# SCAT Inc.: business model and financials

> Latest period: FY ending Oct 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第58期(2024/11/01－2025/10/31) (S100XH0H)
> Page: https://vizora.meequs.com/en/company/scat
> Retrieved: 2026-09-30T21:31:18.517Z

## Company

Scat, founded in 1969, is a company in Software & SaaS listed on TSE Standard. It has 190 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | SCAT Inc. |
| Ticker | 3974 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3974.T) |
| Listing | TSE Standard |
| Head office | 栃木県小山市城東一丁目6番33号 |
| Representative (per filing) | 代表取締役社長 長島 秀夫 |
| Founded | Dec 1969 |
| Share capital | ¥200M |
| Employees (consolidated) | 190 |
| Average salary (parent only) | ¥5.1M |
| Fiscal year end | October |
| Website | www.scat.inc (https://www.scat.inc/) |
| Corporate number | 8060001014432 |
| EDINET | E32814 |
| Industries (Vizora) | Software & SaaS, Nursing Care |

> Profile source: annual securities report (S100XH0H, filed 2026-01-26). As of filing

## Five-axis industry profile

Primary industry: Software & SaaS (2025-10-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 9 | 105 |
| Profitability | 34.1 | 145 |
| Cash conversion | 76.2 | 128 |
| Efficiency | 47.2 | 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 59% of Scat's sales come from BeautyICTBusiness, with Nursing care service business and BusinessServiceBusiness making up much of the rest.
- Out of every ¥100 of sales, about ¥8 is left as operating profit.
- Revenue changed +0.4% from the prior year, operating profit +30.6%.

## Company structure

- Segment revenue mix: BeautyICTBusiness 59.5%、Nursing care service business 27.6%、BusinessServiceBusiness 12.4%、Other 0.5%
- Revenue → net income: ¥2605272000 → ¥125510000
- Net income → operating cash flow: ¥125510000 → ¥282648000（difference ¥157138000）
- Main uses of operating cash flow: CapEx ¥199253000 / dividends ¥42726000 / buybacks ¥449000
- Change in cash: ¥-18264000
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 | ¥2.61B |  |
| Operating income | ¥193M | Margin 7.4% |
| Net income | ¥125.5M | Margin 4.8% |
| Free cash flow | ¥83.4M |  |
| Largest business | BeautyICTBusiness | of segment revenue 59.5% |
| Employees (consolidated) | 190 |  |
| EPS | ¥41.81 |  |
| Book value per share | ¥488.22 |  |
| Equity ratio | 67.2% |  |
| Shares outstanding | 5,240,000 |  |
| Treasury shares | 1,880,200 |  |
| Shareholders | 5,497 |  |
| Average salary (parent only) | ¥5.1M | Filing company only |
| Cash ratio | 40.9% | Cash ÷ revenue 47.6% |
| Vs. industry median margin | -5 pp | Software & SaaS |
| ROE | 6.3% | Derived from disclosed figures |
| ROA | 4.2% | Derived from disclosed figures |

## Notable figures

- FY2025, operating cash flow is 2.3× net income
- FY2025, one segment accounts for 67% of positive segment profit
- FY2025, employees -3% while operating income rose 31%

## What changed in 5 years

| Metric | FY ending Oct 2020 | FY ending Oct 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥2462247000 | ¥2605272000 | +5.8% |
| Operating income | ¥129382000 | ¥193039000 | +49.2% |
| Operating margin | 5.3% | 7.4% | +2.2 pp |
| Employees | 214 people | 190 people | -11.2% |
| Cash and equivalents | ¥1574769000 | ¥1240234000 | -21.2% |

