# Sobal Corporation: business model and financials

> Latest period: FY ending Feb 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第44期(2025/03/01－2026/02/28) (S100Y5RH)
> Page: https://vizora.meequs.com/en/company/sobal
> Retrieved: 2026-09-30T20:58:42.167Z

## Company

Sobal, founded in 1983, is a company in IT Services & System Integration listed on TSE Standard. It has 978 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Sobal Corporation |
| Ticker | 2186 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2186.T) |
| Listing | TSE Standard |
| Head office | 東京都品川区北品川五丁目9番11号 |
| Representative (per filing) | 代表取締役社長 推津敦 |
| Founded | Jan 1983 |
| Share capital | ¥214.3M |
| Employees (consolidated) | 978 |
| Average salary (parent only) | ¥5.8M |
| Fiscal year end | February |
| Website | www.sobal.co.jp (https://www.sobal.co.jp/) |
| Corporate number | 9010801008257 |
| EDINET | E22049 |
| Industries (Vizora) | IT Services & System Integration |

> Profile source: annual securities report (S100Y5RH, filed 2026-05-22). As of filing

## Five-axis industry profile

Primary industry: IT Services & System Integration (2026-02-28)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 16.9 | 157 |
| Profitability | 36.5 | 196 |
| Cash conversion | 22.4 | 185 |
| Efficiency | 68.1 | 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)

- Sobal brought in ¥8.98B in revenue.
- Out of every ¥100 of sales, about ¥7 is left as operating profit.
- Revenue changed +3.4% from the prior year, operating profit +8.1%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥8976977000 → ¥460210000
- Net income → operating cash flow: ¥460210000 → ¥372350000（difference ¥-87860000）
- Main uses of operating cash flow: CapEx ¥12200000 / dividends ¥258861000 / buybacks —
- Change in cash: ¥-4773000
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 | ¥8.98B |  |
| Operating income | ¥662M | Margin 7.4% |
| Net income | ¥460.2M | Margin 5.1% |
| Free cash flow | ¥360.1M |  |
| Employees (consolidated) | 978 |  |
| EPS | ¥43.54 |  |
| Book value per share | ¥440.76 |  |
| Equity ratio | 76.8% |  |
| Shares outstanding | 8,167,498 |  |
| Treasury shares | 300,200 |  |
| Shareholders | 6,976 |  |
| Average salary (parent only) | ¥5.8M | Filing company only |
| Cash ratio | 64.5% | Cash ÷ revenue 42.3% |
| Vs. industry median margin | -1.5 pp | IT Services & System Integration |
| ROE | 10.4% | Derived from disclosed figures |
| ROA | 8.0% | Derived from disclosed figures |

