# Japan System Techniques Co.,Ltd.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 訂正有価証券報告書－第54期(2025/04/01－2026/03/31) (S100YOCW)
> Page: https://vizora.meequs.com/en/company/japan-system-techniques
> Retrieved: 2026-09-30T20:25:07.018Z

## Company

Japan System Techniques, founded in 1973, is a company in IT Services & System Integration listed on TSE Prime. It has 1,683 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Japan System Techniques Co., Ltd. |
| Ticker | 4323 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4323.T) |
| Listing | TSE Prime |
| Head office | 大阪市北区中之島二丁目3番18号 |
| Representative (per filing) | 代表取締役社長執行役員 平林 卓 |
| Founded | Mar 1973 |
| Share capital | ¥1.54B |
| Employees (consolidated) | 1,683 |
| Average salary (parent only) | ¥6.7M |
| Fiscal year end | March |
| Website | www.jast.jp (https://www.jast.jp/) |
| Corporate number | 3120001072817 |
| EDINET | E05236 |
| Industries (Vizora) | IT Services & System Integration, Software & SaaS, Health Tech |

> Profile source: annual securities report (S100YOCW, filed 2026-07-03). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 70.4 | 157 |
| Profitability | 74.7 | 196 |
| Cash conversion | 41.9 | 185 |
| Efficiency | 56.9 | 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 61% of Japan System Techniques's sales come from DX and SI business, with Package business and Medical big data business making up much of the rest.
- Out of every ¥100 of sales, about ¥12 is left as operating profit.
- Revenue changed +10.7% from the prior year, operating profit +22.7%.

## Company structure

- Segment revenue mix: DX and SI business 61.0%、Package business 21.2%、Medical big data business 10.8%、Global business 6.9%
- Revenue → net income: ¥32459270000 → ¥2633906000
- Net income → operating cash flow: ¥2633906000 → ¥3028283000（difference ¥394377000）
- Main uses of operating cash flow: CapEx ¥107550000 / dividends ¥943408000 / buybacks ¥59007000
- Change in cash: ¥2067277000
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 | ¥32.5B |  |
| Operating income | ¥3.91B | Margin 12.0% |
| Net income | ¥2.62B | Margin 8.1% |
| Free cash flow | ¥2.92B |  |
| Largest business | DX and SI business | of segment revenue 61.0% |
| Employees (consolidated) | 1,683 |  |
| EPS | ¥128.62 |  |
| Book value per share | ¥641.61 |  |
| Equity ratio | 66.2% |  |
| Shares outstanding | 24,836,920 |  |
| Treasury shares | 10,400 |  |
| Shareholders | 2,971 |  |
| Average salary (parent only) | ¥6.7M | Filing company only |
| Cash ratio | 34.8% | Cash ÷ revenue 27.1% |
| Vs. industry median margin | +3.1 pp | IT Services & System Integration |
| ROE | 17.5% | Derived from disclosed figures |
| ROA | 10.9% | Derived from disclosed figures |

## Notable figures

- FY2026, cash is 35% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥18789152000 | ¥32459270000 | +72.8% |
| Operating income | ¥1216324000 | ¥3911337000 | +221.6% |
| Operating margin | 6.5% | 12.0% | +5.6 pp |
| Employees | 1,320 people | 1,683 people | +27.5% |
| Cash and equivalents | ¥4853695000 | ¥8810172000 | +81.5% |

### 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 |
| --- | ---: |
| ソフトウェア事業 → 事業再編・廃止 | 33.8% |
| ソフトウェア事業 → 事業再編・廃止 | 33.8% |
| ＧＡＫＵＥＮ事業 → 事業再編・廃止 | 8.6% |
| GAKUEN事業 → 事業再編・廃止 | 8.6% |
| システム販売事業 → 事業再編・廃止 | 3.9% |
| システム販売事業 → 事業再編・廃止 | 3.9% |
| 医療ビッグデータ事業 → 医療ビッグデータ事業 | 3.8% |
| 医療ビッグデータ事業 → 事業再編・廃止 | 3.8% |
| 新設・再編 → ＤＸ＆ＳＩ事業 | 61.0% |
| 新設・再編 → パッケージ事業 | 21.2% |
| 新設・再編 → 医療ビッグデータ事業 | 7.0% |
| 新設・再編 → グローバル事業 | 6.9% |

