# NTT DATA INTRAMART 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27期(2025/04/01－2026/03/31) (S100YBTF)
> Page: https://vizora.meequs.com/en/company/ntt-data-intramart
> Retrieved: 2026-09-30T19:07:00.040Z

## Company

NTT Data Intramart, founded in 2000, is a company in IT Services & System Integration listed on TSE Standard. It has 508 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | NTT DATA INTRAMART CORPORATION |
| Ticker | 3850 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3850.T) |
| Listing | TSE Standard |
| Head office | 東京都港区赤坂四丁目15番1号 |
| Representative (per filing) | 代表取締役社長 中山 義人 |
| Founded | Feb 2000 |
| Share capital | ¥738.8M |
| Employees (consolidated) | 508 |
| Average salary (parent only) | ¥7.5M |
| Fiscal year end | March |
| Website | www.intra-mart.jp (https://www.intra-mart.jp/) |
| Corporate number | 7010401040174 |
| EDINET | E05694 |
| Industries (Vizora) | IT Services & System Integration, Software & SaaS |

> Profile source: annual securities report (S100YBTF, filed 2026-06-18). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 90.1 | 157 |
| Profitability | 53.3 | 196 |
| Cash conversion | 28.4 | 185 |
| Efficiency | 62 | 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 57% of NTT Data Intramart's sales come from Service sales, with Sales of software making up much of the rest.
- Out of every ¥100 of sales, about ¥9 is left as operating profit.
- Revenue changed +23.9% from the prior year, operating profit +150.3%.

## Company structure

- Segment revenue mix: Service sales 57.1%、Sales of software 42.9%
- Revenue → net income: ¥14656789000 → ¥914637000
- Net income → operating cash flow: ¥914637000 → ¥915020000（difference ¥383000）
- Main uses of operating cash flow: CapEx ¥1039746000 / dividends ¥169894000 / buybacks ¥10000
- Change in cash: ¥-184440000
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 | ¥14.7B |  |
| Operating income | ¥1.38B | Margin 9.4% |
| Net income | ¥914.6M | Margin 6.2% |
| Free cash flow | -¥124.7M |  |
| Largest business | Service sales | of segment revenue 57.1% |
| Employees (consolidated) | 508 |  |
| EPS | ¥160.95 |  |
| Book value per share | ¥1143.87 |  |
| Equity ratio | 53.4% |  |
| Shares outstanding | 4,955,000 |  |
| Treasury shares | 83,400 |  |
| Shareholders | 3,971 |  |
| Average salary (parent only) | ¥7.5M | Filing company only |
| Cash ratio | 18.8% | Cash ÷ revenue 14.1% |
| Vs. industry median margin | +0.5 pp | IT Services & System Integration |
| ROE | 16.7% | Derived from disclosed figures |
| ROA | 9.0% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥5912604000 | ¥14656789000 | +147.9% |
| Operating income | ¥168441000 | ¥1381058000 | +719.9% |
| Operating margin | 2.8% | 9.4% | +6.6 pp |
| Employees | 230 people | 508 people | +120.9% |
| Cash and equivalents | ¥2857012000 | ¥2067106000 | -27.6% |

### 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 |
| --- | ---: |
| ソフトウェア事業 → ソフトウェア事業 | 39.3% |
| パッケージ事業 → 事業再編・廃止 | 39.3% |
| サービス事業 → サービス事業 | 21.3% |
| 新設・再編 → ソフトウェア事業 | 3.5% |
| 新設・再編 → サービス事業 | 35.8% |

Segment revenue source references: 5 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 14,657 | 100.0% | S100YBTF |
| Cost of revenue | 9,070 | 61.9% | S100YBTF |
| Gross profit | 5,586 | 38.1% | S100YBTF |
| SG&A | 4,205 | 28.7% | S100YBTF |
| Operating income | 1,381 | 9.4% | S100YBTF |
| Ordinary income | 1,415 | 9.7% | S100YBTF |
| Pretax income | 1,408 | 9.6% | S100YBTF |
| Income tax | 494 | 3.4% | S100YBTF |
| Net income | 915 | 6.2% | S100YBTF |
| Net income attributable to owners | 915 | 6.2% | S100YBTF |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 62 |
| SG&A | 29 |
| Operating income | 9 |
| (Ref.) Net income | 6 |

