# HPC SYSTEMS Inc.: business model and financials

> Latest period: FY ending Jun 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第20期(2024/07/01－2025/06/30) (S100WS3O)
> Page: https://vizora.meequs.com/en/company/hpc-systems
> Retrieved: 2026-09-30T20:48:09.824Z

## Company

HPC Systems, founded in 2006, is a company in PCs & Peripherals listed on TSE Growth. It has 123 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | HPC SYSTEMS Inc. |
| Ticker | 6597 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6597.T) |
| Listing | TSE Growth |
| Head office | 東京都港区海岸三丁目9番15号 |
| Representative (per filing) | 代表取締役 小野 鉄平 |
| Founded | Mar 2006 |
| Share capital | ¥230.7M |
| Employees (consolidated) | 123 |
| Average salary (parent only) | ¥5.8M |
| Fiscal year end | June |
| Website | www.hpc.co.jp (https://www.hpc.co.jp/) |
| Corporate number | 4010401096252 |
| EDINET | E35114 |
| Industries (Vizora) | PCs & Peripherals, IT Services & System Integration |

> Profile source: annual securities report (S100WS3O, filed 2025-09-29). As of filing

## Five-axis industry profile

Primary industry: PCs & Peripherals (2025-06-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 82.1 | 14 |
| Cash conversion | 77.3 | 11 |
| Efficiency | 60.7 | 14 |

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 65% of HPC Systems's sales come from HPC business, with CTO business making up much of the rest.
- Out of every ¥100 of sales, about ¥9 is left as operating profit.
- Revenue changed +1.7% from the prior year, operating profit +49.4%.

## Company structure

- Segment revenue mix: HPC business 64.7%、CTO business 35.3%
- Revenue → net income: ¥7064432000 → ¥423852000
- Net income → operating cash flow: ¥423852000 → ¥1336982000（difference ¥913130000）
- Main uses of operating cash flow: CapEx ¥38590000 / dividends ¥107163000 / buybacks ¥199995000
- Change in cash: ¥237708000
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 | ¥7.06B |  |
| Operating income | ¥636.2M | Margin 9.0% |
| Net income | ¥423.9M | Margin 6.0% |
| Free cash flow | ¥1.3B |  |
| Largest business | HPC business | of segment revenue 64.7% |
| Employees (consolidated) | 123 |  |
| EPS | ¥109.21 |  |
| Diluted EPS | ¥108.46 |  |
| Book value per share | ¥628.3 |  |
| Equity ratio | 57.5% |  |
| Shares outstanding | 4,367,000 |  |
| Treasury shares | 217,200 |  |
| Shareholders | 4,871 |  |
| Average salary (parent only) | ¥5.8M | Filing company only |
| Cash ratio | 43.5% | Cash ÷ revenue 27.9% |
| Vs. industry median margin | +5.3 pp | PCs & Peripherals |
| ROE | 16.7% | Derived from disclosed figures |
| ROA | 9.1% | Derived from disclosed figures |

## Notable figures

- FY2025, operating cash flow is 3.2× net income
- FY2025, buybacks were 1.9× dividends
- FY2025, one segment accounts for 72% of positive segment profit

## What changed in 5 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Jun 2020 | FY ending Jun 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥4725289000 | ¥7064432000 | — |
| Operating income | ¥477732000 | ¥636243000 | — |
| Operating margin | 10.1% | 9.0% | -1.1 pp |
| Employees | 85 people | 123 people | — |
| Cash and equivalents | ¥1399459000 | ¥1970239000 | — |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| HPC事業 → HPC事業 | 64.7% |
| HPC事業 → 事業再編・廃止 | 3.0% |
| CTO事業 → CTO事業 | 32.3% |
| 新設・再編 → CTO事業 | 3.0% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 7,064 | 100.0% | S100WS3O |
| Cost of revenue | 4,961 | 70.2% | S100WS3O |
| Gross profit | 2,103 | 29.8% | S100WS3O |
| SG&A | 1,467 | 20.8% | S100WS3O |
| Operating income | 636 | 9.0% | S100WS3O |
| Ordinary income | 644 | 9.1% | S100WS3O |
| Pretax income | 645 | 9.1% | S100WS3O |
| Income tax | 221 | 3.1% | S100WS3O |
| Net income | 424 | 6.0% | S100WS3O |
| Net income attributable to owners | 424 | 6.0% | S100WS3O |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 70 |
| SG&A | 21 |
| Operating income | 9 |
| (Ref.) Net income | 6 |

