# KSK CO.,LTD.: 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52期(2025/04/01－2026/03/31) (S100YIFE)
> Page: https://vizora.meequs.com/en/company/ksk
> Retrieved: 2026-09-30T17:54:17.037Z

## Company

KSK, founded in 1974, is a company in IT Services & System Integration listed on TSE Standard. It has 2,709 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | KSK CO.,LTD. |
| Ticker | 9687 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9687.T) |
| Listing | TSE Standard |
| Head office | 東京都稲城市百村1625番地2 |
| Representative (per filing) | 代表取締役社長 松岡 洋一 |
| Founded | May 1974 |
| Share capital | ¥1.45B |
| Employees (consolidated) | 2,709 |
| Average salary (parent only) | ¥5.5M |
| Fiscal year end | March |
| Website | www.ksk.co.jp (https://www.ksk.co.jp/) |
| Corporate number | 1013401001845 |
| EDINET | E04856 |
| Industries (Vizora) | IT Services & System Integration |

> Profile source: annual securities report (S100YIFE, filed 2026-06-25). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 51.3 | 157 |
| Profitability | 63.5 | 196 |
| Cash conversion | 83 | 185 |
| Efficiency | 33.9 | 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 58% of KSK's sales come from Network Service Business, with ITSolution Business and SystemCore Business making up much of the rest.
- Out of every ¥100 of sales, about ¥11 is left as operating profit.
- Revenue changed +9.1% from the prior year, operating profit +13.3%.

## Company structure

- Segment revenue mix: Network Service Business 58.3%、ITSolution Business 23.5%、SystemCore Business 18.1%
- Revenue → net income: ¥25767000000 → ¥2182000000
- Net income → operating cash flow: ¥2182000000 → ¥3417000000（difference ¥1235000000）
- Main uses of operating cash flow: CapEx ¥61000000 / dividends ¥748000000 / buybacks ¥0
- Change in cash: ¥1553000000
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 | ¥25.8B |  |
| Operating income | ¥2.74B | Margin 10.6% |
| Net income | ¥2.18B | Margin 8.5% |
| Free cash flow | ¥3.36B |  |
| Largest business | Network Service Business | of segment revenue 58.3% |
| Employees (consolidated) | 2,709 |  |
| EPS | ¥311.3 |  |
| Diluted EPS | ¥304.37 |  |
| Book value per share | ¥2215.3 |  |
| Equity ratio | 70.4% |  |
| Shares outstanding | 7,636,000 |  |
| Treasury shares | 1,572,948 |  |
| Shareholders | 2,334 |  |
| Average salary (parent only) | ¥5.5M | Filing company only |
| Cash ratio | 25.6% | Cash ÷ revenue 25.9% |
| Vs. industry median margin | +1.7 pp | IT Services & System Integration |
| ROE | 12.8% | Derived from disclosed figures |
| ROA | 8.9% | 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 | ¥17547000000 | ¥25767000000 | +46.8% |
| Operating income | ¥1807000000 | ¥2740000000 | +51.6% |
| Operating margin | 10.3% | 10.6% | +0.3 pp |
| Employees | 2,186 people | 2,709 people | +23.9% |
| Cash and equivalents | ¥6253000000 | ¥6677000000 | +6.8% |

### 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.

| Flow | Revenue share |
| --- | ---: |
| システムコア事業 → システムコア事業 | 18.1% |
| システムコア事業 → 事業再編・廃止 | 0.3% |
| ＩＴソリューション事業 → ＩＴソリューション事業 | 23.5% |
| ＩＴソリューション事業 → 事業再編・廃止 | 0.7% |
| ネットワークサービス事業 → ネットワークサービス事業 | 57.3% |
| 新設・再編 → ネットワークサービス事業 | 1.1% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Network Service Business | 5 years | +8.4% | ¥15032000000 | 21.4% | 2 |
| ITSolution Business | 5 years | +7.3% | ¥6058000000 | 26.6% | 2 |
| SystemCore Business | 5 years | +7.6% | ¥4675000000 | 23.5% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 25,767 | 100.0% | S100YIFE |
| Cost of revenue | 19,845 | 77.0% | S100YIFE |
| Gross profit | 5,921 | 23.0% | S100YIFE |
| SG&A | 3,181 | 12.3% | S100YIFE |
| Operating income | 2,740 | 10.6% | S100YIFE |
| Ordinary income | 2,878 | 11.2% | S100YIFE |
| Pretax income | 2,863 | 11.1% | S100YIFE |
| Income tax | 680 | 2.6% | S100YIFE |
| Net income | 2,182 | 8.5% | S100YIFE |
| Net income attributable to owners | 2,182 | 8.5% | S100YIFE |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 77 |
| SG&A | 12 |
| Operating income | 11 |
| (Ref.) Net income | 8 |