Segment revenue source references: 12 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| DX and SI business | 4 years | +11.3% | ¥19805961000 | 16.1% | 2 |
| Package business | 4 years | +10.6% | ¥6895459000 | 33.3% | 2 |
| Medical big data business | 5 years | +19.8% | ¥3503392000 | 25.3% | 2 |
| Global business | 4 years | +1.9% | ¥2254457000 | -17.8% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 32,459 | 100.0% | S100YOCW |
| Cost of revenue | 22,899 | 70.5% | S100YOCW |
| Gross profit | 9,560 | 29.5% | S100YOCW |
| SG&A | 5,649 | 17.4% | S100YOCW |
| Operating income | 3,911 | 12.0% | S100YOCW |
| Ordinary income | 4,019 | 12.4% | S100YOCW |
| Pretax income | 3,695 | 11.4% | S100YOCW |
| Income tax | 1,061 | 3.3% | S100YOCW |
| Net income | 2,634 | 8.1% | S100YOCW |
| Net income attributable to owners | 2,622 | 8.1% | S100YOCW |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 71 |
| SG&A | 17 |
| Operating income | 12 |
| (Ref.) Net income | 8 |

### Margin funnel

Gross margin 29.5% → Operating margin 12.0% → Net margin 8.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +10.7%; Core profit growth: +22.7%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.12×
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 | 29,325 | 32,459 | 3,134 | +10.7% |
| Gross profit | 8,272 | 9,560 | 1,288 | +15.6% |
| Operating income | 3,188 | 3,911 | 723 | +22.7% |
| Net income attributable to owners | 2,443 | 2,622 | 179 | +7.3% |
| Operating cash flow | 1,758 | 3,028 | 1,271 | +72.3% |
| Free cash flow | 1,456 | 2,921 | 1,465 | +100.6% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 18,020 | 971 | 5.4% | -31 | 417 | 321 | S100LRQL |
| FY ending Mar 2021 | 18,789 | 1,216 | 6.5% | 579 | 2,131 | 2,028 | S100O9T8 |
| FY ending Mar 2022 | 21,400 | 2,001 | 9.3% | 1,331 | 1,163 | 1,079 | S100R5Y8 |
| FY ending Mar 2023 | 23,520 | 2,386 | 10.1% | 1,772 | 1,074 | 976 | S100TQ3R |
| FY ending Mar 2024 | 26,184 | 2,791 | 10.7% | 2,087 | 1,888 | 1,388 | S100W4ZM |
| FY ending Mar 2025 | 29,325 | 3,188 | 10.9% | 2,443 | 1,758 | 1,456 | S100YOCW |
| FY ending Mar 2026 | 32,459 | 3,911 | 12.0% | 2,622 | 3,028 | 2,921 | S100YOCW |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥19.3M |
| Operating income per employee (consolidated) | ¥2.3M |
| Net income per employee (consolidated) | ¥1.6M |

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) | 1,448 | 1,687 | 1,847 | 1,613 | 1,683 |
| Average salary (parent company) | ¥6M | ¥6.2M | ¥6.2M | ¥6.2M | ¥6.7M |
| Average age (parent company) | 36.2 years | 35.9 years | 35.4 years | 35.0 years | 35.1 years |
| Average tenure (parent company) | 10.4 years | 10.1 years | 9.6 years | 9.0 years | 9.0 years |

