# EXTREME CO.,LTD.: 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21期(2025/04/01－2026/03/31) (S100YF6F)
> Page: https://vizora.meequs.com/en/company/e-xtreme
> Retrieved: 2026-09-30T20:48:31.599Z

## Company

Extreme, founded in 2005, is a company in IT Services & System Integration listed on TSE Growth. It has 828 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | EXTREME CO.,LTD. |
| Ticker | 6033 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6033.T) |
| Listing | TSE Growth |
| Head office | 東京都豊島区西池袋一丁目11番1号 |
| Representative (per filing) | 代表取締役社長CEO 佐藤 昌平 |
| Founded | May 2005 |
| Share capital | ¥425.1M |
| Employees (consolidated) | 828 |
| Average salary (parent only) | ¥5.2M |
| Fiscal year end | March |
| Website | www.e-xtreme.co.jp (https://www.e-xtreme.co.jp/) |
| Corporate number | 6013301021476 |
| EDINET | E31079 |
| Industries (Vizora) | IT Services & System Integration, HR & Staffing, Games |

> Profile source: annual securities report (S100YF6F, filed 2026-06-19). As of filing

## Five-axis industry profile

Primary industry: HR & Staffing (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 58.1 | 68 |
| Profitability | 67.6 | 88 |
| Cash conversion | 15.6 | 80 |
| Efficiency | 49.4 | 88 |

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 60% of Extreme's sales come from Digital human resources business, with Contracted development business and Contents property making up much of the rest.
- Out of every ¥100 of sales, about ¥12 is left as operating profit.
- Revenue changed +4.1% from the prior year, operating profit -5.1%.

## Company structure

- Segment revenue mix: Digital human resources business 60.4%、Contracted development business 31.7%、Contents property 7.8%
- Revenue → net income: ¥11796110000 → ¥1211790000
- Net income → operating cash flow: ¥1211790000 → ¥823526000（difference ¥-388264000）
- Main uses of operating cash flow: CapEx ¥76962000 / dividends ¥229358000 / buybacks —
- Change in cash: ¥489465000
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 | ¥11.8B |  |
| Operating income | ¥1.44B | Margin 12.2% |
| Net income | ¥1.18B | Margin 10.0% |
| Free cash flow | ¥746.6M |  |
| Largest business | Digital human resources business | of segment revenue 60.4% |
| Employees (consolidated) | 828 |  |
| EPS | ¥102.24 |  |
| Diluted EPS | ¥102.16 |  |
| Book value per share | ¥966.5 |  |
| Equity ratio | 72.9% |  |
| Shares outstanding | 5,508,676 |  |
| Treasury shares | 153,900 |  |
| Shareholders | 2,070 |  |
| Average salary (parent only) | ¥5.2M | Filing company only |
| Cash ratio | 48.1% | Cash ÷ revenue 38.5% |
| Vs. industry median margin | +3.3 pp | IT Services & System Integration |
| ROE | 18.9% | Derived from disclosed figures |
| ROA | 13.1% | Derived from disclosed figures |

## Notable figures

- FY2026, cash is 48% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥6230672000 | ¥11796110000 | +89.3% |
| Operating income | ¥703093000 | ¥1439758000 | +104.8% |
| Operating margin | 11.3% | 12.2% | +0.9 pp |
| Employees | 582 people | 828 people | +42.3% |
| Cash and equivalents | ¥1796348000 | ¥4538573000 | +152.7% |

### 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 |
| --- | ---: |
| ソリューション事業 → 事業再編・廃止 | 35.4% |
| デジタル人材事業 → デジタル人材事業 | 35.4% |
| 受託開発事業 → 受託開発事業 | 23.2% |
| コンテンツプロパティ事業 → コンテンツプロパティ事業 | 6.0% |
| 新設・再編 → デジタル人材事業 | 25.0% |
| 新設・再編 → 受託開発事業 | 8.6% |
| 新設・再編 → コンテンツプロパティ事業 | 1.9% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Digital human resources business | 5 years | +15.8% | ¥7129713000 | 13.7% | 2 |
| Contracted development business | 5 years | +10.9% | ¥3742381000 | 23.2% | 2 |
| Contents property | 5 years | +9.9% | ¥924015000 | 49.9% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 11,796 | 100.0% | S100YF6F |
| Cost of revenue | 8,215 | 69.6% | S100YF6F |
| Gross profit | 3,581 | 30.4% | S100YF6F |
| SG&A | 2,142 | 18.2% | S100YF6F |
| Operating income | 1,440 | 12.2% | S100YF6F |
| Ordinary income | 1,669 | 14.1% | S100YF6F |
| Pretax income | 1,669 | 14.1% | S100YF6F |
| Income tax | 457 | 3.9% | S100YF6F |
| Net income | 1,212 | 10.3% | S100YF6F |
| Net income attributable to owners | 1,178 | 10.0% | S100YF6F |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 70 |
| SG&A | 18 |
| Operating income | 12 |
| (Ref.) Net income | 10 |

