# DAIWA COMPUTER CO., LTD.: business model and financials

> Latest period: FY ending Jul 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第49期(2024/08/01－2025/07/31) (S100WXEV)
> Page: https://vizora.meequs.com/en/company/daiwa-computer
> Retrieved: 2026-09-30T18:58:58.637Z

## Company

Daiwa Computer, founded in 1977, is a company in IT Services & System Integration listed on TSE Standard. It has 191 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | DAIWA COMPUTER CO., LTD. |
| Ticker | 3816 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3816.T) |
| Listing | TSE Standard |
| Head office | 大阪府高槻市若松町36番18号 |
| Representative (per filing) | 代表取締役社長 中村 憲司 |
| Founded | Jun 1977 |
| Share capital | ¥382.3M |
| Employees (consolidated) | 191 |
| Average salary (parent only) | ¥6.2M |
| Fiscal year end | July |
| Website | www.daiwa-computer.co.jp (https://www.daiwa-computer.co.jp/) |
| Corporate number | 1120901011371 |
| EDINET | E05635 |
| Industries (Vizora) | IT Services & System Integration, Software & SaaS |

> Profile source: annual securities report (S100WXEV, filed 2025-10-29). As of filing

## Five-axis industry profile

Primary industry: IT Services & System Integration (2025-07-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 14.3 | 157 |
| Profitability | 90.6 | 196 |
| Cash conversion | 15.9 | 185 |
| Efficiency | 3.8 | 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)

- About 75% of Daiwa Computer's sales come from Software development allied enterprise, with Service integration business and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥18 is left as operating profit.
- Revenue changed -2.6% from the prior year, operating profit +1.2%.

## Company structure

- Segment revenue mix: Software development allied enterprise 74.8%、Service integration business 18.1%、Other 7.1%
- Revenue → net income: ¥3204763000 → ¥417508000
- Net income → operating cash flow: ¥417508000 → ¥277083000（difference ¥-140425000）
- Main uses of operating cash flow: CapEx ¥32194000 / dividends ¥73678000 / buybacks —
- Change in cash: ¥75534000
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 | ¥3.2B |  |
| Operating income | ¥571.5M | Margin 17.8% |
| Net income | ¥417.5M | Margin 13.0% |
| Free cash flow | ¥244.9M |  |
| Largest business | Software development allied enterprise | of segment revenue 74.8% |
| Employees (consolidated) | 191 |  |
| EPS | ¥105.7 |  |
| Book value per share | ¥1346.98 |  |
| Equity ratio | 86.0% |  |
| Shares outstanding | 3,949,000 |  |
| Treasury shares | 74,500 |  |
| Shareholders | 9,041 |  |
| Average salary (parent only) | ¥6.2M | Filing company only |
| Cash ratio | 60.1% | Cash ÷ revenue 117.0% |
| Vs. industry median margin | +8.9 pp | IT Services & System Integration |
| ROE | 8.5% | Derived from disclosed figures |
| ROA | 6.8% | Derived from disclosed figures |

## Notable figures

- FY2025, one segment accounts for 78% of positive segment profit
- FY2025, cash is 60% of total assets

## What changed in 5 years

| Metric | FY ending Jul 2020 | FY ending Jul 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥2766569000 | ¥3204763000 | +15.8% |
| Operating income | ¥455076000 | ¥571514000 | +25.6% |
| Operating margin | 16.4% | 17.8% | +1.4 pp |
| Employees | 178 people | 191 people | +7.3% |
| Cash and equivalents | ¥2468443000 | ¥3750968000 | +52.0% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| ソフトウェア開発関連事業 → ソフトウェア開発関連事業 | 74.8% |
| ソフトウェア開発関連事業 → 事業再編・廃止 | 3.2% |
| サービスインテグレーション事業 → サービスインテグレーション事業 | 18.1% |
| サービスインテグレーション事業 → 事業再編・廃止 | 2.1% |
| その他 → その他 | 1.8% |
| 新設・再編 → その他 | 5.2% |

Segment revenue source references: 6 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Software development allied enterprise | 5 years | +2.1% | ¥2397518000 | 19.1% | 2 |
| Service integration business | 5 years | +0.8% | ¥580386000 | 22.4% | 2 |
| Other | 5 years | +34.9% | ¥226858000 | -7.0% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 3,205 | 100.0% | S100WXEV |
| Cost of revenue | 2,152 | 67.2% | S100WXEV |
| Gross profit | 1,053 | 32.8% | S100WXEV |
| SG&A | 481 | 15.0% | S100WXEV |
| Operating income | 572 | 17.8% | S100WXEV |
| Ordinary income | 619 | 19.3% | S100WXEV |
| Pretax income | 619 | 19.3% | S100WXEV |
| Income tax | 202 | 6.3% | S100WXEV |
| Net income | 418 | 13.0% | S100WXEV |
| Net income attributable to owners | 418 | 13.0% | S100WXEV |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 67 |
| SG&A | 15 |
| Operating income | 18 |
| (Ref.) Net income | 13 |

