# CUBE SYSTEM INC.: 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54期(2025/04/01－2026/03/31) (S100YCVG)
> Page: https://vizora.meequs.com/en/company/cube-system
> Retrieved: 2026-09-30T19:04:30.092Z

## Company

Cube System, founded in 1972, is a company in IT Services & System Integration listed on TSE Prime. It has 938 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | CUBE SYSTEM INC. |
| Ticker | 2335 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2335.T) |
| Listing | TSE Prime |
| Head office | 東京都品川区大崎二丁目11番1号 |
| Representative (per filing) | 代表取締役 社長執行役員 中西 雅洋 |
| Founded | Jul 1972 |
| Share capital | ¥1.4B |
| Employees (consolidated) | 938 |
| Average salary (parent only) | ¥5.5M |
| Fiscal year end | March |
| Website | www.cubesystem.co.jp (https://www.cubesystem.co.jp/) |
| Corporate number | 4010701002678 |
| EDINET | E05312 |
| Industries (Vizora) | IT Services & System Integration |

> Profile source: annual securities report (S100YCVG, 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 | 23.2 | 157 |
| Profitability | 44.6 | 196 |
| Cash conversion | 17.6 | 185 |
| Efficiency | 50.8 | 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)

- Cube System brought in ¥18.5B in revenue.
- Out of every ¥100 of sales, about ¥8 is left as operating profit.
- Revenue changed +0.8% from the prior year, operating profit +12.9%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥18498000000 → ¥1564000000
- Net income → operating cash flow: ¥1564000000 → ¥767000000（difference ¥-797000000）
- Main uses of operating cash flow: CapEx ¥336000000 / dividends ¥630000000 / buybacks —
- Change in cash: ¥612000000
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 | ¥18.5B |  |
| Operating income | ¥1.56B | Margin 8.4% |
| Net income | ¥1.56B | Margin 8.5% |
| Free cash flow | ¥431M |  |
| Employees (consolidated) | 938 |  |
| EPS | ¥111.81 |  |
| Book value per share | ¥710.34 |  |
| Equity ratio | 76.5% |  |
| Shares outstanding | 15,750,000 |  |
| Treasury shares | 2,800 |  |
| Shareholders | 11,538 |  |
| Average salary (parent only) | ¥5.5M | Filing company only |
| Cash ratio | 45.8% | Cash ÷ revenue 36.9% |
| Vs. industry median margin | -0.5 pp | IT Services & System Integration |
| ROE | 15.3% | Derived from disclosed figures |
| ROA | 10.7% | Derived from disclosed figures |

## Notable figures

- FY2026, cash is 46% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥14788890000 | ¥18498000000 | +25.1% |
| Operating income | ¥1174867000 | ¥1558000000 | +32.6% |
| Operating margin | 7.9% | 8.4% | +0.5 pp |
| Employees | 781 people | 938 people | +20.1% |
| Cash and equivalents | ¥4447541000 | ¥6826000000 | +53.5% |

### 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 | 18,498 | 100.0% | S100YCVG |
| Cost of revenue | 14,201 | 76.8% | S100YCVG |
| Gross profit | 4,296 | 23.2% | S100YCVG |
| SG&A | 2,738 | 14.8% | S100YCVG |
| Operating income | 1,558 | 8.4% | S100YCVG |
| Ordinary income | 1,581 | 8.5% | S100YCVG |
| Pretax income | 2,039 | 11.0% | S100YCVG |
| Income tax | 475 | 2.6% | S100YCVG |
| Net income | 1,564 | 8.5% | S100YCVG |
| Net income attributable to owners | 1,564 | 8.5% | S100YCVG |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 77 |
| SG&A | 15 |
| Operating income | 8 |
| (Ref.) Net income | 8 |

