# SAISON TECHNOLOGY 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57期(2025/04/01－2026/03/31) (S100YC54)
> Page: https://vizora.meequs.com/en/company/saison-technology-co
> Retrieved: 2026-09-30T20:59:34.908Z

## Company

Saison Technology CO,., founded in 1970, is a company in IT Services & System Integration listed on TSE Standard. It has 734 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Saison Technology Co.,Ltd. |
| Ticker | 9640 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9640.T) |
| Listing | TSE Standard |
| Head office | 東京都港区赤坂一丁目8番1号 |
| Representative (per filing) | 代表取締役 社長執行役員 葉山 誠 |
| Founded | Sep 1970 |
| Share capital | ¥1.37B |
| Employees (consolidated) | 734 |
| Average salary (parent only) | ¥7.6M |
| Fiscal year end | March |
| Website | www.saison-technology.com (https://www.saison-technology.com/) |
| Corporate number | 7013301005882 |
| EDINET | E04889 |
| Industries (Vizora) | IT Services & System Integration, Software & SaaS |

> Profile source: annual securities report (S100YC54, filed 2026-06-16). As of filing

## Five-axis industry profile

Primary industry: Software & SaaS (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 3.3 | 105 |
| Profitability | 33.4 | 145 |
| Cash conversion | 54.3 | 128 |
| Efficiency | 61 | 145 |

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 45% of Saison Technology CO,.'s sales come from HULFT, with Contracted Systems Business and Data Platform making up much of the rest.
- Out of every ¥100 of sales, about ¥7 is left as operating profit.
- Revenue changed -10.1% from the prior year, operating profit -25.2%.

## Company structure

- Segment revenue mix: HULFT 44.5%、Contracted Systems Business 41.8%、Data Platform 13.7%
- Revenue → net income: ¥21917356000 → ¥1086370000
- Net income → operating cash flow: ¥1086370000 → ¥1739610000（difference ¥653240000）
- Main uses of operating cash flow: CapEx ¥185453000 / dividends ¥1456822000 / buybacks ¥77000
- Change in cash: ¥-60670000
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 | ¥21.9B |  |
| Operating income | ¥1.6B | Margin 7.3% |
| Net income | ¥1.09B | Margin 5.0% |
| Free cash flow | ¥1.55B |  |
| Largest business | HULFT | of segment revenue 44.5% |
| Employees (consolidated) | 734 |  |
| EPS | ¥56.53 |  |
| Book value per share | ¥852.24 |  |
| Equity ratio | 66.2% |  |
| Shares outstanding | 16,200,000 |  |
| Treasury shares | 600 |  |
| Shareholders | 2,275 |  |
| Average salary (parent only) | ¥7.6M | Filing company only |
| Cash ratio | 59.8% | Cash ÷ revenue 58.2% |
| Vs. industry median margin | -5.1 pp | Software & SaaS |
| ROE | 8.0% | Derived from disclosed figures |
| ROA | 5.1% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 81% of positive segment profit
- FY2026, cash is 60% of total assets
- FY2026, segment profit share differs by 37 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥22499749000 | ¥21917356000 | -2.6% |
| Operating income | ¥2989045000 | ¥1602218000 | -46.4% |
| Operating margin | 13.3% | 7.3% | -6 pp |
| Employees | 714 people | 734 people | +2.8% |
| Cash and equivalents | ¥11930201000 | ¥12765675000 | +7.0% |

### 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.

| Flow | Revenue share |
| --- | ---: |
| HULFT事業 → HULFT事業 | 37.2% |
| データプラットフォーム事業 → 事業再編・廃止 | 6.1% |
| 流通ITサービス事業 → 事業再編・廃止 | 14.3% |
| フィナンシャルITサービス事業 → 事業再編・廃止 | 42.5% |
| 新設・再編 → HULFT事業 | 7.3% |
| 新設・再編 → データプラットフォーム事業 | 13.7% |
| 新設・再編 → システム受託事業 | 41.8% |

