# eBASE 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25期(2025/04/01－2026/03/31) (S100YEPQ)
> Page: https://vizora.meequs.com/en/company/ebase
> Retrieved: 2026-09-30T18:18:13.302Z

## Company

eBASE, founded in 2001, is a company in IT Services & System Integration listed on TSE Prime. It has 480 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | eBASE Co.,Ltd. |
| Ticker | 3835 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3835.T) |
| Listing | TSE Prime |
| Head office | 大阪市北区豊崎五丁目4番9号 |
| Representative (per filing) | 代表取締役社長 岩田 貴夫 |
| Founded | Oct 2001 |
| Share capital | ¥190.3M |
| Employees (consolidated) | 480 |
| Average salary (parent only) | ¥5.7M |
| Fiscal year end | March |
| Website | www.ebase.co.jp (https://www.ebase.co.jp/) |
| Corporate number | 9120001099805 |
| EDINET | E05659 |
| Industries (Vizora) | IT Services & System Integration, Software & SaaS |

> Profile source: annual securities report (S100YEPQ, filed 2026-06-19). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 20.7 | 157 |
| Profitability | 97.7 | 196 |
| Cash conversion | 37.6 | 185 |
| Efficiency | 5.9 | 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 51% of eBASE's sales come from eBASE-PLUS, with eBASE making up much of the rest.
- Out of every ¥100 of sales, about ¥27 is left as operating profit.
- Revenue changed -3.8% from the prior year, operating profit -17.3%.

## Company structure

- Segment revenue mix: eBASE-PLUS 50.7%、eBASE 49.3%
- Revenue → net income: ¥5259563000 → ¥1026647000
- Net income → operating cash flow: ¥1026647000 → ¥1068818000（difference ¥42171000）
- Main uses of operating cash flow: CapEx ¥103971000 / dividends ¥623803000 / buybacks ¥435144000
- Change in cash: ¥-488101000
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 | ¥5.26B |  |
| Operating income | ¥1.43B | Margin 27.2% |
| Net income | ¥1.03B | Margin 19.5% |
| Free cash flow | ¥964.8M |  |
| Largest business | eBASE-PLUS | of segment revenue 50.7% |
| Employees (consolidated) | 480 |  |
| EPS | ¥16.91 |  |
| Diluted EPS | ¥16.9 |  |
| Book value per share | ¥104.5 |  |
| Equity ratio | 91.0% |  |
| Shares outstanding | 47,164,800 |  |
| Treasury shares | 3,221,000 |  |
| Shareholders | 7,181 |  |
| Average salary (parent only) | ¥5.7M | Filing company only |
| Cash ratio | 60.9% | Cash ÷ revenue 93.8% |
| Vs. industry median margin | +18.3 pp | IT Services & System Integration |
| ROE | 14.2% | Derived from disclosed figures |
| ROA | 12.7% | Derived from disclosed figures |

## Notable figures

- FY2026, cash is 61% of total assets
- FY2026, operating income keeps 27 per ¥100 of revenue

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥4302952000 | ¥5259563000 | +22.2% |
| Operating income | ¥1211455000 | ¥1431752000 | +18.2% |
| Operating margin | 28.2% | 27.2% | -0.9 pp |
| Employees | 452 people | 480 people | +6.2% |
| Cash and equivalents | ¥3605924000 | ¥4933141000 | +36.8% |

### 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 |
| --- | ---: |
| eBASE事業 → eBASE事業 | 47.3% |
| eBASE-PLUS事業 → eBASE-PLUS事業 | 50.7% |
| eBASE-PLUS事業 → 事業再編・廃止 | 1.9% |
| 新設・再編 → eBASE事業 | 1.9% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 5,260 | 100.0% | S100YEPQ |
| Cost of revenue | 2,542 | 48.3% | S100YEPQ |
| Gross profit | 2,718 | 51.7% | S100YEPQ |
| SG&A | 1,286 | 24.5% | S100YEPQ |
| Operating income | 1,432 | 27.2% | S100YEPQ |
| Ordinary income | 1,468 | 27.9% | S100YEPQ |
| Pretax income | 1,468 | 27.9% | S100YEPQ |
| Income tax | 441 | 8.4% | S100YEPQ |
| Net income | 1,027 | 19.5% | S100YEPQ |
| Net income attributable to owners | 1,027 | 19.5% | S100YEPQ |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 48 |
| SG&A | 25 |
| Operating income | 27 |
| (Ref.) Net income | 20 |