### Margin funnel

Gross margin 29.8% → Operating margin 9.0% → Net margin 6.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +1.7%; Core profit growth: +49.4%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 28.78×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 6,945 | 7,064 | 119 | +1.7% |
| Gross profit | 1,899 | 2,103 | 204 | +10.8% |
| Operating income | 426 | 636 | 210 | +49.4% |
| Net income attributable to owners | 299 | 424 | 125 | +41.7% |
| Operating cash flow | 4,076 | 1,337 | -2,739 | -67.2% |
| Free cash flow | 4,028 | 1,298 | -2,730 | -67.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Jun 2019 | 5,396 | 370 | 6.8% | 219 | 537 | 476 | S100JS7N |
| FY ending Jun 2020 | 4,725 | 478 | 10.1% | 307 | 342 | 283 | S100MILA |
| FY ending Jun 2021 | 5,828 | 677 | 11.6% | 447 | 426 | 347 | S100P9N4 |
| FY ending Jun 2022 | 6,022 | 653 | 10.8% | 433 | -1,162 | -1,215 | S100RXP9 |
| FY ending Jun 2023 | 8,854 | 259 | 2.9% | 184 | -2,793 | -2,922 | S100RXP9 |
| FY ending Jun 2024 | 6,945 | 426 | 6.1% | 299 | 4,076 | 4,028 | S100WS3O |
| FY ending Jun 2025 | 7,064 | 636 | 9.0% | 424 | 1,337 | 1,298 | S100WS3O |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥57.4M |
| Operating income per employee (consolidated) | ¥5.2M |
| Net income per employee (consolidated) | ¥3.4M |

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

| History | FY ending Jun 2021 | FY ending Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 92 | 108 | 119 | 127 | 123 |
| Average salary (parent company) | ¥5.6M | ¥5.9M | ¥5.7M | ¥6M | ¥5.8M |
| Average age (parent company) | 44.5 years | 43.3 years | 43.5 years | 44.1 years | 44.6 years |
| Average tenure (parent company) | 8.2 years | 7.7 years | 7.8 years | 7.9 years | 8.7 years |

Year over year: Employees (consolidated) -3.1% · Revenue (consolidated) +1.7%

## Segments（FY ending Jun 2025, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| HPC business | 4,569 | 64.7% | 460 | 10.1% |
| CTO business | 2,496 | 35.3% | 177 | 7.1% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| HPC business | 64.7% | 72.2% | 7.6 | 10.1% |
| CTO business | 35.3% | 27.8% | -7.6 | 7.1% |

Segment → industry: CTO business → PCs & Peripherals / HPC business → PCs & Peripherals / HPC business → IT Services & System Integration

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 1,337 | 18.9% | S100WS3O |
| Capital expenditure | 39 | 0.5% | S100WS3O |
| Free cash flow | 1,298 | 18.4% | 算出 |
| Investing cash flow | -55 | -0.8% | S100WS3O |
| Financing cash flow | -1,038 | -14.7% | S100WS3O |
| Dividends paid | 107 | 1.5% | S100WS3O |
| Share buyback | 200 | 2.8% | S100WS3O |
| Change in cash | 238 | 3.4% | S100WS3O |
| Cash and equivalents | 1,970 | 27.9% | S100WS3O |

## 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 2021 | FY ending Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,731 | 1,277 | 1,018 | 1,733 | 1,970 | S100RXP9, S100WS3O |
| Total assets | 3,282 | 4,569 | 7,878 | 4,765 | 4,524 | S100P9N4, S100RXP9, S100WS3O |
| Net assets | 1,732 | 2,219 | 2,305 | 2,488 | 2,604 | S100RXP9, S100WS3O |
| Share capital | 216 | 225 | 230 | 230 | 231 | S100P9N4, S100RXP9, S100WS3O |
| Property, plant and equipment | 123 | 114 | 164 | 134 | 118 | S100P9N4, S100RXP9, S100WS3O |
| Intangible assets excluding goodwill | 27 | 26 | 26 | 18 | 24 | S100P9N4, S100RXP9, S100WS3O |
| Investment securities | — | 51 | 51 | 51 | 51 | S100RXP9, S100WS3O |
| Current assets | 3,007 | 4,215 | 7,487 | 4,413 | 4,171 | S100P9N4, S100RXP9, S100WS3O |
| Current liabilities | 1,286 | 2,064 | 4,946 | 1,752 | 1,639 | S100P9N4, S100RXP9, S100WS3O |
| Trade payables | — | — | — | 282 | 453 | S100WS3O |
| Short-term borrowings | 450 | 1,175 | 3,600 | 350 | — | S100P9N4, S100RXP9, S100WS3O |
| Long-term borrowings | 263 | 287 | 627 | 526 | 281 | S100P9N4, S100RXP9, S100WS3O |
| Total liabilities | 1,549 | 2,350 | 5,573 | 2,277 | 1,920 | S100P9N4, S100RXP9, S100WS3O |
| Equity attributable to owners of parent | 1,732 | 2,219 | 2,305 | 2,485 | 2,603 | S100P9N4, S100RXP9, S100WS3O |
| Retained earnings | 1,403 | 1,814 | 1,892 | 2,072 | 2,388 | S100P9N4, S100RXP9, S100WS3O |
| Treasury stock | -200 | -165 | -166 | -166 | -366 | S100P9N4, S100RXP9, S100WS3O |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 44% | S100WS3O |
| Property, plant and equipment | 3% | S100WS3O |
| Intangibles and goodwill | 0% | S100WS3O |
| Investment securities | 1% | S100WS3O |
| Other assets | 52% | S100WS3O |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 10% | S100WS3O |
| Other liabilities | 32% | S100WS3O |
| Equity | 58% | S100WS3O |
| Other liabilities | 0% | S100WS3O |

