# HIMACS,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50期(2025/04/01－2026/03/31) (S100YC5V)
> Page: https://vizora.meequs.com/en/company/himacs
> Retrieved: 2026-09-30T18:42:45.388Z

## Company

Himacs, founded in 1976, is a company in IT Services & System Integration listed on TSE Standard. It has 967 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | HIMACS,Ltd. |
| Ticker | 4299 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4299.T) |
| Listing | TSE Standard |
| Head office | 横浜市西区みなとみらい二丁目3番5号 |
| Representative (per filing) | 代表取締役社長 中島 太 |
| Founded | May 1976 |
| Share capital | ¥689M |
| Employees (consolidated) | 967 |
| Average salary (parent only) | ¥6.1M |
| Fiscal year end | March |
| Website | www.himacs.jp (https://www.himacs.jp/) |
| Corporate number | 6020001028371 |
| EDINET | E05215 |
| Industries (Vizora) | IT Services & System Integration |

> Profile source: annual securities report (S100YC5V, filed 2026-06-16). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 16.2 | 157 |
| Profitability | 47.7 | 196 |
| Cash conversion | 60.8 | 185 |
| Efficiency | 53.3 | 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)

- Himacs brought in ¥18.2B in revenue.
- Out of every ¥100 of sales, about ¥8 is left as operating profit.
- Revenue changed +0.8% from the prior year, operating profit -13.6%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥18216000000 → ¥1141000000
- Net income → operating cash flow: ¥1141000000 → ¥1389000000（difference ¥248000000）
- Main uses of operating cash flow: CapEx ¥52000000 / dividends ¥534000000 / buybacks ¥1447000000
- Change in cash: ¥-651000000
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 | ¥18.2B |  |
| Operating income | ¥1.56B | Margin 8.6% |
| Net income | ¥1.14B | Margin 6.3% |
| Free cash flow | ¥1.34B |  |
| Employees (consolidated) | 967 |  |
| EPS | ¥102.59 |  |
| Book value per share | ¥970.46 |  |
| Equity ratio | 80.6% |  |
| Shares outstanding | 11,000,000 |  |
| Treasury shares | 577,000 |  |
| Shareholders | 8,714 |  |
| Average salary (parent only) | ¥6.1M | Filing company only |
| Cash ratio | 56.7% | Cash ÷ revenue 42.1% |
| Vs. industry median margin | -0.3 pp | IT Services & System Integration |
| ROE | 10.1% | Derived from disclosed figures |
| ROA | 8.2% | Derived from disclosed figures |

## Notable figures

- FY2026, buybacks were 2.7× dividends
- FY2026, cash is 57% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥15431000000 | ¥18216000000 | +18.0% |
| Operating income | ¥1367000000 | ¥1562000000 | +14.3% |
| Operating margin | 8.9% | 8.6% | -0.3 pp |
| Employees | 869 people | 967 people | +11.3% |
| Cash and equivalents | ¥5711000000 | ¥7668000000 | +34.3% |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 18,216 | 100.0% | S100YC5V |
| Cost of revenue | 14,684 | 80.6% | S100YC5V |
| Gross profit | 3,532 | 19.4% | S100YC5V |
| SG&A | 1,970 | 10.8% | S100YC5V |
| Operating income | 1,562 | 8.6% | S100YC5V |
| Ordinary income | 1,583 | 8.7% | S100YC5V |
| Pretax income | 1,583 | 8.7% | S100YC5V |
| Income tax | 442 | 2.4% | S100YC5V |
| Net income | 1,141 | 6.3% | S100YC5V |
| Net income attributable to owners | 1,141 | 6.3% | S100YC5V |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 81 |
| SG&A | 11 |
| Operating income | 8 |
| (Ref.) Net income | 6 |

