# Delivery Consulting Inc.: 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23期(2024/08/01－2025/07/31) (S100WXTF)
> Page: https://vizora.meequs.com/en/company/delivery-consulting
> Retrieved: 2026-09-30T18:24:58.941Z

## Company

Delivery Consulting, founded in 2003, is a company in IT Services & System Integration listed on TSE Growth. It has 191 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Delivery Consulting Inc. |
| Ticker | 9240 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9240.T) |
| Listing | TSE Growth |
| Head office | 東京都港区赤坂九丁目7番1号ミッドタウン・タワー |
| Representative (per filing) | 代表取締役会長 阪口 琢夫 |
| Founded | Apr 2003 |
| Share capital | ¥158.5M |
| Employees (consolidated) | 191 |
| Average salary (parent only) | ¥6.2M |
| Fiscal year end | July |
| Website | www.deliv.co.jp (https://www.deliv.co.jp/) |
| Corporate number | 4010401054152 |
| EDINET | E36711 |
| Industries (Vizora) | IT Services & System Integration |

> Profile source: annual securities report (S100WXTF, filed 2025-10-30). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 78.7 | 157 |
| Profitability | 12 | 196 |
| Cash conversion | 3 | 185 |
| Efficiency | 83.9 | 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)

- Delivery Consulting brought in ¥2.74B in revenue.
- Out of every ¥100 of sales, about ¥2 is left as operating profit.
- Revenue changed +1.4% from the prior year, operating profit -75.5%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥2.74B |  |
| Operating income | ¥51.8M | Margin 1.9% |
| Net income | ¥35M | Margin 1.3% |
| Free cash flow | -¥77.2M |  |
| Employees (consolidated) | 191 |  |
| EPS | ¥9.27 |  |
| Diluted EPS | ¥8.37 |  |
| Book value per share | ¥232.45 |  |
| Equity ratio | 74.9% |  |
| Shares outstanding | 4,855,300 |  |
| Treasury shares | 34,600 |  |
| Shareholders | 1,543 |  |
| Average salary (parent only) | ¥6.2M | Filing company only |
| Cash ratio | 58.0% | Cash ÷ revenue 31.4% |
| Vs. industry median margin | -7 pp | IT Services & System Integration |
| ROE | 3.2% | Derived from disclosed figures |
| ROA | 2.4% | Derived from disclosed figures |

## Notable figures

- FY2025, cash is 58% of total assets
- FY2025, parent-company salary changed +21% over five years

## What changed in 5 years

| Metric | FY ending Jul 2020 | FY ending Jul 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥1509152000 | ¥2740744000 | +81.6% |
| Operating income | ¥122371000 | ¥51788000 | -57.7% |
| Operating margin | 8.1% | 1.9% | -6.2 pp |
| Employees | 115 people | 191 people | +66.1% |
| Cash and equivalents | ¥347935000 | ¥860933000 | +147.4% |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 2,741 | 100.0% | S100WXTF |
| Cost of revenue | 1,686 | 61.5% | S100WXTF |
| Gross profit | 1,055 | 38.5% | S100WXTF |
| SG&A | 1,003 | 36.6% | S100WXTF |
| Operating income | 52 | 1.9% | S100WXTF |
| Ordinary income | 60 | 2.2% | S100WXTF |
| Pretax income | 60 | 2.2% | S100WXTF |
| Income tax | 25 | 0.9% | S100WXTF |
| Net income | 35 | 1.3% | S100WXTF |
| Net income attributable to owners | 35 | 1.3% | S100WXTF |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 61 |
| SG&A | 37 |
| Operating income | 2 |
| (Ref.) Net income | 1 |

### Margin funnel

Gross margin 38.5% → Operating margin 1.9% → Net margin 1.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +1.4%; Core profit growth: -75.5%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -55.18×
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 | 2,704 | 2,741 | 37 | +1.4% |
| Gross profit | 837 | 1,055 | 218 | +26.0% |
| Operating income | 212 | 52 | -160 | -75.5% |
| Net income attributable to owners | 155 | 35 | -120 | -77.5% |
| Operating cash flow | 258 | -66 | -324 | -125.8% |
| Free cash flow | 226 | -77 | -303 | -134.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Jul 2020 | 1,509 | 122 | 8.1% | 115 | 174 | 166 | S100MOBO |
| FY ending Jul 2021 | 1,790 | 278 | 15.5% | 185 | 312 | 306 | S100PF1T |
| FY ending Jul 2022 | 2,132 | 353 | 16.5% | 241 | 231 | 216 | S100S3EE |
| FY ending Jul 2023 | 2,191 | 52 | 2.4% | 29 | -113 | -179 | S100ULQX |
| FY ending Jul 2024 | 2,704 | 212 | 7.8% | 155 | 258 | 226 | S100WXTF |
| FY ending Jul 2025 | 2,741 | 52 | 1.9% | 35 | -66 | -77 | S100WXTF |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥14.3M |
| Operating income per employee (consolidated) | ¥271.1K |
| Net income per employee (consolidated) | ¥183.4K |

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) | 124 | 139 | 162 | 176 | 191 |
| Average salary (parent company) | ¥5.1M | ¥5.2M | ¥6.1M | ¥6.3M | ¥6.2M |
| Average age (parent company) | 34.9 years | 36.1 years | 36.8 years | 36.5 years | 36.0 years |
| Average tenure (parent company) | 4.6 years | 4.6 years | 4.6 years | 4.7 years | 4.9 years |

