# Quest Co., Ltd.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 訂正有価証券報告書－第62期(2025/04/01－2026/03/31) (S100YOIU)
> Page: https://vizora.meequs.com/en/company/quest
> Retrieved: 2026-09-30T18:22:58.953Z

## Company

Quest, founded in 1965, is a company in IT Services & System Integration listed on TSE Standard. It has 1,092 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Quest Co., Ltd. |
| Ticker | 2332 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2332.T) |
| Listing | TSE Standard |
| Head office | 東京都港区芝浦三丁目1番1号 |
| Representative (per filing) | 代表取締役 社長執行役員 鎌田 智 |
| Founded | May 1965 |
| Share capital | ¥491M |
| Employees (consolidated) | 1,092 |
| Average salary (parent only) | ¥6M |
| Fiscal year end | March |
| Website | www.quest.co.jp (https://www.quest.co.jp/) |
| Corporate number | 8010401008344 |
| EDINET | E05310 |
| Industries (Vizora) | IT Services & System Integration |

> Profile source: annual securities report (S100YOIU, filed 2026-07-03). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 29.8 | 196 |
| Cash conversion | 15.4 | 185 |
| Efficiency | 80.9 | 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)

- Quest brought in ¥17.8B in revenue.
- Out of every ¥100 of sales, about ¥6 is left as operating profit.
- Revenue changed +19.2% from the prior year, operating profit +3.4%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥17807679000 → ¥800737000
- Net income → operating cash flow: ¥800737000 → ¥510288000（difference ¥-290449000）
- Main uses of operating cash flow: CapEx ¥103003000 / dividends ¥309609000 / buybacks ¥379641000
- Change in cash: ¥-473771000
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 | ¥17.8B |  |
| Operating income | ¥1.09B | Margin 6.1% |
| Net income | ¥800.7M | Margin 4.5% |
| Free cash flow | ¥407.3M |  |
| Employees (consolidated) | 1,092 |  |
| EPS | ¥158.67 |  |
| Book value per share | ¥1459.14 |  |
| Equity ratio | 72.0% |  |
| Shares outstanding | 5,487,768 |  |
| Treasury shares | 360,700 |  |
| Shareholders | 3,392 |  |
| Average salary (parent only) | ¥6M | Filing company only |
| Cash ratio | 29.5% | Cash ÷ revenue 17.2% |
| Vs. industry median margin | -2.8 pp | IT Services & System Integration |
| ROE | 11.5% | Derived from disclosed figures |
| ROA | 7.9% | Derived from disclosed figures |

## Notable figures

- FY2026, buybacks were 1.2× dividends
- FY2026, cash is 30% of total assets

## What changed in 6 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Mar 2020 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥10314527000 | ¥17807679000 | — |
| Operating income | ¥736758000 | ¥1091418000 | — |
| Operating margin | 7.1% | 6.1% | -1 pp |
| Employees | 786 people | 1,092 people | — |
| Cash and equivalents | ¥2693425000 | ¥3057484000 | — |

### Change in segment revenue mix

Span: FY ending Mar 2020 → 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 |
| --- | ---: |
| システム開発 → 事業再編・廃止 | 54.6% |
| インフラサービス → 事業再編・廃止 | 45.0% |
| その他 → 事業再編・廃止 | 0.3% |

