# SCINEX 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61期(2025/04/01－2026/03/31) (S100YICX)
> Page: https://vizora.meequs.com/en/company/scinex
> Retrieved: 2026-09-30T18:23:46.007Z

## Company

Scinex is a company in IT Services & System Integration listed on TSE Standard. It has 778 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | SCINEX CORPORATION |
| Ticker | 2376 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2376.T) |
| Listing | TSE Standard |
| Head office | 大阪府大阪市天王寺区上本町五丁目3番15号 |
| Representative (per filing) | 代表取締役社長 村田 吉優 |
| Share capital | ¥750M |
| Employees (consolidated) | 778 |
| Average salary (parent only) | ¥4.4M |
| Fiscal year end | March |
| Website | www.scinex.co.jp (https://www.scinex.co.jp/) |
| Corporate number | 1120001079723 |
| EDINET | E00744 |
| Industries (Vizora) | IT Services & System Integration, Publishing & Bookstores, Advertising, Specialty Trading & Wholesale, Trucking & Parcel Delivery |

> Profile source: annual securities report (S100YICX, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: Trucking & Parcel Delivery (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 59.5 | 21 |
| Profitability | 2.3 | 22 |
| Cash conversion | 38.6 | 22 |
| Efficiency | 65.9 | 22 |

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 41% of Scinex's sales come from Logistics business, with Information media business and Digital transformation support business making up much of the rest.
- Out of every ¥100 of sales, about ¥1 is left as operating profit.
- Revenue changed +3.6% from the prior year, operating profit -65.0%.

## Company structure

- Segment revenue mix: Logistics business 41.4%、Information media business 39.2%、Digital transformation support business 12.5%、Healthcare business 6.3%、Investment business 0.7%
- Revenue → net income: ¥17089576000 → ¥50477000
- Net income → operating cash flow: ¥50477000 → ¥235291000（difference ¥184814000）
- Main uses of operating cash flow: CapEx ¥79885000 / dividends ¥84053000 / buybacks —
- Change in cash: ¥-463341000
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 | ¥17.1B |  |
| Operating income | ¥167.3M | Margin 1.0% |
| Net income | ¥50.5M | Margin 0.3% |
| Free cash flow | ¥155.4M |  |
| Largest business | Logistics business | of segment revenue 41.4% |
| Employees (consolidated) | 778 |  |
| EPS | ¥10.34 |  |
| Book value per share | ¥1391.17 |  |
| Equity ratio | 55.8% |  |
| Shares outstanding | 6,470,660 |  |
| Treasury shares | 862,600 |  |
| Shareholders | 3,007 |  |
| Average salary (parent only) | ¥4.4M | Filing company only |
| Cash ratio | 25.3% | Cash ÷ revenue 21.4% |
| Vs. industry median margin | -3.8 pp | Trucking & Parcel Delivery |
| ROE | 0.6% | Derived from disclosed figures |
| ROA | 0.3% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 4.7× net income
- FY2026, one segment accounts for 84% of positive segment profit
- FY2026, segment profit share differs by 45 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥12984414000 | ¥17089576000 | +31.6% |
| Operating income | ¥278834000 | ¥167326000 | -40.0% |
| Operating margin | 2.1% | 1.0% | -1.2 pp |
| Employees | 745 people | 778 people | +4.4% |
| Cash and equivalents | ¥3867967000 | ¥3661130000 | -5.3% |

### 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 |
| --- | ---: |
| 出版事業 → 事業再編・廃止 | 33.4% |
| メディア事業 → 事業再編・廃止 | 33.4% |
| ＩＣＴソリューション事業 → 事業再編・廃止 | 10.7% |
| ロジスティクス事業 → ロジスティクス事業 | 22.0% |
| 不動産事業 → 事業再編・廃止 | 0.2% |
| 投資事業 → 投資事業 | 0.2% |
| 新設・再編 → 情報メディア事業 | 39.2% |
| 新設・再編 → ＤＸサポート事業 | 12.5% |
| 新設・再編 → ロジスティクス事業 | 19.3% |
| 新設・再編 → ヘルスケア事業 | 6.3% |
| 新設・再編 → 投資事業 | 0.5% |

Segment revenue source references: 11 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Logistics business | 5 years | +10.4% | ¥7067137000 | 0.7% | 2 |
| Information media business | 2 years | -3.7% | ¥6694648000 | 15.4% | 2 |
| Digital transformation support business | 2 years | +3.5% | ¥2136579000 | 1.8% | 2 |
| Healthcare business | 4 years | +11.2% | ¥1069267000 | 3.1% | 2 |
| Investment business | 5 years | +25.7% | ¥121942000 | 58.7% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 17,090 | 100.0% | S100YICX |
| Cost of revenue | 11,249 | 65.8% | S100YICX |
| Gross profit | 5,841 | 34.2% | S100YICX |
| SG&A | 5,674 | 33.2% | S100YICX |
| Operating income | 167 | 1.0% | S100YICX |
| Ordinary income | 225 | 1.3% | S100YICX |
| Pretax income | 185 | 1.1% | S100YICX |
| Income tax | 135 | 0.8% | S100YICX |
| Net income | 50 | 0.3% | S100YICX |
| Net income attributable to owners | 50 | 0.3% | S100YICX |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 66 |
| SG&A | 33 |
| Operating income | 1 |
| (Ref.) Net income | 0 |

