# Datasection 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26期(2025/04/01－2026/03/31) (S100YMGV)
> Page: https://vizora.meequs.com/en/company/datasection
> Retrieved: 2026-09-30T20:55:33.804Z

## Company

Datasection, founded in 2000, is a company in Cloud & Data Centers listed on TSE Growth. It has 244 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Datasection Inc. |
| Ticker | 3905 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3905.T) |
| Listing | TSE Growth |
| Head office | 東京都品川区西五反田1丁目3番8号 |
| Representative (per filing) | 代表取締役社長執行役員CEO 石原 紀彦 |
| Founded | Jul 2000 |
| Share capital | ¥8.49B |
| Employees (consolidated) | 244 |
| Average salary (parent only) | ¥7.9M |
| Fiscal year end | March |
| Website | www.datasection.co.jp (https://www.datasection.co.jp/) |
| Corporate number | 7010401083082 |
| EDINET | E31131 |
| Industries (Vizora) | Cloud & Data Centers, IT Services & System Integration |

> Profile source: annual securities report (S100YMGV, filed 2026-06-29). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 99.7 | 157 |
| Profitability | 63 | 196 |
| Cash conversion | 2.4 | 185 |
| Efficiency | 91.1 | 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)

- About 97% of Datasection's sales come from Domestic Business, with Overseas Business making up much of the rest.
- Out of every ¥100 of sales, about ¥11 is left as operating profit.
- Revenue changed +1042.0% from the prior year, and it swung back to an operating profit.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥33.6B |  |
| Operating income | ¥3.54B | Margin 10.5% |
| Net income | ¥2.8B | Margin 8.3% |
| Free cash flow | -¥10B |  |
| Largest business | Domestic Business | of segment revenue 96.6% |
| Employees (consolidated) | 244 |  |
| EPS | ¥112.44 |  |
| Diluted EPS | ¥88.03 |  |
| Book value per share | ¥578.87 |  |
| Equity ratio | 64.8% |  |
| Shares outstanding | 29,769,051 |  |
| Treasury shares | 137,600 |  |
| Shareholders | 14,933 |  |
| Average salary (parent only) | ¥7.9M | Filing company only |
| Cash ratio | 1.4% | Cash ÷ revenue 1.2% |
| Vs. industry median margin | +5.2 pp | Cloud & Data Centers |
| ROE | 27.3% | Derived from disclosed figures |
| ROA | 16.9% | Derived from disclosed figures |

## Notable figures

- FY2026, revenue is 19.9× its level five years ago
- FY2026, one segment accounts for 97% of positive segment profit
- FY2026, parent-company salary changed +45% over five years

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥1389465000 | ¥33605038000 | +2318.6% |
| Operating income | ¥18049000 | ¥3544683000 | +19539.2% |
| Operating margin | 1.3% | 10.5% | +9.2 pp |
| Employees | 137 people | 244 people | +78.1% |
| Cash and equivalents | ¥1580633000 | ¥396801000 | -74.9% |

### 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 |
| --- | ---: |
| リテールマーケティング → 事業再編・廃止 | 27.3% |
| データ分析ソリューション → 事業再編・廃止 | 72.7% |
| 新設・再編 → 国内事業 | 96.6% |
| 新設・再編 → 海外事業 | 3.4% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 33,605 | 100.0% | S100YMGV |
| Cost of revenue | 27,208 | 81.0% | S100YMGV |
| Gross profit | 6,397 | 19.0% | S100YMGV |
| SG&A | 2,852 | 8.5% | S100YMGV |
| Operating income | 3,545 | 10.5% | S100YMGV |
| Ordinary income | 3,627 | 10.8% | S100YMGV |
| Pretax income | 3,631 | 10.8% | S100YMGV |
| Income tax | 824 | 2.5% | S100YMGV |
| Net income | 2,807 | 8.4% | S100YMGV |
| Net income attributable to owners | 2,802 | 8.3% | S100YMGV |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 81 |
| SG&A | 8 |
| Operating income | 11 |
| (Ref.) Net income | 8 |

