# EM SYSTEMS CO.,LTD.: business model and financials

> Latest period: FY ending Dec 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第43期(2025/01/01－2025/12/31) (S100XUIK)
> Page: https://vizora.meequs.com/en/company/em-systems
> Retrieved: 2026-09-30T20:48:11.015Z

## Company

EM Systems, founded in 1980, is a company in Health Tech listed on TSE Prime. It has 858 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | EM SYSTEMS CO.,LTD. |
| Ticker | 4820 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4820.T) |
| Listing | TSE Prime |
| Head office | 大阪市淀川区宮原一丁目6番1号 |
| Representative (per filing) | 代表取締役社長執行役員 國光 宏昌 |
| Founded | Jan 1980 |
| Share capital | ¥2.79B |
| Employees (consolidated) | 858 |
| Average salary (parent only) | ¥7.2M |
| Fiscal year end | December |
| Website | emsystems.co.jp (https://emsystems.co.jp/) |
| Corporate number | 8120001053779 |
| EDINET | E05155 |
| Industries (Vizora) | Health Tech |

> Profile source: annual securities report (S100XUIK, filed 2026-03-26). As of filing

## Five-axis industry profile

Primary industry: Health Tech (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 52.8 | 18 |
| Cash conversion | 26.5 | 17 |
| Efficiency | 36.1 | 18 |

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 85% of EM Systems's sales come from Pharmacy receipt computer, with medecl computer and Care/welfare IT systems business making up much of the rest.
- Out of every ¥100 of sales, about ¥15 is left as operating profit.
- Revenue changed -4.7% from the prior year, operating profit -17.7%.

## Company structure

- Segment revenue mix: Pharmacy receipt computer 84.8%、medecl computer 12.7%、Care/welfare IT systems business 2.5%
- Revenue → net income: ¥23658000000 → ¥2464000000
- Net income → operating cash flow: ¥2464000000 → ¥2008000000（difference ¥-456000000）
- Main uses of operating cash flow: CapEx ¥1381000000 / dividends ¥2971000000 / buybacks —
- Change in cash: ¥-4036000000
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 | ¥23.7B |  |
| Operating income | ¥3.68B | Margin 15.5% |
| Net income | ¥2.45B | Margin 10.4% |
| Free cash flow | ¥627M |  |
| Largest business | Pharmacy receipt computer | of segment revenue 84.8% |
| Employees (consolidated) | 858 |  |
| EPS | ¥32.22 |  |
| Diluted EPS | ¥32.12 |  |
| Book value per share | ¥275.21 |  |
| Equity ratio | 73.9% |  |
| Shares outstanding | 70,514,800 |  |
| Treasury shares | 1,293,700 |  |
| Shareholders | 11,446 |  |
| Average salary (parent only) | ¥7.2M | Filing company only |
| Cash ratio | 28.5% | Cash ÷ revenue 33.2% |
| Vs. industry median margin | +1.7 pp | Health Tech |
| ROE | 12.2% | Derived from disclosed figures |
| ROA | 8.3% | Derived from disclosed figures |

## Notable figures

- FY2025, one segment accounts for 99% of positive segment profit
- FY2025, parent-company salary changed +21% over five years
- FY2025, cash is 29% of total assets

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥9660000000 | ¥23658000000 | +144.9% |
| Operating income | ¥1037000000 | ¥3676000000 | +254.5% |
| Operating margin | 10.7% | 15.5% | +4.8 pp |
| Employees | 557 people | 858 people | +54.0% |
| Cash and equivalents | ¥7982000000 | ¥7847000000 | -1.7% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| 調剤システム事業及びその関連事業 → 事業再編・廃止 | 81.7% |
| 医科システム事業及びその関連事業 → 事業再編・廃止 | 14.2% |
| 介護／福祉システム事業 → 介護／福祉システム事業 | 2.5% |
| 介護／福祉システム事業 → 事業再編・廃止 | 1.6% |
| 新設・再編 → 調剤システム事業 | 84.8% |
| 新設・再編 → 医科システム事業 | 12.7% |

Segment revenue source references: 6 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Pharmacy receipt computer | 4 years | +14.4% | ¥19218000000 | 20.6% | 2 |
| medecl computer | 4 years | +10.1% | ¥2879000000 | 1.1% | 2 |
| Care/welfare IT systems business | 5 years | +8.5% | ¥566000000 | -66.8% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 23,658 | 100.0% | S100XUIK |
| Cost of revenue | 11,779 | 49.8% | S100XUIK |
| Gross profit | 11,879 | 50.2% | S100XUIK |
| SG&A | 8,202 | 34.7% | S100XUIK |
| Operating income | 3,676 | 15.5% | S100XUIK |
| Ordinary income | 4,313 | 18.2% | S100XUIK |
| Pretax income | 3,624 | 15.3% | S100XUIK |
| Income tax | 1,160 | 4.9% | S100XUIK |
| Net income | 2,464 | 10.4% | S100XUIK |
| Net income attributable to owners | 2,452 | 10.4% | S100XUIK |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 50 |
| SG&A | 35 |
| Operating income | 15 |
| (Ref.) Net income | 10 |

