# EXEO Group, Inc.: 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72期(2025/04/01－2026/03/31) (S100YI51)
> Page: https://vizora.meequs.com/en/company/exeo-group
> Retrieved: 2026-09-30T18:55:11.533Z

## Company

EXEO Group, founded in 1954, is a company in IT Services & System Integration listed on TSE Prime. It has 17,751 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | EXEO Group, Inc. |
| Ticker | 1951 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/1951.T) |
| Listing | TSE Prime |
| Head office | 東京都渋谷区渋谷三丁目29番20号 |
| Representative (per filing) | 代表取締役社長 梶村 啓吾 |
| Founded | May 1954 |
| Share capital | ¥6.89B |
| Employees (consolidated) | 17,751 |
| Average salary (parent only) | ¥8.4M |
| Fiscal year end | March |
| Website | www.exeo.co.jp (https://www.exeo.co.jp/) |
| Corporate number | 3011001031955 |
| EDINET | E00094 |
| Industries (Vizora) | IT Services & System Integration, Plant Engineering & Building Services, General Contractors |

> Profile source: annual securities report (S100YI51, filed 2026-06-24). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 40.4 | 157 |
| Profitability | 32.4 | 196 |
| Cash conversion | 26.8 | 185 |
| Efficiency | 43.1 | 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 36% of EXEO Group's sales come from System Solution, with Telecommunication and Urban Infrastracture making up much of the rest.
- Out of every ¥100 of sales, about ¥7 is left as operating profit.
- Revenue changed +17.4% from the prior year, operating profit +22.5%.

## Company structure

- Segment revenue mix: System Solution 36.0%、Telecommunication 32.5%、Urban Infrastracture 31.5%
- Revenue → net income: ¥787715000000 → ¥30976000000
- Net income → operating cash flow: ¥30976000000 → ¥33230000000（difference ¥2254000000）
- Main uses of operating cash flow: CapEx ¥12777000000 / dividends ¥13413000000 / buybacks ¥7002000000
- Change in cash: ¥1962000000
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 | ¥787.7B |  |
| Operating income | ¥52B | Margin 6.6% |
| Net income | ¥31B | Margin 3.9% |
| Free cash flow | ¥20.5B |  |
| Largest business | System Solution | of segment revenue 36.0% |
| Employees (consolidated) | 17,751 |  |
| EPS | ¥122.05 |  |
| Diluted EPS | ¥122 |  |
| Book value per share | ¥1191.35 |  |
| Equity ratio | 49.5% |  |
| Shares outstanding | 205,624,000 |  |
| Treasury shares | 1,548,900 |  |
| Shareholders | 29,581 |  |
| Average salary (parent only) | ¥8.4M | Filing company only |
| Cash ratio | 6.0% | Cash ÷ revenue 5.3% |
| Vs. industry median margin | -2.3 pp | IT Services & System Integration |
| ROE | 10.2% | Derived from disclosed figures |
| ROA | 4.7% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥573339000000 | ¥787715000000 | +37.4% |
| Operating income | ¥36623000000 | ¥52016000000 | +42.0% |
| Operating margin | 6.4% | 6.6% | +0.2 pp |
| Employees | 14,374 people | 17,751 people | +23.5% |
| Cash and equivalents | ¥41246000000 | ¥41376000000 | +0.3% |

