# Fixstars Corporation: business model and financials

> Latest period: FY ending Sep 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第24期(2024/10/01－2025/09/30) (S100XAQJ)
> Page: https://vizora.meequs.com/en/company/fixstars
> Retrieved: 2026-09-30T20:25:48.824Z

## Company

Fixstars, founded in 2002, is a company in IT Services & System Integration listed on TSE Prime. It has 334 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Fixstars Corporation |
| Ticker | 3687 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3687.T) |
| Listing | TSE Prime |
| Head office | 東京都港区芝浦三丁目1番1号 (注)上記は登記上の本店所在地であり、2025年12月21日より本店は東京都港区芝浦一丁目1番1号に移転する予定であります。 |
| Representative (per filing) | 代表取締役社長 三木 聡 |
| Founded | Aug 2002 |
| Share capital | ¥554.5M |
| Employees (consolidated) | 334 |
| Average salary (parent only) | ¥7.9M |
| Fiscal year end | September |
| Website | www.fixstars.com (https://www.fixstars.com/) |
| Corporate number | 8010701023423 |
| EDINET | E30537 |
| Industries (Vizora) | IT Services & System Integration, Software & SaaS |

> Profile source: annual securities report (S100XAQJ, filed 2025-12-16). As of filing

## Five-axis industry profile

Primary industry: IT Services & System Integration (2025-09-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 66.6 | 157 |
| Profitability | 97.2 | 196 |
| Cash conversion | 40.8 | 185 |
| Efficiency | 31.4 | 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 95% of Fixstars's sales come from Solution business, with SaaS business making up much of the rest.
- Out of every ¥100 of sales, about ¥27 is left as operating profit.
- Revenue changed +20.3% from the prior year, operating profit +11.9%.

## Company structure

- Segment revenue mix: Solution business 95.4%、SaaS business 4.6%
- Revenue → net income: ¥9617686000 → ¥2012086000
- Net income → operating cash flow: ¥2012086000 → ¥1978609000（difference ¥-33477000）
- Main uses of operating cash flow: CapEx ¥109631000 / dividends ¥610993000 / buybacks ¥86000
- Change in cash: ¥321669000
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 | ¥9.62B |  |
| Operating income | ¥2.58B | Margin 26.8% |
| Net income | ¥1.95B | Margin 20.2% |
| Free cash flow | ¥1.87B |  |
| Largest business | Solution business | of segment revenue 95.4% |
| Employees (consolidated) | 334 |  |
| EPS | ¥52.39 |  |
| Book value per share | ¥217.17 |  |
| Equity ratio | 83.6% |  |
| Shares outstanding | 33,635,000 |  |
| Treasury shares | 1,382,100 |  |
| Shareholders | 20,498 |  |
| Average salary (parent only) | ¥7.9M | Filing company only |
| Cash ratio | 52.5% | Cash ÷ revenue 53.8% |
| Vs. industry median margin | +17.9 pp | IT Services & System Integration |
| ROE | 26.6% | Derived from disclosed figures |
| ROA | 20.9% | Derived from disclosed figures |

## Notable figures

- FY2025, one segment accounts for 100% of positive segment profit
- FY2025, cash is 52% of total assets
- FY2025, operating income keeps 27 per ¥100 of revenue

## What changed in 5 years

| Metric | FY ending Sep 2020 | FY ending Sep 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥5764630000 | ¥9617686000 | +66.8% |
| Operating income | ¥1184296000 | ¥2578202000 | +117.7% |
| Operating margin | 20.5% | 26.8% | +6.3 pp |
| Employees | 253 people | 334 people | +32.0% |
| Cash and equivalents | ¥5593009000 | ¥5178150000 | -7.4% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| ソフトウェア・サービス → 事業再編・廃止 | 85.5% |
| ハードウェア基盤 → 事業再編・廃止 | 14.5% |
| 新設・再編 → Solution事業 | 95.4% |
| 新設・再編 → SaaS事業 | 4.6% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 9,618 | 100.0% | S100XAQJ |
| Cost of revenue | 4,611 | 47.9% | S100XAQJ |
| Gross profit | 5,006 | 52.1% | S100XAQJ |
| SG&A | 2,428 | 25.2% | S100XAQJ |
| Operating income | 2,578 | 26.8% | S100XAQJ |
| Ordinary income | 2,582 | 26.8% | S100XAQJ |
| Pretax income | 2,586 | 26.9% | S100XAQJ |
| Income tax | 574 | 6.0% | S100XAQJ |
| Net income | 2,012 | 20.9% | S100XAQJ |
| Net income attributable to owners | 1,945 | 20.2% | S100XAQJ |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 48 |
| SG&A | 25 |
| Operating income | 27 |
| (Ref.) Net income | 20 |

