# SHOWA SYSTEM ENGINEERING CORPORATION: business model and financials

> Latest period: FY ending Mar 2026, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第60期(2025/04/01－2026/03/31) (S100YE2I)
> Page: https://vizora.meequs.com/en/company/showa-system-engineering
> Retrieved: 2026-09-30T17:54:04.889Z

## Company

Showa System Engineering, founded in 1966, is a company in IT Services & System Integration listed on TSE Standard. It has 489 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | SHOWA SYSTEM ENGINEERING CORPORATION |
| Ticker | 4752 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4752.T) |
| Listing | TSE Standard |
| Head office | 東京都中央区日本橋小伝馬町1番5号 |
| Representative (per filing) | 代表取締役社長 尾崎 裕一 |
| Founded | Apr 1966 |
| Share capital | ¥630.5M |
| Employees (consolidated) | 489 |
| Average salary (parent only) | ¥6M |
| Fiscal year end | March |
| Website | www.showa-sys-eng.co.jp (https://www.showa-sys-eng.co.jp/) |
| Corporate number | 3010001045552 |
| EDINET | E05075 |
| Industries (Vizora) | IT Services & System Integration, Business Process Outsourcing |

> Profile source: annual securities report (S100YE2I, filed 2026-06-22). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 50 | 157 |
| Profitability | 72.7 | 196 |
| Cash conversion | 43.5 | 185 |
| Efficiency | 25.3 | 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 99% of Showa System Engineering's sales come from Software development, with Business process outsourcing entry making up much of the rest.
- Out of every ¥100 of sales, about ¥12 is left as operating profit.
- Revenue changed +5.0% from the prior year, operating profit +8.0%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥8.73B |  |
| Operating income | ¥1.02B | Margin 11.7% |
| Net income | ¥768.8M | Margin 8.8% |
| Free cash flow | — |  |
| Largest business | Software development | of segment revenue 99.1% |
| Employees (consolidated) | 489 |  |
| EPS | ¥179.58 |  |
| Book value per share | ¥1379.3 |  |
| Equity ratio | 63.0% |  |
| Shares outstanding | 4,810,000 |  |
| Treasury shares | 528,800 |  |
| Shareholders | 1,973 |  |
| Average salary (parent only) | ¥6M | Filing company only |
| Cash ratio | 47.8% | Cash ÷ revenue 51.3% |
| Vs. industry median margin | +2.8 pp | IT Services & System Integration |
| ROE | 13.8% | Derived from disclosed figures |
| ROA | 8.5% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 99% of positive segment profit
- FY2026, cash is 48% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥6013545000 | ¥8730859000 | +45.2% |
| Operating income | ¥504755000 | ¥1024948000 | +103.1% |
| Operating margin | 8.4% | 11.7% | +3.3 pp |
| Employees | 435 people | 489 people | +12.4% |
| Cash and equivalents | ¥2993754000 | ¥4478893000 | +49.6% |

### 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 |
| --- | ---: |
| ソフトウエア開発事業 → ソフトウエア開発事業 | 97.8% |
| ＢＰＯ事業 → ＢＰＯ事業 | 0.9% |
| ＢＰＯ事業 → 事業再編・廃止 | 1.3% |
| 新設・再編 → ソフトウエア開発事業 | 1.3% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 8,731 | 100.0% | S100YE2I |
| Cost of revenue | 7,143 | 81.8% | S100YE2I |
| Gross profit | 1,588 | 18.2% | S100YE2I |
| SG&A | 563 | 6.4% | S100YE2I |
| Operating income | 1,025 | 11.7% | S100YE2I |
| Ordinary income | 1,048 | 12.0% | S100YE2I |
| Pretax income | 1,078 | 12.4% | S100YE2I |
| Income tax | 310 | 3.5% | S100YE2I |
| Net income | 769 | 8.8% | S100YE2I |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 82 |
| SG&A | 6 |
| Operating income | 12 |
| (Ref.) Net income | 9 |

