# JUSTSYSTEMS CORPORATION: 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45期(2025/04/01－2026/03/31) (S100YHW4)
> Page: https://vizora.meequs.com/en/company/justsystems
> Retrieved: 2026-09-30T19:05:54.294Z

## Company

Justsystems, founded in 1981, is a company in Software & SaaS listed on TSE Prime. It has 302 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | JUSTSYSTEMS CORPORATION |
| Ticker | 4686 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4686.T) |
| Listing | TSE Prime |
| Head office | 徳島県徳島市川内町平石若松108番地4 (同所は登記上の本店所在地であり、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 関灘 恭太郎 |
| Founded | Jun 1981 |
| Share capital | ¥10.1B |
| Employees (consolidated) | 302 |
| Average salary (parent only) | ¥16.5M |
| Fiscal year end | March |
| Website | www.justsystems.com (https://www.justsystems.com/) |
| Corporate number | 7480001000861 |
| EDINET | E04996 |
| Industries (Vizora) | Software & SaaS |

> Profile source: annual securities report (S100YHW4, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: Software & SaaS (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 22.4 | 105 |
| Profitability | 96.9 | 145 |
| Cash conversion | 37.1 | 128 |
| Efficiency | 5.2 | 145 |

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)

- Justsystems brought in ¥51.5B in revenue.
- Out of every ¥100 of sales, about ¥44 is left as operating profit.
- Revenue changed +15.6% from the prior year, operating profit +24.7%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥51515000000 → ¥15092000000
- Net income → operating cash flow: ¥15092000000 → ¥19626000000（difference ¥4534000000）
- Main uses of operating cash flow: CapEx ¥3469000000 / dividends ¥1539000000 / buybacks ¥0
- Change in cash: ¥4332000000
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 | ¥51.5B |  |
| Operating income | ¥22.5B | Margin 43.7% |
| Net income | ¥15.1B | Margin 29.3% |
| Free cash flow | ¥16.2B |  |
| Employees (consolidated) | 302 |  |
| EPS | ¥226.59 |  |
| Book value per share | ¥1838 |  |
| Equity ratio | 87.0% |  |
| Shares outstanding | 64,224,800 |  |
| Treasury shares | 1,000 |  |
| Shareholders | 4,483 |  |
| Average salary (parent only) | ¥16.5M | Filing company only |
| Cash ratio | 47.6% | Cash ÷ revenue 126.0% |
| Vs. industry median margin | +31.2 pp | Software & SaaS |
| ROE | 13.5% | Derived from disclosed figures |
| ROA | 11.7% | Derived from disclosed figures |

## Notable figures

- FY2026, operating income keeps 44 per ¥100 of revenue
- FY2026, cash is 48% of total assets
- FY2026, parent-company salary changed +26% over five years

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥41174000000 | ¥51515000000 | +25.1% |
| Operating income | ¥15069000000 | ¥22492000000 | +49.3% |
| Operating margin | 36.6% | 43.7% | +7.1 pp |
| Employees | 343 people | 302 people | -12.0% |
| Cash and equivalents | ¥47494000000 | ¥64901000000 | +36.7% |

### 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 | 51,515 | 100.0% | S100YHW4 |
| Cost of revenue | 10,240 | 19.9% | S100YHW4 |
| Gross profit | 41,275 | 80.1% | S100YHW4 |
| SG&A | 18,783 | 36.5% | S100YHW4 |
| Operating income | 22,492 | 43.7% | S100YHW4 |
| Ordinary income | 23,101 | 44.8% | S100YHW4 |
| Pretax income | 21,812 | 42.3% | S100YHW4 |
| Income tax | 6,719 | 13.0% | S100YHW4 |
| Net income | 15,092 | 29.3% | S100YHW4 |
| Net income attributable to owners | 15,092 | 29.3% | S100YHW4 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 20 |
| SG&A | 36 |
| Operating income | 44 |
| (Ref.) Net income | 29 |

