# GENETEC CORPORATION: 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41期(2025/04/01－2026/03/31) (S100YJQM)
> Page: https://vizora.meequs.com/en/company/genetec
> Retrieved: 2026-09-30T20:24:12.926Z

## Company

Genetec, founded in 1985, is a company in IT Services & System Integration listed on TSE Standard. It has 648 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | GENETEC CORPORATION |
| Ticker | 4492 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4492.T) |
| Listing | TSE Standard |
| Head office | 東京都新宿区西新宿六丁目5番1号 |
| Representative (per filing) | 代表取締役社長 社長執行役員 上野 憲二 |
| Founded | Jul 1985 |
| Share capital | ¥388.9M |
| Employees (consolidated) | 648 |
| Average salary (parent only) | ¥6.1M |
| Fiscal year end | March |
| Website | www.genetec.co.jp (https://www.genetec.co.jp/) |
| Corporate number | 7011101011259 |
| EDINET | E35504 |
| Industries (Vizora) | IT Services & System Integration, Software & SaaS, Internet Services & Apps |

> Profile source: annual securities report (S100YJQM, filed 2026-06-25). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 92 | 157 |
| Profitability | 37.5 | 196 |
| Cash conversion | 7.3 | 185 |
| Efficiency | 69.1 | 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 62% of Genetec's sales come from System Solution Business, with Engineering Solution Business and Global Positoning Solution making up much of the rest.
- Out of every ¥100 of sales, about ¥8 is left as operating profit.
- Revenue changed +35.2% from the prior year, operating profit +18.3%.

## Company structure

- Segment revenue mix: System Solution Business 61.8%、Engineering Solution Business 34.9%、Global Positoning Solution 3.7%
- Revenue → net income: ¥10983293000 → ¥510441000
- Net income → operating cash flow: ¥510441000 → ¥112603000（difference ¥-397838000）
- Main uses of operating cash flow: CapEx ¥121099000 / dividends ¥207084000 / buybacks —
- Change in cash: ¥-334109000
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 | ¥11B |  |
| Operating income | ¥820.4M | Margin 7.5% |
| Net income | ¥510.4M | Margin 4.6% |
| Free cash flow | -¥8.5M |  |
| Largest business | System Solution Business | of segment revenue 61.6% |
| Employees (consolidated) | 648 |  |
| EPS | ¥18.44 |  |
| Diluted EPS | ¥18.25 |  |
| Book value per share | ¥229.9 |  |
| Equity ratio | 39.5% |  |
| Shares outstanding | 11,727,700 |  |
| Treasury shares | 162,600 |  |
| Shareholders | 2,869 |  |
| Average salary (parent only) | ¥6.1M | Filing company only |
| Cash ratio | 22.5% | Cash ÷ revenue 14.1% |
| Vs. industry median margin | -1.4 pp | IT Services & System Integration |
| ROE | 19.9% | Derived from disclosed figures |
| ROA | 7.3% | Derived from disclosed figures |

## Notable figures

- FY2026, revenue is 2.3× its level five years ago
- FY2026, one segment accounts for 76% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥4079318000 | ¥10983293000 | +169.2% |
| Operating income | ¥254165000 | ¥820418000 | +222.8% |
| Operating margin | 6.2% | 7.5% | +1.2 pp |
| Employees | 249 people | 648 people | +160.2% |
| Cash and equivalents | ¥1195747000 | ¥1552583000 | +29.8% |

