# Data Applications Company, Limited: 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41期(2025/04/01－2026/03/31) (S100YBU2)
> Page: https://vizora.meequs.com/en/company/data-applications
> Retrieved: 2026-09-30T18:22:50.410Z

## Company

Data Applications, founded in 1982, is a company in IT Services & System Integration listed on TSE Standard. It has 253 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Data Applications Company, Limited |
| Ticker | 3848 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3848.T) |
| Listing | TSE Standard |
| Head office | 東京都中央区八重洲二丁目2番1号 |
| Representative (per filing) | 代表取締役社長執行役員 安原 武志 |
| Founded | Sep 1982 |
| Share capital | ¥430.9M |
| Employees (consolidated) | 253 |
| Average salary (parent only) | ¥7.1M |
| Fiscal year end | March |
| Website | www.dal.co.jp (https://www.dal.co.jp/) |
| Corporate number | 9010001051124 |
| EDINET | E05688 |
| Industries (Vizora) | IT Services & System Integration, Software & SaaS |

> Profile source: annual securities report (S100YBU2, filed 2026-06-16). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 28.6 | 145 |
| Cash conversion | 82.4 | 128 |
| Efficiency | 29.3 | 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 56% of Data Applications's sales come from Software Development, with System Integration and Artificial Intelligence making up much of the rest.
- Out of every ¥100 of sales, about ¥7 is left as operating profit.
- Revenue changed +65.8% from the prior year, operating profit -15.9%.

## Company structure

- Segment revenue mix: Software Development 56.1%、System Integration 30.7%、Artificial Intelligence 13.1%
- Revenue → net income: ¥4322364000 → ¥196203000
- Net income → operating cash flow: ¥196203000 → ¥462530000（difference ¥266327000）
- Main uses of operating cash flow: CapEx ¥17480000 / dividends ¥162558000 / buybacks —
- Change in cash: ¥284257000
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 | ¥4.32B |  |
| Operating income | ¥277M | Margin 6.4% |
| Net income | ¥156.1M | Margin 3.6% |
| Free cash flow | ¥445.1M |  |
| Largest business | Software Development | of segment revenue 56.1% |
| Employees (consolidated) | 253 |  |
| EPS | ¥25.99 |  |
| Book value per share | ¥768.02 |  |
| Equity ratio | 68.4% |  |
| Shares outstanding | 7,414,000 |  |
| Treasury shares | 1,015,500 |  |
| Shareholders | 2,112 |  |
| Average salary (parent only) | ¥7.1M | Filing company only |
| Cash ratio | 58.4% | Cash ÷ revenue 95.1% |
| Vs. industry median margin | -6 pp | Software & SaaS |
| ROE | 3.5% | Derived from disclosed figures |
| ROA | 2.4% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 3.0× net income
- FY2026, one segment accounts for 77% of positive segment profit
- FY2026, cash is 58% of total assets

## What changed in 4 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Mar 2022 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥2301419000 | ¥4322364000 | — |
| Operating income | ¥442093000 | ¥276975000 | — |
| Operating margin | 19.2% | 6.4% | -12.8 pp |
| Employees | 126 people | 253 people | — |
| Cash and equivalents | ¥3711304000 | ¥4112351000 | — |

### Change in segment revenue mix

Span: FY ending Mar 2022 → 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 |
| --- | ---: |
| 新設・再編 → ソフトウエア事業 | 56.1% |
| 新設・再編 → AI関連事業 | 13.1% |
| 新設・再編 → システムインテグレーション事業 | 30.7% |

