# PKSHA Technology: business model and financials

> Latest period: FY ending Sep 2025, consolidated, IFRS
> Unit: JPY millions
> Sources: 有価証券報告書－第13期(2024/10/01－2025/09/30) (S100XC4P)
> Page: https://vizora.meequs.com/en/company/pksha-technology
> Retrieved: 2026-09-30T19:07:28.012Z

## Company

PKSHA Technology, founded in 2012, is a company in IT Services & System Integration listed on TSE Prime. It has 1,001 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | PKSHA Technology Inc. |
| Ticker | 3993 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3993.T) |
| Listing | TSE Prime |
| Head office | 東京都文京区本郷二丁目35番10号 本郷瀬川ビル4F |
| Representative (per filing) | 代表取締役 上野山 勝也 |
| Founded | Oct 2012 |
| Share capital | ¥10M |
| Employees (consolidated) | 1,001 |
| Average salary (parent only) | ¥9.2M |
| Fiscal year end | September |
| Website | pkshatech.com (https://pkshatech.com/) |
| Corporate number | 5011101064787 |
| EDINET | E33391 |
| Industries (Vizora) | IT Services & System Integration, Software & SaaS |

> Profile source: annual securities report (S100XC4P, filed 2025-12-22). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 94.6 | 196 |
| Cash conversion | 67.3 | 185 |
| Efficiency | 2.3 | 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 59% of PKSHA Technology's sales come from AI Research and Solution, with AI saas making up much of the rest.
- Out of every ¥100 of sales, about ¥24 is left as operating profit.
- Revenue changed +28.9% from the prior year, operating profit +64.8%.

## Company structure

- Segment revenue mix: AI Research and Solution 59.2%、AI saas 40.8%
- Revenue → net income: ¥21771392000 → ¥2741746000
- Net income → operating cash flow: ¥2741746000 → ¥5176949000（difference ¥2435203000）
- Main uses of operating cash flow: CapEx ¥928420000 / dividends — / buybacks —
- Change in cash: ¥3871884000
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 | ¥21.8B |  |
| Operating income | ¥5.29B | Margin 24.3% |
| Net income | ¥2.68B | Margin 12.3% |
| Free cash flow | ¥4.25B |  |
| Largest business | AI Research and Solution | of segment revenue 59.2% |
| Employees (consolidated) | 1,001 |  |
| EPS | ¥86.47 |  |
| Diluted EPS | ¥86.44 |  |
| Book value per share | ¥1004.53 |  |
| Equity ratio | 63.4% | Derived from disclosed figures |
| Shares outstanding | 31,948,000 |  |
| Treasury shares | 793,800 |  |
| Shareholders | 20,500 |  |
| Average salary (parent only) | ¥9.2M | Filing company only |
| Cash ratio | 35.6% | Cash ÷ revenue 88.9% |
| Vs. industry median margin | +15.4 pp | IT Services & System Integration |
| ROE | 8.0% | Derived from disclosed figures |
| ROA | 5.6% | Derived from disclosed figures |

## Notable figures

- FY2025, cash is 36% of total assets

## What changed in 5 years

Accounting standard changed in FY2022; percentage changes are omitted.

| Metric | FY ending Sep 2020 | FY ending Sep 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥7393669000 | ¥21771392000 | — |
| Operating income | ¥634709000 | ¥5288742000 | — |
| Operating margin | 8.6% | 24.3% | +15.7 pp |
| Employees | 240 people | 1,001 people | — |
| Cash and equivalents | ¥24137073000 | ¥19358045000 | — |

### 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 |
| --- | ---: |
| Mobility ＆ MaaS → 事業再編・廃止 | 70.7% |
| Cloud Intelligence → 事業再編・廃止 | 29.3% |
| 新設・再編 → AI Research and Solution | 59.2% |
| 新設・再編 → AI SaaS | 40.8% |

Segment revenue source references: 4 (derived)

## Income statement（FY ending Sep 2025, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 21,771 | 100.0% | S100XC4P |
| Cost of revenue | 10,928 | 50.2% | S100XC4P |
| Gross profit | 10,844 | 49.8% | S100XC4P |
| SG&A | 6,922 | 31.8% | S100XC4P |
| Operating income | 5,289 | 24.3% | S100XC4P |
| Pretax income | 4,675 | 21.5% | S100XC4P |
| Income tax | 1,934 | 8.9% | S100XC4P |
| Net income | 2,742 | 12.6% | S100XC4P |
| Net income attributable to owners | 2,683 | 12.3% | S100XC4P |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 50 |
| SG&A | 32 |
| Other operating | -6 |
| Operating income | 24 |
| (Ref.) Net income | 12 |

