# Focus Systems Corporation: 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50期(2025/04/01－2026/03/31) (S100YFP2)
> Page: https://vizora.meequs.com/en/company/focus-systems
> Retrieved: 2026-09-30T18:55:05.722Z

## Company

Focus Systems, founded in 1977, is a company in Cybersecurity listed on TSE Prime. It has 1,434 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Focus Systems Corporation |
| Ticker | 4662 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4662.T) |
| Listing | TSE Prime |
| Head office | 東京都品川区東五反田二丁目7番8号 |
| Representative (per filing) | 代表取締役社長 森啓一 |
| Founded | Apr 1977 |
| Share capital | ¥2.91B |
| Employees (consolidated) | 1,434 |
| Average salary (parent only) | ¥6.3M |
| Fiscal year end | March |
| Corporate number | 1010701008901 |
| EDINET | E04976 |
| Industries (Vizora) | Cybersecurity, IT Services & System Integration |

> Profile source: annual securities report (S100YFP2, filed 2026-06-26). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 57 | 157 |
| Profitability | 45.7 | 196 |
| Cash conversion | 55.9 | 185 |
| Efficiency | 71.7 | 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 31% of Focus Systems's sales come from Enterprise, with Public related and Innovation making up much of the rest.
- Out of every ¥100 of sales, about ¥9 is left as operating profit.
- Revenue changed +9.7% from the prior year, operating profit +39.8%.

## Company structure

- Segment revenue mix: Enterprise 30.5%、Public related 30.5%、Innovation 22.8%、Broad area solutions 16.2%
- Revenue → net income: ¥35698834000 → ¥2333186000
- Net income → operating cash flow: ¥2333186000 → ¥2569836000（difference ¥236650000）
- Main uses of operating cash flow: CapEx ¥162310000 / dividends ¥725251000 / buybacks ¥889472000
- Change in cash: ¥990070000
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 | ¥35.7B |  |
| Operating income | ¥3.04B | Margin 8.5% |
| Net income | ¥2.33B | Margin 6.5% |
| Free cash flow | ¥2.41B |  |
| Largest business | Enterprise | of segment revenue 30.5% |
| Employees (consolidated) | 1,434 |  |
| EPS | ¥155.63 |  |
| Book value per share | ¥1050.08 |  |
| Equity ratio | 64.6% |  |
| Shares outstanding | 16,292,000 |  |
| Treasury shares | 1,644,400 |  |
| Shareholders | 6,721 |  |
| Average salary (parent only) | ¥6.3M | Filing company only |
| Cash ratio | 27.5% | Cash ÷ revenue 18.4% |
| Vs. industry median margin | -0.4 pp | IT Services & System Integration |
| ROE | 17.8% | Derived from disclosed figures |
| ROA | 10.4% | Derived from disclosed figures |

## Notable figures

- FY2026, buybacks were 1.2× dividends
- FY2026, cash is 28% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥23485572000 | ¥35698834000 | +52.0% |
| Operating income | ¥1450159000 | ¥3036131000 | +109.4% |
| Operating margin | 6.2% | 8.5% | +2.3 pp |
| Employees | 1,237 people | 1,434 people | +15.9% |
| Cash and equivalents | ¥3971678000 | ¥6556203000 | +65.1% |

