# PCA 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46期(2025/04/01－2026/03/31) (S100YGVP)
> Page: https://vizora.meequs.com/en/company/pca
> Retrieved: 2026-09-30T20:30:39.122Z

## Company

PCA, founded in 1980, is a company in Software & SaaS listed on TSE Prime. It has 755 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | PCA CORPORATION |
| Ticker | 9629 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9629.T) |
| Listing | TSE Prime |
| Head office | 東京都千代田区富士見一丁目2番21号 |
| Representative (per filing) | 代表取締役社長 佐藤 文昭 |
| Founded | Aug 1980 |
| Share capital | ¥890M |
| Employees (consolidated) | 755 |
| Average salary (parent only) | ¥7M |
| Fiscal year end | March |
| Website | pca.jp (https://pca.jp/) |
| Corporate number | 4010001027327 |
| EDINET | E04894 |
| Industries (Vizora) | Software & SaaS |

> Profile source: annual securities report (S100YGVP, filed 2026-06-23). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 28.1 | 105 |
| Profitability | 57.6 | 145 |
| Cash conversion | 9.8 | 128 |
| Efficiency | 13.4 | 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)

- PCA brought in ¥17.3B in revenue.
- Out of every ¥100 of sales, about ¥14 is left as operating profit.
- Revenue changed +6.6% from the prior year, operating profit -6.6%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥17306000000 → ¥2374000000
- Net income → operating cash flow: ¥2374000000 → ¥1434000000（difference ¥-940000000）
- Main uses of operating cash flow: CapEx ¥339000000 / dividends ¥1741000000 / buybacks ¥0
- Change in cash: ¥-2924000000
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 | ¥17.3B |  |
| Operating income | ¥2.46B | Margin 14.2% |
| Net income | ¥2.35B | Margin 13.6% |
| Free cash flow | ¥1.09B |  |
| Employees (consolidated) | 755 |  |
| EPS | ¥102.19 |  |
| Diluted EPS | ¥101.73 |  |
| Book value per share | ¥820.39 |  |
| Equity ratio | 53.3% |  |
| Shares outstanding | 22,000,000 |  |
| Treasury shares | 1,948,000 |  |
| Shareholders | 9,181 |  |
| Average salary (parent only) | ¥7M | Filing company only |
| Cash ratio | 52.4% | Cash ÷ revenue 107.2% |
| Vs. industry median margin | +1.8 pp | Software & SaaS |
| ROE | 12.8% | Derived from disclosed figures |
| ROA | 6.7% | Derived from disclosed figures |

## Notable figures

- FY2026, cash is 52% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥13308787000 | ¥17306000000 | +30.0% |
| Operating income | ¥2314588000 | ¥2463000000 | +6.4% |
| Operating margin | 17.4% | 14.2% | -3.2 pp |
| Employees | 572 people | 755 people | +32.0% |
| Cash and equivalents | ¥11592963000 | ¥18548000000 | +60.0% |

### 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 | 17,306 | 100.0% | S100YGVP |
| Cost of revenue | 6,737 | 38.9% | S100YGVP |
| Gross profit | 10,569 | 61.1% | S100YGVP |
| SG&A | 8,106 | 46.8% | S100YGVP |
| Operating income | 2,463 | 14.2% | S100YGVP |
| Ordinary income | 2,495 | 14.4% | S100YGVP |
| Pretax income | 3,382 | 19.5% | S100YGVP |
| Income tax | 1,008 | 5.8% | S100YGVP |
| Net income | 2,374 | 13.7% | S100YGVP |
| Net income attributable to owners | 2,355 | 13.6% | S100YGVP |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 39 |
| SG&A | 47 |
| Operating income | 14 |
| (Ref.) Net income | 14 |

