# JFE Systems, Inc.: 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43期(2025/04/01－2026/03/31) (S100YCWP)
> Page: https://vizora.meequs.com/en/company/jfe-systems
> Retrieved: 2026-09-30T18:42:45.384Z

## Company

JFE Systems, founded in 1983, is a company in IT Services & System Integration listed on TSE Standard. It has 1,960 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | JFE Systems, Inc. |
| Ticker | 4832 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4832.T) |
| Listing | TSE Standard |
| Head office | 東京都港区芝浦一丁目2番3号 |
| Representative (per filing) | 代表取締役社長 大木哲夫 |
| Founded | Sep 1983 |
| Share capital | ¥1.39B |
| Employees (consolidated) | 1,960 |
| Average salary (parent only) | ¥8.6M |
| Fiscal year end | March |
| Website | www.jfe-systems.com (https://www.jfe-systems.com/) |
| Corporate number | 4010601033105 |
| EDINET | E05173 |
| Industries (Vizora) | IT Services & System Integration |

> Profile source: annual securities report (S100YCWP, filed 2026-06-17). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 22 | 157 |
| Profitability | 67.1 | 196 |
| Cash conversion | 85.1 | 185 |
| Efficiency | 36.5 | 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)

- JFE Systems brought in ¥57.4B in revenue.
- Out of every ¥100 of sales, about ¥11 is left as operating profit.
- Revenue changed -10.3% from the prior year, operating profit -16.4%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥57410583000 → ¥4429214000
- Net income → operating cash flow: ¥4429214000 → ¥8448284000（difference ¥4019070000）
- Main uses of operating cash flow: CapEx ¥1338610000 / dividends ¥1994516000 / buybacks ¥108000
- Change in cash: ¥-10603183000
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 | ¥57.4B |  |
| Operating income | ¥6.35B | Margin 11.1% |
| Net income | ¥4.27B | Margin 7.4% |
| Free cash flow | ¥7.11B |  |
| Employees (consolidated) | 1,960 |  |
| EPS | ¥127.73 |  |
| Book value per share | ¥1046.83 |  |
| Equity ratio | 67.3% |  |
| Shares outstanding | 31,412,000 |  |
| Treasury shares | 2,300 |  |
| Shareholders | 4,777 |  |
| Average salary (parent only) | ¥8.6M | Filing company only |
| Cash ratio | 25.5% | Cash ÷ revenue 23.4% |
| Vs. industry median margin | +2.1 pp | IT Services & System Integration |
| ROE | 12.9% | Derived from disclosed figures |
| ROA | 8.1% | Derived from disclosed figures |

## Notable figures

- FY2026, cash is 26% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥46467767000 | ¥57410583000 | +23.5% |
| Operating income | ¥4666046000 | ¥6346222000 | +36.0% |
| Operating margin | 10.0% | 11.1% | +1 pp |
| Employees | 1,839 people | 1,960 people | +6.6% |
| Cash and equivalents | ¥14279317000 | ¥13449974000 | -5.8% |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 57,411 | 100.0% | S100YCWP |
| Cost of revenue | 42,987 | 74.9% | S100YCWP |
| Gross profit | 14,424 | 25.1% | S100YCWP |
| SG&A | 8,078 | 14.1% | S100YCWP |
| Operating income | 6,346 | 11.1% | S100YCWP |
| Ordinary income | 6,454 | 11.2% | S100YCWP |
| Pretax income | 6,172 | 10.8% | S100YCWP |
| Income tax | 1,743 | 3.0% | S100YCWP |
| Net income | 4,429 | 7.7% | S100YCWP |
| Net income attributable to owners | 4,266 | 7.4% | S100YCWP |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 75 |
| SG&A | 14 |
| Operating income | 11 |
| (Ref.) Net income | 7 |

