# Keyware Solutions 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61期(2025/04/01－2026/03/31) (S100YI9M)
> Page: https://vizora.meequs.com/en/company/keyware-solutions
> Retrieved: 2026-09-30T20:23:21.312Z

## Company

Keyware Solutions, founded in 1964, is a company in IT Services & System Integration listed on TSE Standard. It has 1,300 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Keyware Solutions Inc. |
| Ticker | 3799 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3799.T) |
| Listing | TSE Standard |
| Head office | 東京都世田谷区上北沢5丁目37番18号 |
| Representative (per filing) | 代表取締役社長 三田 昌弘 |
| Founded | Apr 1964 |
| Share capital | ¥1.74B |
| Employees (consolidated) | 1,300 |
| Average salary (parent only) | ¥6.4M |
| Fiscal year end | March |
| Website | www.keyware.co.jp (https://www.keyware.co.jp/) |
| Corporate number | 5011101033882 |
| EDINET | E05553 |
| Industries (Vizora) | IT Services & System Integration |

> Profile source: annual securities report (S100YI9M, filed 2026-06-24). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 20.1 | 157 |
| Profitability | 22.2 | 196 |
| Cash conversion | 93.8 | 185 |
| Efficiency | 90.1 | 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 59% of Keyware Solutions's sales come from System development business, with System integration business and Other business making up much of the rest.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed +7.7% from the prior year, operating profit +22.8%.

## Company structure

- Segment revenue mix: System development business 59.1%、System integration business 30.0%、Other business 10.9%
- Revenue → net income: ¥22724908000 → ¥801986000
- Net income → operating cash flow: ¥801986000 → ¥1987464000（difference ¥1185478000）
- Main uses of operating cash flow: CapEx ¥95652000 / dividends ¥408023000 / buybacks —
- Change in cash: ¥1501959000
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 | ¥22.7B |  |
| Operating income | ¥1.13B | Margin 5.0% |
| Net income | ¥802M | Margin 3.5% |
| Free cash flow | ¥1.89B |  |
| Largest business | System development business | of segment revenue 59.1% |
| Employees (consolidated) | 1,300 |  |
| EPS | ¥47.47 |  |
| Book value per share | ¥691.22 |  |
| Equity ratio | 66.6% |  |
| Shares outstanding | 9,110,000 |  |
| Treasury shares | 748,600 |  |
| Shareholders | 6,167 |  |
| Average salary (parent only) | ¥6.4M | Filing company only |
| Cash ratio | 28.0% | Cash ÷ revenue 14.8% |
| Vs. industry median margin | -3.9 pp | IT Services & System Integration |
| ROE | 10.5% | Derived from disclosed figures |
| ROA | 7.0% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.5× net income
- FY2026, segment profit share differs by 22 points
- FY2026, cash is 28% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥18627767000 | ¥22724908000 | +22.0% |
| Operating income | ¥635274000 | ¥1130935000 | +78.0% |
| Operating margin | 3.4% | 5.0% | +1.6 pp |
| Employees | 1,123 people | 1,300 people | +15.8% |
| Cash and equivalents | ¥1095372000 | ¥3365750000 | +207.3% |

### 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.

| Flow | Revenue share |
| --- | ---: |
| システム開発事業 → システム開発事業 | 59.1% |
| システム開発事業 → 事業再編・廃止 | 4.3% |
| SI事業 → SI事業 | 25.9% |
| その他事業 → その他事業 | 10.7% |
| 新設・再編 → SI事業 | 4.1% |
| 新設・再編 → その他事業 | 0.2% |