### Margin funnel

Gross margin 49.8% → Operating margin 24.3% → Net margin 12.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +28.9%; Core profit growth: +64.8%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.24×
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 | 16,893 | 21,771 | 4,878 | +28.9% |
| Gross profit | 8,532 | 10,844 | 2,312 | +27.1% |
| Operating income | 3,209 | 5,289 | 2,080 | +64.8% |
| Net income attributable to owners | 2,083 | 2,683 | 600 | +28.8% |
| Operating cash flow | 3,013 | 5,177 | 2,164 | +71.8% |
| Free cash flow | 2,187 | 4,249 | 2,062 | +94.3% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Sep 2019 | 3,061 | 721 | 23.5% | 410 | 432 | -637 | S100KFNB |
| FY ending Sep 2020 | 7,394 | 635 | 8.6% | 1,754 | 661 | 172 | S100N53X |
| FY ending Sep 2021 | 8,727 | 650 | 7.5% | 139 | 168 | -310 | S100PVNM |
| FY ending Sep 2022 | 11,510 | 1,566 | 13.6% | 837 | 2,695 | 2,095 | S100SJ2N |
| FY ending Sep 2023 | 13,909 | 771 | 5.5% | 5 | 3,085 | 2,378 | S100UYWD |
| FY ending Sep 2024 | 16,893 | 3,209 | 19.0% | 2,083 | 3,013 | 2,187 | S100XC4P |
| FY ending Sep 2025 | 21,771 | 5,289 | 24.3% | 2,683 | 5,177 | 4,249 | S100XC4P |

## People and productivity（FY ending Sep 2025, consolidated, IFRS）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥21.7M |
| Operating income per employee (consolidated) | ¥5.3M |
| 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 Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 363 | 419 | 465 | 683 | 1,001 |
| Average salary (parent company) | ¥6.9M | ¥8.9M | ¥10M | ¥11.3M | ¥9.2M |
| Average age (parent company) | 34.2 years | 34.9 years | 34.9 years | 35.4 years | 36.1 years |
| Average tenure (parent company) | 2.4 years | 2.7 years | 2.6 years | 2.6 years | 1.5 years |

Year over year: Employees (consolidated) +46.6% · Revenue (consolidated) +28.9%

## Segments（FY ending Sep 2025, consolidated, IFRS、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| AI Research and Solution | 12,890 | 59.2% | 2,451 | 19.0% |
| AI saas | 8,882 | 40.8% | 3,125 | 35.2% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| AI Research and Solution | 59.2% | 44.0% | -15.2 | 19.0% |
| AI saas | 40.8% | 56.0% | 15.2 | 35.2% |

Segment → industry: AI Research and Solution → IT Services & System Integration / AI saas → Software & SaaS

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Sep 2025, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 5,177 | 23.8% | S100XC4P |
| Capital expenditure | 928 | 4.3% | S100XC4P |
| Free cash flow | 4,249 | 19.5% | 算出 |
| Investing cash flow | -6,198 | -28.5% | S100XC4P |
| Financing cash flow | 4,893 | 22.5% | S100XC4P |
| Change in cash | 3,872 | 17.8% | S100XC4P |
| Cash and equivalents | 19,358 | 88.9% | S100XC4P |

