# S&J: business model and financials

> Latest period: FY ending Mar 2026, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第18期(2025/04/01－2026/03/31) (S100YHZO)
> Page: https://vizora.meequs.com/en/company/s-and-j
> Retrieved: 2026-09-30T21:38:30.533Z

## Company

S&J, founded in 2008, is a company in Cybersecurity listed on TSE Growth. It has 79 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | S&J Corporation |
| Ticker | 5599 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5599.T) |
| Listing | TSE Growth |
| Head office | 東京都港区新橋一丁目1番1号 日比谷ビルディング |
| Representative (per filing) | 代表取締役社長 三輪 信雄 |
| Founded | Nov 2008 |
| Share capital | ¥441.6M |
| Employees (consolidated) | 79 |
| Average salary (parent only) | ¥7.6M |
| Fiscal year end | March |
| Website | www.sandj.co.jp (https://www.sandj.co.jp/) |
| Corporate number | 9010401079013 |
| EDINET | E39122 |
| Industries (Vizora) | Cybersecurity |

> Profile source: annual securities report (S100YHZO, filed 2026-06-23). As of filing

## Five-axis industry profile

Primary industry: Cybersecurity (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 87.5 | 20 |
| Profitability | 77.6 | 29 |
| Cash conversion | 38.9 | 27 |
| Efficiency | 25.9 | 29 |

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)

- S&J brought in ¥2.33B in revenue.
- Out of every ¥100 of sales, about ¥24 is left as operating profit.
- Revenue changed +20.1% from the prior year, operating profit +32.2%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥2333605000 → ¥405142000
- Net income → operating cash flow: ¥405142000 → ¥534197000（difference ¥129055000）
- Main uses of operating cash flow: CapEx ¥6627000 / dividends — / buybacks ¥354684000
- Change in cash: ¥251484000
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 | ¥2.33B |  |
| Operating income | ¥556M | Margin 23.8% |
| Net income | ¥405.1M | Margin 17.4% |
| Free cash flow | ¥527.6M |  |
| Employees (consolidated) | 79 |  |
| EPS | ¥72.96 |  |
| Diluted EPS | ¥69.31 |  |
| Book value per share | ¥385.89 |  |
| Equity ratio | 71.2% |  |
| Shares outstanding | 5,627,200 |  |
| Treasury shares | 55,900 |  |
| Shareholders | 2,312 |  |
| Average salary (parent only) | ¥7.6M | Filing company only |
| Cash ratio | 74.5% | Cash ÷ revenue 96.4% |
| Vs. industry median margin | +9.4 pp | Cybersecurity |
| ROE | 19.5% | Derived from disclosed figures |
| ROA | 14.2% | Derived from disclosed figures |

## Notable figures

- FY2026, cash is 74% of total assets

## What changed in 3 years

| Metric | FY ending Mar 2023 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥1281425000 | ¥2333605000 | +82.1% |
| Operating income | ¥331951000 | ¥556042000 | +67.5% |
| Operating margin | 25.9% | 23.8% | -2.1 pp |
| Employees | 47 people | 79 people | +68.1% |
| Cash and equivalents | ¥1353734000 | ¥2249429000 | +66.2% |

### Change in segment revenue mix

Span: FY ending Mar 2023 → 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, non-consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 2,334 | 100.0% | S100YHZO |
| Cost of revenue | 1,146 | 49.1% | S100YHZO |
| Gross profit | 1,188 | 50.9% | S100YHZO |
| SG&A | 632 | 27.1% | S100YHZO |
| Operating income | 556 | 23.8% | S100YHZO |
| Ordinary income | 555 | 23.8% | S100YHZO |
| Pretax income | 555 | 23.8% | S100YHZO |
| Income tax | 150 | 6.4% | S100YHZO |
| Net income | 405 | 17.4% | S100YHZO |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 49 |
| SG&A | 27 |
| Operating income | 24 |
| (Ref.) Net income | 17 |

### Margin funnel

Gross margin 50.9% → Operating margin 23.8% → Net margin 17.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +20.1%; Core profit growth: +32.2%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.60×
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 | 1,943 | 2,334 | 391 | +20.1% |
| Gross profit | 946 | 1,188 | 242 | +25.5% |
| Operating income | 421 | 556 | 136 | +32.2% |
| Operating cash flow | 344 | 534 | 190 | +55.3% |
| Free cash flow | -72 | 528 | 600 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2023 | 1,281 | 332 | 25.9% | 211 | 646 | 637 | S100TU4I |
| FY ending Mar 2024 | 1,611 | 349 | 21.7% | 219 | 67 | 55 | S100W7BJ |
| FY ending Mar 2025 | 1,943 | 421 | 21.6% | 309 | 344 | -72 | S100YHZO |
| FY ending Mar 2026 | 2,334 | 556 | 23.8% | 405 | 534 | 528 | S100YHZO |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥29.5M |
| Operating income per employee (consolidated) | ¥7M |
| Net income per employee (consolidated) | ¥5.1M |