### Margin funnel

Gross margin 51.7% → Operating margin 27.2% → Net margin 19.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -3.8%; Core profit growth: -17.3%
Operating leverage (core profit growth ÷ revenue growth): 4.50×
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 | 5,470 | 5,260 | -210 | -3.8% |
| Gross profit | 2,918 | 2,718 | -200 | -6.9% |
| Operating income | 1,732 | 1,432 | -300 | -17.3% |
| Net income attributable to owners | 1,251 | 1,027 | -224 | -17.9% |
| Operating cash flow | 1,167 | 1,069 | -98 | -8.4% |
| Free cash flow | 1,063 | 965 | -98 | -9.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 4,441 | 1,292 | 29.1% | 904 | 996 | 965 | S100LTA8 |
| FY ending Mar 2021 | 4,303 | 1,211 | 28.2% | 870 | 961 | 931 | S100OI4F |
| FY ending Mar 2022 | 4,352 | 1,082 | 24.9% | 744 | 763 | 680 | S100R57Y |
| FY ending Mar 2023 | 4,715 | 1,366 | 29.0% | 891 | 1,025 | 929 | S100TSVH |
| FY ending Mar 2024 | 5,192 | 1,651 | 31.8% | 1,145 | 1,334 | 1,239 | S100W0PV |
| FY ending Mar 2025 | 5,470 | 1,732 | 31.7% | 1,251 | 1,167 | 1,063 | S100YEPQ |
| FY ending Mar 2026 | 5,260 | 1,432 | 27.2% | 1,027 | 1,069 | 965 | S100YEPQ |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥11M |
| Operating income per employee (consolidated) | ¥3M |
| Net income per employee (consolidated) | ¥2.1M |

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) | 469 | 465 | 461 | 478 | 480 |
| Average salary (parent company) | ¥5.1M | ¥5.1M | ¥5.3M | ¥5.4M | ¥5.7M |
| Average age (parent company) | 39.3 years | 39.3 years | 39.8 years | 39.0 years | 40.1 years |
| Average tenure (parent company) | 8.1 years | 8.7 years | 9.1 years | 8.8 years | 10.0 years |

Year over year: Employees (consolidated) +0.4% · Revenue (consolidated) -3.8%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| eBASE | 2,591 | 49.3% | 1,063 | 41.0% |
| eBASE-PLUS | 2,668 | 50.7% | 405 | 15.2% |

### 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 |
| --- | ---: |
| eBASE | 49.3% |
| eBASE-PLUS | 50.7% |

Segment → industry: eBASE-PLUS → IT Services & System Integration / eBASE → Software & SaaS

## 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 | 1,069 | 20.3% | S100YEPQ |
| Capital expenditure | 104 | 2.0% | S100YEPQ |
| Free cash flow | 965 | 18.3% | 算出 |
| Investing cash flow | -513 | -9.7% | S100YEPQ |
| Financing cash flow | -1,047 | -19.9% | S100YEPQ |
| Dividends paid | 624 | 11.9% | S100YEPQ |
| Share buyback | 435 | 8.3% | S100YEPQ |
| Change in cash | -488 | -9.3% | S100YEPQ |
| Cash and equivalents | 4,933 | 93.8% | S100YEPQ |

