# FUSO DENTSU CO., LTD.: business model and financials

> Latest period: FY ending Sep 2025, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第80期(2024/10/01－2025/09/30) (S100XAQS)
> Page: https://vizora.meequs.com/en/company/fuso-dentsu
> Retrieved: 2026-09-30T21:39:49.451Z

## Company

Fuso Dentsu, founded in 1948, is a company in IT Services & System Integration listed on TSE Standard. It has 1,005 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | FUSO DENTSU CO., LTD. |
| Ticker | 7505 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7505.T) |
| Listing | TSE Standard |
| Head office | 東京都中央区築地五丁目4番18号 |
| Representative (per filing) | 代表取締役社長 有冨英治 |
| Founded | Mar 1948 |
| Share capital | ¥1.08B |
| Employees (consolidated) | 1,005 |
| Average salary (parent only) | ¥7.4M |
| Fiscal year end | September |
| Website | www.fusodentsu.co.jp (https://www.fusodentsu.co.jp/) |
| Corporate number | 6010001055706 |
| EDINET | E03264 |
| Industries (Vizora) | IT Services & System Integration |

> Profile source: annual securities report (S100XAQS, filed 2025-12-17). As of filing

## Five-axis industry profile

Primary industry: IT Services & System Integration (2025-09-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 37.9 | 157 |
| Profitability | 30.9 | 196 |
| Cash conversion | 88.4 | 185 |
| Efficiency | 70.7 | 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)

- Fuso Dentsu brought in ¥54.7B in revenue.
- Out of every ¥100 of sales, about ¥6 is left as operating profit.
- Revenue changed +16.9% from the prior year, operating profit +83.8%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥54684025000 → ¥2517769000
- Net income → operating cash flow: ¥2517769000 → ¥4877616000（difference ¥2359847000）
- Main uses of operating cash flow: CapEx ¥273603000 / dividends ¥563127000 / buybacks ¥381000
- Change in cash: ¥3068687000
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 | ¥54.7B |  |
| Operating income | ¥3.43B | Margin 6.3% |
| Net income | ¥2.52B | Margin 4.6% |
| Free cash flow | ¥4.6B |  |
| Employees (consolidated) | 1,005 |  |
| EPS | ¥216.89 |  |
| Book value per share | ¥1324.26 |  |
| Equity ratio | 38.8% |  |
| Shares outstanding | 6,960,980 |  |
| Treasury shares | 886,000 |  |
| Shareholders | 3,345 |  |
| Average salary (parent only) | ¥7.4M | Filing company only |
| Cash ratio | 23.6% | Cash ÷ revenue 17.2% |
| Vs. industry median margin | -2.6 pp | IT Services & System Integration |
| ROE | 22.1% | Derived from disclosed figures |
| ROA | 7.3% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Sep 2020 | FY ending Sep 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥40358807000 | ¥54684025000 | +35.5% |
| Operating income | ¥943910000 | ¥3428517000 | +263.2% |
| Operating margin | 2.3% | 6.3% | +3.9 pp |
| Employees | 953 people | 1,005 people | +5.5% |
| Cash and equivalents | ¥8167814000 | ¥9381595000 | +14.9% |

### Change in segment revenue mix

Span: FY ending Sep 2020 → FY ending Sep 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

## Income statement（FY ending Sep 2025, non-consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 54,684 | 100.0% | S100XAQS |
| Cost of revenue | 44,174 | 80.8% | S100XAQS |
| Gross profit | 10,510 | 19.2% | S100XAQS |
| SG&A | 7,082 | 13.0% | S100XAQS |
| Operating income | 3,429 | 6.3% | S100XAQS |
| Ordinary income | 3,664 | 6.7% | S100XAQS |
| Pretax income | 3,664 | 6.7% | S100XAQS |
| Income tax | 1,146 | 2.1% | S100XAQS |
| Net income | 2,518 | 4.6% | S100XAQS |