Year over year: Employees (consolidated) +4.3% · Revenue (consolidated) +10.7%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| DX and SI business | 19,806 | 61.0% | 3,186 | 16.1% |
| Package business | 6,895 | 21.2% | 2,293 | 33.3% |
| Medical big data business | 3,503 | 10.8% | 887 | 25.3% |
| Global business | 2,254 | 6.9% | -401 | -17.8% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| DX and SI business | 61.0% | 50.1% | -11.0 | 16.1% |
| Package business | 21.2% | 36.0% | 14.8 | 33.3% |
| Medical big data business | 10.8% | 13.9% | 3.1 | 25.3% |
| Global business | 6.9% | — | — | -17.8% |

Loss-making segment (excluded from profit shares): Global business -401 JPY mn

Segment → industry: Global business → IT Services & System Integration / DX and SI business → IT Services & System Integration / Global business → Software & SaaS / Package business → Software & SaaS / Medical big data business → Health Tech

## 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 | 3,028 | 9.3% | S100YOCW |
| Capital expenditure | 108 | 0.3% | S100YOCW |
| Free cash flow | 2,921 | 9.0% | 算出 |
| Investing cash flow | 53 | 0.2% | S100YOCW |
| Financing cash flow | -1,041 | -3.2% | S100YOCW |
| Dividends paid | 943 | 2.9% | S100YOCW |
| Share buyback | 59 | 0.2% | S100YOCW |
| Change in cash | 2,067 | 6.4% | S100YOCW |
| Cash and equivalents | 8,810 | 27.1% | S100YOCW |

## 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 | 6,464 | 6,793 | 7,515 | 6,743 | 8,810 | S100TQ3R, S100W4ZM, S100YOCW |
| Total assets | 15,540 | 17,414 | 20,023 | 22,910 | 25,303 | S100R5Y8, S100TQ3R, S100W4ZM, S100YOCW |
| Net assets | 9,194 | 10,816 | 12,712 | 14,829 | 16,830 | S100TQ3R, S100W4ZM, S100YOCW |
| Share capital | 1,535 | 1,535 | 1,535 | 1,535 | 1,535 | S100R5Y8, S100TQ3R, S100W4ZM, S100YOCW |
| Property, plant and equipment | 547 | 632 | 1,065 | 1,092 | 1,078 | S100R5Y8, S100TQ3R, S100W4ZM, S100YOCW |
| Intangible assets excluding goodwill | 274 | 243 | 491 | 586 | 455 | S100R5Y8, S100TQ3R, S100W4ZM, S100YOCW |
| Goodwill | 103 | 88 | 267 | 229 | 160 | S100R5Y8, S100TQ3R, S100W4ZM, S100YOCW |
| Investment securities | 543 | 613 | 648 | 1,667 | 1,705 | S100R5Y8, S100TQ3R, S100W4ZM, S100YOCW |
| Current assets | 12,389 | 14,187 | 15,711 | 16,647 | 18,902 | S100R5Y8, S100TQ3R, S100W4ZM, S100YOCW |
| Current liabilities | 4,621 | 4,704 | 5,223 | 6,058 | 6,202 | S100R5Y8, S100TQ3R, S100W4ZM, S100YOCW |
| Trade payables | 1,380 | 1,496 | 1,430 | 1,509 | 1,579 | S100R5Y8, S100TQ3R, S100W4ZM, S100YOCW |
| Short-term borrowings | 9 | — | — | 2 | — | S100R5Y8, S100YOCW |
| Long-term borrowings | — | — | 66 | 55 | 44 | S100W4ZM, S100YOCW |
| Total liabilities | 6,346 | 6,598 | 7,311 | 8,081 | 8,473 | S100R5Y8, S100TQ3R, S100W4ZM, S100YOCW |
| Non-controlling interests | 35 | 47 | 54 | 66 | 78 | S100R5Y8, S100TQ3R, S100W4ZM, S100YOCW |
| Equity attributable to owners of parent | 8,930 | 10,452 | 12,141 | 14,142 | 15,779 | S100R5Y8, S100TQ3R, S100W4ZM, S100YOCW |
| Retained earnings | 5,865 | 7,389 | 9,079 | 10,964 | 12,643 | S100R5Y8, S100TQ3R, S100W4ZM, S100YOCW |
| Treasury stock | -175 | -176 | -176 | -60 | -101 | S100R5Y8, S100TQ3R, S100W4ZM, S100YOCW |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 35% | S100YOCW |
| Property, plant and equipment | 4% | S100YOCW |
| Intangibles and goodwill | 2% | S100YOCW |
| Investment securities | 7% | S100YOCW |
| Other assets | 52% | S100YOCW |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 6% | S100YOCW |
| Other liabilities | 27% | S100YOCW |
| Equity | 67% | S100YOCW |