### 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 |
| --- | ---: |
| 協和エクシオグループ → 事業再編・廃止 | 39.7% |
| エクシオグループ → 事業再編・廃止 | 39.7% |
| シーキューブグループ → 事業再編・廃止 | 9.2% |
| 西部電気工業グループ → 事業再編・廃止 | 6.2% |
| 日本電通グループ → 事業再編・廃止 | 5.2% |
| 新設・再編 → 通信キャリア | 32.5% |
| 新設・再編 → 都市インフラ | 31.5% |
| 新設・再編 → システムソリューション | 36.0% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| System Solution | 4 years | +16.4% | ¥283566000000 | 4.3% | 2 |
| Telecommunication | 4 years | -3.0% | ¥255693000000 | 9.1% | 2 |
| Urban Infrastracture | 4 years | +13.3% | ¥248455000000 | 6.6% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 787,715 | 100.0% | S100YI51 |
| Cost of revenue | 673,044 | 85.4% | S100YI51 |
| Gross profit | 114,670 | 14.6% | S100YI51 |
| SG&A | 62,654 | 8.0% | S100YI51 |
| Operating income | 52,016 | 6.6% | S100YI51 |
| Ordinary income | 52,723 | 6.7% | S100YI51 |
| Pretax income | 51,355 | 6.5% | S100YI51 |
| Income tax | 20,379 | 2.6% | S100YI51 |
| Net income | 30,976 | 3.9% | S100YI51 |
| Net income attributable to owners | 31,031 | 3.9% | S100YI51 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 85 |
| SG&A | 8 |
| Operating income | 7 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 14.6% → Operating margin 6.6% → Net margin 3.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +17.4%; Core profit growth: +22.5%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.29×
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 | 670,822 | 787,715 | 116,893 | +17.4% |
| Gross profit | 100,481 | 114,670 | 14,189 | +14.1% |
| Operating income | 42,465 | 52,016 | 9,551 | +22.5% |
| Net income attributable to owners | 26,855 | 31,031 | 4,176 | +15.6% |
| Operating cash flow | 6,842 | 33,230 | 26,388 | +385.7% |
| Free cash flow | -11,815 | 20,453 | 32,268 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 524,574 | 31,100 | 5.9% | 15,603 | 17,299 | 2,779 | S100LNDP |
| FY ending Mar 2021 | 573,339 | 36,623 | 6.4% | 24,192 | 6,301 | -3,861 | S100OPUJ |
| FY ending Mar 2022 | 594,840 | 42,380 | 7.1% | 27,766 | 26,406 | 6,235 | S100R2LE |
| FY ending Mar 2023 | 627,607 | 32,552 | 5.2% | 22,233 | 5,483 | -8,254 | S100TSJ4 |
| FY ending Mar 2024 | 614,095 | 34,121 | 5.6% | 20,058 | 41,902 | 22,133 | S100W0NZ |
| FY ending Mar 2025 | 670,822 | 42,465 | 6.3% | 26,855 | 6,842 | -11,815 | S100YI51 |
| FY ending Mar 2026 | 787,715 | 52,016 | 6.6% | 31,031 | 33,230 | 20,453 | S100YI51 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥44.4M |
| Operating income per employee (consolidated) | ¥2.9M |
| Net income per employee (consolidated) | ¥1.7M |

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) | 15,847 | 16,772 | 17,056 | 17,260 | 17,751 |
| Average salary (parent company) | ¥7.7M | ¥7.7M | ¥7.5M | ¥7.8M | ¥8.4M |
| Average age (parent company) | 43.2 years | 43.7 years | 44.2 years | 44.7 years | 45.1 years |
| Average tenure (parent company) | 17.6 years | 17.9 years | 18.3 years | 18.7 years | 19.1 years |

Year over year: Employees (consolidated) +2.8% · Revenue (consolidated) +17.4%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Telecommunication | 255,693 | 32.5% | 23,334 | 9.1% |
| Urban Infrastracture | 248,455 | 31.5% | 16,479 | 6.6% |
| System Solution | 283,566 | 36.0% | 12,201 | 4.3% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Telecommunication | 32.5% | 44.9% | 12.4 | 9.1% |
| Urban Infrastracture | 31.5% | 31.7% | 0.1 | 6.6% |
| System Solution | 36.0% | 23.5% | -12.5 | 4.3% |

Segment → industry: System Solution → IT Services & System Integration / Urban Infrastracture → Plant Engineering & Building Services / Telecommunication → Plant Engineering & Building Services / Urban Infrastracture → General Contractors