### Margin funnel

Gross margin 61.1% → Operating margin 14.2% → Net margin 13.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +6.6%; Core profit growth: -6.6%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -1.00×
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 | 16,237 | 17,306 | 1,069 | +6.6% |
| Gross profit | 10,228 | 10,569 | 341 | +3.3% |
| Operating income | 2,637 | 2,463 | -174 | -6.6% |
| Net income attributable to owners | 1,741 | 2,355 | 614 | +35.3% |
| Operating cash flow | 2,853 | 1,434 | -1,419 | -49.7% |
| Free cash flow | 2,556 | 1,095 | -1,461 | -57.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 14,266 | 2,782 | 19.5% | 1,816 | 3,329 | 3,144 | S100LS75 |
| FY ending Mar 2021 | 13,309 | 2,315 | 17.4% | 1,668 | 1,633 | 1,486 | S100ODOJ |
| FY ending Mar 2022 | 13,382 | 2,655 | 19.8% | 2,367 | 3,685 | 3,365 | S100R0PV |
| FY ending Mar 2023 | 12,981 | 1,289 | 9.9% | 883 | 2,642 | 2,530 | S100TP1E |
| FY ending Mar 2024 | 15,018 | 2,309 | 15.4% | 1,611 | 3,456 | 3,231 | S100VZ7Y |
| FY ending Mar 2025 | 16,237 | 2,637 | 16.2% | 1,741 | 2,853 | 2,556 | S100YGVP |
| FY ending Mar 2026 | 17,306 | 2,463 | 14.2% | 2,355 | 1,434 | 1,095 | S100YGVP |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥22.9M |
| Operating income per employee (consolidated) | ¥3.3M |
| Net income per employee (consolidated) | ¥3.1M |

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) | 602 | 643 | 672 | 694 | 755 |
| Average salary (parent company) | ¥6.9M | ¥6.9M | ¥7.1M | ¥7M | ¥7M |
| Average age (parent company) | 40.0 years | 40.0 years | 40.0 years | 40.0 years | 40.0 years |
| Average tenure (parent company) | 14.0 years | 14.0 years | 14.0 years | 14.0 years | 14.0 years |

Year over year: Employees (consolidated) +8.8% · Revenue (consolidated) +6.6%

## 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 | 1,434 | 8.3% | S100YGVP |
| Capital expenditure | 339 | 2.0% | S100YGVP |
| Free cash flow | 1,095 | 6.3% | 算出 |
| Investing cash flow | -2,518 | -14.5% | S100YGVP |
| Financing cash flow | -1,840 | -10.6% | S100YGVP |
| Dividends paid | 1,741 | 10.1% | S100YGVP |
| Share buyback | 0 | 0.0% | S100YGVP |
| Change in cash | -2,924 | -16.9% | S100YGVP |
| Cash and equivalents | 18,548 | 107.2% | S100YGVP |

## 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 | 15,732 | 17,458 | 20,570 | 21,473 | 18,548 | S100TP1E, S100VZ7Y, S100YGVP |
| Total assets | 28,381 | 30,609 | 33,557 | 34,974 | 35,401 | S100R0PV, S100TP1E, S100VZ7Y, S100YGVP |
| Net assets | 17,282 | 17,792 | 18,963 | 19,283 | 19,052 | S100TP1E, S100VZ7Y, S100YGVP |
| Share capital | 890 | 890 | 890 | 890 | 890 | S100R0PV, S100TP1E, S100VZ7Y, S100YGVP |
| Trade receivables | 2,304 | 2,870 | 3,074 | 2,780 | 3,126 | S100R0PV, S100TP1E, S100VZ7Y, S100YGVP |
| Property, plant and equipment | 3,582 | 3,492 | 3,559 | 3,617 | 3,743 | S100R0PV, S100TP1E, S100VZ7Y, S100YGVP |
| Intangible assets excluding goodwill | 156 | 191 | 186 | 222 | 428 | S100R0PV, S100TP1E, S100VZ7Y, S100YGVP |
| Goodwill | — | — | — | — | 190 | S100YGVP |
| Investment securities | 3,030 | 2,714 | 2,773 | 3,115 | 2,554 | S100R0PV, S100TP1E, S100VZ7Y, S100YGVP |
| Current assets | 20,178 | 22,910 | 25,872 | 26,426 | 26,098 | S100R0PV, S100TP1E, S100VZ7Y, S100YGVP |
| Current liabilities | 9,269 | 10,969 | 12,838 | 14,008 | 14,584 | S100R0PV, S100TP1E, S100VZ7Y, S100YGVP |
| Total liabilities | 11,100 | 12,816 | 14,594 | 15,691 | 16,348 | S100R0PV, S100TP1E, S100VZ7Y, S100YGVP |
| Non-controlling interests | 203 | 221 | 142 | 114 | 50 | S100R0PV, S100TP1E, S100VZ7Y, S100YGVP |
| Equity attributable to owners of parent | 16,185 | 16,588 | 17,904 | 18,055 | 18,665 | S100R0PV, S100TP1E, S100VZ7Y, S100YGVP |
| Retained earnings | 14,714 | 14,668 | 15,939 | 16,058 | 16,669 | S100R0PV, S100TP1E, S100VZ7Y, S100YGVP |
| Treasury stock | -1,379 | -890 | -874 | -866 | -866 | S100R0PV, S100TP1E, S100VZ7Y, S100YGVP |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 52% | S100YGVP |
| Receivables | 9% | S100YGVP |
| Property, plant and equipment | 11% | S100YGVP |
| Intangibles and goodwill | 2% | S100YGVP |
| Investment securities | 7% | S100YGVP |
| Other assets | 19% | S100YGVP |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 46% | S100YGVP |
| Equity | 54% | S100YGVP |
| Other liabilities | 0% | S100YGVP |

