# SIOS Corporation: 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29期(2025/01/01－2025/12/31) (S100XTY8)
> Page: https://vizora.meequs.com/en/company/sios
> Retrieved: 2026-09-30T18:55:14.489Z

## Company

Sios, founded in 1997, is a company in IT Services & System Integration listed on TSE Standard. It has 493 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | SIOS Corporation |
| Ticker | 3744 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3744.T) |
| Listing | TSE Standard |
| Head office | 東京都港区南麻布二丁目12番3号 サイオスビル |
| Representative (per filing) | 代表取締役社長 喜多伸夫 |
| Founded | May 1997 |
| Share capital | ¥1.48B |
| Employees (consolidated) | 493 |
| Average salary (parent only) | ¥6.5M |
| Fiscal year end | December |
| Website | www.sios.com (https://www.sios.com/) |
| Corporate number | 2010401067057 |
| EDINET | E05413 |
| Industries (Vizora) | IT Services & System Integration, Software & SaaS |

> Profile source: annual securities report (S100XTY8, filed 2026-03-25). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 28.3 | 157 |
| Profitability | 12.5 | 196 |
| Cash conversion | 17 | 185 |
| Efficiency | 95.2 | 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 52% of Sios's sales come from Software Sales and Solution, with Products and Services and Consulting and Integration making up much of the rest.
- Out of every ¥100 of sales, about ¥2 is left as operating profit.
- Revenue changed -7.3% from the prior year, operating profit +1044.2%.

## Company structure

- Segment revenue mix: Software Sales and Solution 51.7%、Products and Services 30.2%、Consulting and Integration 18.1%
- Revenue → net income: ¥19059817000 → ¥320134000
- Net income → operating cash flow: ¥320134000 → ¥196864000（difference ¥-123270000）
- Main uses of operating cash flow: CapEx ¥215840000 / dividends ¥51000 / buybacks —
- Change in cash: ¥-91197000
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 | ¥19.1B |  |
| Operating income | ¥401.5M | Margin 2.1% |
| Net income | ¥320.1M | Margin 1.7% |
| Free cash flow | -¥19M |  |
| Largest business | Software Sales and Solution | of segment revenue 51.7% |
| Employees (consolidated) | 493 |  |
| EPS | ¥6.48 |  |
| Book value per share | ¥174.19 |  |
| Equity ratio | 20.2% |  |
| Shares outstanding | 8,874,400 |  |
| Treasury shares | 3,300 |  |
| Shareholders | 6,100 |  |
| Average salary (parent only) | ¥6.5M | Filing company only |
| Cash ratio | 41.4% | Cash ÷ revenue 18.8% |
| Vs. industry median margin | -6.8 pp | IT Services & System Integration |
| ROE | 19.7% | Derived from disclosed figures |
| ROA | 3.8% | Derived from disclosed figures |

## Notable figures

- FY2025, segment profit share differs by -40 points
- FY2025, cash is 41% of total assets

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥14841739000 | ¥19059817000 | +28.4% |
| Operating income | ¥236171000 | ¥401518000 | +70.0% |
| Operating margin | 1.6% | 2.1% | +0.5 pp |
| Employees | 454 people | 493 people | +8.6% |
| Cash and equivalents | ¥2728289000 | ¥3586717000 | +31.5% |

### 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.

| Flow | Revenue share |
| --- | ---: |
| オープンシステム基盤事業 → 事業再編・廃止 | 59.9% |
| アプリケーション事業 → 事業再編・廃止 | 40.1% |
| 新設・再編 → プロダクト＆サービス | 30.2% |
| 新設・再編 → コンサルティング＆インテグレーション | 18.1% |
| 新設・再編 → ソフトウェアセールス＆ソリューション | 51.7% |

