# MKSystem 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38期(2025/04/01－2026/03/31) (S100YL5Q)
> Page: https://vizora.meequs.com/en/company/mksystem
> Retrieved: 2026-09-30T20:48:12.393Z

## Company

MKSystem, founded in 1989, is a company in Software & SaaS listed on TSE Standard. It has 130 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | MKSystem Corporation |
| Ticker | 3910 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3910.T) |
| Listing | TSE Standard |
| Head office | 大阪市北区中崎西二丁目4番12号 |
| Representative (per filing) | 代表取締役社長 三宅 登 |
| Founded | Feb 1989 |
| Share capital | ¥219.1M |
| Employees (consolidated) | 130 |
| Average salary (parent only) | ¥5.4M |
| Fiscal year end | March |
| Website | www.mks.jp (https://www.mks.jp/) |
| Corporate number | 7120001075907 |
| EDINET | E30993 |
| Industries (Vizora) | Software & SaaS |

> Profile source: annual securities report (S100YL5Q, filed 2026-06-25). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 31.9 | 105 |
| Profitability | 34.8 | 145 |
| Cash conversion | 91.8 | 128 |
| Efficiency | 85.9 | 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)

- About 74% of MKSystem's sales come from Shalomu, with CuBe making up much of the rest.
- Out of every ¥100 of sales, about ¥8 is left as operating profit.
- Revenue changed -1.0% from the prior year, and it swung back to an operating profit.

## Company structure

- Segment revenue mix: Shalomu 74.3%、CuBe 25.7%
- Revenue → net income: ¥3256095000 → ¥257551000
- Net income → operating cash flow: ¥257551000 → ¥711709000（difference ¥454158000）
- Main uses of operating cash flow: CapEx ¥170214000 / dividends ¥21646000 / buybacks —
- Change in cash: ¥144861000
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 | ¥3.26B |  |
| Operating income | ¥248M | Margin 7.6% |
| Net income | ¥256.6M | Margin 7.9% |
| Free cash flow | ¥541.5M |  |
| Largest business | Shalomu | of segment revenue 74.3% |
| Employees (consolidated) | 130 |  |
| EPS | ¥47.77 |  |
| Book value per share | ¥216.98 |  |
| Equity ratio | 39.6% |  |
| Shares outstanding | 5,428,000 |  |
| Treasury shares | 500 |  |
| Shareholders | 2,084 |  |
| Average salary (parent only) | ¥5.4M | Filing company only |
| Cash ratio | 33.0% | Cash ÷ revenue 23.1% |
| Vs. industry median margin | -4.8 pp | Software & SaaS |
| ROE | 32.7% | Derived from disclosed figures |
| ROA | 10.9% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.8× net income
- FY2026, one segment accounts for 93% of positive segment profit
- FY2026, cash is 33% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥2439074000 | ¥3256095000 | +33.5% |
| Operating income | ¥219543000 | ¥247975000 | +13.0% |
| Operating margin | 9.0% | 7.6% | -1.4 pp |
| Employees | 136 people | 130 people | -4.4% |
| Cash and equivalents | ¥617349000 | ¥751186000 | +21.7% |

### 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.

| Flow | Revenue share |
| --- | ---: |
| 社労夢事業 → 社労夢事業 | 74.3% |
| 社労夢事業 → 事業再編・廃止 | 3.5% |
| CuBe事業 → CuBe事業 | 22.2% |
| 新設・再編 → CuBe事業 | 3.5% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 3,256 | 100.0% | S100YL5Q |
| Cost of revenue | 1,784 | 54.8% | S100YL5Q |
| Gross profit | 1,472 | 45.2% | S100YL5Q |
| SG&A | 1,224 | 37.6% | S100YL5Q |
| Operating income | 248 | 7.6% | S100YL5Q |
| Ordinary income | 247 | 7.6% | S100YL5Q |
| Pretax income | 247 | 7.6% | S100YL5Q |
| Income tax | -10 | -0.3% | S100YL5Q |
| Net income | 258 | 7.9% | S100YL5Q |
| Net income attributable to owners | 257 | 7.9% | S100YL5Q |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 55 |
| SG&A | 37 |
| Operating income | 8 |
| (Ref.) Net income | 8 |

