# Restar 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17期(2025/04/01－2026/03/31) (S100YJ4V)
> Page: https://vizora.meequs.com/en/company/restar
> Retrieved: 2026-09-30T18:55:06.259Z

## Company

Restar, founded in 2009, is a company in IT Services & System Integration listed on TSE Prime. It has 4,637 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Restar Corporation |
| Ticker | 3156 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3156.T) |
| Listing | TSE Prime |
| Head office | 東京都港区港南二丁目10番9号 |
| Representative (per filing) | 代表取締役 社長COO 林 眞一 |
| Founded | May 2009 |
| Share capital | ¥4.38B |
| Employees (consolidated) | 4,637 |
| Average salary (parent only) | ¥7.5M |
| Fiscal year end | March |
| Website | www.restargp.com (https://www.restargp.com/) |
| Corporate number | 7010701022780 |
| EDINET | E23245 |
| Industries (Vizora) | IT Services & System Integration, Electric Power & Gas, Agriculture & Seeds, Electronic Components, Specialty Trading & Wholesale |

> Profile source: annual securities report (S100YJ4V, filed 2026-06-29). As of filing

## Five-axis industry profile

Primary industry: Specialty Trading & Wholesale (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 94.1 | 179 |
| Profitability | 47.3 | 185 |
| Cash conversion | 7.5 | 179 |
| Efficiency | 68.4 | 185 |
| Financial strength | 27.5 | 20 |

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 85% of Restar's sales come from DeviceReportableSegmentMember, with SystemSolutionReportableSegmentMember and ITandSIerBU making up much of the rest.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed +12.5% from the prior year, operating profit +18.1%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥630.9B |  |
| Operating income | ¥16.7B | Margin 2.7% |
| Net income | ¥7.69B | Margin 1.2% |
| Free cash flow | -¥9.81B |  |
| Largest business | DeviceReportableSegmentMember | of segment revenue 84.6% |
| Employees (consolidated) | 4,637 |  |
| EPS | ¥219.46 |  |
| Book value per share | ¥2254.29 |  |
| Equity ratio | 26.6% |  |
| Shares outstanding | 30,072,000 |  |
| Treasury shares | 1,954,900 |  |
| Shareholders | 10,496 |  |
| Average salary (parent only) | ¥7.5M | Filing company only |
| Cash ratio | 12.8% | Net cash -¥68.7B · Cash ÷ revenue 7.1% |
| Vs. industry median margin | -0.2 pp | Specialty Trading & Wholesale |
| ROE | 9.4% | Derived from disclosed figures |
| ROA | 2.3% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 74% of positive segment profit
- FY2026, employees 0% while operating income rose 18%

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥323815000000 | ¥630905000000 | +94.8% |
| Operating income | ¥6238000000 | ¥16739000000 | +168.3% |
| Operating margin | 1.9% | 2.7% | +0.7 pp |
| Employees | 2,512 people | 4,637 people | +84.6% |
| Cash and equivalents | ¥40203000000 | ¥44722000000 | +11.2% |

### 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 |
| --- | ---: |
| 半導体及び電子部品 → 事業再編・廃止 | 69.1% |
| 調達 → 事業再編・廃止 | 22.0% |
| 電子機器 → 事業再編・廃止 | 6.0% |
| 環境エネルギー → 事業再編・廃止 | 2.9% |
| 新設・再編 → デバイス | 84.6% |
| 新設・再編 → ＥＭＳ | 3.5% |
| 新設・再編 → システムソリューション | 5.0% |
| 新設・再編 → エコソリューション | 2.8% |
| 新設・再編 → ＩＴ＆ＳIｅｒＢＵ | 4.1% |

Segment revenue source references: 9 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| DeviceReportableSegmentMember | 2 years | +9.1% | ¥533805000000 | 2.7% | 2 |
| SystemSolutionReportableSegmentMember | 2 years | +14.9% | ¥31493000000 | 3.9% | 2 |
| ITandSIerBU | — | — | ¥26181000000 | 4.8% | 2 |
| EMSReportableSegmentMember | 2 years | -2.6% | ¥22057000000 | 2.2% | 2 |
| EcoSolutionReportableSegmentMember | 2 years | +1.8% | ¥17367000000 | 11.2% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 630,905 | 100.0% | S100YJ4V |
| Cost of revenue | 577,291 | 91.5% | S100YJ4V |
| Gross profit | 53,613 | 8.5% | S100YJ4V |
| SG&A | 36,873 | 5.8% | S100YJ4V |
| Operating income | 16,739 | 2.7% | S100YJ4V |
| Ordinary income | 13,762 | 2.2% | S100YJ4V |
| Pretax income | 12,977 | 2.1% | S100YJ4V |
| Income tax | 4,070 | 0.6% | S100YJ4V |
| Net income | 8,906 | 1.4% | S100YJ4V |
| Net income attributable to owners | 7,691 | 1.2% | S100YJ4V |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 91 |
| SG&A | 6 |
| Operating income | 3 |
| (Ref.) Net income | 1 |

