# Simplex Holdings, Inc.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, IFRS
> Unit: JPY millions
> Sources: 有価証券報告書－第10期(2025/04/01－2026/03/31) (S100YARY)
> Page: https://vizora.meequs.com/en/company/simplex-holdings
> Retrieved: 2026-09-30T18:18:16.075Z

## Company

Simplex Holdings, founded in 1997, is a company in IT Services & System Integration listed on TSE Prime. It has 1,850 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Simplex Holdings, Inc. |
| Ticker | 4373 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4373.T) |
| Listing | TSE Prime |
| Head office | 東京都港区虎ノ門一丁目23番1号 |
| Representative (per filing) | 代表取締役社長(CEO) 金子 英樹 |
| Founded | Sep 1997 |
| Share capital | ¥1.52B |
| Employees (consolidated) | 1,850 |
| Average salary (parent only) | ¥9.4M |
| Fiscal year end | March |
| Website | www.simplex.holdings (https://www.simplex.holdings/) |
| Corporate number | 5010401128558 |
| EDINET | E36928 |
| Industries (Vizora) | IT Services & System Integration |

> Profile source: annual securities report (S100YARY, filed 2026-06-11). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 82.5 | 157 |
| Profitability | 95.7 | 196 |
| Cash conversion | 35.9 | 185 |
| Efficiency | 8.4 | 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)

- Simplex Holdings brought in ¥58.7B in revenue.
- Out of every ¥100 of sales, about ¥25 is left as operating profit.
- Revenue changed +23.8% from the prior year, operating profit +33.5%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥58682000000 → ¥10538000000
- Net income → operating cash flow: ¥10538000000 → ¥10689000000（difference ¥151000000）
- Main uses of operating cash flow: CapEx ¥394000000 / dividends ¥2847000000 / buybacks ¥5615000000
- Change in cash: ¥1005000000
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 | ¥58.7B |  |
| Operating income | ¥14.4B | Margin 24.6% |
| Net income | ¥10.5B | Margin 18.0% |
| Free cash flow | ¥10.3B |  |
| Employees (consolidated) | 1,850 |  |
| EPS | ¥46.42 |  |
| Diluted EPS | ¥45.17 |  |
| Book value per share | ¥117.96 |  |
| Equity ratio | 58.4% | Derived from disclosed figures |
| Shares outstanding | 237,045,100 |  |
| Treasury shares | 13,351,400 |  |
| Shareholders | 7,876 |  |
| Average salary (parent only) | ¥9.4M | Filing company only |
| Cash ratio | 16.4% | Cash ÷ revenue 24.6% |
| Vs. industry median margin | +15.7 pp | IT Services & System Integration |
| ROE | 21.0% | Derived from disclosed figures |
| ROA | 12.6% | Derived from disclosed figures |

## Notable figures

- FY2026, buybacks were 2.0× dividends
- FY2026, operating income keeps 25 per ¥100 of revenue

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥27532000000 | ¥58682000000 | +113.1% |
| Operating income | ¥4510000000 | ¥14420000000 | +219.7% |
| Operating margin | 16.4% | 24.6% | +8.2 pp |
| Employees | 757 people | 1,850 people | +144.4% |
| Cash and equivalents | ¥8068000000 | ¥14443000000 | +79.0% |

### 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.

## Income statement（FY ending Mar 2026, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 58,682 | 100.0% | S100YARY |
| Cost of revenue | 33,059 | 56.3% | S100YARY |
| Gross profit | 25,623 | 43.7% | S100YARY |
| SG&A | 9,594 | 16.3% | S100YARY |
| Operating income | 14,420 | 24.6% | S100YARY |
| Pretax income | 14,352 | 24.5% | S100YARY |
| Income tax | 3,814 | 6.5% | S100YARY |
| Net income | 10,538 | 18.0% | S100YARY |
| Net income attributable to owners | 10,538 | 18.0% | S100YARY |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 56 |
| SG&A | 16 |
| Other operating | 3 |
| Operating income | 25 |
| (Ref.) Net income | 18 |