### Margin funnel

Gross margin 45.2% → Operating margin 7.6% → Net margin 7.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Turned profitable
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 | 3,290 | 3,256 | -34 | -1.0% |
| Gross profit | 1,263 | 1,472 | 210 | +16.6% |
| Operating income | -23 | 248 | 271 | — |
| Net income attributable to owners | -119 | 257 | 375 | — |
| Operating cash flow | 276 | 712 | 436 | +157.8% |
| Free cash flow | 42 | 541 | 500 | +1203.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 2,381 | 314 | 13.2% | 197 | 814 | 613 | S100LM5B |
| FY ending Mar 2021 | 2,439 | 220 | 9.0% | 138 | 340 | -60 | S100OBET |
| FY ending Mar 2022 | 2,743 | 145 | 5.3% | 91 | 494 | 3 | S100R9Q3 |
| FY ending Mar 2023 | 2,867 | 220 | 7.7% | 146 | 617 | 54 | S100TW92 |
| FY ending Mar 2024 | 2,640 | -348 | -13.2% | -669 | -317 | -676 | S100W51I |
| FY ending Mar 2025 | 3,290 | -23 | -0.7% | -119 | 276 | 42 | S100YL5Q |
| FY ending Mar 2026 | 3,256 | 248 | 7.6% | 257 | 712 | 541 | S100YL5Q |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥25M |
| Operating income per employee (consolidated) | ¥1.9M |
| Net income per employee (consolidated) | ¥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) | 140 | 134 | 118 | 135 | 130 |
| Average salary (parent company) | ¥4.9M | ¥5.1M | ¥5.5M | ¥5.2M | ¥5.4M |
| Average age (parent company) | 37.7 years | 38.2 years | 40.2 years | 39.8 years | 39.1 years |
| Average tenure (parent company) | 4.9 years | 5.7 years | 6.7 years | 6.4 years | 6.7 years |

Year over year: Employees (consolidated) -3.7% · Revenue (consolidated) -1.0%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Shalomu | 2,419 | 74.3% | 221 | 9.1% |
| CuBe | 837 | 25.7% | 17 | 2.0% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Shalomu | 74.3% | 92.8% | 18.5 | 9.1% |
| CuBe | 25.7% | 7.2% | -18.5 | 2.0% |

Segment → industry: CuBe → Software & SaaS / Shalomu → Software & SaaS

## 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 | 712 | 21.9% | S100YL5Q |
| Capital expenditure | 170 | 5.2% | S100YL5Q |
| Free cash flow | 541 | 16.6% | 算出 |
| Investing cash flow | -182 | -5.6% | S100YL5Q |
| Financing cash flow | -385 | -11.8% | S100YL5Q |
| Dividends paid | 22 | 0.7% | S100YL5Q |
| Change in cash | 145 | 4.4% | S100YL5Q |
| Cash and equivalents | 751 | 23.1% | S100YL5Q |

## 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 | 461 | 609 | 712 | 606 | 751 | S100TW92, S100W51I, S100YL5Q |
| Total assets | 2,232 | 2,560 | 2,558 | 2,441 | 2,277 | S100R9Q3, S100TW92, S100W51I, S100YL5Q |
| Net assets | 1,425 | 1,527 | 816 | 674 | 910 | S100TW92, S100W51I, S100YL5Q |
| Share capital | 219 | 219 | 219 | 219 | 219 | S100R9Q3, S100TW92, S100W51I, S100YL5Q |
| Property, plant and equipment | 244 | 258 | 127 | 118 | 103 | S100R9Q3, S100TW92, S100W51I, S100YL5Q |
| Intangible assets excluding goodwill | 740 | 872 | 829 | 644 | 439 | S100R9Q3, S100TW92, S100W51I, S100YL5Q |
| Goodwill | 175 | 136 | 97 | 58 | 19 | S100R9Q3, S100TW92, S100W51I, S100YL5Q |
| Current assets | 1,057 | 1,233 | 1,437 | 1,513 | 1,496 | S100R9Q3, S100TW92, S100W51I, S100YL5Q |
| Current liabilities | 752 | 832 | 1,010 | 1,210 | 1,119 | S100R9Q3, S100TW92, S100W51I, S100YL5Q |
| Short-term borrowings | 126 | 200 | 300 | 300 | 300 | S100R9Q3, S100TW92, S100W51I, S100YL5Q |
| Long-term borrowings | 56 | 195 | 722 | 540 | 226 | S100R9Q3, S100TW92, S100W51I, S100YL5Q |
| Total liabilities | 807 | 1,033 | 1,742 | 1,766 | 1,366 | S100R9Q3, S100TW92, S100W51I, S100YL5Q |
| Non-controlling interests | 7 | 8 | 8 | 7 | 8 | S100R9Q3, S100TW92, S100W51I, S100YL5Q |
| Equity attributable to owners of parent | 1,417 | 1,520 | 808 | 667 | 902 | S100R9Q3, S100TW92, S100W51I, S100YL5Q |
| Retained earnings | 997 | 1,099 | 387 | 247 | 482 | S100R9Q3, S100TW92, S100W51I, S100YL5Q |
| Treasury stock | -0 | -0 | -0 | -0 | -0 | S100R9Q3, S100TW92, S100W51I, S100YL5Q |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 33% | S100YL5Q |
| Property, plant and equipment | 5% | S100YL5Q |
| Intangibles and goodwill | 20% | S100YL5Q |
| Other assets | 42% | S100YL5Q |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 60% | S100YL5Q |
| Equity | 40% | S100YL5Q |
| Other liabilities | 0% | S100YL5Q |