### Margin funnel

Gross margin 8.5% → Operating margin 2.7% → Net margin 1.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +12.5%; Core profit growth: +18.1%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.45×
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 | 561,001 | 630,905 | 69,904 | +12.5% |
| Gross profit | 47,700 | 53,613 | 5,913 | +12.4% |
| Operating income | 14,174 | 16,739 | 2,565 | +18.1% |
| Net income attributable to owners | 7,473 | 7,691 | 218 | +2.9% |
| Operating cash flow | 20,196 | -3,282 | -23,478 | -116.3% |
| Free cash flow | 16,899 | -9,806 | -26,705 | -158.0% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 379,548 | 6,637 | 1.7% | 5,722 | 16,591 | 15,627 | S100LK1P |
| FY ending Mar 2021 | 323,815 | 6,238 | 1.9% | 4,054 | 20,133 | 16,249 | S100P3ME |
| FY ending Mar 2022 | 399,590 | 7,588 | 1.9% | 5,957 | -26,625 | -35,193 | S100R9KF |
| FY ending Mar 2023 | 487,129 | 14,423 | 3.0% | 7,085 | -363 | -5,315 | S100TTSP |
| FY ending Mar 2024 | 512,484 | 15,931 | 3.1% | 7,004 | 15,668 | 11,870 | S100W8N9 |
| FY ending Mar 2025 | 561,001 | 14,174 | 2.5% | 7,473 | 20,196 | 16,899 | S100YJ4V |
| FY ending Mar 2026 | 630,905 | 16,739 | 2.7% | 7,691 | -3,282 | -9,806 | S100YJ4V |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥136.1M |
| Operating income per employee (consolidated) | ¥3.6M |
| Net income per employee (consolidated) | ¥1.7M |

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) | 2,831 | 2,601 | 3,232 | 4,655 | 4,637 |
| Average salary (parent company) | ¥7.3M | ¥7.9M | ¥7.8M | ¥7.3M | ¥7.5M |
| Average age (parent company) | 44.0 years | 44.1 years | 42.8 years | 45.2 years | 45.0 years |
| Average tenure (parent company) | 10.1 years | 9.0 years | 8.0 years | 12.0 years | 13.2 years |

Year over year: Employees (consolidated) -0.4% · Revenue (consolidated) +12.5%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| DeviceReportableSegmentMember | 533,805 | 84.6% | 14,173 | 2.7% |
| EMSReportableSegmentMember | 22,057 | 3.5% | 495 | 2.2% |
| SystemSolutionReportableSegmentMember | 31,493 | 5.0% | 1,222 | 3.9% |
| EcoSolutionReportableSegmentMember | 17,367 | 2.8% | 1,942 | 11.2% |
| ITandSIerBU | 26,181 | 4.1% | 1,245 | 4.8% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| DeviceReportableSegmentMember | 84.6% | 74.3% | -10.3 | 2.7% |
| EMSReportableSegmentMember | 3.5% | 2.6% | -0.9 | 2.2% |
| SystemSolutionReportableSegmentMember | 5.0% | 6.4% | 1.4 | 3.9% |
| EcoSolutionReportableSegmentMember | 2.8% | 10.2% | 7.4 | 11.2% |
| ITandSIerBU | 4.1% | 6.5% | 2.4 | 4.8% |

Segment → industry: ITandSIerBU → IT Services & System Integration / SystemSolutionReportableSegmentMember → IT Services & System Integration / EcoSolutionReportableSegmentMember → Electric Power & Gas / EcoSolutionReportableSegmentMember → Agriculture & Seeds / EMSReportableSegmentMember → Electronic Components / DeviceReportableSegmentMember → Specialty Trading & Wholesale

