# FLECT Co., Ltd.: business model and financials

> Latest period: FY ending Mar 2026, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第21期(2025/04/01－2026/03/31) (S100YG80)
> Page: https://vizora.meequs.com/en/company/flect
> Retrieved: 2026-09-30T20:58:15.974Z

## Company

Flect, founded in 2005, is a company in IT Services & System Integration listed on TSE Growth. It has 445 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | FLECT Co., Ltd. |
| Ticker | 4414 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4414.T) |
| Listing | TSE Growth |
| Head office | 東京都港区東新橋一丁目9番1号 |
| Representative (per filing) | 代表取締役CEO 黒川 幸治 |
| Founded | Aug 2005 |
| Share capital | ¥756M |
| Employees (consolidated) | 445 |
| Average salary (parent only) | ¥6.7M |
| Fiscal year end | March |
| Website | www.flect.co.jp (https://www.flect.co.jp/) |
| Corporate number | 6011001045498 |
| EDINET | E37130 |
| Industries (Vizora) | IT Services & System Integration |

> Profile source: annual securities report (S100YG80, filed 2026-06-22). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 94.6 | 157 |
| Profitability | 82.9 | 196 |
| Cash conversion | 8.9 | 185 |
| Efficiency | 92.6 | 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)

- Flect brought in ¥8.25B in revenue.
- Out of every ¥100 of sales, about ¥15 is left as operating profit.
- Revenue changed +3.8% from the prior year, operating profit +14.6%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥8251666000 → ¥684270000
- Net income → operating cash flow: ¥684270000 → ¥330229000（difference ¥-354041000）
- Main uses of operating cash flow: CapEx ¥108735000 / dividends — / buybacks ¥1199851000
- Change in cash: ¥-991340000
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 | ¥8.25B |  |
| Operating income | ¥1.24B | Margin 15.1% |
| Net income | ¥684.3M | Margin 8.3% |
| Free cash flow | ¥221.5M |  |
| Employees (consolidated) | 445 |  |
| EPS | ¥113.17 |  |
| Diluted EPS | ¥108.7 |  |
| Book value per share | ¥414.43 |  |
| Equity ratio | 60.5% |  |
| Shares outstanding | 6,197,920 |  |
| Treasury shares | 765,900 |  |
| Shareholders | 1,812 |  |
| Average salary (parent only) | ¥6.7M | Filing company only |
| Cash ratio | 30.8% | Cash ÷ revenue 13.8% |
| Vs. industry median margin | +6.2 pp | IT Services & System Integration |
| ROE | 27.6% | Derived from disclosed figures |
| ROA | 17.3% | Derived from disclosed figures |

## Notable figures

- FY2026, revenue is 2.3× its level five years ago
- FY2026, cash is 31% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥2559616000 | ¥8251666000 | +222.4% |
| Operating income | ¥-183695000 | ¥1244194000 | — |
| Operating margin | -7.2% | 15.1% | +22.3 pp |
| Employees | 149 people | 445 people | +198.7% |
| Cash and equivalents | ¥896556000 | ¥1136760000 | +26.8% |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 8,252 | 100.0% | S100YG80 |
| Cost of revenue | 4,343 | 52.6% | S100YG80 |
| Gross profit | 3,908 | 47.4% | S100YG80 |
| SG&A | 2,664 | 32.3% | S100YG80 |
| Operating income | 1,244 | 15.1% | S100YG80 |
| Ordinary income | 1,246 | 15.1% | S100YG80 |
| Pretax income | 1,142 | 13.8% | S100YG80 |
| Income tax | 458 | 5.5% | S100YG80 |
| Net income | 684 | 8.3% | S100YG80 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 53 |
| SG&A | 32 |
| Operating income | 15 |
| (Ref.) Net income | 8 |