### 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 | 2,232 | 2,560 | 2,558 | 2,441 | 2,277 |
| Equity | 1,425 | 1,527 | 816 | 674 | 910 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 461 | 609 | 712 | 606 | 751 |

## 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) | 3.2% | S100YL5Q |
| Fixed assets ÷ total assets | 4.5% | S100YL5Q |
| Goodwill ÷ parent equity | 2.2% | S100YL5Q |

Goodwill over 4 years: 175 → 19 JPY; total investing cash flow: -1,799 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) | 33.0% |
| Cash ÷ revenue | 23.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 287.0% |
| Cash vs. profit gap | 455 JPY mn (of net income 177.4%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 8.4% |
| Shareholder payments — dividends / FCF | 4.0% |
| CapEx intensity (capex ÷ revenue) | 5.2% |
| Investing CF relative to operating CF | 25.5% |

## 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 | 3.3% | 1.23× | 4.1% | 1.57× | 6.4% | S100R9Q3 |
| 2023 | 5.1% | 1.20× | 6.1% | 1.63× | 9.9% | S100TW92 |
| 2024 | — | —× | -26.1% | —× | — | S100W51I |
| 2025 | — | —× | -4.7% | —× | — | S100YL5Q |
| 2026 | 7.9% | 1.38× | 10.9% | 3.01× | 32.7% | S100YL5Q |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社エヌエムファミリー | Major shareholder | 22.1% | 2026-03-31 |
| エムケイシステム従業員持株会 | Major shareholder | 4.1% | 2026-03-31 |
| 株式会社OCEAN | Major shareholder | 3.5% | 2026-03-31 |
| 勤次郎株式会社 | Major shareholder | 3.0% | 2026-03-31 |
| 株式会社穂乃ハウス | Major shareholder | 2.6% | 2026-03-31 |
| 森田正彦 | Major shareholder | 2.1% | 2026-03-31 |
| 朝倉嘉嗣 | Major shareholder | 2.0% | 2026-03-31 |
| 株式会社日本自動調節器製作所 | Major shareholder | 1.8% | 2026-03-31 |
| 宮本妙子 | Major shareholder | 1.8% | 2026-03-31 |
| 楽天証券株式会社共有口 | Major shareholder | 1.8% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第38期(2025/04/01－2026/03/31) | S100YL5Q | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YL5Q,, |
| 有価証券報告書－第37期(2024/04/01－2025/03/31) | S100W51I | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W51I,, |
| 有価証券報告書－第36期(2023/04/01－2024/03/31) | S100TW92 | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TW92,, |
| 有価証券報告書－第35期(2022/04/01－2023/03/31) | S100R9Q3 | 2023-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R9Q3,, |
| 有価証券報告書－第34期(令和3年4月1日－令和4年3月31日) | S100OBET | 2022-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OBET,, |
| 有価証券報告書－第33期(令和2年4月1日－令和3年3月31日) | S100LM5B | 2021-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LM5B,, |

## 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).