### Margin funnel

Gross margin 50.2% → Operating margin 15.5% → Net margin 10.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -4.7%; Core profit growth: -17.7%
Operating leverage (core profit growth ÷ revenue growth): 3.72×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 24,837 | 23,658 | -1,179 | -4.7% |
| Gross profit | 13,561 | 11,879 | -1,682 | -12.4% |
| Operating income | 4,464 | 3,676 | -788 | -17.7% |
| Net income attributable to owners | 2,425 | 2,452 | 27 | +1.1% |
| Operating cash flow | 5,756 | 2,008 | -3,748 | -65.1% |
| Free cash flow | 5,075 | 627 | -4,448 | -87.6% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 14,023 | 1,583 | 11.3% | 1,393 | 2,300 | 1,184 | S100L09V |
| FY ending Dec 2020 | 9,660 | 1,037 | 10.7% | 1,062 | 442 | -406 | S100NP02 |
| FY ending Dec 2021 | 14,436 | 1,870 | 13.0% | 1,829 | 1,712 | 1,117 | S100QFMD |
| FY ending Dec 2022 | 16,919 | 2,395 | 14.2% | 1,893 | 2,472 | 2,015 | S100QFMD |
| FY ending Dec 2023 | 20,355 | 2,330 | 11.4% | 1,962 | 1,584 | 828 | S100VISF |
| FY ending Dec 2024 | 24,837 | 4,464 | 18.0% | 2,425 | 5,756 | 5,075 | S100XUIK |
| FY ending Dec 2025 | 23,658 | 3,676 | 15.5% | 2,452 | 2,008 | 627 | S100XUIK |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥27.6M |
| Operating income per employee (consolidated) | ¥4.3M |
| Net income per employee (consolidated) | ¥2.9M |

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

| History | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 558 | 592 | 811 | 827 | 858 |
| Average salary (parent company) | ¥6M | ¥6.2M | — | ¥6.8M | ¥7.2M |
| Average age (parent company) | 43.1 years | 42.9 years | — | 43.0 years | 42.7 years |
| Average tenure (parent company) | 12.5 years | 12.7 years | — | 11.8 years | 11.5 years |

Year over year: Employees (consolidated) +3.7% · Revenue (consolidated) -4.7%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Pharmacy receipt computer | 19,218 | 84.8% | 3,967 | 20.6% |
| medecl computer | 2,879 | 12.7% | 32 | 1.1% |
| Care/welfare IT systems business | 566 | 2.5% | -378 | -66.8% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Pharmacy receipt computer | 84.8% | 99.2% | 14.4 | 20.6% |
| medecl computer | 12.7% | 0.8% | -11.9 | 1.1% |
| Care/welfare IT systems business | 2.5% | — | — | -66.8% |

Loss-making segment (excluded from profit shares): Care/welfare IT systems business -378 JPY mn

Segment → industry: Care/welfare IT systems business → Health Tech / medecl computer → Health Tech / Pharmacy receipt computer → Health Tech

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 2,008 | 8.5% | S100XUIK |
| Capital expenditure | 1,381 | 5.8% | S100XUIK |
| Free cash flow | 627 | 2.7% | 算出 |
| Investing cash flow | -2,222 | -9.4% | S100XUIK |
| Financing cash flow | -3,840 | -16.2% | S100XUIK |
| Dividends paid | 2,971 | 12.6% | S100XUIK |
| Change in cash | -4,036 | -17.1% | S100XUIK |
| Cash and equivalents | 7,847 | 33.2% | S100XUIK |