## Notable figures

- FY2026, cash is 64% of total assets

## What changed in 5 years

| Metric | FY ending Feb 2021 | FY ending Feb 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥7531832000 | ¥8976977000 | +19.2% |
| Operating income | ¥251741000 | ¥662044000 | +163.0% |
| Operating margin | 3.3% | 7.4% | +4 pp |
| Employees | 963 people | 978 people | +1.6% |
| Cash and equivalents | ¥2292163000 | ¥3796259000 | +65.6% |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 8,977 | 100.0% | S100Y5RH |
| Cost of revenue | 7,266 | 80.9% | S100Y5RH |
| Gross profit | 1,711 | 19.1% | S100Y5RH |
| SG&A | 1,049 | 11.7% | S100Y5RH |
| Operating income | 662 | 7.4% | S100Y5RH |
| Ordinary income | 681 | 7.6% | S100Y5RH |
| Pretax income | 657 | 7.3% | S100Y5RH |
| Income tax | 197 | 2.2% | S100Y5RH |
| Net income | 460 | 5.1% | S100Y5RH |
| Net income attributable to owners | 460 | 5.1% | S100Y5RH |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 81 |
| SG&A | 12 |
| Operating income | 7 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 19.1% → Operating margin 7.4% → Net margin 5.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +3.4%; Core profit growth: +8.1%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.40×
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 | 8,683 | 8,977 | 294 | +3.4% |
| Gross profit | 1,653 | 1,711 | 58 | +3.5% |
| Operating income | 612 | 662 | 50 | +8.1% |
| Net income attributable to owners | 432 | 460 | 28 | +6.5% |
| Operating cash flow | 844 | 372 | -472 | -55.9% |
| Free cash flow | 826 | 360 | -466 | -56.4% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Feb 2020 | 8,344 | 634 | 7.6% | 436 | 910 | 905 | S100LDCT |
| FY ending Feb 2021 | 7,532 | 252 | 3.3% | 379 | 369 | 356 | S100O3T1 |
| FY ending Feb 2022 | 8,164 | 603 | 7.4% | 447 | 431 | 420 | S100QTRG |
| FY ending Feb 2023 | 8,159 | 643 | 7.9% | 683 | 525 | 516 | S100TJ42 |
| FY ending Feb 2024 | 8,170 | 671 | 8.2% | 514 | 96 | 79 | S100VTZI |
| FY ending Feb 2025 | 8,683 | 612 | 7.1% | 432 | 844 | 826 | S100Y5RH |
| FY ending Feb 2026 | 8,977 | 662 | 7.4% | 460 | 372 | 360 | S100Y5RH |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥9.2M |
| Operating income per employee (consolidated) | ¥676.9K |
| Net income per employee (consolidated) | ¥470.6K |

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) | 979 | 851 | 889 | 916 | 978 |
| Average salary (parent company) | ¥5.2M | ¥5.5M | ¥5.7M | ¥5.7M | ¥5.8M |
| Average age (parent company) | 37.7 years | 36.9 years | 37.0 years | 36.9 years | 37.2 years |
| Average tenure (parent company) | 12.2 years | 11.5 years | 11.9 years | 12.0 years | 12.4 years |

Year over year: Employees (consolidated) +6.8% · Revenue (consolidated) +3.4%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 372 | 4.1% | S100Y5RH |
| Capital expenditure | 12 | 0.1% | S100Y5RH |
| Free cash flow | 360 | 4.0% | 算出 |
| Investing cash flow | -118 | -1.3% | S100Y5RH |
| Financing cash flow | -259 | -2.9% | S100Y5RH |
| Dividends paid | 259 | 2.9% | S100Y5RH |
| Change in cash | -5 | -0.1% | S100Y5RH |
| Cash and equivalents | 3,796 | 42.3% | S100Y5RH |

## 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 | 2,462 | 3,125 | 2,945 | 3,801 | 3,796 | S100TJ42, S100VTZI, S100Y5RH |
| Total assets | 4,650 | 5,182 | 5,098 | 5,681 | 5,889 | S100QTRG, S100TJ42, S100VTZI, S100Y5RH |
| Net assets | 3,434 | 3,911 | 4,165 | 4,337 | 4,537 | S100TJ42, S100VTZI, S100Y5RH |
| Share capital | 214 | 214 | 214 | 214 | 214 | S100QTRG, S100TJ42, S100VTZI, S100Y5RH |
| Trade receivables | 1,000 | — | — | — | — | S100QTRG |
| Property, plant and equipment | 520 | 472 | 459 | 167 | 165 | S100QTRG, S100TJ42, S100VTZI, S100Y5RH |
| Intangible assets excluding goodwill | 7 | 5 | 3 | 1 | 84 | S100QTRG, S100TJ42, S100VTZI, S100Y5RH |
| Goodwill | — | — | — | — | 82 | S100Y5RH |
| Investment securities | — | — | 0 | 24 | 0 | S100VTZI, S100Y5RH |
| Current assets | 3,828 | 4,390 | 4,358 | 5,152 | 5,273 | S100QTRG, S100TJ42, S100VTZI, S100Y5RH |
| Current liabilities | 1,058 | 1,125 | 797 | 1,226 | 1,205 | S100QTRG, S100TJ42, S100VTZI, S100Y5RH |
| Total liabilities | 1,216 | 1,271 | 934 | 1,344 | 1,352 | S100QTRG, S100TJ42, S100VTZI, S100Y5RH |
| Equity attributable to owners of parent | 3,419 | 3,896 | 4,150 | 4,322 | 4,523 | S100QTRG, S100TJ42, S100VTZI, S100Y5RH |
| Retained earnings | 3,427 | 3,904 | 4,158 | 4,331 | 4,531 | S100QTRG, S100TJ42, S100VTZI, S100Y5RH |
| Treasury stock | -342 | -342 | -342 | -342 | -342 | S100QTRG, S100TJ42, S100VTZI, S100Y5RH |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 64% | S100Y5RH |
| Property, plant and equipment | 3% | S100Y5RH |
| Intangibles and goodwill | 3% | S100Y5RH |
| Other assets | 30% | S100Y5RH |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 23% | S100Y5RH |
| Equity | 77% | S100Y5RH |
| Other liabilities | 0% | S100Y5RH |