Segment revenue source references: 5 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Software Sales and Solution | — | — | ¥9860806000 | 1.4% | 2 |
| Products and Services | — | — | ¥5750058000 | 12.6% | 2 |
| Consulting and Integration | — | — | ¥3448353000 | 10.0% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 19,060 | 100.0% | S100XTY8 |
| Cost of revenue | 13,767 | 72.2% | S100XTY8 |
| Gross profit | 5,293 | 27.8% | S100XTY8 |
| SG&A | 4,891 | 25.7% | S100XTY8 |
| Operating income | 402 | 2.1% | S100XTY8 |
| Ordinary income | 498 | 2.6% | S100XTY8 |
| Pretax income | 487 | 2.6% | S100XTY8 |
| Income tax | 167 | 0.9% | S100XTY8 |
| Net income | 320 | 1.7% | S100XTY8 |
| Net income attributable to owners | 320 | 1.7% | S100XTY8 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 72 |
| SG&A | 26 |
| Operating income | 2 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 27.8% → Operating margin 2.1% → Net margin 1.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue down, profit up
Revenue growth: -7.3%; Core profit growth: +1044.2%
Operating leverage (core profit growth ÷ revenue growth): -142.97×
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 | 20,562 | 19,060 | -1,502 | -7.3% |
| Gross profit | 5,331 | 5,293 | -38 | -0.7% |
| Operating income | 35 | 402 | 366 | +1044.2% |
| Net income attributable to owners | 352 | 320 | -32 | -9.0% |
| Operating cash flow | 866 | 197 | -669 | -77.3% |
| Free cash flow | 768 | -19 | -787 | -102.5% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 13,687 | 55 | 0.4% | 32 | 364 | 185 | S100L1J5 |
| FY ending Dec 2020 | 14,842 | 236 | 1.6% | 310 | 649 | 593 | S100NRB9 |
| FY ending Dec 2021 | 15,725 | 358 | 2.3% | 368 | 587 | 544 | S100QHJJ |
| FY ending Dec 2022 | 14,420 | -573 | -4.0% | -640 | -370 | -433 | S100T6L7 |
| FY ending Dec 2023 | 15,889 | -209 | -1.3% | -19 | 28 | -13 | S100VIL4 |
| FY ending Dec 2024 | 20,562 | 35 | 0.2% | 352 | 866 | 768 | S100XTY8 |
| FY ending Dec 2025 | 19,060 | 402 | 2.1% | 320 | 197 | -19 | S100XTY8 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥38.7M |
| Operating income per employee (consolidated) | ¥814.4K |
| Net income per employee (consolidated) | ¥649.4K |

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) | 489 | 525 | 550 | 481 | 493 |
| Average salary (parent company) | ¥6.4M | ¥6.2M | ¥6.3M | ¥6.5M | ¥6.5M |
| Average age (parent company) | 41.7 years | 42.3 years | 43.1 years | 44.1 years | 43.6 years |
| Average tenure (parent company) | 4.1 years | 5.3 years | 6.0 years | 7.3 years | 7.6 years |

Year over year: Employees (consolidated) +2.5% · Revenue (consolidated) -7.3%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Products and Services | 5,750 | 30.2% | 726 | 12.6% |
| Consulting and Integration | 3,448 | 18.1% | 344 | 10.0% |
| Software Sales and Solution | 9,861 | 51.7% | 142 | 1.4% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Products and Services | 30.2% | 59.9% | 29.7 | 12.6% |
| Consulting and Integration | 18.1% | 28.3% | 10.3 | 10.0% |
| Software Sales and Solution | 51.7% | 11.7% | -40.0 | 1.4% |

Segment → industry: Software Sales and Solution → IT Services & System Integration / Consulting and Integration → IT Services & System Integration / Products and Services → Software & SaaS

## 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 | 197 | 1.0% | S100XTY8 |
| Capital expenditure | 216 | 1.1% | S100XTY8 |
| Free cash flow | -19 | -0.1% | 算出 |
| Investing cash flow | -207 | -1.1% | S100XTY8 |
| Financing cash flow | -71 | -0.4% | S100XTY8 |
| Dividends paid | 0 | 0.0% | S100XTY8 |
| Change in cash | -91 | -0.5% | S100XTY8 |
| Cash and equivalents | 3,587 | 18.8% | S100XTY8 |