Segment revenue source references: 7 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| HULFT | 5 years | +3.1% | ¥9755605000 | 41.3% | 2 |
| Contracted Systems Business | — | — | ¥9156983000 | 10.0% | 2 |
| Data Platform | — | — | ¥3004767000 | -111.4% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 21,917 | 100.0% | S100YC54 |
| Cost of revenue | 14,049 | 64.1% | S100YC54 |
| Gross profit | 7,868 | 35.9% | S100YC54 |
| SG&A | 6,266 | 28.6% | S100YC54 |
| Operating income | 1,602 | 7.3% | S100YC54 |
| Ordinary income | 1,620 | 7.4% | S100YC54 |
| Pretax income | 1,595 | 7.3% | S100YC54 |
| Income tax | 509 | 2.3% | S100YC54 |
| Net income | 1,086 | 5.0% | S100YC54 |
| Net income attributable to owners | 1,086 | 5.0% | S100YC54 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 64 |
| SG&A | 29 |
| Operating income | 7 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 35.9% → Operating margin 7.3% → Net margin 5.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -10.1%; Core profit growth: -25.2%
Operating leverage (core profit growth ÷ revenue growth): 2.49×
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 | 24,383 | 21,917 | -2,466 | -10.1% |
| Gross profit | 8,854 | 7,868 | -985 | -11.1% |
| Operating income | 2,142 | 1,602 | -540 | -25.2% |
| Net income attributable to owners | 1,506 | 1,086 | -420 | -27.9% |
| Operating cash flow | 1,188 | 1,740 | 551 | +46.4% |
| Free cash flow | 970 | 1,554 | 585 | +60.3% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 23,561 | 3,449 | 14.6% | 1,099 | 3,424 | 1,683 | S100LN8I |
| FY ending Mar 2021 | 22,500 | 2,989 | 13.3% | 2,461 | 4,094 | 3,761 | S100OB0N |
| FY ending Mar 2022 | 23,219 | 2,916 | 12.6% | 2,051 | 3,237 | 2,351 | S100QZKP |
| FY ending Mar 2023 | 23,953 | 2,184 | 9.1% | 1,441 | 2,204 | 1,617 | S100TN4O |
| FY ending Mar 2024 | 23,864 | 1,024 | 4.3% | 603 | 2,281 | 1,956 | S100VX9J |
| FY ending Mar 2025 | 24,383 | 2,142 | 8.8% | 1,506 | 1,188 | 970 | S100YC54 |
| FY ending Mar 2026 | 21,917 | 1,602 | 7.3% | 1,086 | 1,740 | 1,554 | S100YC54 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥29.9M |
| Operating income per employee (consolidated) | ¥2.2M |
| Net income per employee (consolidated) | ¥1.5M |

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

| History | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 696 | 715 | 757 | 771 | 734 |
| Average salary (parent company) | ¥7.2M | ¥7.7M | ¥7.4M | ¥7.4M | ¥7.6M |
| Average age (parent company) | 43.0 years | 43.1 years | 43.0 years | 42.9 years | 43.0 years |
| Average tenure (parent company) | 13.7 years | 13.7 years | 13.4 years | 13.4 years | 13.8 years |

Year over year: Employees (consolidated) -4.8% · Revenue (consolidated) -10.1%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| HULFT | 9,756 | 44.5% | 4,033 | 41.3% |
| Data Platform | 3,005 | 13.7% | -3,347 | -111.4% |
| Contracted Systems Business | 9,157 | 41.8% | 916 | 10.0% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| HULFT | 44.5% | 81.5% | 37.0 | 41.3% |
| Data Platform | 13.7% | — | — | -111.4% |
| Contracted Systems Business | 41.8% | 18.5% | -23.3 | 10.0% |

Loss-making segment (excluded from profit shares): Data Platform -3,347 JPY mn

Segment → industry: Contracted Systems Business → IT Services & System Integration / Data Platform → Software & SaaS / HULFT → Software & SaaS

## 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 | 1,740 | 7.9% | S100YC54 |
| Capital expenditure | 185 | 0.8% | S100YC54 |
| Free cash flow | 1,554 | 7.1% | 算出 |
| Investing cash flow | -385 | -1.8% | S100YC54 |
| Financing cash flow | -1,459 | -6.7% | S100YC54 |
| Dividends paid | 1,457 | 6.6% | S100YC54 |
| Share buyback | 0 | 0.0% | S100YC54 |
| Change in cash | -61 | -0.3% | S100YC54 |
| Cash and equivalents | 12,766 | 58.2% | S100YC54 |