### 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 |
| --- | ---: |
| システムソリューション事業 → システムソリューション事業 | 61.6% |
| システムソリューション事業 → 事業再編・廃止 | 2.3% |
| エンジニアリングソリューション事業 → エンジニアリングソリューション事業 | 28.8% |
| GPS事業 → GPS事業 | 3.6% |
| GPS事業 → 事業再編・廃止 | 3.8% |
| 新設・再編 → エンジニアリングソリューション事業 | 6.0% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| System Solution Business | 5 years | +21.0% | ¥6761656000 | 22.3% | 2 |
| Engineering Solution Business | 5 years | +26.6% | ¥3821942000 | 12.1% | 2 |
| Global Positoning Solution | 5 years | +5.8% | ¥399695000 | 6.0% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 10,983 | 100.0% | S100YJQM |
| Cost of revenue | 6,835 | 62.2% | S100YJQM |
| Gross profit | 4,148 | 37.8% | S100YJQM |
| SG&A | 3,327 | 30.3% | S100YJQM |
| Operating income | 820 | 7.5% | S100YJQM |
| Ordinary income | 825 | 7.5% | S100YJQM |
| Pretax income | 827 | 7.5% | S100YJQM |
| Income tax | 316 | 2.9% | S100YJQM |
| Net income | 510 | 4.6% | S100YJQM |
| Net income attributable to owners | 510 | 4.6% | S100YJQM |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 62 |
| SG&A | 30 |
| Operating income | 8 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 37.8% → Operating margin 7.5% → Net margin 4.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +35.2%; Core profit growth: +18.3%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.52×
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 | 8,125 | 10,983 | 2,859 | +35.2% |
| Gross profit | 3,271 | 4,148 | 877 | +26.8% |
| Operating income | 694 | 820 | 127 | +18.3% |
| Net income attributable to owners | 421 | 510 | 89 | +21.2% |
| Operating cash flow | 451 | 113 | -339 | -75.1% |
| Free cash flow | 232 | -8 | -241 | -103.7% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 4,720 | 336 | 7.1% | 213 | 61 | 52 | S100M148 |
| FY ending Mar 2021 | 4,079 | 254 | 6.2% | 173 | 443 | 406 | S100OJU2 |
| FY ending Mar 2022 | 4,683 | 190 | 4.1% | 57 | -24 | -176 | S100R6SX |
| FY ending Mar 2023 | 5,864 | 106 | 1.8% | 24 | -223 | -359 | S100TT9Q |
| FY ending Mar 2024 | 7,148 | 629 | 8.8% | 415 | 602 | 495 | S100W5KH |
| FY ending Mar 2025 | 8,125 | 694 | 8.5% | 421 | 451 | 232 | S100YJQM |
| FY ending Mar 2026 | 10,983 | 820 | 7.5% | 510 | 113 | -8 | S100YJQM |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥16.9M |
| Operating income per employee (consolidated) | ¥1.3M |
| Net income per employee (consolidated) | ¥787.7K |

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) | 275 | 350 | 375 | 619 | 648 |
| Average salary (parent company) | ¥5.8M | ¥6M | ¥6M | ¥6.1M | ¥6.1M |
| Average age (parent company) | 41.3 years | 40.6 years | 40.2 years | 39.9 years | 39.6 years |
| Average tenure (parent company) | 8.1 years | 8.0 years | 7.4 years | 7.1 years | 6.9 years |

Year over year: Employees (consolidated) +4.7% · Revenue (consolidated) +35.2%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| System Solution Business | 6,762 | 61.8% | 1,505 | 22.3% |
| Engineering Solution Business | 3,822 | 34.9% | 462 | 12.1% |
| Global Positoning Solution | 400 | 3.7% | 24 | 6.0% |
| All other segments not reportable | -37 | -0.3% | -1,171 | 3146.7% |

### 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 | Profit share | Margin |
| --- | ---: | ---: |
| System Solution Business | 75.6% | 22.3% |
| Engineering Solution Business | 23.2% | 12.1% |
| Global Positoning Solution | 1.2% | 6.0% |
| All other segments not reportable | — | — |

Loss-making segment (excluded from profit shares): All other segments not reportable -1,171 JPY mn

Segment → industry: System Solution Business → IT Services & System Integration / Engineering Solution Business → Software & SaaS / Global Positoning Solution → Internet Services & Apps

## 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 | 113 | 1.0% | S100YJQM |
| Capital expenditure | 121 | 1.1% | S100YJQM |
| Free cash flow | -8 | -0.1% | 算出 |
| Investing cash flow | -48 | -0.4% | S100YJQM |
| Financing cash flow | -399 | -3.6% | S100YJQM |
| Dividends paid | 207 | 1.9% | S100YJQM |
| Change in cash | -334 | -3.0% | S100YJQM |
| Cash and equivalents | 1,553 | 14.1% | S100YJQM |