## 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 | -3,282 | -0.5% | S100YJ4V |
| Capital expenditure | 6,524 | 1.0% | S100YJ4V |
| Free cash flow | -9,806 | -1.6% | 算出 |
| Investing cash flow | -5,556 | -0.9% | S100YJ4V |
| Financing cash flow | 7,622 | 1.2% | S100YJ4V |
| Dividends paid | 3,374 | 0.5% | S100YJ4V |
| Share buyback | 0 | 0.0% | S100YJ4V |
| Change in cash | 438 | 0.1% | S100YJ4V |
| Cash and equivalents | 44,722 | 7.1% | S100YJ4V |

## 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 | 33,438 | 31,984 | 39,771 | 44,283 | 44,722 | S100TTSP, S100W8N9, S100YJ4V |
| Total assets | 241,958 | 269,427 | 291,704 | 310,022 | 349,551 | S100R9KF, S100TTSP, S100W8N9, S100YJ4V |
| Net assets | 81,657 | 85,095 | 91,024 | 100,061 | 109,504 | S100TTSP, S100W8N9, S100YJ4V |
| Share capital | 4,383 | 4,383 | 4,383 | 4,383 | 4,383 | S100R9KF, S100TTSP, S100W8N9, S100YJ4V |
| Property, plant and equipment | 26,862 | 27,717 | 28,538 | 30,384 | 30,517 | S100R9KF, S100TTSP, S100W8N9, S100YJ4V |
| Intangible assets excluding goodwill | 11,362 | 10,669 | 9,490 | 14,009 | 14,569 | S100R9KF, S100TTSP, S100W8N9, S100YJ4V |
| Goodwill | 6,618 | 6,165 | 5,460 | 5,907 | 5,772 | S100R9KF, S100TTSP, S100W8N9, S100YJ4V |
| Investment securities | 4,566 | 5,779 | 4,062 | 3,477 | 4,579 | S100R9KF, S100TTSP, S100W8N9, S100YJ4V |
| Current assets | 185,525 | 210,816 | 234,350 | 240,568 | 280,536 | S100R9KF, S100TTSP, S100W8N9, S100YJ4V |
| Current liabilities | 139,346 | 162,439 | 180,132 | 145,150 | 181,046 | S100R9KF, S100TTSP, S100W8N9, S100YJ4V |
| Trade payables | 51,581 | 53,921 | 55,846 | 71,724 | 90,329 | S100R9KF, S100TTSP, S100W8N9, S100YJ4V |
| Short-term borrowings | 75,305 | 85,409 | 96,993 | 52,539 | 68,515 | S100R9KF, S100TTSP, S100W8N9, S100YJ4V |
| Long-term borrowings | 7,805 | 9,036 | 7,352 | 40,343 | 34,885 | S100R9KF, S100TTSP, S100W8N9, S100YJ4V |
| Bonds | — | — | 40 | 10,040 | 10,000 | S100W8N9, S100YJ4V |
| Interest-bearing debt | — | — | 104,385 | 102,922 | 113,400 | 算出 |
| Total liabilities | 160,301 | 184,331 | 200,679 | 209,961 | 240,047 | S100R9KF, S100TTSP, S100W8N9, S100YJ4V |
| Non-controlling interests | 4,005 | 4,210 | 6,699 | 14,117 | 16,310 | S100R9KF, S100TTSP, S100W8N9, S100YJ4V |
| Equity attributable to owners of parent | 74,773 | 78,446 | 81,677 | 79,377 | 83,697 | S100R9KF, S100TTSP, S100W8N9, S100YJ4V |
| Retained earnings | 33,747 | 37,976 | 43,461 | 49,921 | 54,238 | S100R9KF, S100TTSP, S100W8N9, S100YJ4V |
| Treasury stock | -8 | -8 | -9 | -5,397 | -5,398 | S100R9KF, S100TTSP, S100W8N9, S100YJ4V |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 13% | S100YJ4V |
| Property, plant and equipment | 9% | S100YJ4V |
| Intangibles and goodwill | 6% | S100YJ4V |
| Investment securities | 1% | S100YJ4V |
| Other assets | 71% | S100YJ4V |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 26% | S100YJ4V |
| Interest-bearing debt | 33% | 算出 |
| Other liabilities | 10% | S100YJ4V |
| Equity | 31% | S100YJ4V |

