# FLIGHT SOLUTIONS Inc.: 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39期(2025/04/01－2026/03/31) (S100YH2V)
> Page: https://vizora.meequs.com/en/company/flight-solutions
> Retrieved: 2026-09-30T21:31:16.803Z

## Company

Flight Solutions, founded in 1988, is a company in PCs & Peripherals listed on TSE Standard. It has 110 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | FLIGHT SOLUTIONS Inc. |
| Ticker | 3753 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3753.T) |
| Listing | TSE Standard |
| Head office | 東京都渋谷区恵比寿4-6-1 |
| Representative (per filing) | 代表取締役社長 片山 圭一朗 |
| Founded | Apr 1988 |
| Share capital | ¥1.64B |
| Employees (consolidated) | 110 |
| Average salary (parent only) | ¥5.6M |
| Fiscal year end | March |
| Corporate number | 5011001032786 |
| EDINET | E05432 |
| Industries (Vizora) | PCs & Peripherals, IT Services & System Integration, Software & SaaS |

> Profile source: annual securities report (S100YH2V, filed 2026-06-23). As of filing

## Five-axis industry profile

Primary industry: PCs & Peripherals (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 3.6 | 14 |
| Efficiency | 89.3 | 14 |

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 65% of Flight Solutions's sales come from payment solution division, with system integration solution division and ECsolution segment making up much of the rest.
- It lost about ¥9 for every ¥100 of sales at the operating level.
- Revenue changed -4.4% from the prior year.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥2.93B |  |
| Operating income | -¥276.4M | Margin -9.4% |
| Net income | -¥252.7M | Margin -8.6% |
| Free cash flow | -¥382M |  |
| Largest business | payment solution division | of segment revenue 65.4% |
| Employees (consolidated) | 110 |  |
| EPS | ¥-20.22 |  |
| Book value per share | ¥46.23 |  |
| Equity ratio | 38.6% |  |
| Shares outstanding | 14,536,700 |  |
| Treasury shares | 1,000 |  |
| Shareholders | 8,501 |  |
| Average salary (parent only) | ¥5.6M | Filing company only |
| Cash ratio | 12.7% | Net cash -¥74.6M · Cash ÷ revenue 7.6% |
| Vs. industry median margin | -13.1 pp | PCs & Peripherals |
| ROA | -15.6% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 100% of positive segment profit
- FY2026, segment profit share differs by 68 points

## What changed in 4 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Mar 2022 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥3249612000 | ¥2927500000 | — |
| Operating income | ¥157845000 | ¥-276383000 | — |
| Operating margin | 4.9% | -9.4% | -14.3 pp |
| Employees | 108 people | 110 people | — |
| Cash and equivalents | ¥676235000 | ¥221677000 | — |

### 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 |
| --- | ---: |
| コンサルティング＆ソリューション事業 → 事業再編・廃止 | 28.2% |
| サービス事業 → 事業再編・廃止 | 65.9% |
| ECソリューション事業 → ECソリューション事業 | 2.7% |
| ECソリューション事業 → 事業再編・廃止 | 3.1% |
| 新設・再編 → SIソリューション事業 | 31.9% |
| 新設・再編 → 決済ソリューション事業 | 65.4% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| payment solution division | — | — | ¥1915255000 | -2.1% | 2 |
| system integration solution division | — | — | ¥932436000 | 9.3% | 2 |
| ECsolution segment | — | — | ¥79808000 | -36.7% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 2,928 | 100.0% | S100YH2V |
| Cost of revenue | 2,560 | 87.4% | S100YH2V |
| Gross profit | 368 | 12.6% | S100YH2V |
| SG&A | 644 | 22.0% | S100YH2V |
| Operating income | -276 | -9.4% | S100YH2V |
| Ordinary income | -297 | -10.2% | S100YH2V |
| Pretax income | -318 | -10.9% | S100YH2V |
| Income tax | -65 | -2.2% | S100YH2V |
| Net income | -253 | -8.6% | S100YH2V |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 87 |
| SG&A | 22 |
| Operating income | -9 |
| (Ref.) Net income | -9 |

### Margin funnel

Gross margin 12.6% → Operating margin -9.4% → Net margin -8.6%
Derived from reported figures (DERIVED).

