# PCI Holdings, Inc.: 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22期(2025/04/01－2026/03/31) (S100YECU)
> Page: https://vizora.meequs.com/en/company/pci-holdings
> Retrieved: 2026-09-30T23:28:29.291Z

## Company

PCI Holdings is a company in PCs & Peripherals listed on TSE Standard. It has 1,647 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | PCI Holdings,INC. |
| Ticker | 3918 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3918.T) |
| Listing | TSE Standard |
| Head office | 東京都港区虎ノ門一丁目21番19号 |
| Representative (per filing) | 代表取締役社長 森下 健作 |
| Share capital | ¥2.09B |
| Employees (consolidated) | 1,647 |
| Average salary (parent only) | ¥7.5M |
| Fiscal year end | March |
| Website | www.pci-h.co.jp (https://www.pci-h.co.jp/) |
| Corporate number | 2010701018957 |
| EDINET | E31640 |
| Industries (Vizora) | PCs & Peripherals, IT Services & System Integration, Semiconductors |

> Profile source: annual securities report (S100YECU, filed 2026-06-19). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 26.8 | 196 |
| Cash conversion | 40.3 | 185 |
| Efficiency | 77.8 | 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 56% of PCI Holdings's sales come from Engineering, with Product/Device and ICT Solution making up much of the rest.
- Out of every ¥100 of sales, about ¥6 is left as operating profit.
- Revenue changed +102.1% from the prior year, operating profit +129.2%.

## Company structure

- Segment revenue mix: Engineering 55.7%、Product/Device 29.6%、ICT Solution 14.7%
- Revenue → net income: ¥26835853000 → ¥1135123000
- Net income → operating cash flow: ¥1135123000 → ¥1192479000（difference ¥57356000）
- Main uses of operating cash flow: CapEx ¥116566000 / dividends ¥435050000 / buybacks —
- Change in cash: ¥521635000
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 | ¥26.8B |  |
| Operating income | ¥1.56B | Margin 5.8% |
| Net income | ¥1.13B | Margin 4.2% |
| Free cash flow | ¥1.08B |  |
| Largest business | Engineering | of segment revenue 55.7% |
| Employees (consolidated) | 1,647 |  |
| EPS | ¥44.46 |  |
| Book value per share | ¥795.89 |  |
| Equity ratio | 60.8% |  |
| Shares outstanding | 10,122,400 |  |
| Treasury shares | 200,900 |  |
| Shareholders | 4,629 |  |
| Average salary (parent only) | ¥7.5M | Filing company only |
| Cash ratio | 28.7% | Cash ÷ revenue 17.1% |
| Vs. industry median margin | -3.1 pp | IT Services & System Integration |
| ROE | 12.0% | Derived from disclosed figures |
| ROA | 7.1% | Derived from disclosed figures |

## Notable figures

- FY2026, cash is 29% of total assets

## What changed in 2 years

| Metric | FY ending Sep 2024 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥25084943000 | ¥26835853000 | +7.0% |
| Operating income | ¥1054911000 | ¥1558230000 | +47.7% |
| Operating margin | 4.2% | 5.8% | +1.6 pp |
| Employees | 1,660 people | 1,647 people | -0.8% |
| Cash and equivalents | ¥3954425000 | ¥4594666000 | +16.2% |

### Change in segment revenue mix

Span: FY ending Sep 2024 → 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 |
| --- | ---: |
| エンジニアリング事業 → エンジニアリング事業 | 54.1% |
| プロダクト／デバイス事業 → プロダクト／デバイス事業 | 29.6% |
| プロダクト／デバイス事業 → 事業再編・廃止 | 4.4% |
| ＩＣＴソリューション事業 → ＩＣＴソリューション事業 | 11.9% |
| 新設・再編 → エンジニアリング事業 | 1.7% |
| 新設・再編 → ＩＣＴソリューション事業 | 2.8% |

Segment revenue source references: 6 (derived)

## Business growth × margin

X-axis: segment revenue CAGR. Y-axis: latest operating margin. Bubble size: latest revenue. CAGR requires at least two comparable years.

