# GSI Co., Ltd.: 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22期(2025/04/01－2026/03/31) (S100YKIG)
> Page: https://vizora.meequs.com/en/company/gsi
> Retrieved: 2026-09-30T20:24:34.621Z

## Company

GSI, founded in 2004, is a company in IT Services & System Integration listed on Sapporo. It has 548 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | GSI Co., Ltd. |
| Ticker | 5579 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5579.T) |
| Listing | Sapporo |
| Head office | 北海道札幌市北区北七条西一丁目1番地2 (同所は登記上の本店所在地で実際の業務は「最寄りの連絡場所」で行っております。) |
| Representative (per filing) | 代表取締役社長 小沢 隆徳 |
| Founded | Oct 2004 |
| Share capital | ¥292.3M |
| Employees (consolidated) | 548 |
| Average salary (parent only) | ¥4.3M |
| Fiscal year end | March |
| Website | glue-si.com (https://glue-si.com/) |
| Corporate number | 6430001032588 |
| EDINET | E38685 |
| Industries (Vizora) | IT Services & System Integration, HR & Staffing |

> Profile source: annual securities report (S100YKIG, filed 2026-06-25). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 64 | 196 |
| Cash conversion | 63.5 | 185 |
| Efficiency | 57.9 | 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 98% of GSI's sales come from System development business, with Employment support business making up much of the rest.
- Out of every ¥100 of sales, about ¥11 is left as operating profit.
- Revenue changed +9.1% from the prior year, operating profit +21.8%.

## Company structure

- Segment revenue mix: System development business 98.2%、Employment support business 1.8%
- Revenue → net income: ¥4629119000 → ¥376787000
- Net income → operating cash flow: ¥376787000 → ¥462832000（difference ¥86045000）
- Main uses of operating cash flow: CapEx ¥21640000 / dividends ¥119973000 / buybacks —
- Change in cash: ¥195090000
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 | ¥4.63B |  |
| Operating income | ¥493.2M | Margin 10.7% |
| Net income | ¥376.8M | Margin 8.1% |
| Free cash flow | ¥441.2M |  |
| Largest business | System development business | of segment revenue 98.2% |
| Employees (consolidated) | 548 |  |
| EPS | ¥184.77 |  |
| Book value per share | ¥1220.44 |  |
| Equity ratio | 67.6% |  |
| Shares outstanding | 2,000,000 |  |
| Shareholders | 582 |  |
| Average salary (parent only) | ¥4.3M | Filing company only |
| Cash ratio | 44.3% | Cash ÷ revenue 34.5% |
| Vs. industry median margin | +1.7 pp | IT Services & System Integration |
| ROE | 16.2% | Derived from disclosed figures |
| ROA | 11.1% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 96% of positive segment profit
- FY2026, cash is 44% of total assets

## What changed in 4 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Mar 2022 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥3380370000 | ¥4629119000 | — |
| Operating income | ¥446117000 | ¥493203000 | — |
| Operating margin | 13.2% | 10.7% | -2.5 pp |
| Employees | 429 people | 548 people | — |
| Cash and equivalents | ¥1080995000 | ¥1597882000 | — |

### Change in segment revenue mix

Span: FY ending Mar 2022 → 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 |
| --- | ---: |
| 新設・再編 → システム開発事業 | 98.2% |
| 新設・再編 → 就労支援事業 | 1.8% |

Segment revenue source references: 2 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 4,629 | 100.0% | S100YKIG |
| Cost of revenue | 3,444 | 74.4% | S100YKIG |
| Gross profit | 1,185 | 25.6% | S100YKIG |
| SG&A | 692 | 15.0% | S100YKIG |
| Operating income | 493 | 10.7% | S100YKIG |
| Ordinary income | 526 | 11.4% | S100YKIG |
| Pretax income | 524 | 11.3% | S100YKIG |
| Income tax | 147 | 3.2% | S100YKIG |
| Net income | 377 | 8.1% | S100YKIG |
| Net income attributable to owners | 377 | 8.1% | S100YKIG |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 74 |
| SG&A | 15 |
| Operating income | 11 |
| (Ref.) Net income | 8 |