Segment revenue source references: 3 (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 | — | — | ¥2426270000 | 8.8% | 2 |
| System Integration | — | — | ¥1328216000 | 4.4% | 2 |
| Artificial Intelligence | — | — | ¥567878000 | 1.0% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 4,322 | 100.0% | S100YBU2 |
| Cost of revenue | 2,089 | 48.3% | S100YBU2 |
| Gross profit | 2,233 | 51.7% | S100YBU2 |
| SG&A | 1,956 | 45.3% | S100YBU2 |
| Operating income | 277 | 6.4% | S100YBU2 |
| Ordinary income | 325 | 7.5% | S100YBU2 |
| Pretax income | 280 | 6.5% | S100YBU2 |
| Income tax | 84 | 1.9% | S100YBU2 |
| Net income | 196 | 4.5% | S100YBU2 |
| Net income attributable to owners | 156 | 3.6% | S100YBU2 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 48 |
| SG&A | 45 |
| Operating income | 7 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 51.7% → Operating margin 6.4% → Net margin 3.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +65.8%; Core profit growth: -15.9%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -0.24×
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 | 2,607 | 4,322 | 1,715 | +65.8% |
| Gross profit | 1,813 | 2,233 | 420 | +23.2% |
| Operating income | 329 | 277 | -52 | -15.9% |
| Net income attributable to owners | 268 | 156 | -112 | -41.8% |
| Operating cash flow | 103 | 463 | 360 | +349.0% |
| Free cash flow | 62 | 445 | 383 | +613.6% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 2,149 | 366 | 17.0% | 267 | 294 | 184 | S100LM6I |
| FY ending Mar 2021 | 2,024 | 207 | 10.2% | 166 | 622 | 607 | S100OAZS |
| FY ending Mar 2022 | 2,301 | 442 | 19.2% | 322 | 403 | — | S100QZ89 |
| FY ending Mar 2023 | 2,496 | 491 | 19.7% | 215 | 446 | 434 | S100QZ89 |
| FY ending Mar 2023 | 2,496 | 486 | 19.5% | 215 | 446 | — | S100TNIY |
| FY ending Mar 2024 | 2,919 | 550 | 18.8% | 494 | 642 | 538 | S100TNIY |
| FY ending Mar 2025 | 2,607 | 329 | 12.6% | 268 | 103 | 62 | S100YBU2 |
| FY ending Mar 2026 | 4,322 | 277 | 6.4% | 156 | 463 | 445 | S100YBU2 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥17.1M |
| Operating income per employee (consolidated) | ¥1.1M |
| Net income per employee (consolidated) | ¥617K |

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

| History | FY ending Mar 2023 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 130 | 100 | 136 | 150 | 253 |
| Average salary (parent company) | ¥7.2M | — | ¥6.9M | ¥7M | ¥7.1M |
| Average age (parent company) | 43.7 years | — | 43.0 years | 42.7 years | 42.1 years |
| Average tenure (parent company) | 11.1 years | — | 10.6 years | 10.8 years | 11.1 years |

Year over year: Employees (consolidated) +68.7% · Revenue (consolidated) +65.8%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Software Development | 2,426 | 56.1% | 214 | 8.8% |
| Artificial Intelligence | 568 | 13.1% | 5 | 1.0% |
| System Integration | 1,328 | 30.7% | 58 | 4.4% |

### 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 | 56.1% | 77.1% | 21.0 | 8.8% |
| Artificial Intelligence | 13.1% | 2.0% | -11.2 | 1.0% |
| System Integration | 30.7% | 20.9% | -9.9 | 4.4% |

Segment → industry: System Integration → IT Services & System Integration / Artificial Intelligence → IT Services & System Integration / Software Development → Software & SaaS

## 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 | 463 | 10.7% | S100YBU2 |
| Capital expenditure | 17 | 0.4% | S100YBU2 |
| Free cash flow | 445 | 10.3% | 算出 |
| Investing cash flow | 83 | 1.9% | S100YBU2 |
| Financing cash flow | -261 | -6.0% | S100YBU2 |
| Dividends paid | 163 | 3.8% | S100YBU2 |
| Change in cash | 284 | 6.6% | S100YBU2 |
| Cash and equivalents | 4,112 | 95.1% | S100YBU2 |

