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

> Latest period: FY ending Jun 2026, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第23期(2025/07/01－2026/06/30) (S100Z3D3)
> Page: https://vizora.meequs.com/en/company/fusic
> Retrieved: 2026-09-30T18:55:14.486Z

## Company

Fusic, founded in 2003, is a company in IT Services & System Integration listed on TSE Growth. It has 146 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Fusic Co.,Ltd. |
| Ticker | 5256 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5256.T) |
| Listing | TSE Growth |
| Head office | 福岡県福岡市中央区天神四丁目1番7号第3明星ビル6F |
| Representative (per filing) | 代表取締役社長 納富 貞嘉 |
| Founded | Oct 2003 |
| Share capital | ¥62.2M |
| Employees (consolidated) | 146 |
| Average salary (parent only) | ¥6.4M |
| Fiscal year end | June |
| Website | fusic.co.jp (https://fusic.co.jp/) |
| Corporate number | 4290001023455 |
| EDINET | E38460 |
| Industries (Vizora) | IT Services & System Integration |

> Profile source: annual securities report (S100Z3D3, filed 2026-09-24). As of filing

## Five-axis industry profile

Primary industry: IT Services & System Integration (2026-06-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 91.4 | 157 |
| Profitability | 15.6 | 196 |
| Cash conversion | 73.8 | 185 |
| Efficiency | 63.5 | 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)

- Fusic brought in ¥2.41B in revenue.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed +23.3% from the prior year, operating profit -70.8%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥2407050000 → ¥55289000
- Net income → operating cash flow: ¥55289000 → ¥85564000（difference ¥30275000）
- Main uses of operating cash flow: CapEx ¥15249000 / dividends — / buybacks —
- Change in cash: ¥-164276000
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 | ¥2.41B |  |
| Operating income | ¥79M | Margin 3.3% |
| Net income | ¥55.3M | Margin 2.3% |
| Free cash flow | ¥70.3M |  |
| Employees (consolidated) | 146 |  |
| EPS | ¥43.59 |  |
| Diluted EPS | ¥42.85 |  |
| Book value per share | ¥952.65 |  |
| Equity ratio | 72.9% |  |
| Shares outstanding | 1,289,200 |  |
| Treasury shares | 5,900 |  |
| Shareholders | 913 |  |
| Average salary (parent only) | ¥6.4M | Filing company only |
| Cash ratio | 37.0% | Cash ÷ revenue 25.8% |
| Vs. industry median margin | -5.6 pp | IT Services & System Integration |
| ROE | 4.7% | Derived from disclosed figures |
| ROA | 3.4% | Derived from disclosed figures |

## Notable figures

- FY2026, revenue is 2.1× its level five years ago
- FY2026, cash is 37% of total assets

## What changed in 4 years

| Metric | FY ending Jun 2022 | FY ending Jun 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥1124080000 | ¥2407050000 | +114.1% |
| Operating income | ¥70092000 | ¥79047000 | +12.8% |
| Operating margin | 6.2% | 3.3% | -3 pp |
| Employees | 82 people | 146 people | +78.0% |
| Cash and equivalents | ¥391214000 | ¥620895000 | +58.7% |

### Change in segment revenue mix

Span: FY ending Jun 2022 → FY ending Jun 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 2,407 | 100.0% | S100Z3D3 |
| Cost of revenue | 1,507 | 62.6% | S100Z3D3 |
| Gross profit | 900 | 37.4% | S100Z3D3 |
| SG&A | 821 | 34.1% | S100Z3D3 |
| Operating income | 79 | 3.3% | S100Z3D3 |
| Ordinary income | 96 | 4.0% | S100Z3D3 |
| Pretax income | 96 | 4.0% | S100Z3D3 |
| Income tax | 40 | 1.7% | S100Z3D3 |
| Net income | 55 | 2.3% | S100Z3D3 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 63 |
| SG&A | 34 |
| Operating income | 3 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 37.4% → Operating margin 3.3% → Net margin 2.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +23.3%; Core profit growth: -70.8%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -3.04×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 1,952 | 2,407 | 455 | +23.3% |
| Gross profit | 773 | 900 | 127 | +16.4% |
| Operating income | 271 | 79 | -192 | -70.8% |
| Operating cash flow | 135 | 86 | -49 | -36.6% |
| Free cash flow | 126 | 70 | -56 | -44.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Jun 2022 | 1,124 | 70 | 6.2% | 44 | 83 | 80 | S100RXC8 |
| FY ending Jun 2023 | 1,532 | 161 | 10.5% | 102 | 115 | 110 | S100UEO2 |
| FY ending Jun 2024 | 1,798 | 207 | 11.5% | 155 | 57 | -7 | S100WQGU |
| FY ending Jun 2025 | 1,952 | 271 | 13.9% | 194 | 135 | 126 | S100Z3D3 |
| FY ending Jun 2026 | 2,407 | 79 | 3.3% | 55 | 86 | 70 | S100Z3D3 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥16.5M |
| Operating income per employee (consolidated) | ¥541.4K |
| Net income per employee (consolidated) | ¥378.7K |

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

| History | FY ending Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 | FY ending Jun 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 82 | 91 | 106 | 120 | 146 |
| Average salary (parent company) | — | ¥5.5M | ¥5.7M | ¥6M | ¥6.4M |
| Average age (parent company) | — | 32.5 years | 33.1 years | 33.4 years | 34.7 years |
| Average tenure (parent company) | — | 4.1 years | 4.3 years | 4.4 years | 4.0 years |