### Margin funnel

Gross margin 47.4% → Operating margin 15.1% → Net margin 8.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +3.8%; Core profit growth: +14.6%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 3.85×
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 | 7,949 | 8,252 | 302 | +3.8% |
| Gross profit | 3,543 | 3,908 | 365 | +10.3% |
| Operating income | 1,085 | 1,244 | 159 | +14.6% |
| Operating cash flow | 895 | 330 | -565 | -63.1% |
| Free cash flow | 799 | 221 | -577 | -72.3% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2021 | 2,560 | -184 | -7.2% | -195 | -254 | -318 | S100ODYT |
| FY ending Mar 2022 | 3,642 | 256 | 7.0% | 266 | 161 | 97 | S100R2I8 |
| FY ending Mar 2023 | 5,306 | 258 | 4.9% | 223 | -306 | -448 | S100TPF0 |
| FY ending Mar 2024 | 6,929 | 757 | 10.9% | 440 | 600 | 464 | S100W10D |
| FY ending Mar 2025 | 7,949 | 1,085 | 13.7% | 721 | 895 | 799 | S100YG80 |
| FY ending Mar 2026 | 8,252 | 1,244 | 15.1% | 684 | 330 | 221 | S100YG80 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥18.5M |
| Operating income per employee (consolidated) | ¥2.8M |
| 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) | 163 | 243 | 324 | 393 | 445 |
| Average salary (parent company) | ¥6.9M | ¥6.8M | ¥5.9M | ¥7.3M | ¥6.7M |
| Average age (parent company) | 38.8 years | 37.8 years | 37.1 years | 36.5 years | 36.5 years |
| Average tenure (parent company) | 3.3 years | 2.8 years | 2.7 years | 2.9 years | 3.2 years |

Year over year: Employees (consolidated) +13.2% · Revenue (consolidated) +3.8%

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, non-consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 330 | 4.0% | S100YG80 |
| Capital expenditure | 109 | 1.3% | S100YG80 |
| Free cash flow | 221 | 2.7% | 算出 |
| Investing cash flow | -70 | -0.8% | S100YG80 |
| Financing cash flow | -1,252 | -15.2% | S100YG80 |
| Share buyback | 1,200 | 14.5% | S100YG80 |
| Change in cash | -991 | -12.0% | S100YG80 |
| Cash and equivalents | 1,137 | 13.8% | S100YG80 |

## 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 | 1,639 | 1,155 | 1,575 | 2,128 | 1,137 | S100TPF0, S100W10D, S100YG80 |
| Total assets | 2,692 | 2,882 | 4,010 | 4,199 | 3,695 | S100R2I8, S100TPF0, S100W10D, S100YG80 |
| Net assets | 1,292 | 1,530 | 1,988 | 2,722 | 2,235 | S100TPF0, S100W10D, S100YG80 |
| Share capital | 684 | 692 | 701 | 754 | 756 | S100R2I8, S100TPF0, S100W10D, S100YG80 |
| Property, plant and equipment | 71 | 103 | 164 | 102 | 149 | S100R2I8, S100TPF0, S100W10D, S100YG80 |
| Intangible assets excluding goodwill | 80 | 68 | 67 | 1 | 0 | S100R2I8, S100TPF0, S100W10D, S100YG80 |
| Current assets | 2,425 | 2,577 | 3,605 | 3,733 | 3,340 | S100R2I8, S100TPF0, S100W10D, S100YG80 |
| Current liabilities | 767 | 769 | 1,504 | 994 | 1,076 | S100R2I8, S100TPF0, S100W10D, S100YG80 |
| Long-term borrowings | 633 | 583 | 518 | 450 | 382 | S100R2I8, S100TPF0, S100W10D, S100YG80 |
| Total liabilities | 1,400 | 1,351 | 2,022 | 1,476 | 1,460 | S100R2I8, S100TPF0, S100W10D, S100YG80 |
| Equity attributable to owners of parent | 1,292 | 1,530 | 1,988 | 2,722 | 2,235 | S100R2I8, S100TPF0, S100W10D, S100YG80 |
| Retained earnings | -66 | 156 | 597 | 1,317 | 2,002 | S100R2I8, S100TPF0, S100W10D, S100YG80 |
| Treasury stock | — | -0 | -0 | -92 | -1,269 | S100TPF0, S100W10D, S100YG80 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 31% | S100YG80 |
| Property, plant and equipment | 4% | S100YG80 |
| Intangibles and goodwill | 0% | S100YG80 |
| Other assets | 65% | S100YG80 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 40% | S100YG80 |
| Equity | 60% | S100YG80 |

