# Finatext Holdings 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12期(2025/04/01－2026/03/31) (S100YHUU)
> Page: https://vizora.meequs.com/en/company/finatext-holdings
> Retrieved: 2026-09-30T19:51:29.533Z

## Company

Finatext Holdings, founded in 2013, is a company in IT Services & System Integration listed on TSE Growth. It has 414 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Finatext Holdings Ltd. |
| Ticker | 4419 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4419.T) |
| Listing | TSE Growth |
| Head office | 東京都千代田区九段北一丁目8番10号住友不動産九段ビル 9階 |
| Representative (per filing) | 代表取締役社長CEO 林 良太 |
| Founded | Dec 2013 |
| Share capital | ¥183M |
| Employees (consolidated) | 414 |
| Average salary (parent only) | ¥8M |
| Fiscal year end | March |
| Website | hd.finatext.com (https://hd.finatext.com/) |
| Corporate number | 8010001157847 |
| EDINET | E37145 |
| Industries (Vizora) | IT Services & System Integration, Software & SaaS, Consulting |

> Profile source: annual securities report (S100YHUU, filed 2026-06-23). As of filing

## Five-axis industry profile

Primary industry: Software & SaaS (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 97.6 | 105 |
| Profitability | 65.9 | 145 |
| Cash conversion | 3.5 | 128 |
| Efficiency | 16.9 | 145 |

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 60% of Finatext Holdings's sales come from Financial infrastructure business, with Big data analytics business and FinTech shift business making up much of the rest.
- Out of every ¥100 of sales, about ¥17 is left as operating profit.
- Revenue changed +43.5% from the prior year, operating profit +100.0%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥11.1B |  |
| Operating income | ¥1.9B | Margin 17.2% |
| Net income | ¥1.51B | Margin 13.7% |
| Free cash flow | -¥584.1M |  |
| Largest business | Financial infrastructure business | of segment revenue 60.0% |
| Employees (consolidated) | 414 |  |
| EPS | ¥12.34 |  |
| Diluted EPS | ¥12.05 |  |
| Book value per share | ¥158.59 |  |
| Equity ratio | 45.2% |  |
| Shares outstanding | 51,898,340 |  |
| Treasury shares | 58 |  |
| Shareholders | 10,679 |  |
| Average salary (parent only) | ¥8M | Filing company only |
| Cash ratio | 16.5% | Cash ÷ revenue 34.7% |
| Vs. industry median margin | +4.8 pp | Software & SaaS |
| ROE | 15.6% | Derived from disclosed figures |
| ROA | 7.2% | Derived from disclosed figures |

## Notable figures

- FY2026, revenue is 4.1× its level five years ago
- FY2026, parent-company salary changed +22% over five years
- FY2026, segment profit share differs by 21 points

## What changed in 4 years

| Metric | FY ending Mar 2022 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥2724097000 | ¥11052543000 | +305.7% |
| Operating income | ¥-542605000 | ¥1900527000 | — |
| Operating margin | -19.9% | 17.2% | +37.1 pp |
| Employees | 195 people | 414 people | +112.3% |
| Cash and equivalents | ¥5792996000 | ¥3839917000 | -33.7% |

### 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 |
| --- | ---: |
| 金融インフラストラクチャ事業 → 金融インフラストラクチャ事業 | 44.1% |
| フィンテックソリューション事業 → 事業再編・廃止 | 27.8% |
| ビッグデータ解析事業 → ビッグデータ解析事業 | 26.3% |
| ビッグデータ解析事業 → 事業再編・廃止 | 1.7% |
| 新設・再編 → 金融インフラストラクチャ事業 | 15.9% |
| 新設・再編 → フィンテックシフト事業 | 13.6% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Financial infrastructure business | 4 years | +53.3% | ¥6635453000 | 14.0% | 2 |
| Big data analytics business | 4 years | +39.7% | ¥2909178000 | 28.7% | 2 |
| FinTech shift business | — | — | ¥1507911000 | 0.4% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 11,053 | 100.0% | S100YHUU |
| Cost of revenue | 3,401 | 30.8% | S100YHUU |
| Gross profit | 7,652 | 69.2% | S100YHUU |
| SG&A | 5,751 | 52.0% | S100YHUU |
| Operating income | 1,901 | 17.2% | S100YHUU |
| Ordinary income | 1,862 | 16.8% | S100YHUU |
| Pretax income | 1,861 | 16.8% | S100YHUU |
| Income tax | 171 | 1.5% | S100YHUU |
| Net income | 1,690 | 15.3% | S100YHUU |
| Net income attributable to owners | 1,513 | 13.7% | S100YHUU |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 31 |
| SG&A | 52 |
| Operating income | 17 |
| (Ref.) Net income | 14 |

