# DAIKO XTECH, 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73期(2025/04/01－2026/03/31) (S100YIXP)
> Page: https://vizora.meequs.com/en/company/daiko-xtech
> Retrieved: 2026-09-30T20:48:06.362Z

## Company

Daiko Xtech, founded in 1953, is a company in IT Services & System Integration listed on TSE Standard. It has 1,332 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | DAIKO XTECH, Ltd. |
| Ticker | 8023 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8023.T) |
| Listing | TSE Standard |
| Head office | 東京都新宿区揚場町2番1号 |
| Representative (per filing) | 代表取締役社長CEO 松山 晃一郎 |
| Founded | Dec 1953 |
| Share capital | ¥1.97B |
| Employees (consolidated) | 1,332 |
| Average salary (parent only) | ¥7.6M |
| Fiscal year end | March |
| Website | www.daiko-xtech.co.jp (https://www.daiko-xtech.co.jp/) |
| Corporate number | 2011101011783 |
| EDINET | E02683 |
| Industries (Vizora) | IT Services & System Integration |

> Profile source: annual securities report (S100YIXP, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: IT Services & System Integration (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 15 | 157 |
| Profitability | 19.6 | 196 |
| Cash conversion | 11.6 | 185 |
| Efficiency | 67.1 | 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)

- Daiko Xtech brought in ¥42.5B in revenue.
- Out of every ¥100 of sales, about ¥4 is left as operating profit.
- Revenue changed -0.4% from the prior year, operating profit -21.0%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥42500540000 → ¥1444007000
- Net income → operating cash flow: ¥1444007000 → ¥754318000（difference ¥-689689000）
- Main uses of operating cash flow: CapEx ¥99642000 / dividends ¥628636000 / buybacks ¥60253000
- Change in cash: ¥-476024000
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 | ¥42.5B |  |
| Operating income | ¥1.9B | Margin 4.5% |
| Net income | ¥1.44B | Margin 3.4% |
| Free cash flow | ¥654.7M |  |
| Employees (consolidated) | 1,332 |  |
| EPS | ¥97.25 |  |
| Book value per share | ¥958.3 |  |
| Equity ratio | 49.1% |  |
| Shares outstanding | 13,868,408 |  |
| Treasury shares | 1,198,300 |  |
| Shareholders | 5,200 |  |
| Average salary (parent only) | ¥7.6M | Filing company only |
| Cash ratio | 35.6% | Cash ÷ revenue 23.5% |
| Vs. industry median margin | -4.4 pp | IT Services & System Integration |
| ROE | 12.2% | Derived from disclosed figures |
| ROA | 5.3% | Derived from disclosed figures |

## Notable figures

- FY2026, cash is 36% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥36273446000 | ¥42500540000 | +17.2% |
| Operating income | ¥1126325000 | ¥1903808000 | +69.0% |
| Operating margin | 3.1% | 4.5% | +1.4 pp |
| Employees | 1,223 people | 1,332 people | +8.9% |
| Cash and equivalents | ¥6358907000 | ¥9976892000 | +56.9% |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 42,501 | 100.0% | S100YIXP |
| Cost of revenue | 31,812 | 74.9% | S100YIXP |
| Gross profit | 10,689 | 25.1% | S100YIXP |
| SG&A | 8,785 | 20.7% | S100YIXP |
| Operating income | 1,904 | 4.5% | S100YIXP |
| Ordinary income | 1,991 | 4.7% | S100YIXP |
| Pretax income | 2,173 | 5.1% | S100YIXP |
| Income tax | 729 | 1.7% | S100YIXP |
| Net income | 1,444 | 3.4% | S100YIXP |
| Net income attributable to owners | 1,443 | 3.4% | S100YIXP |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 75 |
| SG&A | 21 |
| Operating income | 4 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 25.1% → Operating margin 4.5% → Net margin 3.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -0.4%; Core profit growth: -21.0%
Operating leverage (core profit growth ÷ revenue growth): 47.28×
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 | 42,690 | 42,501 | -190 | -0.4% |
| Gross profit | 10,556 | 10,689 | 133 | +1.3% |
| Operating income | 2,410 | 1,904 | -506 | -21.0% |
| Net income attributable to owners | 1,683 | 1,443 | -240 | -14.3% |
| Operating cash flow | 1,320 | 754 | -565 | -42.8% |
| Free cash flow | 1,211 | 655 | -556 | -45.9% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 41,217 | 2,080 | 5.0% | 1,956 | 1,640 | 1,469 | S100LLZ6 |
| FY ending Mar 2021 | 36,273 | 1,126 | 3.1% | -452 | 1,076 | 792 | S100ODKY |
| FY ending Mar 2022 | 35,473 | 1,560 | 4.4% | 1,233 | 2,269 | 2,214 | S100R11U |
| FY ending Mar 2023 | 37,616 | 1,873 | 5.0% | 996 | 556 | 395 | S100TPNV |
| FY ending Mar 2024 | 43,378 | 2,897 | 6.7% | 1,839 | 4,130 | 3,987 | S100W5I6 |
| FY ending Mar 2025 | 42,690 | 2,410 | 5.6% | 1,683 | 1,320 | 1,211 | S100YIXP |
| FY ending Mar 2026 | 42,501 | 1,904 | 4.5% | 1,443 | 754 | 655 | S100YIXP |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥31.9M |
| Operating income per employee (consolidated) | ¥1.4M |
| Net income per employee (consolidated) | ¥1.1M |