### Change in segment revenue mix

Span: FY ending Oct 2020 → FY ending Oct 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 美容サロン向けICT事業 → 事業再編・廃止 | 55.1% |
| 中小企業向けビジネスサービス事業 → 事業再編・廃止 | 13.0% |
| 介護サービス事業 → 介護サービス事業 | 27.6% |
| 介護サービス事業 → 事業再編・廃止 | 3.5% |
| その他 → その他 | 0.5% |
| その他 → 事業再編・廃止 | 0.3% |
| 新設・再編 → 美容ICT事業 | 59.5% |
| 新設・再編 → ビジネスサービス事業 | 12.4% |

Segment revenue source references: 8 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| BeautyICTBusiness | 2 years | -4.1% | ¥1550116000 | 8.4% | 2 |
| Nursing care service business | 5 years | -1.3% | ¥718718000 | 3.1% | 2 |
| BusinessServiceBusiness | 2 years | +1.5% | ¥322293000 | 9.5% | 2 |
| Other | 5 years | -6.6% | ¥14143000 | 76.6% | 2 |

## Income statement（FY ending Oct 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 2,605 | 100.0% | S100XH0H |
| Cost of revenue | 1,570 | 60.3% | S100XH0H |
| Gross profit | 1,035 | 39.7% | S100XH0H |
| SG&A | 842 | 32.3% | S100XH0H |
| Operating income | 193 | 7.4% | S100XH0H |
| Ordinary income | 197 | 7.6% | S100XH0H |
| Pretax income | 188 | 7.2% | S100XH0H |
| Income tax | 63 | 2.4% | S100XH0H |
| Net income | 126 | 4.8% | S100XH0H |
| Net income attributable to owners | 126 | 4.8% | S100XH0H |

## Per ¥100 of revenue（FY ending Oct 2025）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 60 |
| SG&A | 32 |
| Operating income | 8 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 39.7% → Operating margin 7.4% → Net margin 4.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +0.4%; Core profit growth: +30.6%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 76.80×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Oct 2024 → FY ending Oct 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 2,595 | 2,605 | 10 | +0.4% |
| Gross profit | 998 | 1,035 | 38 | +3.8% |
| Operating income | 148 | 193 | 45 | +30.6% |
| Net income attributable to owners | 100 | 126 | 25 | +25.2% |
| Operating cash flow | 230 | 283 | 52 | +22.7% |
| Free cash flow | 89 | 83 | -6 | -6.6% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Oct 2019 | 2,767 | 240 | 8.7% | 160 | 282 | 158 | S100KL15 |
| FY ending Oct 2020 | 2,462 | 129 | 5.3% | 72 | 70 | -66 | S100N9UU |
| FY ending Oct 2021 | 2,484 | 181 | 7.3% | 121 | 347 | 236 | S100Q0RH |
| FY ending Oct 2022 | 2,588 | 224 | 8.7% | 101 | 253 | 137 | S100SOPG |
| FY ending Oct 2023 | 2,742 | 228 | 8.3% | 158 | 340 | 246 | S100V52Y |
| FY ending Oct 2024 | 2,595 | 148 | 5.7% | 100 | 230 | 89 | S100XH0H |
| FY ending Oct 2025 | 2,605 | 193 | 7.4% | 126 | 283 | 83 | S100XH0H |

## People and productivity（FY ending Oct 2025, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥13.7M |
| Operating income per employee (consolidated) | ¥1M |
| Net income per employee (consolidated) | ¥660.6K |

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

| History | FY ending Oct 2021 | FY ending Oct 2022 | FY ending Oct 2023 | FY ending Oct 2024 | FY ending Oct 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 205 | 200 | 200 | 196 | 190 |
| Average salary (parent company) | ¥5.2M | ¥5.1M | ¥5.3M | ¥5.4M | ¥5.1M |
| Average age (parent company) | 44.0 years | 42.9 years | 43.6 years | 44.4 years | 44.4 years |
| Average tenure (parent company) | 16.1 years | 16.0 years | 16.1 years | 17.3 years | 16.9 years |

