# SAKURA KCS Corporation: 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) (S100YEEF)
> Page: https://vizora.meequs.com/en/company/sakura-kcs
> Retrieved: 2026-09-30T19:38:49.592Z

## Company

Sakura KCS, founded in 1969, is a company in IT Services & System Integration listed on TSE Standard. It has 1,056 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | SAKURA KCS Corporation |
| Ticker | 4761 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4761.T) |
| Listing | TSE Standard |
| Head office | 神戸市中央区播磨町21番1 |
| Representative (per filing) | 取締役社長 加藤貴紀 |
| Founded | Mar 1969 |
| Share capital | ¥2.05B |
| Employees (consolidated) | 1,056 |
| Average salary (parent only) | ¥7.4M |
| Fiscal year end | March |
| Website | www.kcs.co.jp (https://www.kcs.co.jp/) |
| Corporate number | 3140001007886 |
| EDINET | E05090 |
| Industries (Vizora) | IT Services & System Integration |

> Profile source: annual securities report (S100YEEF, filed 2026-06-19). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 6.1 | 157 |
| Profitability | 28.8 | 196 |
| Cash conversion | 44.6 | 185 |
| Efficiency | 21.2 | 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)

- About 42% of Sakura KCS's sales come from Industry related, with Public related and Finance related making up much of the rest.
- Out of every ¥100 of sales, about ¥6 is left as operating profit.
- Revenue changed +5.6% from the prior year, operating profit +2.0%.

## Company structure

- Segment revenue mix: Industry related 42.5%、Public related 30.0%、Finance related 27.5%
- Revenue → net income: ¥23790000000 → ¥1224000000
- Net income → operating cash flow: ¥1224000000 → ¥1098000000（difference ¥-126000000）
- Main uses of operating cash flow: CapEx ¥894000000 / dividends ¥413000000 / buybacks —
- Change in cash: ¥-1410000000
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 | ¥23.8B |  |
| Operating income | ¥1.4B | Margin 5.9% |
| Net income | ¥1.22B | Margin 5.1% |
| Free cash flow | ¥204M |  |
| Largest business | Industry related | of segment revenue 42.5% |
| Employees (consolidated) | 1,056 |  |
| EPS | ¥118.64 |  |
| Book value per share | ¥1809.6 |  |
| Equity ratio | 78.3% |  |
| Shares outstanding | 11,200,000 |  |
| Treasury shares | 700 |  |
| Shareholders | 3,162 |  |
| Average salary (parent only) | ¥7.4M | Filing company only |
| Cash ratio | 8.5% | Cash ÷ revenue 9.6% |
| Vs. industry median margin | -3 pp | IT Services & System Integration |
| ROE | 6.5% | Derived from disclosed figures |
| ROA | 4.7% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥24658000000 | ¥23790000000 | -3.5% |
| Operating income | ¥802000000 | ¥1404000000 | +75.1% |
| Operating margin | 3.3% | 5.9% | +2.6 pp |
| Employees | 1,104 people | 1,056 people | -4.3% |
| Cash and equivalents | ¥8722000000 | ¥2293000000 | -73.7% |

### 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 |
| --- | ---: |
| 金融関連部門 → 金融関連部門 | 27.5% |
| 金融関連部門 → 事業再編・廃止 | 2.4% |
| 公共関連部門 → 公共関連部門 | 26.1% |
| 産業関連部門 → 産業関連部門 | 42.5% |
| 産業関連部門 → 事業再編・廃止 | 1.4% |
| 新設・再編 → 公共関連部門 | 3.9% |

