# Densan System Holdings Co.,Ltd.: business model and financials

> Latest period: FY ending Dec 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第5期(2025/01/01－2025/12/31) (S100XSJW)
> Page: https://vizora.meequs.com/en/company/densan-system-holdings
> Retrieved: 2026-09-30T21:46:14.004Z

## Company

Densan System Holdings, founded in 2021, is a company in IT Services & System Integration listed on TSE Prime. It has 1,036 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Densan System Holdings Co., Ltd. |
| Ticker | 4072 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4072.T) |
| Listing | TSE Prime |
| Head office | 岐阜県岐阜市日置江一丁目58番地 |
| Representative (per filing) | 代表取締役社長 小林 領司 |
| Founded | Jul 2021 |
| Share capital | ¥2.5B |
| Employees (consolidated) | 1,036 |
| Fiscal year end | December |
| Website | www.ds-hd.co.jp (https://www.ds-hd.co.jp/) |
| Corporate number | 9200001038853 |
| EDINET | E36460 |
| Industries (Vizora) | IT Services & System Integration, Cashless Payments |

> Profile source: annual securities report (S100XSJW, filed 2026-03-24). As of filing

## Five-axis industry profile

Primary industry: IT Services & System Integration (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 50.6 | 157 |
| Profitability | 24.7 | 196 |
| Cash conversion | 78.1 | 185 |
| Efficiency | 31.9 | 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)

- About 63% of Densan System Holdings's sales come from information technology service, with collection agency services making up much of the rest.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed +11.2% from the prior year, operating profit +56.8%.

## Company structure

- Segment revenue mix: information technology service 63.2%、collection agency services 36.8%
- Revenue → net income: ¥68131000000 → ¥2912000000
- Net income → operating cash flow: ¥2912000000 → ¥4165000000（difference ¥1253000000）
- Main uses of operating cash flow: CapEx ¥632000000 / dividends ¥863000000 / buybacks ¥0
- Change in cash: ¥2256000000
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 | ¥68.1B |  |
| Operating income | ¥3.62B | Margin 5.3% |
| Net income | ¥2.9B | Margin 4.3% |
| Free cash flow | ¥3.53B |  |
| Largest business | information technology service | of segment revenue 63.2% |
| Employees (consolidated) | 1,036 |  |
| EPS | ¥174.52 |  |
| Book value per share | ¥1736.51 |  |
| Equity ratio | 35.6% |  |
| Shares outstanding | 10,798,341 |  |
| Treasury shares | 1,100 |  |
| Shareholders | 16,133 |  |
| Cash ratio | 25.4% | Cash ÷ revenue 25.8% |
| Vs. industry median margin | -3.6 pp | IT Services & System Integration |
| ROE | 12.5% | Derived from disclosed figures |
| ROA | 4.4% | Derived from disclosed figures |

## Notable figures

- FY2025, one segment accounts for 74% of positive segment profit
- FY2025, segment profit share differs by -37 points
- FY2025, cash is 25% of total assets

## What changed in 4 years

| Metric | FY ending Dec 2021 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥50356000000 | ¥68131000000 | +35.3% |
| Operating income | ¥3134000000 | ¥3624000000 | +15.6% |
| Operating margin | 6.2% | 5.3% | -0.9 pp |
| Employees | 903 people | 1,036 people | +14.7% |
| Cash and equivalents | ¥8927000000 | ¥17581000000 | +96.9% |

