# Excite Holdings 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8期(2025/04/01－2026/03/31) (S100YMC7)
> Page: https://vizora.meequs.com/en/company/excite-holdings
> Retrieved: 2026-09-30T21:08:23.341Z

## Company

Excite Holdings, founded in 2018, is a company in Telecom Carriers listed on TSE Standard. It has 173 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Excite Holdings Co., Ltd. |
| Ticker | 5571 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5571.T) |
| Listing | TSE Standard |
| Head office | 東京都港区麻布台一丁目3番1号 |
| Representative (per filing) | 代表取締役社長CEO 西條 晋一 |
| Founded | Jul 2018 |
| Share capital | ¥24.7M |
| Employees (consolidated) | 173 |
| Average salary (parent only) | ¥7.1M |
| Fiscal year end | March |
| Website | www.excite-holdings.co.jp (https://www.excite-holdings.co.jp/) |
| Corporate number | 3010001193533 |
| EDINET | E34326 |
| Industries (Vizora) | Telecom Carriers, Broadband & ISPs, IT Services & System Integration, Software & SaaS, Internet Services & Apps, Health Tech, M&A Advisory |

> Profile source: annual securities report (S100YMC7, filed 2026-06-26). As of filing

## Five-axis industry profile

Primary industry: Broadband & ISPs (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 50 | 7 |
| Profitability | 16.7 | 9 |
| Cash conversion | 27.8 | 9 |
| Efficiency | 38.9 | 9 |

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 33% of Excite Holdings's sales come from Broadband, with Platform and Medical making up much of the rest.
- Out of every ¥100 of sales, about ¥4 is left as operating profit.
- Revenue changed +18.8% from the prior year, operating profit -1.6%.

## Company structure

- Segment revenue mix: Broadband 33.5%、Platform 31.5%、Medical 26.6%、SaaS and DX 8.5%
- Revenue → net income: ¥10796739000 → ¥248348000
- Net income → operating cash flow: ¥248348000 → ¥373579000（difference ¥125231000）
- Main uses of operating cash flow: CapEx ¥610898000 / dividends ¥145784000 / buybacks ¥97902000
- Change in cash: ¥-409163000
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 | ¥10.8B |  |
| Operating income | ¥454M | Margin 4.2% |
| Net income | ¥253.3M | Margin 2.3% |
| Free cash flow | -¥237.3M |  |
| Largest business | Broadband | of segment revenue 33.5% |
| Employees (consolidated) | 173 |  |
| EPS | ¥-8.65 |  |
| Diluted EPS | ¥50.85 |  |
| Book value per share | ¥658 |  |
| Equity ratio | 32.3% |  |
| Shares outstanding | 4,877,690 |  |
| Treasury shares | 74,000 |  |
| Shareholders | 853 |  |
| Average salary (parent only) | ¥7.1M | Filing company only |
| Cash ratio | 20.7% | Cash ÷ revenue 21.2% |
| Vs. industry median margin | -7.6 pp | Telecom Carriers |
| ROE | 7.1% | Derived from disclosed figures |
| ROA | 2.4% | Derived from disclosed figures |

## What changed in 4 years

| Metric | FY ending Mar 2022 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥7131961000 | ¥10796739000 | +51.4% |
| Operating income | ¥398181000 | ¥454048000 | +14.0% |
| Operating margin | 5.6% | 4.2% | -1.4 pp |
| Employees | 194 people | 173 people | -10.8% |
| Cash and equivalents | ¥984230000 | ¥2286544000 | +132.3% |

### Change in segment revenue mix

Span: FY ending Mar 2022 → 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 |
| --- | ---: |
| プラットフォーム → プラットフォーム | 31.5% |
| プラットフォーム → 事業再編・廃止 | 9.3% |
| ブロードバンド → ブロードバンド | 33.5% |
| ブロードバンド → 事業再編・廃止 | 14.9% |
| SaaS・DX → SaaS・DX | 8.5% |
| SaaS・DX → 事業再編・廃止 | 1.1% |
| その他 → 事業再編・廃止 | 1.3% |
| 新設・再編 → メディカル | 26.6% |