| Segment | CAGR span | Revenue CAGR | Latest revenue | Operating margin | Source refs |
| --- | ---: | ---: | ---: | ---: | ---: |
| Engineering | 2 years | +5.0% | ¥14951028000 | 8.7% | 2 |
| Product/Device | 2 years | -3.5% | ¥7946907000 | 4.6% | 2 |
| ICT Solution | 2 years | +14.9% | ¥3937917000 | 15.7% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 26,836 | 100.0% | S100YECU |
| Cost of revenue | 20,483 | 76.3% | S100YECU |
| Gross profit | 6,353 | 23.7% | S100YECU |
| SG&A | 4,794 | 17.9% | S100YECU |
| Operating income | 1,558 | 5.8% | S100YECU |
| Ordinary income | 1,621 | 6.0% | S100YECU |
| Pretax income | 1,622 | 6.0% | S100YECU |
| Income tax | 487 | 1.8% | S100YECU |
| Net income | 1,135 | 4.2% | S100YECU |
| Net income attributable to owners | 1,130 | 4.2% | S100YECU |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 76 |
| SG&A | 18 |
| Operating income | 6 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 23.7% → Operating margin 5.8% → Net margin 4.2%
Derived from reported figures (DERIVED).

## Year over year（FY ending Mar 2025 → FY ending Mar 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 13,278 | 26,836 | 13,558 | +102.1% |
| Gross profit | 3,083 | 6,353 | 3,270 | +106.1% |
| Operating income | 680 | 1,558 | 878 | +129.2% |
| Net income attributable to owners | 489 | 1,130 | 640 | +130.9% |
| Operating cash flow | 641 | 1,192 | 551 | +86.0% |
| Free cash flow | 605 | 1,076 | 471 | +77.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Sep 2024 | 25,085 | 1,055 | 4.2% | 818 | 179 | 12 | S100W0AD |
| FY ending Mar 2025 | 13,278 | 680 | 5.1% | 489 | 641 | 605 | S100YECU |
| FY ending Mar 2026 | 26,836 | 1,558 | 5.8% | 1,130 | 1,192 | 1,076 | S100YECU |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥16.3M |
| Operating income per employee (consolidated) | ¥946.1K |
| Net income per employee (consolidated) | ¥685.9K |

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

| History | FY ending Sep 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: |
| Employees (consolidated) | 1,660 | 1,632 | 1,647 |
| Average salary (parent company) | — | ¥6.9M | ¥7.5M |
| Average age (parent company) | — | 46.4 years | 48.7 years |
| Average tenure (parent company) | — | 6.9 years | 7.5 years |

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Engineering | 14,951 | 55.7% | 1,305 | 8.7% |
| Product/Device | 7,947 | 29.6% | 366 | 4.6% |
| ICT Solution | 3,938 | 14.7% | 617 | 15.7% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Engineering | 55.7% | 57.0% | 1.3 | 8.7% |
| Product/Device | 29.6% | 16.0% | -13.6 | 4.6% |
| ICT Solution | 14.7% | 27.0% | 12.3 | 15.7% |

Segment → industry: Product/Device → PCs & Peripherals / ICT Solution → IT Services & System Integration / Engineering → IT Services & System Integration / Product/Device → Semiconductors

## 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 | 1,192 | 4.4% | S100YECU |
| Capital expenditure | 117 | 0.4% | S100YECU |
| Free cash flow | 1,076 | 4.0% | 算出 |
| Investing cash flow | -54 | -0.2% | S100YECU |
| Financing cash flow | -618 | -2.3% | S100YECU |
| Dividends paid | 435 | 1.6% | S100YECU |
| Change in cash | 522 | 1.9% | S100YECU |
| Cash and equivalents | 4,595 | 17.1% | S100YECU |