Year over year: Employees (consolidated) +21.7% · Revenue (consolidated) +23.3%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 86 | 3.6% | S100Z3D3 |
| Capital expenditure | 15 | 0.6% | S100Z3D3 |
| Free cash flow | 70 | 2.9% | 算出 |
| Investing cash flow | -262 | -10.9% | S100Z3D3 |
| Financing cash flow | 11 | 0.5% | S100Z3D3 |
| Change in cash | -164 | -6.8% | S100Z3D3 |
| Cash and equivalents | 621 | 25.8% | S100Z3D3 |

## 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 Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 | FY ending Jun 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 391 | 848 | 776 | 785 | 621 | S100UEO2, S100WQGU, S100Z3D3 |
| Total assets | 678 | 1,232 | 1,438 | 1,570 | 1,678 | S100RXC8, S100UEO2, S100WQGU, S100Z3D3 |
| Net assets | 247 | 799 | 967 | 1,137 | 1,223 | S100UEO2, S100WQGU, S100Z3D3 |
| Share capital | 10 | 235 | 57 | 59 | 62 | S100RXC8, S100UEO2, S100WQGU, S100Z3D3 |
| Property, plant and equipment | 28 | 26 | 89 | 81 | 83 | S100RXC8, S100UEO2, S100WQGU, S100Z3D3 |
| Investment securities | — | — | 21 | 45 | 55 | S100WQGU, S100Z3D3 |
| Current assets | 575 | 1,122 | 1,217 | 1,333 | 1,246 | S100RXC8, S100UEO2, S100WQGU, S100Z3D3 |
| Current liabilities | 336 | 378 | 442 | 404 | 421 | S100RXC8, S100UEO2, S100WQGU, S100Z3D3 |
| Long-term borrowings | 80 | 40 | — | — | — | S100RXC8, S100UEO2 |
| Total liabilities | 431 | 433 | 471 | 433 | 455 | S100RXC8, S100UEO2, S100WQGU, S100Z3D3 |
| Equity attributable to owners of parent | 246 | 798 | 967 | 1,136 | 1,222 | S100RXC8, S100UEO2, S100WQGU, S100Z3D3 |
| Retained earnings | 236 | 338 | 493 | 687 | 742 | S100RXC8, S100UEO2, S100WQGU, S100Z3D3 |
| Treasury stock | — | -0 | -0 | -29 | -13 | S100UEO2, S100WQGU, S100Z3D3 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 37% | S100Z3D3 |
| Property, plant and equipment | 5% | S100Z3D3 |
| Investment securities | 3% | S100Z3D3 |
| Other assets | 55% | S100Z3D3 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 27% | S100Z3D3 |
| Equity | 73% | S100Z3D3 |

### Balance sheet history

| Metric | FY ending Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 | FY ending Jun 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 678 | 1,232 | 1,438 | 1,570 | 1,678 |
| Equity | 247 | 799 | 967 | 1,137 | 1,223 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 391 | 848 | 776 | 785 | 621 |

## 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) | 3.5% | S100Z3D3 |
| Fixed assets ÷ total assets | 5.0% | S100Z3D3 |
| Goodwill ÷ parent equity | — | —, S100Z3D3 |

### 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) | 37.0% |
| Cash ÷ revenue | 25.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 108.2% |
| Cash vs. profit gap | 30 JPY mn (of net income 54.8%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.6% |
| Investing CF relative to operating CF | 306.5% |

## 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 | 3.9% | 1.66× | 6.5% | 2.76× | 17.9% | S100RXC8 |
| 2023 | 6.6% | 1.60× | 10.7% | 1.83× | 19.5% | S100UEO2 |
| 2024 | 8.6% | 1.35× | 11.6% | 1.51× | 17.6% | S100WQGU |
| 2025 | 9.9% | 1.30× | 12.9% | 1.43× | 18.4% | S100Z3D3 |
| 2026 | 2.3% | 1.48× | 3.4% | 1.38× | 4.7% | S100Z3D3 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 濱﨑 陽一郎 | Major shareholder | 21.4% | 2026-06-30 |
| 納富 貞嘉 | Major shareholder | 21.4% | 2026-06-30 |
| ＨＳＭＣ株式会社 | Major shareholder | 10.2% | 2026-06-30 |
| ＮＳＭＣ株式会社 | Major shareholder | 10.2% | 2026-06-30 |
| 五味 大輔 | Major shareholder | 3.0% | 2026-06-30 |
| 楽天証券株式会社共通口 | Major shareholder | 1.6% | 2026-06-30 |
| 株式会社フィックスターズ | Major shareholder | 1.4% | 2026-06-30 |
| Ｆｕｓｉｃ社員持株会 | Major shareholder | 1.2% | 2026-06-30 |
| 株式会社ＳＢＩ証券 | Major shareholder | 1.2% | 2026-06-30 |
| 新田 寛之 | Major shareholder | 1.2% | 2026-06-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第23期(2025/07/01－2026/06/30) | S100Z3D3 | 2026-09-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Z3D3,, |
| 有価証券報告書－第22期(2024/07/01－2025/06/30) | S100WQGU | 2025-09-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WQGU,, |
| 有価証券報告書－第21期(2023/07/01－2024/06/30) | S100UEO2 | 2024-09-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UEO2,, |
| 有価証券報告書－第20期(2022/07/01－2023/06/30) | S100RXC8 | 2023-09-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RXC8,, |

## 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).