### Margin funnel

Gross margin 32.8% → Operating margin 17.8% → Net margin 13.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue down, profit up
Revenue growth: -2.6%; Core profit growth: +1.2%
Operating leverage (core profit growth ÷ revenue growth): -0.44×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 3,291 | 3,205 | -87 | -2.6% |
| Gross profit | 1,060 | 1,053 | -7 | -0.7% |
| Operating income | 565 | 572 | 6 | +1.2% |
| Net income attributable to owners | 342 | 418 | 75 | +22.0% |
| Operating cash flow | 593 | 277 | -316 | -53.3% |
| Free cash flow | 585 | 245 | -340 | -58.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Jul 2019 | 2,638 | 413 | 15.6% | 282 | 236 | 201 | S100JYUB |
| FY ending Jul 2020 | 2,767 | 455 | 16.4% | 313 | 460 | 440 | S100MOE5 |
| FY ending Jul 2021 | 2,611 | 461 | 17.7% | 329 | 383 | 380 | S100PF5F |
| FY ending Jul 2022 | 2,877 | 472 | 16.4% | 340 | 284 | 276 | S100S3CO |
| FY ending Jul 2023 | 3,005 | 504 | 16.8% | 329 | 324 | 318 | S100UL4Y |
| FY ending Jul 2024 | 3,291 | 565 | 17.2% | 342 | 593 | 585 | S100WXEV |
| FY ending Jul 2025 | 3,205 | 572 | 17.8% | 418 | 277 | 245 | S100WXEV |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥16.8M |
| Operating income per employee (consolidated) | ¥3M |
| Net income per employee (consolidated) | ¥2.2M |

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

| History | FY ending Jul 2021 | FY ending Jul 2022 | FY ending Jul 2023 | FY ending Jul 2024 | FY ending Jul 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 183 | 190 | 196 | 187 | 191 |
| Average salary (parent company) | ¥5.6M | ¥5.8M | ¥5.9M | ¥6.1M | ¥6.2M |
| Average age (parent company) | 40.4 years | 40.3 years | 40.9 years | 42.3 years | 42.6 years |
| Average tenure (parent company) | 17.0 years | 16.9 years | 17.5 years | 18.8 years | 19.2 years |

Year over year: Employees (consolidated) +2.1% · Revenue (consolidated) -2.6%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Software development allied enterprise | 2,398 | 74.8% | 457 | 19.1% |
| Service integration business | 580 | 18.1% | 130 | 22.4% |
| Other | 227 | 7.1% | -16 | -7.0% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Software development allied enterprise | 74.8% | 77.8% | 3.0 | 19.1% |
| Service integration business | 18.1% | 22.2% | 4.0 | 22.4% |
| Other | 7.1% | — | — | -7.0% |

Loss-making segment (excluded from profit shares): Other -16 JPY mn

Segment → industry: Service integration business → IT Services & System Integration / Software development allied enterprise → IT Services & System Integration / Service integration business → Software & SaaS

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 277 | 8.6% | S100WXEV |
| Capital expenditure | 32 | 1.0% | S100WXEV |
| Free cash flow | 245 | 7.6% | 算出 |
| Investing cash flow | -88 | -2.7% | S100WXEV |
| Financing cash flow | -110 | -3.4% | S100WXEV |
| Dividends paid | 74 | 2.3% | S100WXEV |
| Change in cash | 76 | 2.4% | S100WXEV |
| Cash and equivalents | 3,751 | 117.0% | S100WXEV |

