# DTS CORPORATION: 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54期(2025/04/01－2026/03/31) (S100YCT4)
> Page: https://vizora.meequs.com/en/company/dts
> Retrieved: 2026-09-30T18:34:40.657Z

## Company

DTS, founded in 1972, is a company in IT Services & System Integration listed on TSE Prime. It has 6,135 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | DTS CORPORATION |
| Ticker | 9682 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9682.T) |
| Listing | TSE Prime |
| Head office | 東京都中央区八丁堀二丁目23番1号 |
| Representative (per filing) | 代表取締役社長 北村 友朗 |
| Founded | Aug 1972 |
| Share capital | ¥6.11B |
| Employees (consolidated) | 6,135 |
| Average salary (parent only) | ¥6.6M |
| Fiscal year end | March |
| Corporate number | 9010401018458 |
| EDINET | E04861 |
| Industries (Vizora) | IT Services & System Integration |

> Profile source: annual securities report (S100YCT4, filed 2026-06-17). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 52.5 | 157 |
| Profitability | 76.3 | 196 |
| Cash conversion | 21.9 | 185 |
| Efficiency | 75.3 | 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 39% of DTS's sales come from Business and solutions, with Technology and solutions and Platforms and services making up much of the rest.
- Out of every ¥100 of sales, about ¥12 is left as operating profit.
- Revenue changed +7.4% from the prior year, operating profit +13.4%.

## Company structure

- Segment revenue mix: Business and solutions 39.1%、Technology and solutions 34.0%、Platforms and services 26.9%
- Revenue → net income: ¥135213000000 → ¥11712000000
- Net income → operating cash flow: ¥11712000000 → ¥8929000000（difference ¥-2783000000）
- Main uses of operating cash flow: CapEx ¥793000000 / dividends ¥5483000000 / buybacks ¥2503000000
- Change in cash: ¥975000000
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 | ¥135.2B |  |
| Operating income | ¥16.4B | Margin 12.2% |
| Net income | ¥11.6B | Margin 8.6% |
| Free cash flow | ¥8.14B |  |
| Largest business | Business and solutions | of segment revenue 39.1% |
| Employees (consolidated) | 6,135 |  |
| EPS | ¥62.24 |  |
| Book value per share | ¥336.82 |  |
| Equity ratio | 74.5% |  |
| Shares outstanding | 163,954,928 |  |
| Treasury shares | 4,614,800 |  |
| Shareholders | 5,715 |  |
| Average salary (parent only) | ¥6.6M | Filing company only |
| Cash ratio | 34.5% | Cash ÷ revenue 21.7% |
| Vs. industry median margin | +3.2 pp | IT Services & System Integration |
| ROE | 20.4% | Derived from disclosed figures |
| ROA | 14.1% | Derived from disclosed figures |

## Notable figures

- FY2026, cash is 34% of total assets
- FY2026, employees -1% while operating income rose 13%

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥90493206000 | ¥135213000000 | +49.4% |
| Operating income | ¥10817063000 | ¥16434000000 | +51.9% |
| Operating margin | 12.0% | 12.2% | +0.2 pp |
| Employees | 5,792 people | 6,135 people | +5.9% |
| Cash and equivalents | ¥43327000000 | ¥29381000000 | -32.2% |

### 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 |
| --- | ---: |
| 金融社会 → 事業再編・廃止 | 31.4% |
| 法人ソリューション → 事業再編・廃止 | 29.1% |
| 運用基盤ＢＰＯ → 事業再編・廃止 | 27.9% |
| 地域・海外等 → 事業再編・廃止 | 11.5% |
| 新設・再編 → 業務＆ソリューション | 39.1% |
| 新設・再編 → テクノロジー＆ソリューション | 34.0% |
| 新設・再編 → プラットフォーム＆サービス | 26.9% |

Segment revenue source references: 7 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Business and solutions | 3 years | +9.1% | ¥52810000000 | 14.2% | 2 |
| Technology and solutions | 3 years | +10.2% | ¥45998000000 | 11.9% | 2 |
| Platforms and services | 3 years | +5.4% | ¥36405000000 | 9.5% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 135,213 | 100.0% | S100YCT4 |
| Cost of revenue | 105,537 | 78.1% | S100YCT4 |
| Gross profit | 29,676 | 21.9% | S100YCT4 |
| SG&A | 13,241 | 9.8% | S100YCT4 |
| Operating income | 16,434 | 12.2% | S100YCT4 |
| Ordinary income | 16,940 | 12.5% | S100YCT4 |
| Pretax income | 16,885 | 12.5% | S100YCT4 |
| Income tax | 5,172 | 3.8% | S100YCT4 |
| Net income | 11,712 | 8.7% | S100YCT4 |
| Net income attributable to owners | 11,644 | 8.6% | S100YCT4 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 78 |
| SG&A | 10 |
| Operating income | 12 |
| (Ref.) Net income | 9 |

