# DENTSU SOKEN INC.: 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51期(2025/01/01－2025/12/31) (S100XRJK)
> Page: https://vizora.meequs.com/en/company/dentsu-soken
> Retrieved: 2026-09-30T21:39:12.802Z

## Company

Dentsu Soken is a company in IT Services & System Integration listed on TSE Prime. It has 4,618 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | DENTSU SOKEN INC. |
| Ticker | 4812 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4812.T) |
| Listing | TSE Prime |
| Head office | 東京都港区港南二丁目17番1号 |
| Representative (per filing) | 代表取締役社長 岩本 浩久 |
| Share capital | ¥8.18B |
| Employees (consolidated) | 4,618 |
| Average salary (parent only) | ¥11.3M |
| Fiscal year end | December |
| Website | dentsusoken.com (https://dentsusoken.com/) |
| Corporate number | 7010401053829 |
| EDINET | E05147 |
| Industries (Vizora) | IT Services & System Integration |

> Profile source: annual securities report (S100XRJK, filed 2026-03-18). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 55.7 | 157 |
| Profitability | 80.9 | 196 |
| Cash conversion | 51.6 | 185 |
| Efficiency | 34.9 | 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 37% of Dentsu Soken's sales come from Manufacturing Solutions, with Communications IT and Financial Solutions making up much of the rest.
- Out of every ¥100 of sales, about ¥14 is left as operating profit.
- Revenue changed +8.0% from the prior year, operating profit +8.8%.

## Company structure

- Segment revenue mix: Manufacturing Solutions 37.0%、Communications IT 24.9%、Financial Solutions 21.1%、Business Solutions 17.0%
- Revenue → net income: ¥164865000000 → ¥16365000000
- Net income → operating cash flow: ¥16365000000 → ¥19064000000（difference ¥2699000000）
- Main uses of operating cash flow: CapEx ¥2733000000 / dividends ¥7298000000 / buybacks ¥576000000
- Change in cash: ¥7697000000
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 | ¥164.9B |  |
| Operating income | ¥22.9B | Margin 13.9% |
| Net income | ¥16.4B | Margin 9.9% |
| Free cash flow | ¥16.3B |  |
| Largest business | Manufacturing Solutions | of segment revenue 37.0% |
| Employees (consolidated) | 4,618 |  |
| EPS | ¥80.25 |  |
| Book value per share | ¥465.42 |  |
| Equity ratio | 60.7% |  |
| Shares outstanding | 65,182,480 |  |
| Treasury shares | 18,200 |  |
| Shareholders | 2,777 |  |
| Average salary (parent only) | ¥11.3M | Filing company only |
| Cash ratio | 42.1% | Cash ÷ revenue 42.1% |
| Vs. industry median margin | +5 pp | IT Services & System Integration |
| ROE | 17.4% | Derived from disclosed figures |
| ROA | 10.5% | Derived from disclosed figures |

## Notable figures

- FY2025, cash is 42% of total assets

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥108679000000 | ¥164865000000 | +51.7% |
| Operating income | ¥12189000000 | ¥22888000000 | +87.8% |
| Operating margin | 11.2% | 13.9% | +2.7 pp |
| Employees | 3,117 people | 4,618 people | +48.2% |
| Cash and equivalents | ¥39773000000 | ¥69419000000 | +74.5% |

### Change in segment revenue mix

Span: FY ending Dec 2020 → 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 |
| --- | ---: |
| 金融ソリューション → 金融ソリューション | 21.1% |
| 金融ソリューション → 事業再編・廃止 | 0.9% |
| ビジネスソリューション → ビジネスソリューション | 17.0% |
| ビジネスソリューション → 事業再編・廃止 | 3.3% |
| 製造ソリューション → 製造ソリューション | 28.1% |
| コミュニケーションIT → コミュニケーションIT | 24.9% |
| コミュニケーションIT → 事業再編・廃止 | 4.8% |
| 新設・再編 → 製造ソリューション | 8.9% |