### Change in segment revenue mix

Span: FY ending Dec 2021 → FY ending Dec 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 情報サービス事業 → 情報サービス事業 | 60.9% |
| 収納代行サービス事業 → 収納代行サービス事業 | 36.8% |
| 収納代行サービス事業 → 事業再編・廃止 | 2.3% |
| 新設・再編 → 情報サービス事業 | 2.3% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 68,131 | 100.0% | S100XSJW |
| Cost of revenue | 57,116 | 83.8% | S100XSJW |
| Gross profit | 11,014 | 16.2% | S100XSJW |
| SG&A | 7,389 | 10.8% | S100XSJW |
| Operating income | 3,624 | 5.3% | S100XSJW |
| Ordinary income | 3,843 | 5.6% | S100XSJW |
| Pretax income | 3,711 | 5.4% | S100XSJW |
| Income tax | 798 | 1.2% | S100XSJW |
| Net income | 2,912 | 4.3% | S100XSJW |
| Net income attributable to owners | 2,896 | 4.3% | S100XSJW |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 84 |
| SG&A | 11 |
| Operating income | 5 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 16.2% → Operating margin 5.3% → Net margin 4.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +11.2%; Core profit growth: +56.8%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 5.06×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 61,256 | 68,131 | 6,875 | +11.2% |
| Gross profit | 9,287 | 11,014 | 1,727 | +18.6% |
| Operating income | 2,311 | 3,624 | 1,313 | +56.8% |
| Net income attributable to owners | 1,850 | 2,896 | 1,046 | +56.5% |
| Operating cash flow | 3,021 | 4,165 | 1,144 | +37.9% |
| Free cash flow | 2,398 | 3,533 | 1,135 | +47.3% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2021 | 50,356 | 3,134 | 6.2% | 1,978 | 2,528 | 1,916 | S100QUVS |
| FY ending Dec 2022 | 53,479 | 3,414 | 6.4% | 2,348 | 1,907 | 1,336 | S100T4ON |
| FY ending Dec 2023 | 59,591 | 3,964 | 6.7% | 2,004 | 5,506 | 4,683 | S100VFGQ |
| FY ending Dec 2024 | 61,256 | 2,311 | 3.8% | 1,850 | 3,021 | 2,398 | S100XSJW |
| FY ending Dec 2025 | 68,131 | 3,624 | 5.3% | 2,896 | 4,165 | 3,533 | S100XSJW |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥65.8M |
| Operating income per employee (consolidated) | ¥3.5M |
| Net income per employee (consolidated) | ¥2.8M |

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

| History | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 903 | 935 | 964 | 1,005 | 1,036 |
| Average salary (parent company) | — | — | — | — | — |
| Average age (parent company) | — | — | — | — | — |
| Average tenure (parent company) | — | — | — | — | — |

Year over year: Employees (consolidated) +3.1% · Revenue (consolidated) +11.2%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| information technology service | 43,061 | 63.2% | 942 | 2.2% |
| collection agency services | 25,069 | 36.8% | 2,676 | 10.7% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| information technology service | 63.2% | 26.0% | -37.2 | 2.2% |
| collection agency services | 36.8% | 74.0% | 37.2 | 10.7% |

Segment → industry: information technology service → IT Services & System Integration / collection agency services → Cashless Payments

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 4,165 | 6.1% | S100XSJW |
| Capital expenditure | 632 | 0.9% | S100XSJW |
| Free cash flow | 3,533 | 5.2% | 算出 |
| Investing cash flow | -855 | -1.3% | S100XSJW |
| Financing cash flow | -1,053 | -1.5% | S100XSJW |
| Dividends paid | 863 | 1.3% | S100XSJW |
| Share buyback | 0 | 0.0% | S100XSJW |
| Change in cash | 2,256 | 3.3% | S100XSJW |
| Cash and equivalents | 17,581 | 25.8% | S100XSJW |

## 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 Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 8,927 | 9,104 | 12,816 | 15,324 | 17,581 | S100T4ON, S100VFGQ, S100XSJW |
| Total assets | 51,389 | 72,170 | 57,051 | 61,747 | 69,112 | S100QUVS, S100T4ON, S100VFGQ, S100XSJW |
| Net assets | 17,605 | 19,665 | 20,774 | 22,294 | 24,881 | S100T4ON, S100VFGQ, S100XSJW |
| Share capital | 2,469 | 2,482 | 2,489 | 2,496 | 2,503 | S100QUVS, S100T4ON, S100VFGQ, S100XSJW |
| Trade receivables | 8,498 | — | — | — | — | S100QUVS |
| Property, plant and equipment | 2,979 | 2,890 | 2,843 | 2,718 | 2,568 | S100QUVS, S100T4ON, S100VFGQ, S100XSJW |
| Intangible assets excluding goodwill | 2,840 | 2,741 | 2,378 | 1,745 | 1,974 | S100QUVS, S100T4ON, S100VFGQ, S100XSJW |
| Goodwill | 1,339 | 1,200 | 604 | 461 | 594 | S100QUVS, S100T4ON, S100VFGQ, S100XSJW |
| Investment securities | 1,840 | 3,037 | 2,685 | 2,355 | 2,811 | S100QUVS, S100T4ON, S100VFGQ, S100XSJW |
| Current assets | 43,188 | 62,740 | 48,228 | 53,876 | 60,999 | S100QUVS, S100T4ON, S100VFGQ, S100XSJW |
| Current liabilities | 31,899 | 50,339 | 33,953 | 37,804 | 43,008 | S100QUVS, S100T4ON, S100VFGQ, S100XSJW |
| Short-term borrowings | 47 | — | — | — | — | S100QUVS |
| Long-term borrowings | 619 | 955 | 1,159 | 846 | 498 | S100QUVS, S100T4ON, S100VFGQ, S100XSJW |
| Bonds | 36 | 29 | 22 | 15 | — | S100QUVS, S100T4ON, S100VFGQ, S100XSJW |
| Interest-bearing debt | 702 | — | — | — | — | 算出 |
| Total liabilities | 33,784 | 52,505 | 36,277 | 39,452 | 44,230 | S100QUVS, S100T4ON, S100VFGQ, S100XSJW |
| Non-controlling interests | 194 | 209 | 197 | 211 | 244 | S100QUVS, S100T4ON, S100VFGQ, S100XSJW |
| Equity attributable to owners of parent | 17,409 | 19,416 | 20,471 | 22,027 | 24,204 | S100QUVS, S100T4ON, S100VFGQ, S100XSJW |
| Retained earnings | 12,283 | 14,277 | 15,893 | 17,323 | 19,356 | S100QUVS, S100T4ON, S100VFGQ, S100XSJW |
| Treasury stock | 0 | 0 | -540 | -420 | -284 | S100QUVS, S100T4ON, S100VFGQ, S100XSJW |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 25% | S100XSJW |
| Property, plant and equipment | 4% | S100XSJW |
| Intangibles and goodwill | 4% | S100XSJW |
| Investment securities | 4% | S100XSJW |
| Other assets | 63% | S100XSJW |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 64% | S100XSJW |
| Equity | 36% | S100XSJW |
| Other liabilities | 0% | S100XSJW |

