# SOFT99corporation: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第72期(2025/04/01－2026/03/31) (S100YKEL)
> Page: https://vizora.meequs.com/en/company/soft99corporation
> Retrieved: 2026-09-30T18:33:13.635Z

## Company

SOFT99corporation, founded in 1954, is a company in Car Accessories listed on TSE Standard. It has 839 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | SOFT99corporation |
| Ticker | 4464 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4464.T) |
| Listing | TSE Standard |
| Head office | 大阪市中央区谷町2丁目6番5号 |
| Representative (per filing) | 代表取締役社長 小西 紀行 |
| Founded | Oct 1954 |
| Share capital | ¥2.31B |
| Employees (consolidated) | 839 |
| Average salary (parent only) | ¥7.4M |
| Fiscal year end | March |
| Website | www.soft99.co.jp (https://www.soft99.co.jp/) |
| Corporate number | 8120001083009 |
| EDINET | E01057 |
| Industries (Vizora) | Car Accessories, Chemicals, Real Estate Development & Leasing |

> Profile source: annual securities report (S100YKEL, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: Car Accessories (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 36.7 | 15 |
| Profitability | 83.3 | 15 |
| Cash conversion | 36.7 | 15 |
| Efficiency | 3.3 | 15 |

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 45% of SOFT99corporation's sales come from Fine chemical, with Porous materials and Service making up much of the rest.
- Out of every ¥100 of sales, about ¥13 is left as operating profit.
- Revenue changed +5.0% from the prior year, operating profit +5.1%.

## Company structure

- Segment revenue mix: Fine chemical 44.7%、Porous materials 32.4%、Service 18.6%、Real estate 4.3%
- Revenue → net income: ¥31232792000 → ¥2961021000
- Net income → operating cash flow: ¥2961021000 → ¥3499120000（difference ¥538099000）
- Main uses of operating cash flow: CapEx ¥1676083000 / dividends ¥972388000 / buybacks ¥68679000
- Change in cash: ¥1747126000
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 | ¥31.2B |  |
| Operating income | ¥4.24B | Margin 13.6% |
| Net income | ¥2.96B | Margin 9.5% |
| Free cash flow | ¥1.82B |  |
| Largest business | Fine chemical | of segment revenue 44.7% |
| Employees (consolidated) | 839 |  |
| EPS | ¥78.46 |  |
| Book value per share | ¥2208.12 |  |
| Equity ratio | 87.8% |  |
| Shares outstanding | 22,274,000 |  |
| Treasury shares | 679,500 |  |
| Shareholders | 1,676 |  |
| Average salary (parent only) | ¥7.4M | Filing company only |
| Cash ratio | 35.5% | Cash ÷ revenue 76.1% |
| Vs. industry median margin | +7.8 pp | Car Accessories |
| ROE | 5.2% | Derived from disclosed figures |
| ROA | 4.5% | Derived from disclosed figures |

## Notable figures

- FY2026, cash is 35% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥26802707000 | ¥31232792000 | +16.5% |
| Operating income | ¥3208792000 | ¥4240222000 | +32.1% |
| Operating margin | 12.0% | 13.6% | +1.6 pp |
| Employees | 836 people | 839 people | +0.4% |
| Cash and equivalents | ¥18649552000 | ¥23755777000 | +27.4% |

### 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 |
| --- | ---: |
| ファインケミカル → ファインケミカル | 44.7% |
| ファインケミカル → 事業再編・廃止 | 6.4% |
| ポーラスマテリアル → ポーラスマテリアル | 23.5% |
| サービス → サービス | 18.6% |
| サービス → 事業再編・廃止 | 2.2% |
| 不動産関連 → 不動産関連 | 4.3% |
| 不動産関連 → 事業再編・廃止 | 0.3% |
| 新設・再編 → ポーラスマテリアル | 9.0% |

Segment revenue source references: 8 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Fine chemical | 5 years | +0.4% | ¥13957124000 | 11.3% | 2 |
| Porous materials | 5 years | +10.0% | ¥10124612000 | 19.8% | 2 |
| Service | 5 years | +0.8% | ¥5821656000 | 6.8% | 2 |
| Real estate | 5 years | +1.8% | ¥1329398000 | 19.6% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 31,233 | 100.0% | S100YKEL |
| Cost of revenue | 19,284 | 61.7% | S100YKEL |
| Gross profit | 11,949 | 38.3% | S100YKEL |
| SG&A | 7,708 | 24.7% | S100YKEL |
| Operating income | 4,240 | 13.6% | S100YKEL |
| Ordinary income | 4,526 | 14.5% | S100YKEL |
| Pretax income | 4,199 | 13.4% | S100YKEL |
| Income tax | 1,238 | 4.0% | S100YKEL |
| Net income | 2,961 | 9.5% | S100YKEL |
| Net income attributable to owners | 2,961 | 9.5% | S100YKEL |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 62 |
| SG&A | 25 |
| Operating income | 13 |
| (Ref.) Net income | 9 |