Segment revenue source references: 8 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Manufacturing Solutions | 5 years | +14.9% | ¥61039000000 | 12.4% | 2 |
| Communications IT | 5 years | +5.0% | ¥40980000000 | 9.5% | 2 |
| Financial Solutions | 5 years | +7.8% | ¥34832000000 | 12.8% | 2 |
| Business Solutions | 5 years | +4.9% | ¥28013000000 | 25.0% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 164,865 | 100.0% | S100XRJK |
| Cost of revenue | 104,489 | 63.4% | S100XRJK |
| Gross profit | 60,376 | 36.6% | S100XRJK |
| SG&A | 37,487 | 22.7% | S100XRJK |
| Operating income | 22,888 | 13.9% | S100XRJK |
| Ordinary income | 23,618 | 14.3% | S100XRJK |
| Pretax income | 23,604 | 14.3% | S100XRJK |
| Income tax | 7,239 | 4.4% | S100XRJK |
| Net income | 16,365 | 9.9% | S100XRJK |
| Net income attributable to owners | 16,365 | 9.9% | S100XRJK |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 63 |
| SG&A | 23 |
| Operating income | 14 |
| (Ref.) Net income | 10 |

### Margin funnel

Gross margin 36.6% → Operating margin 13.9% → Net margin 9.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +8.0%; Core profit growth: +8.8%
Growth quality: similar-growth
Operating leverage (core profit growth ÷ revenue growth): 1.10×
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 | 152,642 | 164,865 | 12,223 | +8.0% |
| Gross profit | 56,123 | 60,376 | 4,253 | +7.6% |
| Operating income | 21,039 | 22,888 | 1,849 | +8.8% |
| Net income attributable to owners | 15,117 | 16,365 | 1,248 | +8.3% |
| Operating cash flow | 23,721 | 19,064 | -4,657 | -19.6% |
| Free cash flow | 20,540 | 16,331 | -4,209 | -20.5% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 100,679 | 10,075 | 10.0% | 6,226 | 10,642 | 8,689 | S100L3T5 |
| FY ending Dec 2020 | 108,679 | 12,189 | 11.2% | 7,362 | 9,987 | 8,099 | S100NPAO |
| FY ending Dec 2021 | 112,085 | 13,736 | 12.3% | 8,944 | 16,981 | 14,542 | S100QFLN |
| FY ending Dec 2022 | 129,054 | 18,590 | 14.4% | 12,598 | 11,914 | 9,026 | S100T3AF |
| FY ending Dec 2023 | 142,608 | 21,028 | 14.7% | 14,663 | 13,046 | 10,668 | S100VOUJ |
| FY ending Dec 2024 | 152,642 | 21,039 | 13.8% | 15,117 | 23,721 | 20,540 | S100XRJK |
| FY ending Dec 2025 | 164,865 | 22,888 | 13.9% | 16,365 | 19,064 | 16,331 | S100XRJK |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥35.7M |
| Operating income per employee (consolidated) | ¥5M |
| Net income per employee (consolidated) | ¥3.5M |

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) | 3,240 | 3,388 | 3,652 | 4,413 | 4,618 |
| Average salary (parent company) | ¥10.6M | ¥11.3M | ¥11.3M | ¥11.2M | ¥11.3M |
| Average age (parent company) | 41.0 years | 40.9 years | 40.6 years | 40.1 years | 39.9 years |
| Average tenure (parent company) | 12.3 years | 12.0 years | 11.6 years | 10.8 years | 10.7 years |

Year over year: Employees (consolidated) +4.6% · Revenue (consolidated) +8.0%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Financial Solutions | 34,832 | 21.1% | 4,459 | 12.8% |
| Business Solutions | 28,013 | 17.0% | 6,994 | 25.0% |
| Manufacturing Solutions | 61,039 | 37.0% | 7,549 | 12.4% |
| Communications IT | 40,980 | 24.9% | 3,886 | 9.5% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Financial Solutions | 21.1% | 19.5% | -1.6 | 12.8% |
| Business Solutions | 17.0% | 30.6% | 13.6 | 25.0% |
| Manufacturing Solutions | 37.0% | 33.0% | -4.0 | 12.4% |
| Communications IT | 24.9% | 17.0% | -7.9 | 9.5% |