### 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 | 2,692 | 2,882 | 4,010 | 4,199 | 3,695 |
| Equity | 1,292 | 1,530 | 1,988 | 2,722 | 2,235 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,639 | 1,155 | 1,575 | 2,128 | 1,137 |

## 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) | 1.8% | S100YG80 |
| Fixed assets ÷ total assets | 4.0% | S100YG80 |
| Goodwill ÷ parent equity | — | —, S100YG80 |

### 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) | 30.8% |
| Cash ÷ revenue | 13.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 26.5% |
| Cash vs. profit gap | -354 JPY mn (of net income -51.7%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 1.3% |
| Investing CF relative to operating CF | 21.1% |

## 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 | 7.3% | 1.35× | 9.9% | 2.08× | 20.6% | S100R2I8 |
| 2023 | 4.2% | 1.90× | 8.0% | 1.98× | 15.8% | S100TPF0 |
| 2024 | 6.4% | 2.01× | 12.8% | 1.96× | 25.0% | S100W10D |
| 2025 | 9.1% | 1.94× | 17.6% | 1.74× | 30.6% | S100YG80 |
| 2026 | 8.3% | 2.09× | 17.3% | 1.59× | 27.6% | S100YG80 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 合同会社クロ | Major shareholder | 53.3% | 2026-03-31 |
| Salesforce, Inc. （国内連絡先） | Major shareholder | 5.1% | 2026-03-31 |
| ＣＡＣＥＩＳ ＢＡＮＫ／ＱＵＩＮＴＥＴ ＬＵＸＥＭＢＯＵＲＧ ＳＵＢ ＡＣ ／ ＵＣＩＴＳ ＣＵＳＴＯＭＥＲＳ ＡＣＣＯＵＮＴ （常任代理人 香港上海銀行東京支店） | Major shareholder | 3.8% | 2026-03-31 |
| ＮＯＭＵＲＡ ＰＢ ＮＯＭＩＮＥＥＳ ＬＩＭＩＴＥＤ ＯＭＮＩＢＵＳ－ＭＡＲＧＩＮ （ＣＡＳＨＰＢ） （常任代理人 野村證券株式会社） | Major shareholder | 2.3% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 1.9% | 2026-03-31 |
| 大橋 正興 | Major shareholder | 1.9% | 2026-03-31 |
| 株式会社SBI証券 | Major shareholder | 1.9% | 2026-03-31 |
| ＵＢＳ ＡＧ ＬＯＮＤＯＮ ＡＳＩＡ ＥＱＵＩＴＩＥＳ （常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 1.6% | 2026-03-31 |
| フレクト従業員持株会 | Major shareholder | 1.5% | 2026-03-31 |
| 楽天証券株式会社共有口 | Major shareholder | 1.1% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第21期(2025/04/01－2026/03/31) | S100YG80 | 2026-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YG80,, |
| 有価証券報告書－第20期(2024/04/01－2025/03/31) | S100W10D | 2025-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W10D,, |
| 有価証券報告書－第19期(2023/04/01－2024/03/31) | S100TPF0 | 2024-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TPF0,, |
| 有価証券報告書－第18期(2022/04/01－2023/03/31) | S100R2I8 | 2023-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R2I8,, |
| 有価証券報告書－第17期(令和3年4月1日－令和4年3月31日) | S100ODYT | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100ODYT,, |

## 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).