### Margin funnel

Gross margin 30.4% → Operating margin 12.2% → Net margin 10.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +4.1%; Core profit growth: -5.1%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -1.27×
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 | 11,336 | 11,796 | 460 | +4.1% |
| Gross profit | 3,536 | 3,581 | 45 | +1.3% |
| Operating income | 1,518 | 1,440 | -78 | -5.1% |
| Net income attributable to owners | 1,130 | 1,178 | 47 | +4.2% |
| Operating cash flow | 1,532 | 824 | -709 | -46.2% |
| Free cash flow | 1,367 | 747 | -621 | -45.4% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 7,161 | 1,379 | 19.3% | 967 | 1,084 | 1,009 | S100LQJZ |
| FY ending Mar 2021 | 6,231 | 703 | 11.3% | 492 | 846 | 816 | S100OO3G |
| FY ending Mar 2022 | 7,232 | 592 | 8.2% | 453 | 450 | 400 | S100RU3Q |
| FY ending Mar 2023 | 8,816 | 1,024 | 11.6% | 814 | 1,007 | 985 | S100TWRL |
| FY ending Mar 2024 | 10,217 | 1,097 | 10.7% | 1,034 | 762 | 671 | S100W0OV |
| FY ending Mar 2025 | 11,336 | 1,518 | 13.4% | 1,130 | 1,532 | 1,367 | S100YF6F |
| FY ending Mar 2026 | 11,796 | 1,440 | 12.2% | 1,178 | 824 | 747 | S100YF6F |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥14.2M |
| Operating income per employee (consolidated) | ¥1.7M |
| Net income per employee (consolidated) | ¥1.4M |

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) | 582 | 676 | 727 | 695 | 828 |
| Average salary (parent company) | ¥4.5M | ¥4.8M | ¥4.8M | ¥4.9M | ¥5.2M |
| Average age (parent company) | 34.6 years | 35.2 years | 34.9 years | 35.4 years | 36.3 years |
| Average tenure (parent company) | 4.3 years | 4.5 years | 4.5 years | 4.5 years | 4.1 years |

Year over year: Employees (consolidated) +19.1% · Revenue (consolidated) +4.1%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Digital human resources business | 7,130 | 60.4% | 974 | 13.7% |
| Contracted development business | 3,742 | 31.7% | 870 | 23.2% |
| Contents property | 924 | 7.8% | 461 | 49.9% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Digital human resources business | 60.4% | 42.3% | -18.2 | 13.7% |
| Contracted development business | 31.7% | 37.7% | 6.0 | 23.2% |
| Contents property | 7.8% | 20.0% | 12.2 | 49.9% |

Segment → industry: Contracted development business → IT Services & System Integration / Digital human resources business → IT Services & System Integration / Digital human resources business → HR & Staffing / Contents property → Games

## 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 | 824 | 7.0% | S100YF6F |
| Capital expenditure | 77 | 0.7% | S100YF6F |
| Free cash flow | 747 | 6.3% | 算出 |
| Investing cash flow | -216 | -1.8% | S100YF6F |
| Financing cash flow | -272 | -2.3% | S100YF6F |
| Dividends paid | 229 | 1.9% | S100YF6F |
| Change in cash | 489 | 4.1% | S100YF6F |
| Cash and equivalents | 4,539 | 38.5% | S100YF6F |

