# SERAKU.,Co.Ltd.: business model and financials

> Latest period: FY ending Aug 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第38期(2024/09/01－2025/08/31) (S100X5OA)
> Page: https://vizora.meequs.com/en/company/seraku
> Retrieved: 2026-09-30T20:59:57.694Z

## Company

Seraku., founded in 1987, is a company in IT Services & System Integration listed on TSE Standard. It has 3,276 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | SERAKU Co., Ltd. |
| Ticker | 6199 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6199.T) |
| Listing | TSE Standard |
| Head office | 東京都新宿区西新宿七丁目5番25号 |
| Representative (per filing) | 代表取締役 宮崎 龍己 |
| Founded | Dec 1987 |
| Share capital | ¥312.4M |
| Employees (consolidated) | 3,276 |
| Average salary (parent only) | ¥4.1M |
| Fiscal year end | August |
| Website | www.seraku.co.jp (https://www.seraku.co.jp/) |
| Corporate number | 1011101032087 |
| EDINET | E32397 |
| Industries (Vizora) | IT Services & System Integration, Software & SaaS, HR & Staffing |

> Profile source: annual securities report (S100X5OA, filed 2025-11-20). As of filing

## Five-axis industry profile

Primary industry: IT Services & System Integration (2025-08-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 76.8 | 157 |
| Profitability | 61.5 | 196 |
| Cash conversion | 49.5 | 185 |
| Efficiency | 88 | 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 96% of Seraku.'s sales come from Digitalintegration, with Mechanical design engineering and Midori cloud making up much of the rest.
- Out of every ¥100 of sales, about ¥10 is left as operating profit.
- Revenue changed +11.5% from the prior year, operating profit +12.2%.

## Company structure

- Segment revenue mix: Digitalintegration 96.4%、Mechanical design engineering 2.7%、Midori cloud 0.9%
- Revenue → net income: ¥24776494000 → ¥1709688000
- Net income → operating cash flow: ¥1709688000 → ¥2053446000（difference ¥343758000）
- Main uses of operating cash flow: CapEx ¥551831000 / dividends ¥175680000 / buybacks ¥401493000
- Change in cash: ¥768044000
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 | ¥24.8B |  |
| Operating income | ¥2.55B | Margin 10.3% |
| Net income | ¥1.71B | Margin 6.9% |
| Free cash flow | ¥1.5B |  |
| Largest business | Digitalintegration | of segment revenue 96.4% |
| Employees (consolidated) | 3,276 |  |
| EPS | ¥104.6 |  |
| Diluted EPS | ¥104.38 |  |
| Book value per share | ¥612.65 |  |
| Equity ratio | 66.6% |  |
| Shares outstanding | 13,680,900 |  |
| Treasury shares | 317,900 |  |
| Shareholders | 3,671 |  |
| Average salary (parent only) | ¥4.1M | Filing company only |
| Cash ratio | 57.1% | Cash ÷ revenue 30.7% |
| Vs. industry median margin | +1.4 pp | IT Services & System Integration |
| ROE | 20.6% | Derived from disclosed figures |
| ROA | 13.5% | Derived from disclosed figures |

## Notable figures

- FY2025, buybacks were 2.3× dividends
- FY2025, one segment accounts for 99% of positive segment profit
- FY2025, cash is 57% of total assets

## What changed in 5 years

| Metric | FY ending Aug 2020 | FY ending Aug 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥13771620000 | ¥24776494000 | +79.9% |
| Operating income | ¥1134471000 | ¥2550693000 | +124.8% |
| Operating margin | 8.2% | 10.3% | +2.1 pp |
| Employees | 2,606 people | 3,276 people | +25.7% |
| Cash and equivalents | ¥4282653000 | ¥7612132000 | +77.7% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| システムインテグレーション → 事業再編・廃止 | 79.3% |
| デジタルトランスフォーメーション → 事業再編・廃止 | 17.6% |
| 機械設計エンジニアリング → 機械設計エンジニアリング | 2.7% |
| 機械設計エンジニアリング → 事業再編・廃止 | 0.4% |
| その他 → 事業再編・廃止 | 0.1% |
| 新設・再編 → デジタルインテグレーション | 96.4% |
| 新設・再編 → みどりクラウド | 0.9% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Digitalintegration | 3 years | +12.0% | ¥23881016000 | 10.9% | 2 |
| Mechanical design engineering | 5 years | +9.1% | ¥660416000 | 5.6% | 2 |
| Midori cloud | 4 years | -6.2% | ¥235062000 | -50.5% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 24,776 | 100.0% | S100X5OA |
| Cost of revenue | 18,320 | 73.9% | S100X5OA |
| Gross profit | 6,456 | 26.1% | S100X5OA |
| SG&A | 3,906 | 15.8% | S100X5OA |
| Operating income | 2,551 | 10.3% | S100X5OA |
| Ordinary income | 2,599 | 10.5% | S100X5OA |
| Pretax income | 2,601 | 10.5% | S100X5OA |
| Income tax | 891 | 3.6% | S100X5OA |
| Net income | 1,710 | 6.9% | S100X5OA |
| Net income attributable to owners | 1,710 | 6.9% | S100X5OA |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 74 |
| SG&A | 16 |
| Operating income | 10 |
| (Ref.) Net income | 7 |

