# SOLIZE Holdings: 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36期(2025/01/01－2025/12/31) (S100XSRF)
> Page: https://vizora.meequs.com/en/company/solize-holdings
> Retrieved: 2026-09-30T19:07:24.864Z

## Company

SOLIZE Holdings, founded in 1990, is a company in IT Services & System Integration listed on TSE Standard. It has 2,526 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | SOLIZE Holdings Corporation (旧英訳名 SOLIZE Corporation) |
| Ticker | 5871 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5871.T) |
| Listing | TSE Standard |
| Head office | 東京都千代田区三番町6番3号 |
| Representative (per filing) | 代表取締役社長CEO 宮藤 康聡 |
| Founded | Jul 1990 |
| Share capital | ¥10M |
| Employees (consolidated) | 2,526 |
| Average salary (parent only) | ¥7.4M |
| Fiscal year end | December |
| Website | www.solize.com (https://www.solize.com/) |
| Corporate number | 1010001137277 |
| EDINET | E35118 |
| Industries (Vizora) | IT Services & System Integration, Consulting |

> Profile source: annual securities report (S100XSRF, 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 | 79.9 | 157 |
| Profitability | 5.9 | 196 |
| Cash conversion | 1.4 | 185 |
| Efficiency | 76.8 | 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 73% of SOLIZE Holdings's sales come from Engineering and Manufacturing Business, with Consulting and Engineering Business and Business Incubation Business making up much of the rest.
- Operating profit was close to zero, a slight profit per ¥100 of sales.
- Revenue changed +13.5% from the prior year, operating profit -81.3%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥25.8B |  |
| Operating income | ¥85M | Margin 0.3% |
| Net income | -¥36M | Margin -0.1% |
| Free cash flow | -¥925M |  |
| Largest business | Engineering and Manufacturing Business | of segment revenue 73.0% |
| Employees (consolidated) | 2,526 |  |
| EPS | ¥5.09 |  |
| Diluted EPS | ¥5 |  |
| Book value per share | ¥1423.77 |  |
| Equity ratio | 72.2% |  |
| Shares outstanding | 6,000,000 |  |
| Treasury shares | 641,300 |  |
| Shareholders | 2,164 |  |
| Average salary (parent only) | ¥7.4M | Filing company only |
| Cash ratio | 29.3% | Cash ÷ revenue 17.8% |
| Vs. industry median margin | -8.6 pp | IT Services & System Integration |
| ROA | -0.2% | Derived from disclosed figures |

## Notable figures

- FY2025, segment profit share differs by 23 points
- FY2025, cash is 29% of total assets

## What changed in 3 years

| Metric | FY ending Dec 2022 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥17827000000 | ¥25779000000 | +44.6% |
| Operating income | ¥680000000 | ¥85000000 | -87.5% |
| Operating margin | 3.8% | 0.3% | -3.5 pp |
| Employees | 1,855 people | 2,526 people | +36.2% |
| Cash and equivalents | ¥7281000000 | ¥4592000000 | -36.9% |

### Change in segment revenue mix

Span: FY ending Dec 2022 → 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 |
| --- | ---: |
| デザイン事業 → 事業再編・廃止 | 80.6% |
| マニュファクチュアリング事業 → 事業再編・廃止 | 19.4% |
| 新設・再編 → エンジニアリング・マニュファクチャリング事業 | 73.0% |
| 新設・再編 → コンサルティング・エンジニアリング事業 | 17.9% |
| 新設・再編 → ビジネスインキュベーション事業 | 9.1% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Engineering and Manufacturing Business | — | — | ¥18828000000 | 2.3% | 2 |
| Consulting and Engineering Business | — | — | ¥4617000000 | 6.6% | 2 |
| Business Incubation Business | — | — | ¥2333000000 | -35.7% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 25,779 | 100.0% | S100XSRF |
| Cost of revenue | 18,505 | 71.8% | S100XSRF |
| Gross profit | 7,274 | 28.2% | S100XSRF |
| SG&A | 7,188 | 27.9% | S100XSRF |
| Operating income | 85 | 0.3% | S100XSRF |
| Ordinary income | 82 | 0.3% | S100XSRF |
| Pretax income | 43 | 0.2% | S100XSRF |
| Income tax | 80 | 0.3% | S100XSRF |
| Net income | -36 | -0.1% | S100XSRF |
| Net income attributable to owners | -36 | -0.1% | S100XSRF |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 72 |
| SG&A | 28 |
| Operating income | 0 |
| (Ref.) Net income | 0 |