Segment revenue source references: 6 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Industry related | 5 years | -1.4% | ¥10107000000 | 20.3% | 2 |
| Public related | 5 years | +2.1% | ¥7141000000 | 19.4% | 2 |
| Finance related | 5 years | -2.4% | ¥6541000000 | 22.1% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 23,790 | 100.0% | S100YEEF |
| Cost of revenue | 16,936 | 71.2% | S100YEEF |
| Gross profit | 6,854 | 28.8% | S100YEEF |
| SG&A | 5,450 | 22.9% | S100YEEF |
| Operating income | 1,404 | 5.9% | S100YEEF |
| Ordinary income | 1,605 | 6.7% | S100YEEF |
| Pretax income | 1,641 | 6.9% | S100YEEF |
| Income tax | 416 | 1.7% | S100YEEF |
| Net income | 1,224 | 5.1% | S100YEEF |
| Net income attributable to owners | 1,224 | 5.1% | S100YEEF |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 71 |
| SG&A | 23 |
| Operating income | 6 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 28.8% → Operating margin 5.9% → Net margin 5.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +5.6%; Core profit growth: +2.0%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.35×
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 | 22,537 | 23,790 | 1,253 | +5.6% |
| Gross profit | 6,253 | 6,854 | 601 | +9.6% |
| Operating income | 1,377 | 1,404 | 27 | +2.0% |
| Net income attributable to owners | 1,145 | 1,224 | 79 | +6.9% |
| Operating cash flow | 359 | 1,098 | 739 | +205.8% |
| Free cash flow | -577 | 204 | 781 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 23,833 | 778 | 3.3% | 473 | 1,673 | 1,525 | S100LRS0 |
| FY ending Mar 2021 | 24,658 | 802 | 3.3% | 736 | 725 | 369 | S100O9PE |
| FY ending Mar 2022 | 24,794 | 819 | 3.3% | 602 | -187 | -694 | S100QZIO |
| FY ending Mar 2023 | 23,588 | 993 | 4.2% | 748 | 1,743 | 1,527 | S100TOVA |
| FY ending Mar 2024 | 22,769 | 1,127 | 4.9% | 895 | 2,974 | 2,419 | S100W0Q9 |
| FY ending Mar 2025 | 22,537 | 1,377 | 6.1% | 1,145 | 359 | -577 | S100YEEF |
| FY ending Mar 2026 | 23,790 | 1,404 | 5.9% | 1,224 | 1,098 | 204 | S100YEEF |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥22.5M |
| Operating income per employee (consolidated) | ¥1.3M |
| Net income per employee (consolidated) | ¥1.2M |

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) | 1,091 | 1,075 | 1,045 | 1,042 | 1,056 |
| Average salary (parent company) | ¥6.2M | ¥6.3M | ¥6.8M | ¥7M | ¥7.4M |
| Average age (parent company) | 44.3 years | 44.6 years | 44.8 years | 44.8 years | 44.8 years |
| Average tenure (parent company) | 20.6 years | 20.7 years | 21.0 years | 21.0 years | 20.9 years |

Year over year: Employees (consolidated) +1.3% · Revenue (consolidated) +5.6%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Finance related | 6,541 | 27.5% | 1,444 | 22.1% |
| Public related | 7,141 | 30.0% | 1,386 | 19.4% |
| Industry related | 10,107 | 42.5% | 2,054 | 20.3% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Finance related | 27.5% | 29.6% | 2.1 | 22.1% |
| Public related | 30.0% | 28.4% | -1.6 | 19.4% |
| Industry related | 42.5% | 42.1% | -0.4 | 20.3% |

Segment → industry: Industry related → IT Services & System Integration / Public related → IT Services & System Integration / Finance related → IT Services & System Integration

## 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 | 1,098 | 4.6% | S100YEEF |
| Capital expenditure | 894 | 3.8% | S100YEEF |
| Free cash flow | 204 | 0.9% | 算出 |
| Investing cash flow | -1,800 | -7.6% | S100YEEF |
| Financing cash flow | -708 | -3.0% | S100YEEF |
| Dividends paid | 413 | 1.7% | S100YEEF |
| Change in cash | -1,410 | -5.9% | S100YEEF |
| Cash and equivalents | 2,293 | 9.6% | S100YEEF |