## Year over year（FY ending Mar 2025 → FY ending Mar 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 3,063 | 2,928 | -136 | -4.4% |
| Gross profit | 370 | 368 | -2 | -0.6% |
| Operating income | -299 | -276 | 23 | — |
| Operating cash flow | -76 | -41 | 35 | — |
| Free cash flow | -425 | -382 | 43 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 4,518 | 543 | 12.0% | 365 | 1,101 | 1,037 | S100LUV9 |
| FY ending Mar 2021 | 3,405 | -270 | -7.9% | -283 | -1,491 | -1,516 | S100OK0G |
| FY ending Mar 2022 | 3,250 | 158 | 4.9% | 114 | 553 | 513 | S100R6ZQ |
| FY ending Mar 2023 | 3,009 | 79 | 2.6% | 41 | 111 | -17 | S100TWJT |
| FY ending Mar 2024 | 1,694 | -151 | -8.9% | -106 | 62 | — | S100W5TV |
| FY ending Mar 2024 | 3,209 | -104 | -3.2% | -106 | 62 | -235 | S100TWJT |
| FY ending Mar 2025 | 3,063 | -299 | -9.8% | -383 | -76 | -425 | S100YH2V |
| FY ending Mar 2026 | 2,928 | -276 | -9.4% | -253 | -41 | -382 | S100YH2V |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥26.6M |
| Operating income per employee (consolidated) | -¥2.5M |
| Net income per employee (consolidated) | -¥2.3M |

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

| History | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 103 | 110 | 111 | 110 | 110 |
| Average salary (parent company) | ¥6.4M | — | ¥5.6M | ¥5.6M | ¥5.6M |
| Average age (parent company) | 39.9 years | — | 40.9 years | 41.1 years | 41.0 years |
| Average tenure (parent company) | 12.0 years | — | 10.4 years | 10.8 years | 11.1 years |

Year over year: Employees (consolidated) 0.0% · Revenue (consolidated) -4.4%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| system integration solution division | 932 | 31.9% | 87 | 9.3% |
| payment solution division | 1,915 | 65.4% | -41 | -2.1% |
| ECsolution segment | 80 | 2.7% | -29 | -36.7% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| system integration solution division | 31.9% | 100.0% | 68.1 | 9.3% |
| payment solution division | 65.4% | — | — | -2.1% |
| ECsolution segment | 2.7% | — | — | -36.7% |

Loss-making segment (excluded from profit shares): payment solution division -41 JPY mn

Loss-making segment (excluded from profit shares): ECsolution segment -29 JPY mn

Segment → industry: payment solution division → PCs & Peripherals / system integration solution division → IT Services & System Integration / ECsolution segment → Software & SaaS

## 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 | -41 | -1.4% | S100YH2V |
| Capital expenditure | 341 | 11.7% | S100YH2V |
| Free cash flow | -382 | -13.1% | 算出 |
| Investing cash flow | -341 | -11.7% | S100YH2V |
| Financing cash flow | 150 | 5.1% | S100YH2V |
| Change in cash | -232 | -7.9% | S100YH2V |
| Cash and equivalents | 222 | 7.6% | S100YH2V |