### Margin funnel

Gross margin 28.2% → Operating margin 0.3% → Net margin -0.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +13.5%; Core profit growth: -81.3%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -6.02×
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 | 22,713 | 25,779 | 3,066 | +13.5% |
| Gross profit | 6,449 | 7,274 | 825 | +12.8% |
| Operating income | 455 | 85 | -370 | -81.3% |
| Net income attributable to owners | 254 | -36 | -290 | -114.2% |
| Operating cash flow | 297 | -208 | -505 | -170.0% |
| Free cash flow | -59 | -925 | -866 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2022 | 17,827 | 680 | 3.8% | 566 | 867 | 656 | S100T4S1 |
| FY ending Dec 2023 | 20,081 | 885 | 4.4% | 580 | 488 | 350 | S100VGEQ |
| FY ending Dec 2024 | 22,713 | 455 | 2.0% | 254 | 297 | -59 | S100XSRF |
| FY ending Dec 2025 | 25,779 | 85 | 0.3% | -36 | -208 | -925 | S100XSRF |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥10.2M |
| Operating income per employee (consolidated) | ¥33.7K |
| Net income per employee (consolidated) | -¥14.3K |

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

| History | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 1,855 | 1,969 | 2,167 | 2,526 |
| Average salary (parent company) | — | ¥5.9M | ¥6.1M | ¥7.4M |
| Average age (parent company) | — | 36.0 years | 36.5 years | 44.9 years |
| Average tenure (parent company) | — | 8.1 years | 8.0 years | 10.3 years |

Year over year: Employees (consolidated) +16.6% · Revenue (consolidated) +13.5%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Engineering and Manufacturing Business | 18,828 | 73.0% | 435 | 2.3% |
| Consulting and Engineering Business | 4,617 | 17.9% | 305 | 6.6% |
| Business Incubation Business | 2,333 | 9.1% | -834 | -35.7% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Engineering and Manufacturing Business | 73.0% | 58.8% | -14.3 | 2.3% |
| Consulting and Engineering Business | 17.9% | 41.2% | 23.3 | 6.6% |
| Business Incubation Business | 9.1% | — | — | -35.7% |

Loss-making segment (excluded from profit shares): Business Incubation Business -834 JPY mn

Segment → industry: Engineering and Manufacturing Business → IT Services & System Integration / Consulting and Engineering Business → Consulting

## 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 | -208 | -0.8% | S100XSRF |
| Capital expenditure | 717 | 2.8% | S100XSRF |
| Free cash flow | -925 | -3.6% | 算出 |
| Investing cash flow | -2,205 | -8.6% | S100XSRF |
| Financing cash flow | -181 | -0.7% | S100XSRF |
| Dividends paid | 246 | 1.0% | S100XSRF |
| Change in cash | -2,597 | -10.1% | S100XSRF |
| Cash and equivalents | 4,592 | 17.8% | S100XSRF |