## 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 | 7,403 | 8,428 | 10,351 | 3,703 | 2,293 | S100TOVA, S100W0Q9, S100YEEF |
| Total assets | 22,287 | 22,808 | 24,236 | 25,556 | 26,904 | S100QZIO, S100TOVA, S100W0Q9, S100YEEF |
| Net assets | 17,341 | 17,833 | 19,180 | 19,866 | 21,067 | S100TOVA, S100W0Q9, S100YEEF |
| Share capital | 2,054 | 2,054 | 2,054 | 2,054 | 2,054 | S100QZIO, S100TOVA, S100W0Q9, S100YEEF |
| Property, plant and equipment | 2,543 | 2,261 | 2,313 | 2,346 | 2,643 | S100QZIO, S100TOVA, S100W0Q9, S100YEEF |
| Intangible assets excluding goodwill | 729 | 557 | 499 | 456 | 464 | S100QZIO, S100TOVA, S100W0Q9, S100YEEF |
| Investment securities | 1,490 | 1,627 | 2,231 | 6,344 | 6,547 | S100QZIO, S100TOVA, S100W0Q9, S100YEEF |
| Current assets | 15,834 | 16,750 | 17,124 | 14,244 | 14,704 | S100QZIO, S100TOVA, S100W0Q9, S100YEEF |
| Current liabilities | 4,010 | 4,258 | 4,146 | 4,739 | 4,822 | S100QZIO, S100TOVA, S100W0Q9, S100YEEF |
| Total liabilities | 4,946 | 4,975 | 5,056 | 5,690 | 5,836 | S100QZIO, S100TOVA, S100W0Q9, S100YEEF |
| Equity attributable to owners of parent | 16,468 | 17,049 | 17,720 | 18,563 | 19,373 | S100QZIO, S100TOVA, S100W0Q9, S100YEEF |
| Retained earnings | 12,185 | 12,766 | 13,437 | 14,280 | 15,090 | S100QZIO, S100TOVA, S100W0Q9, S100YEEF |
| Treasury stock | 0 | 0 | 0 | 0 | 0 | S100QZIO, S100TOVA, S100W0Q9, S100YEEF |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 8% | S100YEEF |
| Property, plant and equipment | 10% | S100YEEF |
| Intangibles and goodwill | 2% | S100YEEF |
| Investment securities | 24% | S100YEEF |
| Other assets | 56% | S100YEEF |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 22% | S100YEEF |
| Equity | 78% | S100YEEF |
| Other liabilities | 0% | S100YEEF |

### 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 | 22,287 | 22,808 | 24,236 | 25,556 | 26,904 |
| Equity | 17,341 | 17,833 | 19,180 | 19,866 | 21,067 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 7,403 | 8,428 | 10,351 | 3,703 | 2,293 |

## 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) | 11.1% | S100YEEF |
| Fixed assets ÷ total assets | 9.8% | S100YEEF |
| Goodwill ÷ parent equity | — | —, S100YEEF |

### 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) | 8.5% |
| Cash ÷ revenue | 9.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 78.2% |
| Cash vs. profit gap | -126 JPY mn (of net income -10.3%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 33.7% |
| Shareholder payments — dividends / FCF | 202.5% |
| CapEx intensity (capex ÷ revenue) | 3.8% |
| Investing CF relative to operating CF | 163.9% |

## 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 | 2.4% | 1.11× | 2.7% | 1.35× | 3.7% | S100QZIO |
| 2023 | 3.2% | 1.05× | 3.3% | 1.35× | 4.5% | S100TOVA |
| 2024 | 3.9% | 0.97× | 3.8% | 1.35× | 5.1% | S100W0Q9 |
| 2025 | 5.1% | 0.91× | 4.6% | 1.37× | 6.3% | S100YEEF |
| 2026 | 5.1% | 0.91× | 4.7% | 1.38× | 6.5% | S100YEEF |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社三井住友銀行 | Major shareholder | 28.5% | 2026-03-31 |
| 三井住友ファイナンス＆リース株式会社 | Major shareholder | 17.7% | 2026-03-31 |
| 富士通Ｊａｐａｎ株式会社 | Major shareholder | 13.8% | 2026-03-31 |
| さくらケーシーエス従業員持株会 | Major shareholder | 7.1% | 2026-03-31 |
| 水元 公仁 | Major shareholder | 2.0% | 2026-03-31 |
| ＳＭＢＣコンサルティング株式会社 | Major shareholder | 1.3% | 2026-03-31 |
| グローリー株式会社 | Major shareholder | 0.9% | 2026-03-31 |
| 兵庫トヨタ自動車株式会社 | Major shareholder | 0.7% | 2026-03-31 |
| 津田 隆典 | Major shareholder | 0.7% | 2026-03-31 |
| 日本生命保険相互会社 | Major shareholder | 0.7% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第58期(2025/04/01－2026/03/31) | S100YEEF | 2026-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YEEF,, |
| 有価証券報告書－第57期(2024/04/01－2025/03/31) | S100W0Q9 | 2025-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W0Q9,, |
| 有価証券報告書－第56期(2023/04/01－2024/03/31) | S100TOVA | 2024-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TOVA,, |
| 有価証券報告書－第55期(2022/04/01－2023/03/31) | S100QZIO | 2023-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QZIO,, |
| 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) | S100O9PE | 2022-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O9PE,, |
| 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) | S100LRS0 | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LRS0,, |

## 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).