### Margin funnel

Gross margin 43.7% → Operating margin 24.6% → Net margin 18.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +23.8%; Core profit growth: +33.5%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.41×
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 | 47,394 | 58,682 | 11,288 | +23.8% |
| Gross profit | 19,638 | 25,623 | 5,985 | +30.5% |
| Operating income | 10,804 | 14,420 | 3,616 | +33.5% |
| Net income attributable to owners | 7,781 | 10,538 | 2,757 | +35.4% |
| Operating cash flow | 9,746 | 10,689 | 943 | +9.7% |
| Free cash flow | 8,764 | 10,295 | 1,531 | +17.5% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 25,508 | — | — | 758 | 3,740 | — | S100TMSD |
| FY ending Mar 2021 | 27,532 | 4,510 | 16.4% | 2,984 | 5,255 | 5,021 | S100OCJT |
| FY ending Mar 2022 | 30,579 | 6,362 | 20.8% | 4,204 | 7,561 | 7,420 | S100QYSG |
| FY ending Mar 2023 | 34,946 | 7,451 | 21.3% | 5,432 | 3,733 | 3,255 | S100TMSD |
| FY ending Mar 2024 | 40,708 | 8,850 | 21.7% | 6,194 | 8,329 | 7,341 | S100VY57 |
| FY ending Mar 2025 | 47,394 | 10,804 | 22.8% | 7,781 | 9,746 | 8,764 | S100YARY |
| FY ending Mar 2026 | 58,682 | 14,420 | 24.6% | 10,538 | 10,689 | 10,295 | S100YARY |

## People and productivity（FY ending Mar 2026, consolidated, IFRS）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥31.7M |
| Operating income per employee (consolidated) | ¥7.8M |
| Net income per employee (consolidated) | ¥5.7M |

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) | 842 | 1,047 | 1,350 | 1,560 | 1,850 |
| Average salary (parent company) | ¥8.6M | ¥9.2M | ¥9M | ¥9.5M | ¥9.4M |
| Average age (parent company) | 35.8 years | 36.9 years | 35.2 years | 35.1 years | 33.6 years |
| Average tenure (parent company) | 3.6 years | 4.5 years | 4.6 years | 4.7 years | 4.4 years |

Year over year: Employees (consolidated) +18.6% · Revenue (consolidated) +23.8%

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 10,689 | 18.2% | S100YARY |
| Capital expenditure | 394 | 0.7% | S100YARY |
| Free cash flow | 10,295 | 17.5% | 算出 |
| Investing cash flow | 1,970 | 3.4% | S100YARY |
| Financing cash flow | -11,662 | -19.9% | S100YARY |
| Dividends paid | 2,847 | 4.9% | S100YARY |
| Share buyback | 5,615 | 9.6% | S100YARY |
| Change in cash | 1,005 | 1.7% | S100YARY |
| Cash and equivalents | 14,443 | 24.6% | S100YARY |

## 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 | 13,966 | 12,832 | 13,731 | 13,438 | 14,443 | S100TMSD, S100VY57, S100YARY |
| Total assets | 66,934 | 70,266 | 79,248 | 79,022 | 88,169 | S100QYSG, S100TMSD, S100VY57, S100YARY |
| Net assets | 37,294 | 41,984 | 47,089 | 48,810 | 51,450 | S100QYSG, S100TMSD, S100VY57, S100YARY |
| Share capital | 814 | 1,013 | 1,189 | 1,350 | 1,518 | S100QYSG, S100TMSD, S100VY57, S100YARY |
| Property, plant and equipment | 1,325 | 978 | 1,521 | 1,674 | 1,443 | S100QYSG, S100TMSD, S100VY57, S100YARY |
| Goodwill | 36,476 | 36,476 | 36,476 | 36,476 | 36,476 | S100QYSG, S100TMSD, S100VY57, S100YARY |
| Current assets | 20,630 | 22,915 | 25,611 | 27,559 | 33,318 | S100QYSG, S100TMSD, S100VY57, S100YARY |
| Total liabilities | 29,640 | 28,282 | 32,159 | 30,212 | 36,719 | S100QYSG, S100TMSD, S100VY57, S100YARY |
| Equity attributable to owners of parent | 37,294 | 41,984 | 47,089 | 48,810 | 51,450 | S100QYSG, S100TMSD, S100VY57, S100YARY |
| Retained earnings | 9,431 | 13,587 | 18,350 | 23,679 | 31,928 | S100QYSG, S100TMSD, S100VY57, S100YARY |
| Treasury stock | 0 | 0 | 0 | -4,386 | -10,001 | S100QYSG, S100TMSD, S100VY57, S100YARY |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 16% | S100YARY |
| Property, plant and equipment | 2% | S100YARY |
| Intangibles and goodwill | 41% | — |
| Other assets | 41% | S100YARY |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 42% | S100YARY |
| Equity | 58% | S100YARY |