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

| History | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 47 | 60 | 63 | 79 |
| Average salary (parent company) | — | ¥7.5M | ¥7.8M | ¥7.6M |
| Average age (parent company) | — | 41.0 years | 40.7 years | 40.2 years |
| Average tenure (parent company) | — | 2.8 years | 3.6 years | 3.6 years |

Year over year: Employees (consolidated) +25.4% · Revenue (consolidated) +20.1%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 534 | 22.9% | S100YHZO |
| Capital expenditure | 7 | 0.3% | S100YHZO |
| Free cash flow | 528 | 22.6% | 算出 |
| Investing cash flow | -7 | -0.3% | S100YHZO |
| Financing cash flow | -276 | -11.8% | S100YHZO |
| Share buyback | 355 | 15.2% | S100YHZO |
| Change in cash | 251 | 10.8% | S100YHZO |
| Cash and equivalents | 2,249 | 96.4% | S100YHZO |

## 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 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,354 | 2,120 | 1,998 | 2,249 | S100W7BJ, S100YHZO |
| Total assets | 1,545 | 2,461 | 2,706 | 3,020 | S100TU4I, S100W7BJ, S100YHZO |
| Net assets | 754 | 1,758 | 2,004 | 2,150 | S100W7BJ, S100YHZO |
| Share capital | 49 | 442 | 442 | 442 | S100TU4I, S100W7BJ, S100YHZO |
| Property, plant and equipment | 22 | 23 | 380 | 299 | S100TU4I, S100W7BJ, S100YHZO |
| Current assets | 1,488 | 2,346 | 2,243 | 2,640 | S100TU4I, S100W7BJ, S100YHZO |
| Current liabilities | 792 | 703 | 702 | 870 | S100TU4I, S100W7BJ, S100YHZO |
| Total liabilities | 792 | 703 | 702 | 870 | S100TU4I, S100W7BJ, S100YHZO |
| Equity attributable to owners of parent | 754 | 1,758 | 2,004 | 2,150 | S100TU4I, S100W7BJ, S100YHZO |
| Retained earnings | 517 | 736 | 1,042 | 1,229 | S100TU4I, S100W7BJ, S100YHZO |
| Treasury stock | — | -0 | -60 | -102 | S100W7BJ, S100YHZO |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 74% | S100YHZO |
| Property, plant and equipment | 10% | S100YHZO |
| Other assets | 16% | S100YHZO |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 29% | S100YHZO |
| Equity | 71% | S100YHZO |

### Balance sheet history

| Metric | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: |
| Total assets | 1,545 | 2,461 | 2,706 | 3,020 |
| Equity | 754 | 1,758 | 2,004 | 2,150 |
| Interest-bearing debt | — | — | — | — |
| Cash | 1,354 | 2,120 | 1,998 | 2,249 |

## 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) | 12.8% | S100YHZO |
| Fixed assets ÷ total assets | 9.9% | S100YHZO |
| Goodwill ÷ parent equity | — | —, S100YHZO |

### 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) | 74.5% |
| Cash ÷ revenue | 96.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 96.1% |
| Cash vs. profit gap | 129 JPY mn (of net income 31.9%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.3% |
| Investing CF relative to operating CF | 1.2% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2023 | 16.4% | 0.83× | 13.6% | 2.05× | 27.9% | S100TU4I |
| 2024 | 13.6% | 0.80× | 10.9% | 1.60× | 17.4% | S100W7BJ |
| 2025 | 15.9% | 0.75× | 12.0% | 1.37× | 16.4% | S100YHZO |
| 2026 | 17.4% | 0.82× | 14.2% | 1.38× | 19.5% | S100YHZO |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社マクニカ | Major shareholder | 37.7% | 2026-03-31 |
| 三輪 信雄 | Major shareholder | 18.3% | 2026-03-31 |
| 株式会社ＢＮＰ | Major shareholder | 10.8% | 2026-03-31 |
| 石川 剛 | Major shareholder | 4.5% | 2026-03-31 |
| 木下 圭一郎 | Major shareholder | 2.5% | 2026-03-31 |
| 野村信託銀行株式会社（投信口） | Major shareholder | 1.2% | 2026-03-31 |
| ＪＰモルガン証券株式会社 | Major shareholder | 1.2% | 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 | 1.1% | 2026-03-31 |
| NOMURA PB NOMINEES LIMITED OMNIBUS-MARGIN (CASHPB) (常任代理人 野村證券株式会社) | Major shareholder | 1.1% | 2026-03-31 |
| 神田 隆生 | Major shareholder | 0.6% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第18期(2025/04/01－2026/03/31) | S100YHZO | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YHZO,, |
| 有価証券報告書－第17期(2024/04/01－2025/03/31) | S100W7BJ | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W7BJ,, |
| 有価証券報告書－第16期(2023/04/01－2024/03/31) | S100TU4I | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TU4I,, |

## 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).