# Ryoyu Systems Co., Ltd.: 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58期(2025/04/01－2026/03/31) (S100YH80)
> Page: https://vizora.meequs.com/en/company/ryoyu-systems
> Retrieved: 2026-09-30T19:40:54.693Z

## Company

Ryoyu Systems, founded in 1968, is a company in IT Services & System Integration listed on TSE Standard. It has 2,006 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Ryoyu Systems Co.,Ltd. |
| Ticker | 4685 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4685.T) |
| Listing | TSE Standard |
| Head office | 東京都港区芝浦一丁目2番3号 |
| Representative (per filing) | 代表取締役社長 安井 譲 |
| Founded | Jul 1968 |
| Share capital | ¥739M |
| Employees (consolidated) | 2,006 |
| Average salary (parent only) | ¥7.8M |
| Fiscal year end | March |
| Website | www.ryoyu.co.jp (https://www.ryoyu.co.jp/) |
| Corporate number | 3010401031664 |
| EDINET | E04995 |
| Industries (Vizora) | IT Services & System Integration |

> Profile source: annual securities report (S100YH80, filed 2026-06-23). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 39.2 | 157 |
| Profitability | 78.8 | 196 |
| Cash conversion | 33.2 | 185 |
| Efficiency | 59.9 | 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)

- Ryoyu Systems brought in ¥43.2B in revenue.
- Out of every ¥100 of sales, about ¥13 is left as operating profit.
- Revenue changed +1.1% from the prior year, operating profit +14.0%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥43229000000 → ¥4134000000
- Net income → operating cash flow: ¥4134000000 → ¥3956000000（difference ¥-178000000）
- Main uses of operating cash flow: CapEx ¥425000000 / dividends ¥1210000000 / buybacks ¥0
- Change in cash: ¥1134000000
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 | ¥43.2B |  |
| Operating income | ¥5.49B | Margin 12.7% |
| Net income | ¥3.91B | Margin 9.0% |
| Free cash flow | ¥3.53B |  |
| Employees (consolidated) | 2,006 |  |
| EPS | ¥283.73 |  |
| Book value per share | ¥1467.75 |  |
| Equity ratio | 68.9% |  |
| Shares outstanding | 12,779,712 |  |
| Treasury shares | 25,100 |  |
| Shareholders | 2,243 |  |
| Average salary (parent only) | ¥7.8M | Filing company only |
| Cash ratio | 10.3% | Cash ÷ revenue 7.6% |
| Vs. industry median margin | +3.8 pp | IT Services & System Integration |
| ROE | 19.3% | Derived from disclosed figures |
| ROA | 12.5% | Derived from disclosed figures |

## Notable figures

- FY2026, parent-company salary changed +23% over five years
- FY2026, employees -1% while operating income rose 14%

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥31557000000 | ¥43229000000 | +37.0% |
| Operating income | ¥2287000000 | ¥5488000000 | +140.0% |
| Operating margin | 7.2% | 12.7% | +5.4 pp |
| Employees | 2,007 people | 2,006 people | -0.0% |
| Cash and equivalents | ¥1767000000 | ¥3305000000 | +87.0% |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 43,229 | 100.0% | S100YH80 |
| Cost of revenue | 33,242 | 76.9% | S100YH80 |
| Gross profit | 9,986 | 23.1% | S100YH80 |
| SG&A | 4,498 | 10.4% | S100YH80 |
| Operating income | 5,488 | 12.7% | S100YH80 |
| Ordinary income | 5,619 | 13.0% | S100YH80 |
| Pretax income | 5,692 | 13.2% | S100YH80 |
| Income tax | 1,557 | 3.6% | S100YH80 |
| Net income | 4,134 | 9.6% | S100YH80 |
| Net income attributable to owners | 3,910 | 9.0% | S100YH80 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 77 |
| SG&A | 10 |
| Operating income | 13 |
| (Ref.) Net income | 9 |