### Margin funnel

Gross margin 34.2% → Operating margin 1.0% → Net margin 0.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +3.6%; Core profit growth: -65.0%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -17.92×
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 | 16,491 | 17,090 | 598 | +3.6% |
| Gross profit | 6,266 | 5,841 | -425 | -6.8% |
| Operating income | 478 | 167 | -311 | -65.0% |
| Net income attributable to owners | 275 | 50 | -224 | -81.6% |
| Operating cash flow | 335 | 235 | -99 | -29.7% |
| Free cash flow | 190 | 155 | -35 | -18.3% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 13,879 | 583 | 4.2% | 368 | -284 | -1,030 | S100LVF6 |
| FY ending Mar 2021 | 12,984 | 279 | 2.1% | 226 | 173 | -1,065 | S100OM7O |
| FY ending Mar 2022 | 14,172 | 454 | 3.2% | 279 | 863 | 713 | S100R3AX |
| FY ending Mar 2023 | 14,294 | 484 | 3.4% | 313 | 580 | 482 | S100TZZC |
| FY ending Mar 2024 | 15,391 | 505 | 3.3% | 378 | 579 | 314 | S100W5ML |
| FY ending Mar 2025 | 16,491 | 478 | 2.9% | 275 | 335 | 190 | S100YICX |
| FY ending Mar 2026 | 17,090 | 167 | 1.0% | 50 | 235 | 155 | S100YICX |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥22M |
| Operating income per employee (consolidated) | ¥215.1K |
| Net income per employee (consolidated) | ¥64.9K |

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) | 741 | 743 | 736 | 767 | 778 |
| Average salary (parent company) | ¥4.4M | ¥4.5M | ¥4.5M | ¥4.5M | ¥4.4M |
| Average age (parent company) | 40.0 years | 40.0 years | 40.0 years | 41.0 years | 41.0 years |
| Average tenure (parent company) | 11.0 years | 12.0 years | 12.0 years | 12.0 years | 12.0 years |

Year over year: Employees (consolidated) +1.4% · Revenue (consolidated) +3.6%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Information media business | 6,695 | 39.2% | 1,032 | 15.4% |
| Digital transformation support business | 2,137 | 12.5% | 39 | 1.8% |
| Logistics business | 7,067 | 41.4% | 48 | 0.7% |
| Healthcare business | 1,069 | 6.3% | 33 | 3.1% |
| Investment business | 122 | 0.7% | 72 | 58.7% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Information media business | 39.2% | 84.4% | 45.2 | 15.4% |
| Digital transformation support business | 12.5% | 3.2% | -9.3 | 1.8% |
| Logistics business | 41.4% | 3.9% | -37.4 | 0.7% |
| Healthcare business | 6.3% | 2.7% | -3.6 | 3.1% |
| Investment business | 0.7% | 5.8% | 5.1 | 58.7% |

Segment → industry: Digital transformation support business → IT Services & System Integration / Information media business → Publishing & Bookstores / Information media business → Advertising / Healthcare business → Specialty Trading & Wholesale / Logistics business → Trucking & Parcel Delivery

## 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 | 235 | 1.4% | S100YICX |
| Capital expenditure | 80 | 0.5% | S100YICX |
| Free cash flow | 155 | 0.9% | 算出 |
| Investing cash flow | -343 | -2.0% | S100YICX |
| Financing cash flow | -365 | -2.1% | S100YICX |
| Dividends paid | 84 | 0.5% | S100YICX |
| Change in cash | -463 | -2.7% | S100YICX |
| Cash and equivalents | 3,661 | 21.4% | S100YICX |