## 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 | 33,230 | 4.2% | S100YI51 |
| Capital expenditure | 12,777 | 1.6% | S100YI51 |
| Free cash flow | 20,453 | 2.6% | 算出 |
| Investing cash flow | -14,989 | -1.9% | S100YI51 |
| Financing cash flow | -16,505 | -2.1% | S100YI51 |
| Dividends paid | 13,413 | 1.7% | S100YI51 |
| Share buyback | 7,002 | 0.9% | S100YI51 |
| Change in cash | 1,962 | 0.2% | S100YI51 |
| Cash and equivalents | 41,376 | 5.3% | S100YI51 |

## 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 | 53,727 | 50,204 | 47,430 | 39,413 | 41,376 | S100TSJ4, S100W0NZ, S100YI51 |
| Total assets | 535,617 | 577,941 | 591,637 | 642,505 | 691,154 | S100R2LE, S100TSJ4, S100W0NZ, S100YI51 |
| Net assets | 307,053 | 307,941 | 319,217 | 326,783 | 346,736 | S100TSJ4, S100W0NZ, S100YI51 |
| Share capital | 6,888 | 6,888 | 6,888 | 6,888 | 6,888 | S100R2LE, S100TSJ4, S100W0NZ, S100YI51 |
| Inventories | 46,194 | 53,877 | 53,421 | 57,717 | 58,031 | S100R2LE, S100TSJ4, S100W0NZ, S100YI51 |
| Property, plant and equipment | 126,900 | 135,635 | 145,954 | 155,716 | 154,475 | S100R2LE, S100TSJ4, S100W0NZ, S100YI51 |
| Intangible assets excluding goodwill | 13,745 | 23,108 | 22,668 | 25,082 | 29,545 | S100R2LE, S100TSJ4, S100W0NZ, S100YI51 |
| Goodwill | 9,207 | 15,112 | 13,872 | 15,124 | 17,239 | S100R2LE, S100TSJ4, S100W0NZ, S100YI51 |
| Investment securities | 34,274 | 32,819 | 35,489 | 32,531 | 35,662 | S100R2LE, S100TSJ4, S100W0NZ, S100YI51 |
| Current assets | 326,660 | 353,723 | 347,845 | 387,728 | 417,003 | S100R2LE, S100TSJ4, S100W0NZ, S100YI51 |
| Current liabilities | 157,764 | 159,097 | 177,720 | 206,606 | 212,857 | S100R2LE, S100TSJ4, S100W0NZ, S100YI51 |
| Short-term borrowings | 30,756 | 28,748 | 29,192 | 52,126 | 21,251 | S100R2LE, S100TSJ4, S100W0NZ, S100YI51 |
| Long-term borrowings | 18,006 | 53,632 | 43,193 | 57,063 | 95,989 | S100R2LE, S100TSJ4, S100W0NZ, S100YI51 |
| Bonds | 30,000 | 30,000 | 20,000 | 20,000 | — | S100R2LE, S100TSJ4, S100W0NZ, S100YI51 |
| Interest-bearing debt | 78,762 | 112,380 | 92,385 | 129,189 | — | 算出 |
| Total liabilities | 228,564 | 269,999 | 272,419 | 315,721 | 344,417 | S100R2LE, S100TSJ4, S100W0NZ, S100YI51 |
| Non-controlling interests | 3,497 | 4,580 | 5,853 | 5,638 | 4,611 | S100R2LE, S100TSJ4, S100W0NZ, S100YI51 |
| Equity attributable to owners of parent | 287,263 | 286,256 | 289,156 | 297,436 | 308,956 | S100R2LE, S100TSJ4, S100W0NZ, S100YI51 |
| Retained earnings | 244,892 | 256,303 | 264,711 | 278,791 | 296,421 | S100R2LE, S100TSJ4, S100W0NZ, S100YI51 |
| Treasury stock | -13,063 | -5,848 | -4,534 | -2,782 | -3,392 | S100R2LE, S100TSJ4, S100W0NZ, S100YI51 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 6% | S100YI51 |
| Inventories | 9% | S100YI51 |
| Property, plant and equipment | 22% | S100YI51 |
| Intangibles and goodwill | 7% | S100YI51 |
| Investment securities | 5% | S100YI51 |
| Other assets | 51% | S100YI51 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 50% | S100YI51 |
| Equity | 50% | S100YI51 |
| Other liabilities | 0% | S100YI51 |