### 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 | 66,934 | 70,266 | 79,248 | 79,022 | 88,169 |
| Equity | 37,294 | 41,984 | 47,089 | 48,810 | 51,450 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 13,966 | 12,832 | 13,731 | 13,438 | 14,443 |

## 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) | 2.5% | S100YARY |
| Fixed assets ÷ total assets | 1.6% | S100YARY |
| Goodwill ÷ parent equity | 70.9% | S100YARY |

Goodwill over 4 years: 36,476 → 36,476 JPY; total investing cash flow: -2,938 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) | 16.4% |
| Cash ÷ revenue | 24.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 74.1% |
| Cash vs. profit gap | 151 JPY mn (of net income 1.4%) |
| Shareholder returns / net income | 80.3% |
| Shareholder returns / FCF | 82.2% |
| Shareholder payments — dividends / net income | 27.0% |
| Shareholder payments — dividends / FCF | 27.7% |
| CapEx intensity (capex ÷ revenue) | 0.7% |
| Investing CF relative to operating CF | 18.4% |

## 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 | 13.7% | 0.46× | 6.3% | 1.79× | 11.3% | S100QYSG |
| 2023 | 15.5% | 0.51× | 7.9% | 1.73× | 13.7% | S100TMSD |
| 2024 | 15.2% | 0.54× | 8.3% | 1.68× | 13.9% | S100VY57 |
| 2025 | 16.4% | 0.60× | 9.8% | 1.65× | 16.2% | S100YARY |
| 2026 | 18.0% | 0.70× | 12.6% | 1.67× | 21.0% | S100YARY |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 12.6% | 2026-03-31 |
| 金子 英樹 | Major shareholder | 12.2% | 2026-03-31 |
| ＳＢＩホールディングス株式会社 | Major shareholder | 5.9% | 2026-03-31 |
| ＭＬＰＦＳ ＣＵＳＴＯＤＹ ＡＣＣＯＵＮＴ (注）１ （常任代理人 ＢＯＦＡ証券株式会社） | Major shareholder | 5.4% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 5.1% | 2026-03-31 |
| ＳＴＡＴＥ ＳＴＲＥＥＴ ＢＡＮＫ ＡＮＤ ＴＲＵＳＴ ＣＯＭＰＡＮＹ ５０５１０３ | Major shareholder | 2.7% | 2026-03-31 |
| 五十嵐 充 （常任代理人 ＳＭＢＣ日興証券株式会社） | Major shareholder | 2.6% | 2026-03-31 |
| ＴＫ＆Ｃｏｍｐａｎｙ株式会社 (注）２ | Major shareholder | 2.6% | 2026-03-31 |
| ＹＫ＆Ｃｏｍｐａｎｙ株式会社 (注）２ | Major shareholder | 2.6% | 2026-03-31 |
| 田中 健一 | Major shareholder | 2.5% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第10期(2025/04/01－2026/03/31) | S100YARY | 2026-06-11 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YARY,, |
| 有価証券報告書－第9期(2024/04/01－2025/03/31) | S100VY57 | 2025-06-16 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VY57,, |
| 有価証券報告書－第8期(2023/04/01－2024/03/31) | S100TMSD | 2024-06-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TMSD,, |
| 有価証券報告書－第7期(2022/04/01－2023/03/31) | S100QYSG | 2023-06-16 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QYSG,, |
| 有価証券報告書－第6期(令和3年4月1日－令和4年3月31日) | S100OCJT | 2022-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OCJT,, |

## 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).