## 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 | 1,731 | 2,347 | 3,532 | 4,049 | 4,539 | S100TWRL, S100W0OV, S100YF6F |
| Total assets | 5,031 | 7,119 | 8,488 | 8,580 | 9,441 | S100RU3Q, S100TWRL, S100W0OV, S100YF6F |
| Net assets | 3,824 | 4,825 | 5,821 | 6,209 | 7,235 | S100TWRL, S100W0OV, S100YF6F |
| Share capital | 419 | 419 | 419 | 424 | 425 | S100RU3Q, S100TWRL, S100W0OV, S100YF6F |
| Property, plant and equipment | 47 | 76 | 85 | 140 | 137 | S100RU3Q, S100TWRL, S100W0OV, S100YF6F |
| Intangible assets excluding goodwill | 92 | 274 | 258 | 196 | 182 | S100RU3Q, S100TWRL, S100W0OV, S100YF6F |
| Goodwill | — | 219 | 185 | 152 | 119 | S100TWRL, S100W0OV, S100YF6F |
| Investment securities | 1,436 | 1,287 | 1,357 | 1,499 | 1,569 | S100RU3Q, S100TWRL, S100W0OV, S100YF6F |
| Current assets | 3,060 | 5,012 | 6,244 | 6,393 | 6,260 | S100RU3Q, S100TWRL, S100W0OV, S100YF6F |
| Current liabilities | 1,140 | 2,218 | 2,623 | 2,358 | 2,192 | S100RU3Q, S100TWRL, S100W0OV, S100YF6F |
| Short-term borrowings | 100 | 650 | 850 | 650 | 650 | S100RU3Q, S100TWRL, S100W0OV, S100YF6F |
| Long-term borrowings | 67 | 38 | 10 | — | — | S100RU3Q, S100TWRL, S100W0OV |
| Bonds | — | 15 | 5 | — | — | S100TWRL, S100W0OV |
| Interest-bearing debt | — | 703 | 865 | — | — | 算出 |
| Total liabilities | 1,207 | 2,293 | 2,666 | 2,371 | 2,206 | S100RU3Q, S100TWRL, S100W0OV, S100YF6F |
| Non-controlling interests | 281 | 583 | 581 | 334 | 336 | S100RU3Q, S100TWRL, S100W0OV, S100YF6F |
| Equity attributable to owners of parent | 3,503 | 4,225 | 5,094 | 5,760 | 6,717 | S100RU3Q, S100TWRL, S100W0OV, S100YF6F |
| Retained earnings | 2,672 | 3,393 | 4,262 | 5,118 | 6,071 | S100RU3Q, S100TWRL, S100W0OV, S100YF6F |
| Treasury stock | -1 | -1 | -1 | -201 | -201 | S100RU3Q, S100TWRL, S100W0OV, S100YF6F |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 48% | S100YF6F |
| Property, plant and equipment | 1% | S100YF6F |
| Intangibles and goodwill | 3% | S100YF6F |
| Investment securities | 17% | S100YF6F |
| Other assets | 31% | S100YF6F |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 23% | S100YF6F |
| Equity | 77% | S100YF6F |

### 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 | 5,031 | 7,119 | 8,488 | 8,580 | 9,441 |
| Equity | 3,824 | 4,825 | 5,821 | 6,209 | 7,235 |
| Interest-bearing debt | — | 703 | 865 | — | — |
| Cash | 1,731 | 2,347 | 3,532 | 4,049 | 4,539 |

## 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) | 1.2% | S100YF6F |
| Fixed assets ÷ total assets | 1.4% | S100YF6F |
| Goodwill ÷ parent equity | 1.8% | S100YF6F |

### 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) | 48.1% |
| Cash ÷ revenue | 38.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 57.2% |
| Cash vs. profit gap | -354 JPY mn (of net income -30.1%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 19.5% |
| Shareholder payments — dividends / FCF | 30.7% |
| CapEx intensity (capex ÷ revenue) | 0.7% |
| Investing CF relative to operating CF | 26.3% |

## 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 | 6.3% | 1.44× | 9.0% | 1.44× | 12.9% | S100RU3Q |
| 2023 | 9.2% | 1.45× | 13.4% | 1.57× | 21.1% | S100TWRL |
| 2024 | 10.1% | 1.31× | 13.3% | 1.67× | 22.2% | S100W0OV |
| 2025 | 10.0% | 1.33× | 13.2% | 1.57× | 20.8% | S100YF6F |
| 2026 | 10.0% | 1.31× | 13.1% | 1.44× | 18.9% | S100YF6F |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 佐藤 昌平 | Major shareholder | 46.3% | 2026-03-31 |
| 山下 良久 | Major shareholder | 3.0% | 2026-03-31 |
| 泉 裕治 | Major shareholder | 2.1% | 2026-03-31 |
| 西村 裕二 | Major shareholder | 1.8% | 2026-03-31 |
| 長岡 裕二 | Major shareholder | 1.8% | 2026-03-31 |
| 上田八木短資株式会社 | Major shareholder | 1.7% | 2026-03-31 |
| ＪＰＭＳＬＬＣ ＣＬＩＥＮＴ ＡＳＳＥＴＳ ＳＫ ＪＰＹ （常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 1.6% | 2026-03-31 |
| ＭＳＩＰ ＣＬＩＥＮＴ ＳＥＣＵＲＩＴＩＥＳ （常任代理人 モルガン・スタンレーＭＵＦＧ証券株式会社） | Major shareholder | 1.5% | 2026-03-31 |
| 由佐 秀一郎 | Major shareholder | 1.3% | 2026-03-31 |
| 泉 有希子 | Major shareholder | 1.3% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第21期(2025/04/01－2026/03/31) | S100YF6F | 2026-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YF6F,, |
| 有価証券報告書－第20期(2024/04/01－2025/03/31) | S100W0OV | 2025-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W0OV,, |
| 有価証券報告書－第19期(2023/04/01－2024/03/31) | S100TWRL | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TWRL,, |
| 訂正有価証券報告書－第18期(2022/04/01－2023/03/31) | S100RU3Q | 2023-09-12 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RU3Q,, |
| 訂正有価証券報告書－第17期(令和3年4月1日－令和4年3月31日) | S100OO3G | 2022-07-05 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OO3G,, |
| 有価証券報告書－第16期(令和2年4月1日－令和3年3月31日) | S100LQJZ | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LQJZ,, |

## 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).