### Margin funnel

Gross margin 69.2% → Operating margin 17.2% → Net margin 13.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +43.5%; Core profit growth: +100.0%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.30×
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 | 7,702 | 11,053 | 3,350 | +43.5% |
| Gross profit | 5,133 | 7,652 | 2,518 | +49.1% |
| Operating income | 950 | 1,901 | 950 | +100.0% |
| Net income attributable to owners | 660 | 1,513 | 853 | +129.4% |
| Operating cash flow | -945 | -267 | 678 | — |
| Free cash flow | -1,298 | -584 | 714 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2022 | 2,724 | -543 | -19.9% | -670 | -1,528 | -1,787 | S100R5RO |
| FY ending Mar 2023 | 3,821 | -329 | -8.6% | -388 | -180 | -402 | S100TWR8 |
| FY ending Mar 2024 | 5,375 | 205 | 3.8% | -78 | -938 | -1,204 | S100W328 |
| FY ending Mar 2025 | 7,702 | 950 | 12.3% | 660 | -945 | -1,298 | S100YHUU |
| FY ending Mar 2026 | 11,053 | 1,901 | 17.2% | 1,513 | -267 | -584 | S100YHUU |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥26.7M |
| Operating income per employee (consolidated) | ¥4.6M |
| Net income per employee (consolidated) | ¥3.7M |

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) | 195 | 247 | 294 | 341 | 414 |
| Average salary (parent company) | ¥6.5M | ¥7.2M | ¥7.1M | ¥7M | ¥8M |
| Average age (parent company) | 46.2 years | 46.6 years | 45.5 years | 44.6 years | 44.8 years |
| Average tenure (parent company) | 3.2 years | 3.4 years | 4.0 years | 4.2 years | 4.6 years |

Year over year: Employees (consolidated) +21.4% · Revenue (consolidated) +43.5%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Financial infrastructure business | 6,635 | 60.0% | 930 | 14.0% |
| FinTech shift business | 1,508 | 13.6% | 6 | 0.4% |
| Big data analytics business | 2,909 | 26.3% | 836 | 28.7% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Financial infrastructure business | 60.0% | 52.5% | -7.6 | 14.0% |
| FinTech shift business | 13.6% | 0.4% | -13.3 | 0.4% |
| Big data analytics business | 26.3% | 47.2% | 20.9 | 28.7% |

Segment → industry: FinTech shift business → IT Services & System Integration / Big data analytics business → Software & SaaS / Financial infrastructure business → Software & SaaS / Big data analytics business → Consulting

## 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 | -267 | -2.4% | S100YHUU |
| Capital expenditure | 317 | 2.9% | S100YHUU |
| Free cash flow | -584 | -5.3% | 算出 |
| Investing cash flow | -432 | -3.9% | S100YHUU |
| Financing cash flow | 159 | 1.4% | S100YHUU |
| Change in cash | -527 | -4.8% | S100YHUU |
| Cash and equivalents | 3,840 | 34.7% | S100YHUU |

