# PBsystems,Inc.: business model and financials

> Latest period: FY ending Sep 2025, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第29期(2024/10/01－2025/09/30) (S100XCY2)
> Page: https://vizora.meequs.com/en/company/pbsystems
> Retrieved: 2026-09-30T19:00:14.957Z

## Company

PBsystems is a company in Cloud & Data Centers listed on TSE Growth. It has 73 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | PBsystems,Inc. |
| Ticker | 4447 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4447.T) |
| Listing | TSE Growth |
| Head office | 福岡市博多区東比恵三丁目3番24号 |
| Representative (per filing) | 代表取締役社長 冨田 和久 |
| Share capital | ¥350.3M |
| Employees (consolidated) | 73 |
| Average salary (parent only) | ¥6.1M |
| Fiscal year end | September |
| Website | www.pbsystems.co.jp (https://www.pbsystems.co.jp/) |
| Corporate number | 2290001015909 |
| EDINET | E33384 |
| Industries (Vizora) | Cloud & Data Centers, IT Services & System Integration, TVs, Audio & Musical Instruments |

> Profile source: annual securities report (S100XCY2, filed 2025-12-24). As of filing

## Five-axis industry profile

Primary industry: IT Services & System Integration (2025-09-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 13.7 | 157 |
| Profitability | 20.7 | 196 |
| Cash conversion | 91.6 | 185 |
| Efficiency | 39 | 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 97% of PBsystems's sales come from Secure Cloud System business, with Emotional System business making up much of the rest.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed -15.2% from the prior year, operating profit -65.5%.

## Company structure

- Segment revenue mix: Secure Cloud System business 96.9%、Emotional System business 3.1%
- Revenue → net income: ¥2634554000 → ¥85590000
- Net income → operating cash flow: ¥85590000 → ¥190940000（difference ¥105350000）
- Main uses of operating cash flow: CapEx ¥14994000 / dividends ¥62946000 / buybacks ¥305894000
- Change in cash: ¥-528896000
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 | ¥2.63B |  |
| Operating income | ¥124.8M | Margin 4.7% |
| Net income | ¥85.6M | Margin 3.2% |
| Free cash flow | ¥175.9M |  |
| Largest business | Secure Cloud System business | of segment revenue 96.9% |
| Employees (consolidated) | 73 |  |
| EPS | ¥14.12 |  |
| Diluted EPS | ¥13.91 |  |
| Book value per share | ¥197.95 |  |
| Equity ratio | 63.4% |  |
| Shares outstanding | 6,583,500 |  |
| Treasury shares | 761,400 |  |
| Shareholders | 3,926 |  |
| Average salary (parent only) | ¥6.1M | Filing company only |
| Cash ratio | 26.2% | Cash ÷ revenue 18.1% |
| Vs. industry median margin | -0.6 pp | Cloud & Data Centers |
| ROE | 6.6% | Derived from disclosed figures |
| ROA | 3.6% | Derived from disclosed figures |

## Notable figures

- FY2025, buybacks were 4.9× dividends
- FY2025, operating cash flow is 2.2× net income
- FY2025, one segment accounts for 100% of positive segment profit

## What changed in 5 years

| Metric | FY ending Sep 2020 | FY ending Sep 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥2281941000 | ¥2634554000 | +15.5% |
| Operating income | ¥222691000 | ¥124807000 | -44.0% |
| Operating margin | 9.8% | 4.7% | -5 pp |
| Employees | 49 people | 73 people | +49.0% |
| Cash and equivalents | ¥656005000 | ¥476744000 | -27.3% |

### Change in segment revenue mix

Span: FY ending Sep 2020 → FY ending Sep 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| セキュアクラウドシステム事業 → セキュアクラウドシステム事業 | 96.9% |
| セキュアクラウドシステム事業 → 事業再編・廃止 | 1.3% |
| エモーショナルシステム事業 → エモーショナルシステム事業 | 1.8% |
| 新設・再編 → エモーショナルシステム事業 | 1.3% |

Segment revenue source references: 4 (derived)

## Income statement（FY ending Sep 2025, non-consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 2,635 | 100.0% | S100XCY2 |
| Cost of revenue | 1,937 | 73.5% | S100XCY2 |
| Gross profit | 697 | 26.5% | S100XCY2 |
| SG&A | 573 | 21.7% | S100XCY2 |
| Operating income | 125 | 4.7% | S100XCY2 |
| Ordinary income | 127 | 4.8% | S100XCY2 |
| Pretax income | 120 | 4.6% | S100XCY2 |
| Income tax | 34 | 1.3% | S100XCY2 |
| Net income | 86 | 3.2% | S100XCY2 |