## 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 2023 | FY ending Mar 2024 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 788 | 547 | 550 | 454 | 222 | S100TWJT, S100YH2V |
| Total assets | 1,657 | 1,654 | 1,657 | 1,510 | 1,741 | S100TWJT, S100W5TV, S100YH2V |
| Net assets | 569 | 429 | 452 | 504 | 672 | S100TWJT, S100YH2V |
| Share capital | 1,205 | 1,205 | 1,205 | 1,434 | 1,644 | S100TWJT, S100W5TV, S100YH2V |
| Property, plant and equipment | 49 | 69 | 69 | 72 | 35 | S100TWJT, S100W5TV, S100YH2V |
| Intangible assets excluding goodwill | 125 | 370 | 370 | 437 | 536 | S100TWJT, S100W5TV, S100YH2V |
| Current assets | 1,410 | 1,144 | 1,148 | 912 | 1,009 | S100TWJT, S100W5TV, S100YH2V |
| Current liabilities | 489 | 660 | 646 | 641 | 805 | S100TWJT, S100W5TV, S100YH2V |
| Short-term borrowings | 58 | — | 94 | 150 | 100 | S100TWJT, S100YH2V |
| Long-term borrowings | 187 | 297 | 297 | 193 | 138 | S100TWJT, S100W5TV, S100YH2V |
| Bonds | 392 | 244 | 244 | 126 | 58 | S100TWJT, S100W5TV, S100YH2V |
| Interest-bearing debt | 637 | — | 634 | 469 | 296 | 算出 |
| Total liabilities | 1,087 | 1,225 | 1,205 | 1,006 | 1,069 | S100TWJT, S100W5TV, S100YH2V |
| Equity attributable to owners of parent | 584 | 429 | 478 | 504 | 672 | S100TWJT, S100W5TV, S100YH2V |
| Retained earnings | -1,816 | -1,970 | -1,921 | -2,353 | -2,606 | S100TWJT, S100W5TV, S100YH2V |
| Treasury stock | -1 | -1 | -1 | -1 | -1 | S100TWJT, S100W5TV, S100YH2V |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 13% | S100YH2V |
| Property, plant and equipment | 2% | S100YH2V |
| Intangibles and goodwill | 31% | S100YH2V |
| Other assets | 54% | S100YH2V |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Interest-bearing debt | 17% | 算出 |
| Other liabilities | 44% | S100YH2V |
| Equity | 39% | S100YH2V |
| Other liabilities | 0% | S100YH2V |

### Balance sheet history

| Metric | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 1,657 | 1,654 | 1,657 | 1,510 | 1,741 |
| Equity | 569 | 429 | 452 | 504 | 672 |
| Interest-bearing debt | 637 | — | 634 | 469 | 296 |
| Cash | 788 | 547 | 550 | 454 | 222 |

## 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) | 1.2% | S100YH2V |
| Fixed assets ÷ total assets | 2.0% | S100YH2V |
| Goodwill ÷ parent equity | — | —, S100YH2V |

### 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) | 12.7% |
| Cash ÷ revenue | 7.6% |
| Net cash (cash − interest-bearing debt) | -¥74.6M |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | 212 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 11.7% |
| 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2023 | 1.4% | 1.82× | 2.5% | 2.84× | 7.1% | S100TWJT |
| 2024 | — | —× | -6.4% | —× | — | S100YH2V, S100W5TV |
| 2024 | — | —× | -6.4% | —× | — | S100TWJT |
| 2025 | — | —× | -25.3% | —× | — | S100YH2V |
| 2026 | — | —× | -15.6% | —× | — | S100YH2V |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社SBI証券 | Major shareholder | 3.3% | 2026-03-31 |
| 楽天証券株式会社共有口 | Major shareholder | 2.8% | 2026-03-31 |
| 片岡 房雄 | Major shareholder | 1.3% | 2026-03-31 |
| JPモルガン証券株式会社 | Major shareholder | 1.2% | 2026-03-31 |
| 片山 圭一朗 | Major shareholder | 1.0% | 2026-03-31 |
| 松本 隆男 | Major shareholder | 1.0% | 2026-03-31 |
| 杉田 礼伸 | Major shareholder | 0.9% | 2026-03-31 |
| 大澤 裕 | Major shareholder | 0.8% | 2026-03-31 |
| 田中 正人 | Major shareholder | 0.7% | 2026-03-31 |
| 河野 圭一 | Major shareholder | 0.7% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第39期(2025/04/01－2026/03/31) | S100YH2V | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YH2V,, |
| 有価証券報告書－第38期(2024/04/01－2025/03/31) | S100W5TV | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W5TV,, |
| 有価証券報告書－第37期(2023/04/01－2024/03/31) | S100TWJT | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TWJT,, |
| 有価証券報告書－第36期(2022/04/01－2023/03/31) | S100R6ZQ | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R6ZQ,, |
| 有価証券報告書－第35期(令和3年4月1日－令和4年3月31日) | S100OK0G | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OK0G,, |
| 有価証券報告書－第34期(令和2年4月1日－令和3年3月31日) | S100LUV9 | 2021-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LUV9,, |

## 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).