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

> Latest period: FY ending Feb 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第24期(2025/03/01－2026/02/28) (S100Y6L5)
> Page: https://vizora.meequs.com/en/company/rikkusofuto
> Retrieved: 2026-09-30T19:50:17.244Z

## Company

Ricksoft, founded in 2005, is a company in IT Services & System Integration listed on TSE Growth. It has 136 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Ricksoft Co., Ltd. |
| Ticker | 4429 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4429.T) |
| Listing | TSE Growth |
| Head office | 東京都千代田区大手町二丁目1番1号 |
| Representative (per filing) | 代表取締役 大貫 浩 |
| Founded | Jan 2005 |
| Share capital | ¥350.4M |
| Employees (consolidated) | 136 |
| Average salary (parent only) | ¥6.5M |
| Fiscal year end | February |
| Corporate number | 1010001124218 |
| EDINET | E34633 |
| Industries (Vizora) | IT Services & System Integration |

> Profile source: annual securities report (S100Y6L5, filed 2026-05-27). As of filing

## Five-axis industry profile

Primary industry: IT Services & System Integration (2026-02-28)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 89.5 | 157 |
| Profitability | 16.6 | 196 |
| Cash conversion | 95.4 | 185 |
| Efficiency | 55.4 | 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)

- Ricksoft brought in ¥10.9B in revenue.
- Out of every ¥100 of sales, about ¥4 is left as operating profit.
- Revenue changed +20.4% from the prior year, operating profit -17.8%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥10892579000 → ¥263787000
- Net income → operating cash flow: ¥263787000 → ¥697070000（difference ¥433283000）
- Main uses of operating cash flow: CapEx ¥17801000 / dividends — / buybacks —
- Change in cash: ¥642476000
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 | ¥10.9B |  |
| Operating income | ¥376.8M | Margin 3.5% |
| Net income | ¥263.8M | Margin 2.4% |
| Free cash flow | ¥679.3M |  |
| Employees (consolidated) | 136 |  |
| EPS | ¥55.94 |  |
| Book value per share | ¥663.55 |  |
| Equity ratio | 34.4% |  |
| Shares outstanding | 4,550,300 |  |
| Treasury shares | 50,100 |  |
| Shareholders | 1,371 |  |
| Average salary (parent only) | ¥6.5M | Filing company only |
| Cash ratio | 40.9% | Cash ÷ revenue 36.2% |
| Vs. industry median margin | -5.5 pp | IT Services & System Integration |
| ROE | 8.4% | Derived from disclosed figures |
| ROA | 3.2% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.6× net income
- FY2026, revenue is 2.5× its level five years ago
- FY2026, cash is 41% of total assets

## What changed in 5 years

| Metric | FY ending Feb 2021 | FY ending Feb 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥4431006000 | ¥10892579000 | +145.8% |
| Operating income | ¥601875000 | ¥376816000 | -37.4% |
| Operating margin | 13.6% | 3.5% | -10.1 pp |
| Employees | 85 people | 136 people | +60.0% |
| Cash and equivalents | ¥1944022000 | ¥3939457000 | +102.6% |