Segment revenue source references: 3 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 17,808 | 100.0% | S100YOIU |
| Cost of revenue | 14,789 | 83.0% | S100YOIU |
| Gross profit | 3,019 | 17.0% | S100YOIU |
| SG&A | 1,928 | 10.8% | S100YOIU |
| Operating income | 1,091 | 6.1% | S100YOIU |
| Ordinary income | 1,153 | 6.5% | S100YOIU |
| Pretax income | 1,130 | 6.3% | S100YOIU |
| Income tax | 329 | 1.8% | S100YOIU |
| Net income | 801 | 4.5% | S100YOIU |
| Net income attributable to owners | 801 | 4.5% | S100YOIU |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 83 |
| SG&A | 11 |
| Operating income | 6 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 17.0% → Operating margin 6.1% → Net margin 4.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +19.2%; Core profit growth: +3.4%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.18×
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 | 14,936 | 17,808 | 2,872 | +19.2% |
| Gross profit | 2,750 | 3,019 | 269 | +9.8% |
| Operating income | 1,056 | 1,091 | 36 | +3.4% |
| Net income attributable to owners | 768 | 801 | 33 | +4.3% |
| Operating cash flow | 591 | 510 | -81 | -13.7% |
| Free cash flow | 589 | 407 | -181 | -30.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 10,315 | 737 | 7.1% | 342 | 635 | 610 | S100LGF1 |
| FY ending Mar 2021 | 11,181 | 879 | 7.9% | 636 | 653 | 646 | S100LGF1 |
| FY ending Mar 2023 | 14,202 | 976 | 6.9% | 690 | 660 | 645 | S100TPNT |
| FY ending Mar 2024 | 14,225 | 998 | 7.0% | 696 | 709 | 495 | S100W2KU |
| FY ending Mar 2025 | 14,936 | 1,056 | 7.1% | 768 | 591 | 589 | S100YOIU |
| FY ending Mar 2026 | 17,808 | 1,091 | 6.1% | 801 | 510 | 407 | S100YOIU |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥16.3M |
| Operating income per employee (consolidated) | ¥999.5K |
| Net income per employee (consolidated) | ¥733.3K |

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

| History | FY ending Mar 2021 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 821 | 940 | 966 | 970 | 1,092 |
| Average salary (parent company) | ¥5.5M | ¥5.8M | ¥5.7M | ¥5.8M | ¥6M |
| Average age (parent company) | 38.8 years | 38.8 years | 38.4 years | 38.5 years | 38.6 years |
| Average tenure (parent company) | 12.4 years | 12.4 years | 11.5 years | 11.4 years | 11.6 years |

Year over year: Employees (consolidated) +12.6% · Revenue (consolidated) +19.2%

## 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 | 510 | 2.9% | S100YOIU |
| Capital expenditure | 103 | 0.6% | S100YOIU |
| Free cash flow | 407 | 2.3% | 算出 |
| Investing cash flow | -68 | -0.4% | S100YOIU |
| Financing cash flow | -916 | -5.1% | S100YOIU |
| Dividends paid | 310 | 1.7% | S100YOIU |
| Share buyback | 380 | 2.1% | S100YOIU |
| Change in cash | -474 | -2.7% | S100YOIU |
| Cash and equivalents | 3,057 | 17.2% | S100YOIU |

## 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 2021 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 3,054 | 2,659 | 3,115 | 3,531 | 3,057 | S100LGF1, S100W2KU, S100YOIU |
| Total assets | 7,234 | 9,042 | 9,460 | 9,819 | 10,357 | S100LGF1, S100TPNT, S100W2KU, S100YOIU |
| Net assets | 5,198 | 6,266 | 6,788 | 7,253 | 7,458 | S100LGF1, S100W2KU, S100YOIU |
| Share capital | 491 | 491 | 491 | 491 | 491 | S100LGF1, S100TPNT, S100W2KU, S100YOIU |
| Property, plant and equipment | 52 | 207 | 221 | 204 | 248 | S100LGF1, S100TPNT, S100W2KU, S100YOIU |
| Intangible assets excluding goodwill | 18 | 824 | 708 | 586 | 838 | S100LGF1, S100TPNT, S100W2KU, S100YOIU |
| Goodwill | — | 306 | 229 | 153 | 412 | S100TPNT, S100W2KU, S100YOIU |
| Investment securities | 1,088 | 1,174 | 998 | 809 | 557 | S100LGF1, S100TPNT, S100W2KU, S100YOIU |
| Current assets | 5,649 | 6,074 | 6,676 | 7,122 | 7,365 | S100LGF1, S100TPNT, S100W2KU, S100YOIU |
| Current liabilities | 1,779 | 2,316 | 2,212 | 2,152 | 2,441 | S100LGF1, S100TPNT, S100W2KU, S100YOIU |
| Total liabilities | 2,036 | 2,776 | 2,673 | 2,565 | 2,898 | S100LGF1, S100TPNT, S100W2KU, S100YOIU |
| Equity attributable to owners of parent | 4,804 | 5,930 | 6,389 | 6,901 | 7,048 | S100LGF1, S100TPNT, S100W2KU, S100YOIU |
| Retained earnings | 4,026 | 4,934 | 5,384 | 5,889 | 6,379 | S100LGF1, S100TPNT, S100W2KU, S100YOIU |
| Treasury stock | -212 | -98 | -94 | -90 | -452 | S100LGF1, S100TPNT, S100W2KU, S100YOIU |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 30% | S100YOIU |
| Property, plant and equipment | 2% | S100YOIU |
| Intangibles and goodwill | 12% | S100YOIU |
| Investment securities | 5% | S100YOIU |
| Other assets | 51% | S100YOIU |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 28% | S100YOIU |
| Equity | 72% | S100YOIU |