### Margin funnel

Gross margin 52.1% → Operating margin 26.8% → Net margin 20.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +20.3%; Core profit growth: +11.9%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.59×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 7,995 | 9,618 | 1,622 | +20.3% |
| Gross profit | 4,178 | 5,006 | 828 | +19.8% |
| Operating income | 2,304 | 2,578 | 274 | +11.9% |
| Net income attributable to owners | 1,494 | 1,945 | 451 | +30.2% |
| Operating cash flow | 1,656 | 1,979 | 323 | +19.5% |
| Free cash flow | 1,491 | 1,869 | 378 | +25.4% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Sep 2019 | 6,967 | 1,316 | 18.9% | 870 | 794 | 763 | S100KDZR |
| FY ending Sep 2020 | 5,765 | 1,184 | 20.5% | 668 | 816 | 791 | S100N4FY |
| FY ending Sep 2021 | 5,502 | 972 | 17.7% | 543 | 865 | 431 | S100PU8Z |
| FY ending Sep 2022 | 6,311 | 1,624 | 25.7% | 1,083 | 1,488 | 1,447 | S100SI1E |
| FY ending Sep 2023 | 7,038 | 2,086 | 29.6% | 1,448 | 719 | 682 | S100UYSB |
| FY ending Sep 2024 | 7,995 | 2,304 | 28.8% | 1,494 | 1,656 | 1,491 | S100XAQJ |
| FY ending Sep 2025 | 9,618 | 2,578 | 26.8% | 1,945 | 1,979 | 1,869 | S100XAQJ |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥28.8M |
| Operating income per employee (consolidated) | ¥7.7M |
| Net income per employee (consolidated) | ¥5.8M |

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

| History | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 258 | 263 | 292 | 320 | 334 |
| Average salary (parent company) | ¥7.2M | ¥7.2M | ¥7.9M | ¥7.8M | ¥7.9M |
| Average age (parent company) | 35.6 years | 36.0 years | 36.4 years | 36.4 years | 36.1 years |
| Average tenure (parent company) | 5.3 years | 5.7 years | 5.9 years | 5.9 years | 6.0 years |

Year over year: Employees (consolidated) +4.4% · Revenue (consolidated) +20.3%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Solution business | 9,171 | 95.4% | 3,236 | 35.3% |
| SaaS business | 446 | 4.6% | -424 | -95.0% |
| Other | — | 0.0% | -234 | — |

### 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 | Profit share | Margin |
| --- | ---: | ---: |
| Solution business | 100.0% | 35.3% |
| SaaS business | — | -95.0% |
| Other | — | — |

Loss-making segment (excluded from profit shares): SaaS business -424 JPY mn

Loss-making segment (excluded from profit shares): Other -234 JPY mn

Segment → industry: Solution business → IT Services & System Integration / SaaS business → Software & SaaS

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 1,979 | 20.6% | S100XAQJ |
| Capital expenditure | 110 | 1.1% | S100XAQJ |
| Free cash flow | 1,869 | 19.4% | 算出 |
| Investing cash flow | -632 | -6.6% | S100XAQJ |
| Financing cash flow | -1,044 | -10.9% | S100XAQJ |
| Dividends paid | 611 | 6.4% | S100XAQJ |
| Share buyback | 0 | 0.0% | S100XAQJ |
| Change in cash | 322 | 3.3% | S100XAQJ |
| Cash and equivalents | 5,178 | 53.8% | S100XAQJ |