## Per ¥100 of revenue（FY ending Sep 2025）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 73 |
| SG&A | 22 |
| Operating income | 5 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 26.5% → Operating margin 4.7% → Net margin 3.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -15.2%; Core profit growth: -65.5%
Operating leverage (core profit growth ÷ revenue growth): 4.30×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Sep 2024 → FY ending Sep 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 3,108 | 2,635 | -473 | -15.2% |
| Gross profit | 891 | 697 | -193 | -21.7% |
| Operating income | 362 | 125 | -237 | -65.5% |
| Operating cash flow | 58 | 191 | 133 | +226.9% |
| Free cash flow | 22 | 176 | 154 | +706.6% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Sep 2019 | 1,778 | 154 | 8.7% | 135 | 89 | 58 | S100KFMB |
| FY ending Sep 2020 | 2,282 | 223 | 9.8% | 143 | 101 | 93 | S100N557 |
| FY ending Sep 2021 | 2,165 | 231 | 10.7% | 165 | 232 | 218 | S100PVR6 |
| FY ending Sep 2022 | 2,503 | 270 | 10.8% | 184 | -73 | — | S100TK7I |
| FY ending Sep 2023 | 2,901 | 302 | 10.4% | 206 | 385 | 364 | S100UZIA |
| FY ending Sep 2024 | 3,108 | 362 | 11.7% | 256 | 58 | 22 | S100XCY2 |
| FY ending Sep 2025 | 2,635 | 125 | 4.7% | 86 | 191 | 176 | S100XCY2 |

## People and productivity（FY ending Sep 2025, non-consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥36.1M |
| Operating income per employee (consolidated) | ¥1.7M |
| Net income per employee (consolidated) | ¥1.2M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 49 | 53 | 54 | 65 | 73 |
| Average salary (parent company) | ¥6M | ¥6.3M | ¥6.4M | ¥6.3M | ¥6.1M |
| Average age (parent company) | 47.1 years | 45.6 years | 46.4 years | 44.9 years | 42.8 years |
| Average tenure (parent company) | 8.6 years | 8.8 years | 9.3 years | 8.6 years | 7.6 years |

Year over year: Employees (consolidated) +12.3% · Revenue (consolidated) -15.2%

## Segments（FY ending Sep 2025, non-consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Secure Cloud System business | 2,553 | 96.9% | 411 | 16.1% |
| Emotional System business | 81 | 3.1% | -5 | -6.4% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Secure Cloud System business | 96.9% | 100.0% | 3.1 | 16.1% |
| Emotional System business | 3.1% | — | — | -6.4% |

Loss-making segment (excluded from profit shares): Emotional System business -5 JPY mn

Segment → industry: Secure Cloud System business → Cloud & Data Centers / Secure Cloud System business → IT Services & System Integration / Emotional System business → TVs, Audio & Musical Instruments

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Sep 2025, non-consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 191 | 7.2% | S100XCY2 |
| Capital expenditure | 15 | 0.6% | S100XCY2 |
| Free cash flow | 176 | 6.7% | 算出 |
| Investing cash flow | -327 | -12.4% | S100XCY2 |
| Financing cash flow | -393 | -14.9% | S100XCY2 |
| Dividends paid | 63 | 2.4% | S100XCY2 |
| Share buyback | 306 | 11.6% | S100XCY2 |
| Change in cash | -529 | -20.1% | S100XCY2 |
| Cash and equivalents | 477 | 18.1% | S100XCY2 |

