# KYCOM  HOLDINGS 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59期(2025/04/01－2026/03/31) (S100YM1I)
> Page: https://vizora.meequs.com/en/company/kycom-holdings
> Retrieved: 2026-09-30T21:36:56.692Z

## Company

Kycom Holdings, founded in 1968, is a company in Smartphones & Communications Equipment listed on TSE Standard. It has 899 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | KYCOM HOLDINGS CO., LTD. |
| Ticker | 9685 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9685.T) |
| Listing | TSE Standard |
| Head office | 福井県福井市月見五丁目4番4号 |
| Representative (per filing) | 代表取締役社長 吉村 仁博 |
| Founded | May 1968 |
| Share capital | ¥1.61B |
| Employees (consolidated) | 899 |
| Average salary (parent only) | ¥4.4M |
| Fiscal year end | March |
| Website | www.kyd.co.jp (https://www.kyd.co.jp/) |
| Corporate number | 8210001001027 |
| EDINET | E04858 |
| Industries (Vizora) | Smartphones & Communications Equipment, IT Services & System Integration, Business Process Outsourcing, Real Estate Development & Leasing |

> Profile source: annual securities report (S100YM1I, filed 2026-06-26). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 44.9 | 157 |
| Profitability | 44.1 | 196 |
| Cash conversion | 67.8 | 185 |
| Efficiency | 18.6 | 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 90% of Kycom Holdings's sales come from Information technology business, with Wireless solution business and Real estate business making up much of the rest.
- Out of every ¥100 of sales, about ¥8 is left as operating profit.
- Revenue changed +6.7% from the prior year, operating profit +1.3%.

## Company structure

- Segment revenue mix: Information technology business 90.3%、Wireless solution business 4.9%、Real estate business 2.4%、Rent a car business 2.4%
- Revenue → net income: ¥7224626000 → ¥532844000
- Net income → operating cash flow: ¥532844000 → ¥598192000（difference ¥65348000）
- Main uses of operating cash flow: CapEx ¥354246000 / dividends ¥50794000 / buybacks —
- Change in cash: ¥142401000
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 | ¥7.22B |  |
| Operating income | ¥598.1M | Margin 8.3% |
| Net income | ¥532.8M | Margin 7.4% |
| Free cash flow | ¥243.9M |  |
| Largest business | Information technology business | of segment revenue 90.3% |
| Employees (consolidated) | 899 |  |
| EPS | ¥12.43 |  |
| Book value per share | ¥332.63 |  |
| Equity ratio | 59.9% |  |
| Shares outstanding | 5,115,492 |  |
| Treasury shares | 36,000 |  |
| Shareholders | 854 |  |
| Average salary (parent only) | ¥4.4M | Filing company only |
| Cash ratio | 25.9% | Cash ÷ revenue 31.9% |
| Vs. industry median margin | -0.6 pp | IT Services & System Integration |
| ROE | 12.1% | Derived from disclosed figures |
| ROA | 6.3% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 77% of positive segment profit
- FY2026, cash is 26% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥5138905000 | ¥7224626000 | +40.6% |
| Operating income | ¥456360000 | ¥598071000 | +31.1% |
| Operating margin | 8.9% | 8.3% | -0.6 pp |
| Employees | 692 people | 899 people | +29.9% |
| Cash and equivalents | ¥1462869000 | ¥2302035000 | +57.4% |

### 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 |
| --- | ---: |
| 情報処理事業 → 情報処理事業 | 90.3% |
| 情報処理事業 → 事業再編・廃止 | 3.4% |
| 不動産事業 → 不動産事業 | 2.4% |
| 不動産事業 → 事業再編・廃止 | 0.9% |
| レンタカー事業 → レンタカー事業 | 2.4% |
| レンタカー事業 → 事業再編・廃止 | 0.5% |
| その他 → 事業再編・廃止 | 0.0% |
| 新設・再編 → 無線ソリューション事業 | 4.9% |

Segment revenue source references: 8 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Information technology business | 5 years | +6.3% | ¥6524833000 | 6.3% | 2 |
| Wireless solution business | 2 years | +13.2% | ¥351793000 | 7.5% | 2 |
| Real estate business | 5 years | +0.4% | ¥175138000 | 53.4% | 2 |
| Rent a car business | 5 years | +2.8% | ¥172861000 | -9.4% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 7,225 | 100.0% | S100YM1I |
| Cost of revenue | 5,694 | 78.8% | S100YM1I |
| Gross profit | 1,531 | 21.2% | S100YM1I |
| SG&A | 933 | 12.9% | S100YM1I |
| Operating income | 598 | 8.3% | S100YM1I |
| Ordinary income | 674 | 9.3% | S100YM1I |
| Pretax income | 762 | 10.5% | S100YM1I |
| Income tax | 229 | 3.2% | S100YM1I |
| Net income | 533 | 7.4% | S100YM1I |
| Net income attributable to owners | 533 | 7.4% | S100YM1I |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 79 |
| SG&A | 13 |
| Operating income | 8 |
| (Ref.) Net income | 7 |