### Margin funnel

Gross margin 25.1% → Operating margin 11.1% → Net margin 7.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -10.3%; Core profit growth: -16.4%
Operating leverage (core profit growth ÷ revenue growth): 1.60×
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 | 63,972 | 57,411 | -6,561 | -10.3% |
| Gross profit | 15,084 | 14,424 | -660 | -4.4% |
| Operating income | 7,589 | 6,346 | -1,243 | -16.4% |
| Net income attributable to owners | 5,442 | 4,266 | -1,177 | -21.6% |
| Operating cash flow | 8,741 | 8,448 | -293 | -3.3% |
| Free cash flow | 7,416 | 7,110 | -307 | -4.1% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 47,953 | 4,803 | 10.0% | 3,181 | 6,006 | 4,528 | S100LLM1 |
| FY ending Mar 2021 | 46,468 | 4,666 | 10.0% | 3,086 | 6,090 | 5,161 | S100OA49 |
| FY ending Mar 2022 | 50,395 | 5,609 | 11.1% | 3,724 | 5,156 | 3,820 | S100QZTX |
| FY ending Mar 2023 | 56,472 | 6,248 | 11.1% | 4,323 | 6,004 | 4,949 | S100TMTQ |
| FY ending Mar 2024 | 62,033 | 7,402 | 11.9% | 4,969 | 7,369 | 6,359 | S100W18V |
| FY ending Mar 2025 | 63,972 | 7,589 | 11.9% | 5,442 | 8,741 | 7,416 | S100YCWP |
| FY ending Mar 2026 | 57,411 | 6,346 | 11.1% | 4,266 | 8,448 | 7,110 | S100YCWP |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥29.3M |
| Operating income per employee (consolidated) | ¥3.2M |
| Net income per employee (consolidated) | ¥2.2M |

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) | 1,847 | 1,839 | 1,864 | 1,901 | 1,960 |
| Average salary (parent company) | ¥7.4M | ¥7.6M | ¥7.8M | ¥8.4M | ¥8.6M |
| Average age (parent company) | 44.4 years | 44.7 years | 44.6 years | 44.5 years | 44.1 years |
| Average tenure (parent company) | 19.3 years | 19.6 years | 19.5 years | 19.3 years | 19.0 years |

Year over year: Employees (consolidated) +3.1% · Revenue (consolidated) -10.3%

## 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 | 8,448 | 14.7% | S100YCWP |
| Capital expenditure | 1,339 | 2.3% | S100YCWP |
| Free cash flow | 7,110 | 12.4% | 算出 |
| Investing cash flow | -15,849 | -27.6% | S100YCWP |
| Financing cash flow | -3,202 | -5.6% | S100YCWP |
| Dividends paid | 1,995 | 3.5% | S100YCWP |
| Share buyback | 0 | 0.0% | S100YCWP |
| Change in cash | -10,603 | -18.5% | S100YCWP |
| Cash and equivalents | 13,450 | 23.4% | S100YCWP |

## 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 | 15,960 | 17,993 | 21,285 | 24,053 | 13,450 | S100TMTQ, S100W18V, S100YCWP |
| Total assets | 39,343 | 42,557 | 46,915 | 53,066 | 52,725 | S100QZTX, S100TMTQ, S100W18V, S100YCWP |
| Net assets | 23,857 | 26,778 | 30,034 | 34,145 | 36,698 | S100TMTQ, S100W18V, S100YCWP |
| Share capital | 1,391 | 1,391 | 1,391 | 1,391 | 1,391 | S100QZTX, S100TMTQ, S100W18V, S100YCWP |
| Property, plant and equipment | 2,529 | 2,113 | 2,581 | 4,079 | 3,419 | S100QZTX, S100TMTQ, S100W18V, S100YCWP |
| Intangible assets excluding goodwill | 3,244 | 2,954 | 2,659 | 2,741 | 2,806 | S100QZTX, S100TMTQ, S100W18V, S100YCWP |
| Goodwill | 628 | 538 | 448 | 359 | 269 | S100QZTX, S100TMTQ, S100W18V, S100YCWP |
| Investment securities | 910 | 1,283 | 1,324 | 1,865 | 1,735 | S100QZTX, S100TMTQ, S100W18V, S100YCWP |
| Current assets | 29,613 | 33,146 | 37,365 | 40,271 | 40,987 | S100QZTX, S100TMTQ, S100W18V, S100YCWP |
| Current liabilities | 10,407 | 10,880 | 11,557 | 12,522 | 10,520 | S100QZTX, S100TMTQ, S100W18V, S100YCWP |
| Total liabilities | 15,486 | 15,779 | 16,882 | 18,921 | 16,027 | S100QZTX, S100TMTQ, S100W18V, S100YCWP |
| Non-controlling interests | 777 | 896 | 1,001 | 1,139 | 1,231 | S100QZTX, S100TMTQ, S100W18V, S100YCWP |
| Equity attributable to owners of parent | 22,519 | 25,037 | 28,104 | 31,851 | 34,122 | S100QZTX, S100TMTQ, S100W18V, S100YCWP |
| Retained earnings | 19,170 | 21,687 | 24,756 | 28,502 | 30,773 | S100QZTX, S100TMTQ, S100W18V, S100YCWP |
| Treasury stock | -1 | -1 | -1 | -1 | -2 | S100QZTX, S100TMTQ, S100W18V, S100YCWP |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 26% | S100YCWP |
| Property, plant and equipment | 6% | S100YCWP |
| Intangibles and goodwill | 6% | S100YCWP |
| Investment securities | 3% | S100YCWP |
| Other assets | 59% | S100YCWP |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 30% | S100YCWP |
| Equity | 70% | S100YCWP |