### Margin funnel

Gross margin 23.1% → Operating margin 12.7% → Net margin 9.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +1.1%; Core profit growth: +14.0%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 12.80×
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 | 42,763 | 43,229 | 466 | +1.1% |
| Gross profit | 9,228 | 9,986 | 758 | +8.2% |
| Operating income | 4,816 | 5,488 | 672 | +14.0% |
| Net income attributable to owners | 3,383 | 3,910 | 527 | +15.6% |
| Operating cash flow | 3,019 | 3,956 | 937 | +31.0% |
| Free cash flow | 2,799 | 3,531 | 732 | +26.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 33,119 | 2,582 | 7.8% | 1,680 | 1,531 | 1,281 | S100LOPG |
| FY ending Mar 2021 | 31,557 | 2,287 | 7.2% | 1,420 | 806 | 717 | S100ODNL |
| FY ending Mar 2022 | 30,260 | 2,333 | 7.7% | 1,580 | 2,447 | 2,301 | S100R1BE |
| FY ending Mar 2023 | 33,138 | 2,673 | 8.1% | 1,834 | -430 | -771 | S100TT2P |
| FY ending Mar 2024 | 37,062 | 3,581 | 9.7% | 2,416 | 4,088 | 3,421 | S100W39X |
| FY ending Mar 2025 | 42,763 | 4,816 | 11.3% | 3,383 | 3,019 | 2,799 | S100YH80 |
| FY ending Mar 2026 | 43,229 | 5,488 | 12.7% | 3,910 | 3,956 | 3,531 | S100YH80 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥21.5M |
| Operating income per employee (consolidated) | ¥2.7M |
| 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 Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 2,026 | 2,018 | 2,012 | 2,017 | 2,006 |
| Average salary (parent company) | ¥6.4M | ¥6.7M | ¥7M | ¥7.6M | ¥7.8M |
| Average age (parent company) | 43.2 years | 43.5 years | 43.8 years | 44.0 years | 44.2 years |
| Average tenure (parent company) | 18.3 years | 18.6 years | 18.9 years | 19.2 years | 19.3 years |

Year over year: Employees (consolidated) -0.5% · Revenue (consolidated) +1.1%

## 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 | 3,956 | 9.2% | S100YH80 |
| Capital expenditure | 425 | 1.0% | S100YH80 |
| Free cash flow | 3,531 | 8.2% | 算出 |
| Investing cash flow | -1,553 | -3.6% | S100YH80 |
| Financing cash flow | -1,268 | -2.9% | S100YH80 |
| Dividends paid | 1,210 | 2.8% | S100YH80 |
| Share buyback | 0 | 0.0% | S100YH80 |
| Change in cash | 1,134 | 2.6% | S100YH80 |
| Cash and equivalents | 3,305 | 7.6% | S100YH80 |

## 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 | 1,472 | 1,770 | 2,196 | 2,170 | 3,305 | S100TT2P, S100W39X, S100YH80 |
| Total assets | 21,932 | 23,016 | 26,827 | 30,203 | 32,234 | S100R1BE, S100TT2P, S100W39X, S100YH80 |
| Net assets | 14,379 | 15,823 | 18,160 | 20,704 | 23,968 | S100TT2P, S100W39X, S100YH80 |
| Share capital | 685 | 699 | 709 | 725 | 739 | S100R1BE, S100TT2P, S100W39X, S100YH80 |
| Property, plant and equipment | 399 | 409 | 531 | 533 | 403 | S100R1BE, S100TT2P, S100W39X, S100YH80 |
| Intangible assets excluding goodwill | 158 | 420 | 698 | 585 | 568 | S100R1BE, S100TT2P, S100W39X, S100YH80 |
| Investment securities | 56 | 65 | 137 | 2,077 | 4,185 | S100R1BE, S100TT2P, S100W39X, S100YH80 |
| Current assets | 18,032 | 18,721 | 21,678 | 22,989 | 22,503 | S100R1BE, S100TT2P, S100W39X, S100YH80 |
| Current liabilities | 5,638 | 6,203 | 8,180 | 9,113 | 7,980 | S100R1BE, S100TT2P, S100W39X, S100YH80 |
| Total liabilities | 7,552 | 7,192 | 8,667 | 9,498 | 8,266 | S100R1BE, S100TT2P, S100W39X, S100YH80 |
| Non-controlling interests | 1,158 | 1,255 | 1,412 | 1,538 | 1,743 | S100R1BE, S100TT2P, S100W39X, S100YH80 |
| Equity attributable to owners of parent | 13,514 | 14,899 | 16,477 | 19,000 | 21,580 | S100R1BE, S100TT2P, S100W39X, S100YH80 |
| Retained earnings | 12,584 | 13,942 | 15,500 | 17,992 | 20,543 | S100R1BE, S100TT2P, S100W39X, S100YH80 |
| Treasury stock | -9 | -9 | -9 | -9 | -10 | S100R1BE, S100TT2P, S100W39X, S100YH80 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 10% | S100YH80 |
| Property, plant and equipment | 1% | S100YH80 |
| Intangibles and goodwill | 2% | S100YH80 |
| Investment securities | 13% | S100YH80 |
| Other assets | 74% | S100YH80 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 26% | S100YH80 |
| Equity | 74% | S100YH80 |

