# OPTiM 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26期(2025/04/01－2026/03/31) (S100YLSB)
> Page: https://vizora.meequs.com/en/company/optim
> Retrieved: 2026-09-30T20:55:08.305Z

## Company

OPTiM, founded in 2000, is a company in Software & SaaS listed on TSE Prime. It has 417 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | OPTiM CORPORATION |
| Ticker | 3694 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3694.T) |
| Listing | TSE Prime |
| Head office | 佐賀県佐賀市本庄町1(上記は登記上の本店所在地であり、実際の業務は最寄りの連絡場所で行っております。) |
| Representative (per filing) | 代表取締役社長 菅谷 俊二 |
| Founded | Jun 2000 |
| Share capital | ¥445.4M |
| Employees (consolidated) | 417 |
| Average salary (parent only) | ¥6.2M |
| Fiscal year end | March |
| Website | www.optim.co.jp (https://www.optim.co.jp/) |
| Corporate number | 4300001001392 |
| EDINET | E30918 |
| Industries (Vizora) | Software & SaaS, Agriculture & Seeds |

> Profile source: annual securities report (S100YLSB, filed 2026-06-26). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 52.9 | 105 |
| Profitability | 64.5 | 145 |
| Cash conversion | 29.3 | 128 |
| Efficiency | 56.9 | 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 78% of OPTiM's sales come from AX business, with AgriTech business making up much of the rest.
- Out of every ¥100 of sales, about ¥17 is left as operating profit.
- Revenue changed +10.9% from the prior year, operating profit +0.8%.

## Company structure

- Segment revenue mix: AX business 77.5%、AgriTech business 22.5%
- Revenue → net income: ¥11731804000 → ¥1114005000
- Net income → operating cash flow: ¥1114005000 → ¥1594331000（difference ¥480326000）
- Main uses of operating cash flow: CapEx ¥1688225000 / dividends — / buybacks ¥282000000
- Change in cash: ¥1270885000
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 | ¥11.7B |  |
| Operating income | ¥1.97B | Margin 16.8% |
| Net income | ¥1.11B | Margin 9.5% |
| Free cash flow | -¥93.9M |  |
| Largest business | AX business | of segment revenue 77.5% |
| Employees (consolidated) | 417 |  |
| EPS | ¥19.38 |  |
| Book value per share | ¥169.19 |  |
| Equity ratio | 74.7% |  |
| Shares outstanding | 54,598,528 |  |
| Treasury shares | 99,800 |  |
| Shareholders | 13,882 |  |
| Average salary (parent only) | ¥6.2M | Filing company only |
| Cash ratio | 24.2% | Cash ÷ revenue 25.6% |
| Vs. industry median margin | +4.3 pp | Software & SaaS |
| ROE | 12.5% | Derived from disclosed figures |
| ROA | 9.5% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 100% of positive segment profit
- FY2026, segment profit share differs by 22 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥7517790000 | ¥11731804000 | +56.1% |
| Operating income | ¥1808638000 | ¥1969897000 | +8.9% |
| Operating margin | 24.1% | 16.8% | -7.3 pp |
| Employees | 316 people | 417 people | +32.0% |
| Cash and equivalents | ¥1453676000 | ¥3005680000 | +106.8% |

### 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 |
| --- | ---: |
| 新設・再編 → AX事業 | 77.5% |
| 新設・再編 → アグリテック事業 | 22.5% |

Segment revenue source references: 2 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 11,732 | 100.0% | S100YLSB |
| Cost of revenue | 6,343 | 54.1% | S100YLSB |
| Gross profit | 5,389 | 45.9% | S100YLSB |
| SG&A | 3,419 | 29.1% | S100YLSB |
| Operating income | 1,970 | 16.8% | S100YLSB |
| Ordinary income | 1,950 | 16.6% | S100YLSB |
| Pretax income | 1,743 | 14.9% | S100YLSB |
| Income tax | 629 | 5.4% | S100YLSB |
| Net income | 1,114 | 9.5% | S100YLSB |
| Net income attributable to owners | 1,114 | 9.5% | S100YLSB |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 54 |
| SG&A | 29 |
| Operating income | 17 |
| (Ref.) Net income | 9 |