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) | 1,212 | 1,282 | 1,294 | 1,323 | 1,332 |
| Average salary (parent company) | ¥6.7M | ¥6.8M | ¥7.1M | ¥7.2M | ¥7.6M |
| Average age (parent company) | 44.0 years | 45.0 years | 45.0 years | 44.0 years | 44.0 years |
| Average tenure (parent company) | 18.0 years | 18.0 years | 17.0 years | 17.0 years | 17.0 years |

Year over year: Employees (consolidated) +0.7% · Revenue (consolidated) -0.4%

## 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 | 754 | 1.8% | S100YIXP |
| Capital expenditure | 100 | 0.2% | S100YIXP |
| Free cash flow | 655 | 1.5% | 算出 |
| Investing cash flow | -145 | -0.3% | S100YIXP |
| Financing cash flow | -1,086 | -2.6% | S100YIXP |
| Dividends paid | 629 | 1.5% | S100YIXP |
| Share buyback | 60 | 0.1% | S100YIXP |
| Change in cash | -476 | -1.1% | S100YIXP |
| Cash and equivalents | 9,977 | 23.5% | S100YIXP |

## 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 | 7,465 | 7,275 | 10,036 | 10,453 | 9,977 | S100TPNV, S100W5I6, S100YIXP |
| Total assets | 24,177 | 25,617 | 27,828 | 26,841 | 28,039 | S100R11U, S100TPNV, S100W5I6, S100YIXP |
| Net assets | 9,146 | 9,904 | 11,732 | 12,720 | 13,753 | S100TPNV, S100W5I6, S100YIXP |
| Share capital | 1,969 | 1,969 | 1,969 | 1,969 | 1,969 | S100R11U, S100TPNV, S100W5I6, S100YIXP |
| Property, plant and equipment | 1,575 | 655 | 696 | 657 | 567 | S100R11U, S100TPNV, S100W5I6, S100YIXP |
| Intangible assets excluding goodwill | 492 | 573 | 614 | 543 | 573 | S100R11U, S100TPNV, S100W5I6, S100YIXP |
| Goodwill | 315 | 363 | 434 | 331 | 342 | S100R11U, S100TPNV, S100W5I6, S100YIXP |
| Investment securities | 1,570 | 1,859 | 2,506 | 2,359 | 2,659 | S100R11U, S100TPNV, S100W5I6, S100YIXP |
| Current assets | 17,013 | 19,341 | 21,980 | 21,491 | 22,635 | S100R11U, S100TPNV, S100W5I6, S100YIXP |
| Current liabilities | 9,393 | 10,469 | 11,150 | 9,713 | 10,079 | S100R11U, S100TPNV, S100W5I6, S100YIXP |
| Trade payables | 3,931 | 5,414 | 5,457 | 3,829 | 3,908 | S100R11U, S100TPNV, S100W5I6, S100YIXP |
| Short-term borrowings | 2,600 | 2,270 | 2,070 | 2,070 | 1,600 | S100R11U, S100TPNV, S100W5I6, S100YIXP |
| Long-term borrowings | 153 | 25 | 9 | — | 193 | S100R11U, S100TPNV, S100W5I6, S100YIXP |
| Total liabilities | 15,031 | 15,713 | 16,097 | 14,120 | 14,285 | S100R11U, S100TPNV, S100W5I6, S100YIXP |
| Non-controlling interests | 40 | 46 | 48 | 55 | — | S100R11U, S100TPNV, S100W5I6, S100YIXP |
| Equity attributable to owners of parent | 8,441 | 8,990 | 10,362 | 11,399 | 12,187 | S100R11U, S100TPNV, S100W5I6, S100YIXP |
| Retained earnings | 6,392 | 7,190 | 8,751 | 10,058 | 10,866 | S100R11U, S100TPNV, S100W5I6, S100YIXP |
| Treasury stock | -55 | -307 | -500 | -793 | -819 | S100R11U, S100TPNV, S100W5I6, S100YIXP |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 36% | S100YIXP |
| Property, plant and equipment | 2% | S100YIXP |
| Intangibles and goodwill | 3% | S100YIXP |
| Investment securities | 9% | S100YIXP |
| Other assets | 50% | S100YIXP |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 14% | S100YIXP |
| Other liabilities | 37% | S100YIXP |
| Equity | 49% | S100YIXP |
| Other liabilities | 0% | S100YIXP |