Year over year: Employees (consolidated) +8.5% · Revenue (consolidated) +1.4%

## 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 | -66 | -2.4% | S100WXTF |
| Capital expenditure | 11 | 0.4% | S100WXTF |
| Free cash flow | -77 | -2.8% | 算出 |
| Investing cash flow | -10 | -0.4% | S100WXTF |
| Financing cash flow | -20 | -0.7% | S100WXTF |
| Change in cash | -97 | -3.5% | S100WXTF |
| Cash and equivalents | 861 | 31.4% | S100WXTF |

## 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 | 836 | 1,006 | 786 | 958 | 861 | S100S3EE, S100ULQX, S100WXTF |
| Total assets | 1,131 | 1,381 | 1,319 | 1,487 | 1,484 | S100PF1T, S100S3EE, S100ULQX, S100WXTF |
| Net assets | 560 | 903 | 934 | 1,067 | 1,113 | S100S3EE, S100ULQX, S100WXTF |
| Share capital | 95 | 146 | 146 | 157 | 158 | S100PF1T, S100S3EE, S100ULQX, S100WXTF |
| Property, plant and equipment | 24 | 16 | 83 | 78 | 64 | S100PF1T, S100S3EE, S100ULQX, S100WXTF |
| Intangible assets excluding goodwill | 1 | 1 | 2 | 15 | 14 | S100PF1T, S100S3EE, S100ULQX, S100WXTF |
| Current assets | 1,065 | 1,247 | 1,147 | 1,302 | 1,306 | S100PF1T, S100S3EE, S100ULQX, S100WXTF |
| Current liabilities | 433 | 398 | 317 | 374 | 343 | S100PF1T, S100S3EE, S100ULQX, S100WXTF |
| Long-term borrowings | 127 | 79 | 52 | 30 | 12 | S100PF1T, S100S3EE, S100ULQX, S100WXTF |
| Total liabilities | 571 | 478 | 385 | 420 | 372 | S100PF1T, S100S3EE, S100ULQX, S100WXTF |
| Equity attributable to owners of parent | 560 | 904 | 934 | 1,067 | 1,113 | S100PF1T, S100S3EE, S100ULQX, S100WXTF |
| Retained earnings | 328 | 570 | 598 | 754 | 789 | S100PF1T, S100S3EE, S100ULQX, S100WXTF |
| Treasury stock | — | -0 | -0 | -44 | -28 | S100S3EE, S100ULQX, S100WXTF |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 58% | S100WXTF |
| Property, plant and equipment | 4% | S100WXTF |
| Intangibles and goodwill | 1% | S100WXTF |
| Other assets | 37% | S100WXTF |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 25% | S100WXTF |
| Equity | 75% | S100WXTF |

### 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 | 1,131 | 1,381 | 1,319 | 1,487 | 1,484 |
| Equity | 560 | 903 | 934 | 1,067 | 1,113 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 836 | 1,006 | 786 | 958 | 861 |

## 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) | 2.3% | S100WXTF |
| Fixed assets ÷ total assets | 4.3% | S100WXTF |
| Goodwill ÷ parent equity | — | —, S100WXTF |

### 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) | 58.0% |
| Cash ÷ revenue | 31.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -128.4% |
| Cash vs. profit gap | -102 JPY mn (of net income -289.8%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.4% |
| 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 10.3% | 1.58× | 16.3% | 2.02× | 32.9% | S100PF1T |
| 2022 | 11.3% | 1.70× | 19.2% | 1.72× | 33.0% | S100S3EE |
| 2023 | 1.3% | 1.62× | 2.1% | 1.47× | 3.1% | S100ULQX |
| 2024 | 5.7% | 1.93× | 11.1% | 1.40× | 15.5% | S100WXTF |
| 2025 | 1.3% | 1.84× | 2.4% | 1.36× | 3.2% | S100WXTF |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 阪口 琢夫 | Major shareholder | 31.7% | 2025-07-31 |
| 株式会社メディアシーク | Major shareholder | 18.0% | 2025-07-31 |
| ＭＦアセット株式会社 | Major shareholder | 10.8% | 2025-07-31 |
| トランス・コスモス株式会社 | Major shareholder | 7.5% | 2025-07-31 |
| Ｓｏｌｖｖｙ株式会社 | Major shareholder | 1.7% | 2025-07-31 |
| 楽天証券株式会社 | Major shareholder | 1.5% | 2025-07-31 |
| 平井 美穂子 | Major shareholder | 1.0% | 2025-07-31 |
| ＪＰモルガン証券株式会社 | Major shareholder | 1.0% | 2025-07-31 |
| デリバリーコンサルティング 従業員持株会 | Major shareholder | 1.0% | 2025-07-31 |
| 木村 卓司 | Major shareholder | 0.9% | 2025-07-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第23期(2024/08/01－2025/07/31) | S100WXTF | 2025-10-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WXTF,, |
| 有価証券報告書－第22期(2023/08/01－2024/07/31) | S100ULQX | 2024-10-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100ULQX,, |
| 有価証券報告書－第21期(2022/08/01－2023/07/31) | S100S3EE | 2023-10-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100S3EE,, |
| 有価証券報告書－第20期(令和3年8月1日－令和4年7月31日) | S100PF1T | 2022-10-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PF1T,, |
| 有価証券報告書－第19期(令和2年8月1日－令和3年7月31日) | S100MOBO | 2021-10-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MOBO,, |

## 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).