# D.I.System Co., Ltd.: business model and financials

> Latest period: FY ending Sep 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第29期(2024/10/01－2025/09/30) (S100XCIO)
> Page: https://vizora.meequs.com/en/company/di-system-ir
> Retrieved: 2026-09-30T21:38:45.574Z

## Company

D.I.System, founded in 1997, is a company in Cybersecurity listed on TSE Standard. It has 739 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | D.I.System Co., Ltd. |
| Ticker | 4421 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4421.T) |
| Listing | TSE Standard |
| Head office | 東京都千代田区丸の内二丁目1番1号 |
| Representative (per filing) | 代表取締役社長 富田 健太郎 |
| Founded | Nov 1997 |
| Share capital | ¥291.5M |
| Employees (consolidated) | 739 |
| Average salary (parent only) | ¥4.5M |
| Fiscal year end | September |
| Website | di-system-ir.co.jp (https://di-system-ir.co.jp/) |
| Corporate number | 3010401052264 |
| EDINET | E34335 |
| Industries (Vizora) | Cybersecurity, IT Services & System Integration, Education |

> Profile source: annual securities report (S100XCIO, filed 2025-12-23). As of filing

## Five-axis industry profile

Primary industry: IT Services & System Integration (2025-09-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 67.8 | 157 |
| Profitability | 21.7 | 196 |
| Cash conversion | 53.8 | 185 |
| Efficiency | 96.7 | 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 89% of D.I.System's sales come from System integration business, with Education and Security solution business making up much of the rest.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed +5.7% from the prior year, operating profit +3.7%.

## Company structure

- Segment revenue mix: System integration business 89.5%、Education and Security solution business 10.5%
- Revenue → net income: ¥7222984000 → ¥256229000
- Net income → operating cash flow: ¥256229000 → ¥299039000（difference ¥42810000）
- Main uses of operating cash flow: CapEx ¥186548000 / dividends ¥72505000 / buybacks —
- Change in cash: ¥-48960000
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 | ¥7.22B |  |
| Operating income | ¥357M | Margin 4.9% |
| Net income | ¥256.2M | Margin 3.5% |
| Free cash flow | ¥112.5M |  |
| Largest business | System integration business | of segment revenue 89.5% |
| Employees (consolidated) | 739 |  |
| EPS | ¥73.52 |  |
| Diluted EPS | ¥73.37 |  |
| Book value per share | ¥502.38 |  |
| Equity ratio | 52.6% |  |
| Shares outstanding | 3,059,000 |  |
| Treasury shares | 150,300 |  |
| Shareholders | 3,159 |  |
| Average salary (parent only) | ¥4.5M | Filing company only |
| Cash ratio | 32.9% | Cash ÷ revenue 14.2% |
| Vs. industry median margin | -4 pp | IT Services & System Integration |
| ROE | 16.9% | Derived from disclosed figures |
| ROA | 8.5% | Derived from disclosed figures |

## Notable figures

- FY2025, cash is 33% of total assets

## What changed in 5 years

| Metric | FY ending Sep 2020 | FY ending Sep 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥4283297000 | ¥7222984000 | +68.6% |
| Operating income | ¥106774000 | ¥356984000 | +234.3% |
| Operating margin | 2.5% | 4.9% | +2.4 pp |
| Employees | 515 people | 739 people | +43.5% |
| Cash and equivalents | ¥736470000 | ¥1023623000 | +39.0% |