## 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 Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 8,289 | 8,881 | 9,441 | 11,884 | 7,847 | S100QFMD, S100VISF, S100XUIK |
| Total assets | 24,809 | 26,349 | 29,387 | 31,669 | 27,506 | S100QFMD, S100VISF, S100XUIK |
| Net assets | 18,826 | 19,503 | 20,566 | 20,619 | 20,432 | S100QFMD, S100VISF, S100XUIK |
| Share capital | 2,785 | 2,785 | 2,785 | 2,785 | 2,785 | S100QFMD, S100VISF, S100XUIK |
| Trade receivables | 2,555 | 2,761 | 3,082 | 4,293 | 3,207 | S100QFMD, S100VISF, S100XUIK |
| Property, plant and equipment | 1,333 | 1,371 | 1,330 | 1,241 | 1,376 | S100QFMD, S100VISF, S100XUIK |
| Intangible assets excluding goodwill | 2,521 | 2,323 | 5,186 | 3,494 | 4,021 | S100QFMD, S100VISF, S100XUIK |
| Goodwill | 285 | 188 | 1,475 | 1,265 | 2,063 | S100QFMD, S100VISF, S100XUIK |
| Investment securities | 677 | 1,263 | 962 | 906 | 1,043 | S100QFMD, S100VISF, S100XUIK |
| Current assets | 12,574 | 13,849 | 14,800 | 18,349 | 12,948 | S100QFMD, S100VISF, S100XUIK |
| Current liabilities | 4,167 | 4,944 | 5,618 | 9,072 | 5,769 | S100QFMD, S100VISF, S100XUIK |
| Trade payables | 852 | 1,398 | 1,121 | 1,376 | 1,181 | S100QFMD, S100VISF, S100XUIK |
| Long-term borrowings | — | — | 1,527 | 569 | 5 | S100VISF, S100XUIK |
| Total liabilities | 5,983 | 6,846 | 8,821 | 11,050 | 7,074 | S100QFMD, S100VISF, S100XUIK |
| Non-controlling interests | 42 | 23 | 45 | 29 | 41 | S100QFMD, S100VISF, S100XUIK |
| Equity attributable to owners of parent | 18,708 | 19,329 | 20,272 | 20,320 | 19,867 | S100QFMD, S100VISF, S100XUIK |
| Retained earnings | 14,116 | 15,199 | 16,101 | 15,813 | 15,290 | S100QFMD, S100VISF, S100XUIK |
| Treasury stock | -1,539 | -2,017 | -1,990 | -763 | -711 | S100QFMD, S100VISF, S100XUIK |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 28% | S100XUIK |
| Receivables | 12% | S100XUIK |
| Property, plant and equipment | 5% | S100XUIK |
| Intangibles and goodwill | 22% | S100XUIK |
| Investment securities | 4% | S100XUIK |
| Other assets | 29% | S100XUIK |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 4% | S100XUIK |
| Other liabilities | 22% | S100XUIK |
| Equity | 74% | S100XUIK |

### Balance sheet history

| Metric | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 24,809 | 26,349 | 29,387 | 31,669 | 27,506 |
| Equity | 18,826 | 19,503 | 20,566 | 20,619 | 20,432 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 8,289 | 8,881 | 9,441 | 11,884 | 7,847 |

## 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) | 5.8% | S100XUIK |
| Fixed assets ÷ total assets | 5.0% | S100XUIK |
| Goodwill ÷ parent equity | 10.4% | S100XUIK |

Goodwill over 4 years: 285 → 2,063 JPY; total investing cash flow: -5,187 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) | 28.5% |
| Cash ÷ revenue | 33.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 54.6% |
| Cash vs. profit gap | -444 JPY mn (of net income -18.1%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 121.2% |
| Shareholder payments — dividends / FCF | 473.8% |
| CapEx intensity (capex ÷ revenue) | 5.8% |
| Investing CF relative to operating CF | 110.7% |

## 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 | 12.7% | 0.58× | 7.4% | 1.33× | 9.8% | S100QFMD |
| 2022 | 11.2% | 0.66× | 7.4% | 1.34× | 10.0% | S100QFMD |
| 2023 | 9.6% | 0.73× | 7.0% | 1.41× | 9.9% | S100VISF |
| 2024 | 9.8% | 0.81× | 7.9% | 1.50× | 11.9% | S100XUIK |
| 2025 | 10.4% | 0.80× | 8.3% | 1.47× | 12.2% | S100XUIK |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社コッコウ | Major shareholder | 37.6% | 2025-12-31 |
| 株式会社メディパルホールディングス | Major shareholder | 10.2% | 2025-12-31 |
| ゴールドマン・サックス・インターナショナル（常任代理人ゴールドマン・サックス証券株式会社） | Major shareholder | 5.3% | 2025-12-31 |
| ゴールドマン・サックス・アンド・カンパニー レギュラーアカウント （常任代理人ゴールドマン・サックス証券株式会社） | Major shareholder | 5.0% | 2025-12-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 3.9% | 2025-12-31 |
| 國光 宏昌 | Major shareholder | 3.0% | 2025-12-31 |
| エプソン販売株式会社 | Major shareholder | 2.8% | 2025-12-31 |
| ＮＯＲＴＨＥＲＮ ＴＲＵＳＴ ＣＯ．（ＡＶＦＣ）ＲＥ ＮＯＮ ＴＲＥＡＴＹ ＣＬＩＥＮＴＳ ＡＣＣＯＵＮＴ（常任代理人香港上海銀行東京支店） | Major shareholder | 2.1% | 2025-12-31 |
| ＥＭシステムズ従業員持株会 | Major shareholder | 1.3% | 2025-12-31 |
| アルフレッサホールディングス株式会社 | Major shareholder | 0.9% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第43期(2025/01/01－2025/12/31) | S100XUIK | 2026-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XUIK,, |
| 有価証券報告書－第42期(2024/01/01－2024/12/31) | S100VISF | 2025-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VISF,, |
| 有価証券報告書－第40期(2022/01/01－2022/12/31) | S100QFMD | 2023-03-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QFMD,, |
| 有価証券報告書－第39期(令和3年1月1日－令和3年12月31日) | S100NP02 | 2022-03-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NP02,, |
| 訂正有価証券報告書－第38期(令和2年4月1日－令和2年12月31日) | S100L09V | 2021-03-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L09V,, |

## 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).