## 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 Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 793 | 660 | 1,118 | 1,006 | 477 | S100TK7I, S100UZIA, S100XCY2 |
| Total assets | 1,568 | 1,910 | 1,980 | 2,873 | 1,819 | S100PVR6, S100TK7I, S100UZIA, S100XCY2 |
| Net assets | 732 | 891 | 1,261 | 1,436 | 1,152 | S100TK7I, S100UZIA, S100XCY2 |
| Share capital | 247 | 247 | 350 | 350 | 350 | S100PVR6, S100TK7I, S100UZIA, S100XCY2 |
| Property, plant and equipment | 4 | 5 | 8 | 29 | 31 | S100PVR6, S100TK7I, S100UZIA, S100XCY2 |
| Intangible assets excluding goodwill | 16 | 16 | 25 | 28 | 14 | S100PVR6, S100TK7I, S100UZIA, S100XCY2 |
| Investment securities | — | — | 3 | 3 | 8 | S100UZIA, S100XCY2 |
| Current assets | 1,514 | 1,860 | 1,917 | 2,778 | 1,728 | S100PVR6, S100TK7I, S100UZIA, S100XCY2 |
| Current liabilities | 714 | 808 | 584 | 1,360 | 614 | S100PVR6, S100TK7I, S100UZIA, S100XCY2 |
| Long-term borrowings | 118 | 66 | 24 | — | — | S100PVR6, S100TK7I, S100UZIA |
| Total liabilities | 836 | 1,019 | 719 | 1,436 | 667 | S100PVR6, S100TK7I, S100UZIA, S100XCY2 |
| Equity attributable to owners of parent | 732 | 891 | 1,261 | 1,436 | 1,152 | S100PVR6, S100TK7I, S100UZIA, S100XCY2 |
| Retained earnings | 281 | 441 | 646 | 902 | 924 | S100PVR6, S100TK7I, S100UZIA, S100XCY2 |
| Treasury stock | -43 | -43 | -86 | -166 | -472 | S100PVR6, S100TK7I, S100UZIA, S100XCY2 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 26% | S100XCY2 |
| Property, plant and equipment | 2% | S100XCY2 |
| Intangibles and goodwill | 1% | S100XCY2 |
| Investment securities | 0% | S100XCY2 |
| Other assets | 71% | S100XCY2 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 37% | S100XCY2 |
| Equity | 63% | S100XCY2 |
| Other liabilities | 0% | S100XCY2 |

### Balance sheet history

| Metric | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 1,568 | 1,910 | 1,980 | 2,873 | 1,819 |
| Equity | 732 | 891 | 1,261 | 1,436 | 1,152 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 793 | 660 | 1,118 | 1,006 | 477 |

## 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) | 1.2% | S100XCY2 |
| Fixed assets ÷ total assets | 1.7% | S100XCY2 |
| Goodwill ÷ parent equity | — | —, S100XCY2 |

### 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) | 26.2% |
| Cash ÷ revenue | 18.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 153.0% |
| Cash vs. profit gap | 105 JPY mn (of net income 123.1%) |
| Shareholder returns / net income | 430.9% |
| Shareholder returns / FCF | 209.6% |
| Shareholder payments — dividends / net income | 73.5% |
| Shareholder payments — dividends / FCF | 35.8% |
| CapEx intensity (capex ÷ revenue) | 0.6% |
| Investing CF relative to operating CF | 171.1% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 7.6% | 1.38× | 10.5% | 2.14× | 22.5% | S100PVR6 |
| 2022 | 7.3% | 1.44× | 10.6% | 2.14× | 22.6% | S100TK7I |
| 2023 | 7.1% | 1.49× | 10.6% | 1.81× | 19.1% | S100UZIA |
| 2024 | 8.2% | 1.28× | 10.5% | 1.80× | 19.0% | S100XCY2 |
| 2025 | 3.2% | 1.12× | 3.6% | 1.81× | 6.6% | S100XCY2 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 冨田 和久 | Major shareholder | 16.8% | 2025-09-30 |
| 森﨑 高広 | Major shareholder | 5.1% | 2025-09-30 |
| 彌永 玲子 | Major shareholder | 4.3% | 2025-09-30 |
| 山代ガス株式会社 | Major shareholder | 3.5% | 2025-09-30 |
| 宮越 則和 | Major shareholder | 2.9% | 2025-09-30 |
| 加賀電子株式会社 | Major shareholder | 1.8% | 2025-09-30 |
| アセンテック株式会社 | Major shareholder | 1.7% | 2025-09-30 |
| 山本 智弘 | Major shareholder | 1.2% | 2025-09-30 |
| 原田 俊哉 | Major shareholder | 1.1% | 2025-09-30 |
| 株式会社ダイショー | Major shareholder | 1.1% | 2025-09-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第29期(2024/10/01－2025/09/30) | S100XCY2 | 2025-12-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XCY2,, |
| 有価証券報告書－第28期(2023/10/01－2024/09/30) | S100UZIA | 2024-12-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UZIA,, |
| 訂正有価証券報告書－第27期(2022/10/01－2023/09/30) | S100TK7I | 2024-06-05 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TK7I,, |
| 有価証券報告書－第26期(令和3年10月1日－令和4年9月30日) | S100PVR6 | 2022-12-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PVR6,, |
| 有価証券報告書－第25期(令和2年10月1日－令和3年9月30日) | S100N557 | 2021-12-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100N557,, |
| 有価証券報告書－第24期(令和1年10月1日－令和2年9月30日) | S100KFMB | 2020-12-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KFMB,, |

## 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).