### Change in segment revenue mix

Span: FY ending Sep 2020 → FY ending Sep 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| システムインテグレーション事業 → システムインテグレーション事業 | 89.5% |
| システムインテグレーション事業 → 事業再編・廃止 | 5.6% |
| 教育サービス事業 → 事業再編・廃止 | 5.0% |
| 新設・再編 → 教育サービス・セキュリティソリューション事業 | 10.5% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 7,223 | 100.0% | S100XCIO |
| Cost of revenue | 5,751 | 79.6% | S100XCIO |
| Gross profit | 1,472 | 20.4% | S100XCIO |
| SG&A | 1,115 | 15.4% | S100XCIO |
| Operating income | 357 | 4.9% | S100XCIO |
| Ordinary income | 360 | 5.0% | S100XCIO |
| Pretax income | 360 | 5.0% | S100XCIO |
| Income tax | 104 | 1.4% | S100XCIO |
| Net income | 256 | 3.5% | S100XCIO |
| Net income attributable to owners | 256 | 3.5% | S100XCIO |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 80 |
| SG&A | 15 |
| Operating income | 5 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 20.4% → Operating margin 4.9% → Net margin 3.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +5.7%; Core profit growth: +3.7%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.64×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 6,831 | 7,223 | 392 | +5.7% |
| Gross profit | 1,338 | 1,472 | 134 | +10.0% |
| Operating income | 344 | 357 | 13 | +3.7% |
| Net income attributable to owners | 242 | 256 | 14 | +6.0% |
| Operating cash flow | 174 | 299 | 125 | +72.1% |
| Free cash flow | 115 | 112 | -3 | -2.6% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Sep 2019 | 3,856 | 237 | 6.1% | 155 | 26 | -30 | S100KFLV |
| FY ending Sep 2020 | 4,283 | 107 | 2.5% | 78 | 309 | 210 | S100N3ZB |
| FY ending Sep 2021 | 4,656 | 205 | 4.4% | 149 | 192 | 172 | S100PUR8 |
| FY ending Sep 2022 | 5,498 | 287 | 5.2% | 195 | 190 | 186 | S100SIBE |
| FY ending Sep 2023 | 6,241 | 341 | 5.5% | 241 | 324 | 314 | S100V0LV |
| FY ending Sep 2024 | 6,831 | 344 | 5.0% | 242 | 174 | 115 | S100XCIO |
| FY ending Sep 2025 | 7,223 | 357 | 4.9% | 256 | 299 | 112 | S100XCIO |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥9.8M |
| Operating income per employee (consolidated) | ¥483.1K |
| Net income per employee (consolidated) | ¥346.7K |

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

| History | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 555 | 622 | 706 | 735 | 739 |
| Average salary (parent company) | ¥4.4M | ¥4.5M | ¥4.4M | ¥4.4M | ¥4.5M |
| Average age (parent company) | 29.8 years | 29.7 years | 29.7 years | 29.9 years | 30.4 years |
| Average tenure (parent company) | 5.3 years | 5.4 years | 5.4 years | 5.7 years | 6.2 years |

Year over year: Employees (consolidated) +0.5% · Revenue (consolidated) +5.7%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| System integration business | 6,463 | 89.5% | — | — |
| Education and Security solution business | 760 | 10.5% | — | — |

### 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 |
| --- | ---: |
| System integration business | 89.5% |
| Education and Security solution business | 10.5% |

Segment → industry: Education and Security solution business → Cybersecurity / System integration business → IT Services & System Integration / Education and Security solution business → Education

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 299 | 4.1% | S100XCIO |
| Capital expenditure | 187 | 2.6% | S100XCIO |
| Free cash flow | 112 | 1.6% | 算出 |
| Investing cash flow | -217 | -3.0% | S100XCIO |
| Financing cash flow | -131 | -1.8% | S100XCIO |
| Dividends paid | 73 | 1.0% | S100XCIO |
| Change in cash | -49 | -0.7% | S100XCIO |
| Cash and equivalents | 1,024 | 14.2% | S100XCIO |