### 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 | 39,343 | 42,557 | 46,915 | 53,066 | 52,725 |
| Equity | 23,857 | 26,778 | 30,034 | 34,145 | 36,698 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 15,960 | 17,993 | 21,285 | 24,053 | 13,450 |

## 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% | S100YCWP |
| Fixed assets ÷ total assets | 6.5% | S100YCWP |
| Goodwill ÷ parent equity | 0.8% | S100YCWP |

Goodwill over 4 years: 628 → 269 JPY; total investing cash flow: -23,297 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) | 25.5% |
| Cash ÷ revenue | 23.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 133.1% |
| Cash vs. profit gap | 4,183 JPY mn (of net income 98.0%) |
| Shareholder returns / net income | 46.8% |
| Shareholder returns / FCF | 28.1% |
| Shareholder payments — dividends / net income | 46.8% |
| Shareholder payments — dividends / FCF | 28.1% |
| CapEx intensity (capex ÷ revenue) | 2.3% |
| Investing CF relative to operating CF | 187.6% |

## 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 | 7.4% | 1.28× | 9.5% | 1.75× | 16.5% | S100QZTX |
| 2023 | 7.7% | 1.38× | 10.6% | 1.72× | 18.2% | S100TMTQ |
| 2024 | 8.0% | 1.39× | 11.1% | 1.68× | 18.7% | S100W18V |
| 2025 | 8.5% | 1.28× | 10.9% | 1.67× | 18.2% | S100YCWP |
| 2026 | 7.4% | 1.09× | 8.1% | 1.60× | 12.9% | S100YCWP |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ＪＦＥスチール株式会社 | Major shareholder | 65.2% | 2026-03-31 |
| ＪＦＥシステムズ社員持株会 | Major shareholder | 6.7% | 2026-03-31 |
| ＪＦＥプラントエンジ株式会社 | Major shareholder | 1.3% | 2026-03-31 |
| ＭＳＩＰ ＣＬＩＥＮＴ ＳＥＣＵＲＩＴＩＥＳ(常任代理人 モルガン・スタンレーＭＵＦＧ証券株式会社) | Major shareholder | 1.2% | 2026-03-31 |
| 光通信ＫＫ投資事業有限責任組合 | Major shareholder | 0.9% | 2026-03-31 |
| 野村信託銀行株式会社（投信口） | Major shareholder | 0.9% | 2026-03-31 |
| ＳＴＡＴＥ ＳＴＲＥＥＴ ＢＡＮＫ ＡＮＤ ＴＲＵＳＴ ＣＬＩＥＮＴ ＯＭＮＩＢＵＳ ＡＣＣＯＵＮＴ ＯＭ０２ ５０５００２(常任代理人 株式会社みずほ銀行) | Major shareholder | 0.7% | 2026-03-31 |
| ＪＦＥ物流株式会社 | Major shareholder | 0.6% | 2026-03-31 |
| アトラス情報サービス株式会社 | Major shareholder | 0.6% | 2026-03-31 |
| ＪＦＥアドバンテック株式会社 | Major shareholder | 0.6% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第43期(2025/04/01－2026/03/31) | S100YCWP | 2026-06-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YCWP,, |
| 有価証券報告書－第42期(2024/04/01－2025/03/31) | S100W18V | 2025-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W18V,, |
| 有価証券報告書－第41期(2023/04/01－2024/03/31) | S100TMTQ | 2024-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TMTQ,, |
| 有価証券報告書－第40期(2022/04/01－2023/03/31) | S100QZTX | 2023-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QZTX,, |
| 有価証券報告書－第39期(令和3年4月1日－令和4年3月31日) | S100OA49 | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OA49,, |
| 有価証券報告書－第38期(令和2年4月1日－令和3年3月31日) | S100LLM1 | 2021-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LLM1,, |

## 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).