### Margin funnel

Gross margin 21.2% → Operating margin 8.3% → Net margin 7.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +6.7%; Core profit growth: +1.3%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.19×
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 | 6,771 | 7,225 | 454 | +6.7% |
| Gross profit | 1,439 | 1,531 | 92 | +6.4% |
| Operating income | 591 | 598 | 8 | +1.3% |
| Net income attributable to owners | 469 | 533 | 64 | +13.7% |
| Operating cash flow | 520 | 598 | 78 | +15.1% |
| Free cash flow | 398 | 244 | -154 | -38.7% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 4,709 | 204 | 4.3% | 35 | 407 | -673 | S100LR9Y |
| FY ending Mar 2021 | 5,139 | 456 | 8.9% | 358 | 587 | 548 | S100OHHG |
| FY ending Mar 2022 | 5,177 | 439 | 8.5% | 336 | 338 | 289 | S100R45Q |
| FY ending Mar 2023 | 5,701 | 497 | 8.7% | 360 | 507 | 206 | S100TPJA |
| FY ending Mar 2024 | 6,092 | 539 | 8.9% | 419 | 660 | 344 | S100W3XK |
| FY ending Mar 2025 | 6,771 | 591 | 8.7% | 469 | 520 | 398 | S100YM1I |
| FY ending Mar 2026 | 7,225 | 598 | 8.3% | 533 | 598 | 244 | S100YM1I |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥8M |
| Operating income per employee (consolidated) | ¥665.3K |
| Net income per employee (consolidated) | ¥592.7K |

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) | 705 | 767 | 803 | 843 | 899 |
| Average salary (parent company) | ¥4.7M | ¥4.7M | ¥5.3M | ¥5.3M | ¥4.4M |
| Average age (parent company) | 58.0 years | 59.0 years | 57.2 years | 58.0 years | 57.3 years |
| Average tenure (parent company) | 7.5 years | 8.5 years | 8.3 years | 9.3 years | 5.6 years |

Year over year: Employees (consolidated) +6.6% · Revenue (consolidated) +6.7%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Information technology business | 6,525 | 90.3% | 411 | 6.3% |
| Real estate business | 175 | 2.4% | 93 | 53.4% |
| Rent a car business | 173 | 2.4% | -16 | -9.4% |
| Wireless solution business | 352 | 4.9% | 26 | 7.5% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Information technology business | 90.3% | 77.4% | -12.9 | 6.3% |
| Real estate business | 2.4% | 17.6% | 15.2 | 53.4% |
| Rent a car business | 2.4% | — | — | -9.4% |
| Wireless solution business | 4.9% | 5.0% | 0.1 | 7.5% |

Loss-making segment (excluded from profit shares): Rent a car business -16 JPY mn

Segment → industry: Wireless solution business → Smartphones & Communications Equipment / Information technology business → IT Services & System Integration / Information technology business → Business Process Outsourcing / Real estate business → Real Estate Development & Leasing

## 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 | 598 | 8.3% | S100YM1I |
| Capital expenditure | 354 | 4.9% | S100YM1I |
| Free cash flow | 244 | 3.4% | 算出 |
| Investing cash flow | -296 | -4.1% | S100YM1I |
| Financing cash flow | -159 | -2.2% | S100YM1I |
| Dividends paid | 51 | 0.7% | S100YM1I |
| Change in cash | 142 | 2.0% | S100YM1I |
| Cash and equivalents | 2,302 | 31.9% | S100YM1I |