## 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 Jul 2021 | FY ending Jul 2022 | FY ending Jul 2023 | FY ending Jul 2024 | FY ending Jul 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 2,778 | 2,981 | 3,062 | 3,675 | 3,751 | S100S3CO, S100UL4Y, S100WXEV |
| Total assets | 5,153 | 5,245 | 5,759 | 6,121 | 6,242 | S100PF5F, S100S3CO, S100UL4Y, S100WXEV |
| Net assets | 4,254 | 4,409 | 4,783 | 5,101 | 5,365 | S100S3CO, S100UL4Y, S100WXEV |
| Share capital | 382 | 382 | 382 | 382 | 382 | S100PF5F, S100S3CO, S100UL4Y, S100WXEV |
| Trade receivables | 358 | — | — | — | — | S100MOE5 |
| Property, plant and equipment | 1,118 | 1,093 | 1,120 | 1,110 | 1,097 | S100PF5F, S100S3CO, S100UL4Y, S100WXEV |
| Intangible assets excluding goodwill | 12 | 9 | 69 | 7 | 10 | S100PF5F, S100S3CO, S100UL4Y, S100WXEV |
| Goodwill | — | — | 62 | — | — | S100UL4Y |
| Investment securities | 531 | 390 | 634 | 602 | 568 | S100PF5F, S100S3CO, S100UL4Y, S100WXEV |
| Current assets | 3,396 | 3,631 | 3,831 | 4,294 | 4,451 | S100PF5F, S100S3CO, S100UL4Y, S100WXEV |
| Current liabilities | 584 | 570 | 575 | 618 | 492 | S100PF5F, S100S3CO, S100UL4Y, S100WXEV |
| Long-term borrowings | 30 | 30 | 80 | 44 | 38 | S100PF5F, S100S3CO, S100UL4Y, S100WXEV |
| Total liabilities | 899 | 837 | 976 | 1,020 | 876 | S100PF5F, S100S3CO, S100UL4Y, S100WXEV |
| Equity attributable to owners of parent | 3,983 | 4,229 | 4,497 | 4,769 | 5,112 | S100PF5F, S100S3CO, S100UL4Y, S100WXEV |
| Retained earnings | 3,332 | 3,605 | 3,869 | 4,141 | 4,485 | S100PF5F, S100S3CO, S100UL4Y, S100WXEV |
| Treasury stock | -26 | -53 | -50 | -50 | -51 | S100PF5F, S100S3CO, S100UL4Y, S100WXEV |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 60% | S100WXEV |
| Property, plant and equipment | 18% | S100WXEV |
| Intangibles and goodwill | 0% | S100WXEV |
| Investment securities | 9% | S100WXEV |
| Other assets | 13% | S100WXEV |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 14% | S100WXEV |
| Equity | 86% | S100WXEV |

### Balance sheet history

| Metric | FY ending Jul 2021 | FY ending Jul 2022 | FY ending Jul 2023 | FY ending Jul 2024 | FY ending Jul 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 5,153 | 5,245 | 5,759 | 6,121 | 6,242 |
| Equity | 4,254 | 4,409 | 4,783 | 5,101 | 5,365 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 2,778 | 2,981 | 3,062 | 3,675 | 3,751 |

## 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) | 34.2% | S100WXEV |
| Fixed assets ÷ total assets | 17.6% | S100WXEV |
| Goodwill ÷ parent equity | — | —, S100WXEV |

### 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) | 60.1% |
| Cash ÷ revenue | 117.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 48.5% |
| Cash vs. profit gap | -140 JPY mn (of net income -33.6%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 17.6% |
| Shareholder payments — dividends / FCF | 30.1% |
| CapEx intensity (capex ÷ revenue) | 1.0% |
| Investing CF relative to operating CF | 31.7% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 12.6% | 0.51× | 6.4% | 1.29× | 8.3% | S100PF5F |
| 2022 | 11.8% | 0.55× | 6.5% | 1.27× | 8.3% | S100S3CO |
| 2023 | 10.9% | 0.55× | 6.0% | 1.26× | 7.5% | S100UL4Y |
| 2024 | 10.4% | 0.55× | 5.8% | 1.28× | 7.4% | S100WXEV |
| 2025 | 13.0% | 0.52× | 6.8% | 1.25× | 8.5% | S100WXEV |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ㈲ジェネシス | Major shareholder | 24.7% | 2025-07-31 |
| 中村 憲司 | Major shareholder | 18.2% | 2025-07-31 |
| ＳＣＳＫ㈱ | Major shareholder | 7.9% | 2025-07-31 |
| 大和コンピューター社員持株会 | Major shareholder | 7.7% | 2025-07-31 |
| 光通信㈱ | Major shareholder | 3.0% | 2025-07-31 |
| 京都中央信用金庫 | Major shareholder | 2.5% | 2025-07-31 |
| 林 正 | Major shareholder | 2.0% | 2025-07-31 |
| テイネン㈱ | Major shareholder | 2.0% | 2025-07-31 |
| 中村 佳嗣 | Major shareholder | 1.7% | 2025-07-31 |
| 中村 雅昭 | Major shareholder | 1.7% | 2025-07-31 |
| 中村 眞理子 | Major shareholder | 1.7% | 2025-07-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第49期(2024/08/01－2025/07/31) | S100WXEV | 2025-10-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WXEV,, |
| 有価証券報告書－第48期(2023/08/01－2024/07/31) | S100UL4Y | 2024-10-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UL4Y,, |
| 有価証券報告書－第47期(2022/08/01－2023/07/31) | S100S3CO | 2023-10-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100S3CO,, |
| 有価証券報告書－第46期(令和3年8月1日－令和4年7月31日) | S100PF5F | 2022-10-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PF5F,, |
| 有価証券報告書－第45期(令和2年8月1日－令和3年7月31日) | S100MOE5 | 2021-10-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MOE5,, |
| 有価証券報告書－第44期(令和1年8月1日－令和2年7月31日) | S100JYUB | 2020-10-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100JYUB,, |

## 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).