXM, S100YDWN |
| Trade payables | 458 | — | — | — | — | S100O9EQ |
| Total liabilities | 4,617 | 4,159 | 4,479 | 4,208 | 4,901 | S100QYF2, S100TLV5, S100VZXM, S100YDWN |
| Equity attributable to owners of parent | 9,589 | 10,437 | 11,385 | 11,611 | 13,157 | S100QYF2, S100TLV5, S100VZXM, S100YDWN |
| Retained earnings | 7,486 | 8,159 | 9,107 | 9,220 | 10,812 | S100QYF2, S100TLV5, S100VZXM, S100YDWN |
| Treasury stock | -722 | -722 | -722 | -608 | -654 | S100QYF2, S100TLV5, S100VZXM, S100YDWN |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 20% | S100YDWN |
| Receivables | 8% | S100YDWN |
| Inventories | 3% | S100YDWN |
| Property, plant and equipment | 19% | S100YDWN |
| Intangibles and goodwill | 1% | S100YDWN |
| Investment securities | 47% | S100YDWN |
| Other assets | 2% | S100YDWN |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 24% | S100YDWN |
| Equity | 76% | S100YDWN |

### 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 | 14,361 | 14,741 | 16,710 | 17,080 | 20,607 |
| Equity | 9,743 | 10,582 | 12,230 | 12,872 | 15,706 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 5,172 | 6,272 | 6,952 | 4,529 | 4,171 |

## 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) | 29.9% | S100YDWN |
| Fixed assets ÷ total assets | 18.5% | S100YDWN |
| Goodwill ÷ parent equity | — | —, S100YDWN |

### 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) | 20.2% |
| Cash ÷ revenue | 32.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 99.1% |
| Cash vs. profit gap | 653 JPY mn (of net income 24.3%) |
| Shareholder returns / net income | 42.5% |
| Shareholder returns / FCF | 39.3% |
| Shareholder payments — dividends / net income | 40.8% |
| Shareholder payments — dividends / FCF | 37.7% |
| CapEx intensity (capex ÷ revenue) | 3.4% |
| Investing CF relative to operating CF | 53.0% |

## 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 | 16.4% | 0.73× | 12.1% | 1.50× | 18.1% | S100QYF2 |
| 2023 | 16.3% | 0.74× | 12.1% | 1.45× | 17.6% | S100TLV5 |
| 2024 | 16.8% | 0.71× | 11.8% | 1.44× | 17.0% | S100VZXM |
| 2025 | 18.5% | 0.70× | 13.0% | 1.47× | 19.0% | S100YDWN |
| 2026 | 21.1% | 0.68× | 14.3% | 1.52× | 21.7% | S100YDWN |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 有限会社横島 | Major shareholder | 40.5% | 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 | 9.1% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 3.3% | 2026-03-31 |
| ＴＨＥ ＢＡＮＫ ＯＦ ＮＥＷ ＹＯＲＫ ＭＥＬＬＯＮ 140040 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 2.5% | 2026-03-31 |
| 光通信ＫＫ投資事業有限責任組合 | Major shareholder | 2.5% | 2026-03-31 |
| 株式会社八十二長野銀行 | Major shareholder | 2.0% | 2026-03-31 |
| ＮＯＲＴＨＥＲＮ ＴＲＵＳＴ ＣＯ．（ＡＶＦＣ） ＲＥ ＦＩＤＥＬＩＴＹ ＦＵＮＤＳ （常任代理人 香港上海銀行 東京支店） | Major shareholder | 1.8% | 2026-03-31 |
| 猪股 和典 | Major shareholder | 1.6% | 2026-03-31 |
| ＳＴＡＴＥ ＳＴＲＥＥＴ ＢＡＮＫ ＡＮＤ ＴＲＵＳＴ ＣＯＭＰＡＮＹ 505044 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.6% | 2026-03-31 |
| シーティーエス社員持株会 | Major shareholder | 1.3% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第36期(2025/04/01－2026/03/31) | S100YDWN | 2026-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YDWN,, |
| 有価証券報告書－第35期(2024/04/01－2025/03/31) | S100VZXM | 2025-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VZXM,, |
| 有価証券報告書－第34期(2023/04/01－2024/03/31) | S100TLV5 | 2024-06-14 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TLV5,, |
| 有価証券報告書－第33期(2022/04/01－2023/03/31) | S100QYF2 | 2023-06-16 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QYF2,, |
| 有価証券報告書－第32期(令和3年4月1日－令和4年3月31日) | S100O9EQ | 2022-06-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O9EQ,, |
| 有価証券報告書－第31期(令和2年4月1日－令和3年3月31日) | S100LKFT | 2021-06-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LKFT,, |

## 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).