# ECOMIC 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29期(2025/04/01－2026/03/31) (S100YHB3)
> Page: https://vizora.meequs.com/en/company/ecomic
> Retrieved: 2026-09-30T21:31:01.433Z

## Company

Ecomic, founded in 1997, is a company in Business Process Outsourcing listed on TSE Standard. It has 152 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | ECOMIC CO.,LTD |
| Ticker | 3802 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3802.T) |
| Listing | TSE Standard |
| Head office | 札幌市中央区大通西八丁目1-1 大通あおばビル |
| Representative (per filing) | 代表取締役社長CEO 熊谷 浩二 |
| Founded | Apr 1997 |
| Share capital | ¥564.3M |
| Employees (consolidated) | 152 |
| Average salary (parent only) | ¥4.8M |
| Fiscal year end | March |
| Website | www.ecomic.jp (https://www.ecomic.jp/) |
| Corporate number | 1430001023947 |
| EDINET | E05578 |
| Industries (Vizora) | Business Process Outsourcing |

> Profile source: annual securities report (S100YHB3, filed 2026-06-23). As of filing

## Five-axis industry profile

Primary industry: Business Process Outsourcing (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 47.2 | 18 |
| Profitability | 69 | 21 |
| Cash conversion | 85.3 | 17 |
| Efficiency | 45.2 | 21 |

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)

- Ecomic brought in ¥2.35B in revenue.
- Out of every ¥100 of sales, about ¥7 is left as operating profit.
- Revenue changed +10.6% from the prior year, operating profit +271.0%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥2345961000 → ¥109252000
- Net income → operating cash flow: ¥109252000 → ¥374326000（difference ¥265074000）
- Main uses of operating cash flow: CapEx ¥66848000 / dividends ¥60907000 / buybacks ¥573531000
- Change in cash: ¥-285412000
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 | ¥2.35B |  |
| Operating income | ¥173.7M | Margin 7.4% |
| Net income | ¥109.3M | Margin 4.7% |
| Free cash flow | ¥307.5M |  |
| Employees (consolidated) | 152 |  |
| EPS | ¥28.52 |  |
| Book value per share | ¥318.43 |  |
| Equity ratio | 83.7% |  |
| Shares outstanding | 4,693,200 |  |
| Treasury shares | 1,263,000 |  |
| Shareholders | 6,821 |  |
| Average salary (parent only) | ¥4.8M | Filing company only |
| Cash ratio | 65.5% | Cash ÷ revenue 45.4% |
| Vs. industry median margin | +3.5 pp | Business Process Outsourcing |
| ROE | 7.3% | Derived from disclosed figures |
| ROA | 6.1% | Derived from disclosed figures |

## Notable figures

- FY2026, buybacks were 9.4× dividends
- FY2026, operating cash flow is 3.4× net income
- FY2026, employees -1% while operating income rose 271%