### Margin funnel

Gross margin 19.4% → Operating margin 8.6% → Net margin 6.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +0.8%; Core profit growth: -13.6%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -16.33×
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 | 18,066 | 18,216 | 150 | +0.8% |
| Gross profit | 3,643 | 3,532 | -111 | -3.0% |
| Operating income | 1,807 | 1,562 | -245 | -13.6% |
| Net income attributable to owners | 1,293 | 1,141 | -152 | -11.8% |
| Operating cash flow | 766 | 1,389 | 623 | +81.3% |
| Free cash flow | 739 | 1,337 | 598 | +80.9% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 15,342 | 1,012 | 6.6% | 695 | 428 | 410 | S100LJF4 |
| FY ending Mar 2021 | 15,431 | 1,367 | 8.9% | 937 | 1,077 | 1,036 | S100P2RL |
| FY ending Mar 2022 | 16,681 | 1,716 | 10.3% | 1,213 | 948 | 902 | S100QYXU |
| FY ending Mar 2023 | 17,331 | 1,833 | 10.6% | 1,294 | 1,579 | 1,579 | S100TQ65 |
| FY ending Mar 2024 | 17,357 | 1,719 | 9.9% | 1,184 | 1,389 | 1,388 | S100VZZ7 |
| FY ending Mar 2025 | 18,066 | 1,807 | 10.0% | 1,293 | 766 | 739 | S100YC5V |
| FY ending Mar 2026 | 18,216 | 1,562 | 8.6% | 1,141 | 1,389 | 1,337 | S100YC5V |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥18.8M |
| Operating income per employee (consolidated) | ¥1.6M |
| Net income per employee (consolidated) | ¥1.2M |

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) | 890 | 891 | 930 | 944 | 967 |
| Average salary (parent company) | ¥6.2M | ¥5.9M | ¥5.8M | ¥5.9M | ¥6.1M |
| Average age (parent company) | 38.1 years | 38.2 years | 37.5 years | 37.7 years | 37.7 years |
| Average tenure (parent company) | 12.0 years | 13.0 years | 12.7 years | 12.8 years | 12.8 years |

Year over year: Employees (consolidated) +2.4% · Revenue (consolidated) +0.8%

## 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 | 1,389 | 7.6% | S100YC5V |
| Capital expenditure | 52 | 0.3% | S100YC5V |
| Free cash flow | 1,337 | 7.3% | 算出 |
| Investing cash flow | -59 | -0.3% | S100YC5V |
| Financing cash flow | -1,981 | -10.9% | S100YC5V |
| Dividends paid | 534 | 2.9% | S100YC5V |
| Share buyback | 1,447 | 7.9% | S100YC5V |
| Change in cash | -651 | -3.6% | S100YC5V |
| Cash and equivalents | 7,668 | 42.1% | S100YC5V |

## 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 | 6,236 | 7,324 | 8,096 | 8,319 | 7,668 | S100TQ65, S100VZZ7, S100YC5V |
| Total assets | 12,257 | 12,875 | 13,590 | 14,430 | 13,522 | S100QYXU, S100TQ65, S100VZZ7, S100YC5V |
| Net assets | 9,510 | 10,313 | 10,935 | 11,782 | 10,904 | S100TQ65, S100VZZ7, S100YC5V |
| Share capital | 689 | 689 | 689 | 689 | 689 | S100QYXU, S100TQ65, S100VZZ7, S100YC5V |
| Property, plant and equipment | 129 | 105 | 87 | 75 | 56 | S100QYXU, S100TQ65, S100VZZ7, S100YC5V |
| Intangible assets excluding goodwill | 41 | 21 | 2 | 22 | 68 | S100QYXU, S100TQ65, S100VZZ7, S100YC5V |
| Current assets | 10,286 | 10,993 | 12,366 | 12,575 | 11,620 | S100QYXU, S100TQ65, S100VZZ7, S100YC5V |
| Current liabilities | 2,436 | 2,221 | 2,332 | 2,402 | 2,326 | S100QYXU, S100TQ65, S100VZZ7, S100YC5V |
| Total liabilities | 2,747 | 2,563 | 2,655 | 2,648 | 2,617 | S100QYXU, S100TQ65, S100VZZ7, S100YC5V |
| Equity attributable to owners of parent | 9,511 | 10,330 | 10,913 | 11,737 | 10,935 | S100QYXU, S100TQ65, S100VZZ7, S100YC5V |
| Retained earnings | 8,427 | 9,215 | 9,892 | 10,675 | 10,113 | S100QYXU, S100TQ65, S100VZZ7, S100YC5V |
| Treasury stock | -308 | -299 | -422 | -407 | -533 | S100QYXU, S100TQ65, S100VZZ7, S100YC5V |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 57% | S100YC5V |
| Property, plant and equipment | 0% | S100YC5V |
| Intangibles and goodwill | 1% | S100YC5V |
| Other assets | 42% | S100YC5V |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 19% | S100YC5V |
| Equity | 81% | S100YC5V |
| Other liabilities | 0% | S100YC5V |