### Balance sheet history

| Metric | FY ending Jun 2021 | FY ending Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 3,282 | 4,569 | 7,878 | 4,765 | 4,524 |
| Equity | 1,732 | 2,219 | 2,305 | 2,488 | 2,604 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,731 | 1,277 | 1,018 | 1,733 | 1,970 |

## 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) | 1.7% | S100WS3O |
| Fixed assets ÷ total assets | 2.6% | S100WS3O |
| Goodwill ÷ parent equity | — | —, S100WS3O |

### 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) | 43.5% |
| Cash ÷ revenue | 27.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 210.1% |
| Cash vs. profit gap | 913 JPY mn (of net income 215.4%) |
| Shareholder returns / net income | 72.5% |
| Shareholder returns / FCF | 23.7% |
| Shareholder payments — dividends / net income | 25.3% |
| Shareholder payments — dividends / FCF | 8.3% |
| CapEx intensity (capex ÷ revenue) | 0.5% |
| Investing CF relative to operating CF | 4.1% |

## 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 | 7.7% | 1.78× | 13.6% | 1.89× | 25.8% | S100P9N4 |
| 2022 | 7.2% | 1.53× | 11.0% | 1.99× | 21.9% | S100RXP9 |
| 2023 | 2.1% | 1.42× | 3.0% | 2.75× | 8.1% | S100RXP9 |
| 2024 | 4.3% | 1.46× | 6.3% | 1.92× | 12.0% | S100WS3O |
| 2025 | 6.0% | 1.52× | 9.1% | 1.83× | 16.7% | S100WS3O |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 菱洋エレクトロ株式会社 | Major shareholder | 7.3% | 2025-06-30 |
| 日本マスタートラスト信託銀行株式会社（退職給付信託口・菱洋エレクトロ株式会社口） | Major shareholder | 7.0% | 2025-06-30 |
| ナラサキ産業株式会社 | Major shareholder | 6.7% | 2025-06-30 |
| FUBON SECURITIES CO.,LTD. CLIENT 30(常任代理人 シティバンク、エヌ・エイ東京支店) | Major shareholder | 6.5% | 2025-06-30 |
| アズワン株式会社 | Major shareholder | 3.5% | 2025-06-30 |
| JP JPMSE LUX RE UBS AG LONDON BRANCH EQ CO(常任代理人 株式会社三菱UFJ銀行) | Major shareholder | 2.7% | 2025-06-30 |
| 小野 鉄平 | Major shareholder | 2.4% | 2025-06-30 |
| 野村證券株式会社 | Major shareholder | 1.8% | 2025-06-30 |
| 堤 聖吾 | Major shareholder | 1.5% | 2025-06-30 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 1.5% | 2025-06-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第20期(2024/07/01－2025/06/30) | S100WS3O | 2025-09-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WS3O,, |
| 有価証券報告書－第19期(2023/07/01－2024/06/30) | S100UG4N | 2024-09-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UG4N,, |
| 有価証券報告書－第18期(2022/07/01－2023/06/30) | S100RXP9 | 2023-09-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RXP9,, |
| 有価証券報告書－第17期(令和3年7月1日－令和4年6月30日) | S100P9N4 | 2022-09-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100P9N4,, |
| 有価証券報告書－第16期(令和2年7月1日－令和3年6月30日) | S100MILA | 2021-09-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MILA,, |
| 有価証券報告書－第15期(令和1年7月1日－令和2年6月30日) | S100JS7N | 2020-09-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100JS7N,, |

## 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).