### Change in segment revenue mix

Span: FY ending Feb 2021 → FY ending Feb 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 10,893 | 100.0% | S100Y6L5 |
| Cost of revenue | 8,519 | 78.2% | S100Y6L5 |
| Gross profit | 2,373 | 21.8% | S100Y6L5 |
| SG&A | 1,997 | 18.3% | S100Y6L5 |
| Operating income | 377 | 3.5% | S100Y6L5 |
| Ordinary income | 357 | 3.3% | S100Y6L5 |
| Pretax income | 357 | 3.3% | S100Y6L5 |
| Income tax | 93 | 0.9% | S100Y6L5 |
| Net income | 264 | 2.4% | S100Y6L5 |
| Net income attributable to owners | 264 | 2.4% | S100Y6L5 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 78 |
| SG&A | 18 |
| Operating income | 4 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 21.8% → Operating margin 3.5% → Net margin 2.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +20.4%; Core profit growth: -17.8%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -0.87×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 9,044 | 10,893 | 1,849 | +20.4% |
| Gross profit | 2,374 | 2,373 | -1 | -0.0% |
| Operating income | 459 | 377 | -82 | -17.8% |
| Net income attributable to owners | 356 | 264 | -92 | -25.8% |
| Operating cash flow | 377 | 697 | 320 | +84.8% |
| Free cash flow | 282 | 679 | 397 | +140.6% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Feb 2020 | 3,089 | 402 | 13.0% | 289 | 316 | 303 | S100LEQF |
| FY ending Feb 2021 | 4,431 | 602 | 13.6% | 446 | 478 | 469 | S100O44E |
| FY ending Feb 2022 | 4,308 | 437 | 10.2% | 327 | 161 | 101 | S100QTLW |
| FY ending Feb 2023 | 5,623 | 547 | 9.7% | 424 | 978 | 953 | S100TIUC |
| FY ending Feb 2024 | 7,491 | 666 | 8.9% | 269 | 100 | 71 | S100VUB8 |
| FY ending Feb 2025 | 9,044 | 459 | 5.1% | 356 | 377 | 282 | S100Y6L5 |
| FY ending Feb 2026 | 10,893 | 377 | 3.5% | 264 | 697 | 679 | S100Y6L5 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥80.1M |
| Operating income per employee (consolidated) | ¥2.8M |
| Net income per employee (consolidated) | ¥1.9M |

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

| History | FY ending Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 93 | 108 | 123 | 137 | 136 |
| Average salary (parent company) | ¥6.1M | ¥6.9M | ¥7M | ¥6.7M | ¥6.5M |
| Average age (parent company) | 39.2 years | 39.6 years | 39.2 years | 38.7 years | 38.3 years |
| Average tenure (parent company) | 4.0 years | 4.0 years | 4.1 years | 4.4 years | 5.0 years |

Year over year: Employees (consolidated) -0.7% · Revenue (consolidated) +20.4%

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Feb 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 697 | 6.4% | S100Y6L5 |
| Capital expenditure | 18 | 0.2% | S100Y6L5 |
| Free cash flow | 679 | 6.2% | 算出 |
| Investing cash flow | -35 | -0.3% | S100Y6L5 |
| Change in cash | 642 | 5.9% | S100Y6L5 |
| Cash and equivalents | 3,939 | 36.2% | S100Y6L5 |

## 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 Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 2,089 | 3,071 | 3,158 | 3,297 | 3,939 | S100TIUC, S100VUB8, S100Y6L5 |
| Total assets | 2,932 | 4,571 | 5,966 | 6,678 | 9,633 | S100QTLW, S100TIUC, S100VUB8, S100Y6L5 |
| Net assets | 2,255 | 2,474 | 2,768 | 3,029 | 3,316 | S100TIUC, S100VUB8, S100Y6L5 |
| Share capital | 338 | 347 | 350 | 350 | 350 | S100QTLW, S100TIUC, S100VUB8, S100Y6L5 |
| Property, plant and equipment | 92 | 86 | 84 | 150 | 117 | S100QTLW, S100TIUC, S100VUB8, S100Y6L5 |
| Intangible assets excluding goodwill | 10 | 26 | 38 | 46 | 41 | S100QTLW, S100TIUC, S100VUB8, S100Y6L5 |
| Investment securities | — | — | — | — | 6 | S100Y6L5 |
| Current assets | 2,752 | 4,340 | 5,694 | 6,260 | 9,195 | S100QTLW, S100TIUC, S100VUB8, S100Y6L5 |
| Current liabilities | 646 | 2,066 | 3,167 | 3,598 | 6,265 | S100QTLW, S100TIUC, S100VUB8, S100Y6L5 |
| Total liabilities | 677 | 2,097 | 3,198 | 3,649 | 6,316 | S100QTLW, S100TIUC, S100VUB8, S100Y6L5 |
| Equity attributable to owners of parent | 2,253 | 2,460 | 2,737 | 3,002 | 3,278 | S100QTLW, S100TIUC, S100VUB8, S100Y6L5 |
| Retained earnings | 1,543 | 1,733 | 2,002 | 2,357 | 2,607 | S100QTLW, S100TIUC, S100VUB8, S100Y6L5 |
| Treasury stock | -1 | -1 | -1 | -91 | -65 | S100QTLW, S100TIUC, S100VUB8, S100Y6L5 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 41% | S100Y6L5 |
| Property, plant and equipment | 1% | S100Y6L5 |
| Intangibles and goodwill | 1% | S100Y6L5 |
| Investment securities | 0% | S100Y6L5 |
| Other assets | 57% | S100Y6L5 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 66% | S100Y6L5 |
| Equity | 34% | S100Y6L5 |

