# PHYZ 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13期(2025/04/01－2026/03/31) (S100YCI4)
> Page: https://vizora.meequs.com/en/company/phyz
> Retrieved: 2026-09-30T18:18:04.523Z

## Company

PHYZ Holdings, founded in 2013, is a company in IT Services & System Integration listed on TSE Standard. It has 812 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | PHYZ Holdings Inc. |
| Ticker | 9325 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9325.T) |
| Listing | TSE Standard |
| Head office | 大阪市北区梅田三丁目4番5号毎日インテシオ13階 |
| Representative (per filing) | 代表取締役社長執行役員 大澤 隆 |
| Founded | Oct 2013 |
| Share capital | ¥326.5M |
| Employees (consolidated) | 812 |
| Average salary (parent only) | ¥5.3M |
| Fiscal year end | March |
| Website | www.phyz.co.jp (https://www.phyz.co.jp/) |
| Corporate number | 3120001179942 |
| EDINET | E32990 |
| Industries (Vizora) | IT Services & System Integration, HR & Staffing, Trucking & Parcel Delivery, Warehouses & Logistics Facilities |

> Profile source: annual securities report (S100YCI4, filed 2026-06-16). As of filing

## Five-axis industry profile

Primary industry: HR & Staffing (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 81.6 | 68 |
| Profitability | 25.6 | 88 |
| Cash conversion | 66.9 | 80 |
| Efficiency | 93.8 | 88 |

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 67% of PHYZ Holdings's sales come from Operation service, with Transport service and Information System Service making up much of the rest.
- Out of every ¥100 of sales, about ¥4 is left as operating profit.
- Revenue changed +27.5% from the prior year, operating profit +4.6%.

## Company structure

- Segment revenue mix: Operation service 66.8%、Transport service 26.1%、Information System Service 5.1%、International Logistics Service 2.0%
- Revenue → net income: ¥40322860000 → ¥1089014000
- Net income → operating cash flow: ¥1089014000 → ¥1649534000（difference ¥560520000）
- Main uses of operating cash flow: CapEx ¥1348940000 / dividends ¥300672000 / buybacks —
- Change in cash: ¥614763000
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 | ¥40.3B |  |
| Operating income | ¥1.53B | Margin 3.8% |
| Net income | ¥1.02B | Margin 2.5% |
| Free cash flow | ¥300.6M |  |
| Largest business | Operation service | of segment revenue 66.8% |
| Employees (consolidated) | 812 |  |
| EPS | ¥29 |  |
| Book value per share | ¥108.76 |  |
| Equity ratio | 33.9% |  |
| Shares outstanding | 10,822,800 |  |
| Treasury shares | 71,400 |  |
| Shareholders | 4,142 |  |
| Average salary (parent only) | ¥5.3M | Filing company only |
| Cash ratio | 25.7% | Cash ÷ revenue 8.8% |
| Vs. industry median margin | -4.8 pp | HR & Staffing |
| ROE | 23.9% | Derived from disclosed figures |
| ROA | 8.5% | Derived from disclosed figures |

## Notable figures

- FY2026, revenue is 2.2× its level five years ago
- FY2026, one segment accounts for 61% of positive segment profit
- FY2026, parent-company salary changed +31% over five years

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥12951260000 | ¥40322860000 | +211.3% |
| Operating income | ¥595703000 | ¥1532262000 | +157.2% |
| Operating margin | 4.6% | 3.8% | -0.8 pp |
| Employees | 397 people | 812 people | +104.5% |
| Cash and equivalents | ¥1696057000 | ¥3529711000 | +108.1% |

### 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 |
| --- | ---: |
| ECソリューションサービス事業 → 事業再編・廃止 | 99.6% |
| その他 → 事業再編・廃止 | 0.4% |
| 新設・再編 → オペレーションサービス事業 | 66.8% |
| 新設・再編 → トランスポートサービス事業 | 26.1% |
| 新設・再編 → 国際物流サービス事業 | 2.0% |
| 新設・再編 → 情報システム事業 | 5.1% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Operation service | — | — | ¥26927108000 | 3.5% | 2 |
| Transport service | — | — | ¥10533162000 | 4.4% | 2 |
| Information System Service | 3 years | +19.4% | ¥2062532000 | 6.4% | 2 |
| International Logistics Service | 4 years | -8.3% | ¥800056000 | 0.4% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 40,323 | 100.0% | S100YCI4 |
| Cost of revenue | 37,625 | 93.3% | S100YCI4 |
| Gross profit | 2,698 | 6.7% | S100YCI4 |
| SG&A | 1,166 | 2.9% | S100YCI4 |
| Operating income | 1,532 | 3.8% | S100YCI4 |
| Ordinary income | 1,597 | 4.0% | S100YCI4 |
| Pretax income | 1,597 | 4.0% | S100YCI4 |
| Income tax | 508 | 1.3% | S100YCI4 |
| Net income | 1,089 | 2.7% | S100YCI4 |
| Net income attributable to owners | 1,024 | 2.5% | S100YCI4 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 93 |
| SG&A | 3 |
| Operating income | 4 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 6.7% → Operating margin 3.8% → Net margin 2.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +27.5%; Core profit growth: +4.6%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.17×
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 | 31,615 | 40,323 | 8,708 | +27.5% |
| Gross profit | 2,565 | 2,698 | 132 | +5.2% |
| Operating income | 1,465 | 1,532 | 67 | +4.6% |
| Net income attributable to owners | 919 | 1,024 | 105 | +11.4% |
| Operating cash flow | 756 | 1,650 | 894 | +118.3% |
| Free cash flow | 260 | 301 | 41 | +15.7% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 10,638 | 349 | 3.3% | 184 | 323 | 296 | S100LRJZ |
| FY ending Mar 2021 | 12,951 | 596 | 4.6% | 376 | 703 | — | S100OHME |
| FY ending Mar 2022 | 18,046 | 576 | 3.2% | 368 | -42 | -61 | S100RAL9 |
| FY ending Mar 2023 | 23,665 | 1,143 | 4.8% | 808 | 1,576 | 1,495 | S100TR9P |
| FY ending Mar 2024 | 27,530 | 1,320 | 4.8% | 854 | 786 | 626 | S100VZZY |
| FY ending Mar 2025 | 31,615 | 1,465 | 4.6% | 919 | 756 | 260 | S100YCI4 |
| FY ending Mar 2026 | 40,323 | 1,532 | 3.8% | 1,024 | 1,650 | 301 | S100YCI4 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥49.7M |
| Operating income per employee (consolidated) | ¥1.9M |
| Net income per employee (consolidated) | ¥1.3M |