### 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 | 12,257 | 12,875 | 13,590 | 14,430 | 13,522 |
| Equity | 9,510 | 10,313 | 10,935 | 11,782 | 10,904 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 6,236 | 7,324 | 8,096 | 8,319 | 7,668 |

## 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) | 0.3% | S100YC5V |
| Fixed assets ÷ total assets | 0.4% | S100YC5V |
| Goodwill ÷ parent equity | — | —, S100YC5V |

### 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) | 56.7% |
| Cash ÷ revenue | 42.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 88.9% |
| Cash vs. profit gap | 248 JPY mn (of net income 21.7%) |
| Shareholder returns / net income | 173.6% |
| Shareholder returns / FCF | 148.2% |
| Shareholder payments — dividends / net income | 46.8% |
| Shareholder payments — dividends / FCF | 39.9% |
| CapEx intensity (capex ÷ revenue) | 0.3% |
| Investing CF relative to operating CF | 4.2% |

## 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 | 7.3% | 1.36× | 9.9% | 1.29× | 12.8% | S100QYXU |
| 2023 | 7.5% | 1.38× | 10.3% | 1.27× | 13.0% | S100TQ65 |
| 2024 | 6.8% | 1.31× | 8.9% | 1.25× | 11.1% | S100VZZ7 |
| 2025 | 7.2% | 1.29× | 9.2% | 1.24× | 11.4% | S100YC5V |
| 2026 | 6.3% | 1.30× | 8.2% | 1.23× | 10.1% | S100YC5V |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ハイマックス社員持株会 | Major shareholder | 9.4% | 2026-03-31 |
| 前田 眞也 | Major shareholder | 8.2% | 2026-03-31 |
| 株式会社前田計画研究所 | Major shareholder | 7.1% | 2026-03-31 |
| 株式会社野村総合研究所 | Major shareholder | 5.4% | 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 | 4.6% | 2026-03-31 |
| 山本 昌平 | Major shareholder | 4.6% | 2026-03-31 |
| 日本生命保険相互会社 （常任代理人 日本マスタートラスト信託銀行株式会社） | Major shareholder | 4.0% | 2026-03-31 |
| 富国生命保険相互会社 （常任代理人 株式会社日本カストディ銀行） | Major shareholder | 3.2% | 2026-03-31 |
| 明治安田生命保険相互会社 （常任代理人 株式会社日本カストディ銀行） | Major shareholder | 2.4% | 2026-03-31 |
| 株式会社三菱ＵＦＪ銀行 | Major shareholder | 1.8% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第50期(2025/04/01－2026/03/31) | S100YC5V | 2026-06-16 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YC5V,, |
| 有価証券報告書－第49期(2024/04/01－2025/03/31) | S100VZZ7 | 2025-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VZZ7,, |
| 有価証券報告書－第48期(2023/04/01－2024/03/31) | S100TQ65 | 2024-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TQ65,, |
| 有価証券報告書－第47期(2022/04/01－2023/03/31) | S100QYXU | 2023-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QYXU,, |
| 訂正有価証券報告書－第46期(令和3年4月1日－令和4年3月31日) | S100P2RL | 2022-08-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100P2RL,, |
| 有価証券報告書－第45期(令和2年4月1日－令和3年3月31日) | S100LJF4 | 2021-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LJF4,, |

## 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).