## 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 Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 888 | 901 | 1,104 | 1,073 | 1,024 | S100SIBE, S100V0LV, S100XCIO |
| Total assets | 2,064 | 2,459 | 2,773 | 2,892 | 3,108 | S100PUR8, S100SIBE, S100V0LV, S100XCIO |
| Net assets | 1,062 | 1,056 | 1,261 | 1,438 | 1,636 | S100SIBE, S100V0LV, S100XCIO |
| Share capital | 291 | 291 | 291 | 291 | 292 | S100PUR8, S100SIBE, S100V0LV, S100XCIO |
| Property, plant and equipment | 152 | 145 | 131 | 141 | 204 | S100PUR8, S100SIBE, S100V0LV, S100XCIO |
| Intangible assets excluding goodwill | 45 | 262 | 229 | 215 | 263 | S100PUR8, S100SIBE, S100V0LV, S100XCIO |
| Goodwill | — | 227 | 203 | 180 | 156 | S100SIBE, S100V0LV, S100XCIO |
| Current assets | 1,560 | 1,701 | 2,057 | 2,157 | 2,211 | S100PUR8, S100SIBE, S100V0LV, S100XCIO |
| Current liabilities | 774 | 1,066 | 1,217 | 1,187 | 1,185 | S100PUR8, S100SIBE, S100V0LV, S100XCIO |
| Long-term borrowings | — | 125 | 58 | — | — | S100SIBE, S100V0LV |
| Total liabilities | 1,002 | 1,403 | 1,513 | 1,454 | 1,472 | S100PUR8, S100SIBE, S100V0LV, S100XCIO |
| Non-controlling interests | 37 | — | — | — | — | S100PUR8 |
| Equity attributable to owners of parent | 1,028 | 1,050 | 1,248 | 1,426 | 1,610 | S100PUR8, S100SIBE, S100V0LV, S100XCIO |
| Retained earnings | 522 | 679 | 876 | 1,054 | 1,238 | S100PUR8, S100SIBE, S100V0LV, S100XCIO |
| Treasury stock | -0 | -135 | -135 | -135 | -135 | S100PUR8, S100SIBE, S100V0LV, S100XCIO |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 33% | S100XCIO |
| Property, plant and equipment | 7% | S100XCIO |
| Intangibles and goodwill | 13% | S100XCIO |
| Other assets | 47% | S100XCIO |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 47% | S100XCIO |
| Equity | 53% | S100XCIO |

### Balance sheet history

| Metric | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 2,064 | 2,459 | 2,773 | 2,892 | 3,108 |
| Equity | 1,062 | 1,056 | 1,261 | 1,438 | 1,636 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 888 | 901 | 1,104 | 1,073 | 1,024 |

## 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) | 2.8% | S100XCIO |
| Fixed assets ÷ total assets | 6.6% | S100XCIO |
| Goodwill ÷ parent equity | 9.7% | S100XCIO |

### 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) | 32.9% |
| Cash ÷ revenue | 14.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 83.8% |
| Cash vs. profit gap | 43 JPY mn (of net income 16.7%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 28.3% |
| Shareholder payments — dividends / FCF | 64.5% |
| CapEx intensity (capex ÷ revenue) | 2.6% |
| Investing CF relative to operating CF | 72.7% |

## 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 | 3.2% | 2.26× | 7.2% | 2.01× | 14.5% | S100PUR8 |
| 2022 | 3.5% | 2.43× | 8.6% | 2.18× | 18.8% | S100SIBE |
| 2023 | 3.9% | 2.39× | 9.2% | 2.28× | 21.0% | S100V0LV |
| 2024 | 3.5% | 2.41× | 8.5% | 2.12× | 18.1% | S100XCIO |
| 2025 | 3.5% | 2.41× | 8.5% | 1.98× | 16.9% | S100XCIO |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社ＮＡＭ | Major shareholder | 35.3% | 2025-09-30 |
| 吉原 孝行 | Major shareholder | 4.6% | 2025-09-30 |
| ディ・アイ・システム社員持株会 | Major shareholder | 4.5% | 2025-09-30 |
| 長田 光博 | Major shareholder | 3.1% | 2025-09-30 |
| 長田 亜沙子 | Major shareholder | 3.0% | 2025-09-30 |
| 仲 麻衣子 | Major shareholder | 3.0% | 2025-09-30 |
| 長田 明子 | Major shareholder | 2.8% | 2025-09-30 |
| 関亦 在明 | Major shareholder | 2.6% | 2025-09-30 |
| 富田 健太郎 | Major shareholder | 2.6% | 2025-09-30 |
| 植田 貴久 | Major shareholder | 1.8% | 2025-09-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第29期(2024/10/01－2025/09/30) | S100XCIO | 2025-12-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XCIO,, |
| 有価証券報告書－第28期(2023/10/01－2024/09/30) | S100V0LV | 2024-12-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100V0LV,, |
| 有価証券報告書－第27期(2022/10/01－2023/09/30) | S100SIBE | 2023-12-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SIBE,, |
| 有価証券報告書－第26期(令和3年10月1日－令和4年9月30日) | S100PUR8 | 2022-12-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PUR8,, |
| 有価証券報告書－第25期(令和2年10月1日－令和3年9月30日) | S100N3ZB | 2021-12-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100N3ZB,, |
| 有価証券報告書－第24期(令和1年10月1日－令和2年9月30日) | S100KFLV | 2020-12-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KFLV,, |

## 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).