# Fukui Computer Holdings,Inc.: 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47期(2025/04/01－2026/03/31) (S100YHZN)
> Page: https://vizora.meequs.com/en/company/fukui-computer-holdings
> Retrieved: 2026-09-30T19:07:15.504Z

## Company

Fukui Computer Holdings, founded in 1979, is a company in IT Services & System Integration listed on TSE Prime. It has 556 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Fukui Computer Holdings,Inc. |
| Ticker | 9790 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9790.T) |
| Listing | TSE Prime |
| Head office | 福井県福井市高木中央1丁目2501番地 |
| Representative (per filing) | 代表取締役CEO 佐藤 浩一 |
| Founded | Dec 1979 |
| Share capital | ¥1.63B |
| Employees (consolidated) | 556 |
| Average salary (parent only) | ¥8.2M |
| Fiscal year end | March |
| Website | hd.fukuicompu.co.jp (https://hd.fukuicompu.co.jp/) |
| Corporate number | 8210001002891 |
| EDINET | E04933 |
| Industries (Vizora) | IT Services & System Integration, Software & SaaS, Venture Capital |

> Profile source: annual securities report (S100YHZN, filed 2026-06-25). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 27.1 | 105 |
| Profitability | 96.2 | 145 |
| Cash conversion | 34 | 128 |
| Efficiency | 12.1 | 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 48% of Fukui Computer Holdings's sales come from Construction System, with Surveying and Civil engineering System and IT solutions making up much of the rest.
- Out of every ¥100 of sales, about ¥44 is left as operating profit.
- Revenue changed +13.2% from the prior year, operating profit +19.4%.

## Company structure

- Segment revenue mix: Construction System 48.2%、Surveying and Civil engineering System 47.2%、IT solutions 4.6%
- Revenue → net income: ¥16653000000 → ¥4313000000
- Net income → operating cash flow: ¥4313000000 → ¥6089000000（difference ¥1776000000）
- Main uses of operating cash flow: CapEx ¥418000000 / dividends ¥1447000000 / buybacks —
- Change in cash: ¥312000000
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 | ¥16.7B |  |
| Operating income | ¥7.26B | Margin 43.6% |
| Net income | ¥4.31B | Margin 25.9% |
| Free cash flow | ¥5.67B |  |
| Largest business | Construction System | of segment revenue 48.2% |
| Employees (consolidated) | 556 |  |
| EPS | ¥155.26 |  |
| Book value per share | ¥1174.64 |  |
| Equity ratio | 81.7% |  |
| Shares outstanding | 20,700,000 |  |
| Treasury shares | 24,800 |  |
| Shareholders | 2,867 |  |
| Average salary (parent only) | ¥8.2M | Filing company only |
| Cash ratio | 58.4% | Cash ÷ revenue 129.0% |
| Vs. industry median margin | +31.2 pp | Software & SaaS |
| ROE | 15.5% | Derived from disclosed figures |
| ROA | 12.3% | Derived from disclosed figures |

## Notable figures

- FY2026, operating income keeps 44 per ¥100 of revenue
- FY2026, cash is 58% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥12843000000 | ¥16653000000 | +29.7% |
| Operating income | ¥5190000000 | ¥7263000000 | +39.9% |
| Operating margin | 40.4% | 43.6% | +3.2 pp |
| Employees | 530 people | 556 people | +4.9% |
| Cash and equivalents | ¥13598000000 | ¥21485000000 | +58.0% |

### 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 |
| --- | ---: |
| 建築システム事業 → 建築システム事業 | 23.8% |
| 建築ＣＡＤ事業 → 事業再編・廃止 | 23.8% |
| 測量土木システム事業 → 測量土木システム事業 | 25.9% |
| 測量土木ＣＡＤ事業 → 事業再編・廃止 | 25.9% |
| ＩＴソリューション事業 → ＩＴソリューション事業 | 0.6% |
| 新設・再編 → 建築システム事業 | 24.4% |
| 新設・再編 → 測量土木システム事業 | 21.3% |
| 新設・再編 → ＩＴソリューション事業 | 3.9% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Construction System | 5 years | +5.7% | ¥8032000000 | 39.6% | 2 |
| Surveying and Civil engineering System | 5 years | +3.6% | ¥7861000000 | 47.0% | 2 |
| IT solutions | 5 years | +35.7% | ¥759000000 | 76.4% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 16,653 | 100.0% | S100YHZN |
| Cost of revenue | 3,034 | 18.2% | S100YHZN |
| Gross profit | 13,619 | 81.8% | S100YHZN |
| SG&A | 6,355 | 38.2% | S100YHZN |
| Operating income | 7,263 | 43.6% | S100YHZN |
| Ordinary income | 7,483 | 44.9% | S100YHZN |
| Pretax income | 6,800 | 40.8% | S100YHZN |
| Income tax | 2,487 | 14.9% | S100YHZN |
| Net income | 4,313 | 25.9% | S100YHZN |
| Net income attributable to owners | 4,313 | 25.9% | S100YHZN |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 18 |
| SG&A | 38 |
| Operating income | 44 |
| (Ref.) Net income | 26 |

