# Ryoyo Ryosan 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2期(2025/04/01－2026/03/31) (S100YHJV)
> Page: https://vizora.meequs.com/en/company/ryoyo-ryosan-holdings
> Retrieved: 2026-09-30T22:27:27.991Z

## Company

Ryoyo Ryosan Holdings, founded in 2023, is a company in IT Services & System Integration listed on TSE Prime. It has 1,644 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Ryoyo Ryosan Holdings, Inc. |
| Ticker | 167A |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/167A.T) |
| Listing | TSE Prime |
| Head office | 東京都千代田区東神田二丁目3番5号(上記は登記上の本店所在地であり、本社業務は下記「最寄りの連絡場所」において行っております。) |
| Representative (per filing) | 代表取締役社長執行役員 中村 守孝 |
| Founded | Oct 2023 |
| Share capital | ¥15B |
| Employees (consolidated) | 1,644 |
| Average salary (parent only) | ¥7.6M |
| Fiscal year end | March |
| Website | www.rr-hds.co.jp (https://www.rr-hds.co.jp/) |
| Corporate number | 8010001243688 |
| EDINET | E39254 |
| Industries (Vizora) | IT Services & System Integration, Specialty Trading & Wholesale |

> Profile source: annual securities report (S100YHJV, filed 2026-06-24). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 13.7 | 179 |
| Profitability | 48.9 | 185 |
| Cash conversion | 8.1 | 179 |
| Efficiency | 46.8 | 185 |

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 71% of Ryoyo Ryosan Holdings's sales come from Device, with Solution making up much of the rest.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed +0.0% from the prior year, operating profit +18.6%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥359.9B |  |
| Operating income | ¥10.1B | Margin 2.8% |
| Net income | ¥7.44B | Margin 2.1% |
| Free cash flow | -¥2.78B |  |
| Largest business | Device | of segment revenue 70.8% |
| Employees (consolidated) | 1,644 |  |
| EPS | ¥145.04 |  |
| Diluted EPS | ¥144.93 |  |
| Book value per share | ¥2983.91 |  |
| Equity ratio | 54.6% |  |
| Shares outstanding | 54,000,000 |  |
| Treasury shares | 13,899,000 |  |
| Shareholders | 63,686 |  |
| Average salary (parent only) | ¥7.6M | Filing company only |
| Cash ratio | 14.2% | Cash ÷ revenue 9.9% |
| Vs. industry median margin | -0.1 pp | Specialty Trading & Wholesale |
| ROE | 5.8% | Derived from disclosed figures |
| ROA | 3.1% | Derived from disclosed figures |

## Notable figures

- FY2026, employees 0% while operating income rose 19%

## What changed in 1 years

| Metric | FY ending Mar 2025 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥359811000000 | ¥359948000000 | +0.0% |
| Operating income | ¥8542000000 | ¥10128000000 | +18.6% |
| Operating margin | 2.4% | 2.8% | +0.4 pp |
| Employees | 1,649 people | 1,644 people | -0.3% |
| Cash and equivalents | ¥29674000000 | ¥35672000000 | +20.2% |

### Change in segment revenue mix

Span: FY ending Mar 2025 → 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 |
| --- | ---: |
| デバイス事業 → デバイス事業 | 70.8% |
| デバイス事業 → 事業再編・廃止 | 1.4% |
| ソリューション事業 → ソリューション事業 | 27.9% |
| 新設・再編 → ソリューション事業 | 1.4% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 359,948 | 100.0% | S100YHJV |
| Cost of revenue | 322,348 | 89.6% | S100YHJV |
| Gross profit | 37,599 | 10.4% | S100YHJV |
| SG&A | 27,471 | 7.6% | S100YHJV |
| Operating income | 10,128 | 2.8% | S100YHJV |
| Ordinary income | 8,930 | 2.5% | S100YHJV |
| Pretax income | 11,252 | 3.1% | S100YHJV |
| Income tax | 3,812 | 1.1% | S100YHJV |
| Net income | 7,440 | 2.1% | S100YHJV |
| Net income attributable to owners | 7,440 | 2.1% | S100YHJV |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 89 |
| SG&A | 8 |
| Operating income | 3 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 10.4% → Operating margin 2.8% → Net margin 2.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +0.0%; Core profit growth: +18.6%
Growth quality: margin-expansion
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 | 359,811 | 359,948 | 137 | +0.0% |
| Gross profit | 34,935 | 37,599 | 2,664 | +7.6% |
| Operating income | 8,542 | 10,128 | 1,586 | +18.6% |
| Net income attributable to owners | 9,387 | 7,440 | -1,947 | -20.7% |
| Operating cash flow | 13,180 | -1,490 | -14,670 | -111.3% |
| Free cash flow | 11,679 | -2,782 | -14,461 | -123.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2025 | 359,811 | 8,542 | 2.4% | 9,387 | 13,180 | 11,679 | S100YHJV |
| FY ending Mar 2026 | 359,948 | 10,128 | 2.8% | 7,440 | -1,490 | -2,782 | S100YHJV |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥218.9M |
| Operating income per employee (consolidated) | ¥6.2M |
| Net income per employee (consolidated) | ¥4.5M |

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

| History | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: |
| Employees (consolidated) | 1,649 | 1,644 |
| Average salary (parent company) | ¥7.9M | ¥7.6M |
| Average age (parent company) | 47.4 years | 47.0 years |
| Average tenure (parent company) | 18.5 years | 18.0 years |

Year over year: Employees (consolidated) -0.3% · Revenue (consolidated) +0.0%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Device | 254,682 | 70.8% | 5,732 | 2.3% |
| Solution | 105,265 | 29.2% | 4,368 | 4.1% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Device | 70.8% | 56.8% | -14.0 | 2.3% |
| Solution | 29.2% | 43.2% | 14.0 | 4.1% |

