# Segue Group Co,.Ltd.: business model and financials

> Latest period: FY ending Dec 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第12期(2025/01/01－2025/12/31) (S100XTVB)
> Page: https://vizora.meequs.com/en/company/segue-group-co
> Retrieved: 2026-09-30T21:38:37.152Z

## Company

Segue Group Co,., founded in 1995, is a company in IT Services & System Integration listed on TSE Prime. It has 712 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Segue Group Co.,Ltd. |
| Ticker | 3968 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3968.T) |
| Listing | TSE Prime |
| Head office | 東京都中央区新川一丁目16番3号 |
| Representative (per filing) | 代表取締役社長 愛須 康之 |
| Founded | Apr 1995 |
| Share capital | ¥528.6M |
| Employees (consolidated) | 712 |
| Average salary (parent only) | ¥8M |
| Fiscal year end | December |
| Website | segue-g.jp (https://segue-g.jp/) |
| Corporate number | 9010001164479 |
| EDINET | E32815 |
| Industries (Vizora) | IT Services & System Integration |

> Profile source: annual securities report (S100XTVB, filed 2026-03-26). As of filing

## Five-axis industry profile

Primary industry: IT Services & System Integration (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 86.3 | 157 |
| Profitability | 37 | 196 |
| Cash conversion | 1.9 | 185 |
| Efficiency | 68.6 | 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)

- Segue Group Co,. brought in ¥25.1B in revenue.
- Out of every ¥100 of sales, about ¥8 is left as operating profit.
- Revenue changed +34.0% from the prior year, operating profit +157.5%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥25.1B |  |
| Operating income | ¥1.85B | Margin 7.4% |
| Net income | ¥1.19B | Margin 4.8% |
| Free cash flow | -¥3.07B |  |
| Employees (consolidated) | 712 |  |
| EPS | ¥20.5 |  |
| Diluted EPS | ¥20.29 |  |
| Book value per share | ¥70.42 |  |
| Equity ratio | 22.1% |  |
| Shares outstanding | 32,564,077 |  |
| Treasury shares | 360,700 |  |
| Shareholders | 11,814 |  |
| Average salary (parent only) | ¥8M | Filing company only |
| Cash ratio | 13.6% | Cash ÷ revenue 10.1% |
| Vs. industry median margin | -1.5 pp | IT Services & System Integration |
| ROE | 36.1% | Derived from disclosed figures |
| ROA | 7.4% | Derived from disclosed figures |

## Notable figures

- FY2025, revenue is 2.1× its level five years ago
- FY2025, parent-company salary changed +35% over five years

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥10992813000 | ¥25074483000 | +128.1% |
| Operating income | ¥843618000 | ¥1854284000 | +119.8% |
| Operating margin | 7.7% | 7.4% | -0.3 pp |
| Employees | 446 people | 712 people | +59.6% |
| Cash and equivalents | ¥1726388000 | ¥2535199000 | +46.8% |

### Change in segment revenue mix

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

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 25,074 | 100.0% | S100XTVB |
| Cost of revenue | 19,143 | 76.3% | S100XTVB |
| Gross profit | 5,931 | 23.7% | S100XTVB |
| SG&A | 4,077 | 16.3% | S100XTVB |
| Operating income | 1,854 | 7.4% | S100XTVB |
| Ordinary income | 2,002 | 8.0% | S100XTVB |
| Pretax income | 1,891 | 7.5% | S100XTVB |
| Income tax | 660 | 2.6% | S100XTVB |
| Net income | 1,232 | 4.9% | S100XTVB |
| Net income attributable to owners | 1,191 | 4.8% | S100XTVB |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 76 |
| SG&A | 16 |
| Operating income | 8 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 23.7% → Operating margin 7.4% → Net margin 4.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +34.0%; Core profit growth: +157.5%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 4.64×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 18,718 | 25,074 | 6,357 | +34.0% |
| Gross profit | 4,592 | 5,931 | 1,339 | +29.2% |
| Operating income | 720 | 1,854 | 1,134 | +157.5% |
| Net income attributable to owners | 508 | 1,191 | 684 | +134.6% |
| Operating cash flow | 1,755 | -2,810 | -4,566 | -260.1% |
| Free cash flow | 1,592 | -3,069 | -4,662 | -292.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 9,647 | 548 | 5.7% | 412 | 761 | 593 | S100L1SE |
| FY ending Dec 2020 | 10,993 | 844 | 7.7% | 634 | 164 | 66 | S100NQBJ |
| FY ending Dec 2021 | 12,039 | 639 | 5.3% | 455 | -151 | -276 | S100QHJB |
| FY ending Dec 2022 | 13,623 | 906 | 6.7% | 743 | 1,125 | 1,031 | S100T4PL |
| FY ending Dec 2023 | 17,443 | 1,086 | 6.2% | 661 | 1,586 | 1,281 | S100WQBN |
| FY ending Dec 2024 | 18,718 | 720 | 3.8% | 508 | 1,755 | 1,592 | S100XTVB |
| FY ending Dec 2025 | 25,074 | 1,854 | 7.4% | 1,191 | -2,810 | -3,069 | S100XTVB |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥35.2M |
| Operating income per employee (consolidated) | ¥2.6M |
| Net income per employee (consolidated) | ¥1.7M |