## 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 | 12,805 | 12,496 | 15,513 | 15,266 | 19,358 | S100SJ2N, S100UYWD, S100XC4P |
| Total assets | 35,975 | 38,493 | 38,875 | 41,785 | 54,369 | S100PVNM, S100UYWD, S100XC4P |
| Net assets | 28,717 | 28,926 | 29,454 | 32,316 | 34,700 | S100SJ2N, S100UYWD, S100XC4P |
| Share capital | 39 | 49 | 10 | 10 | 10 | S100PVNM, S100UYWD, S100XC4P |
| Trade receivables | 1,302 | — | — | — | — | S100PVNM |
| Property, plant and equipment | 1,354 | 1,472 | 1,538 | 1,589 | 1,658 | S100PVNM, S100UYWD, S100XC4P |
| Intangible assets excluding goodwill | 12,325 | 11,499 | 11,453 | — | — | S100PVNM, S100SJ2N |
| Goodwill | 5,946 | 5,464 | 5,464 | 6,702 | 12,942 | S100PVNM, S100UYWD, S100XC4P |
| Investment securities | 5,490 | 6,732 | 3,728 | — | — | S100PVNM, S100SJ2N |
| Current assets | 15,635 | 15,256 | 19,207 | 19,684 | 24,906 | S100PVNM, S100UYWD, S100XC4P |
| Current liabilities | 2,430 | 2,563 | 5,070 | — | — | S100PVNM, S100SJ2N |
| Long-term borrowings | 3,769 | 3,068 | 2,387 | — | — | S100PVNM, S100SJ2N |
| Total liabilities | 7,258 | 9,567 | 9,420 | 9,470 | 19,669 | S100PVNM, S100UYWD, S100XC4P |
| Non-controlling interests | 361 | 403 | 124 | — | — | S100PVNM, S100SJ2N |
| Equity attributable to owners of parent | 27,410 | 28,560 | 29,423 | 32,228 | 34,483 | S100PVNM, S100UYWD, S100XC4P |
| Retained earnings | 3,431 | 4,362 | 5,399 | 7,481 | 10,210 | S100PVNM, S100UYWD, S100XC4P |
| Treasury stock | -1,197 | -1,197 | -1,787 | -1,745 | -1,792 | S100PVNM, S100UYWD, S100XC4P |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 36% | S100XC4P |
| Property, plant and equipment | 3% | S100XC4P |
| Intangibles and goodwill | 24% | — |
| Other assets | 37% | S100XC4P |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 36% | S100XC4P |
| Equity | 64% | S100XC4P |
| Other liabilities | 0% | S100XC4P |

### 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 | 35,975 | 38,493 | 38,875 | 41,785 | 54,369 |
| Equity | 28,717 | 28,926 | 29,454 | 32,316 | 34,700 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 12,805 | 12,496 | 15,513 | 15,266 | 19,358 |

## 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) | 7.6% | S100XC4P |
| Fixed assets ÷ total assets | 3.0% | S100XC4P |
| Goodwill ÷ parent equity | 37.5% | S100XC4P |

Goodwill over 4 years: 5,946 → 12,942 JPY; total investing cash flow: -22,148 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) | 35.6% |
| Cash ÷ revenue | 88.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 97.9% |
| Cash vs. profit gap | 2,494 JPY mn (of net income 92.9%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 4.3% |
| Investing CF relative to operating CF | 119.7% |

## 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 | 1.6% | 0.24× | 0.4% | 1.31× | 0.5% | S100PVNM |
| 2022 | 7.3% | 0.31× | 2.2% | 1.33× | 3.0% | S100SJ2N, S100UYWD |
| 2023 | 0.0% | 0.36× | 0.0% | 1.33× | 0.0% | S100UYWD |
| 2024 | 12.3% | 0.42× | 5.2% | 1.31× | 6.8% | S100XC4P |
| 2025 | 12.3% | 0.45× | 5.6% | 1.44× | 8.0% | S100XC4P |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 上野山 勝也 | Major shareholder | 30.3% | 2025-09-30 |
| 山田 尚史（注）２ | Major shareholder | 7.7% | 2025-09-30 |
| 日本マスタートラスト信託銀行株式会社(信託口) | Major shareholder | 6.9% | 2025-09-30 |
| 株式会社LUCE Capital（注）３ | Major shareholder | 3.5% | 2025-09-30 |
| 株式会社日本カストディ銀行(信託口) | Major shareholder | 2.9% | 2025-09-30 |
| トヨタ自動車株式会社 | Major shareholder | 2.5% | 2025-09-30 |
| 日本証券金融株式会社 | Major shareholder | 2.0% | 2025-09-30 |
| BNYM AS AGT/CLTS 10 PERCENT（常任代理人 株式会社三菱UFJ銀行決済事業部） | Major shareholder | 1.8% | 2025-09-30 |
| 松尾 豊 | Major shareholder | 1.3% | 2025-09-30 |
| 株式会社静岡銀行 | Major shareholder | 0.9% | 2025-09-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第13期(2024/10/01－2025/09/30) | S100XC4P | 2025-12-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XC4P,, |
| 有価証券報告書－第12期(2023/10/01－2024/09/30) | S100UYWD | 2024-12-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UYWD,, |
| 有価証券報告書－第11期(2022/10/01－2023/09/30) | S100SJ2N | 2023-12-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SJ2N,, |
| 有価証券報告書－第10期(令和3年10月1日－令和4年9月30日) | S100PVNM | 2022-12-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PVNM,, |
| 有価証券報告書－第9期(令和2年10月1日－令和3年9月30日) | S100N53X | 2021-12-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100N53X,, |
| 有価証券報告書－第8期(令和1年10月1日－令和2年9月30日) | S100KFNB | 2020-12-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KFNB,, |

## 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).