### Balance sheet history

| Metric | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 51,389 | 72,170 | 57,051 | 61,747 | 69,112 |
| Equity | 17,605 | 19,665 | 20,774 | 22,294 | 24,881 |
| Interest-bearing debt | 702 | — | — | — | — |
| Cash | 8,927 | 9,104 | 12,816 | 15,324 | 17,581 |

## 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) | 3.8% | S100XSJW |
| Fixed assets ÷ total assets | 3.7% | S100XSJW |
| Goodwill ÷ parent equity | 2.5% | S100XSJW |

Goodwill over 4 years: 1,339 → 594 JPY; total investing cash flow: -4,412 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) | 25.4% |
| Cash ÷ revenue | 25.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 114.9% |
| Cash vs. profit gap | 1,269 JPY mn (of net income 43.8%) |
| Shareholder returns / net income | 29.8% |
| Shareholder returns / FCF | 24.4% |
| Shareholder payments — dividends / net income | 29.8% |
| Shareholder payments — dividends / FCF | 24.4% |
| CapEx intensity (capex ÷ revenue) | 0.9% |
| Investing CF relative to operating CF | 20.5% |

## 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 | 3.9% | 0.98× | 3.8% | 2.95× | 11.4% | S100QUVS |
| 2022 | 4.4% | 0.87× | 3.8% | 3.36× | 12.8% | S100T4ON |
| 2023 | 3.4% | 0.92× | 3.1% | 3.24× | 10.0% | S100VFGQ |
| 2024 | 3.0% | 1.03× | 3.1% | 2.80× | 8.7% | S100XSJW |
| 2025 | 4.3% | 1.04× | 4.4% | 2.83× | 12.5% | S100XSJW |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社十六フィナンシャルグループ | Major shareholder | 8.2% | 2025-12-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 7.9% | 2025-12-31 |
| 電算システムグループ従業員持株会 | Major shareholder | 5.5% | 2025-12-31 |
| 株式会社十六銀行 | Major shareholder | 4.1% | 2025-12-31 |
| 株式会社大垣共立銀行（常任代理人 ㈱日本カストディ銀行） | Major shareholder | 3.9% | 2025-12-31 |
| 岐阜信用金庫 | Major shareholder | 3.3% | 2025-12-31 |
| 株式会社トーカイ | Major shareholder | 2.4% | 2025-12-31 |
| 八島有香 | Major shareholder | 2.1% | 2025-12-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 1.9% | 2025-12-31 |
| 野村信託銀行株式会社（投信口） | Major shareholder | 1.6% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第5期(2025/01/01－2025/12/31) | S100XSJW | 2026-03-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XSJW,, |
| 有価証券報告書－第4期(2024/01/01－2024/12/31) | S100VFGQ | 2025-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VFGQ,, |
| 有価証券報告書－第3期(2023/01/01－2023/12/31) | S100T4ON | 2024-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T4ON,, |
| 訂正有価証券報告書－第2期(2022/01/01－2022/12/31) | S100QUVS | 2023-05-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QUVS,, |
| 有価証券報告書－第1期(令和3年1月1日－令和3年12月31日) | S100NR45 | 2022-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NR45,, |

## 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).