# NCS&A 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60期(2025/04/01－2026/03/31) (S100YAMN)
> Page: https://vizora.meequs.com/en/company/ncs-and-a
> Retrieved: 2026-09-30T19:07:57.519Z

## Company

Ncs&a, founded in 1966, is a company in IT Services & System Integration listed on TSE Standard. It has 1,228 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | NCS&A CO., LTD. |
| Ticker | 9709 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9709.T) |
| Listing | TSE Standard |
| Head office | 大阪市北区中之島3丁目3番23号 |
| Representative (per filing) | 代表取締役社長 辻隆博 |
| Founded | Sep 1966 |
| Share capital | ¥3.78B |
| Employees (consolidated) | 1,228 |
| Average salary (parent only) | ¥7.4M |
| Fiscal year end | March |
| Website | ncsa.jp (https://ncsa.jp/) |
| Corporate number | 8120001072787 |
| EDINET | E04841 |
| Industries (Vizora) | IT Services & System Integration |

> Profile source: annual securities report (S100YAMN, filed 2026-06-12). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 12.4 | 157 |
| Profitability | 75.3 | 196 |
| Cash conversion | 74.9 | 185 |
| Efficiency | 34.4 | 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)

- Ncs&a brought in ¥22.5B in revenue.
- Out of every ¥100 of sales, about ¥12 is left as operating profit.
- Revenue changed +9.7% from the prior year, operating profit +36.1%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥22485991000 → ¥2067634000
- Net income → operating cash flow: ¥2067634000 → ¥2976571000（difference ¥908937000）
- Main uses of operating cash flow: CapEx ¥617170000 / dividends ¥986286000 / buybacks ¥1499492000
- Change in cash: ¥-139196000
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 | ¥22.5B |  |
| Operating income | ¥2.71B | Margin 12.1% |
| Net income | ¥2.07B | Margin 9.2% |
| Free cash flow | ¥2.36B |  |
| Employees (consolidated) | 1,228 |  |
| EPS | ¥127.7 |  |
| Book value per share | ¥856.3 |  |
| Equity ratio | 64.8% |  |
| Shares outstanding | 18,000,000 |  |
| Treasury shares | 2,888,200 |  |
| Shareholders | 3,128 |  |
| Average salary (parent only) | ¥7.4M | Filing company only |
| Cash ratio | 51.4% | Cash ÷ revenue 48.9% |
| Vs. industry median margin | +3.2 pp | IT Services & System Integration |
| ROE | 15.5% | Derived from disclosed figures |
| ROA | 9.7% | Derived from disclosed figures |

## Notable figures

- FY2026, buybacks were 1.5× dividends
- FY2026, cash is 51% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥19751585000 | ¥22485991000 | +13.8% |
| Operating income | ¥830239000 | ¥2714391000 | +226.9% |
| Operating margin | 4.2% | 12.1% | +7.9 pp |
| Employees | 1,335 people | 1,228 people | -8.0% |
| Cash and equivalents | ¥8179374000 | ¥10999665000 | +34.5% |

### 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 | 22,486 | 100.0% | S100YAMN |
| Cost of revenue | 15,311 | 68.1% | S100YAMN |
| Gross profit | 7,174 | 31.9% | S100YAMN |
| SG&A | 4,460 | 19.8% | S100YAMN |
| Operating income | 2,714 | 12.1% | S100YAMN |
| Ordinary income | 2,870 | 12.8% | S100YAMN |
| Pretax income | 2,870 | 12.8% | S100YAMN |
| Income tax | 803 | 3.6% | S100YAMN |
| Net income | 2,068 | 9.2% | S100YAMN |
| Net income attributable to owners | 2,068 | 9.2% | S100YAMN |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 68 |
| SG&A | 20 |
| Operating income | 12 |
| (Ref.) Net income | 9 |