## 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 | 4,059 | 4,541 | 5,005 | 5,421 | 4,933 | S100TSVH, S100W0PV, S100YEPQ |
| Total assets | 6,306 | 7,020 | 7,810 | 8,113 | 8,099 | S100R57Y, S100TSVH, S100W0PV, S100YEPQ |
| Net assets | 5,846 | 6,300 | 6,942 | 7,358 | 7,368 | S100TSVH, S100W0PV, S100YEPQ |
| Share capital | 190 | 190 | 190 | 190 | 190 | S100R57Y, S100TSVH, S100W0PV, S100YEPQ |
| Property, plant and equipment | 48 | 58 | 69 | 61 | 57 | S100R57Y, S100TSVH, S100W0PV, S100YEPQ |
| Intangible assets excluding goodwill | 87 | 139 | 178 | 228 | 266 | S100R57Y, S100TSVH, S100W0PV, S100YEPQ |
| Investment securities | 1,125 | 1,154 | 1,457 | 1,343 | 1,659 | S100R57Y, S100TSVH, S100W0PV, S100YEPQ |
| Current assets | 4,964 | 5,570 | 6,016 | 6,423 | 6,054 | S100R57Y, S100TSVH, S100W0PV, S100YEPQ |
| Current liabilities | 455 | 720 | 855 | 745 | 697 | S100R57Y, S100TSVH, S100W0PV, S100YEPQ |
| Total liabilities | 460 | 720 | 868 | 755 | 730 | S100R57Y, S100TSVH, S100W0PV, S100YEPQ |
| Equity attributable to owners of parent | 5,778 | 6,253 | 6,838 | 7,255 | 7,236 | S100R57Y, S100TSVH, S100W0PV, S100YEPQ |
| Retained earnings | 5,461 | 6,085 | 6,950 | 7,742 | 8,144 | S100R57Y, S100TSVH, S100W0PV, S100YEPQ |
| Treasury stock | -95 | -244 | -533 | -904 | -1,325 | S100R57Y, S100TSVH, S100W0PV, S100YEPQ |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 61% | S100YEPQ |
| Property, plant and equipment | 1% | S100YEPQ |
| Intangibles and goodwill | 3% | S100YEPQ |
| Investment securities | 20% | S100YEPQ |
| Other assets | 15% | S100YEPQ |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 9% | S100YEPQ |
| Equity | 91% | S100YEPQ |
| Other liabilities | 0% | S100YEPQ |

### 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 | 6,306 | 7,020 | 7,810 | 8,113 | 8,099 |
| Equity | 5,846 | 6,300 | 6,942 | 7,358 | 7,368 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 4,059 | 4,541 | 5,005 | 5,421 | 4,933 |

## 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) | 1.1% | S100YEPQ |
| Fixed assets ÷ total assets | 0.7% | S100YEPQ |
| Goodwill ÷ parent equity | — | —, S100YEPQ |

### 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) | 60.9% |
| Cash ÷ revenue | 93.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 74.7% |
| Cash vs. profit gap | 42 JPY mn (of net income 4.1%) |
| Shareholder returns / net income | 103.1% |
| Shareholder returns / FCF | 109.8% |
| Shareholder payments — dividends / net income | 60.8% |
| Shareholder payments — dividends / FCF | 64.7% |
| CapEx intensity (capex ÷ revenue) | 2.0% |
| Investing CF relative to operating CF | 48.0% |

## 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 | 17.1% | 0.69× | 11.8% | 1.09× | 12.9% | S100R57Y |
| 2023 | 18.9% | 0.71× | 13.4% | 1.11× | 14.8% | S100TSVH |
| 2024 | 22.0% | 0.70× | 15.4% | 1.13× | 17.5% | S100W0PV |
| 2025 | 22.9% | 0.69× | 15.7% | 1.13× | 17.8% | S100YEPQ |
| 2026 | 19.5% | 0.65× | 12.7% | 1.12× | 14.2% | S100YEPQ |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 常包 浩司 | Major shareholder | 37.4% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社 | Major shareholder | 6.7% | 2026-03-31 |
| 西山 貴司 | Major shareholder | 2.9% | 2026-03-31 |
| 常包 和子 | Major shareholder | 2.4% | 2026-03-31 |
| 岩田 貴夫 | Major shareholder | 2.4% | 2026-03-31 |
| 山崎健太郎 | Major shareholder | 1.9% | 2026-03-31 |
| 明石 克巳 | Major shareholder | 1.8% | 2026-03-31 |
| 窪田 勝康 | Major shareholder | 1.8% | 2026-03-31 |
| 常包はるか | Major shareholder | 1.7% | 2026-03-31 |
| 福田 泰弘 | Major shareholder | 1.5% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第25期(2025/04/01－2026/03/31) | S100YEPQ | 2026-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YEPQ,, |
| 有価証券報告書－第24期(2024/04/01－2025/03/31) | S100W0PV | 2025-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W0PV,, |
| 有価証券報告書－第23期(2023/04/01－2024/03/31) | S100TSVH | 2024-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TSVH,, |
| 有価証券報告書－第22期(2022/04/01－2023/03/31) | S100R57Y | 2023-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R57Y,, |
| 有価証券報告書－第21期(令和3年4月1日－令和4年3月31日) | S100OI4F | 2022-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OI4F,, |
| 有価証券報告書－第20期(令和2年4月1日－令和3年3月31日) | S100LTA8 | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LTA8,, |

## 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).