### Margin funnel

Gross margin 81.8% → Operating margin 43.6% → Net margin 25.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +13.2%; Core profit growth: +19.4%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.47×
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 | 14,717 | 16,653 | 1,936 | +13.2% |
| Gross profit | 11,649 | 13,619 | 1,970 | +16.9% |
| Operating income | 6,085 | 7,263 | 1,178 | +19.4% |
| Net income attributable to owners | 4,189 | 4,313 | 124 | +3.0% |
| Operating cash flow | 5,652 | 6,089 | 437 | +7.7% |
| Free cash flow | 4,699 | 5,671 | 972 | +20.7% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 12,454 | 4,534 | 36.4% | 3,208 | 2,957 | 2,725 | S100LM0D |
| FY ending Mar 2021 | 12,843 | 5,190 | 40.4% | 3,528 | 4,222 | 3,969 | S100ODXJ |
| FY ending Mar 2022 | 14,331 | 6,314 | 44.1% | 4,222 | 4,650 | 4,462 | S100R1JG |
| FY ending Mar 2023 | 13,630 | 5,583 | 41.0% | 3,809 | 2,981 | 2,847 | S100TPBX |
| FY ending Mar 2024 | 13,821 | 5,585 | 40.4% | 3,817 | 4,858 | 4,578 | S100VYRR |
| FY ending Mar 2025 | 14,717 | 6,085 | 41.3% | 4,189 | 5,652 | 4,699 | S100YHZN |
| FY ending Mar 2026 | 16,653 | 7,263 | 43.6% | 4,313 | 6,089 | 5,671 | S100YHZN |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥30M |
| Operating income per employee (consolidated) | ¥13.1M |
| Net income per employee (consolidated) | ¥7.8M |

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) | 526 | 536 | 549 | 551 | 556 |
| Average salary (parent company) | ¥7.6M | ¥7.3M | ¥6.7M | ¥7.1M | ¥8.2M |
| Average age (parent company) | 43.2 years | 42.8 years | 34.5 years | 36.1 years | 38.5 years |
| Average tenure (parent company) | 15.7 years | 14.4 years | 8.7 years | 10.2 years | 11.9 years |

Year over year: Employees (consolidated) +0.9% · Revenue (consolidated) +13.2%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Construction System | 8,032 | 48.2% | 3,181 | 39.6% |
| Surveying and Civil engineering System | 7,861 | 47.2% | 3,691 | 47.0% |
| IT solutions | 759 | 4.6% | 580 | 76.4% |
| Investment | — | 0.0% | -4 | — |

### 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 |
| --- | ---: | ---: |
| Construction System | 42.7% | 39.6% |
| Surveying and Civil engineering System | 49.5% | 47.0% |
| IT solutions | 7.8% | 76.4% |
| Investment | — | — |

Loss-making segment (excluded from profit shares): Investment -4 JPY mn

Segment → industry: IT solutions → IT Services & System Integration / Surveying and Civil engineering System → Software & SaaS / Construction System → Software & SaaS / Investment → Venture Capital

## 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 | 6,089 | 36.6% | S100YHZN |
| Capital expenditure | 418 | 2.5% | S100YHZN |
| Free cash flow | 5,671 | 34.1% | 算出 |
| Investing cash flow | -4,329 | -26.0% | S100YHZN |
| Financing cash flow | -1,447 | -8.7% | S100YHZN |
| Dividends paid | 1,447 | 8.7% | S100YHZN |
| Change in cash | 312 | 1.9% | S100YHZN |
| Cash and equivalents | 21,485 | 129.0% | S100YHZN |