## 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 2024 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: |
| Cash and equivalents | 3,954 | 4,073 | 4,595 | S100YECU |
| Total assets | 15,503 | 15,900 | 16,024 | S100W0AD, S100YECU |
| Net assets | 9,251 | 9,452 | 10,189 | S100YECU |
| Share capital | 2,092 | 2,092 | 2,092 | S100W0AD, S100YECU |
| Inventories | 1,179 | 1,164 | 1,553 | S100W0AD, S100YECU |
| Property, plant and equipment | 853 | 830 | 807 | S100W0AD, S100YECU |
| Intangible assets excluding goodwill | 1,690 | 1,608 | 1,431 | S100W0AD, S100YECU |
| Goodwill | 1,598 | 1,508 | 1,326 | S100W0AD, S100YECU |
| Investment securities | 230 | 206 | 243 | S100W0AD, S100YECU |
| Current assets | 11,667 | 12,123 | 12,396 | S100W0AD, S100YECU |
| Current liabilities | 5,096 | 5,439 | 4,938 | S100W0AD, S100YECU |
| Long-term borrowings | 322 | 286 | 214 | S100W0AD, S100YECU |
| Bonds | 45 | 30 | — | S100W0AD, S100YECU |
| Total liabilities | 6,252 | 6,448 | 5,834 | S100W0AD, S100YECU |
| Non-controlling interests | 438 | 429 | 430 | S100W0AD, S100YECU |
| Equity attributable to owners of parent | 8,820 | 9,031 | 9,751 | S100W0AD, S100YECU |
| Retained earnings | 3,469 | 3,680 | 4,374 | S100W0AD, S100YECU |
| Treasury stock | -258 | -258 | -237 | S100W0AD, S100YECU |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 29% | S100YECU |
| Inventories | 10% | S100YECU |
| Property, plant and equipment | 5% | S100YECU |
| Intangibles and goodwill | 17% | S100YECU |
| Investment securities | 1% | S100YECU |
| Other assets | 38% | S100YECU |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 36% | S100YECU |
| Equity | 64% | S100YECU |

### Balance sheet history

| Metric | FY ending Sep 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: |
| Total assets | 15,503 | 15,900 | 16,024 |
| Equity | 9,251 | 9,452 | 10,189 |
| Interest-bearing debt | — | — | — |
| Cash | 3,954 | 4,073 | 4,595 |

## 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) | 3.0% | S100YECU |
| Fixed assets ÷ total assets | 5.0% | S100YECU |
| Goodwill ÷ parent equity | 13.6% | S100YECU |

### 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) | 28.7% |
| Cash ÷ revenue | 17.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 76.5% |
| Cash vs. profit gap | 63 JPY mn (of net income 5.6%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 38.5% |
| Shareholder payments — dividends / FCF | 40.4% |
| CapEx intensity (capex ÷ revenue) | 0.4% |
| Investing CF relative to operating CF | 4.5% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2024 | 3.3% | 1.62× | 5.3% | 1.76× | 9.3% | S100W0AD |
| 2025 | 3.7% | 0.85× | 3.1% | 1.76× | 5.5% | S100YECU |
| 2026 | 4.2% | 1.68× | 7.1% | 1.70× | 12.0% | S100YECU |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社レスター | Major shareholder | 51.0% | 2026-03-31 |
| ＰＣＩホールディングス従業員持株会 | Major shareholder | 5.8% | 2026-03-31 |
| THE BANK OF NEW YORK MELLON 140040常任代理人（株式会社みずほ銀行決済営業部） | Major shareholder | 1.1% | 2026-03-31 |
| 中村 享央 | Major shareholder | 1.1% | 2026-03-31 |
| 岩崎 泰次 | Major shareholder | 0.8% | 2026-03-31 |
| 大和証券株式会社 | Major shareholder | 0.8% | 2026-03-31 |
| 長谷 徳蔵 | Major shareholder | 0.5% | 2026-03-31 |
| 角谷 雅之 | Major shareholder | 0.5% | 2026-03-31 |
| 井口 直裕 | Major shareholder | 0.5% | 2026-03-31 |
| DANSKE BANK A/S FINNISH CLIENTS常任代理人（香港上海銀行東京支店） | Major shareholder | 0.5% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第22期(2025/04/01－2026/03/31) | S100YECU | 2026-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YECU,, |
| 有価証券報告書－第21期(2024/10/01－2025/03/31) | S100W0AD | 2025-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W0AD,, |

## 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).