Segment → industry: Solution → IT Services & System Integration / Solution → Specialty Trading & Wholesale / Device → 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 | -1,490 | -0.4% | S100YHJV |
| Capital expenditure | 1,292 | 0.4% | S100YHJV |
| Free cash flow | -2,782 | -0.8% | 算出 |
| Investing cash flow | 3,788 | 1.1% | S100YHJV |
| Financing cash flow | 1,608 | 0.4% | S100YHJV |
| Dividends paid | 5,593 | 1.6% | S100YHJV |
| Share buyback | 3 | 0.0% | S100YHJV |
| Change in cash | 5,997 | 1.7% | S100YHJV |
| Cash and equivalents | 35,672 | 9.9% | S100YHJV |

## 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 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: |
| Cash and equivalents | 29,674 | 35,672 | S100YHJV |
| Total assets | 230,502 | 250,806 | S100YHJV |
| Net assets | 131,450 | 136,895 | S100YHJV |
| Share capital | 15,000 | 15,000 | S100YHJV |
| Trade receivables | 94,462 | 110,414 | S100YHJV |
| Property, plant and equipment | 11,276 | 11,372 | S100YHJV |
| Intangible assets excluding goodwill | 15,945 | 15,095 | S100YHJV |
| Goodwill | 3,371 | 2,867 | S100YHJV |
| Investment securities | 7,986 | 3,874 | S100YHJV |
| Current assets | 190,415 | 214,574 | S100YHJV |
| Current liabilities | 87,242 | 103,559 | S100YHJV |
| Short-term borrowings | 30,714 | 22,630 | S100YHJV |
| Long-term borrowings | 3,699 | 2,499 | S100YHJV |
| Total liabilities | 99,052 | 113,911 | S100YHJV |
| Equity attributable to owners of parent | 127,690 | 129,608 | S100YHJV |
| Retained earnings | 40,604 | 42,433 | S100YHJV |
| Treasury stock | -49,792 | -49,668 | S100YHJV |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 14% | S100YHJV |
| Receivables | 44% | S100YHJV |
| Property, plant and equipment | 5% | S100YHJV |
| Intangibles and goodwill | 7% | S100YHJV |
| Investment securities | 2% | S100YHJV |
| Other assets | 28% | S100YHJV |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 45% | S100YHJV |
| Equity | 55% | S100YHJV |

### Balance sheet history

| Metric | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: |
| Total assets | 230,502 | 250,806 |
| Equity | 131,450 | 136,895 |
| Interest-bearing debt | — | — |
| Cash | 29,674 | 35,672 |

## 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) | 3.2% | S100YHJV |
| Fixed assets ÷ total assets | 4.5% | S100YHJV |
| Goodwill ÷ parent equity | 2.2% | S100YHJV |

### 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) | 14.2% |
| Cash ÷ revenue | 9.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -14.7% |
| Cash vs. profit gap | -8,930 JPY mn (of net income -120.0%) |
| Shareholder returns / net income | 75.2% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 75.2% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.4% |
| 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2025 | 2.6% | 1.56× | 4.1% | 1.81× | 7.4% | S100YHJV |
| 2026 | 2.1% | 1.50× | 3.1% | 1.87× | 5.8% | S100YHJV |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 12.4% | 2026-03-31 |
| エス・エッチ・シー有限会社 | Major shareholder | 5.3% | 2026-03-31 |
| 住友生命保険相互会社（常任代理人：株式会社日本カストディ銀行） | Major shareholder | 3.5% | 2026-03-31 |
| 日本生命保険相互会社 （常任代理人：日本マスタートラスト信託銀行株式会社） | Major shareholder | 3.5% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 1.5% | 2026-03-31 |
| マリアート株式会社 | Major shareholder | 1.3% | 2026-03-31 |
| 株式会社シープ商会 | Major shareholder | 1.3% | 2026-03-31 |
| 株式会社三井住友銀行 | Major shareholder | 1.2% | 2026-03-31 |
| ＪＰ ＭＯＲＧＡＮ ＣＨＡＳＥ ＢＡＮＫ（常任代理人株式会社みずほ銀行決済営業部） | Major shareholder | 1.2% | 2026-03-31 |
| 山嶋由子 | Major shareholder | 1.1% | 2026-03-31 |

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

- Sales stood still at ¥359.9B, yet operating income climbed 18.6% to ¥10.1B.
- Net income went the other way, down 20.7% to ¥7.44B, because last year's figure was padded by one-off gains.
- Cash is the weak spot: operating cash flow dropped from ¥13.2B to -¥1.49B as customers owed the company more at year-end.

### Drivers

- Chip and component sales for TVs, office machines and factory equipment shrank, but Device made more money by selling a richer mix of products.
- The IT side grew on AI-related projects that pay better than plain hardware resale.
- The prior year had a gain from taking control of an affiliate, and this year it sold fewer investment shares at a profit.

### Risks

- It depends on supplier distribution deals; a supplier reshuffling its sales channels could cut into business.
- If a customer suddenly needs fewer parts, unsold stock may have to be written down or scrapped.
- Much of its trade is in foreign currencies, so the yen's moves feed straight into results.

Cited: Annual securities report (2nd fiscal term) (経営者による財政状態、経営成績及びキャッシュ・フローの状況の分析); Annual securities report (2nd fiscal term) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第2期(2025/04/01－2026/03/31) | S100YHJV | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YHJV,, |
| 有価証券報告書－第1期(2024/04/01－2025/03/31) | S100W3IZ | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W3IZ,, |

## 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).