### Margin funnel

Gross margin 21.9% → Operating margin 12.2% → Net margin 8.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +7.4%; Core profit growth: +13.4%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.82×
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 | 125,908 | 135,213 | 9,305 | +7.4% |
| Gross profit | 28,370 | 29,676 | 1,306 | +4.6% |
| Operating income | 14,489 | 16,434 | 1,945 | +13.4% |
| Net income attributable to owners | 10,635 | 11,644 | 1,009 | +9.5% |
| Operating cash flow | 9,181 | 8,929 | -252 | -2.7% |
| Free cash flow | 8,152 | 8,136 | -16 | -0.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 94,619 | 10,674 | 11.3% | 7,318 | 7,551 | 6,783 | S100LNJ5 |
| FY ending Mar 2021 | 90,493 | 10,817 | 12.0% | 7,594 | 9,367 | 9,048 | S100OBQN |
| FY ending Mar 2022 | 94,452 | 11,196 | 11.9% | 7,853 | 7,589 | 7,299 | S100R1K4 |
| FY ending Mar 2023 | 106,132 | 11,694 | 11.0% | 8,001 | 7,642 | 6,993 | S100UCTW |
| FY ending Mar 2024 | 115,727 | 12,508 | 10.8% | 7,293 | 10,410 | 9,705 | S100W4BF |
| FY ending Mar 2025 | 125,908 | 14,489 | 11.5% | 10,635 | 9,181 | 8,152 | S100YCT4 |
| FY ending Mar 2026 | 135,213 | 16,434 | 12.2% | 11,644 | 8,929 | 8,136 | S100YCT4 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥22M |
| Operating income per employee (consolidated) | ¥2.7M |
| Net income per employee (consolidated) | ¥1.9M |

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) | 5,604 | 5,703 | 6,157 | 6,188 | 6,135 |
| Average salary (parent company) | ¥6M | ¥6M | ¥6.1M | ¥6.4M | ¥6.6M |
| Average age (parent company) | 39.8 years | 39.6 years | 39.8 years | 39.6 years | 39.7 years |
| Average tenure (parent company) | 14.9 years | 14.9 years | 15.0 years | 15.0 years | 15.1 years |

Year over year: Employees (consolidated) -0.9% · Revenue (consolidated) +7.4%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Business and solutions | 52,810 | 39.1% | 7,507 | 14.2% |
| Technology and solutions | 45,998 | 34.0% | 5,478 | 11.9% |
| Platforms and services | 36,405 | 26.9% | 3,442 | 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 |
| --- | ---: | ---: | ---: | ---: |
| Business and solutions | 39.1% | 45.7% | 6.6 | 14.2% |
| Technology and solutions | 34.0% | 33.3% | -0.7 | 11.9% |
| Platforms and services | 26.9% | 21.0% | -6.0 | 9.5% |

Segment → industry: Platforms and services → IT Services & System Integration / Technology and solutions → IT Services & System Integration / Business and solutions → 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 | 8,929 | 6.6% | S100YCT4 |
| Capital expenditure | 793 | 0.6% | S100YCT4 |
| Free cash flow | 8,136 | 6.0% | 算出 |
| Investing cash flow | 92 | 0.1% | S100YCT4 |
| Financing cash flow | -8,089 | -6.0% | S100YCT4 |
| Dividends paid | 5,483 | 4.1% | S100YCT4 |
| Share buyback | 2,503 | 1.9% | S100YCT4 |
| Change in cash | 975 | 0.7% | S100YCT4 |
| Cash and equivalents | 29,381 | 21.7% | S100YCT4 |