## 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 | 17,027 | 18,053 | 19,834 | 21,172 | 21,485 | S100TPBX, S100VYRR, S100YHZN |
| Total assets | 24,593 | 26,743 | 29,763 | 33,044 | 36,816 | S100R1JG, S100TPBX, S100VYRR, S100YHZN |
| Net assets | 18,963 | 21,683 | 24,407 | 27,102 | 30,078 | S100TPBX, S100VYRR, S100YHZN |
| Share capital | 1,631 | 1,631 | 1,631 | 1,631 | 1,631 | S100R1JG, S100TPBX, S100VYRR, S100YHZN |
| Property, plant and equipment | 2,392 | 2,300 | 2,394 | 3,225 | 3,087 | S100R1JG, S100TPBX, S100VYRR, S100YHZN |
| Intangible assets excluding goodwill | 228 | 159 | 135 | 227 | 236 | S100R1JG, S100TPBX, S100VYRR, S100YHZN |
| Investment securities | 1,350 | 2,591 | 3,879 | 4,698 | 4,686 | S100R1JG, S100TPBX, S100VYRR, S100YHZN |
| Current assets | 19,787 | 20,909 | 22,551 | 23,077 | 25,936 | S100R1JG, S100TPBX, S100VYRR, S100YHZN |
| Current liabilities | 5,489 | 4,848 | 5,071 | 5,705 | 6,476 | S100R1JG, S100TPBX, S100VYRR, S100YHZN |
| Trade payables | 61 | — | — | — | — | S100ODXJ |
| Total liabilities | 5,629 | 5,059 | 5,356 | 5,942 | 6,737 | S100R1JG, S100TPBX, S100VYRR, S100YHZN |
| Equity attributable to owners of parent | 18,478 | 21,047 | 23,624 | 26,470 | 29,336 | S100R1JG, S100TPBX, S100VYRR, S100YHZN |
| Retained earnings | 15,406 | 17,975 | 20,552 | 23,398 | 26,264 | S100R1JG, S100TPBX, S100VYRR, S100YHZN |
| Treasury stock | -59 | -59 | -59 | -59 | -59 | S100R1JG, S100TPBX, S100VYRR, S100YHZN |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 58% | S100YHZN |
| Property, plant and equipment | 8% | S100YHZN |
| Intangibles and goodwill | 1% | S100YHZN |
| Investment securities | 13% | S100YHZN |
| Other assets | 20% | S100YHZN |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 18% | S100YHZN |
| Equity | 82% | S100YHZN |
| Other liabilities | 0% | S100YHZN |

### 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 | 24,593 | 26,743 | 29,763 | 33,044 | 36,816 |
| Equity | 18,963 | 21,683 | 24,407 | 27,102 | 30,078 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 17,027 | 18,053 | 19,834 | 21,172 | 21,485 |

## 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) | 18.5% | S100YHZN |
| Fixed assets ÷ total assets | 8.4% | S100YHZN |
| Goodwill ÷ parent equity | — | —, S100YHZN |

### 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) | 58.4% |
| Cash ÷ revenue | 129.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 83.8% |
| Cash vs. profit gap | 1,776 JPY mn (of net income 41.2%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 33.5% |
| Shareholder payments — dividends / FCF | 25.5% |
| CapEx intensity (capex ÷ revenue) | 2.5% |
| Investing CF relative to operating CF | 71.1% |

## 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 | 29.5% | 0.58× | 17.2% | 1.33× | 22.8% | S100R1JG |
| 2023 | 27.9% | 0.53× | 14.8% | 1.30× | 19.3% | S100TPBX |
| 2024 | 27.6% | 0.49× | 13.5% | 1.26× | 17.1% | S100VYRR |
| 2025 | 28.5% | 0.47× | 13.3% | 1.25× | 16.7% | S100YHZN |
| 2026 | 25.9% | 0.48× | 12.3% | 1.25× | 15.5% | S100YHZN |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社ダイテックホールディング | Major shareholder | 47.1% | 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 | 7.2% | 2026-03-31 |
| 光通信ＫＫ投資事業有限責任組合 | Major shareholder | 6.4% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505001（常任代理人 株式会社みずほ銀行） | Major shareholder | 3.9% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 3.0% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505044（常任代理人 株式会社みずほ銀行） | Major shareholder | 2.3% | 2026-03-31 |
| JP MORGAN CHASE BANK 385868（常任代理人 株式会社みずほ銀行） | Major shareholder | 1.8% | 2026-03-31 |
| 野村信託銀行株式会社（投信口） | Major shareholder | 1.8% | 2026-03-31 |
| 光通信株式会社 | Major shareholder | 1.3% | 2026-03-31 |
| 福井コンピュータ従業員持株会 | Major shareholder | 0.9% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第47期(2025/04/01－2026/03/31) | S100YHZN | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YHZN,, |
| 有価証券報告書－第46期(2024/04/01－2025/03/31) | S100VYRR | 2025-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VYRR,, |
| 有価証券報告書－第45期(2023/04/01－2024/03/31) | S100TPBX | 2024-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TPBX,, |
| 有価証券報告書－第44期(2022/04/01－2023/03/31) | S100R1JG | 2023-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R1JG,, |
| 有価証券報告書－第43期(令和3年4月1日－令和4年3月31日) | S100ODXJ | 2022-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100ODXJ,, |
| 有価証券報告書－第42期(令和2年4月1日－令和3年3月31日) | S100LM0D | 2021-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LM0D,, |

## 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).