### Margin funnel

Gross margin 26.1% → Operating margin 10.3% → Net margin 6.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +11.5%; Core profit growth: +12.2%
Growth quality: similar-growth
Operating leverage (core profit growth ÷ revenue growth): 1.06×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 22,222 | 24,776 | 2,555 | +11.5% |
| Gross profit | 5,700 | 6,456 | 756 | +13.3% |
| Operating income | 2,274 | 2,551 | 277 | +12.2% |
| Net income attributable to owners | 1,576 | 1,710 | 134 | +8.5% |
| Operating cash flow | 1,357 | 2,053 | 696 | +51.3% |
| Free cash flow | 1,158 | 1,502 | 344 | +29.7% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Aug 2019 | 11,410 | 728 | 6.4% | 441 | 655 | 615 | S100K9LU |
| FY ending Aug 2020 | 13,772 | 1,134 | 8.2% | 654 | 996 | 928 | S100MYCE |
| FY ending Aug 2021 | 15,263 | 1,356 | 8.9% | 1,241 | 1,468 | 1,397 | S100PPNZ |
| FY ending Aug 2022 | 17,859 | 887 | 5.0% | 966 | 704 | 639 | S100SCTB |
| FY ending Aug 2023 | 20,859 | 1,945 | 9.3% | 1,472 | 2,028 | 1,972 | S100UU49 |
| FY ending Aug 2024 | 22,222 | 2,274 | 10.2% | 1,576 | 1,357 | 1,158 | S100X5OA |
| FY ending Aug 2025 | 24,776 | 2,551 | 10.3% | 1,710 | 2,053 | 1,502 | S100X5OA |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥7.6M |
| Operating income per employee (consolidated) | ¥778.6K |
| Net income per employee (consolidated) | ¥521.9K |

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

| History | FY ending Aug 2021 | FY ending Aug 2022 | FY ending Aug 2023 | FY ending Aug 2024 | FY ending Aug 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 2,656 | 3,373 | 3,480 | 3,387 | 3,276 |
| Average salary (parent company) | ¥3.8M | ¥3.8M | ¥3.9M | ¥4M | ¥4.1M |
| Average age (parent company) | 30.6 years | 30.3 years | 30.6 years | 31.3 years | 31.8 years |
| Average tenure (parent company) | 3.7 years | 3.5 years | 3.9 years | 4.5 years | 5.0 years |

Year over year: Employees (consolidated) -3.3% · Revenue (consolidated) +11.5%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Digitalintegration | 23,881 | 96.4% | 2,612 | 10.9% |
| Midori cloud | 235 | 0.9% | -119 | -50.5% |
| Mechanical design engineering | 660 | 2.7% | 37 | 5.6% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Digitalintegration | 96.4% | 98.6% | 2.2 | 10.9% |
| Midori cloud | 0.9% | — | — | -50.5% |
| Mechanical design engineering | 2.7% | 1.4% | -1.3 | 5.6% |

Loss-making segment (excluded from profit shares): Midori cloud -119 JPY mn

Segment → industry: Digitalintegration → IT Services & System Integration / Midori cloud → Software & SaaS / Mechanical design engineering → HR & Staffing

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 2,053 | 8.3% | S100X5OA |
| Capital expenditure | 552 | 2.2% | S100X5OA |
| Free cash flow | 1,502 | 6.1% | 算出 |
| Investing cash flow | -651 | -2.6% | S100X5OA |
| Financing cash flow | -635 | -2.6% | S100X5OA |
| Dividends paid | 176 | 0.7% | S100X5OA |
| Share buyback | 401 | 1.6% | S100X5OA |
| Change in cash | 768 | 3.1% | S100X5OA |
| Cash and equivalents | 7,612 | 30.7% | S100X5OA |