### Margin funnel

Gross margin 38.3% → Operating margin 13.6% → Net margin 9.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +5.0%; Core profit growth: +5.1%
Growth quality: similar-growth
Operating leverage (core profit growth ÷ revenue growth): 1.02×
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 | 29,743 | 31,233 | 1,490 | +5.0% |
| Gross profit | 11,336 | 11,949 | 613 | +5.4% |
| Operating income | 4,034 | 4,240 | 206 | +5.1% |
| Net income attributable to owners | 2,914 | 2,961 | 47 | +1.6% |
| Operating cash flow | 4,247 | 3,499 | -748 | -17.6% |
| Free cash flow | 2,716 | 1,823 | -893 | -32.9% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 24,434 | 2,422 | 9.9% | 1,824 | 2,606 | 1,823 | S100LT97 |
| FY ending Mar 2021 | 26,803 | 3,209 | 12.0% | 1,540 | 3,215 | 2,610 | S100OKDO |
| FY ending Mar 2022 | 28,436 | 3,760 | 13.2% | 2,755 | 3,091 | 1,718 | S100R9LW |
| FY ending Mar 2023 | 30,170 | 3,256 | 10.8% | 2,064 | 2,619 | 422 | S100TWA3 |
| FY ending Mar 2024 | 29,875 | 3,579 | 12.0% | 2,631 | 3,772 | 2,666 | S100W2FE |
| FY ending Mar 2025 | 29,743 | 4,034 | 13.6% | 2,914 | 4,247 | 2,716 | S100YKEL |
| FY ending Mar 2026 | 31,233 | 4,240 | 13.6% | 2,961 | 3,499 | 1,823 | S100YKEL |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥37.2M |
| Operating income per employee (consolidated) | ¥5.1M |
| Net income per employee (consolidated) | ¥3.5M |

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) | 820 | 837 | 811 | 827 | 839 |
| Average salary (parent company) | ¥7.1M | ¥6.8M | ¥7M | ¥7.2M | ¥7.4M |
| Average age (parent company) | 44.0 years | 43.0 years | 43.0 years | 43.0 years | 44.0 years |
| Average tenure (parent company) | 17.0 years | 17.0 years | 16.0 years | 17.0 years | 17.0 years |

Year over year: Employees (consolidated) +1.5% · Revenue (consolidated) +5.0%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Fine chemical | 13,957 | 44.7% | 1,570 | 11.3% |
| Porous materials | 10,125 | 32.4% | 2,002 | 19.8% |
| Service | 5,822 | 18.6% | 397 | 6.8% |
| Real estate | 1,329 | 4.3% | 261 | 19.6% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Fine chemical | 44.7% | 37.1% | -7.6 | 11.3% |
| Porous materials | 32.4% | 47.3% | 14.9 | 19.8% |
| Service | 18.6% | 9.4% | -9.3 | 6.8% |
| Real estate | 4.3% | 6.2% | 1.9 | 19.6% |

Segment → industry: Service → Car Accessories / Fine chemical → Car Accessories / Porous materials → Chemicals / Real estate → Real Estate Development & Leasing

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 3,499 | 11.2% | S100YKEL |
| Capital expenditure | 1,676 | 5.4% | S100YKEL |
| Free cash flow | 1,823 | 5.8% | 算出 |
| Investing cash flow | -1,129 | -3.6% | S100YKEL |
| Financing cash flow | -626 | -2.0% | S100YKEL |
| Dividends paid | 972 | 3.1% | S100YKEL |
| Share buyback | 69 | 0.2% | S100YKEL |
| Change in cash | 1,747 | 5.6% | S100YKEL |
| Cash and equivalents | 23,756 | 76.1% | S100YKEL |