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) | 587 | 591 | 644 | 697 | 812 |
| Average salary (parent company) | ¥4.1M | ¥4.2M | ¥4.4M | ¥5M | ¥5.3M |
| Average age (parent company) | 39.0 years | 37.8 years | 39.2 years | 42.1 years | 41.4 years |
| Average tenure (parent company) | 3.1 years | 3.3 years | 3.6 years | 4.2 years | 4.5 years |

Year over year: Employees (consolidated) +16.5% · Revenue (consolidated) +27.5%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Operation service | 26,927 | 66.8% | 941 | 3.5% |
| Transport service | 10,533 | 26.1% | 465 | 4.4% |
| International Logistics Service | 800 | 2.0% | 3 | 0.4% |
| Information System Service | 2,063 | 5.1% | 133 | 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 |
| --- | ---: | ---: | ---: | ---: |
| Operation service | 66.8% | 61.0% | -5.8 | 3.5% |
| Transport service | 26.1% | 30.2% | 4.1 | 4.4% |
| International Logistics Service | 2.0% | 0.2% | -1.8 | 0.4% |
| Information System Service | 5.1% | 8.6% | 3.5 | 6.4% |

Segment → industry: Information System Service → IT Services & System Integration / Operation service → HR & Staffing / Transport service → Trucking & Parcel Delivery / International Logistics Service → Warehouses & Logistics Facilities / Operation service → Warehouses & Logistics Facilities

## 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 | 1,650 | 4.1% | S100YCI4 |
| Capital expenditure | 1,349 | 3.3% | S100YCI4 |
| Free cash flow | 301 | 0.7% | 算出 |
| Investing cash flow | -1,428 | -3.5% | S100YCI4 |
| Financing cash flow | 394 | 1.0% | S100YCI4 |
| Dividends paid | 301 | 0.7% | S100YCI4 |
| Change in cash | 615 | 1.5% | S100YCI4 |
| Cash and equivalents | 3,530 | 8.8% | S100YCI4 |