## 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 | 45,817 | 43,364 | 37,557 | 28,405 | 29,381 | S100UCTW, S100W4BF, S100YCT4 |
| Total assets | 79,116 | 80,676 | 84,882 | 80,387 | 85,248 | S100R1K4, S100UCTW, S100W4BF, S100YCT4 |
| Net assets | 62,133 | 62,376 | 63,402 | 59,344 | 64,691 | S100UCTW, S100W4BF, S100YCT4 |
| Share capital | 6,113 | 6,113 | 6,113 | 6,113 | 6,113 | S100R1K4, S100UCTW, S100W4BF, S100YCT4 |
| Property, plant and equipment | 3,669 | 3,567 | 4,358 | 4,335 | 4,642 | S100R1K4, S100UCTW, S100W4BF, S100YCT4 |
| Intangible assets excluding goodwill | 876 | 2,010 | 6,315 | 5,900 | 5,482 | S100R1K4, S100UCTW, S100W4BF, S100YCT4 |
| Goodwill | 209 | 1,277 | 5,540 | 4,988 | 4,578 | S100R1K4, S100UCTW, S100W4BF, S100YCT4 |
| Investment securities | 4,614 | 4,427 | 5,707 | 7,447 | 8,707 | S100R1K4, S100UCTW, S100W4BF, S100YCT4 |
| Current assets | 67,044 | 67,591 | 64,019 | 57,798 | 61,422 | S100R1K4, S100UCTW, S100W4BF, S100YCT4 |
| Current liabilities | 15,888 | 17,646 | 20,199 | 20,445 | 19,634 | S100R1K4, S100UCTW, S100W4BF, S100YCT4 |
| Total liabilities | 16,982 | 18,299 | 21,479 | 21,042 | 20,556 | S100R1K4, S100UCTW, S100W4BF, S100YCT4 |
| Non-controlling interests | 115 | 956 | 1,132 | 1,283 | 1,178 | S100R1K4, S100UCTW, S100W4BF, S100YCT4 |
| Equity attributable to owners of parent | 61,181 | 60,148 | 59,973 | 55,255 | 59,133 | S100R1K4, S100UCTW, S100W4BF, S100YCT4 |
| Retained earnings | 55,418 | 56,577 | 57,396 | 48,562 | 52,674 | S100R1K4, S100UCTW, S100W4BF, S100YCT4 |
| Treasury stock | -5,342 | -7,534 | -8,527 | -4,412 | -4,645 | S100R1K4, S100UCTW, S100W4BF, S100YCT4 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 35% | S100YCT4 |
| Property, plant and equipment | 5% | S100YCT4 |
| Intangibles and goodwill | 12% | S100YCT4 |
| Investment securities | 10% | S100YCT4 |
| Other assets | 38% | S100YCT4 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 24% | S100YCT4 |
| Equity | 76% | S100YCT4 |
| Other liabilities | 0% | S100YCT4 |

### 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 | 79,116 | 80,676 | 84,882 | 80,387 | 85,248 |
| Equity | 62,133 | 62,376 | 63,402 | 59,344 | 64,691 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 45,817 | 43,364 | 37,557 | 28,405 | 29,381 |

## 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) | 3.4% | S100YCT4 |
| Fixed assets ÷ total assets | 5.4% | S100YCT4 |
| Goodwill ÷ parent equity | 7.7% | S100YCT4 |

Goodwill over 4 years: 209 → 4,578 JPY; total investing cash flow: -11,816 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) | 34.5% |
| Cash ÷ revenue | 21.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 54.3% |
| Cash vs. profit gap | -2,715 JPY mn (of net income -23.3%) |
| Shareholder returns / net income | 68.6% |
| Shareholder returns / FCF | 98.2% |
| Shareholder payments — dividends / net income | 47.1% |
| Shareholder payments — dividends / FCF | 67.4% |
| CapEx intensity (capex ÷ revenue) | 0.6% |
| Investing CF relative to operating CF | 1.0% |

## 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 | 8.3% | 1.19× | 9.9% | 1.29× | 12.8% | S100R1K4 |
| 2023 | 7.5% | 1.33× | 10.0% | 1.32× | 13.2% | S100UCTW |
| 2024 | 6.3% | 1.40× | 8.8% | 1.38× | 12.1% | S100W4BF |
| 2025 | 8.4% | 1.52× | 12.9% | 1.43× | 18.5% | S100YCT4 |
| 2026 | 8.6% | 1.63× | 14.1% | 1.45× | 20.4% | S100YCT4 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行株式会社(信託口) | Major shareholder | 14.9% | 2026-03-31 |
| ＤＴＳグループ社員持株会 | Major shareholder | 7.4% | 2026-03-31 |
| ステート ストリート バンク アンド トラスト クライアント オムニバス アカウント オーエムゼロツー ５０５００２(常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 5.8% | 2026-03-31 |
| 株式会社日本カストディ銀行(信託口) | Major shareholder | 4.4% | 2026-03-31 |
| 株式会社ＮＴＣ | Major shareholder | 2.9% | 2026-03-31 |
| ステート ストリート バンク アンド トラスト カンパニー ５０５００１(常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 2.8% | 2026-03-31 |
| ザ バンク オブ ニューヨーク メロン １４００４４(常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 2.6% | 2026-03-31 |
| 小崎 智富 | Major shareholder | 2.0% | 2026-03-31 |
| 株式会社ＮＴＴデータ | Major shareholder | 1.9% | 2026-03-31 |
| ザ チェース マンハッタン バンク エヌエイ ロンドン エスエル オムニバスアカウント(常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 1.8% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第54期(2025/04/01－2026/03/31) | S100YCT4 | 2026-06-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YCT4,, |
| 有価証券報告書－第53期(2024/04/01－2025/03/31) | S100W4BF | 2025-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W4BF,, |
| 訂正有価証券報告書－第52期(2023/04/01－2024/03/31) | S100UCTW | 2024-09-13 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UCTW,, |
| 有価証券報告書－第51期(2022/04/01－2023/03/31) | S100R1K4 | 2023-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R1K4,, |
| 有価証券報告書－第50期(令和3年4月1日－令和4年3月31日) | S100OBQN | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OBQN,, |
| 有価証券報告書－第49期(令和2年4月1日－令和3年3月31日) | S100LNJ5 | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LNJ5,, |

## 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).