### Margin funnel

Gross margin 38.1% → Operating margin 9.4% → Net margin 6.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +23.9%; Core profit growth: +150.3%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 6.29×
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 | 11,829 | 14,657 | 2,827 | +23.9% |
| Gross profit | 4,603 | 5,586 | 983 | +21.4% |
| Operating income | 552 | 1,381 | 829 | +150.3% |
| Net income attributable to owners | 341 | 915 | 573 | +168.0% |
| Operating cash flow | 1,394 | 915 | -479 | -34.3% |
| Free cash flow | 211 | -125 | -336 | -159.1% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 6,915 | 721 | 10.4% | 526 | 1,152 | 417 | S100LIGN |
| FY ending Mar 2021 | 5,913 | 168 | 2.8% | 107 | 556 | -266 | S100O8UW |
| FY ending Mar 2022 | 7,654 | 843 | 11.0% | 550 | 1,981 | 1,141 | S100QY82 |
| FY ending Mar 2023 | 7,967 | 811 | 10.2% | 399 | 911 | -394 | S100TMQW |
| FY ending Mar 2024 | 9,258 | 376 | 4.1% | 350 | 877 | -240 | S100VYKA |
| FY ending Mar 2025 | 11,829 | 552 | 4.7% | 341 | 1,394 | 211 | S100YBTF |
| FY ending Mar 2026 | 14,657 | 1,381 | 9.4% | 915 | 915 | -125 | S100YBTF |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥28.9M |
| Operating income per employee (consolidated) | ¥2.7M |
| Net income per employee (consolidated) | ¥1.8M |

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) | 233 | 249 | 474 | 483 | 508 |
| Average salary (parent company) | ¥6.8M | ¥7M | ¥6.8M | ¥7.1M | ¥7.5M |
| Average age (parent company) | 36.5 years | 35.3 years | 35.2 years | 36.3 years | 36.5 years |
| Average tenure (parent company) | 6.0 years | 6.0 years | 5.6 years | 6.7 years | 7.1 years |

Year over year: Employees (consolidated) +5.2% · Revenue (consolidated) +23.9%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Sales of software | 6,283 | 42.9% | 1,666 | 26.5% |
| Service sales | 8,374 | 57.1% | 1,114 | 13.3% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Sales of software | 42.9% | 59.9% | 17.1 | 26.5% |
| Service sales | 57.1% | 40.1% | -17.1 | 13.3% |

Segment → industry: Service sales → IT Services & System Integration / Sales of software → 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 | 915 | 6.2% | S100YBTF |
| Capital expenditure | 1,040 | 7.1% | S100YBTF |
| Free cash flow | -125 | -0.9% | 算出 |
| Investing cash flow | -930 | -6.3% | S100YBTF |
| Financing cash flow | -170 | -1.2% | S100YBTF |
| Dividends paid | 170 | 1.2% | S100YBTF |
| Share buyback | 0 | 0.0% | S100YBTF |
| Change in cash | -184 | -1.3% | S100YBTF |
| Cash and equivalents | 2,067 | 14.1% | S100YBTF |