### Margin funnel

Gross margin 25.6% → Operating margin 10.7% → Net margin 8.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +9.1%; Core profit growth: +21.8%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.39×
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 | 4,241 | 4,629 | 388 | +9.1% |
| Gross profit | 1,042 | 1,185 | 143 | +13.7% |
| Operating income | 405 | 493 | 88 | +21.8% |
| Net income attributable to owners | 263 | 377 | 114 | +43.2% |
| Operating cash flow | 244 | 463 | 219 | +89.9% |
| Free cash flow | 193 | 441 | 249 | +129.1% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2022 | 3,380 | 446 | 13.2% | 303 | 423 | 195 | S100T13N |
| FY ending Mar 2023 | 3,654 | 431 | 11.8% | 290 | 367 | 367 | S100T13N |
| FY ending Mar 2024 | 4,022 | 426 | 10.6% | 308 | 272 | 239 | S100W881 |
| FY ending Mar 2025 | 4,241 | 405 | 9.5% | 263 | 244 | 193 | S100YKIG |
| FY ending Mar 2026 | 4,629 | 493 | 10.7% | 377 | 463 | 441 | S100YKIG |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥8.4M |
| Operating income per employee (consolidated) | ¥900K |
| Net income per employee (consolidated) | ¥687.6K |

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) | 429 | 470 | 494 | 538 | 548 |
| Average salary (parent company) | — | ¥4.3M | ¥4.3M | ¥4.3M | ¥4.3M |
| Average age (parent company) | — | 31.6 years | 31.8 years | 31.9 years | 32.0 years |
| Average tenure (parent company) | — | 4.4 years | 4.7 years | 4.1 years | 5.2 years |

Year over year: Employees (consolidated) +1.9% · Revenue (consolidated) +9.1%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| System development business | 4,547 | 98.2% | 474 | 10.4% |
| Employment support business | 82 | 1.8% | 19 | 23.3% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| System development business | 98.2% | 96.1% | -2.1 | 10.4% |
| Employment support business | 1.8% | 3.9% | 2.1 | 23.3% |

Segment → industry: System development business → IT Services & System Integration / Employment support business → HR & Staffing

## 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 | 463 | 10.0% | S100YKIG |
| Capital expenditure | 22 | 0.5% | S100YKIG |
| Free cash flow | 441 | 9.5% | 算出 |
| Investing cash flow | -274 | -5.9% | S100YKIG |
| Financing cash flow | 6 | 0.1% | S100YKIG |
| Dividends paid | 120 | 2.6% | S100YKIG |
| Change in cash | 195 | 4.2% | S100YKIG |
| Cash and equivalents | 1,598 | 34.5% | S100YKIG |