## 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 | 3,149 | 2,506 | 2,604 | 3,678 | 3,587 | S100T6L7, S100VIL4, S100XTY8 |
| Total assets | 6,650 | 6,022 | 6,707 | 8,085 | 8,662 | S100QHJJ, S100T6L7, S100VIL4, S100XTY8 |
| Net assets | 1,898 | 1,244 | 1,188 | 1,537 | 1,857 | S100T6L7, S100VIL4, S100XTY8 |
| Share capital | 1,482 | 1,482 | 1,482 | 1,482 | 1,482 | S100QHJJ, S100T6L7, S100VIL4, S100XTY8 |
| Trade receivables | 2,101 | — | — | — | — | S100QHJJ |
| Property, plant and equipment | 121 | 113 | 133 | 67 | 64 | S100QHJJ, S100T6L7, S100VIL4, S100XTY8 |
| Intangible assets excluding goodwill | 100 | 80 | 73 | 105 | 279 | S100QHJJ, S100T6L7, S100VIL4, S100XTY8 |
| Investment securities | 289 | 381 | 407 | 428 | 448 | S100QHJJ, S100T6L7, S100VIL4, S100XTY8 |
| Current assets | 5,775 | 5,195 | 5,741 | 7,176 | 7,581 | S100QHJJ, S100T6L7, S100VIL4, S100XTY8 |
| Current liabilities | 4,269 | 4,337 | 5,130 | 6,183 | 6,405 | S100QHJJ, S100T6L7, S100VIL4, S100XTY8 |
| Long-term borrowings | 182 | 116 | 50 | — | — | S100QHJJ, S100T6L7, S100VIL4 |
| Total liabilities | 4,752 | 4,779 | 5,519 | 6,548 | 6,805 | S100QHJJ, S100T6L7, S100VIL4, S100XTY8 |
| Equity attributable to owners of parent | 2,025 | 1,263 | 1,158 | 1,466 | 1,786 | S100QHJJ, S100T6L7, S100VIL4, S100XTY8 |
| Retained earnings | 631 | -131 | -237 | 65 | 385 | S100QHJJ, S100T6L7, S100VIL4, S100XTY8 |
| Treasury stock | -87 | -87 | -87 | -81 | -81 | S100QHJJ, S100T6L7, S100VIL4, S100XTY8 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 41% | S100XTY8 |
| Property, plant and equipment | 1% | S100XTY8 |
| Intangibles and goodwill | 3% | S100XTY8 |
| Investment securities | 5% | S100XTY8 |
| Other assets | 50% | S100XTY8 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 79% | S100XTY8 |
| Equity | 21% | S100XTY8 |
| Other liabilities | 0% | S100XTY8 |

### 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 | 6,650 | 6,022 | 6,707 | 8,085 | 8,662 |
| Equity | 1,898 | 1,244 | 1,188 | 1,537 | 1,857 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 3,149 | 2,506 | 2,604 | 3,678 | 3,587 |

## 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) | 0.3% | S100XTY8 |
| Fixed assets ÷ total assets | 0.7% | S100XTY8 |
| Goodwill ÷ parent equity | — | —, S100XTY8 |

### 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) | 41.4% |
| Cash ÷ revenue | 18.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 49.0% |
| Cash vs. profit gap | -123 JPY mn (of net income -38.5%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 0.0% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 1.1% |
| Investing CF relative to operating CF | 105.2% |

## 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 | 2.3% | 2.36× | 5.5% | 3.28× | 18.2% | S100QHJJ |
| 2022 | — | —× | -10.1% | —× | — | S100T6L7 |
| 2023 | — | —× | -0.3% | —× | — | S100VIL4 |
| 2024 | 1.7% | 2.78× | 4.8% | 5.64× | 26.8% | S100XTY8 |
| 2025 | 1.7% | 2.28× | 3.8% | 5.15× | 19.7% | S100XTY8 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社大塚商会 | Major shareholder | 18.0% | 2025-12-31 |
| パーソルテンプスタッフ株式会社 | Major shareholder | 16.9% | 2025-12-31 |
| 喜多エンタープライズ株式会社 | Major shareholder | 10.4% | 2025-12-31 |
| 喜多伸夫 | Major shareholder | 2.4% | 2025-12-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 2.3% | 2025-12-31 |
| サイオス従業員持株会 | Major shareholder | 1.7% | 2025-12-31 |
| 大塚厚志 | Major shareholder | 1.6% | 2025-12-31 |
| エフサステクノロジーズ株式会社 | Major shareholder | 1.2% | 2025-12-31 |
| 野村證券株式会社 | Major shareholder | 1.1% | 2025-12-31 |
| 福田一郎 | Major shareholder | 0.9% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第29期(2025/01/01－2025/12/31) | S100XTY8 | 2026-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XTY8,, |
| 有価証券報告書－第28期(2024/01/01－2024/12/31) | S100VIL4 | 2025-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VIL4,, |
| 有価証券報告書－第27期(2023/01/01－2023/12/31) | S100T6L7 | 2024-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T6L7,, |
| 有価証券報告書－第26期(2022/01/01－2022/12/31) | S100QHJJ | 2023-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QHJJ,, |
| 有価証券報告書－第25期(令和3年1月1日－令和3年12月31日) | S100NRB9 | 2022-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NRB9,, |
| 有価証券報告書－第24期(令和2年1月1日－令和2年12月31日) | S100L1J5 | 2021-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L1J5,, |

## 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).