### Margin funnel

Gross margin 23.2% → Operating margin 8.4% → Net margin 8.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +0.8%; Core profit growth: +12.9%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 16.10×
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 | 18,351 | 18,498 | 147 | +0.8% |
| Gross profit | 3,947 | 4,296 | 349 | +8.8% |
| Operating income | 1,380 | 1,558 | 178 | +12.9% |
| Net income attributable to owners | 1,261 | 1,564 | 303 | +24.0% |
| Operating cash flow | 255 | 767 | 512 | +200.8% |
| Free cash flow | 216 | 431 | 215 | +99.5% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 14,708 | 959 | 6.5% | 525 | 747 | 745 | S100LN6O |
| FY ending Mar 2021 | 14,789 | 1,175 | 7.9% | 844 | 1,043 | 1,004 | S100ODVE |
| FY ending Mar 2022 | 16,100 | 1,418 | 8.8% | 945 | 1,016 | 972 | S100R2OY |
| FY ending Mar 2023 | 16,326 | 1,452 | 8.9% | 990 | 892 | 879 | S100TPD4 |
| FY ending Mar 2024 | 18,021 | 1,536 | 8.5% | 1,067 | 1,044 | 975 | S100W2GQ |
| FY ending Mar 2025 | 18,351 | 1,380 | 7.5% | 1,261 | 255 | 216 | S100YCVG |
| FY ending Mar 2026 | 18,498 | 1,558 | 8.4% | 1,564 | 767 | 431 | S100YCVG |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥19.7M |
| Operating income per employee (consolidated) | ¥1.7M |
| 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) | 830 | 843 | 886 | 918 | 938 |
| Average salary (parent company) | ¥5.3M | ¥5.1M | ¥5.3M | ¥5.3M | ¥5.5M |
| Average age (parent company) | 33.4 years | 33.7 years | 33.8 years | 33.7 years | 34.0 years |
| Average tenure (parent company) | 8.5 years | 8.6 years | 8.5 years | 8.5 years | 8.7 years |

Year over year: Employees (consolidated) +2.2% · Revenue (consolidated) +0.8%

## 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 | 767 | 4.1% | S100YCVG |
| Capital expenditure | 336 | 1.8% | S100YCVG |
| Free cash flow | 431 | 2.3% | 算出 |
| Investing cash flow | 371 | 2.0% | S100YCVG |
| Financing cash flow | -521 | -2.8% | S100YCVG |
| Dividends paid | 630 | 3.4% | S100YCVG |
| Change in cash | 612 | 3.3% | S100YCVG |
| Cash and equivalents | 6,826 | 36.9% | S100YCVG |

## 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 | 5,016 | 6,703 | 6,815 | 6,213 | 6,826 | S100TPD4, S100W2GQ, S100YCVG |
| Total assets | 10,065 | 12,548 | 13,487 | 14,366 | 14,901 | S100R2OY, S100TPD4, S100W2GQ, S100YCVG |
| Net assets | 7,214 | 9,616 | 10,133 | 10,874 | 11,404 | S100TPD4, S100W2GQ, S100YCVG |
| Share capital | 769 | 1,400 | 1,400 | 1,400 | 1,400 | S100R2OY, S100TPD4, S100W2GQ, S100YCVG |
| Property, plant and equipment | 169 | 124 | 160 | 240 | 469 | S100R2OY, S100TPD4, S100W2GQ, S100YCVG |
| Intangible assets excluding goodwill | 5 | 3 | 3 | 3 | 42 | S100R2OY, S100TPD4, S100W2GQ, S100YCVG |
| Investment securities | 1,279 | 1,634 | 2,068 | 2,170 | 1,495 | S100R2OY, S100TPD4, S100W2GQ, S100YCVG |
| Current assets | 7,806 | 9,703 | 9,978 | 9,806 | 10,896 | S100R2OY, S100TPD4, S100W2GQ, S100YCVG |
| Current liabilities | 2,199 | 2,189 | 2,459 | 2,387 | 2,736 | S100R2OY, S100TPD4, S100W2GQ, S100YCVG |
| Short-term borrowings | 240 | 240 | 230 | 230 | 230 | S100R2OY, S100TPD4, S100W2GQ, S100YCVG |
| Total liabilities | 2,850 | 2,931 | 3,353 | 3,491 | 3,496 | S100R2OY, S100TPD4, S100W2GQ, S100YCVG |
| Non-controlling interests | 44 | — | — | — | — | S100R2OY |
| Equity attributable to owners of parent | 6,721 | 8,847 | 9,252 | 9,733 | 10,775 | S100R2OY, S100TPD4, S100W2GQ, S100YCVG |
| Retained earnings | 6,007 | 6,459 | 6,864 | 7,496 | 8,430 | S100R2OY, S100TPD4, S100W2GQ, S100YCVG |
| Treasury stock | -759 | -504 | -503 | -654 | -546 | S100R2OY, S100TPD4, S100W2GQ, S100YCVG |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 46% | S100YCVG |
| Property, plant and equipment | 3% | S100YCVG |
| Intangibles and goodwill | 0% | S100YCVG |
| Investment securities | 10% | S100YCVG |
| Other assets | 41% | S100YCVG |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 23% | S100YCVG |
| Equity | 77% | S100YCVG |
| Other liabilities | 0% | S100YCVG |