## 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 | 1,081 | 1,517 | 2,092 | 1,403 | 1,598 | S100T13N, S100YKIG |
| Total assets | 2,230 | 2,472 | 3,206 | 3,214 | 3,604 | S100T13N, S100W881, S100YKIG |
| Net assets | 1,304 | 1,512 | 2,096 | 2,189 | 2,436 | S100T13N, S100YKIG |
| Share capital | 106 | 106 | 292 | 292 | 292 | S100T13N, S100W881, S100YKIG |
| Property, plant and equipment | 250 | 238 | 258 | 275 | 278 | S100T13N, S100W881, S100YKIG |
| Intangible assets excluding goodwill | 3 | 2 | 1 | 1 | 1 | S100T13N, S100W881, S100YKIG |
| Investment securities | 131 | 132 | 37 | 619 | 903 | S100T13N, S100W881, S100YKIG |
| Current assets | 1,744 | 1,987 | 2,788 | 2,184 | 2,278 | S100T13N, S100W881, S100YKIG |
| Current liabilities | 728 | 815 | 889 | 895 | 879 | S100T13N, S100W881, S100YKIG |
| Short-term borrowings | — | — | 50 | 50 | — | S100W881, S100YKIG |
| Long-term borrowings | 198 | 145 | 221 | 126 | 285 | S100T13N, S100W881, S100YKIG |
| Total liabilities | 926 | 960 | 1,110 | 1,025 | 1,168 | S100T13N, S100W881, S100YKIG |
| Equity attributable to owners of parent | 1,307 | 1,512 | 2,090 | 2,198 | 2,454 | S100T13N, S100W881, S100YKIG |
| Retained earnings | 1,189 | 1,394 | 1,600 | 1,707 | 1,964 | S100T13N, S100W881, S100YKIG |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 44% | S100YKIG |
| Property, plant and equipment | 8% | S100YKIG |
| Intangibles and goodwill | 0% | S100YKIG |
| Investment securities | 25% | S100YKIG |
| Other assets | 23% | S100YKIG |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 32% | S100YKIG |
| Equity | 68% | S100YKIG |
| Other liabilities | 0% | S100YKIG |

### 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 | 2,230 | 2,472 | 3,206 | 3,214 | 3,604 |
| Equity | 1,304 | 1,512 | 2,096 | 2,189 | 2,436 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,081 | 1,517 | 2,092 | 1,403 | 1,598 |

## 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) | 6.0% | S100YKIG |
| Fixed assets ÷ total assets | 7.7% | S100YKIG |
| Goodwill ÷ parent equity | — | —, S100YKIG |

### 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) | 44.3% |
| Cash ÷ revenue | 34.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 93.8% |
| Cash vs. profit gap | 86 JPY mn (of net income 22.8%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 31.8% |
| Shareholder payments — dividends / FCF | 27.2% |
| CapEx intensity (capex ÷ revenue) | 0.5% |
| Investing CF relative to operating CF | 59.1% |

## 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 | 9.0% | 1.52× | 13.6% | 1.71× | 23.2% | S100T13N |
| 2023 | 7.9% | 1.55× | 12.3% | 1.67× | 20.6% | S100T13N |
| 2024 | 7.7% | 1.25× | 9.6% | 1.53× | 14.7% | S100W881 |
| 2025 | 6.2% | 1.32× | 8.2% | 1.50× | 12.3% | S100YKIG |
| 2026 | 8.1% | 1.36× | 11.1% | 1.47× | 16.2% | S100YKIG |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社Kam International | Major shareholder | 78.0% | 2026-03-31 |
| 小沢 隆徳 | Major shareholder | 2.2% | 2026-03-31 |
| 泉 直樹 | Major shareholder | 2.0% | 2026-03-31 |
| GSI従業員持株会 | Major shareholder | 1.8% | 2026-03-31 |
| 桑畑 幸一 | Major shareholder | 1.5% | 2026-03-31 |
| 小林 美幸 | Major shareholder | 1.5% | 2026-03-31 |
| 光通信ＫＫ投資事業有限責任組合 無限責任組合光通信株式会社 | Major shareholder | 1.0% | 2026-03-31 |
| 高橋 幸孝 | Major shareholder | 0.8% | 2026-03-31 |
| 尾本 裕治 | Major shareholder | 0.7% | 2026-03-31 |
| GSI役員持株会 | Major shareholder | 0.5% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第22期(2025/04/01－2026/03/31) | S100YKIG | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YKIG,, |
| 有価証券報告書－第21期(2024/04/01－2025/03/31) | S100W881 | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W881,, |
| 有価証券報告書－第20期(2023/04/01－2024/03/31) | S100TVVN | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TVVN,, |
| 訂正有価証券報告書－第19期(2022/04/01－2023/03/31) | S100T13N | 2024-03-11 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T13N,, |

## 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).