# Signpost Corporation: business model and financials

> Latest period: FY ending Feb 2026, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第19期(2025/03/01－2026/02/28) (S100Y6B0)
> Page: https://vizora.meequs.com/en/company/signpost
> Retrieved: 2026-09-30T18:40:59.101Z

## Company

Signpost, founded in 2007, is a company in IT Services & System Integration listed on TSE Standard. It has 204 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Signpost Corporation |
| Ticker | 3996 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3996.T) |
| Listing | TSE Standard |
| Head office | 東京都中央区日本橋本町四丁目12番20号 |
| Representative (per filing) | 代表取締役社長 蒲原 寧 |
| Founded | Mar 2007 |
| Share capital | ¥60.2M |
| Employees (consolidated) | 204 |
| Average salary (parent only) | ¥7.5M |
| Fiscal year end | February |
| Website | signpost.co.jp (https://signpost.co.jp/) |
| Corporate number | 1010001107305 |
| EDINET | E33519 |
| Industries (Vizora) | IT Services & System Integration, Software & SaaS, Consulting |

> Profile source: annual securities report (S100Y6B0, filed 2026-05-28). As of filing

## Five-axis industry profile

Primary industry: Consulting (2026-02-28)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 40.3 | 31 |
| Profitability | 10.2 | 44 |
| Cash conversion | 71.6 | 44 |
| Efficiency | 35.2 | 44 |

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 Signpost's sales come from Consulting, with DX/Regional Co-Creation and Innovation making up much of the rest.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed +3.8% from the prior year, operating profit -50.8%.

## Company structure

- Segment revenue mix: Consulting 95.9%、DX/Regional Co-Creation 2.5%、Innovation 1.6%
- Revenue → net income: ¥3138857000 → ¥76224000
- Net income → operating cash flow: ¥76224000 → ¥113044000（difference ¥36820000）
- Main uses of operating cash flow: CapEx ¥876000 / dividends — / buybacks —
- Change in cash: ¥89064000
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 | ¥3.14B |  |
| Operating income | ¥98.4M | Margin 3.1% |
| Net income | ¥76.2M | Margin 2.4% |
| Free cash flow | ¥112.2M |  |
| Largest business | Consulting | of segment revenue 95.9% |
| Employees (consolidated) | 204 |  |
| EPS | ¥5.96 |  |
| Diluted EPS | ¥5.95 |  |
| Book value per share | ¥146.91 |  |
| Equity ratio | 61.7% |  |
| Shares outstanding | 12,796,595 |  |
| Treasury shares | 3,200 |  |
| Shareholders | 6,012 |  |
| Average salary (parent only) | ¥7.5M | Filing company only |
| Cash ratio | 59.1% | Cash ÷ revenue 57.3% |
| Vs. industry median margin | -5.8 pp | IT Services & System Integration |
| ROE | 4.1% | Derived from disclosed figures |
| ROA | 2.6% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 100% of positive segment profit
- FY2026, cash is 59% of total assets

## What changed in 5 years

| Metric | FY ending Feb 2021 | FY ending Feb 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥2037394000 | ¥3138857000 | +54.1% |
| Operating income | ¥-596894000 | ¥98413000 | — |
| Operating margin | -29.3% | 3.1% | +32.4 pp |
| Employees | 135 people | 204 people | +51.1% |
| Cash and equivalents | ¥1099571000 | ¥1797325000 | +63.5% |

### Change in segment revenue mix

Span: FY ending Feb 2021 → FY ending Feb 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| コンサルティング事業 → コンサルティング事業 | 94.3% |
| イノベーション事業 → イノベーション事業 | 0.2% |
| ソリューション事業 → 事業再編・廃止 | 5.5% |
| 新設・再編 → コンサルティング事業 | 1.6% |
| 新設・再編 → イノベーション事業 | 1.4% |
| 新設・再編 → DX・地方共創事業 | 2.5% |