## 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 | 19,886 | 19,814 | 21,244 | 22,009 | 23,756 | S100TWA3, S100W2FE, S100YKEL |
| Total assets | 59,231 | 60,377 | 62,543 | 64,635 | 67,008 | S100R9LW, S100TWA3, S100W2FE, S100YKEL |
| Net assets | 51,392 | 52,772 | 54,628 | 56,573 | 58,845 | S100TWA3, S100W2FE, S100YKEL |
| Share capital | 2,310 | 2,310 | 2,310 | 2,310 | 2,310 | S100R9LW, S100TWA3, S100W2FE, S100YKEL |
| Property, plant and equipment | 22,050 | 22,675 | 22,542 | 22,656 | 23,164 | S100R9LW, S100TWA3, S100W2FE, S100YKEL |
| Intangible assets excluding goodwill | 640 | 342 | 679 | 996 | 775 | S100R9LW, S100TWA3, S100W2FE, S100YKEL |
| Goodwill | 485 | — | — | — | — | S100R9LW |
| Investment securities | 6,527 | 6,766 | 7,015 | 8,039 | 7,471 | S100R9LW, S100TWA3, S100W2FE, S100YKEL |
| Current assets | 29,331 | 29,991 | 31,673 | 32,276 | 34,958 | S100R9LW, S100TWA3, S100W2FE, S100YKEL |
| Current liabilities | 4,643 | 4,177 | 4,328 | 4,589 | 4,764 | S100R9LW, S100TWA3, S100W2FE, S100YKEL |
| Trade payables | 1,391 | 1,595 | 1,380 | 1,252 | 1,398 | S100R9LW, S100TWA3, S100W2FE, S100YKEL |
| Long-term borrowings | — | 296 | 191 | — | — | S100TWA3, S100W2FE |
| Total liabilities | 7,839 | 7,605 | 7,915 | 8,062 | 8,163 | S100R9LW, S100TWA3, S100W2FE, S100YKEL |
| Equity attributable to owners of parent | 51,176 | 52,475 | 54,053 | 55,888 | 57,952 | S100R9LW, S100TWA3, S100W2FE, S100YKEL |
| Retained earnings | 46,143 | 47,415 | 49,190 | 51,179 | 53,167 | S100R9LW, S100TWA3, S100W2FE, S100YKEL |
| Treasury stock | -563 | -577 | -774 | -928 | -852 | S100R9LW, S100TWA3, S100W2FE, S100YKEL |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 35% | S100YKEL |
| Property, plant and equipment | 35% | S100YKEL |
| Intangibles and goodwill | 1% | S100YKEL |
| Investment securities | 11% | S100YKEL |
| Other assets | 18% | S100YKEL |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 2% | S100YKEL |
| Other liabilities | 10% | S100YKEL |
| Equity | 88% | S100YKEL |
| Other liabilities | 0% | S100YKEL |

### 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 | 59,231 | 60,377 | 62,543 | 64,635 | 67,008 |
| Equity | 51,392 | 52,772 | 54,628 | 56,573 | 58,845 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 19,886 | 19,814 | 21,244 | 22,009 | 23,756 |

## 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) | 74.2% | S100YKEL |
| Fixed assets ÷ total assets | 34.6% | S100YKEL |
| Goodwill ÷ parent equity | — | —, S100YKEL |

### 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) | 35.5% |
| Cash ÷ revenue | 76.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 82.5% |
| Cash vs. profit gap | 538 JPY mn (of net income 18.2%) |
| Shareholder returns / net income | 35.2% |
| Shareholder returns / FCF | 57.1% |
| Shareholder payments — dividends / net income | 32.8% |
| Shareholder payments — dividends / FCF | 53.3% |
| CapEx intensity (capex ÷ revenue) | 5.4% |
| Investing CF relative to operating CF | 32.3% |

## 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 | 9.7% | 0.48× | 4.7% | 1.16× | 5.4% | S100R9LW |
| 2023 | 6.8% | 0.50× | 3.5% | 1.15× | 4.0% | S100TWA3 |
| 2024 | 8.8% | 0.49× | 4.3% | 1.15× | 4.9% | S100W2FE |
| 2025 | 9.8% | 0.47× | 4.6% | 1.16× | 5.3% | S100YKEL |
| 2026 | 9.5% | 0.47× | 4.5% | 1.16× | 5.2% | S100YKEL |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ＥＣＭ ＭＡＳＴＥＲ ＦＵＮＤ ＳＰＶ３ （常任代理人立花証券株式会社） | Major shareholder | 54.8% | 2026-03-31 |
| サントレード株式会社 | Major shareholder | 15.0% | 2026-03-31 |
| ＭＩＫＩＫＯ ＳＵＺＵＫＩ | Major shareholder | 6.9% | 2026-03-31 |
| 株式会社エイチエーエス | Major shareholder | 3.9% | 2026-03-31 |
| 田中 秀明 | Major shareholder | 3.1% | 2026-03-31 |
| 公益財団法人ナインティナイン・アジア留学生奨学基金 | Major shareholder | 2.8% | 2026-03-31 |
| 田中 明三 | Major shareholder | 2.6% | 2026-03-31 |
| 田中 斗葵恵 | Major shareholder | 2.3% | 2026-03-31 |
| 津田 希代子 | Major shareholder | 1.7% | 2026-03-31 |
| 田中 佐世子 | Major shareholder | 1.2% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第72期(2025/04/01－2026/03/31) | S100YKEL | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YKEL,, |
| 有価証券報告書－第71期(2024/04/01－2025/03/31) | S100W2FE | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W2FE,, |
| 有価証券報告書－第70期(2023/04/01－2024/03/31) | S100TWA3 | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TWA3,, |
| 有価証券報告書－第69期(2022/04/01－2023/03/31) | S100R9LW | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R9LW,, |
| 有価証券報告書－第68期(令和3年4月1日－令和4年3月31日) | S100OKDO | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OKDO,, |
| 有価証券報告書－第67期(令和2年4月1日－令和3年3月31日) | S100LT97 | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LT97,, |

## 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).