## 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 | 1,313 | 2,297 | 2,202 | 2,915 | 3,530 | S100TR9P, S100VZZY, S100YCI4 |
| Total assets | 5,835 | 6,862 | 7,744 | 10,244 | 13,738 | S100RAL9, S100TR9P, S100VZZY, S100YCI4 |
| Net assets | 2,091 | 2,825 | 3,351 | 4,036 | 4,819 | S100TR9P, S100VZZY, S100YCI4 |
| Share capital | 327 | 327 | 327 | 327 | 327 | S100RAL9, S100TR9P, S100VZZY, S100YCI4 |
| Trade receivables | 2,650 | 2,487 | 3,184 | 3,674 | 4,437 | S100RAL9, S100TR9P, S100VZZY, S100YCI4 |
| Property, plant and equipment | 681 | 648 | 788 | 1,553 | 3,295 | S100RAL9, S100TR9P, S100VZZY, S100YCI4 |
| Intangible assets excluding goodwill | 402 | 356 | 438 | 390 | 631 | S100RAL9, S100TR9P, S100VZZY, S100YCI4 |
| Goodwill | 236 | 211 | 317 | 273 | 516 | S100RAL9, S100TR9P, S100VZZY, S100YCI4 |
| Investment securities | 66 | 70 | 59 | 71 | 53 | S100RAL9, S100TR9P, S100VZZY, S100YCI4 |
| Current assets | 4,305 | 5,094 | 5,757 | 7,116 | 8,556 | S100RAL9, S100TR9P, S100VZZY, S100YCI4 |
| Current liabilities | 2,887 | 3,318 | 3,749 | 4,276 | 5,338 | S100RAL9, S100TR9P, S100VZZY, S100YCI4 |
| Short-term borrowings | 45 | 15 | 15 | 12 | 12 | S100RAL9, S100TR9P, S100VZZY, S100YCI4 |
| Long-term borrowings | 417 | 327 | 336 | 1,418 | 1,384 | S100RAL9, S100TR9P, S100VZZY, S100YCI4 |
| Bonds | 5 | — | 15 | 5 | — | S100RAL9, S100VZZY, S100YCI4 |
| Interest-bearing debt | 467 | — | 366 | 1,435 | — | 算出 |
| Total liabilities | 3,744 | 4,037 | 4,393 | 6,208 | 8,919 | S100RAL9, S100TR9P, S100VZZY, S100YCI4 |
| Non-controlling interests | 35 | 29 | 66 | 105 | 166 | S100RAL9, S100TR9P, S100VZZY, S100YCI4 |
| Equity attributable to owners of parent | 2,056 | 2,794 | 3,282 | 3,925 | 4,655 | S100RAL9, S100TR9P, S100VZZY, S100YCI4 |
| Retained earnings | 1,535 | 2,268 | 2,746 | 3,386 | 4,110 | S100RAL9, S100TR9P, S100VZZY, S100YCI4 |
| Treasury stock | -49 | -46 | -46 | -43 | -34 | S100RAL9, S100TR9P, S100VZZY, S100YCI4 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 26% | S100YCI4 |
| Receivables | 32% | S100YCI4 |
| Property, plant and equipment | 24% | S100YCI4 |
| Intangibles and goodwill | 8% | S100YCI4 |
| Investment securities | 1% | S100YCI4 |
| Other assets | 9% | S100YCI4 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 65% | S100YCI4 |
| Equity | 35% | S100YCI4 |

### 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 | 5,835 | 6,862 | 7,744 | 10,244 | 13,738 |
| Equity | 2,091 | 2,825 | 3,351 | 4,036 | 4,819 |
| Interest-bearing debt | 467 | — | 366 | 1,435 | — |
| Cash | 1,313 | 2,297 | 2,202 | 2,915 | 3,530 |

## 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) | 8.2% | S100YCI4 |
| Fixed assets ÷ total assets | 24.0% | S100YCI4 |
| Goodwill ÷ parent equity | 11.1% | S100YCI4 |

Goodwill over 4 years: 236 → 516 JPY; total investing cash flow: -2,762 JPY. This does not imply causation.

### 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) | 25.7% |
| Cash ÷ revenue | 8.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 107.7% |
| Cash vs. profit gap | 626 JPY mn (of net income 61.1%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 29.4% |
| Shareholder payments — dividends / FCF | 100.0% |
| CapEx intensity (capex ÷ revenue) | 3.3% |
| Investing CF relative to operating CF | 86.6% |

## 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 | 2.0% | 3.09× | 6.3% | 2.84× | 17.9% | S100RAL9 |
| 2023 | 3.4% | 3.73× | 12.7% | 2.62× | 33.3% | S100TR9P |
| 2024 | 3.1% | 3.77× | 11.7% | 2.40× | 28.1% | S100VZZY |
| 2025 | 2.9% | 3.52× | 10.2% | 2.50× | 25.5% | S100YCI4 |
| 2026 | 2.5% | 3.36× | 8.5% | 2.79× | 23.9% | S100YCI4 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| AZ-COM丸和ホールディングス株式会社 | Major shareholder | 58.3% | 2026-03-31 |
| 和佐見 勝 | Major shareholder | 4.8% | 2026-03-31 |
| 株式会社Kanamoriアセジメント | Major shareholder | 4.0% | 2026-03-31 |
| 光通信KK投資事業有限責任組合 | Major shareholder | 2.7% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 1.9% | 2026-03-31 |
| NOMURA PB NOMINEES LIMITED OMNIBUS-MARGIN(CASHPB) （常任代理人 野村證券株式会社） | Major shareholder | 1.7% | 2026-03-31 |
| MSIP CLIENT SECURITIES(常任代理人 モルガン・スタンレーMUFG証券株式会社) | Major shareholder | 1.6% | 2026-03-31 |
| ファイズ従業員持株会 | Major shareholder | 1.3% | 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 | 1.1% | 2026-03-31 |
| 藪 太一 | Major shareholder | 1.1% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第13期(2025/04/01－2026/03/31) | S100YCI4 | 2026-06-16 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YCI4,, |
| 有価証券報告書－第12期(2024/04/01－2025/03/31) | S100VZZY | 2025-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VZZY,, |
| 有価証券報告書－第11期(2023/04/01－2024/03/31) | S100TR9P | 2024-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TR9P,, |
| 有価証券報告書－第10期(2022/04/01－2023/03/31) | S100RAL9 | 2023-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RAL9,, |
| 有価証券報告書－第9期(令和3年4月1日－令和4年3月31日) | S100OHME | 2022-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OHME,, |
| 有価証券報告書－第8期(令和2年4月1日－令和3年3月31日) | S100LRJZ | 2021-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LRJZ,, |

## 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).