### Margin funnel

Gross margin 31.9% → Operating margin 12.1% → Net margin 9.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +9.7%; Core profit growth: +36.1%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 3.72×
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 | 20,493 | 22,486 | 1,993 | +9.7% |
| Gross profit | 6,250 | 7,174 | 925 | +14.8% |
| Operating income | 1,994 | 2,714 | 721 | +36.1% |
| Net income attributable to owners | 2,109 | 2,068 | -42 | -2.0% |
| Operating cash flow | 2,213 | 2,977 | 763 | +34.5% |
| Free cash flow | 1,766 | 2,359 | 593 | +33.6% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 22,408 | 897 | 4.0% | 1,133 | 2,185 | 2,072 | S100LMEC |
| FY ending Mar 2021 | 19,752 | 830 | 4.2% | 790 | 250 | 106 | S100OC0V |
| FY ending Mar 2022 | 20,458 | 1,297 | 6.3% | 978 | 1,567 | 1,250 | S100R03W |
| FY ending Mar 2023 | 19,386 | 1,541 | 7.9% | 1,273 | 1,166 | 698 | S100TOW7 |
| FY ending Mar 2024 | 18,908 | 1,638 | 8.7% | 1,537 | 1,513 | 1,184 | S100W0HA |
| FY ending Mar 2025 | 20,493 | 1,994 | 9.7% | 2,109 | 2,213 | 1,766 | S100YAMN |
| FY ending Mar 2026 | 22,486 | 2,714 | 12.1% | 2,068 | 2,977 | 2,359 | S100YAMN |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥18.3M |
| Operating income per employee (consolidated) | ¥2.2M |
| Net income per employee (consolidated) | ¥1.7M |

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) | 1,219 | 1,203 | 1,190 | 1,219 | 1,228 |
| Average salary (parent company) | ¥6.6M | ¥6.9M | ¥7.2M | ¥7.1M | ¥7.4M |
| Average age (parent company) | 41.3 years | 41.3 years | 41.1 years | 40.5 years | 40.1 years |
| Average tenure (parent company) | 17.3 years | 17.2 years | 17.2 years | 16.4 years | 16.1 years |

Year over year: Employees (consolidated) +0.7% · Revenue (consolidated) +9.7%

## 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 | 2,977 | 13.2% | S100YAMN |
| Capital expenditure | 617 | 2.7% | S100YAMN |
| Free cash flow | 2,359 | 10.5% | 算出 |
| Investing cash flow | -614 | -2.7% | S100YAMN |
| Financing cash flow | -2,506 | -11.1% | S100YAMN |
| Dividends paid | 986 | 4.4% | S100YAMN |
| Share buyback | 1,499 | 6.7% | S100YAMN |
| Change in cash | -139 | -0.6% | S100YAMN |
| Cash and equivalents | 11,000 | 48.9% | S100YAMN |

## 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 | 9,296 | 9,139 | 9,837 | 11,139 | 11,000 | S100TOW7, S100W0HA, S100YAMN |
| Total assets | 17,696 | 18,591 | 19,212 | 21,321 | 21,391 | S100R03W, S100TOW7, S100W0HA, S100YAMN |
| Net assets | 10,126 | 10,634 | 12,253 | 14,227 | 13,866 | S100TOW7, S100W0HA, S100YAMN |
| Share capital | 3,775 | 3,775 | 3,775 | 3,775 | 3,775 | S100R03W, S100TOW7, S100W0HA, S100YAMN |
| Property, plant and equipment | 517 | 475 | 438 | 381 | 428 | S100R03W, S100TOW7, S100W0HA, S100YAMN |
| Intangible assets excluding goodwill | 344 | 431 | 552 | 814 | 990 | S100R03W, S100TOW7, S100W0HA, S100YAMN |
| Investment securities | 938 | 912 | 1,065 | 1,100 | 1,197 | S100R03W, S100TOW7, S100W0HA, S100YAMN |
| Current assets | 14,676 | 15,576 | 16,107 | 17,250 | 16,754 | S100R03W, S100TOW7, S100W0HA, S100YAMN |
| Current liabilities | 4,160 | 4,509 | 4,318 | 4,846 | 5,373 | S100R03W, S100TOW7, S100W0HA, S100YAMN |
| Trade payables | 570 | 687 | 751 | 934 | 538 | S100R03W, S100TOW7, S100W0HA, S100YAMN |
| Total liabilities | 7,569 | 7,957 | 6,958 | 7,094 | 7,525 | S100R03W, S100TOW7, S100W0HA, S100YAMN |
| Equity attributable to owners of parent | 10,135 | 10,787 | 11,889 | 13,588 | 13,149 | S100R03W, S100TOW7, S100W0HA, S100YAMN |
| Retained earnings | 2,956 | 3,866 | 4,952 | 6,579 | 7,613 | S100R03W, S100TOW7, S100W0HA, S100YAMN |
| Treasury stock | -585 | -845 | -839 | -800 | -2,288 | S100R03W, S100TOW7, S100W0HA, S100YAMN |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 51% | S100YAMN |
| Property, plant and equipment | 2% | S100YAMN |
| Intangibles and goodwill | 5% | S100YAMN |
| Investment securities | 6% | S100YAMN |
| Other assets | 36% | S100YAMN |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 2% | S100YAMN |
| Other liabilities | 33% | S100YAMN |
| Equity | 65% | S100YAMN |
| Other liabilities | 0% | S100YAMN |