### Margin funnel

Gross margin 23.0% → Operating margin 10.6% → Net margin 8.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +9.1%; Core profit growth: +13.3%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.45×
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 | 23,608 | 25,767 | 2,159 | +9.1% |
| Gross profit | 5,690 | 5,921 | 231 | +4.1% |
| Operating income | 2,419 | 2,740 | 321 | +13.3% |
| Net income attributable to owners | 1,860 | 2,182 | 322 | +17.3% |
| Operating cash flow | 1,825 | 3,417 | 1,592 | +87.2% |
| Free cash flow | 1,673 | 3,356 | 1,683 | +100.6% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 17,274 | 1,613 | 9.3% | 1,083 | 1,388 | 1,282 | S100LSTM |
| FY ending Mar 2021 | 17,547 | 1,807 | 10.3% | 1,533 | 2,296 | 2,233 | S100OJVY |
| FY ending Mar 2022 | 18,623 | 2,069 | 11.1% | 1,501 | 991 | 910 | S100R8EY |
| FY ending Mar 2023 | 20,358 | 2,225 | 10.9% | 1,589 | 1,431 | 1,302 | S100TUSP |
| FY ending Mar 2024 | 21,778 | 2,306 | 10.6% | 1,702 | 1,936 | 1,707 | S100W5OS |
| FY ending Mar 2025 | 23,608 | 2,419 | 10.2% | 1,860 | 1,825 | 1,673 | S100YIFE |
| FY ending Mar 2026 | 25,767 | 2,740 | 10.6% | 2,182 | 3,417 | 3,356 | S100YIFE |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥9.5M |
| Operating income per employee (consolidated) | ¥1M |
| Net income per employee (consolidated) | ¥805.5K |

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) | 2,273 | 2,342 | 2,461 | 2,625 | 2,709 |
| Average salary (parent company) | ¥5.1M | ¥5.1M | ¥5.3M | ¥5.3M | ¥5.5M |
| Average age (parent company) | 34.9 years | 34.9 years | 34.8 years | 34.3 years | 34.2 years |
| Average tenure (parent company) | 9.8 years | 9.9 years | 9.8 years | 9.4 years | 8.9 years |

Year over year: Employees (consolidated) +3.2% · Revenue (consolidated) +9.1%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| SystemCore Business | 4,675 | 18.1% | 1,098 | 23.5% |
| ITSolution Business | 6,058 | 23.5% | 1,612 | 26.6% |
| Network Service Business | 15,032 | 58.3% | 3,210 | 21.4% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| SystemCore Business | 18.1% | 18.5% | 0.4 | 23.5% |
| ITSolution Business | 23.5% | 27.2% | 3.7 | 26.6% |
| Network Service Business | 58.3% | 54.2% | -4.1 | 21.4% |

Segment → industry: Network Service Business → IT Services & System Integration / ITSolution Business → IT Services & System Integration / SystemCore 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 | 3,417 | 13.3% | S100YIFE |
| Capital expenditure | 61 | 0.2% | S100YIFE |
| Free cash flow | 3,356 | 13.0% | 算出 |
| Investing cash flow | -1,138 | -4.4% | S100YIFE |
| Financing cash flow | -724 | -2.8% | S100YIFE |
| Dividends paid | 748 | 2.9% | S100YIFE |
| Share buyback | 0 | 0.0% | S100YIFE |
| Change in cash | 1,553 | 6.0% | S100YIFE |
| Cash and equivalents | 6,677 | 25.9% | S100YIFE |