## Per ¥100 of revenue（FY ending Sep 2025）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 81 |
| SG&A | 13 |
| Operating income | 6 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 19.2% → Operating margin 6.3% → Net margin 4.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +16.9%; Core profit growth: +83.8%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 4.96×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Sep 2024 → FY ending Sep 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 46,778 | 54,684 | 7,906 | +16.9% |
| Gross profit | 8,451 | 10,510 | 2,059 | +24.4% |
| Operating income | 1,866 | 3,429 | 1,563 | +83.8% |
| Operating cash flow | 1,310 | 4,878 | 3,567 | +272.3% |
| Free cash flow | 1,076 | 4,604 | 3,528 | +327.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Sep 2019 | 38,881 | 777 | 2.0% | 553 | -165 | -275 | S100KDIG |
| FY ending Sep 2020 | 40,359 | 944 | 2.3% | 706 | 1,531 | 1,321 | S100N2FU |
| FY ending Sep 2021 | 43,387 | 1,522 | 3.5% | 1,108 | 2,479 | 2,216 | S100PTUS |
| FY ending Sep 2022 | 36,472 | 388 | 1.1% | 327 | -1,779 | -1,934 | S100SHIK |
| FY ending Sep 2023 | 41,137 | 1,261 | 3.1% | 972 | 1,690 | 1,495 | S100UZ2M |
| FY ending Sep 2024 | 46,778 | 1,866 | 4.0% | 1,428 | 1,310 | 1,076 | S100XAQS |
| FY ending Sep 2025 | 54,684 | 3,429 | 6.3% | 2,518 | 4,878 | 4,604 | S100XAQS |

## People and productivity（FY ending Sep 2025, non-consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥54.4M |
| Operating income per employee (consolidated) | ¥3.4M |
| Net income per employee (consolidated) | ¥2.5M |

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

| History | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 946 | 966 | 954 | 969 | 1,005 |
| Average salary (parent company) | ¥6.8M | ¥6.9M | ¥7M | ¥7.2M | ¥7.4M |
| Average age (parent company) | 44.6 years | 45.1 years | 45.2 years | 45.3 years | 45.2 years |
| Average tenure (parent company) | 21.5 years | 21.6 years | 21.5 years | 21.3 years | 20.7 years |

Year over year: Employees (consolidated) +3.7% · Revenue (consolidated) +16.9%

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Sep 2025, non-consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 4,878 | 8.9% | S100XAQS |
| Capital expenditure | 274 | 0.5% | S100XAQS |
| Free cash flow | 4,604 | 8.4% | 算出 |
| Investing cash flow | -932 | -1.7% | S100XAQS |
| Financing cash flow | -877 | -1.6% | S100XAQS |
| Dividends paid | 563 | 1.0% | S100XAQS |
| Share buyback | 0 | 0.0% | S100XAQS |
| Change in cash | 3,069 | 5.6% | S100XAQS |
| Cash and equivalents | 9,382 | 17.2% | S100XAQS |

## 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 Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 8,068 | 5,113 | 6,312 | 6,313 | 9,382 | S100SHIK, S100UZ2M, S100XAQS |
| Total assets | 25,864 | 24,466 | 27,226 | 29,675 | 39,716 | S100PTUS, S100SHIK, S100UZ2M, S100XAQS |
| Net assets | 10,016 | 9,569 | 11,089 | 12,528 | 15,408 | S100SHIK, S100UZ2M, S100XAQS |
| Share capital | 1,084 | 1,084 | 1,084 | 1,084 | 1,084 | S100PTUS, S100SHIK, S100UZ2M, S100XAQS |
| Property, plant and equipment | 742 | 718 | 700 | 739 | 696 | S100PTUS, S100SHIK, S100UZ2M, S100XAQS |
| Intangible assets excluding goodwill | 128 | 206 | 238 | 204 | 396 | S100PTUS, S100SHIK, S100UZ2M, S100XAQS |
| Investment securities | 4,837 | 4,528 | 5,636 | 7,217 | 9,572 | S100PTUS, S100SHIK, S100UZ2M, S100XAQS |
| Current assets | 18,136 | 16,736 | 18,848 | 19,869 | 27,635 | S100PTUS, S100SHIK, S100UZ2M, S100XAQS |
| Current liabilities | 11,374 | 10,032 | 11,716 | 13,165 | 20,451 | S100PTUS, S100SHIK, S100UZ2M, S100XAQS |
| Bonds | — | 400 | 300 | — | — | S100SHIK, S100UZ2M |
| Total liabilities | 15,848 | 14,897 | 16,137 | 17,146 | 24,308 | S100PTUS, S100SHIK, S100UZ2M, S100XAQS |
| Equity attributable to owners of parent | 8,594 | 8,570 | 9,285 | 10,379 | 12,358 | S100PTUS, S100SHIK, S100UZ2M, S100XAQS |
| Retained earnings | 6,895 | 6,854 | 7,643 | 8,714 | 10,667 | S100PTUS, S100SHIK, S100UZ2M, S100XAQS |
| Treasury stock | -583 | -572 | -650 | -635 | -618 | S100PTUS, S100SHIK, S100UZ2M, S100XAQS |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 24% | S100XAQS |
| Property, plant and equipment | 2% | S100XAQS |
| Intangibles and goodwill | 1% | S100XAQS |
| Investment securities | 24% | S100XAQS |
| Other assets | 49% | S100XAQS |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 61% | S100XAQS |
| Equity | 39% | S100XAQS |