### Margin funnel

Gross margin 19.0% → Operating margin 10.5% → Net margin 8.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Turned profitable
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 | 2,943 | 33,605 | 30,662 | +1042.0% |
| Gross profit | 1,252 | 6,397 | 5,145 | +410.8% |
| Operating income | -496 | 3,545 | 4,041 | — |
| Net income attributable to owners | -655 | 2,802 | 3,457 | — |
| Operating cash flow | -83 | -4,914 | -4,830 | — |
| Free cash flow | -1,105 | -10,020 | -8,915 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 1,169 | 14 | 1.2% | -17 | 44 | -17 | S100LUSR |
| FY ending Mar 2021 | 1,389 | 18 | 1.3% | -42 | 170 | -4 | S100OLE6 |
| FY ending Mar 2022 | 1,693 | 77 | 4.6% | 2 | 113 | -77 | S100RAXC |
| FY ending Mar 2023 | 1,924 | -55 | -2.9% | -530 | 2 | -294 | S100TWV7 |
| FY ending Mar 2024 | 2,229 | -216 | -9.7% | -1,262 | 334 | -361 | S100W8TM |
| FY ending Mar 2025 | 2,943 | -496 | -16.9% | -655 | -83 | -1,105 | S100YMGV |
| FY ending Mar 2026 | 33,605 | 3,545 | 10.5% | 2,802 | -4,914 | -10,020 | S100YMGV |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥137.7M |
| Operating income per employee (consolidated) | ¥14.5M |
| Net income per employee (consolidated) | ¥11.5M |

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) | 173 | 177 | 210 | 221 | 244 |
| Average salary (parent company) | ¥5.5M | ¥5.9M | ¥6.5M | ¥7.2M | ¥7.9M |
| Average age (parent company) | 34.7 years | 35.7 years | 38.4 years | 39.9 years | 44.5 years |
| Average tenure (parent company) | 3.9 years | 3.6 years | 2.8 years | 3.6 years | 2.0 years |

Year over year: Employees (consolidated) +10.4% · Revenue (consolidated) +1042.0%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Domestic Business | 32,469 | 96.6% | 5,058 | 15.6% |
| Overseas Business | 1,136 | 3.4% | 149 | 13.2% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Domestic Business | 96.6% | 97.1% | 0.5 | 15.6% |
| Overseas Business | 3.4% | 2.9% | -0.5 | 13.2% |

Segment → industry: Domestic Business → Cloud & Data Centers / Domestic Business → IT Services & System Integration

## 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 | -4,914 | -14.6% | S100YMGV |
| Capital expenditure | 5,107 | 15.2% | S100YMGV |
| Free cash flow | -10,020 | -29.8% | 算出 |
| Investing cash flow | -8,302 | -24.7% | S100YMGV |
| Financing cash flow | 13,117 | 39.0% | S100YMGV |
| Share buyback | 0 | 0.0% | S100YMGV |
| Change in cash | -136 | -0.4% | S100YMGV |
| Cash and equivalents | 397 | 1.2% | S100YMGV |

## 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 | 1,420 | 1,415 | 1,659 | 505 | 397 | S100TWV7, S100W8TM, S100YMGV |
| Total assets | 4,401 | 4,386 | 3,786 | 4,594 | 28,578 | S100RAXC, S100TWV7, S100W8TM, S100YMGV |
| Net assets | 2,818 | 2,509 | 1,983 | 2,400 | 19,404 | S100TWV7, S100W8TM, S100YMGV |
| Share capital | 1,457 | 1,516 | 1,868 | 1,912 | 8,486 | S100RAXC, S100TWV7, S100W8TM, S100YMGV |
| Property, plant and equipment | 205 | 244 | 384 | 407 | 5,011 | S100RAXC, S100TWV7, S100W8TM, S100YMGV |
| Intangible assets excluding goodwill | 1,271 | 770 | 645 | 2,626 | 2,863 | S100RAXC, S100TWV7, S100W8TM, S100YMGV |
| Goodwill | 732 | 170 | 174 | 1,318 | 1,207 | S100RAXC, S100TWV7, S100W8TM, S100YMGV |
| Investment securities | 121 | 120 | 68 | 49 | 67 | S100RAXC, S100TWV7, S100W8TM, S100YMGV |
| Current assets | 2,073 | 2,288 | 2,536 | 1,392 | 15,244 | S100RAXC, S100TWV7, S100W8TM, S100YMGV |
| Current liabilities | 1,059 | 1,171 | 1,319 | 1,877 | 8,935 | S100RAXC, S100TWV7, S100W8TM, S100YMGV |
| Short-term borrowings | 406 | 514 | 600 | 951 | 285 | S100RAXC, S100TWV7, S100W8TM, S100YMGV |
| Long-term borrowings | 507 | 669 | 380 | 227 | 162 | S100RAXC, S100TWV7, S100W8TM, S100YMGV |
| Total liabilities | 1,583 | 1,877 | 1,804 | 2,194 | 9,174 | S100RAXC, S100TWV7, S100W8TM, S100YMGV |
| Non-controlling interests | 17 | 26 | 29 | 16 | 36 | S100RAXC, S100TWV7, S100W8TM, S100YMGV |
| Equity attributable to owners of parent | 2,862 | 2,454 | 1,905 | 2,283 | 18,216 | S100RAXC, S100TWV7, S100W8TM, S100YMGV |
| Retained earnings | 239 | -288 | -1,542 | -2,197 | 591 | S100RAXC, S100TWV7, S100W8TM, S100YMGV |
| Treasury stock | -0 | -0 | -0 | -0 | -0 | S100RAXC, S100TWV7, S100W8TM, S100YMGV |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 1% | S100YMGV |
| Property, plant and equipment | 18% | S100YMGV |
| Intangibles and goodwill | 14% | S100YMGV |
| Investment securities | 0% | S100YMGV |
| Other assets | 67% | S100YMGV |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 32% | S100YMGV |
| Equity | 68% | S100YMGV |
| Other liabilities | 0% | S100YMGV |