### Margin funnel

Gross margin 45.9% → Operating margin 16.8% → Net margin 9.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +10.9%; Core profit growth: +0.8%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.07×
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 | 10,581 | 11,732 | 1,151 | +10.9% |
| Gross profit | 5,223 | 5,389 | 166 | +3.2% |
| Operating income | 1,954 | 1,970 | 16 | +0.8% |
| Net income attributable to owners | 1,178 | 1,114 | -64 | -5.4% |
| Operating cash flow | 2,111 | 1,594 | -517 | -24.5% |
| Free cash flow | 472 | -94 | -566 | -119.9% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 6,729 | 257 | 3.8% | 117 | 431 | 215 | S100LVPY |
| FY ending Mar 2021 | 7,518 | 1,809 | 24.1% | 1,238 | 1,323 | 501 | S100OMEG |
| FY ending Mar 2022 | 8,311 | 1,535 | 18.5% | 944 | 698 | -469 | S100R7AT |
| FY ending Mar 2023 | 9,277 | 1,750 | 18.9% | 963 | 2,313 | 759 | S100TPY4 |
| FY ending Mar 2024 | 10,243 | 1,940 | 18.9% | 1,171 | 1,965 | 450 | S100W9KA |
| FY ending Mar 2025 | 10,581 | 1,954 | 18.5% | 1,178 | 2,111 | 472 | S100YLSB |
| FY ending Mar 2026 | 11,732 | 1,970 | 16.8% | 1,114 | 1,594 | -94 | S100YLSB |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥28.1M |
| Operating income per employee (consolidated) | ¥4.7M |
| Net income per employee (consolidated) | ¥2.7M |

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) | 365 | 381 | 398 | 403 | 417 |
| Average salary (parent company) | ¥5.8M | ¥5.6M | ¥5.9M | ¥6.1M | ¥6.2M |
| Average age (parent company) | 33.2 years | 33.2 years | 33.1 years | 33.2 years | 33.4 years |
| Average tenure (parent company) | 4.4 years | 4.6 years | 4.9 years | 5.3 years | 5.7 years |

Year over year: Employees (consolidated) +3.5% · Revenue (consolidated) +10.9%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| AX business | 9,092 | 77.5% | 4,996 | 54.9% |
| AgriTech business | 2,639 | 22.5% | -460 | -17.4% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| AX business | 77.5% | 100.0% | 22.5 | 54.9% |
| AgriTech business | 22.5% | — | — | -17.4% |

Loss-making segment (excluded from profit shares): AgriTech business -460 JPY mn

Segment → industry: AX business → Software & SaaS / AgriTech business → Agriculture & Seeds

## 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 | 1,594 | 13.6% | S100YLSB |
| Capital expenditure | 1,688 | 14.4% | S100YLSB |
| Free cash flow | -94 | -0.8% | 算出 |
| Investing cash flow | -1,291 | -11.0% | S100YLSB |
| Financing cash flow | 968 | 8.3% | S100YLSB |
| Share buyback | 282 | 2.4% | S100YLSB |
| Change in cash | 1,271 | 10.8% | S100YLSB |
| Cash and equivalents | 3,006 | 25.6% | S100YLSB |