### 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 |
| --- | ---: |
| 公共関連事業 → 公共関連事業 | 30.5% |
| 公共関連事業 → 事業再編・廃止 | 1.9% |
| エンタープライズ事業 → エンタープライズ事業 | 23.7% |
| 広域ソリューション事業 → 広域ソリューション事業 | 16.2% |
| 広域ソリューション事業 → 事業再編・廃止 | 3.0% |
| イノベーション事業 → イノベーション事業 | 22.8% |
| イノベーション事業 → 事業再編・廃止 | 1.9% |
| 新設・再編 → エンタープライズ事業 | 6.9% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Enterprise | 5 years | +14.4% | ¥10899377000 | 13.2% | 2 |
| Public related | 5 years | +7.4% | ¥10875431000 | 17.7% | 2 |
| Innovation | 5 years | +7.0% | ¥8142949000 | 13.8% | 2 |
| Broad area solutions | 5 years | +5.1% | ¥5781075000 | 13.5% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 35,699 | 100.0% | S100YFP2 |
| Cost of revenue | 30,456 | 85.3% | S100YFP2 |
| Gross profit | 5,243 | 14.7% | S100YFP2 |
| SG&A | 2,207 | 6.2% | S100YFP2 |
| Operating income | 3,036 | 8.5% | S100YFP2 |
| Ordinary income | 3,068 | 8.6% | S100YFP2 |
| Pretax income | 3,162 | 8.9% | S100YFP2 |
| Income tax | 829 | 2.3% | S100YFP2 |
| Net income | 2,333 | 6.5% | S100YFP2 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 85 |
| SG&A | 6 |
| Operating income | 9 |
| (Ref.) Net income | 7 |

### Margin funnel

Gross margin 14.7% → Operating margin 8.5% → Net margin 6.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +9.7%; Core profit growth: +39.8%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 4.12×
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 | 32,555 | 35,699 | 3,144 | +9.7% |
| Gross profit | 4,205 | 5,243 | 1,037 | +24.7% |
| Operating income | 2,172 | 3,036 | 864 | +39.8% |
| Operating cash flow | 1,840 | 2,570 | 730 | +39.7% |
| Free cash flow | 1,772 | 2,408 | 636 | +35.9% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 22,704 | 1,428 | 6.3% | 930 | 746 | 496 | S100LVD4 |
| FY ending Mar 2021 | 23,486 | 1,450 | 6.2% | 1,025 | 936 | 747 | S100OL2L |
| FY ending Mar 2022 | 26,279 | 1,640 | 6.2% | 1,067 | 1,249 | 1,107 | S100R6A3 |
| FY ending Mar 2023 | 29,124 | 1,895 | 6.5% | 1,391 | 2,152 | 1,844 | S100TUYY |
| FY ending Mar 2024 | 31,510 | 1,974 | 6.3% | 1,407 | 817 | 706 | S100W7DE |
| FY ending Mar 2025 | 32,555 | 2,172 | 6.7% | 1,567 | 1,840 | 1,772 | S100YFP2 |
| FY ending Mar 2026 | 35,699 | 3,036 | 8.5% | 2,333 | 2,570 | 2,408 | S100YFP2 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥24.9M |
| Operating income per employee (consolidated) | ¥2.1M |
| Net income per employee (consolidated) | ¥1.6M |

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) | 1,265 | 1,303 | 1,343 | 1,398 | 1,434 |
| Average salary (parent company) | ¥5.6M | ¥5.7M | ¥5.7M | ¥5.9M | ¥6.3M |
| Average age (parent company) | 36.2 years | 36.4 years | 36.5 years | 36.4 years | 36.4 years |
| Average tenure (parent company) | 10.4 years | 10.6 years | 10.6 years | 10.7 years | 10.8 years |

Year over year: Employees (consolidated) +2.6% · Revenue (consolidated) +9.7%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Public related | 10,875 | 30.5% | 1,923 | 17.7% |
| Enterprise | 10,899 | 30.5% | 1,434 | 13.2% |
| Broad area solutions | 5,781 | 16.2% | 782 | 13.5% |
| Innovation | 8,143 | 22.8% | 1,121 | 13.8% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Public related | 30.5% | 36.6% | 6.1 | 17.7% |
| Enterprise | 30.5% | 27.3% | -3.3 | 13.2% |
| Broad area solutions | 16.2% | 14.9% | -1.3 | 13.5% |
| Innovation | 22.8% | 21.3% | -1.5 | 13.8% |