## 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 | 5,141 | 4,507 | 5,499 | 5,123 | 6,677 | S100TUSP, S100W5OS, S100YIFE |
| Total assets | 18,497 | 20,173 | 21,885 | 22,944 | 26,110 | S100R8EY, S100TUSP, S100W5OS, S100YIFE |
| Net assets | 13,632 | 14,793 | 16,116 | 16,719 | 18,609 | S100TUSP, S100W5OS, S100YIFE |
| Share capital | 1,448 | 1,448 | 1,448 | 1,448 | 1,448 | S100R8EY, S100TUSP, S100W5OS, S100YIFE |
| Property, plant and equipment | 572 | 567 | 748 | 764 | 694 | S100R8EY, S100TUSP, S100W5OS, S100YIFE |
| Intangible assets excluding goodwill | 51 | 93 | 81 | 88 | 89 | S100R8EY, S100TUSP, S100W5OS, S100YIFE |
| Investment securities | 4,833 | 6,406 | 6,925 | 6,002 | 7,195 | S100R8EY, S100TUSP, S100W5OS, S100YIFE |
| Current assets | 11,869 | 11,734 | 12,681 | 14,520 | 16,302 | S100R8EY, S100TUSP, S100W5OS, S100YIFE |
| Current liabilities | 3,086 | 3,555 | 3,819 | 4,180 | 5,761 | S100R8EY, S100TUSP, S100W5OS, S100YIFE |
| Total liabilities | 4,865 | 5,379 | 5,769 | 6,224 | 7,500 | S100R8EY, S100TUSP, S100W5OS, S100YIFE |
| Non-controlling interests | 4 | 5 | — | — | — | S100R8EY, S100TUSP |
| Equity attributable to owners of parent | 13,284 | 14,423 | 15,651 | 16,305 | 17,764 | S100R8EY, S100TUSP, S100W5OS, S100YIFE |
| Retained earnings | 11,341 | 12,471 | 13,695 | 14,205 | 15,638 | S100R8EY, S100TUSP, S100W5OS, S100YIFE |
| Treasury stock | -1,171 | -1,166 | -1,164 | -1,112 | -1,103 | S100R8EY, S100TUSP, S100W5OS, S100YIFE |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 26% | S100YIFE |
| Property, plant and equipment | 3% | S100YIFE |
| Intangibles and goodwill | 0% | S100YIFE |
| Investment securities | 27% | S100YIFE |
| Other assets | 44% | S100YIFE |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 29% | S100YIFE |
| Equity | 71% | S100YIFE |
| Other liabilities | 0% | S100YIFE |

### 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 | 18,497 | 20,173 | 21,885 | 22,944 | 26,110 |
| Equity | 13,632 | 14,793 | 16,116 | 16,719 | 18,609 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 5,141 | 4,507 | 5,499 | 5,123 | 6,677 |

## 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) | 2.7% | S100YIFE |
| Fixed assets ÷ total assets | 2.7% | S100YIFE |
| Goodwill ÷ parent equity | — | —, S100YIFE |

### 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) | 25.6% |
| Cash ÷ revenue | 25.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 124.7% |
| Cash vs. profit gap | 1,235 JPY mn (of net income 56.6%) |
| Shareholder returns / net income | 34.3% |
| Shareholder returns / FCF | 22.3% |
| Shareholder payments — dividends / net income | 34.3% |
| Shareholder payments — dividends / FCF | 22.3% |
| CapEx intensity (capex ÷ revenue) | 0.2% |
| Investing CF relative to operating CF | 33.3% |

## 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 | 8.1% | 1.01× | 8.1% | 1.39× | 11.3% | S100R8EY |
| 2023 | 7.8% | 1.05× | 8.2% | 1.40× | 11.5% | S100TUSP |
| 2024 | 7.8% | 1.04× | 8.1% | 1.40× | 11.3% | S100W5OS |
| 2025 | 7.9% | 1.05× | 8.3% | 1.40× | 11.6% | S100YIFE |
| 2026 | 8.5% | 1.05× | 8.9% | 1.44× | 12.8% | S100YIFE |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 山崎 陽子 | Major shareholder | 13.3% | 2026-03-31 |
| BBH FOR FIDELITY LOW-PRICED STOCK FUND （常任代理人 株式会社三菱UFJ銀行） | Major shareholder | 8.5% | 2026-03-31 |
| 山崎 武寛 | Major shareholder | 7.6% | 2026-03-31 |
| 山崎 武幹 | Major shareholder | 7.6% | 2026-03-31 |
| UHPartners2投資事業有限責任組合 | Major shareholder | 7.5% | 2026-03-31 |
| 光通信KK投資事業有限責任組合 | Major shareholder | 4.9% | 2026-03-31 |
| ＫＳＫ従業員持株会 | Major shareholder | 3.2% | 2026-03-31 |
| 石井 公子 | Major shareholder | 2.6% | 2026-03-31 |
| ＡＧＳ株式会社 | Major shareholder | 2.4% | 2026-03-31 |
| 村上 洋子 | Major shareholder | 1.8% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第52期(2025/04/01－2026/03/31) | S100YIFE | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YIFE,, |
| 有価証券報告書－第51期(2024/04/01－2025/03/31) | S100W5OS | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W5OS,, |
| 有価証券報告書－第50期(2023/04/01－2024/03/31) | S100TUSP | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TUSP,, |
| 有価証券報告書－第49期(2022/04/01－2023/03/31) | S100R8EY | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R8EY,, |
| 有価証券報告書－第48期(令和3年4月1日－令和4年3月31日) | S100OJVY | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OJVY,, |
| 有価証券報告書－第47期(令和2年4月1日－令和3年3月31日) | S100LSTM | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LSTM,, |

## 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).