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥1576766000 | ¥2345961000 | +48.8% |
| Operating income | ¥151903000 | ¥173662000 | +14.3% |
| Operating margin | 9.6% | 7.4% | -2.2 pp |
| Employees | 100 people | 152 people | +52.0% |
| Cash and equivalents | ¥690230000 | ¥1065506000 | +54.4% |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 2,346 | 100.0% | S100YHB3 |
| Cost of revenue | 1,583 | 67.5% | S100YHB3 |
| Gross profit | 763 | 32.5% | S100YHB3 |
| SG&A | 589 | 25.1% | S100YHB3 |
| Operating income | 174 | 7.4% | S100YHB3 |
| Ordinary income | 159 | 6.8% | S100YHB3 |
| Pretax income | 159 | 6.8% | S100YHB3 |
| Income tax | 50 | 2.1% | S100YHB3 |
| Net income | 109 | 4.7% | S100YHB3 |
| Net income attributable to owners | 109 | 4.7% | S100YHB3 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 68 |
| SG&A | 25 |
| Operating income | 7 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 32.5% → Operating margin 7.4% → Net margin 4.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +10.6%; Core profit growth: +271.0%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 25.64×
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 | 2,122 | 2,346 | 224 | +10.6% |
| Gross profit | 589 | 763 | 174 | +29.6% |
| Operating income | 47 | 174 | 127 | +271.0% |
| Net income attributable to owners | 43 | 109 | 66 | +152.8% |
| Operating cash flow | 150 | 374 | 225 | +150.2% |
| Free cash flow | 25 | 307 | 282 | +1111.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 1,306 | 135 | 10.4% | 98 | 209 | 161 | S100LS7G |
| FY ending Mar 2021 | 1,577 | 152 | 9.6% | 101 | 97 | -72 | S100OFWK |
| FY ending Mar 2022 | 1,756 | 185 | 10.5% | 113 | 278 | 124 | S100R2UU |
| FY ending Mar 2023 | 2,216 | 204 | 9.2% | 170 | 265 | 180 | S100TPU8 |
| FY ending Mar 2024 | 2,156 | 172 | 8.0% | 127 | 206 | 140 | S100W61Y |
| FY ending Mar 2025 | 2,122 | 47 | 2.2% | 43 | 150 | 25 | S100YHB3 |
| FY ending Mar 2026 | 2,346 | 174 | 7.4% | 109 | 374 | 307 | S100YHB3 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥15.4M |
| Operating income per employee (consolidated) | ¥1.1M |
| Net income per employee (consolidated) | ¥718.8K |

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) | 111 | 149 | 147 | 154 | 152 |
| Average salary (parent company) | ¥4.3M | ¥4.5M | ¥3.9M | ¥4.1M | ¥4.8M |
| Average age (parent company) | 36.8 years | 36.3 years | 37.0 years | 36.8 years | 37.6 years |
| Average tenure (parent company) | 5.0 years | 5.1 years | 6.0 years | 6.4 years | 7.2 years |

Year over year: Employees (consolidated) -1.3% · Revenue (consolidated) +10.6%

## 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 | 374 | 16.0% | S100YHB3 |
| Capital expenditure | 67 | 2.8% | S100YHB3 |
| Free cash flow | 307 | 13.1% | 算出 |
| Investing cash flow | -68 | -2.9% | S100YHB3 |
| Financing cash flow | -634 | -27.0% | S100YHB3 |
| Dividends paid | 61 | 2.6% | S100YHB3 |
| Share buyback | 574 | 24.4% | S100YHB3 |
| Change in cash | -285 | -12.2% | S100YHB3 |
| Cash and equivalents | 1,066 | 45.4% | S100YHB3 |

## 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 | 825 | 1,049 | 1,492 | 1,351 | 1,066 | S100TPU8, S100W61Y, S100YHB3 |
| Total assets | 1,347 | 1,718 | 2,111 | 1,970 | 1,626 | S100R2UU, S100TPU8, S100W61Y, S100YHB3 |
| Net assets | 1,143 | 1,299 | 1,820 | 1,801 | 1,361 | S100TPU8, S100W61Y, S100YHB3 |
| Share capital | 360 | 365 | 564 | 564 | 564 | S100R2UU, S100TPU8, S100W61Y, S100YHB3 |
| Trade receivables | — | 166 | 174 | — | — | S100TPU8 |
| Property, plant and equipment | 80 | 91 | 62 | 79 | 73 | S100R2UU, S100TPU8, S100W61Y, S100YHB3 |
| Intangible assets excluding goodwill | 222 | 274 | 231 | 223 | 173 | S100R2UU, S100TPU8, S100W61Y, S100YHB3 |
| Goodwill | — | 64 | 48 | 33 | 17 | S100TPU8, S100W61Y, S100YHB3 |
| Current assets | 973 | 1,271 | 1,722 | 1,584 | 1,291 | S100R2UU, S100TPU8, S100W61Y, S100YHB3 |
| Current liabilities | 203 | 278 | 174 | 143 | 250 | S100R2UU, S100TPU8, S100W61Y, S100YHB3 |
| Long-term borrowings | — | 132 | 91 | — | — | S100TPU8, S100W61Y |
| Total liabilities | 203 | 418 | 291 | 169 | 264 | S100R2UU, S100TPU8, S100W61Y, S100YHB3 |
| Equity attributable to owners of parent | 1,111 | 1,267 | 1,763 | 1,750 | 1,255 | S100R2UU, S100TPU8, S100W61Y, S100YHB3 |
| Retained earnings | 556 | 703 | 800 | 787 | 835 | S100R2UU, S100TPU8, S100W61Y, S100YHB3 |
| Treasury stock | -0 | -0 | -0 | -0 | -543 | S100R2UU, S100TPU8, S100W61Y, S100YHB3 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 66% | S100YHB3 |
| Property, plant and equipment | 4% | S100YHB3 |
| Intangibles and goodwill | 12% | S100YHB3 |
| Other assets | 18% | S100YHB3 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 16% | S100YHB3 |
| Equity | 84% | S100YHB3 |