## 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 | 3,885 | 3,315 | 2,272 | 2,252 | 2,067 | S100TMQW, S100VYKA, S100YBTF |
| Total assets | 7,656 | 7,478 | 8,530 | 9,273 | 10,996 | S100QY82, S100TMQW, S100VYKA, S100YBTF |
| Net assets | 4,497 | 4,726 | 4,923 | 5,118 | 5,877 | S100TMQW, S100VYKA, S100YBTF |
| Share capital | 739 | 739 | 739 | 739 | 739 | S100QY82, S100TMQW, S100VYKA, S100YBTF |
| Inventories | 2 | — | 8 | 8 | 8 | S100QY82, S100VYKA, S100YBTF |
| Property, plant and equipment | 144 | 176 | 271 | 286 | 257 | S100QY82, S100TMQW, S100VYKA, S100YBTF |
| Intangible assets excluding goodwill | 1,449 | 1,815 | 2,401 | 2,571 | 2,530 | S100QY82, S100TMQW, S100VYKA, S100YBTF |
| Goodwill | — | — | 313 | 236 | 158 | S100VYKA, S100YBTF |
| Investment securities | 221 | 168 | 309 | 335 | 184 | S100QY82, S100TMQW, S100VYKA, S100YBTF |
| Current assets | 5,354 | 4,745 | 4,753 | 5,121 | 7,107 | S100QY82, S100TMQW, S100VYKA, S100YBTF |
| Current liabilities | 2,516 | 2,166 | 2,635 | 3,245 | 4,177 | S100QY82, S100TMQW, S100VYKA, S100YBTF |
| Total liabilities | 3,159 | 2,752 | 3,608 | 4,155 | 5,119 | S100QY82, S100TMQW, S100VYKA, S100YBTF |
| Equity attributable to owners of parent | 4,465 | 4,695 | 4,892 | 5,087 | 5,853 | S100QY82, S100TMQW, S100VYKA, S100YBTF |
| Retained earnings | 3,456 | 3,686 | 3,848 | 3,999 | 4,744 | S100QY82, S100TMQW, S100VYKA, S100YBTF |
| Treasury stock | -399 | -399 | -363 | -320 | -300 | S100QY82, S100TMQW, S100VYKA, S100YBTF |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 19% | S100YBTF |
| Inventories | 0% | S100YBTF |
| Property, plant and equipment | 2% | S100YBTF |
| Intangibles and goodwill | 24% | S100YBTF |
| Investment securities | 2% | S100YBTF |
| Other assets | 53% | S100YBTF |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 47% | S100YBTF |
| Equity | 53% | S100YBTF |

### 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 | 7,656 | 7,478 | 8,530 | 9,273 | 10,996 |
| Equity | 4,497 | 4,726 | 4,923 | 5,118 | 5,877 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 3,885 | 3,315 | 2,272 | 2,252 | 2,067 |

## 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) | 1.8% | S100YBTF |
| Fixed assets ÷ total assets | 2.3% | S100YBTF |
| Goodwill ÷ parent equity | 2.7% | S100YBTF |

### 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) | 18.8% |
| Cash ÷ revenue | 14.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 66.3% |
| Cash vs. profit gap | 0 JPY mn (of net income 0.0%) |
| Shareholder returns / net income | 18.6% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 18.6% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 7.1% |
| Investing CF relative to operating CF | 101.6% |

## 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 | 7.2% | 1.00× | 7.2% | 1.71× | 12.3% | S100QY82 |
| 2023 | 5.0% | 1.05× | 5.3% | 1.65× | 8.7% | S100TMQW |
| 2024 | 3.8% | 1.16× | 4.4% | 1.67× | 7.3% | S100VYKA |
| 2025 | 2.9% | 1.33× | 3.8% | 1.78× | 6.8% | S100YBTF |
| 2026 | 6.2% | 1.45× | 9.0% | 1.85× | 16.7% | S100YBTF |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ㈱NTTデータ | Major shareholder | 21.8% | 2026-03-31 |
| 中山 義人 | Major shareholder | 11.9% | 2026-03-31 |
| 日本マスタートラスト信託銀行㈱ | Major shareholder | 3.7% | 2026-03-31 |
| ㈱フォーカス システムズ | Major shareholder | 3.0% | 2026-03-31 |
| カナデビア㈱ | Major shareholder | 3.0% | 2026-03-31 |
| ㈱DTS | Major shareholder | 2.6% | 2026-03-31 |
| 光通信KK投資事業有限責任組合 | Major shareholder | 2.1% | 2026-03-31 |
| 五味 大輔 | Major shareholder | 1.4% | 2026-03-31 |
| 尾田 信夫 | Major shareholder | 1.3% | 2026-03-31 |
| SCSKMinoriソリューションズ㈱ | Major shareholder | 1.2% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第27期(2025/04/01－2026/03/31) | S100YBTF | 2026-06-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YBTF,, |
| 有価証券報告書－第26期(2024/04/01－2025/03/31) | S100VYKA | 2025-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VYKA,, |
| 有価証券報告書－第25期(2023/04/01－2024/03/31) | S100TMQW | 2024-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TMQW,, |
| 有価証券報告書－第24期(2022/04/01－2023/03/31) | S100QY82 | 2023-06-16 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QY82,, |
| 有価証券報告書－第23期(令和3年4月1日－令和4年3月31日) | S100O8UW | 2022-06-15 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O8UW,, |
| 有価証券報告書－第22期(令和2年4月1日－令和3年3月31日) | S100LIGN | 2021-06-15 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LIGN,, |

## 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).