### 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 | 24,177 | 25,617 | 27,828 | 26,841 | 28,039 |
| Equity | 9,146 | 9,904 | 11,732 | 12,720 | 13,753 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 7,465 | 7,275 | 10,036 | 10,453 | 9,977 |

## 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) | 1.3% | S100YIXP |
| Fixed assets ÷ total assets | 2.0% | S100YIXP |
| Goodwill ÷ parent equity | 2.8% | S100YIXP |

Goodwill over 4 years: 315 → 342 JPY; total investing cash flow: -471 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) | 35.6% |
| Cash ÷ revenue | 23.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 39.6% |
| Cash vs. profit gap | -688 JPY mn (of net income -47.7%) |
| Shareholder returns / net income | 47.7% |
| Shareholder returns / FCF | 105.2% |
| Shareholder payments — dividends / net income | 43.6% |
| Shareholder payments — dividends / FCF | 96.0% |
| CapEx intensity (capex ÷ revenue) | 0.2% |
| Investing CF relative to operating CF | 19.2% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 3.5% | 1.47× | 5.1% | 2.86× | 14.6% | S100R11U |
| 2023 | 2.6% | 1.51× | 4.0% | 2.86× | 11.4% | S100TPNV |
| 2024 | 4.2% | 1.62× | 6.9% | 2.76× | 19.0% | S100W5I6 |
| 2025 | 3.9% | 1.56× | 6.2% | 2.51× | 15.5% | S100YIXP |
| 2026 | 3.4% | 1.55× | 5.3% | 2.33× | 12.2% | S100YIXP |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 富士通㈱ | Major shareholder | 14.7% | 2026-03-31 |
| ㈱オービック | Major shareholder | 11.8% | 2026-03-31 |
| ㈱ドッドウエル ビー・エム・エス | Major shareholder | 5.0% | 2026-03-31 |
| ＤＡＩＫＯ ＸＴＥＣＨ従業員持株会 | Major shareholder | 4.8% | 2026-03-31 |
| 光通信KK投資事業有限責任組合 | Major shareholder | 4.7% | 2026-03-31 |
| みずほリース㈱ | Major shareholder | 4.1% | 2026-03-31 |
| INTERACTIVE BROKERS LLC （常任代理人 インタラクティブ・ブローカーズ証券株式会社） | Major shareholder | 2.7% | 2026-03-31 |
| BBH BOSTON FOR NOMURA JAPAN SMALLER CAPITALIZATION FUND 620065 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 2.7% | 2026-03-31 |
| 岩崎 泰次 | Major shareholder | 1.9% | 2026-03-31 |
| ＤＡＩＫＯ ＸＴＥＣＨ取引先持株会 | Major shareholder | 1.8% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第73期(2025/04/01－2026/03/31) | S100YIXP | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YIXP,, |
| 有価証券報告書－第72期(2024/04/01－2025/03/31) | S100W5I6 | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W5I6,, |
| 有価証券報告書－第71期(2023/04/01－2024/03/31) | S100TPNV | 2024-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TPNV,, |
| 有価証券報告書－第70期(2022/04/01－2023/03/31) | S100R11U | 2023-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R11U,, |
| 有価証券報告書－第69期(令和3年4月1日－令和4年3月31日) | S100ODKY | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100ODKY,, |
| 有価証券報告書－第68期(令和2年4月1日－令和3年3月31日) | S100LLZ6 | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LLZ6,, |

## 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).