## 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 Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 4,681 | 5,057 | 4,629 | 4,856 | 5,178 | S100SI1E, S100UYSB, S100XAQJ |
| Total assets | 7,396 | 8,162 | 8,183 | 8,730 | 9,871 | S100PU8Z, S100SI1E, S100UYSB, S100XAQJ |
| Net assets | 3,643 | 4,584 | 5,825 | 6,943 | 8,522 | S100SI1E, S100UYSB, S100XAQJ |
| Share capital | 554 | 554 | 554 | 554 | 554 | S100PU8Z, S100SI1E, S100UYSB, S100XAQJ |
| Inventories | 9 | 8 | 5 | 30 | 4 | S100PU8Z, S100SI1E, S100UYSB, S100XAQJ |
| Property, plant and equipment | 453 | 352 | 254 | 323 | 258 | S100PU8Z, S100SI1E, S100UYSB, S100XAQJ |
| Intangible assets excluding goodwill | 2 | 3 | 2 | 3 | 2 | S100PU8Z, S100SI1E, S100UYSB, S100XAQJ |
| Investment securities | 47 | 69 | 116 | 84 | 116 | S100PU8Z, S100SI1E, S100UYSB, S100XAQJ |
| Current assets | 6,436 | 7,205 | 7,312 | 7,773 | 8,653 | S100PU8Z, S100SI1E, S100UYSB, S100XAQJ |
| Current liabilities | 1,644 | 2,282 | 1,864 | 1,754 | 1,327 | S100PU8Z, S100SI1E, S100UYSB, S100XAQJ |
| Long-term borrowings | 2,085 | 1,289 | 493 | — | — | S100PU8Z, S100SI1E, S100UYSB |
| Total liabilities | 3,753 | 3,578 | 2,357 | 1,787 | 1,349 | S100PU8Z, S100SI1E, S100UYSB, S100XAQJ |
| Non-controlling interests | 109 | 169 | 184 | 216 | 275 | S100PU8Z, S100SI1E, S100UYSB, S100XAQJ |
| Equity attributable to owners of parent | 3,539 | 4,271 | 5,444 | 6,569 | 8,061 | S100PU8Z, S100SI1E, S100UYSB, S100XAQJ |
| Retained earnings | 3,608 | 4,537 | 5,663 | 6,739 | 8,072 | S100PU8Z, S100SI1E, S100UYSB, S100XAQJ |
| Treasury stock | -1,100 | -1,364 | -1,332 | -1,298 | -1,264 | S100PU8Z, S100SI1E, S100UYSB, S100XAQJ |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 52% | S100XAQJ |
| Inventories | 0% | S100XAQJ |
| Property, plant and equipment | 3% | S100XAQJ |
| Intangibles and goodwill | 0% | S100XAQJ |
| Investment securities | 1% | S100XAQJ |
| Other assets | 44% | S100XAQJ |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 14% | S100XAQJ |
| Equity | 86% | S100XAQJ |

### Balance sheet history

| Metric | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 7,396 | 8,162 | 8,183 | 8,730 | 9,871 |
| Equity | 3,643 | 4,584 | 5,825 | 6,943 | 8,522 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 4,681 | 5,057 | 4,629 | 4,856 | 5,178 |

## 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) | 2.7% | S100XAQJ |
| Fixed assets ÷ total assets | 2.6% | S100XAQJ |
| Goodwill ÷ parent equity | — | —, S100XAQJ |

### 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) | 52.5% |
| Cash ÷ revenue | 53.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 76.7% |
| Cash vs. profit gap | 33 JPY mn (of net income 1.7%) |
| Shareholder returns / net income | 31.4% |
| Shareholder returns / FCF | 32.7% |
| Shareholder payments — dividends / net income | 31.4% |
| Shareholder payments — dividends / FCF | 32.7% |
| CapEx intensity (capex ÷ revenue) | 1.1% |
| Investing CF relative to operating CF | 31.9% |

## 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 | 9.9% | 0.74× | 7.3% | 2.09× | 15.3% | S100PU8Z |
| 2022 | 17.2% | 0.81× | 13.9% | 1.99× | 27.7% | S100SI1E |
| 2023 | 20.6% | 0.86× | 17.7% | 1.68× | 29.8% | S100UYSB |
| 2024 | 18.7% | 0.95× | 17.7% | 1.41× | 24.9% | S100XAQJ |
| 2025 | 20.2% | 1.03× | 20.9% | 1.27× | 26.6% | S100XAQJ |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 三木 聡 | Major shareholder | 10.8% | 2025-09-30 |
| STATE STREET BANK AND TRUST COMPANY 505025 (常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 9.9% | 2025-09-30 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 9.8% | 2025-09-30 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 5.5% | 2025-09-30 |
| 長谷川 智彦 | Major shareholder | 4.4% | 2025-09-30 |
| 原 行範 | Major shareholder | 3.1% | 2025-09-30 |
| フィックスターズ従業員持株会 | Major shareholder | 2.4% | 2025-09-30 |
| Dエンジン株式会社 | Major shareholder | 2.2% | 2025-09-30 |
| NORTHERN TRUST CO.(AVFC) RE 009-016064- 326 CLT (常任代理人 香港上海銀行東京支店) | Major shareholder | 2.1% | 2025-09-30 |
| キオクシア株式会社 | Major shareholder | 1.6% | 2025-09-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第24期(2024/10/01－2025/09/30) | S100XAQJ | 2025-12-16 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XAQJ,, |
| 有価証券報告書－第23期(2023/10/01－2024/09/30) | S100UYSB | 2024-12-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UYSB,, |
| 有価証券報告書－第22期(2022/10/01－2023/09/30) | S100SI1E | 2023-12-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SI1E,, |
| 有価証券報告書－第21期(令和3年10月1日－令和4年9月30日) | S100PU8Z | 2022-12-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PU8Z,, |
| 有価証券報告書－第20期(令和2年10月1日－令和3年9月30日) | S100N4FY | 2021-12-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100N4FY,, |
| 有価証券報告書－第19期(令和1年10月1日－令和2年9月30日) | S100KDZR | 2020-12-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KDZR,, |

## 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).