### Margin funnel

Gross margin 18.2% → Operating margin 11.7% → Net margin 8.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +5.0%; Core profit growth: +8.0%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.61×
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 | 8,317 | 8,731 | 413 | +5.0% |
| Gross profit | 1,478 | 1,588 | 110 | +7.4% |
| Operating income | 949 | 1,025 | 76 | +8.0% |
| Operating cash flow | 625 | 798 | 173 | +27.6% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 6,193 | 500 | 8.1% | 343 | 424 | — | S100LK2K |
| FY ending Mar 2021 | 6,014 | 505 | 8.4% | 346 | 258 | — | S100O9DA |
| FY ending Mar 2022 | 6,461 | 613 | 9.5% | 420 | 603 | — | S100R20J |
| FY ending Mar 2023 | 7,086 | 764 | 10.8% | 527 | 475 | — | S100TPQ5 |
| FY ending Mar 2024 | 7,961 | 909 | 11.4% | 661 | 769 | — | S100W18D |
| FY ending Mar 2025 | 8,317 | 949 | 11.4% | 714 | 625 | — | S100YE2I |
| FY ending Mar 2026 | 8,731 | 1,025 | 11.7% | 769 | 798 | — | S100YE2I |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥17.9M |
| Operating income per employee (consolidated) | ¥2.1M |
| Net income per employee (consolidated) | ¥1.6M |

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) | 451 | 450 | 455 | 474 | 489 |
| Average salary (parent company) | ¥5.6M | ¥5.6M | ¥5.8M | ¥6M | ¥6M |
| Average age (parent company) | 38.2 years | 37.2 years | 38.2 years | 38.7 years | 38.5 years |
| Average tenure (parent company) | 15.2 years | 14.3 years | 15.4 years | 15.5 years | 15.4 years |

Year over year: Employees (consolidated) +3.2% · Revenue (consolidated) +5.0%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Software development | 8,651 | 99.1% | 1,577 | 18.2% |
| Business process outsourcing entry | 80 | 0.9% | 11 | 14.3% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Software development | 99.1% | 99.3% | 0.2 | 18.2% |
| Business process outsourcing entry | 0.9% | 0.7% | -0.2 | 14.3% |

Segment → industry: Software development → IT Services & System Integration / Business process outsourcing entry → Business Process Outsourcing

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, non-consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 798 | 9.1% | S100YE2I |
| Investing cash flow | -263 | -3.0% | S100YE2I |
| Financing cash flow | -235 | -2.7% | S100YE2I |
| Dividends paid | 235 | 2.7% | S100YE2I |
| Share buyback | 0 | 0.0% | S100YE2I |
| Change in cash | 299 | 3.4% | S100YE2I |
| Cash and equivalents | 4,479 | 51.3% | S100YE2I |

## 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 | 3,398 | 3,661 | 4,184 | 4,180 | 4,479 | S100TPQ5, S100W18D, S100YE2I |
| Total assets | 7,222 | 7,677 | 8,286 | 8,677 | 9,373 | S100R20J, S100TPQ5, S100W18D, S100YE2I |
| Net assets | 4,014 | 4,412 | 4,931 | 5,343 | 5,905 | S100TPQ5, S100W18D, S100YE2I |
| Share capital | 631 | 631 | 631 | 631 | 631 | S100R20J, S100TPQ5, S100W18D, S100YE2I |
| Property, plant and equipment | 163 | 167 | 157 | 490 | 488 | S100R20J, S100TPQ5, S100W18D, S100YE2I |
| Intangible assets excluding goodwill | 8 | 69 | 55 | 42 | 30 | S100R20J, S100TPQ5, S100W18D, S100YE2I |
| Investment securities | 308 | 325 | 465 | 447 | 481 | S100R20J, S100TPQ5, S100W18D, S100YE2I |
| Current assets | 5,804 | 6,185 | 6,700 | 6,762 | 7,445 | S100R20J, S100TPQ5, S100W18D, S100YE2I |
| Current liabilities | 1,091 | 1,195 | 1,291 | 1,266 | 1,424 | S100R20J, S100TPQ5, S100W18D, S100YE2I |
| Short-term borrowings | 10 | 10 | 10 | 10 | 10 | S100R20J, S100TPQ5, S100W18D, S100YE2I |
| Total liabilities | 3,209 | 3,264 | 3,355 | 3,334 | 3,468 | S100R20J, S100TPQ5, S100W18D, S100YE2I |
| Equity attributable to owners of parent | 4,070 | 4,457 | 4,878 | 5,305 | 5,838 | S100R20J, S100TPQ5, S100W18D, S100YE2I |
| Retained earnings | 3,123 | 3,510 | 3,996 | 4,493 | 5,027 | S100R20J, S100TPQ5, S100W18D, S100YE2I |
| Treasury stock | -238 | -238 | -302 | -373 | -373 | S100R20J, S100TPQ5, S100W18D, S100YE2I |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 48% | S100YE2I |
| Property, plant and equipment | 5% | S100YE2I |
| Intangibles and goodwill | 0% | S100YE2I |
| Investment securities | 5% | S100YE2I |
| Other assets | 42% | S100YE2I |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 37% | S100YE2I |
| Equity | 63% | S100YE2I |
| Other liabilities | 0% | S100YE2I |