## 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 | 1,517 | 1,848 | 2,148 | 2,160 | 2,302 | S100TPJA, S100W3XK, S100YM1I |
| Total assets | 5,922 | 6,771 | 7,718 | 7,963 | 8,872 | S100R45Q, S100TPJA, S100W3XK, S100YM1I |
| Net assets | 3,094 | 3,507 | 4,097 | 4,489 | 5,316 | S100TPJA, S100W3XK, S100YM1I |
| Share capital | 1,613 | 1,613 | 1,613 | 1,613 | 1,613 | S100R45Q, S100TPJA, S100W3XK, S100YM1I |
| Property, plant and equipment | 2,670 | 2,839 | 2,991 | 2,978 | 3,175 | S100R45Q, S100TPJA, S100W3XK, S100YM1I |
| Intangible assets excluding goodwill | 17 | 47 | 36 | 25 | 34 | S100R45Q, S100TPJA, S100W3XK, S100YM1I |
| Goodwill | — | 32 | 24 | 17 | 27 | S100TPJA, S100W3XK, S100YM1I |
| Investment securities | 756 | 909 | 1,342 | 1,373 | 1,813 | S100R45Q, S100TPJA, S100W3XK, S100YM1I |
| Current assets | 2,281 | 2,774 | 3,136 | 3,356 | 3,579 | S100R45Q, S100TPJA, S100W3XK, S100YM1I |
| Current liabilities | 1,201 | 1,394 | 1,634 | 1,670 | 1,685 | S100R45Q, S100TPJA, S100W3XK, S100YM1I |
| Trade payables | 59 | 70 | 77 | 98 | 99 | S100R45Q, S100TPJA, S100W3XK, S100YM1I |
| Short-term borrowings | 290 | 300 | 390 | 350 | 320 | S100R45Q, S100TPJA, S100W3XK, S100YM1I |
| Long-term borrowings | 1,500 | 1,736 | 1,771 | 1,616 | 1,533 | S100R45Q, S100TPJA, S100W3XK, S100YM1I |
| Total liabilities | 2,828 | 3,264 | 3,621 | 3,474 | 3,556 | S100R45Q, S100TPJA, S100W3XK, S100YM1I |
| Equity attributable to owners of parent | 2,954 | 3,314 | 3,708 | 4,152 | 4,634 | S100R45Q, S100TPJA, S100W3XK, S100YM1I |
| Retained earnings | 1,344 | 1,704 | 2,098 | 2,542 | 3,024 | S100R45Q, S100TPJA, S100W3XK, S100YM1I |
| Treasury stock | -10 | -10 | -10 | -10 | -10 | S100R45Q, S100TPJA, S100W3XK, S100YM1I |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 26% | S100YM1I |
| Property, plant and equipment | 36% | S100YM1I |
| Intangibles and goodwill | 1% | S100YM1I |
| Investment securities | 20% | S100YM1I |
| Other assets | 17% | S100YM1I |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 1% | S100YM1I |
| Other liabilities | 39% | S100YM1I |
| Equity | 60% | S100YM1I |
| Other liabilities | 0% | S100YM1I |

### 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 | 5,922 | 6,771 | 7,718 | 7,963 | 8,872 |
| Equity | 3,094 | 3,507 | 4,097 | 4,489 | 5,316 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,517 | 1,848 | 2,148 | 2,160 | 2,302 |

## 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) | 43.9% | S100YM1I |
| Fixed assets ÷ total assets | 35.8% | S100YM1I |
| Goodwill ÷ parent equity | 0.6% | S100YM1I |

### 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) | 25.9% |
| Cash ÷ revenue | 31.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 100.0% |
| Cash vs. profit gap | 65 JPY mn (of net income 12.3%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 9.5% |
| Shareholder payments — dividends / FCF | 20.8% |
| CapEx intensity (capex ÷ revenue) | 4.9% |
| Investing CF relative to operating CF | 49.5% |

## 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 | 6.5% | 0.87× | 5.7% | 2.00× | 11.4% | S100R45Q |
| 2023 | 6.3% | 0.90× | 5.7% | 2.03× | 11.5% | S100TPJA |
| 2024 | 6.9% | 0.84× | 5.8% | 2.06× | 11.9% | S100W3XK |
| 2025 | 6.9% | 0.86× | 6.0% | 2.00× | 11.9% | S100YM1I |
| 2026 | 7.4% | 0.86× | 6.3% | 1.92× | 12.1% | S100YM1I |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 吉村 昭一 | Major shareholder | 19.3% | 2026-03-31 |
| アルディート・アセット・マネジメント㈱ | Major shareholder | 14.0% | 2026-03-31 |
| カズオ ヨシムラ （常任代理人 みずほ証券㈱） | Major shareholder | 8.2% | 2026-03-31 |
| KYCOMグループ社員持株会 | Major shareholder | 7.2% | 2026-03-31 |
| 小林 勇雄 | Major shareholder | 4.9% | 2026-03-31 |
| ㈱ファースト・システムズ | Major shareholder | 2.9% | 2026-03-31 |
| 水元 公仁 | Major shareholder | 2.5% | 2026-03-31 |
| KYCOMグループ役員持株会 | Major shareholder | 2.2% | 2026-03-31 |
| 吉村 仁博 | Major shareholder | 2.1% | 2026-03-31 |
| PHILLIP SECURITIES CLIENTS （RETAIL) （常任代理人 フィリップ証券㈱） | Major shareholder | 2.0% | 2026-03-31 |
| 福田 正樹 | Major shareholder | 2.0% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第59期(2025/04/01－2026/03/31) | S100YM1I | 2026-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YM1I,, |
| 有価証券報告書－第58期(2024/04/01－2025/03/31) | S100W3XK | 2025-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W3XK,, |
| 有価証券報告書－第57期(2023/04/01－2024/03/31) | S100TPJA | 2024-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TPJA,, |
| 有価証券報告書－第56期(2022/04/01－2023/03/31) | S100R45Q | 2023-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R45Q,, |
| 有価証券報告書－第55期(令和3年4月1日－令和4年3月31日) | S100OHHG | 2022-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OHHG,, |
| 有価証券報告書－第54期(令和2年4月1日－令和3年3月31日) | S100LR9Y | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LR9Y,, |

## 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).