## 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 | 979 | 1,441 | 1,903 | 1,735 | 3,006 | S100TPY4, S100W9KA, S100YLSB |
| Total assets | 7,387 | 8,219 | 9,563 | 11,094 | 12,431 | S100R7AT, S100TPY4, S100W9KA, S100YLSB |
| Net assets | 5,249 | 6,189 | 7,342 | 8,519 | 9,378 | S100TPY4, S100W9KA, S100YLSB |
| Share capital | 444 | 444 | 445 | 445 | 445 | S100R7AT, S100TPY4, S100W9KA, S100YLSB |
| Property, plant and equipment | 405 | 457 | 440 | 399 | 370 | S100R7AT, S100TPY4, S100W9KA, S100YLSB |
| Intangible assets excluding goodwill | 1,661 | 2,410 | 3,075 | 3,608 | 3,854 | S100R7AT, S100TPY4, S100W9KA, S100YLSB |
| Investment securities | 151 | 396 | 350 | 647 | 164 | S100R7AT, S100TPY4, S100W9KA, S100YLSB |
| Current assets | 3,532 | 3,749 | 4,599 | 5,476 | 7,062 | S100R7AT, S100TPY4, S100W9KA, S100YLSB |
| Current liabilities | 2,000 | 1,891 | 2,081 | 2,435 | 2,912 | S100R7AT, S100TPY4, S100W9KA, S100YLSB |
| Trade payables | 600 | 512 | 335 | 824 | 281 | S100R7AT, S100TPY4, S100W9KA, S100YLSB |
| Short-term borrowings | 515 | 315 | 315 | — | 1,250 | S100R7AT, S100TPY4, S100W9KA, S100YLSB |
| Total liabilities | 2,139 | 2,030 | 2,220 | 2,575 | 3,053 | S100R7AT, S100TPY4, S100W9KA, S100YLSB |
| Non-controlling interests | 92 | 92 | 92 | 92 | 92 | S100R7AT, S100TPY4, S100W9KA, S100YLSB |
| Equity attributable to owners of parent | 5,151 | 6,114 | 7,286 | 8,466 | 9,298 | S100R7AT, S100TPY4, S100W9KA, S100YLSB |
| Retained earnings | 4,054 | 5,017 | 6,188 | 7,367 | 8,481 | S100R7AT, S100TPY4, S100W9KA, S100YLSB |
| Treasury stock | -75 | -75 | -75 | -76 | -51 | S100R7AT, S100TPY4, S100W9KA, S100YLSB |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 24% | S100YLSB |
| Property, plant and equipment | 3% | S100YLSB |
| Intangibles and goodwill | 31% | S100YLSB |
| Investment securities | 1% | S100YLSB |
| Other assets | 41% | S100YLSB |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 2% | S100YLSB |
| Other liabilities | 22% | S100YLSB |
| Equity | 76% | S100YLSB |

### 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 | 7,387 | 8,219 | 9,563 | 11,094 | 12,431 |
| Equity | 5,249 | 6,189 | 7,342 | 8,519 | 9,378 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 979 | 1,441 | 1,903 | 1,735 | 3,006 |

## 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% | S100YLSB |
| Fixed assets ÷ total assets | 3.0% | S100YLSB |
| Goodwill ÷ parent equity | — | —, S100YLSB |

### 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) | 24.2% |
| Cash ÷ revenue | 25.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 80.9% |
| Cash vs. profit gap | 480 JPY mn (of net income 43.1%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 14.4% |
| Investing CF relative to operating CF | 81.0% |

## 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 | 11.4% | 1.12× | 12.8% | 1.43× | 18.3% | S100R7AT |
| 2023 | 10.4% | 1.19× | 12.3% | 1.39× | 17.1% | S100TPY4 |
| 2024 | 11.4% | 1.15× | 13.2% | 1.33× | 17.5% | S100W9KA |
| 2025 | 11.1% | 1.02× | 11.4% | 1.31× | 15.0% | S100YLSB |
| 2026 | 9.5% | 1.00× | 9.5% | 1.32× | 12.5% | S100YLSB |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 菅谷 俊二 | Major shareholder | 55.8% | 2026-03-31 |
| ＮＴＴ東日本株式会社 | Major shareholder | 5.9% | 2026-03-31 |
| みずほ信託銀行株式会社（信託口） | Major shareholder | 4.7% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社(信託口) | Major shareholder | 3.6% | 2026-03-31 |
| 富士フイルムホールディングス株式会社 | Major shareholder | 1.1% | 2026-03-31 |
| 野村信託銀行株式会社(投信口) | Major shareholder | 0.7% | 2026-03-31 |
| 諸藤 周平 | Major shareholder | 0.6% | 2026-03-31 |
| 野々村 耕一郎 | Major shareholder | 0.6% | 2026-03-31 |
| 徳田 整治 | Major shareholder | 0.5% | 2026-03-31 |
| 株式会社日本カストディ銀行(信託口) | Major shareholder | 0.5% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第26期(2025/04/01－2026/03/31) | S100YLSB | 2026-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YLSB,, |
| 有価証券報告書－第25期(2024/04/01－2025/03/31) | S100W9KA | 2025-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W9KA,, |
| 有価証券報告書－第24期(2023/04/01－2024/03/31) | S100TPY4 | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TPY4,, |
| 有価証券報告書－第23期(2022/04/01－2023/03/31) | S100R7AT | 2023-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R7AT,, |
| 有価証券報告書－第22期(令和3年4月1日－令和4年3月31日) | S100OMEG | 2022-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OMEG,, |
| 有価証券報告書－第21期(令和2年4月1日－令和3年3月31日) | S100LVPY | 2021-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LVPY,, |

## 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).