### Margin funnel

Gross margin 80.1% → Operating margin 43.7% → Net margin 29.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +15.6%; Core profit growth: +24.7%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.58×
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 | 44,551 | 51,515 | 6,964 | +15.6% |
| Gross profit | 34,772 | 41,275 | 6,503 | +18.7% |
| Operating income | 18,034 | 22,492 | 4,458 | +24.7% |
| Net income attributable to owners | 12,327 | 15,092 | 2,765 | +22.4% |
| Operating cash flow | 15,022 | 19,626 | 4,604 | +30.6% |
| Free cash flow | 12,033 | 16,157 | 4,124 | +34.3% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 36,503 | 13,084 | 35.8% | 9,287 | 16,076 | 14,231 | S100LQVD |
| FY ending Mar 2021 | 41,174 | 15,069 | 36.6% | 10,957 | 12,995 | 11,161 | S100OG5K |
| FY ending Mar 2022 | 41,676 | 17,166 | 41.2% | 12,165 | 14,081 | 12,119 | S100R7FQ |
| FY ending Mar 2023 | 41,950 | 19,034 | 45.4% | 13,401 | 16,805 | 14,312 | S100TSBQ |
| FY ending Mar 2024 | 40,985 | 17,041 | 41.6% | 11,636 | 13,050 | 10,526 | S100W3BD |
| FY ending Mar 2025 | 44,551 | 18,034 | 40.5% | 12,327 | 15,022 | 12,033 | S100YHW4 |
| FY ending Mar 2026 | 51,515 | 22,492 | 43.7% | 15,092 | 19,626 | 16,157 | S100YHW4 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥170.6M |
| Operating income per employee (consolidated) | ¥74.5M |
| Net income per employee (consolidated) | ¥50M |

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) | 321 | 313 | 303 | 297 | 302 |
| Average salary (parent company) | ¥13.1M | ¥14.4M | ¥14.3M | ¥14.3M | ¥16.5M |
| Average age (parent company) | 39.3 years | 39.6 years | 38.9 years | 39.0 years | 38.8 years |
| Average tenure (parent company) | 13.7 years | 14.0 years | 13.7 years | 13.8 years | 13.5 years |

Year over year: Employees (consolidated) +1.7% · Revenue (consolidated) +15.6%

## 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 | 19,626 | 38.1% | S100YHW4 |
| Capital expenditure | 3,469 | 6.7% | S100YHW4 |
| Free cash flow | 16,157 | 31.4% | 算出 |
| Investing cash flow | -13,845 | -26.9% | S100YHW4 |
| Financing cash flow | -1,539 | -3.0% | S100YHW4 |
| Dividends paid | 1,539 | 3.0% | S100YHW4 |
| Share buyback | 0 | 0.0% | S100YHW4 |
| Change in cash | 4,332 | 8.4% | S100YHW4 |
| Cash and equivalents | 64,901 | 126.0% | S100YHW4 |

## 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 | 58,541 | 70,469 | 74,066 | 60,569 | 64,901 | S100TSBQ, S100W3BD, S100YHW4 |
| Total assets | 86,224 | 99,458 | 109,099 | 121,040 | 136,412 | S100R7FQ, S100TSBQ, S100W3BD, S100YHW4 |
| Net assets | 71,300 | 83,677 | 94,003 | 105,025 | 118,688 | S100TSBQ, S100W3BD, S100YHW4 |
| Share capital | 10,146 | 10,146 | 10,146 | 10,146 | 10,146 | S100R7FQ, S100TSBQ, S100W3BD, S100YHW4 |
| Trade receivables | 2,537 | 2,720 | 2,606 | 2,829 | 3,068 | S100R7FQ, S100TSBQ, S100W3BD, S100YHW4 |
| Property, plant and equipment | 6,033 | 5,911 | 5,818 | 5,743 | 6,181 | S100R7FQ, S100TSBQ, S100W3BD, S100YHW4 |
| Intangible assets excluding goodwill | 3,014 | 3,579 | 3,972 | 4,574 | 3,815 | S100R7FQ, S100TSBQ, S100W3BD, S100YHW4 |
| Investment securities | 25 | 28 | 14 | 14 | 14 | S100R7FQ, S100TSBQ, S100W3BD, S100YHW4 |
| Current assets | 76,308 | 88,491 | 98,251 | 109,649 | 124,591 | S100R7FQ, S100TSBQ, S100W3BD, S100YHW4 |
| Current liabilities | 14,797 | 15,637 | 14,927 | 15,822 | 17,402 | S100R7FQ, S100TSBQ, S100W3BD, S100YHW4 |
| Total liabilities | 14,924 | 15,780 | 15,096 | 16,015 | 17,724 | S100R7FQ, S100TSBQ, S100W3BD, S100YHW4 |
| Equity attributable to owners of parent | 71,427 | 83,801 | 94,081 | 105,123 | 118,674 | S100R7FQ, S100TSBQ, S100W3BD, S100YHW4 |
| Retained earnings | 48,989 | 61,362 | 71,642 | 82,685 | 96,236 | S100R7FQ, S100TSBQ, S100W3BD, S100YHW4 |
| Treasury stock | -1 | -2 | -2 | -2 | -2 | S100R7FQ, S100TSBQ, S100W3BD, S100YHW4 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 48% | S100YHW4 |
| Receivables | 2% | S100YHW4 |
| Property, plant and equipment | 4% | S100YHW4 |
| Intangibles and goodwill | 3% | S100YHW4 |
| Investment securities | 0% | S100YHW4 |
| Other assets | 43% | S100YHW4 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 13% | S100YHW4 |
| Equity | 87% | S100YHW4 |