## 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 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 7,281 | 6,179 | 7,190 | 4,592 | S100VGEQ, S100XSRF |
| Total assets | 13,669 | 13,045 | 15,448 | 15,699 | S100T4S1, S100VGEQ, S100XSRF |
| Net assets | 10,324 | 9,669 | 11,478 | 11,328 | S100VGEQ, S100XSRF |
| Share capital | 10 | 10 | 10 | 10 | S100T4S1, S100VGEQ, S100XSRF |
| Property, plant and equipment | 590 | 605 | 814 | 911 | S100T4S1, S100VGEQ, S100XSRF |
| Intangible assets excluding goodwill | 348 | 277 | 286 | 1,697 | S100T4S1, S100VGEQ, S100XSRF |
| Goodwill | 59 | 45 | 43 | 1,175 | S100T4S1, S100VGEQ, S100XSRF |
| Investment securities | 172 | 224 | 419 | 536 | S100T4S1, S100VGEQ, S100XSRF |
| Current assets | 11,558 | 10,928 | 12,567 | 11,008 | S100T4S1, S100VGEQ, S100XSRF |
| Current liabilities | 3,081 | 3,161 | 3,762 | 4,118 | S100T4S1, S100VGEQ, S100XSRF |
| Total liabilities | 3,345 | 3,376 | 3,970 | 4,371 | S100T4S1, S100VGEQ, S100XSRF |
| Equity attributable to owners of parent | 10,263 | 9,550 | 11,270 | 11,125 | S100T4S1, S100VGEQ, S100XSRF |
| Retained earnings | 9,868 | 10,279 | 10,355 | 10,072 | S100T4S1, S100VGEQ, S100XSRF |
| Treasury stock | -150 | -1,272 | -487 | -419 | S100T4S1, S100VGEQ, S100XSRF |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 29% | S100XSRF |
| Property, plant and equipment | 6% | S100XSRF |
| Intangibles and goodwill | 18% | S100XSRF |
| Investment securities | 4% | S100XSRF |
| Other assets | 43% | S100XSRF |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 28% | S100XSRF |
| Equity | 72% | S100XSRF |

### Balance sheet history

| Metric | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: |
| Total assets | 13,669 | 13,045 | 15,448 | 15,699 |
| Equity | 10,324 | 9,669 | 11,478 | 11,328 |
| Interest-bearing debt | — | — | — | — |
| Cash | 7,281 | 6,179 | 7,190 | 4,592 |

## 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) | 3.5% | S100XSRF |
| Fixed assets ÷ total assets | 5.8% | S100XSRF |
| Goodwill ÷ parent equity | 10.6% | S100XSRF |

### 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) | 29.3% |
| Cash ÷ revenue | 17.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -244.7% |
| Cash vs. profit gap | -172 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 2.8% |
| Investing CF relative to operating CF | — |

## 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 | 3.2% | 1.30× | 4.1% | 1.33× | 5.5% | S100T4S1 |
| 2023 | 2.9% | 1.50× | 4.3% | 1.35× | 5.9% | S100VGEQ |
| 2024 | 1.1% | 1.59× | 1.8% | 1.37× | 2.4% | S100XSRF |
| 2025 | — | —× | -0.2% | —× | — | S100XSRF |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| SOLIZE従業員持株会 | Major shareholder | 21.1% | 2025-12-31 |
| 古河 未由紀 | Major shareholder | 14.1% | 2025-12-31 |
| 篠原 敬一 | Major shareholder | 6.4% | 2025-12-31 |
| 東京中小企業投資育成株式会社 | Major shareholder | 5.6% | 2025-12-31 |
| みずほ信託銀行株式会社（信託口） 0700218 | Major shareholder | 3.2% | 2025-12-31 |
| みずほ信託銀行株式会社（信託口） 0700217 | Major shareholder | 3.2% | 2025-12-31 |
| みずほ信託銀行株式会社（信託口） | Major shareholder | 3.2% | 2025-12-31 |
| みずほ信託銀行株式会社（信託口）0700215 | Major shareholder | 3.2% | 2025-12-31 |
| 株式会社SBI証券 | Major shareholder | 1.6% | 2025-12-31 |
| 田中 瑞樹 | Major shareholder | 1.5% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第36期(2025/01/01－2025/12/31) | S100XSRF | 2026-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XSRF,, |
| 有価証券報告書－第35期(2024/01/01－2024/12/31) | S100VGEQ | 2025-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VGEQ,, |
| 有価証券報告書－第34期(2023/01/01－2023/12/31) | S100T4S1 | 2024-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T4S1,, |

## 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).