### 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 | 15,540 | 17,414 | 20,023 | 22,910 | 25,303 |
| Equity | 9,194 | 10,816 | 12,712 | 14,829 | 16,830 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 6,464 | 6,793 | 7,515 | 6,743 | 8,810 |

## 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) | 3.3% | S100YOCW |
| Fixed assets ÷ total assets | 4.3% | S100YOCW |
| Goodwill ÷ parent equity | 1.0% | S100YOCW |

Goodwill over 4 years: 103 → 160 JPY; total investing cash flow: -3,308 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) | 34.8% |
| Cash ÷ revenue | 27.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 77.4% |
| Cash vs. profit gap | 406 JPY mn (of net income 15.5%) |
| Shareholder returns / net income | 38.2% |
| Shareholder returns / FCF | 34.3% |
| Shareholder payments — dividends / net income | 36.0% |
| Shareholder payments — dividends / FCF | 32.3% |
| CapEx intensity (capex ÷ revenue) | 0.3% |
| Investing CF relative to operating CF | 1.8% |

## 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 | 6.2% | 1.38× | 8.6% | 1.74× | 14.9% | S100R5Y8 |
| 2023 | 7.5% | 1.43× | 10.8% | 1.70× | 18.3% | S100TQ3R |
| 2024 | 8.0% | 1.40× | 11.1% | 1.66× | 18.5% | S100W4ZM |
| 2025 | 8.3% | 1.37× | 11.4% | 1.63× | 18.6% | S100YOCW |
| 2026 | 8.1% | 1.35× | 10.9% | 1.61× | 17.5% | S100YOCW |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| US BANK NATIONAL ASSOCIATION JP ACCTS TS(常任代理人 株式会社三菱UFJ銀行) | Major shareholder | 23.6% | 2026-03-31 |
| 株式会社ジャスト | Major shareholder | 23.4% | 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 | 7.6% | 2026-03-31 |
| INTERACTIVE BROKERS LLC(常任代理人 インタラクティブ・ブローカーズ証券株式会社） | Major shareholder | 6.6% | 2026-03-31 |
| 日本システム技術従業員持株会 | Major shareholder | 5.8% | 2026-03-31 |
| 平林 卓 | Major shareholder | 2.3% | 2026-03-31 |
| 平林 武昭 | Major shareholder | 2.0% | 2026-03-31 |
| 株式会社日本カストディ銀行(信託口) | Major shareholder | 1.0% | 2026-03-31 |
| 平林 大 | Major shareholder | 1.0% | 2026-03-31 |
| 株式会社テラスカイ | Major shareholder | 0.9% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 訂正有価証券報告書－第54期(2025/04/01－2026/03/31) | S100YOCW | 2026-07-03 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YOCW,, |
| 有価証券報告書－第53期(2024/04/01－2025/03/31) | S100W4ZM | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W4ZM,, |
| 有価証券報告書－第52期(2023/04/01－2024/03/31) | S100TQ3R | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TQ3R,, |
| 有価証券報告書－第51期(2022/04/01－2023/03/31) | S100R5Y8 | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R5Y8,, |
| 有価証券報告書－第50期(令和3年4月1日－令和4年3月31日) | S100O9T8 | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O9T8,, |
| 有価証券報告書－第49期(令和2年4月1日－令和3年3月31日) | S100LRQL | 2021-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LRQL,, |

## 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).