## 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 | 12,911 | 13,199 | 13,365 | 12,826 | 12,766 | S100TN4O, S100VX9J, S100YC54 |
| Total assets | 20,834 | 21,299 | 22,697 | 21,179 | 21,332 | S100QZKP, S100TN4O, S100VX9J, S100YC54 |
| Net assets | 14,748 | 14,743 | 14,221 | 14,235 | 14,128 | S100TN4O, S100VX9J, S100YC54 |
| Share capital | 1,368 | 1,368 | 1,368 | 1,368 | 1,368 | S100QZKP, S100TN4O, S100VX9J, S100YC54 |
| Property, plant and equipment | 1,045 | 839 | 909 | 698 | 576 | S100QZKP, S100TN4O, S100VX9J, S100YC54 |
| Intangible assets excluding goodwill | 1,494 | 1,156 | 1,032 | 1,015 | 756 | S100QZKP, S100TN4O, S100VX9J, S100YC54 |
| Goodwill | 89 | 2 | 1 | — | — | S100QZKP, S100TN4O, S100VX9J |
| Investment securities | 300 | 335 | 338 | 748 | 914 | S100QZKP, S100TN4O, S100VX9J, S100YC54 |
| Current assets | 16,365 | 17,439 | 18,060 | 16,702 | 16,356 | S100QZKP, S100TN4O, S100VX9J, S100YC54 |
| Current liabilities | 5,755 | 6,219 | 8,064 | 6,525 | 6,516 | S100QZKP, S100TN4O, S100VX9J, S100YC54 |
| Trade payables | 804 | 839 | 1,041 | 699 | 728 | S100QZKP, S100TN4O, S100VX9J, S100YC54 |
| Total liabilities | 6,086 | 6,556 | 8,476 | 6,944 | 7,203 | S100QZKP, S100TN4O, S100VX9J, S100YC54 |
| Equity attributable to owners of parent | 14,611 | 14,594 | 13,739 | 13,787 | 13,415 | S100QZKP, S100TN4O, S100VX9J, S100YC54 |
| Retained earnings | 11,790 | 11,772 | 10,918 | 10,966 | 10,594 | S100QZKP, S100TN4O, S100VX9J, S100YC54 |
| Treasury stock | -1 | -1 | -1 | -1 | -1 | S100QZKP, S100TN4O, S100VX9J, S100YC54 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 60% | S100YC54 |
| Property, plant and equipment | 3% | S100YC54 |
| Intangibles and goodwill | 3% | S100YC54 |
| Investment securities | 4% | S100YC54 |
| Other assets | 30% | S100YC54 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 4% | S100YC54 |
| Other liabilities | 30% | S100YC54 |
| Equity | 66% | S100YC54 |
| Other liabilities | 0% | S100YC54 |

### 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 | 20,834 | 21,299 | 22,697 | 21,179 | 21,332 |
| Equity | 14,748 | 14,743 | 14,221 | 14,235 | 14,128 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 12,911 | 13,199 | 13,365 | 12,826 | 12,766 |

## 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) | 2.6% | S100YC54 |
| Fixed assets ÷ total assets | 2.7% | S100YC54 |
| Goodwill ÷ parent equity | — | —, S100YC54 |

### 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) | 59.8% |
| Cash ÷ revenue | 58.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 108.6% |
| Cash vs. profit gap | 653 JPY mn (of net income 60.1%) |
| Shareholder returns / net income | 134.1% |
| Shareholder returns / FCF | 93.7% |
| Shareholder payments — dividends / net income | 134.1% |
| Shareholder payments — dividends / FCF | 93.7% |
| CapEx intensity (capex ÷ revenue) | 0.8% |
| Investing CF relative to operating CF | 22.1% |

## 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 | 8.8% | 1.11× | 9.8% | 1.43× | 14.0% | S100QZKP |
| 2023 | 6.0% | 1.14× | 6.8% | 1.44× | 9.9% | S100TN4O |
| 2024 | 2.5% | 1.08× | 2.7% | 1.55× | 4.3% | S100VX9J |
| 2025 | 6.2% | 1.11× | 6.9% | 1.59× | 10.9% | S100YC54 |
| 2026 | 5.0% | 1.03× | 5.1% | 1.56× | 8.0% | S100YC54 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社クレディセゾン | Major shareholder | 46.8% | 2026-03-31 |
| 株式会社メルコグループ | Major shareholder | 20.0% | 2026-03-31 |
| インタートラスト トラステイーズ ケイマン リミテツド アズ トラステイ オブ ザ ユビキタス マスター シリーズ トラスト メルコ グループ マスター フアンド （常任代理人 立花証券株式会社） | Major shareholder | 7.2% | 2026-03-31 |
| イーシーエム マスターフアンド エスピーブイ ワン （常任代理人 立花証券株式会社） | Major shareholder | 5.3% | 2026-03-31 |
| 株式会社インテリジェントウェイブ | Major shareholder | 3.1% | 2026-03-31 |
| 大日本印刷株式会社 | Major shareholder | 1.9% | 2026-03-31 |
| セゾンテクノロジー社員持株会 | Major shareholder | 1.4% | 2026-03-31 |
| 協和青果株式会社 | Major shareholder | 1.1% | 2026-03-31 |
| 株式会社バッファロー | Major shareholder | 0.5% | 2026-03-31 |
| 富士通株式会社 | Major shareholder | 0.5% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第57期(2025/04/01－2026/03/31) | S100YC54 | 2026-06-16 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YC54,, |
| 有価証券報告書－第56期(2024/04/01－2025/03/31) | S100VX9J | 2025-06-13 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VX9J,, |
| 有価証券報告書－第55期(2023/04/01－2024/03/31) | S100TN4O | 2024-06-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TN4O,, |
| 有価証券報告書－第54期(2022/04/01－2023/03/31) | S100QZKP | 2023-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QZKP,, |
| 有価証券報告書－第53期(令和3年4月1日－令和4年3月31日) | S100OB0N | 2022-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OB0N,, |
| 有価証券報告書－第52期(令和2年4月1日－令和3年3月31日) | S100LN8I | 2021-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LN8I,, |

## 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).