### Balance sheet history

| Metric | FY ending Mar 2021 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 7,234 | 9,042 | 9,460 | 9,819 | 10,357 |
| Equity | 5,198 | 6,266 | 6,788 | 7,253 | 7,458 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 3,054 | 2,659 | 3,115 | 3,531 | 3,057 |

## 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) | 1.4% | S100YOIU |
| Fixed assets ÷ total assets | 2.4% | S100YOIU |
| Goodwill ÷ parent equity | 5.8% | S100YOIU |

### 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) | 29.5% |
| Cash ÷ revenue | 17.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 46.8% |
| Cash vs. profit gap | -290 JPY mn (of net income -36.3%) |
| Shareholder returns / net income | 86.1% |
| Shareholder returns / FCF | 169.2% |
| Shareholder payments — dividends / net income | 38.7% |
| Shareholder payments — dividends / FCF | 76.0% |
| CapEx intensity (capex ÷ revenue) | 0.6% |
| Investing CF relative to operating CF | 13.4% |

## 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 | 5.7% | 1.55× | 8.8% | 1.51× | 13.2% | S100LGF1 |
| 2023 | 4.9% | 1.57× | 7.6% | 1.52× | 11.6% | S100TPNT |
| 2024 | 4.9% | 1.54× | 7.5% | 1.50× | 11.3% | S100W2KU |
| 2025 | 5.1% | 1.55× | 8.0% | 1.45× | 11.6% | S100YOIU |
| 2026 | 4.5% | 1.77× | 7.9% | 1.45× | 11.5% | S100YOIU |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 内田 廣 | Major shareholder | 16.3% | 2026-03-31 |
| クエスト従業員持株会 | Major shareholder | 7.4% | 2026-03-31 |
| 花輪 祐二 | Major shareholder | 5.7% | 2026-03-31 |
| ＳＣＳＫ株式会社 | Major shareholder | 5.2% | 2026-03-31 |
| 株式会社ユニリタ | Major shareholder | 5.2% | 2026-03-31 |
| 光通信ＫＫ投資事業有限責任組合 | Major shareholder | 4.8% | 2026-03-31 |
| 内田 マサ子 | Major shareholder | 2.9% | 2026-03-31 |
| 内田 久恵 | Major shareholder | 2.9% | 2026-03-31 |
| 佐藤 和朗 | Major shareholder | 1.1% | 2026-03-31 |
| 三井住友信託銀行株式会社 | Major shareholder | 1.1% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 訂正有価証券報告書－第62期(2025/04/01－2026/03/31) | S100YOIU | 2026-07-03 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YOIU,, |
| 有価証券報告書－第61期(2024/04/01－2025/03/31) | S100W2KU | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W2KU,, |
| 有価証券報告書－第60期(2023/04/01－2024/03/31) | S100TPNT | 2024-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TPNT,, |
| 有価証券報告書－第59期(2022/04/01－2023/03/31) | S100R1LA | 2023-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R1LA,, |
| 有価証券報告書－第57期(令和2年4月1日－令和3年3月31日) | S100LGF1 | 2021-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LGF1,, |

## 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).