### 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 | 535,617 | 577,941 | 591,637 | 642,505 | 691,154 |
| Equity | 307,053 | 307,941 | 319,217 | 326,783 | 346,736 |
| Interest-bearing debt | 78,762 | 112,380 | 92,385 | 129,189 | — |
| Cash | 53,727 | 50,204 | 47,430 | 39,413 | 41,376 |

## 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) | 19.6% | S100YI51 |
| Fixed assets ÷ total assets | 22.4% | S100YI51 |
| Goodwill ÷ parent equity | 5.6% | S100YI51 |

Goodwill over 4 years: 9,207 → 17,239 JPY; total investing cash flow: -80,732 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) | 6.0% |
| Cash ÷ revenue | 5.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 63.9% |
| Cash vs. profit gap | 2,199 JPY mn (of net income 7.1%) |
| Shareholder returns / net income | 65.8% |
| Shareholder returns / FCF | 99.8% |
| Shareholder payments — dividends / net income | 43.2% |
| Shareholder payments — dividends / FCF | 65.6% |
| CapEx intensity (capex ÷ revenue) | 1.6% |
| Investing CF relative to operating CF | 45.1% |

## 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 | 4.7% | 1.11× | 5.2% | 1.86× | 9.7% | S100R2LE |
| 2023 | 3.5% | 1.13× | 4.0% | 1.94× | 7.8% | S100TSJ4 |
| 2024 | 3.3% | 1.05× | 3.4% | 2.03× | 7.0% | S100W0NZ |
| 2025 | 4.0% | 1.09× | 4.4% | 2.10× | 9.2% | S100YI51 |
| 2026 | 3.9% | 1.18× | 4.7% | 2.20× | 10.2% | S100YI51 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 16.9% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 9.5% | 2026-03-31 |
| エクシオグループ 従業員持株会 | Major shareholder | 5.7% | 2026-03-31 |
| BBH（LUX） FOR FIDELITY FUNDS - JAPAN ADVANTAGE POOL （常任代理人 株式会社三菱ＵＦＪ銀行） | Major shareholder | 3.2% | 2026-03-31 |
| 住友生命保険相互会社 | Major shareholder | 2.4% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505001 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.8% | 2026-03-31 |
| 株式会社日本カストディ銀行・三井住友信託退給口 | Major shareholder | 1.8% | 2026-03-31 |
| 株式会社日本カストディ銀行（三井住友信託銀行再信託分・住友電気工業株式会社退職給付信託口） | Major shareholder | 1.5% | 2026-03-31 |
| JP MORGAN CHASE BANK 385781 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.4% | 2026-03-31 |
| GOVERNMENT OF NORWAY （常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 1.4% | 2026-03-31 |

## AI commentary（text by AI; the tables above are authoritative、claude-code）

- System Solution brings in the most sales at ¥283.6B, but Telecommunication earns the most, with ¥23.3B of operating income.
- Out of every 100 yen of sales, costs take 85 yen and SG&A 8 yen, leaving 7 yen of operating income and 4 yen of net income.
- In the FY ending Mar 2026, revenue rose +17.4% to ¥787.7B and operating income rose +22.5% to ¥52B.

Cited: Annual securities report (72nd term) (経営者による財政状態、経営成績及びキャッシュ・フローの状況の分析)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第72期(2025/04/01－2026/03/31) | S100YI51 | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YI51,, |
| 有価証券報告書－第71期(2024/04/01－2025/03/31) | S100W0NZ | 2025-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W0NZ,, |
| 有価証券報告書－第70期(2023/04/01－2024/03/31) | S100TSJ4 | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TSJ4,, |
| 有価証券報告書－第69期(2022/04/01－2023/03/31) | S100R2LE | 2023-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R2LE,, |
| 訂正有価証券報告書－第68期(令和3年4月1日－令和4年3月31日) | S100OPUJ | 2022-07-14 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OPUJ,, |
| 有価証券報告書－第67期(令和2年4月1日－令和3年3月31日) | S100LNDP | 2021-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LNDP,, |

## 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).