Segment revenue source references: 6 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Consulting | 5 years | +9.4% | ¥3010922000 | 20.1% | 2 |
| DX/Regional Co-Creation | 3 years | +74.3% | ¥77208000 | -33.0% | 2 |
| Innovation | 5 years | +70.2% | ¥50725000 | -262.8% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 3,139 | 100.0% | S100Y6B0 |
| Cost of revenue | 2,132 | 67.9% | S100Y6B0 |
| Gross profit | 1,007 | 32.1% | S100Y6B0 |
| SG&A | 909 | 28.9% | S100Y6B0 |
| Operating income | 98 | 3.1% | S100Y6B0 |
| Ordinary income | 93 | 2.9% | S100Y6B0 |
| Pretax income | 92 | 2.9% | S100Y6B0 |
| Income tax | 16 | 0.5% | S100Y6B0 |
| Net income | 76 | 2.4% | S100Y6B0 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 68 |
| SG&A | 29 |
| Operating income | 3 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 32.1% → Operating margin 3.1% → Net margin 2.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +3.8%; Core profit growth: -50.8%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -13.32×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Feb 2025 → FY ending Feb 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 3,024 | 3,139 | 115 | +3.8% |
| Gross profit | 934 | 1,007 | 73 | +7.8% |
| Operating income | 200 | 98 | -102 | -50.8% |
| Operating cash flow | 317 | 113 | -204 | -64.3% |
| Free cash flow | 312 | 112 | -200 | -64.1% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Feb 2020 | 2,122 | -176 | -8.3% | -261 | 80 | -151 | S100LEWY |
| FY ending Feb 2021 | 2,037 | -597 | -29.3% | -787 | -601 | -647 | S100O56Z |
| FY ending Feb 2022 | 2,119 | -379 | -17.9% | -292 | -360 | -460 | S100QU9X |
| FY ending Feb 2023 | 2,574 | -111 | -4.3% | -133 | -185 | -185 | S100TIB8 |
| FY ending Feb 2024 | 2,930 | 102 | 3.5% | 129 | 49 | 36 | S100VTPB |
| FY ending Feb 2025 | 3,024 | 200 | 6.6% | 257 | 317 | 312 | S100Y6B0 |
| FY ending Feb 2026 | 3,139 | 98 | 3.1% | 76 | 113 | 112 | S100Y6B0 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥15.4M |
| Operating income per employee (consolidated) | ¥482.4K |
| Net income per employee (consolidated) | ¥373.6K |

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

| History | FY ending Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 152 | 165 | 171 | 172 | 204 |
| Average salary (parent company) | ¥6.3M | ¥6.9M | ¥7.2M | ¥7.3M | ¥7.5M |
| Average age (parent company) | 36.2 years | 36.9 years | 36.9 years | 36.5 years | 36.6 years |
| Average tenure (parent company) | 4.8 years | 4.5 years | 5.0 years | 5.2 years | 4.2 years |

Year over year: Employees (consolidated) +18.6% · Revenue (consolidated) +3.8%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Consulting | 3,011 | 95.9% | 605 | 20.1% |
| Innovation | 51 | 1.6% | -133 | -262.8% |
| DX/Regional Co-Creation | 77 | 2.5% | -25 | -33.0% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Consulting | 95.9% | 100.0% | 4.1 | 20.1% |
| Innovation | 1.6% | — | — | -262.8% |
| DX/Regional Co-Creation | 2.5% | — | — | -33.0% |

Loss-making segment (excluded from profit shares): Innovation -133 JPY mn

Loss-making segment (excluded from profit shares): DX/Regional Co-Creation -25 JPY mn

Segment → industry: Consulting → IT Services & System Integration / Innovation → Software & SaaS / DX/Regional Co-Creation → Consulting / Consulting → Consulting

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 113 | 3.6% | S100Y6B0 |
| Capital expenditure | 1 | 0.0% | S100Y6B0 |
| Free cash flow | 112 | 3.6% | 算出 |
| Investing cash flow | -2 | -0.1% | S100Y6B0 |
| Financing cash flow | -22 | -0.7% | S100Y6B0 |
| Change in cash | 89 | 2.8% | S100Y6B0 |
| Cash and equivalents | 1,797 | 57.3% | S100Y6B0 |