### Balance sheet history

| Metric | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 25,864 | 24,466 | 27,226 | 29,675 | 39,716 |
| Equity | 10,016 | 9,569 | 11,089 | 12,528 | 15,408 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 8,068 | 5,113 | 6,312 | 6,313 | 9,382 |

## 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) | 1.3% | S100XAQS |
| Fixed assets ÷ total assets | 1.8% | S100XAQS |
| Goodwill ÷ parent equity | — | —, S100XAQS |

### 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) | 23.6% |
| Cash ÷ revenue | 17.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 142.3% |
| Cash vs. profit gap | 2,360 JPY mn (of net income 93.7%) |
| Shareholder returns / net income | 22.4% |
| Shareholder returns / FCF | 12.2% |
| Shareholder payments — dividends / net income | 22.4% |
| Shareholder payments — dividends / FCF | 12.2% |
| CapEx intensity (capex ÷ revenue) | 0.5% |
| Investing CF relative to operating CF | 19.1% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 2.6% | 1.68× | 4.3% | 3.01× | 12.9% | S100PTUS |
| 2022 | 0.9% | 1.45× | 1.3% | 2.93× | 3.8% | S100SHIK |
| 2023 | 2.4% | 1.59× | 3.8% | 2.90× | 10.9% | S100UZ2M |
| 2024 | 3.1% | 1.64× | 5.0% | 2.89× | 14.5% | S100XAQS |
| 2025 | 4.6% | 1.58× | 7.3% | 3.05× | 22.1% | S100XAQS |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 扶桑電通従業員持株会 | Major shareholder | 15.7% | 2025-09-30 |
| 滝 内 裕 子 | Major shareholder | 5.3% | 2025-09-30 |
| 太 田 雅 子 | Major shareholder | 5.2% | 2025-09-30 |
| 株式会社みずほ銀行(常任代理人株式会社日本カストディ銀行) | Major shareholder | 4.6% | 2025-09-30 |
| 株式会社日本カストディ銀行(信託E口) | Major shareholder | 4.2% | 2025-09-30 |
| 吉 田 稔 | Major shareholder | 3.4% | 2025-09-30 |
| ＨＴホールディングス株式会社 | Major shareholder | 2.0% | 2025-09-30 |
| 山 崎 榮 子 | Major shareholder | 1.0% | 2025-09-30 |
| 加 藤 盛 三 | Major shareholder | 1.0% | 2025-09-30 |
| 大 平 昭 夫 | Major shareholder | 1.0% | 2025-09-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第80期(2024/10/01－2025/09/30) | S100XAQS | 2025-12-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XAQS,, |
| 有価証券報告書－第79期(2023/10/01－2024/09/30) | S100UZ2M | 2024-12-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UZ2M,, |
| 有価証券報告書－第78期(2022/10/01－2023/09/30) | S100SHIK | 2023-12-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SHIK,, |
| 有価証券報告書－第77期(令和3年10月1日－令和4年9月30日) | S100PTUS | 2022-12-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PTUS,, |
| 有価証券報告書－第76期(令和2年10月1日－令和3年9月30日) | S100N2FU | 2021-12-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100N2FU,, |
| 有価証券報告書－第75期(令和1年10月1日－令和2年9月30日) | S100KDIG | 2020-12-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KDIG,, |

## 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).