Segment → industry: Innovation → Cybersecurity / Innovation → IT Services & System Integration / Broad area solutions → IT Services & System Integration / Enterprise → IT Services & System Integration / Public related → IT Services & System Integration

## 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 | 2,570 | 7.2% | S100YFP2 |
| Capital expenditure | 162 | 0.5% | S100YFP2 |
| Free cash flow | 2,408 | 6.7% | 算出 |
| Investing cash flow | -138 | -0.4% | S100YFP2 |
| Financing cash flow | -1,441 | -4.0% | S100YFP2 |
| Dividends paid | 725 | 2.0% | S100YFP2 |
| Share buyback | 889 | 2.5% | S100YFP2 |
| Change in cash | 990 | 2.8% | S100YFP2 |
| Cash and equivalents | 6,556 | 18.4% | S100YFP2 |

## 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 | 4,353 | 5,285 | 5,557 | 5,566 | 6,556 | S100TUYY, S100W7DE, S100YFP2 |
| Total assets | 23,373 | 20,417 | 20,990 | 20,893 | 23,822 | S100R6A3, S100TUYY, S100W7DE, S100YFP2 |
| Net assets | 14,764 | 12,814 | 13,417 | 14,047 | 15,382 | S100TUYY, S100W7DE, S100YFP2 |
| Share capital | 2,905 | 2,905 | 2,905 | 2,905 | 2,905 | S100R6A3, S100TUYY, S100W7DE, S100YFP2 |
| Property, plant and equipment | 3,510 | 3,650 | 3,548 | 3,505 | 3,515 | S100R6A3, S100TUYY, S100W7DE, S100YFP2 |
| Intangible assets excluding goodwill | 156 | 160 | 120 | 48 | 41 | S100R6A3, S100TUYY, S100W7DE, S100YFP2 |
| Goodwill | 14 | 10 | 6 | 3 | — | S100R6A3, S100TUYY, S100W7DE, S100YFP2 |
| Investment securities | 8,051 | 3,802 | 3,401 | 2,884 | 4,215 | S100R6A3, S100TUYY, S100W7DE, S100YFP2 |
| Current assets | 10,870 | 11,876 | 13,089 | 13,585 | 15,017 | S100R6A3, S100TUYY, S100W7DE, S100YFP2 |
| Current liabilities | 5,277 | 5,842 | 6,151 | 5,907 | 7,481 | S100R6A3, S100TUYY, S100W7DE, S100YFP2 |
| Short-term borrowings | 436 | 536 | 536 | 486 | 986 | S100R6A3, S100TUYY, S100W7DE, S100YFP2 |
| Long-term borrowings | 988 | 920 | 840 | 553 | 400 | S100R6A3, S100TUYY, S100W7DE, S100YFP2 |
| Bonds | 400 | 160 | 40 | — | — | S100R6A3, S100TUYY, S100W7DE |
| Interest-bearing debt | 1,824 | 1,616 | 1,416 | — | — | 算出 |
| Total liabilities | 8,608 | 7,603 | 7,573 | 6,846 | 8,440 | S100R6A3, S100TUYY, S100W7DE, S100YFP2 |
| Equity attributable to owners of parent | 9,870 | 10,867 | 11,744 | 12,751 | 13,483 | S100R6A3, S100TUYY, S100W7DE, S100YFP2 |
| Retained earnings | 5,157 | 6,140 | 7,004 | 7,996 | 9,604 | S100R6A3, S100TUYY, S100W7DE, S100YFP2 |
| Treasury stock | -351 | -346 | -342 | -339 | -1,226 | S100R6A3, S100TUYY, S100W7DE, S100YFP2 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 27% | S100YFP2 |
| Property, plant and equipment | 15% | S100YFP2 |
| Intangibles and goodwill | 0% | S100YFP2 |
| Investment securities | 18% | S100YFP2 |
| Other assets | 40% | S100YFP2 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 35% | S100YFP2 |
| Equity | 65% | S100YFP2 |
| Other liabilities | 0% | S100YFP2 |