### 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 | 86,224 | 99,458 | 109,099 | 121,040 | 136,412 |
| Equity | 71,300 | 83,677 | 94,003 | 105,025 | 118,688 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 58,541 | 70,469 | 74,066 | 60,569 | 64,901 |

## 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) | 12.0% | S100YHW4 |
| Fixed assets ÷ total assets | 4.5% | S100YHW4 |
| Goodwill ÷ parent equity | — | —, S100YHW4 |

### 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) | 47.6% |
| Cash ÷ revenue | 126.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 87.3% |
| Cash vs. profit gap | 4,534 JPY mn (of net income 30.0%) |
| Shareholder returns / net income | 10.2% |
| Shareholder returns / FCF | 9.5% |
| Shareholder payments — dividends / net income | 10.2% |
| Shareholder payments — dividends / FCF | 9.5% |
| CapEx intensity (capex ÷ revenue) | 6.7% |
| Investing CF relative to operating CF | 70.5% |

## 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 | 29.2% | 0.48× | 14.1% | 1.21× | 17.0% | S100R7FQ |
| 2023 | 31.9% | 0.45× | 14.4% | 1.20× | 17.3% | S100TSBQ |
| 2024 | 28.4% | 0.39× | 11.2% | 1.17× | 13.1% | S100W3BD |
| 2025 | 27.7% | 0.39× | 10.7% | 1.16× | 12.4% | S100YHW4 |
| 2026 | 29.3% | 0.40× | 11.7% | 1.15× | 13.5% | S100YHW4 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社キーエンス | Major shareholder | 44.0% | 2026-03-31 |
| 重田 康光 | Major shareholder | 7.3% | 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 | 5.8% | 2026-03-31 |
| DAIWA CM SINGAPORE LTD - NOMINEE HIKARI TSUSHIN INVESTMENTS ASIA PTE LTD （常任代理人 大和証券株式会社） | Major shareholder | 5.0% | 2026-03-31 |
| UHPartners2投資事業有限責任組合 | Major shareholder | 4.0% | 2026-03-31 |
| 光通信KK投資事業有限責任組合 | Major shareholder | 2.8% | 2026-03-31 |
| 株式会社日本カストディ銀行 （信託口） | Major shareholder | 1.8% | 2026-03-31 |
| 光通信株式会社 | Major shareholder | 1.3% | 2026-03-31 |
| 渡辺 正博 | Major shareholder | 1.1% | 2026-03-31 |
| 福良 伴昭 | Major shareholder | 1.1% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第45期(2025/04/01－2026/03/31) | S100YHW4 | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YHW4,, |
| 有価証券報告書－第44期(2024/04/01－2025/03/31) | S100W3BD | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W3BD,, |
| 有価証券報告書－第43期(2023/04/01－2024/03/31) | S100TSBQ | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TSBQ,, |
| 有価証券報告書－第42期(2022/04/01－2023/03/31) | S100R7FQ | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R7FQ,, |
| 有価証券報告書－第41期(令和3年4月1日－令和4年3月31日) | S100OG5K | 2022-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OG5K,, |
| 有価証券報告書－第40期(令和2年4月1日－令和3年3月31日) | S100LQVD | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LQVD,, |

## 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).