Segment revenue source references: 6 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| System development business | 5 years | +2.6% | ¥13439475000 | 3.5% | 2 |
| System integration business | 5 years | +7.2% | ¥6815536000 | 8.8% | 2 |
| Other business | 5 years | +4.3% | ¥2469895000 | 3.4% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 22,725 | 100.0% | S100YI9M |
| Cost of revenue | 18,033 | 79.4% | S100YI9M |
| Gross profit | 4,692 | 20.6% | S100YI9M |
| SG&A | 3,561 | 15.7% | S100YI9M |
| Operating income | 1,131 | 5.0% | S100YI9M |
| Ordinary income | 1,196 | 5.3% | S100YI9M |
| Pretax income | 1,199 | 5.3% | S100YI9M |
| Income tax | 398 | 1.7% | S100YI9M |
| Net income | 802 | 3.5% | S100YI9M |
| Net income attributable to owners | 802 | 3.5% | S100YI9M |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 79 |
| SG&A | 16 |
| Operating income | 5 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 20.6% → Operating margin 5.0% → Net margin 3.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +7.7%; Core profit growth: +22.8%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.96×
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 | 21,101 | 22,725 | 1,624 | +7.7% |
| Gross profit | 4,030 | 4,692 | 662 | +16.4% |
| Operating income | 921 | 1,131 | 210 | +22.8% |
| Net income attributable to owners | 1,032 | 802 | -230 | -22.3% |
| Operating cash flow | -333 | 1,987 | 2,321 | — |
| Free cash flow | -679 | 1,892 | 2,571 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 18,428 | 434 | 2.4% | 347 | 724 | 691 | S100LM05 |
| FY ending Mar 2021 | 18,628 | 635 | 3.4% | 686 | -194 | -269 | S100OCEB |
| FY ending Mar 2022 | 18,428 | 551 | 3.0% | 556 | 553 | 374 | S100QZVK |
| FY ending Mar 2023 | 19,174 | 739 | 3.9% | 483 | 654 | 531 | S100TQPF |
| FY ending Mar 2024 | 20,512 | 874 | 4.3% | 729 | 1,184 | 1,090 | S100W2QN |
| FY ending Mar 2025 | 21,101 | 921 | 4.4% | 1,032 | -333 | -679 | S100YI9M |
| FY ending Mar 2026 | 22,725 | 1,131 | 5.0% | 802 | 1,987 | 1,892 | S100YI9M |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥17.5M |
| Operating income per employee (consolidated) | ¥870K |
| Net income per employee (consolidated) | ¥616.9K |

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) | 1,158 | 1,262 | 1,272 | 1,289 | 1,300 |
| Average salary (parent company) | ¥6M | ¥6.1M | ¥6.2M | ¥6.4M | ¥6.4M |
| Average age (parent company) | 41.0 years | 41.0 years | 41.0 years | 42.0 years | 41.0 years |
| Average tenure (parent company) | 17.0 years | 16.0 years | 17.0 years | 17.0 years | 17.0 years |

Year over year: Employees (consolidated) +0.9% · Revenue (consolidated) +7.7%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| System development business | 13,439 | 59.1% | 476 | 3.5% |
| System integration business | 6,816 | 30.0% | 597 | 8.8% |
| Other business | 2,470 | 10.9% | 83 | 3.4% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| System development business | 59.1% | 41.2% | -18.0 | 3.5% |
| System integration business | 30.0% | 51.6% | 21.6 | 8.8% |
| Other business | 10.9% | 7.2% | -3.7 | 3.4% |

Segment → industry: Other business → IT Services & System Integration / System integration business → IT Services & System Integration / System development business → IT Services & System Integration

## 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 | 1,987 | 8.7% | S100YI9M |
| Capital expenditure | 96 | 0.4% | S100YI9M |
| Free cash flow | 1,892 | 8.3% | 算出 |
| Investing cash flow | -77 | -0.3% | S100YI9M |
| Financing cash flow | -408 | -1.8% | S100YI9M |
| Dividends paid | 408 | 1.8% | S100YI9M |
| Change in cash | 1,502 | 6.6% | S100YI9M |
| Cash and equivalents | 3,366 | 14.8% | S100YI9M |