## 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 | 979 | 1,031 | 1,168 | 1,887 | 1,553 | S100TT9Q, S100W5KH, S100YJQM |
| Total assets | 3,253 | 4,122 | 4,521 | 7,149 | 6,912 | S100R6SX, S100TT9Q, S100W5KH, S100YJQM |
| Net assets | 1,860 | 1,865 | 2,214 | 2,403 | 2,727 | S100TT9Q, S100W5KH, S100YJQM |
| Share capital | 359 | 366 | 371 | 380 | 389 | S100R6SX, S100TT9Q, S100W5KH, S100YJQM |
| Property, plant and equipment | 178 | 122 | 109 | 682 | 715 | S100R6SX, S100TT9Q, S100W5KH, S100YJQM |
| Intangible assets excluding goodwill | 276 | 811 | 774 | 1,328 | 1,192 | S100R6SX, S100TT9Q, S100W5KH, S100YJQM |
| Goodwill | 187 | 706 | 627 | 904 | 771 | S100R6SX, S100TT9Q, S100W5KH, S100YJQM |
| Current assets | 2,471 | 2,826 | 3,245 | 4,620 | 4,491 | S100R6SX, S100TT9Q, S100W5KH, S100YJQM |
| Current liabilities | 1,040 | 1,502 | 1,759 | 3,334 | 3,018 | S100R6SX, S100TT9Q, S100W5KH, S100YJQM |
| Short-term borrowings | — | 500 | 400 | 1,200 | 1,300 | S100TT9Q, S100W5KH, S100YJQM |
| Long-term borrowings | 21 | 396 | 180 | 772 | 514 | S100R6SX, S100TT9Q, S100W5KH, S100YJQM |
| Total liabilities | 1,393 | 2,256 | 2,306 | 4,746 | 4,185 | S100R6SX, S100TT9Q, S100W5KH, S100YJQM |
| Equity attributable to owners of parent | 1,860 | 1,865 | 2,214 | 2,403 | 2,727 | S100R6SX, S100TT9Q, S100W5KH, S100YJQM |
| Retained earnings | 1,019 | 1,006 | 1,344 | 1,509 | 1,812 | S100R6SX, S100TT9Q, S100W5KH, S100YJQM |
| Treasury stock | -6 | -5 | -4 | -3 | -3 | S100R6SX, S100TT9Q, S100W5KH, S100YJQM |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 23% | S100YJQM |
| Property, plant and equipment | 10% | S100YJQM |
| Intangibles and goodwill | 28% | S100YJQM |
| Other assets | 39% | S100YJQM |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 61% | S100YJQM |
| Equity | 39% | S100YJQM |
| Other liabilities | 0% | S100YJQM |

### 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 | 3,253 | 4,122 | 4,521 | 7,149 | 6,912 |
| Equity | 1,860 | 1,865 | 2,214 | 2,403 | 2,727 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 979 | 1,031 | 1,168 | 1,887 | 1,553 |

## 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) | 6.5% | S100YJQM |
| Fixed assets ÷ total assets | 10.3% | S100YJQM |
| Goodwill ÷ parent equity | 28.3% | S100YJQM |

Goodwill over 4 years: 187 → 771 JPY; total investing cash flow: -1,030 JPY. This does not imply causation.

### 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) | 22.5% |
| Cash ÷ revenue | 14.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 13.7% |
| Cash vs. profit gap | -398 JPY mn (of net income -77.9%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 40.6% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 1.1% |
| Investing CF relative to operating CF | 42.5% |

## 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 | 1.2% | 1.44× | 1.7% | 1.75× | 3.0% | S100R6SX |
| 2023 | 0.4% | 1.59× | 0.6% | 1.98× | 1.3% | S100TT9Q |
| 2024 | 5.8% | 1.65× | 9.6% | 2.12× | 20.3% | S100W5KH |
| 2025 | 5.2% | 1.39× | 7.2% | 2.53× | 18.2% | S100YJQM |
| 2026 | 4.6% | 1.56× | 7.3% | 2.74× | 19.9% | S100YJQM |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社KEN&パートナーズ | Major shareholder | 36.0% | 2026-03-31 |
| 上野 憲二 | Major shareholder | 10.0% | 2026-03-31 |
| 山田 陽國 | Major shareholder | 5.3% | 2026-03-31 |
| 上野 大輔 | Major shareholder | 4.7% | 2026-03-31 |
| 井上 由佳 | Major shareholder | 4.5% | 2026-03-31 |
| ゼネテック従業員持株会 | Major shareholder | 3.4% | 2026-03-31 |
| 上田八木短資株式会社 | Major shareholder | 3.1% | 2026-03-31 |
| 五十嵐 英雄 | Major shareholder | 3.0% | 2026-03-31 |
| 八戸 雅利 | Major shareholder | 2.6% | 2026-03-31 |
| 株式会社SBI証券 | Major shareholder | 1.3% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第41期(2025/04/01－2026/03/31) | S100YJQM | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YJQM,, |
| 有価証券報告書－第40期(2024/04/01－2025/03/31) | S100W5KH | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W5KH,, |
| 有価証券報告書－第39期(2023/04/01－2024/03/31) | S100TT9Q | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TT9Q,, |
| 有価証券報告書－第38期(2022/04/01－2023/03/31) | S100R6SX | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R6SX,, |
| 有価証券報告書－第37期(令和3年4月1日－令和4年3月31日) | S100OJU2 | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OJU2,, |
| 訂正有価証券報告書－第36期(令和2年4月1日－令和3年3月31日) | S100M148 | 2021-07-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100M148,, |

## 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).