### 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 | 28,381 | 30,609 | 33,557 | 34,974 | 35,401 |
| Equity | 17,282 | 17,792 | 18,963 | 19,283 | 19,052 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 15,732 | 17,458 | 20,570 | 21,473 | 18,548 |

## 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) | 21.6% | S100YGVP |
| Fixed assets ÷ total assets | 10.6% | S100YGVP |
| Goodwill ÷ parent equity | 1.0% | S100YGVP |

### 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) | 52.4% |
| Cash ÷ revenue | 107.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 58.2% |
| Cash vs. profit gap | -921 JPY mn (of net income -39.1%) |
| Shareholder returns / net income | 73.9% |
| Shareholder returns / FCF | 159.0% |
| Shareholder payments — dividends / net income | 73.9% |
| Shareholder payments — dividends / FCF | 159.0% |
| CapEx intensity (capex ÷ revenue) | 2.0% |
| Investing CF relative to operating CF | 175.6% |

## 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 | 17.7% | 0.47× | 8.3% | 1.75× | 14.6% | S100R0PV |
| 2023 | 6.8% | 0.44× | 3.0% | 1.80× | 5.4% | S100TP1E |
| 2024 | 10.7% | 0.47× | 5.0% | 1.86× | 9.3% | S100VZ7Y |
| 2025 | 10.7% | 0.47× | 5.1% | 1.91× | 9.7% | S100YGVP |
| 2026 | 13.6% | 0.49× | 6.7% | 1.92× | 12.8% | S100YGVP |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社Ｋａｗａｓｈｉｍａ | Major shareholder | 40.9% | 2026-03-31 |
| THE CHASE MANHATTAN BANK,N.A. LONDONSECS LENDING OMNIBUS ACCOUNT （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 5.6% | 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 | 5.4% | 2026-03-31 |
| 株式会社オービックビジネスコンサルタント | Major shareholder | 3.8% | 2026-03-31 |
| 光通信KK投資事業有限責任組合 | Major shareholder | 2.3% | 2026-03-31 |
| INTERACTIVE BROKERS LLC （常任代理人 インタラクティブ・ブローカーズ証券株式会社） | Major shareholder | 2.1% | 2026-03-31 |
| ピー・シー・エー従業員持株会 | Major shareholder | 2.0% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505001 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.8% | 2026-03-31 |
| THE BANK OF NEW YORK MELLON 140044 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.8% | 2026-03-31 |
| 株式会社ロジックシステムズ | Major shareholder | 1.7% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第46期(2025/04/01－2026/03/31) | S100YGVP | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YGVP,, |
| 有価証券報告書－第45期(2024/04/01－2025/03/31) | S100VZ7Y | 2025-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VZ7Y,, |
| 有価証券報告書－第44期(2023/04/01－2024/03/31) | S100TP1E | 2024-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TP1E,, |
| 有価証券報告書－第43期(2022/04/01－2023/03/31) | S100R0PV | 2023-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R0PV,, |
| 有価証券報告書－第42期(令和3年4月1日－令和4年3月31日) | S100ODOJ | 2022-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100ODOJ,, |
| 訂正有価証券報告書－第41期(令和2年4月1日－令和3年3月31日) | S100LS75 | 2021-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LS75,, |

## 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).