### 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 | 241,958 | 269,427 | 291,704 | 310,022 | 349,551 |
| Equity | 81,657 | 85,095 | 91,024 | 100,061 | 109,504 |
| Interest-bearing debt | — | — | 104,385 | 102,922 | 113,400 |
| Cash | 33,438 | 31,984 | 39,771 | 44,283 | 44,722 |

## 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) | 4.8% | S100YJ4V |
| Fixed assets ÷ total assets | 8.7% | S100YJ4V |
| Goodwill ÷ parent equity | 6.9% | S100YJ4V |

Goodwill over 4 years: 6,618 → 5,772 JPY; total investing cash flow: -33,879 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) | 12.8% |
| Cash ÷ revenue | 7.1% |
| Net cash (cash − interest-bearing debt) | -¥68.7B |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -19.6% |
| Cash vs. profit gap | -10,973 JPY mn (of net income -142.7%) |
| Shareholder returns / net income | 43.9% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 43.9% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 1.0% |
| Investing CF relative to operating CF | — |

## 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 | 1.5% | 1.65× | 2.5% | 3.24× | 8.0% | S100R9KF |
| 2023 | 1.5% | 1.91× | 2.8% | 3.34× | 9.2% | S100TTSP |
| 2024 | 1.4% | 1.83× | 2.5% | 3.50× | 8.7% | S100W8N9 |
| 2025 | 1.3% | 1.86× | 2.5% | 3.74× | 9.3% | S100YJ4V |
| 2026 | 1.2% | 1.91× | 2.3% | 4.04× | 9.4% | S100YJ4V |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社ケイエムエフ | Major shareholder | 23.4% | 2026-03-31 |
| みずほ信託銀行株式会社 退職給付信託 ソニーグループ口 再信託受託者 株式会社日本カストディ銀行 | Major shareholder | 10.5% | 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 | 7.7% | 2026-03-31 |
| ＳＢＩホールディングス株式会社 | Major shareholder | 3.5% | 2026-03-31 |
| 株式会社三菱ＵＦＪ銀行 | Major shareholder | 2.9% | 2026-03-31 |
| レスター従業員持株会 | Major shareholder | 2.6% | 2026-03-31 |
| 株式会社みずほ銀行 | Major shareholder | 2.5% | 2026-03-31 |
| 新光商事株式会社 | Major shareholder | 1.9% | 2026-03-31 |
| ＳＴＡＴＥ ＳＴＲＥＥＴ ＢＡＮＫ ＡＮＤ ＴＲＵＳＴ ＣＯＭＰＡＮＹ 505223 | Major shareholder | 1.8% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 1.6% | 2026-03-31 |

## AI commentary（text by AI; the tables above are authoritative、claude-code）

- Revenue for the FY ending Mar 2026 was ¥630.9B, up +12.5% from ¥561B.
- Operating income grew faster, rising +18.1% to ¥16.7B.
- Net income edged up +2.9% to ¥7.69B.
- Operating cash flow swung from ¥20.2B to -¥3.28B, and free cash flow was -¥9.81B.

### Drivers

- Products for data centers, including those for generative AI, sold well in the second half
- Joint ventures set up the year before became subsidiaries, and acquisitions added sales
- Sales for high-end cameras and PC equipment grew, new automotive business started, and industrial equipment demand recovered
- Profit in the eco solutions business fell as competition intensified in the power balancing market
- Receivables and inventory rose at year end

### Risks

- Changes in customers' product demand or capital spending can hurt results
- The company relies heavily on a few suppliers' products, so their policy changes or distribution rights reviews matter
- Large currency swings or higher interest rates could affect earnings

Cited: Annual Securities Report, FY ending Mar 2026 (Management's analysis of financial position, operating results and cash flows); Annual Securities Report, FY ending Mar 2026 (Business risks)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第17期(2025/04/01－2026/03/31) | S100YJ4V | 2026-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YJ4V,, |
| 有価証券報告書－第16期(2024/04/01－2025/03/31) | S100W8N9 | 2025-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W8N9,, |
| 有価証券報告書－第15期(2023/04/01－2024/03/31) | S100TTSP | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TTSP,, |
| 有価証券報告書－第14期(2022/04/01－2023/03/31) | S100R9KF | 2023-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R9KF,, |
| 訂正有価証券報告書－第13期(令和3年4月1日－令和4年3月31日) | S100P3ME | 2022-08-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100P3ME,, |
| 有価証券報告書－第12期(令和2年4月1日－令和3年3月31日) | S100LK1P | 2021-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LK1P,, |

## 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).