### 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 | 4,401 | 4,386 | 3,786 | 4,594 | 28,578 |
| Equity | 2,818 | 2,509 | 1,983 | 2,400 | 19,404 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,420 | 1,415 | 1,659 | 505 | 397 |

## 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) | 14.9% | S100YMGV |
| Fixed assets ÷ total assets | 17.5% | S100YMGV |
| Goodwill ÷ parent equity | 6.6% | S100YMGV |

Goodwill over 4 years: 732 → 1,207 JPY; total investing cash flow: -10,624 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) | 1.4% |
| Cash ÷ revenue | 1.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -138.6% |
| Cash vs. profit gap | -7,715 JPY mn (of net income -275.4%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 15.2% |
| Investing CF relative to operating CF | — |

## 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 | 0.1% | 0.38× | 0.1% | 1.54× | 0.1% | S100RAXC |
| 2023 | — | —× | -12.1% | —× | — | S100TWV7 |
| 2024 | — | —× | -30.9% | —× | — | S100W8TM |
| 2025 | — | —× | -15.6% | —× | — | S100YMGV |
| 2026 | 8.3% | 2.03× | 16.9% | 1.62× | 27.3% | S100YMGV |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| FIRST PLUS FINANCIAL HOLDINGS PTE. LTD. | Major shareholder | 33.0% | 2026-03-31 |
| 東海東京証券株式会社 | Major shareholder | 7.3% | 2026-03-31 |
| FUTU SECURITIES INTERNATIONAL （HONG KONG） LIMITED | Major shareholder | 3.7% | 2026-03-31 |
| 株式会社SBI証券 | Major shareholder | 3.3% | 2026-03-31 |
| 株式会社VLCセキュリティ | Major shareholder | 1.7% | 2026-03-31 |
| モルガン・スタンレーMUFG証券株式会社 | Major shareholder | 1.7% | 2026-03-31 |
| 野村證券株式会社 | Major shareholder | 1.6% | 2026-03-31 |
| JP JPMSE LUX RE MACQUARIE BANK LTD LONDON EQ CO | Major shareholder | 1.5% | 2026-03-31 |
| JP JPMSE LUX RE CITIGROUP GLOBAL MARKETS L EQ CO | Major shareholder | 1.5% | 2026-03-31 |
| 楽天証券株式会社共有口 | Major shareholder | 1.4% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第26期(2025/04/01－2026/03/31) | S100YMGV | 2026-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YMGV,, |
| 有価証券報告書－第25期(2024/04/01－2025/03/31) | S100W8TM | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W8TM,, |
| 有価証券報告書－第24期(2023/04/01－2024/03/31) | S100TWV7 | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TWV7,, |
| 有価証券報告書－第23期(2022/04/01－2023/03/31) | S100RAXC | 2023-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RAXC,, |
| 有価証券報告書－第22期(令和3年4月1日－令和4年3月31日) | S100OLE6 | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OLE6,, |
| 有価証券報告書－第21期(令和2年4月1日－令和3年3月31日) | S100LUSR | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LUSR,, |

## 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).