### 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 | 17,696 | 18,591 | 19,212 | 21,321 | 21,391 |
| Equity | 10,126 | 10,634 | 12,253 | 14,227 | 13,866 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 9,296 | 9,139 | 9,837 | 11,139 | 11,000 |

## 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) | 1.9% | S100YAMN |
| Fixed assets ÷ total assets | 2.0% | S100YAMN |
| Goodwill ÷ parent equity | — | —, S100YAMN |

### 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) | 51.4% |
| Cash ÷ revenue | 48.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 109.7% |
| Cash vs. profit gap | 909 JPY mn (of net income 44.0%) |
| Shareholder returns / net income | 120.2% |
| Shareholder returns / FCF | 105.4% |
| Shareholder payments — dividends / net income | 47.7% |
| Shareholder payments — dividends / FCF | 41.8% |
| CapEx intensity (capex ÷ revenue) | 2.7% |
| Investing CF relative to operating CF | 20.6% |

## 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 | 4.8% | 1.16× | 5.5% | 1.75× | 9.7% | S100R03W |
| 2023 | 6.6% | 1.07× | 7.0% | 1.73× | 12.2% | S100TOW7 |
| 2024 | 8.1% | 1.00× | 8.1% | 1.67× | 13.6% | S100W0HA |
| 2025 | 10.3% | 1.01× | 10.4% | 1.59× | 16.6% | S100YAMN |
| 2026 | 9.2% | 1.05× | 9.7% | 1.60× | 15.5% | S100YAMN |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社ＺＥＮ | Major shareholder | 12.3% | 2026-03-31 |
| 丸 山 幸 男 | Major shareholder | 6.3% | 2026-03-31 |
| 明治安田生命保険相互会社 | Major shareholder | 3.5% | 2026-03-31 |
| ＮＣＳ＆Ａ従業員持株会 | Major shareholder | 3.0% | 2026-03-31 |
| アイ・システム株式会社 | Major shareholder | 2.7% | 2026-03-31 |
| 梶 川 融 | Major shareholder | 2.6% | 2026-03-31 |
| 株式会社クリナム | Major shareholder | 2.6% | 2026-03-31 |
| 日本金銭機械株式会社 | Major shareholder | 2.5% | 2026-03-31 |
| 山 田 欣 吾 | Major shareholder | 2.3% | 2026-03-31 |
| 高 岸 俊 二 | Major shareholder | 2.2% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第60期(2025/04/01－2026/03/31) | S100YAMN | 2026-06-12 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YAMN,, |
| 有価証券報告書－第59期(2024/04/01－2025/03/31) | S100W0HA | 2025-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W0HA,, |
| 有価証券報告書－第58期(2023/04/01－2024/03/31) | S100TOW7 | 2024-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TOW7,, |
| 有価証券報告書－第57期(2022/04/01－2023/03/31) | S100R03W | 2023-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R03W,, |
| 有価証券報告書－第56期(令和3年4月1日－令和4年3月31日) | S100OC0V | 2022-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OC0V,, |
| 有価証券報告書－第55期(令和2年4月1日－令和3年3月31日) | S100LMEC | 2021-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LMEC,, |

## 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).