Year over year: Employees (consolidated) -3.1% · Revenue (consolidated) +0.4%

## Segments（FY ending Oct 2025, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| BeautyICTBusiness | 1,550 | 59.5% | 130 | 8.4% |
| BusinessServiceBusiness | 322 | 12.4% | 31 | 9.5% |
| Nursing care service business | 719 | 27.6% | 22 | 3.1% |
| Other | 14 | 0.5% | 11 | 76.6% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| BeautyICTBusiness | 59.5% | 67.1% | 7.6 | 8.4% |
| BusinessServiceBusiness | 12.4% | 15.9% | 3.5 | 9.5% |
| Nursing care service business | 27.6% | 11.4% | -16.1 | 3.1% |
| Other | 0.5% | 5.6% | 5.1 | 76.6% |

Segment → industry: BeautyICTBusiness → Software & SaaS / Nursing care service business → Nursing Care

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Oct 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 283 | 10.8% | S100XH0H |
| Capital expenditure | 199 | 7.6% | S100XH0H |
| Free cash flow | 83 | 3.2% | 算出 |
| Investing cash flow | -195 | -7.5% | S100XH0H |
| Financing cash flow | -106 | -4.1% | S100XH0H |
| Dividends paid | 43 | 1.6% | S100XH0H |
| Share buyback | 0 | 0.0% | S100XH0H |
| Change in cash | -18 | -0.7% | S100XH0H |
| Cash and equivalents | 1,240 | 47.6% | S100XH0H |

## 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 Oct 2021 | FY ending Oct 2022 | FY ending Oct 2023 | FY ending Oct 2024 | FY ending Oct 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,727 | 1,766 | 1,209 | 1,258 | 1,240 | S100SOPG, S100V52Y, S100XH0H |
| Total assets | 3,715 | 3,470 | 2,976 | 2,939 | 3,036 | S100Q0RH, S100SOPG, S100V52Y, S100XH0H |
| Net assets | 2,317 | 2,177 | 1,845 | 1,947 | 2,039 | S100SOPG, S100V52Y, S100XH0H |
| Share capital | 200 | 200 | 200 | 200 | 200 | S100Q0RH, S100SOPG, S100V52Y, S100XH0H |
| Property, plant and equipment | 1,165 | 853 | 885 | 830 | 911 | S100Q0RH, S100SOPG, S100V52Y, S100XH0H |
| Intangible assets excluding goodwill | 335 | 343 | 291 | 238 | 202 | S100Q0RH, S100SOPG, S100V52Y, S100XH0H |
| Goodwill | 67 | 52 | 37 | 22 | 7 | S100Q0RH, S100SOPG, S100V52Y, S100XH0H |
| Investment securities | — | 26 | 30 | 63 | 70 | S100SOPG, S100V52Y, S100XH0H |
| Current assets | 1,985 | 2,048 | 1,520 | 1,578 | 1,616 | S100Q0RH, S100SOPG, S100V52Y, S100XH0H |
| Current liabilities | 693 | 656 | 523 | 427 | 483 | S100Q0RH, S100SOPG, S100V52Y, S100XH0H |
| Short-term borrowings | 200 | 200 | — | — | — | S100Q0RH, S100SOPG |
| Long-term borrowings | 304 | 240 | 179 | 117 | 55 | S100Q0RH, S100SOPG, S100V52Y, S100XH0H |
| Total liabilities | 1,398 | 1,293 | 1,132 | 992 | 997 | S100Q0RH, S100SOPG, S100V52Y, S100XH0H |
| Equity attributable to owners of parent | 2,320 | 2,183 | 1,847 | 1,948 | 2,036 | S100Q0RH, S100SOPG, S100V52Y, S100XH0H |
| Retained earnings | 1,996 | 2,048 | 2,174 | 2,239 | 2,321 | S100Q0RH, S100SOPG, S100V52Y, S100XH0H |
| Treasury stock | -215 | -403 | -865 | -839 | -733 | S100Q0RH, S100SOPG, S100V52Y, S100XH0H |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 41% | S100XH0H |
| Property, plant and equipment | 30% | S100XH0H |
| Intangibles and goodwill | 7% | S100XH0H |
| Investment securities | 2% | S100XH0H |
| Other assets | 20% | S100XH0H |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 33% | S100XH0H |
| Equity | 67% | S100XH0H |
| Other liabilities | 0% | S100XH0H |