## 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 Aug 2021 | FY ending Aug 2022 | FY ending Aug 2023 | FY ending Aug 2024 | FY ending Aug 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 5,410 | 5,608 | 6,814 | 6,844 | 7,612 | S100SCTB, S100UU49, S100X5OA |
| Total assets | 8,731 | 9,620 | 11,254 | 12,052 | 13,324 | S100PPNZ, S100SCTB, S100UU49, S100X5OA |
| Net assets | 4,616 | 5,519 | 6,904 | 7,763 | 8,903 | S100SCTB, S100UU49, S100X5OA |
| Share capital | 304 | 306 | 307 | 311 | 312 | S100PPNZ, S100SCTB, S100UU49, S100X5OA |
| Trade receivables | 1,821 | — | — | — | — | S100PPNZ |
| Property, plant and equipment | 200 | 207 | 223 | 385 | 879 | S100PPNZ, S100SCTB, S100UU49, S100X5OA |
| Intangible assets excluding goodwill | 22 | 10 | 2 | 127 | 101 | S100PPNZ, S100SCTB, S100UU49, S100X5OA |
| Goodwill | 16 | 7 | — | 125 | 99 | S100PPNZ, S100SCTB, S100X5OA |
| Investment securities | 118 | 118 | 109 | 3 | 3 | S100PPNZ, S100SCTB, S100UU49, S100X5OA |
| Current assets | 7,496 | 8,260 | 9,726 | 10,085 | 10,911 | S100PPNZ, S100SCTB, S100UU49, S100X5OA |
| Current liabilities | 3,235 | 3,829 | 4,179 | 4,124 | 4,283 | S100PPNZ, S100SCTB, S100UU49, S100X5OA |
| Long-term borrowings | 750 | 150 | 61 | 46 | — | S100PPNZ, S100SCTB, S100UU49, S100X5OA |
| Total liabilities | 4,114 | 4,101 | 4,349 | 4,290 | 4,422 | S100PPNZ, S100SCTB, S100UU49, S100X5OA |
| Equity attributable to owners of parent | 4,611 | 5,510 | 6,864 | 7,730 | 8,867 | S100PPNZ, S100SCTB, S100UU49, S100X5OA |
| Retained earnings | 3,806 | 4,700 | 6,053 | 7,483 | 8,912 | S100PPNZ, S100SCTB, S100UU49, S100X5OA |
| Treasury stock | -0 | -0 | -0 | -375 | -583 | S100PPNZ, S100SCTB, S100UU49, S100X5OA |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 57% | S100X5OA |
| Property, plant and equipment | 7% | S100X5OA |
| Intangibles and goodwill | 1% | S100X5OA |
| Investment securities | 0% | S100X5OA |
| Other assets | 35% | S100X5OA |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 33% | S100X5OA |
| Equity | 67% | S100X5OA |

### Balance sheet history

| Metric | FY ending Aug 2021 | FY ending Aug 2022 | FY ending Aug 2023 | FY ending Aug 2024 | FY ending Aug 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 8,731 | 9,620 | 11,254 | 12,052 | 13,324 |
| Equity | 4,616 | 5,519 | 6,904 | 7,763 | 8,903 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 5,410 | 5,608 | 6,814 | 6,844 | 7,612 |

## 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) | 3.5% | S100X5OA |
| Fixed assets ÷ total assets | 6.6% | S100X5OA |
| Goodwill ÷ parent equity | 1.1% | S100X5OA |

Goodwill over 4 years: 16 → 99 JPY; total investing cash flow: -1,614 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) | 57.1% |
| Cash ÷ revenue | 30.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 80.5% |
| Cash vs. profit gap | 344 JPY mn (of net income 20.1%) |
| Shareholder returns / net income | 33.8% |
| Shareholder returns / FCF | 38.4% |
| Shareholder payments — dividends / net income | 10.3% |
| Shareholder payments — dividends / FCF | 11.7% |
| CapEx intensity (capex ÷ revenue) | 2.2% |
| Investing CF relative to operating CF | 31.7% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 8.1% | 1.75× | 14.2% | 1.89× | 26.9% | S100PPNZ |
| 2022 | 5.4% | 1.95× | 10.5% | 1.81× | 19.1% | S100SCTB |
| 2023 | 7.1% | 2.00× | 14.1% | 1.69× | 23.8% | S100UU49 |
| 2024 | 7.1% | 1.91× | 13.5% | 1.60× | 21.6% | S100X5OA |
| 2025 | 6.9% | 1.95× | 13.5% | 1.53× | 20.6% | S100X5OA |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 宮崎 龍己 | Major shareholder | 35.7% | 2025-08-31 |
| 宮崎 浩美 | Major shareholder | 8.3% | 2025-08-31 |
| 株式会社宮崎 | Major shareholder | 7.1% | 2025-08-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 5.8% | 2025-08-31 |
| 株式会社ミヤザキ | Major shareholder | 5.3% | 2025-08-31 |
| 特定有価証券信託受託者 株式会社SMBC信託銀行 | Major shareholder | 4.3% | 2025-08-31 |
| STATE STREET BANK AND TRUST COMPANY 505044(常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 1.5% | 2025-08-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 1.5% | 2025-08-31 |
| セラク従業員持株会 | Major shareholder | 1.4% | 2025-08-31 |
| CACEIS BK ES IICS CLIENTS （常任代理人 香港上海銀行東京支店） | Major shareholder | 1.3% | 2025-08-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第38期(2024/09/01－2025/08/31) | S100X5OA | 2025-11-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100X5OA,, |
| 有価証券報告書－第37期(2023/09/01－2024/08/31) | S100UU49 | 2024-11-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UU49,, |
| 有価証券報告書－第36期(2022/09/01－2023/08/31) | S100SCTB | 2023-11-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SCTB,, |
| 有価証券報告書－第35期(令和3年9月1日－令和4年8月31日) | S100PPNZ | 2022-11-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PPNZ,, |
| 有価証券報告書－第34期(令和2年9月1日－令和3年8月31日) | S100MYCE | 2021-11-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MYCE,, |
| 有価証券報告書－第33期(令和1年9月1日－令和2年8月31日) | S100K9LU | 2020-11-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100K9LU,, |

## 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).