### 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 | 4,650 | 5,182 | 5,098 | 5,681 | 5,889 |
| Equity | 3,434 | 3,911 | 4,165 | 4,337 | 4,537 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 2,462 | 3,125 | 2,945 | 3,801 | 3,796 |

## 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) | 1.8% | S100Y5RH |
| Fixed assets ÷ total assets | 2.8% | S100Y5RH |
| Goodwill ÷ parent equity | 1.8% | S100Y5RH |

### 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) | 64.5% |
| Cash ÷ revenue | 42.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 56.2% |
| Cash vs. profit gap | -88 JPY mn (of net income -19.1%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 56.2% |
| Shareholder payments — dividends / FCF | 71.9% |
| CapEx intensity (capex ÷ revenue) | 0.1% |
| Investing CF relative to operating CF | 31.8% |

## 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 | 5.5% | 1.76× | 9.6% | 1.36× | 13.1% | S100QTRG |
| 2023 | 8.4% | 1.66× | 13.9% | 1.34× | 18.7% | S100TJ42 |
| 2024 | 6.3% | 1.59× | 10.0% | 1.28× | 12.8% | S100VTZI |
| 2025 | 5.0% | 1.61× | 8.0% | 1.27× | 10.2% | S100Y5RH |
| 2026 | 5.1% | 1.55× | 8.0% | 1.31× | 10.4% | S100Y5RH |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| エバーコア株式会社 | Major shareholder | 44.2% | 2026-02-28 |
| ソーバル従業員持株会 | Major shareholder | 9.1% | 2026-02-28 |
| 川下 奈々 | Major shareholder | 5.1% | 2026-02-28 |
| 推津 敦 | Major shareholder | 5.1% | 2026-02-28 |
| 町田 泰則 | Major shareholder | 0.5% | 2026-02-28 |
| 推津 幸子 | Major shareholder | 0.5% | 2026-02-28 |
| 外池 榮一郎 | Major shareholder | 0.4% | 2026-02-28 |
| 和田 位 | Major shareholder | 0.4% | 2026-02-28 |
| 新海 秀治 | Major shareholder | 0.3% | 2026-02-28 |
| マネックス証券株式会社 | Major shareholder | 0.2% | 2026-02-28 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第44期(2025/03/01－2026/02/28) | S100Y5RH | 2026-05-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y5RH,, |
| 有価証券報告書－第43期(2024/03/01－2025/02/28) | S100VTZI | 2025-05-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VTZI,, |
| 有価証券報告書－第42期(2023/03/01－2024/02/29) | S100TJ42 | 2024-05-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TJ42,, |
| 有価証券報告書－第41期(2022/03/01－2023/02/28) | S100QTRG | 2023-05-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QTRG,, |
| 有価証券報告書－第40期(令和3年3月1日－令和4年2月28日) | S100O3T1 | 2022-05-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O3T1,, |
| 有価証券報告書－第39期(令和2年3月1日－令和3年2月28日) | S100LDCT | 2021-05-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LDCT,, |

## 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).