## 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 | 5,793 | 5,354 | 4,769 | 4,367 | 3,840 | S100TWR8, S100W328, S100YHUU |
| Total assets | 15,854 | 17,710 | 20,176 | 19,027 | 23,287 | S100R5RO, S100TWR8, S100W328, S100YHUU |
| Net assets | 9,189 | 8,802 | 8,722 | 9,627 | 11,562 | S100TWR8, S100W328, S100YHUU |
| Share capital | 1,847 | 77 | 105 | 158 | 183 | S100R5RO, S100TWR8, S100W328, S100YHUU |
| Property, plant and equipment | 3 | 92 | 109 | 78 | 114 | S100R5RO, S100TWR8, S100W328, S100YHUU |
| Intangible assets excluding goodwill | 62 | 133 | 266 | 521 | 767 | S100R5RO, S100TWR8, S100W328, S100YHUU |
| Goodwill | — | — | — | — | 112 | S100YHUU |
| Investment securities | 48 | 46 | 46 | 46 | 46 | S100R5RO, S100TWR8, S100W328, S100YHUU |
| Current assets | 15,620 | 17,311 | 19,560 | 18,080 | 21,748 | S100R5RO, S100TWR8, S100W328, S100YHUU |
| Current liabilities | 6,579 | 8,826 | 10,903 | 8,826 | 10,777 | S100R5RO, S100TWR8, S100W328, S100YHUU |
| Trade payables | 22 | 36 | 69 | 32 | 43 | S100R5RO, S100TWR8, S100W328, S100YHUU |
| Short-term borrowings | — | — | — | 600 | — | S100YHUU |
| Long-term borrowings | 38 | — | 400 | 468 | 818 | S100R5RO, S100W328, S100YHUU |
| Total liabilities | 6,665 | 8,908 | 11,454 | 9,400 | 11,725 | S100R5RO, S100TWR8, S100W328, S100YHUU |
| Non-controlling interests | 598 | 515 | 502 | 524 | 709 | S100R5RO, S100TWR8, S100W328, S100YHUU |
| Equity attributable to owners of parent | 8,577 | 8,226 | 8,169 | 8,934 | 10,497 | S100R5RO, S100TWR8, S100W328, S100YHUU |
| Retained earnings | -3,703 | -4,091 | -4,169 | -3,510 | -1,996 | S100R5RO, S100TWR8, S100W328, S100YHUU |
| Treasury stock | — | — | — | 0 | -0 | S100YHUU |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 16% | S100YHUU |
| Property, plant and equipment | 1% | S100YHUU |
| Intangibles and goodwill | 4% | S100YHUU |
| Investment securities | 0% | S100YHUU |
| Other assets | 79% | S100YHUU |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 0% | S100YHUU |
| Other liabilities | 50% | S100YHUU |
| Equity | 50% | S100YHUU |
| Other liabilities | 0% | S100YHUU |

### 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 | 15,854 | 17,710 | 20,176 | 19,027 | 23,287 |
| Equity | 9,189 | 8,802 | 8,722 | 9,627 | 11,562 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 5,793 | 5,354 | 4,769 | 4,367 | 3,840 |

## 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) | 1.0% | S100YHUU |
| Fixed assets ÷ total assets | 0.5% | S100YHUU |
| Goodwill ÷ parent equity | 1.1% | S100YHUU |

### 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) | 16.5% |
| Cash ÷ revenue | 34.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -14.1% |
| Cash vs. profit gap | -1,781 JPY mn (of net income -117.7%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 2.9% |
| Investing CF relative to operating CF | — |

## 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 | — | —× | -4.2% | —× | — | S100R5RO |
| 2023 | — | —× | -2.3% | —× | — | S100TWR8 |
| 2024 | — | —× | -0.4% | —× | — | S100W328 |
| 2025 | 8.6% | 0.39× | 3.4% | 2.29× | 7.7% | S100YHUU |
| 2026 | 13.7% | 0.52× | 7.2% | 2.18× | 15.6% | S100YHUU |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 林 良太 | Major shareholder | 36.5% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 7.8% | 2026-03-31 |
| ａｕフィナンシャルホールディングス株式会社 | Major shareholder | 6.2% | 2026-03-31 |
| ＩＮＤＵＳ ＪＡＰＡＮ ＬＯＮＧ ＯＮＬＹ ＭＡＳＴＥＲ ＦＵＮＤ， ＬＴＤ(常任代理人 香港上海銀行東京支店） | Major shareholder | 3.0% | 2026-03-31 |
| 株式会社ＧＣＩキャピタル | Major shareholder | 2.5% | 2026-03-31 |
| 伊藤 祐一郎 | Major shareholder | 2.3% | 2026-03-31 |
| 野村證券株式会社 | Major shareholder | 2.3% | 2026-03-31 |
| 株式会社日本経済新聞社 | Major shareholder | 1.8% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 1.6% | 2026-03-31 |
| 戸田 真史 | Major shareholder | 1.3% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第12期(2025/04/01－2026/03/31) | S100YHUU | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YHUU,, |
| 有価証券報告書－第11期(2024/04/01－2025/03/31) | S100W328 | 2025-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W328,, |
| 有価証券報告書－第10期(2023/04/01－2024/03/31) | S100TWR8 | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TWR8,, |
| 有価証券報告書－第9期(2022/04/01－2023/03/31) | S100R5RO | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R5RO,, |
| 有価証券報告書－第8期(令和3年4月1日－令和4年3月31日) | S100OC0T | 2022-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OC0T,, |

## 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).