Segment revenue source references: 8 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Broadband | 4 years | +1.2% | ¥3613647000 | 15.0% | 2 |
| Platform | 4 years | +4.0% | ¥3396170000 | 16.2% | 2 |
| Medical | — | — | ¥2873514000 | -5.4% | 2 |
| SaaS and DX | 4 years | +7.6% | ¥913407000 | -7.5% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 10,797 | 100.0% | S100YMC7 |
| Cost of revenue | 4,569 | 42.3% | S100YMC7 |
| Gross profit | 6,227 | 57.7% | S100YMC7 |
| SG&A | 5,773 | 53.5% | S100YMC7 |
| Operating income | 454 | 4.2% | S100YMC7 |
| Ordinary income | 421 | 3.9% | S100YMC7 |
| Pretax income | 322 | 3.0% | S100YMC7 |
| Income tax | 74 | 0.7% | S100YMC7 |
| Net income | 248 | 2.3% | S100YMC7 |
| Net income attributable to owners | 253 | 2.3% | S100YMC7 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 42 |
| SG&A | 54 |
| Operating income | 4 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 57.7% → Operating margin 4.2% → Net margin 2.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +18.8%; Core profit growth: -1.6%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -0.08×
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 | 9,092 | 10,797 | 1,705 | +18.8% |
| Gross profit | 4,886 | 6,227 | 1,342 | +27.5% |
| Operating income | 461 | 454 | -7 | -1.6% |
| Net income attributable to owners | 182 | 253 | 71 | +39.2% |
| Operating cash flow | -242 | 374 | 616 | — |
| Free cash flow | -474 | -237 | 237 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2022 | 7,132 | 398 | 5.6% | 347 | 705 | — | S100R50H |
| FY ending Mar 2023 | 7,533 | 622 | 8.3% | 454 | 689 | — | S100TXUN |
| FY ending Mar 2024 | 7,714 | 644 | 8.3% | 400 | 864 | — | S100W7ZF |
| FY ending Mar 2025 | 9,092 | 461 | 5.1% | 182 | -242 | -474 | S100YMC7 |
| FY ending Mar 2026 | 10,797 | 454 | 4.2% | 253 | 374 | -237 | S100YMC7 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥62.4M |
| Operating income per employee (consolidated) | ¥2.6M |
| Net income per employee (consolidated) | ¥1.5M |

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) | 194 | 174 | 177 | 181 | 173 |
| Average salary (parent company) | — | ¥6.4M | ¥6.9M | ¥6.8M | ¥7.1M |
| Average age (parent company) | — | 40.9 years | 42.2 years | 38.9 years | 39.9 years |
| Average tenure (parent company) | — | 9.4 years | 7.9 years | 7.2 years | 6.8 years |

Year over year: Employees (consolidated) -4.4% · Revenue (consolidated) +18.8%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Medical | 2,874 | 26.6% | -156 | -5.4% |
| Platform | 3,396 | 31.5% | 550 | 16.2% |
| Broadband | 3,614 | 33.5% | 544 | 15.0% |
| SaaS and DX | 913 | 8.5% | -69 | -7.5% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Medical | 26.6% | — | — | -5.4% |
| Platform | 31.5% | 50.3% | 18.8 | 16.2% |
| Broadband | 33.5% | 49.7% | 16.3 | 15.0% |
| SaaS and DX | 8.5% | — | — | -7.5% |

Loss-making segment (excluded from profit shares): Medical -156 JPY mn

Loss-making segment (excluded from profit shares): SaaS and DX -69 JPY mn

Segment → industry: Broadband → Telecom Carriers / Broadband → Broadband & ISPs / SaaS and DX → IT Services & System Integration / SaaS and DX → Software & SaaS / Platform → Internet Services & Apps / Medical → Health Tech / Platform → M&A Advisory

## 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 | 3.5% | S100YMC7 |
| Capital expenditure | 611 | 5.7% | S100YMC7 |
| Free cash flow | -237 | -2.2% | 算出 |
| Investing cash flow | -814 | -7.5% | S100YMC7 |
| Financing cash flow | 31 | 0.3% | S100YMC7 |
| Dividends paid | 146 | 1.4% | S100YMC7 |
| Share buyback | 98 | 0.9% | S100YMC7 |
| Change in cash | -409 | -3.8% | S100YMC7 |
| Cash and equivalents | 2,287 | 21.2% | S100YMC7 |