## 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 2023 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 3,665 | 3,582 | 4,150 | 3,828 | 4,112 | S100QZ89, S100TNIY, S100YBU2 |
| Total assets | 5,288 | 5,223 | 6,008 | 6,179 | 7,037 | S100QZ89, S100TNIY, S100YBU2 |
| Net assets | 4,041 | 3,985 | 4,569 | 4,776 | 5,024 | S100QZ89, S100TNIY, S100YBU2 |
| Share capital | 431 | 431 | 431 | 431 | 431 | S100QZ89, S100TNIY, S100YBU2 |
| Property, plant and equipment | 126 | 124 | 234 | 207 | 201 | S100QZ89, S100TNIY, S100YBU2 |
| Intangible assets excluding goodwill | 31 | 31 | 31 | 282 | 576 | S100QZ89, S100TNIY, S100YBU2 |
| Goodwill | — | — | — | 256 | 551 | S100YBU2 |
| Investment securities | 852 | 852 | 1,242 | 1,314 | 1,081 | S100QZ89, S100TNIY, S100YBU2 |
| Current assets | 4,105 | 4,023 | 4,340 | 4,225 | 5,005 | S100QZ89, S100TNIY, S100YBU2 |
| Current liabilities | 1,172 | 1,163 | 1,134 | 1,138 | 1,688 | S100QZ89, S100TNIY, S100YBU2 |
| Short-term borrowings | — | — | — | 50 | 50 | S100YBU2 |
| Long-term borrowings | 75 | 75 | 59 | 45 | 180 | S100QZ89, S100TNIY, S100YBU2 |
| Total liabilities | 1,247 | 1,238 | 1,438 | 1,403 | 2,012 | S100QZ89, S100TNIY, S100YBU2 |
| Non-controlling interests | — | — | — | — | 211 | S100YBU2 |
| Equity attributable to owners of parent | 3,939 | 3,884 | 4,267 | 4,436 | 4,563 | S100QZ89, S100TNIY, S100YBU2 |
| Retained earnings | 3,695 | 3,639 | 3,994 | 4,107 | 4,100 | S100QZ89, S100TNIY, S100YBU2 |
| Treasury stock | -602 | -602 | -580 | -545 | -466 | S100QZ89, S100TNIY, S100YBU2 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 59% | S100YBU2 |
| Property, plant and equipment | 3% | S100YBU2 |
| Intangibles and goodwill | 16% | S100YBU2 |
| Investment securities | 15% | S100YBU2 |
| Other assets | 7% | S100YBU2 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 29% | S100YBU2 |
| Equity | 71% | S100YBU2 |

### Balance sheet history

| Metric | FY ending Mar 2023 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 5,288 | 5,223 | 6,008 | 6,179 | 7,037 |
| Equity | 4,041 | 3,985 | 4,569 | 4,776 | 5,024 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 3,665 | 3,582 | 4,150 | 3,828 | 4,112 |

## 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) | 4.7% | S100YBU2 |
| Fixed assets ÷ total assets | 2.9% | S100YBU2 |
| Goodwill ÷ parent equity | 12.1% | S100YBU2 |

### 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) | 58.4% |
| Cash ÷ revenue | 95.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 167.0% |
| Cash vs. profit gap | 306 JPY mn (of net income 196.3%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 104.1% |
| Shareholder payments — dividends / FCF | 36.5% |
| CapEx intensity (capex ÷ revenue) | 0.4% |
| Investing CF relative to operating CF | 17.9% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2023 | 8.6% | 0.47× | 4.1% | 1.34× | 5.5% | S100QZ89 |
| 2023 | 8.6% | 0.48× | 4.1% | 1.34× | 5.5% | S100TNIY |
| 2024 | 16.9% | 0.52× | 8.8% | 1.38× | 12.1% | S100TNIY |
| 2025 | 10.3% | 0.42× | 4.3% | 1.39× | 6.0% | S100YBU2 |
| 2026 | 3.6% | 0.65× | 2.4% | 1.47× | 3.5% | S100YBU2 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 橋本 慶太 | Major shareholder | 10.8% | 2026-03-31 |
| UH Partners 3 投資事業有限責任組合 | Major shareholder | 7.0% | 2026-03-31 |
| UH Partners 2 投資事業有限責任組合 | Major shareholder | 6.8% | 2026-03-31 |
| 中野 直樹 | Major shareholder | 6.0% | 2026-03-31 |
| 光通信KK投資事業有限責任組合 | Major shareholder | 5.9% | 2026-03-31 |
| 武田 好修 | Major shareholder | 5.3% | 2026-03-31 |
| 津賀 暢 | Major shareholder | 3.5% | 2026-03-31 |
| 株式会社アドバンスト・メディア | Major shareholder | 2.8% | 2026-03-31 |
| ジィスクシステム株式会社 | Major shareholder | 2.7% | 2026-03-31 |
| エスアイエル投資事業有限責任組合 | Major shareholder | 2.2% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第41期(2025/04/01－2026/03/31) | S100YBU2 | 2026-06-16 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YBU2,, |
| 有価証券報告書－第40期(2024/04/01－2025/03/31) | S100VYUH | 2025-06-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VYUH,, |
| 有価証券報告書－第39期(2023/04/01－2024/03/31) | S100TNIY | 2024-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TNIY,, |
| 有価証券報告書－第38期(2022/04/01－2023/03/31) | S100QZ89 | 2023-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QZ89,, |
| 有価証券報告書－第37期(令和3年4月1日－令和4年3月31日) | S100OAZS | 2022-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OAZS,, |
| 有価証券報告書－第36期(令和2年4月1日－令和3年3月31日) | S100LM6I | 2021-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LM6I,, |

## 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).