### 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 | 7,222 | 7,677 | 8,286 | 8,677 | 9,373 |
| Equity | 4,014 | 4,412 | 4,931 | 5,343 | 5,905 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 3,398 | 3,661 | 4,184 | 4,180 | 4,479 |

## 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) | 5.6% | S100YE2I |
| Fixed assets ÷ total assets | 5.2% | S100YE2I |
| Goodwill ÷ parent equity | — | —, S100YE2I |

### 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) | 47.8% |
| Cash ÷ revenue | 51.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 77.8% |
| Cash vs. profit gap | 29 JPY mn (of net income 3.7%) |
| Shareholder returns / net income | 30.6% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 30.6% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | — |
| Investing CF relative to operating CF | 33.0% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 6.5% | 0.89× | 5.8% | 1.77× | 10.3% | S100R20J |
| 2023 | 7.4% | 0.95× | 7.1% | 1.75× | 12.4% | S100TPQ5 |
| 2024 | 8.3% | 1.00× | 8.3% | 1.71× | 14.2% | S100W18D |
| 2025 | 8.6% | 0.98× | 8.4% | 1.67× | 14.0% | S100YE2I |
| 2026 | 8.8% | 0.97× | 8.5% | 1.62× | 13.8% | S100YE2I |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 尾崎 裕一 | Major shareholder | 23.8% | 2026-03-31 |
| 有限会社オーエム商事 | Major shareholder | 8.6% | 2026-03-31 |
| 古殿 恭子 | Major shareholder | 7.1% | 2026-03-31 |
| 株式会社愛媛銀行 | Major shareholder | 4.2% | 2026-03-31 |
| 昭和システムエンジニアリング 従業員持株会 | Major shareholder | 3.9% | 2026-03-31 |
| ＢＩＰＲＯＧＹ株式会社 | Major shareholder | 3.5% | 2026-03-31 |
| 山口 勝彦 | Major shareholder | 2.9% | 2026-03-31 |
| 光通信ＫＫ投資事業有限責任組合 | Major shareholder | 2.5% | 2026-03-31 |
| 戸堀 淳子 | Major shareholder | 2.3% | 2026-03-31 |
| 山口 岳彦 | Major shareholder | 2.2% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第60期(2025/04/01－2026/03/31) | S100YE2I | 2026-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YE2I,, |
| 有価証券報告書－第59期(2024/04/01－2025/03/31) | S100W18D | 2025-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W18D,, |
| 有価証券報告書－第58期(2023/04/01－2024/03/31) | S100TPQ5 | 2024-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TPQ5,, |
| 有価証券報告書－第57期(2022/04/01－2023/03/31) | S100R20J | 2023-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R20J,, |
| 有価証券報告書－第56期(令和3年4月1日－令和4年3月31日) | S100O9DA | 2022-06-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O9DA,, |
| 有価証券報告書－第55期(令和2年4月1日－令和3年3月31日) | S100LK2K | 2021-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LK2K,, |

## 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).