## 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 | 984 | 1,176 | 2,531 | 2,696 | 2,287 | S100TXUN, S100W7ZF, S100YMC7 |
| Total assets | 4,241 | 4,551 | 6,296 | 10,369 | 11,056 | S100R50H, S100TXUN, S100W7ZF, S100YMC7 |
| Net assets | 1,512 | 2,023 | 3,628 | 3,636 | 3,719 | S100TXUN, S100W7ZF, S100YMC7 |
| Share capital | 100 | 100 | 13 | 19 | 25 | S100R50H, S100TXUN, S100W7ZF, S100YMC7 |
| Inventories | 38 | 52 | 26 | 22 | 122 | S100R50H, S100TXUN, S100W7ZF, S100YMC7 |
| Property, plant and equipment | 0 | 0 | 1 | 8 | 345 | S100R50H, S100TXUN, S100W7ZF, S100YMC7 |
| Intangible assets excluding goodwill | 1,151 | 1,252 | 1,587 | 4,030 | 3,846 | S100R50H, S100TXUN, S100W7ZF, S100YMC7 |
| Goodwill | 607 | 571 | 832 | 3,258 | 3,011 | S100R50H, S100TXUN, S100W7ZF, S100YMC7 |
| Investment securities | 689 | 740 | 635 | 890 | 1,071 | S100R50H, S100TXUN, S100W7ZF, S100YMC7 |
| Current assets | 2,195 | 2,500 | 3,922 | 5,083 | 5,332 | S100R50H, S100TXUN, S100W7ZF, S100YMC7 |
| Current liabilities | 1,399 | 1,388 | 2,667 | 2,715 | 3,347 | S100R50H, S100TXUN, S100W7ZF, S100YMC7 |
| Short-term borrowings | — | — | — | 500 | 750 | S100YMC7 |
| Long-term borrowings | 1,330 | 1,140 | — | 3,992 | 3,904 | S100R50H, S100TXUN, S100YMC7 |
| Total liabilities | 2,729 | 2,528 | 2,667 | 6,733 | 7,336 | S100R50H, S100TXUN, S100W7ZF, S100YMC7 |
| Non-controlling interests | 3 | 4 | 6 | 137 | 127 | S100R50H, S100TXUN, S100W7ZF, S100YMC7 |
| Equity attributable to owners of parent | 1,621 | 2,075 | 3,733 | 3,569 | 3,576 | S100R50H, S100TXUN, S100W7ZF, S100YMC7 |
| Retained earnings | 629 | 1,083 | 1,483 | 1,665 | 1,772 | S100R50H, S100TXUN, S100W7ZF, S100YMC7 |
| Treasury stock | — | — | — | — | -98 | S100YMC7 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 21% | S100YMC7 |
| Inventories | 1% | S100YMC7 |
| Property, plant and equipment | 3% | S100YMC7 |
| Intangibles and goodwill | 62% | S100YMC7 |
| Investment securities | 10% | S100YMC7 |
| Other assets | 3% | S100YMC7 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 66% | S100YMC7 |
| Equity | 34% | S100YMC7 |

### 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 | 4,241 | 4,551 | 6,296 | 10,369 | 11,056 |
| Equity | 1,512 | 2,023 | 3,628 | 3,636 | 3,719 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 984 | 1,176 | 2,531 | 2,696 | 2,287 |

## 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) | 3.2% | S100YMC7 |
| Fixed assets ÷ total assets | 3.1% | S100YMC7 |
| Goodwill ÷ parent equity | 84.2% | S100YMC7 |

Goodwill over 4 years: 607 → 3,011 JPY; total investing cash flow: -5,498 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) | 20.7% |
| Cash ÷ revenue | 21.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 82.3% |
| Cash vs. profit gap | 120 JPY mn (of net income 47.5%) |
| Shareholder returns / net income | 96.2% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 57.5% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 5.7% |
| Investing CF relative to operating CF | 217.8% |

## 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 | 4.9% | 1.68× | 8.2% | 2.62× | 21.4% | S100R50H |
| 2023 | 6.0% | 1.71× | 10.3% | 2.38× | 24.6% | S100TXUN |
| 2024 | 5.2% | 1.42× | 7.4% | 1.87× | 13.8% | S100W7ZF |
| 2025 | 2.0% | 1.09× | 2.2% | 2.28× | 5.0% | S100YMC7 |
| 2026 | 2.3% | 1.01× | 2.4% | 3.00× | 7.1% | S100YMC7 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| CASK㈱ | Major shareholder | 43.7% | 2026-03-31 |
| 西條 晋一 | Major shareholder | 16.7% | 2026-03-31 |
| ユナイテッド㈱ | Major shareholder | 9.9% | 2026-03-31 |
| 上田八木短資㈱ | Major shareholder | 3.5% | 2026-03-31 |
| 八代 武史 | Major shareholder | 2.8% | 2026-03-31 |
| 浜本 憲至 | Major shareholder | 2.1% | 2026-03-31 |
| 猪俣 崇 | Major shareholder | 1.5% | 2026-03-31 |
| XTech１号投資事業有限責任組合 | Major shareholder | 1.4% | 2026-03-31 |
| 岡田 浩明 | Major shareholder | 1.4% | 2026-03-31 |
| 楽天証券㈱ | Major shareholder | 1.4% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第8期(2025/04/01－2026/03/31) | S100YMC7 | 2026-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YMC7,, |
| 有価証券報告書－第7期(2024/04/01－2025/03/31) | S100W7ZF | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W7ZF,, |
| 有価証券報告書－第6期(2023/04/01－2024/03/31) | S100TXUN | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TXUN,, |
| 有価証券報告書－第5期(2022/04/01－2023/03/31) | S100R50H | 2023-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R50H,, |

## 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).