## 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 | 910 | 1,039 | 1,965 | 1,864 | 3,366 | S100TQPF, S100W2QN, S100YI9M |
| Total assets | 10,745 | 11,153 | 12,525 | 10,779 | 12,012 | S100QZVK, S100TQPF, S100W2QN, S100YI9M |
| Net assets | 7,455 | 7,808 | 8,640 | 7,570 | 8,004 | S100TQPF, S100W2QN, S100YI9M |
| Share capital | 1,737 | 1,737 | 1,737 | 1,737 | 1,737 | S100QZVK, S100TQPF, S100W2QN, S100YI9M |
| Property, plant and equipment | 89 | 100 | 354 | 390 | 325 | S100QZVK, S100TQPF, S100W2QN, S100YI9M |
| Intangible assets excluding goodwill | 366 | 487 | 445 | 354 | 278 | S100QZVK, S100TQPF, S100W2QN, S100YI9M |
| Goodwill | 128 | 190 | 160 | 64 | 43 | S100QZVK, S100TQPF, S100W2QN, S100YI9M |
| Investment securities | 3,045 | 3,007 | 3,368 | 362 | 399 | S100QZVK, S100TQPF, S100W2QN, S100YI9M |
| Current assets | 7,049 | 7,369 | 8,099 | 8,558 | 9,863 | S100QZVK, S100TQPF, S100W2QN, S100YI9M |
| Current liabilities | 3,168 | 3,015 | 3,318 | 2,854 | 3,937 | S100QZVK, S100TQPF, S100W2QN, S100YI9M |
| Trade payables | 1,372 | 1,098 | 1,150 | 1,138 | 1,288 | S100QZVK, S100TQPF, S100W2QN, S100YI9M |
| Short-term borrowings | 375 | — | — | — | — | S100QZVK |
| Total liabilities | 3,290 | 3,345 | 3,886 | 3,210 | 4,008 | S100QZVK, S100TQPF, S100W2QN, S100YI9M |
| Equity attributable to owners of parent | 7,372 | 7,761 | 8,398 | 7,470 | 7,874 | S100QZVK, S100TQPF, S100W2QN, S100YI9M |
| Retained earnings | 5,511 | 5,894 | 6,524 | 5,421 | 5,813 | S100QZVK, S100TQPF, S100W2QN, S100YI9M |
| Treasury stock | -635 | -629 | -623 | -449 | -442 | S100QZVK, S100TQPF, S100W2QN, S100YI9M |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 28% | S100YI9M |
| Property, plant and equipment | 3% | S100YI9M |
| Intangibles and goodwill | 3% | S100YI9M |
| Investment securities | 3% | S100YI9M |
| Other assets | 63% | S100YI9M |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 11% | S100YI9M |
| Other liabilities | 23% | S100YI9M |
| Equity | 66% | S100YI9M |

### 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 | 10,745 | 11,153 | 12,525 | 10,779 | 12,012 |
| Equity | 7,455 | 7,808 | 8,640 | 7,570 | 8,004 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 910 | 1,039 | 1,965 | 1,864 | 3,366 |

## 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) | 1.4% | S100YI9M |
| Fixed assets ÷ total assets | 2.7% | S100YI9M |
| Goodwill ÷ parent equity | 0.5% | S100YI9M |

Goodwill over 4 years: 128 → 43 JPY; total investing cash flow: -282 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) | 28.0% |
| Cash ÷ revenue | 14.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 175.7% |
| Cash vs. profit gap | 1,185 JPY mn (of net income 147.8%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 50.9% |
| Shareholder payments — dividends / FCF | 21.6% |
| CapEx intensity (capex ÷ revenue) | 0.4% |
| Investing CF relative to operating CF | 3.9% |

## 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 | 3.0% | 1.71× | 5.2% | 1.46× | 7.5% | S100QZVK |
| 2023 | 2.5% | 1.75× | 4.4% | 1.45× | 6.4% | S100TQPF |
| 2024 | 3.6% | 1.73× | 6.2% | 1.47× | 9.0% | S100W2QN |
| 2025 | 4.9% | 1.81× | 8.9% | 1.47× | 13.0% | S100YI9M |
| 2026 | 3.5% | 1.99× | 7.0% | 1.49× | 10.5% | S100YI9M |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社ＨＢＡ | Major shareholder | 16.6% | 2026-03-31 |
| キーウェアソリューションズ従業員持株会 | Major shareholder | 9.0% | 2026-03-31 |
| 株式会社ＪＲ東日本情報システム | Major shareholder | 7.9% | 2026-03-31 |
| 兼松エレクトロニクス株式会社 | Major shareholder | 7.2% | 2026-03-31 |
| キヤノンマーケティングジャパン株式会社 | Major shareholder | 7.2% | 2026-03-31 |
| 住友生命保険相互会社 | Major shareholder | 3.1% | 2026-03-31 |
| 株式会社岩手銀行 | Major shareholder | 1.6% | 2026-03-31 |
| 岩 始 | Major shareholder | 1.3% | 2026-03-31 |
| 株式会社三井住友銀行 | Major shareholder | 1.2% | 2026-03-31 |
| 東京新宿木材市場株式会社 | Major shareholder | 0.9% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第61期(2025/04/01－2026/03/31) | S100YI9M | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YI9M,, |
| 有価証券報告書－第60期(2024/04/01－2025/03/31) | S100W2QN | 2025-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W2QN,, |
| 有価証券報告書－第59期(2023/04/01－2024/03/31) | S100TQPF | 2024-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TQPF,, |
| 有価証券報告書－第58期(2022/04/01－2023/03/31) | S100QZVK | 2023-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QZVK,, |
| 有価証券報告書－第57期(令和3年4月1日－令和4年3月31日) | S100OCEB | 2022-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OCEB,, |
| 有価証券報告書－第56期(令和2年4月1日－令和3年3月31日) | S100LM05 | 2021-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LM05,, |

## 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).