## 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 Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,332 | 1,316 | 1,381 | 1,708 | 1,797 | S100TIB8, S100VTPB, S100Y6B0 |
| Total assets | 2,300 | 2,396 | 2,601 | 2,898 | 3,044 | S100QU9X, S100TIB8, S100VTPB, S100Y6B0 |
| Net assets | 1,539 | 1,417 | 1,546 | 1,803 | 1,879 | S100TIB8, S100VTPB, S100Y6B0 |
| Share capital | 1,176 | 1,181 | 60 | 60 | 60 | S100QU9X, S100TIB8, S100VTPB, S100Y6B0 |
| Property, plant and equipment | 0 | 0 | 0 | 3 | 3 | S100QU9X, S100TIB8, S100VTPB, S100Y6B0 |
| Intangible assets excluding goodwill | 0 | 0 | 0 | 0 | 0 | S100QU9X, S100TIB8, S100VTPB, S100Y6B0 |
| Investment securities | 7 | 7 | 7 | 7 | 7 | S100QU9X, S100TIB8, S100VTPB, S100Y6B0 |
| Current assets | 1,700 | 1,794 | 1,959 | 2,177 | 2,335 | S100QU9X, S100TIB8, S100VTPB, S100Y6B0 |
| Current liabilities | 494 | 577 | 594 | 582 | 648 | S100QU9X, S100TIB8, S100VTPB, S100Y6B0 |
| Short-term borrowings | — | — | — | 7 | — | S100Y6B0 |
| Long-term borrowings | 139 | 64 | 10 | 148 | 110 | S100QU9X, S100TIB8, S100VTPB, S100Y6B0 |
| Bonds | 30 | 220 | 310 | 210 | 215 | S100QU9X, S100TIB8, S100VTPB, S100Y6B0 |
| Interest-bearing debt | — | — | — | 364 | — | 算出 |
| Total liabilities | 761 | 979 | 1,055 | 1,095 | 1,164 | S100QU9X, S100TIB8, S100VTPB, S100Y6B0 |
| Equity attributable to owners of parent | 1,539 | 1,417 | 1,546 | 1,803 | 1,879 | S100QU9X, S100TIB8, S100VTPB, S100Y6B0 |
| Retained earnings | -732 | -864 | 129 | 386 | 462 | S100QU9X, S100TIB8, S100VTPB, S100Y6B0 |
| Treasury stock | — | -1 | -1 | -1 | -1 | S100TIB8, S100VTPB, S100Y6B0 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 59% | S100Y6B0 |
| Property, plant and equipment | 0% | S100Y6B0 |
| Intangibles and goodwill | 0% | S100Y6B0 |
| Investment securities | 0% | S100Y6B0 |
| Other assets | 41% | S100Y6B0 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 38% | S100Y6B0 |
| Equity | 62% | S100Y6B0 |
| Other liabilities | 0% | S100Y6B0 |

### Balance sheet history

| Metric | FY ending Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 2,300 | 2,396 | 2,601 | 2,898 | 3,044 |
| Equity | 1,539 | 1,417 | 1,546 | 1,803 | 1,879 |
| Interest-bearing debt | — | — | — | 364 | — |
| Cash | 1,332 | 1,316 | 1,381 | 1,708 | 1,797 |

## 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) | 0.1% | S100Y6B0 |
| Fixed assets ÷ total assets | 0.1% | S100Y6B0 |
| Goodwill ÷ parent equity | — | —, S100Y6B0 |

### 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) | 59.1% |
| Cash ÷ revenue | 57.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 114.9% |
| Cash vs. profit gap | 37 JPY mn (of net income 48.3%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.0% |
| Investing CF relative to operating CF | 1.9% |

## 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 | — | —× | -12.7% | —× | — | S100QU9X |
| 2023 | — | —× | -5.6% | —× | — | S100TIB8 |
| 2024 | 4.4% | 1.17× | 5.2% | 1.69× | 8.7% | S100VTPB |
| 2025 | 8.5% | 1.10× | 9.4% | 1.64× | 15.4% | S100Y6B0 |
| 2026 | 2.4% | 1.06× | 2.6% | 1.61× | 4.1% | S100Y6B0 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 蒲原 寧 | Major shareholder | 21.7% | 2026-02-28 |
| 道しるべ株式会社 | Major shareholder | 10.5% | 2026-02-28 |
| 奥井 裕介 | Major shareholder | 4.2% | 2026-02-28 |
| 株式会社SBI証券 | Major shareholder | 3.3% | 2026-02-28 |
| 西島 康隆 | Major shareholder | 2.7% | 2026-02-28 |
| 武田 陽三 | Major shareholder | 2.4% | 2026-02-28 |
| 小阪 健雄 | Major shareholder | 1.8% | 2026-02-28 |
| 楽天証券株式会社共有口 | Major shareholder | 1.3% | 2026-02-28 |
| 今 秀信 | Major shareholder | 0.9% | 2026-02-28 |
| 坂本 幸一 | Major shareholder | 0.8% | 2026-02-28 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第19期(2025/03/01－2026/02/28) | S100Y6B0 | 2026-05-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y6B0,, |
| 有価証券報告書－第18期(2024/03/01－2025/02/28) | S100VTPB | 2025-05-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VTPB,, |
| 有価証券報告書－第17期(2023/03/01－2024/02/29) | S100TIB8 | 2024-05-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TIB8,, |
| 有価証券報告書－第16期(2022/03/01－2023/02/28) | S100QU9X | 2023-05-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QU9X,, |
| 有価証券報告書－第15期(令和3年3月1日－令和4年2月28日) | S100O56Z | 2022-05-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O56Z,, |
| 有価証券報告書－第14期(令和2年3月1日－令和3年2月28日) | S100LEWY | 2021-05-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LEWY,, |

## 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).