## 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 | 4,267 | 4,599 | 4,761 | 4,124 | 3,661 | S100TZZC, S100W5ML, S100YICX |
| Total assets | 14,517 | 14,426 | 14,942 | 14,811 | 14,444 | S100R3AX, S100TZZC, S100W5ML, S100YICX |
| Net assets | 7,269 | 7,509 | 7,860 | 8,044 | 8,058 | S100TZZC, S100W5ML, S100YICX |
| Share capital | 750 | 750 | 750 | 750 | 750 | S100R3AX, S100TZZC, S100W5ML, S100YICX |
| Property, plant and equipment | 5,226 | 5,116 | 5,206 | 5,105 | 4,915 | S100R3AX, S100TZZC, S100W5ML, S100YICX |
| Intangible assets excluding goodwill | 312 | 254 | 274 | 670 | 574 | S100R3AX, S100TZZC, S100W5ML, S100YICX |
| Goodwill | 274 | 231 | 239 | 612 | 498 | S100R3AX, S100TZZC, S100W5ML, S100YICX |
| Investment securities | 576 | 702 | 716 | 698 | 855 | S100R3AX, S100TZZC, S100W5ML, S100YICX |
| Current assets | 6,998 | 7,277 | 7,605 | 7,061 | 6,750 | S100R3AX, S100TZZC, S100W5ML, S100YICX |
| Current liabilities | 2,497 | 2,369 | 2,630 | 2,534 | 2,406 | S100R3AX, S100TZZC, S100W5ML, S100YICX |
| Short-term borrowings | 50 | 50 | 50 | 50 | 50 | S100R3AX, S100TZZC, S100W5ML, S100YICX |
| Long-term borrowings | 3,361 | 3,155 | 2,956 | 2,734 | 2,515 | S100R3AX, S100TZZC, S100W5ML, S100YICX |
| Total liabilities | 7,249 | 6,918 | 7,083 | 6,766 | 6,386 | S100R3AX, S100TZZC, S100W5ML, S100YICX |
| Equity attributable to owners of parent | 7,254 | 7,497 | 7,804 | 7,995 | 7,962 | S100R3AX, S100TZZC, S100W5ML, S100YICX |
| Retained earnings | 5,973 | 6,216 | 6,523 | 6,714 | 6,681 | S100R3AX, S100TZZC, S100W5ML, S100YICX |
| Treasury stock | -517 | -517 | -517 | -517 | -517 | S100R3AX, S100TZZC, S100W5ML, S100YICX |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 25% | S100YICX |
| Property, plant and equipment | 34% | S100YICX |
| Intangibles and goodwill | 8% | S100YICX |
| Investment securities | 6% | S100YICX |
| Other assets | 27% | S100YICX |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 44% | S100YICX |
| Equity | 56% | S100YICX |
| Other liabilities | 0% | S100YICX |

### 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 | 14,517 | 14,426 | 14,942 | 14,811 | 14,444 |
| Equity | 7,269 | 7,509 | 7,860 | 8,044 | 8,058 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 4,267 | 4,599 | 4,761 | 4,124 | 3,661 |

## 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) | 28.8% | S100YICX |
| Fixed assets ÷ total assets | 34.0% | S100YICX |
| Goodwill ÷ parent equity | 6.3% | S100YICX |

Goodwill over 4 years: 274 → 498 JPY; total investing cash flow: -1,250 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) | 25.3% |
| Cash ÷ revenue | 21.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 140.6% |
| Cash vs. profit gap | 185 JPY mn (of net income 366.1%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 166.5% |
| Shareholder payments — dividends / FCF | 54.1% |
| CapEx intensity (capex ÷ revenue) | 0.5% |
| Investing CF relative to operating CF | 145.7% |

## 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 | 2.0% | 0.98× | 1.9% | 2.00× | 3.8% | S100R3AX |
| 2023 | 2.2% | 0.99× | 2.2% | 1.96× | 4.2% | S100TZZC |
| 2024 | 2.5% | 1.05× | 2.6% | 1.92× | 4.9% | S100W5ML |
| 2025 | 1.7% | 1.11× | 1.8% | 1.88× | 3.5% | S100YICX |
| 2026 | 0.3% | 1.17× | 0.3% | 1.83× | 0.6% | S100YICX |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社富士教育創研 | Major shareholder | 19.3% | 2026-03-31 |
| 村田 吉優 | Major shareholder | 8.7% | 2026-03-31 |
| サイネックス従業員持株会 | Major shareholder | 8.3% | 2026-03-31 |
| 光通信ＫＫ投資事業有限責任組合 | Major shareholder | 6.3% | 2026-03-31 |
| ＵＨ Partners ２投資事業有限責任組合 | Major shareholder | 4.7% | 2026-03-31 |
| サイネックス共栄会 | Major shareholder | 2.7% | 2026-03-31 |
| 一般財団法人教育振興財団 | Major shareholder | 2.7% | 2026-03-31 |
| 株式会社三井住友銀行 | Major shareholder | 2.7% | 2026-03-31 |
| 村田 将規 | Major shareholder | 2.6% | 2026-03-31 |
| 村田 崇暢 | Major shareholder | 2.5% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第61期(2025/04/01－2026/03/31) | S100YICX | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YICX,, |
| 有価証券報告書－第60期(2024/04/01－2025/03/31) | S100W5ML | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W5ML,, |
| 訂正有価証券報告書－第59期(2023/04/01－2024/03/31) | S100TZZC | 2024-07-05 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TZZC,, |
| 有価証券報告書－第58期(2022/04/01－2023/03/31) | S100R3AX | 2023-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R3AX,, |
| 有価証券報告書－第57期(令和3年4月1日－令和4年3月31日) | S100OM7O | 2022-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OM7O,, |
| 有価証券報告書－第56期(令和2年4月1日－令和3年3月31日) | S100LVF6 | 2021-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LVF6,, |

## 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).