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

| History | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 473 | 527 | 570 | 709 | 712 |
| Average salary (parent company) | ¥5.9M | ¥6.3M | ¥6.8M | ¥7.3M | ¥8M |
| Average age (parent company) | 41.8 years | 42.2 years | 42.4 years | 41.5 years | 37.8 years |
| Average tenure (parent company) | 6.5 years | 6.7 years | 6.3 years | 5.4 years | 6.6 years |

Year over year: Employees (consolidated) +0.4% · Revenue (consolidated) +34.0%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -2,810 | -11.2% | S100XTVB |
| Capital expenditure | 259 | 1.0% | S100XTVB |
| Free cash flow | -3,069 | -12.2% | 算出 |
| Investing cash flow | -90 | -0.4% | S100XTVB |
| Financing cash flow | 1,238 | 4.9% | S100XTVB |
| Dividends paid | 380 | 1.5% | S100XTVB |
| Change in cash | -1,531 | -6.1% | S100XTVB |
| Cash and equivalents | 2,535 | 10.1% | S100XTVB |

## 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 Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,352 | 3,107 | 3,452 | 4,066 | 2,535 | S100T4PL, S100WQBN, S100XTVB |
| Total assets | 8,625 | 11,252 | 11,831 | 13,633 | 18,647 | S100QHJB, S100T4PL, S100WQBN, S100XTVB |
| Net assets | 3,199 | 3,685 | 4,014 | 3,193 | 4,401 | S100T4PL, S100WQBN, S100XTVB |
| Share capital | 515 | 517 | 526 | 528 | 529 | S100QHJB, S100T4PL, S100WQBN, S100XTVB |
| Trade receivables | 1,886 | 2,286 | 1,839 | 2,830 | 4,822 | S100QHJB, S100T4PL, S100WQBN, S100XTVB |
| Inventories | 2,377 | 3,104 | 2,848 | 1,688 | 3,909 | S100QHJB, S100T4PL, S100WQBN, S100XTVB |
| Property, plant and equipment | 209 | 248 | 377 | 377 | 432 | S100QHJB, S100T4PL, S100WQBN, S100XTVB |
| Intangible assets excluding goodwill | 166 | 258 | 263 | 1,575 | 1,346 | S100QHJB, S100T4PL, S100WQBN, S100XTVB |
| Goodwill | 69 | 192 | 161 | 1,467 | 1,225 | S100QHJB, S100T4PL, S100WQBN, S100XTVB |
| Investment securities | 665 | 343 | 468 | 235 | 579 | S100QHJB, S100T4PL, S100WQBN, S100XTVB |
| Current assets | 7,237 | 9,976 | 10,029 | 10,796 | 15,580 | S100QHJB, S100T4PL, S100WQBN, S100XTVB |
| Current liabilities | 5,101 | 6,367 | 6,853 | 8,313 | 12,789 | S100QHJB, S100T4PL, S100WQBN, S100XTVB |
| Short-term borrowings | 500 | 38 | — | 81 | 2,267 | S100QHJB, S100T4PL, S100XTVB |
| Long-term borrowings | — | 805 | 544 | 1,653 | 926 | S100T4PL, S100WQBN, S100XTVB |
| Total liabilities | 5,426 | 7,567 | 7,817 | 10,440 | 14,247 | S100QHJB, S100T4PL, S100WQBN, S100XTVB |
| Non-controlling interests | — | 18 | 11 | 150 | 211 | S100T4PL, S100WQBN, S100XTVB |
| Equity attributable to owners of parent | 3,165 | 3,652 | 3,961 | 2,888 | 3,719 | S100QHJB, S100T4PL, S100WQBN, S100XTVB |
| Retained earnings | 2,666 | 3,229 | 3,520 | 2,827 | 3,633 | S100QHJB, S100T4PL, S100WQBN, S100XTVB |
| Treasury stock | -303 | -384 | -382 | -467 | -443 | S100QHJB, S100T4PL, S100WQBN, S100XTVB |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 14% | S100XTVB |
| Receivables | 26% | S100XTVB |
| Inventories | 21% | S100XTVB |
| Property, plant and equipment | 2% | S100XTVB |
| Intangibles and goodwill | 14% | S100XTVB |
| Investment securities | 3% | S100XTVB |
| Other assets | 20% | S100XTVB |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 76% | S100XTVB |
| Equity | 24% | S100XTVB |