### Balance sheet history

| Metric | FY ending Oct 2021 | FY ending Oct 2022 | FY ending Oct 2023 | FY ending Oct 2024 | FY ending Oct 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 3,715 | 3,470 | 2,976 | 2,939 | 3,036 |
| Equity | 2,317 | 2,177 | 1,845 | 1,947 | 2,039 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,727 | 1,766 | 1,209 | 1,258 | 1,240 |

## 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) | 35.0% | S100XH0H |
| Fixed assets ÷ total assets | 30.0% | S100XH0H |
| Goodwill ÷ parent equity | 0.4% | S100XH0H |

Goodwill over 4 years: 67 → 7 JPY; total investing cash flow: -445 JPY. This does not imply causation.

### 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) | 40.9% |
| Cash ÷ revenue | 47.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 146.4% |
| Cash vs. profit gap | 157 JPY mn (of net income 125.2%) |
| Shareholder returns / net income | 34.4% |
| Shareholder returns / FCF | 51.8% |
| Shareholder payments — dividends / net income | 34.0% |
| Shareholder payments — dividends / FCF | 51.2% |
| CapEx intensity (capex ÷ revenue) | 7.6% |
| Investing CF relative to operating CF | 69.0% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 4.9% | 0.67× | 3.3% | 1.60× | 5.2% | S100Q0RH |
| 2022 | 3.9% | 0.72× | 2.8% | 1.60× | 4.5% | S100SOPG |
| 2023 | 5.8% | 0.85× | 4.9% | 1.60× | 7.8% | S100V52Y |
| 2024 | 3.9% | 0.88× | 3.4% | 1.56× | 5.3% | S100XH0H |
| 2025 | 4.8% | 0.87× | 4.2% | 1.50× | 6.3% | S100XH0H |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社ＥＰＡＲＫ | Major shareholder | 7.7% | 2025-10-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 6.8% | 2025-10-31 |
| 富国生命保険相互会社（常任代理人 日本カストディ銀行） | Major shareholder | 6.7% | 2025-10-31 |
| 株式会社ＲＲＫ | Major shareholder | 5.2% | 2025-10-31 |
| 株式会社エム・エイチ・グループ | Major shareholder | 4.8% | 2025-10-31 |
| 安田 茂幸 | Major shareholder | 4.1% | 2025-10-31 |
| ＳＣＡＴ従業員持株会 | Major shareholder | 2.8% | 2025-10-31 |
| 田中 秀幸 | Major shareholder | 2.1% | 2025-10-31 |
| 長島 秀夫 | Major shareholder | 1.6% | 2025-10-31 |
| 石塚 久美雄 | Major shareholder | 1.3% | 2025-10-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第58期(2024/11/01－2025/10/31) | S100XH0H | 2026-01-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XH0H,, |
| 有価証券報告書－第57期(2023/11/01－2024/10/31) | S100V52Y | 2025-01-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100V52Y,, |
| 有価証券報告書－第56期(2022/11/01－2023/10/31) | S100SOPG | 2024-01-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SOPG,, |
| 有価証券報告書－第55期(2021/11/01－2022/10/31) | S100Q0RH | 2023-01-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Q0RH,, |
| 有価証券報告書－第54期(令和2年11月1日－令和3年10月31日) | S100N9UU | 2022-01-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100N9UU,, |
| 有価証券報告書－第53期(令和1年11月1日－令和2年10月31日) | S100KL15 | 2021-01-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KL15,, |

## 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).