### 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 | 21,932 | 23,016 | 26,827 | 30,203 | 32,234 |
| Equity | 14,379 | 15,823 | 18,160 | 20,704 | 23,968 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,472 | 1,770 | 2,196 | 2,170 | 3,305 |

## 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) | 0.9% | S100YH80 |
| Fixed assets ÷ total assets | 1.3% | S100YH80 |
| Goodwill ÷ parent equity | — | —, S100YH80 |

### 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) | 10.3% |
| Cash ÷ revenue | 7.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 72.1% |
| Cash vs. profit gap | 46 JPY mn (of net income 1.2%) |
| Shareholder returns / net income | 30.9% |
| Shareholder returns / FCF | 34.3% |
| Shareholder payments — dividends / net income | 30.9% |
| Shareholder payments — dividends / FCF | 34.3% |
| CapEx intensity (capex ÷ revenue) | 1.0% |
| Investing CF relative to operating CF | 39.3% |

## 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 | 5.2% | 1.38× | 7.2% | 1.62× | 11.7% | S100R1BE |
| 2023 | 5.5% | 1.47× | 8.2% | 1.58× | 12.9% | S100TT2P |
| 2024 | 6.5% | 1.49× | 9.7% | 1.59× | 15.4% | S100W39X |
| 2025 | 7.9% | 1.50× | 11.9% | 1.61× | 19.1% | S100YH80 |
| 2026 | 9.0% | 1.38× | 12.5% | 1.54× | 19.3% | S100YH80 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 三菱重工業株式会社 | Major shareholder | 31.2% | 2026-03-31 |
| 菱友社員持株会 | Major shareholder | 20.4% | 2026-03-31 |
| 加藤 眞人 | Major shareholder | 3.0% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 2.4% | 2026-03-31 |
| 株式会社三菱ＵＦＪ銀行 | Major shareholder | 2.4% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505044 | Major shareholder | 1.4% | 2026-03-31 |
| 光通信ＫＫ投資事業有限責任組合 | Major shareholder | 1.2% | 2026-03-31 |
| 石塚 文代 | Major shareholder | 1.1% | 2026-03-31 |
| ダイヤモンドオフィスサービス株式会社 | Major shareholder | 0.9% | 2026-03-31 |
| 明治安田生命保険相互会社 | Major shareholder | 0.9% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第58期(2025/04/01－2026/03/31) | S100YH80 | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YH80,, |
| 有価証券報告書－第57期(2024/04/01－2025/03/31) | S100W39X | 2025-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W39X,, |
| 有価証券報告書－第56期(2023/04/01－2024/03/31) | S100TT2P | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TT2P,, |
| 有価証券報告書－第55期(2022/04/01－2023/03/31) | S100R1BE | 2023-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R1BE,, |
| 有価証券報告書－第54期(令和3年4月1日－令和4年3月31日) | S100ODNL | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100ODNL,, |
| 有価証券報告書－第53期(令和2年4月1日－令和3年3月31日) | S100LOPG | 2021-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LOPG,, |

## 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).