### 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 | 10,065 | 12,548 | 13,487 | 14,366 | 14,901 |
| Equity | 7,214 | 9,616 | 10,133 | 10,874 | 11,404 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 5,016 | 6,703 | 6,815 | 6,213 | 6,826 |

## 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) | 2.5% | S100YCVG |
| Fixed assets ÷ total assets | 3.1% | S100YCVG |
| Goodwill ÷ parent equity | — | —, S100YCVG |

### 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) | 45.8% |
| Cash ÷ revenue | 36.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 49.2% |
| Cash vs. profit gap | -797 JPY mn (of net income -51.0%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 40.3% |
| Shareholder payments — dividends / FCF | 146.2% |
| CapEx intensity (capex ÷ revenue) | 1.8% |
| Investing CF relative to operating CF | 48.4% |

## 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 | 5.9% | 1.60× | 9.4% | 1.50× | 14.1% | S100R2OY |
| 2023 | 6.1% | 1.44× | 8.8% | 1.45× | 12.7% | S100TPD4 |
| 2024 | 5.9% | 1.38× | 8.2% | 1.44× | 11.8% | S100W2GQ |
| 2025 | 6.9% | 1.32× | 9.1% | 1.47× | 13.3% | S100YCVG |
| 2026 | 8.5% | 1.26× | 10.7% | 1.43× | 15.3% | S100YCVG |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社野村総合研究所 | Major shareholder | 20.2% | 2026-03-31 |
| キューブシステム従業員持株会 | Major shareholder | 9.5% | 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 | 6.8% | 2026-03-31 |
| 﨑山 富子 | Major shareholder | 3.8% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社 （役員報酬ＢＩＰ信託口・75824口） | Major shareholder | 2.6% | 2026-03-31 |
| 小貫 明美 | Major shareholder | 2.5% | 2026-03-31 |
| 﨑山 美歌 | Major shareholder | 2.5% | 2026-03-31 |
| 田邉 真智子 | Major shareholder | 1.9% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 1.4% | 2026-03-31 |
| 内田 敏雄 | Major shareholder | 1.3% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第54期(2025/04/01－2026/03/31) | S100YCVG | 2026-06-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YCVG,, |
| 有価証券報告書－第53期(2024/04/01－2025/03/31) | S100W2GQ | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W2GQ,, |
| 有価証券報告書－第52期(2023/04/01－2024/03/31) | S100TPD4 | 2024-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TPD4,, |
| 有価証券報告書－第51期(2022/04/01－2023/03/31) | S100R2OY | 2023-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R2OY,, |
| 有価証券報告書－第50期(令和3年4月1日－令和4年3月31日) | S100ODVE | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100ODVE,, |
| 有価証券報告書－第49期(令和2年4月1日－令和3年3月31日) | S100LN6O | 2021-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LN6O,, |

## 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).