### 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 | 1,347 | 1,718 | 2,111 | 1,970 | 1,626 |
| Equity | 1,143 | 1,299 | 1,820 | 1,801 | 1,361 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 825 | 1,049 | 1,492 | 1,351 | 1,066 |

## 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) | 3.1% | S100YHB3 |
| Fixed assets ÷ total assets | 4.5% | S100YHB3 |
| Goodwill ÷ parent equity | 1.4% | S100YHB3 |

### 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) | 65.5% |
| Cash ÷ revenue | 45.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 215.5% |
| Cash vs. profit gap | 265 JPY mn (of net income 242.6%) |
| Shareholder returns / net income | 580.7% |
| Shareholder returns / FCF | 206.3% |
| Shareholder payments — dividends / net income | 55.7% |
| Shareholder payments — dividends / FCF | 19.8% |
| CapEx intensity (capex ÷ revenue) | 2.8% |
| Investing CF relative to operating CF | 18.2% |

## 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 | 6.5% | 1.30× | 8.4% | 1.21× | 10.2% | S100R2UU |
| 2023 | 7.7% | 1.45× | 11.1% | 1.29× | 14.3% | S100TPU8 |
| 2024 | 5.9% | 1.13× | 6.7% | 1.26× | 8.4% | S100W61Y |
| 2025 | 2.0% | 1.04× | 2.1% | 1.16× | 2.5% | S100YHB3 |
| 2026 | 4.7% | 1.30× | 6.1% | 1.20× | 7.3% | S100YHB3 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 熊谷 浩二 | Major shareholder | 8.3% | 2026-03-31 |
| 日本社会保険労務士法人 | Major shareholder | 6.7% | 2026-03-31 |
| 目時 伴雄 | Major shareholder | 6.2% | 2026-03-31 |
| 株式会社ティーケーピー | Major shareholder | 3.5% | 2026-03-31 |
| 佐藤 佳寿子 | Major shareholder | 3.0% | 2026-03-31 |
| 加藤 徹嘉 | Major shareholder | 3.0% | 2026-03-31 |
| 株式会社ＴＫＳ | Major shareholder | 2.8% | 2026-03-31 |
| 佐藤 良洋 | Major shareholder | 2.3% | 2026-03-31 |
| 佐藤 舞 | Major shareholder | 2.3% | 2026-03-31 |
| 中瀬 浩一 | Major shareholder | 1.9% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第29期(2025/04/01－2026/03/31) | S100YHB3 | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YHB3,, |
| 有価証券報告書－第28期(2024/04/01－2025/03/31) | S100W61Y | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W61Y,, |
| 有価証券報告書－第27期(2023/04/01－2024/03/31) | S100TPU8 | 2024-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TPU8,, |
| 有価証券報告書－第26期(2022/04/01－2023/03/31) | S100R2UU | 2023-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R2UU,, |
| 有価証券報告書－第25期(令和3年4月1日－令和4年3月31日) | S100OFWK | 2022-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OFWK,, |
| 有価証券報告書－第24期(令和2年4月1日－令和3年3月31日) | S100LS7G | 2021-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LS7G,, |

## 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).