### 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 | 23,373 | 20,417 | 20,990 | 20,893 | 23,822 |
| Equity | 14,764 | 12,814 | 13,417 | 14,047 | 15,382 |
| Interest-bearing debt | 1,824 | 1,616 | 1,416 | — | — |
| Cash | 4,353 | 5,285 | 5,557 | 5,566 | 6,556 |

## 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) | 9.8% | S100YFP2 |
| Fixed assets ÷ total assets | 14.8% | S100YFP2 |
| Goodwill ÷ parent equity | — | —, S100YFP2 |

### 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) | 27.5% |
| Cash ÷ revenue | 18.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 84.6% |
| Cash vs. profit gap | 237 JPY mn (of net income 10.1%) |
| Shareholder returns / net income | 69.2% |
| Shareholder returns / FCF | 67.1% |
| Shareholder payments — dividends / net income | 31.1% |
| Shareholder payments — dividends / FCF | 30.1% |
| CapEx intensity (capex ÷ revenue) | 0.5% |
| Investing CF relative to operating CF | 5.4% |

## 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 | 4.1% | 1.12× | 4.6% | 2.37× | 10.8% | S100R6A3 |
| 2023 | 4.8% | 1.33× | 6.4% | 2.11× | 13.4% | S100TUYY |
| 2024 | 4.5% | 1.52× | 6.8% | 1.83× | 12.4% | S100W7DE |
| 2025 | 4.8% | 1.55× | 7.5% | 1.71× | 12.8% | S100YFP2 |
| 2026 | 6.5% | 1.60× | 10.4% | 1.70× | 17.8% | S100YFP2 |

## 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 | 10.0% | 2026-03-31 |
| 株式会社ＦＲＯＮＴＥＯ | Major shareholder | 6.1% | 2026-03-31 |
| フォーカスシステムズ社員持株会 | Major shareholder | 4.8% | 2026-03-31 |
| 野村信託銀行株式会社（投信口） | Major shareholder | 4.5% | 2026-03-31 |
| ＢＢＨ ＦＯＲ ＦＩＤＥＬＩＴＹ ＬＯＷ－ＰＲＩＣＥＤ ＳＴＯＣＫ ＦＵＮＤ（常任代理人株式会社三菱ＵＦＪ銀行） | Major shareholder | 2.6% | 2026-03-31 |
| 畑山 芳文 | Major shareholder | 2.5% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 2.5% | 2026-03-31 |
| ＳＴＡＴＥ ＳＴＲＥＥＴ ＢＡＮＫ ＡＮＤ ＴＲＵＳＴ ＣＬＩＥＮＴ ＯＭＮＩＢＵＳ ＡＣＣＯＵＮＴ ＯＭ０２ ５０５００２（常任代理人株式会社みずほ銀行決済営業部） | Major shareholder | 2.2% | 2026-03-31 |
| 森 啓一 | Major shareholder | 1.9% | 2026-03-31 |
| 岩崎 泰次 | Major shareholder | 1.8% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第50期(2025/04/01－2026/03/31) | S100YFP2 | 2026-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YFP2,, |
| 有価証券報告書－第49期(2024/04/01－2025/03/31) | S100W7DE | 2025-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W7DE,, |
| 有価証券報告書－第48期(2023/04/01－2024/03/31) | S100TUYY | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TUYY,, |
| 有価証券報告書－第47期(2022/04/01－2023/03/31) | S100R6A3 | 2023-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R6A3,, |
| 有価証券報告書－第46期(令和3年4月1日－令和4年3月31日) | S100OL2L | 2022-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OL2L,, |
| 有価証券報告書－第45期(令和2年4月1日－令和3年3月31日) | S100LVD4 | 2021-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LVD4,, |

## 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).