Segment → industry: Communications IT → IT Services & System Integration / Manufacturing Solutions → IT Services & System Integration / Business Solutions → IT Services & System Integration / Financial Solutions → IT Services & System Integration

## 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 | 19,064 | 11.6% | S100XRJK |
| Capital expenditure | 2,733 | 1.7% | S100XRJK |
| Free cash flow | 16,331 | 9.9% | 算出 |
| Investing cash flow | -2,956 | -1.8% | S100XRJK |
| Financing cash flow | -8,552 | -5.2% | S100XRJK |
| Dividends paid | 7,298 | 4.4% | S100XRJK |
| Share buyback | 576 | 0.3% | S100XRJK |
| Change in cash | 7,697 | 4.7% | S100XRJK |
| Cash and equivalents | 69,419 | 42.1% | S100XRJK |

## 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 | 49,748 | 53,305 | 57,515 | 61,722 | 69,419 | S100T3AF, S100VOUJ, S100XRJK |
| Total assets | 108,188 | 121,892 | 133,333 | 147,331 | 165,055 | S100QFLN, S100T3AF, S100VOUJ, S100XRJK |
| Net assets | 65,471 | 73,871 | 82,971 | 91,194 | 100,159 | S100T3AF, S100VOUJ, S100XRJK |
| Share capital | 8,180 | 8,180 | 8,180 | 8,180 | 8,180 | S100QFLN, S100T3AF, S100VOUJ, S100XRJK |
| Trade receivables | 23,219 | — | — | — | — | S100QFLN |
| Property, plant and equipment | 3,386 | 3,098 | 3,386 | 3,572 | 4,094 | S100QFLN, S100T3AF, S100VOUJ, S100XRJK |
| Intangible assets excluding goodwill | 5,112 | 5,903 | 5,758 | 14,696 | 13,604 | S100QFLN, S100T3AF, S100VOUJ, S100XRJK |
| Goodwill | — | — | 143 | 5,532 | 4,896 | S100VOUJ, S100XRJK |
| Investment securities | 3,040 | 3,182 | 3,071 | 3,388 | 3,650 | S100QFLN, S100T3AF, S100VOUJ, S100XRJK |
| Current assets | 89,933 | 103,099 | 114,813 | 119,058 | 136,923 | S100QFLN, S100T3AF, S100VOUJ, S100XRJK |
| Current liabilities | 40,476 | 45,687 | 47,622 | 52,544 | 60,949 | S100QFLN, S100T3AF, S100VOUJ, S100XRJK |
| Trade payables | 9,606 | 14,163 | 14,358 | 15,083 | 19,922 | S100QFLN, S100T3AF, S100VOUJ, S100XRJK |
| Total liabilities | 42,716 | 48,021 | 50,362 | 56,137 | 64,896 | S100QFLN, S100T3AF, S100VOUJ, S100XRJK |
| Non-controlling interests | 19 | 32 | — | — | — | S100QFLN, S100T3AF |
| Equity attributable to owners of parent | 64,925 | 73,080 | 81,953 | 89,920 | 98,683 | S100QFLN, S100T3AF, S100VOUJ, S100XRJK |
| Retained earnings | 41,489 | 50,045 | 58,909 | 66,858 | 75,925 | S100QFLN, S100T3AF, S100VOUJ, S100XRJK |
| Treasury stock | -31 | -416 | -406 | -389 | -693 | S100QFLN, S100T3AF, S100VOUJ, S100XRJK |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 42% | S100XRJK |
| Property, plant and equipment | 3% | S100XRJK |
| Intangibles and goodwill | 11% | S100XRJK |
| Investment securities | 2% | S100XRJK |
| Other assets | 42% | S100XRJK |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 12% | S100XRJK |
| Other liabilities | 27% | S100XRJK |
| Equity | 61% | S100XRJK |