### Balance sheet history

| Metric | FY ending Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 2,932 | 4,571 | 5,966 | 6,678 | 9,633 |
| Equity | 2,255 | 2,474 | 2,768 | 3,029 | 3,316 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 2,089 | 3,071 | 3,158 | 3,297 | 3,939 |

## 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) | 1.1% | S100Y6L5 |
| Fixed assets ÷ total assets | 1.2% | S100Y6L5 |
| Goodwill ÷ parent equity | — | —, S100Y6L5 |

### 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) | 40.9% |
| Cash ÷ revenue | 36.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 185.0% |
| Cash vs. profit gap | 433 JPY mn (of net income 164.3%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.2% |
| Investing CF relative to operating CF | 5.0% |

## 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 | 7.6% | 1.47× | 11.1% | 1.30× | 14.5% | S100QTLW |
| 2023 | 7.5% | 1.50× | 11.3% | 1.59× | 18.0% | S100TIUC |
| 2024 | 3.6% | 1.42× | 5.1% | 2.03× | 10.4% | S100VUB8 |
| 2025 | 3.9% | 1.43× | 5.6% | 2.20× | 12.4% | S100Y6L5 |
| 2026 | 2.4% | 1.34× | 3.2% | 2.60× | 8.4% | S100Y6L5 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ＨＳ株式会社 | Major shareholder | 44.4% | 2026-02-28 |
| 光通信ＫＫ投資事業有限責任組合無限責任組合員光通信株式会社 | Major shareholder | 7.0% | 2026-02-28 |
| 株式会社ＳＢＩ証券 | Major shareholder | 3.9% | 2026-02-28 |
| 大貫 浩 | Major shareholder | 3.3% | 2026-02-28 |
| 服部 典生 | Major shareholder | 2.5% | 2026-02-28 |
| ＵＨ Ｐａｒｔｎｅｒｓ ２投資事業有限責任組合無限責任組合員株式会社ＵＨ Ｐａｒｔｎｅｒｓ ２ | Major shareholder | 2.4% | 2026-02-28 |
| 野村信託銀行株式会社（投信口） | Major shareholder | 1.9% | 2026-02-28 |
| 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 | 1.8% | 2026-02-28 |
| 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 | 1.5% | 2026-02-28 |
| 楽天証券株式会社 | Major shareholder | 1.5% | 2026-02-28 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第24期(2025/03/01－2026/02/28) | S100Y6L5 | 2026-05-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y6L5,, |
| 有価証券報告書－第23期(2024/03/01－2025/02/28) | S100VUB8 | 2025-05-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VUB8,, |
| 有価証券報告書－第22期(2023/03/01－2024/02/29) | S100TIUC | 2024-05-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TIUC,, |
| 有価証券報告書－第21期(2022/03/01－2023/02/28) | S100QTLW | 2023-05-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QTLW,, |
| 有価証券報告書－第20期(令和3年3月1日－令和4年2月28日) | S100O44E | 2022-05-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O44E,, |
| 有価証券報告書－第19期(令和2年3月1日－令和3年2月28日) | S100LEQF | 2021-05-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LEQF,, |

## 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).