### Balance sheet history

| Metric | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 8,625 | 11,252 | 11,831 | 13,633 | 18,647 |
| Equity | 3,199 | 3,685 | 4,014 | 3,193 | 4,401 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,352 | 3,107 | 3,452 | 4,066 | 2,535 |

## 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) | 1.7% | S100XTVB |
| Fixed assets ÷ total assets | 2.3% | S100XTVB |
| Goodwill ÷ parent equity | 32.9% | S100XTVB |

Goodwill over 4 years: 69 → 1,225 JPY; total investing cash flow: -1,911 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) | 13.6% |
| Cash ÷ revenue | 10.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -151.6% |
| Cash vs. profit gap | -4,001 JPY mn (of net income -335.9%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 31.9% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 1.0% |
| Investing CF relative to operating CF | — |

## 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 | 3.8% | 1.40× | 5.3% | 2.72× | 14.4% | S100QHJB |
| 2022 | 5.5% | 1.37× | 7.5% | 2.92× | 21.8% | S100T4PL |
| 2023 | 3.8% | 1.51× | 5.7% | 3.03× | 17.4% | S100WQBN |
| 2024 | 2.7% | 1.47× | 4.0% | 3.72× | 14.8% | S100XTVB |
| 2025 | 4.8% | 1.55× | 7.4% | 4.89× | 36.1% | S100XTVB |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 愛須 康之 | Major shareholder | 30.4% | 2025-12-31 |
| 有限会社エーディーシー | Major shareholder | 8.7% | 2025-12-31 |
| セグエグループ従業員持株会 | Major shareholder | 1.9% | 2025-12-31 |
| 株式会社オービック | Major shareholder | 1.8% | 2025-12-31 |
| BNY GCM CLIENT ACCOUNT JPRD AC ISG (FE-AC)（常任代理人 株式会社三菱UFJ銀行） | Major shareholder | 1.6% | 2025-12-31 |
| 株式会社日本カストディ銀行（信託Ｅ口） | Major shareholder | 1.4% | 2025-12-31 |
| 株式会社SBI証券 | Major shareholder | 1.1% | 2025-12-31 |
| 佐伯 知輝 | Major shareholder | 0.9% | 2025-12-31 |
| GOLDMAN SACHS INTERNATIONAL（常任代理人 ゴールドマン・サックス証券株式会社） | Major shareholder | 0.9% | 2025-12-31 |
| 田中 博章 | Major shareholder | 0.8% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第12期(2025/01/01－2025/12/31) | S100XTVB | 2026-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XTVB,, |
| 訂正有価証券報告書－第11期(2024/01/01－2024/12/31) | S100WQBN | 2025-09-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WQBN,, |
| 有価証券報告書－第10期(2023/01/01－2023/12/31) | S100T4PL | 2024-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T4PL,, |
| 有価証券報告書－第9期(2022/01/01－2022/12/31) | S100QHJB | 2023-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QHJB,, |
| 有価証券報告書－第8期(令和3年1月1日－令和3年12月31日) | S100NQBJ | 2022-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NQBJ,, |
| 有価証券報告書－第7期(令和2年1月1日－令和2年12月31日) | S100L1SE | 2021-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L1SE,, |

## Key alliances (from the filing's material contracts)

| Partner | Type | Description | Source |
| --- | ---: | ---: | ---: |
| Juniper Networks, Inc. | Supply/OEM | 子会社ジェイズ・コミュニケーションが Juniper のネットワーク・セキュリティ機器を販売する代理店契約 | S100XTVB |
| Ruckus Wireless, Inc. | Supply/OEM | 子会社ジェイズ・コミュニケーションが無線 LAN ソリューションを販売する代理店契約（現 CommScope, Inc.） | S100XTVB |
| Extreme Networks Ireland Ops Unlimited Company | Supply/OEM | 子会社ジェイズ・コミュニケーションが Extreme Networks のネットワーク・セキュリティ機器を販売する代理店契約 | S100XTVB |

## 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).