### 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 | 108,188 | 121,892 | 133,333 | 147,331 | 165,055 |
| Equity | 65,471 | 73,871 | 82,971 | 91,194 | 100,159 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 49,748 | 53,305 | 57,515 | 61,722 | 69,419 |

## 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) | 2.5% | S100XRJK |
| Fixed assets ÷ total assets | 2.5% | S100XRJK |
| Goodwill ÷ parent equity | 5.0% | S100XRJK |

### 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) | 42.1% |
| Cash ÷ revenue | 42.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 83.3% |
| Cash vs. profit gap | 2,699 JPY mn (of net income 16.5%) |
| Shareholder returns / net income | 48.1% |
| Shareholder returns / FCF | 48.2% |
| Shareholder payments — dividends / net income | 44.6% |
| Shareholder payments — dividends / FCF | 44.7% |
| CapEx intensity (capex ÷ revenue) | 1.7% |
| Investing CF relative to operating CF | 15.5% |

## 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 | 8.0% | 1.04× | 8.3% | 1.67× | 13.8% | S100QFLN |
| 2022 | 9.8% | 1.12× | 11.0% | 1.67× | 18.3% | S100T3AF |
| 2023 | 10.3% | 1.12× | 11.5% | 1.65× | 18.9% | S100VOUJ |
| 2024 | 9.9% | 1.09× | 10.8% | 1.63× | 17.6% | S100XRJK |
| 2025 | 9.9% | 1.06× | 10.5% | 1.66× | 17.4% | S100XRJK |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社電通グループ | Major shareholder | 61.8% | 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 | 5.6% | 2025-12-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 3.1% | 2025-12-31 |
| 電通総研持株会 | Major shareholder | 2.1% | 2025-12-31 |
| UBS AG LONDON A/C IPB SEGREGATED CLIENT ACCOUNT （常任代理人シティバンク、エヌ・エイ東京支店） | Major shareholder | 1.0% | 2025-12-31 |
| GOLDMAN SACHS INTERNATIONAL （常任代理人ゴールドマン・サックス証券株式会社） | Major shareholder | 0.8% | 2025-12-31 |
| NORTHERN TRUST CO.(AVFC) RE FIDELITY FUNDS （常任代理人香港上海銀行東京支店） | Major shareholder | 0.7% | 2025-12-31 |
| BBH FOR UMB BK, NATL ASSOCIATION-GLOBAL ALPHA INTL SMALL CAP FUND LP （常任代理人株式会社三菱ＵＦＪ銀行） | Major shareholder | 0.7% | 2025-12-31 |
| THE BANK OF NEW YORK MELLON 140044 （常任代理人株式会社みずほ銀行決済営業部） | Major shareholder | 0.7% | 2025-12-31 |
| THE BANK OF NEW YORK MELLON 140040 （常任代理人株式会社みずほ銀行決済営業部） | Major shareholder | 0.6% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第51期(2025/01/01－2025/12/31) | S100XRJK | 2026-03-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XRJK,, |
| 訂正有価証券報告書－第50期(2024/01/01－2024/12/31) | S100VOUJ | 2025-04-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VOUJ,, |
| 有価証券報告書－第49期(2023/01/01－2023/12/31) | S100T3AF | 2024-03-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T3AF,, |
| 有価証券報告書－第48期(2022/01/01－2022/12/31) | S100QFLN | 2023-03-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QFLN,, |
| 有価証券報告書－第47期(令和3年1月1日－令和3年12月31日) | S100NPAO | 2022-03-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NPAO,, |
| 訂正有価証券報告書－第46期(令和2年1月1日－令和2年12月31日) | S100L3T5 | 2021-04-01 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L3T5,, |

## 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).