# SOLXYZ Co.,Ltd.: 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46期(2025/01/01－2025/12/31) (S100XRPQ)
> Page: https://vizora.meequs.com/en/company/solxyz
> Retrieved: 2026-09-30T18:18:32.859Z

## Company

Solxyz, founded in 1981, is a company in IT Services & System Integration listed on TSE Standard. It has 866 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | SOLXYZ Co., Ltd. |
| Ticker | 4284 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4284.T) |
| Listing | TSE Standard |
| Head office | 東京都港区芝浦三丁目1番21号 |
| Representative (per filing) | 代表取締役社長 秋山 博紀 |
| Founded | Feb 1981 |
| Share capital | ¥1.49B |
| Employees (consolidated) | 866 |
| Average salary (parent only) | ¥6.1M |
| Fiscal year end | December |
| Website | www.solxyz.co.jp (https://www.solxyz.co.jp/) |
| Corporate number | 2010401068617 |
| EDINET | E05198 |
| Industries (Vizora) | IT Services & System Integration, Software & SaaS |

> Profile source: annual securities report (S100XRPQ, 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 | 31.5 | 157 |
| Profitability | 42.1 | 196 |
| Cash conversion | 85.7 | 185 |
| Efficiency | 61 | 196 |
| Financial strength | 78.6 | 7 |

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 Solxyz's sales come from Software development business, with Solution business and Consulting business making up much of the rest.
- Out of every ¥100 of sales, about ¥8 is left as operating profit.
- Revenue changed +8.2% from the prior year, operating profit +51.7%.

## Company structure

- Segment revenue mix: Software development business 73.5%、Solution business 17.5%、Consulting business 9.0%
- Revenue → net income: ¥17359251000 → ¥904045000
- Net income → operating cash flow: ¥904045000 → ¥1880391000（difference ¥976346000）
- Main uses of operating cash flow: CapEx ¥387918000 / dividends ¥293011000 / buybacks ¥1724203000
- Change in cash: ¥482344000
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 | ¥17.4B |  |
| Operating income | ¥1.4B | Margin 8.0% |
| Net income | ¥839.8M | Margin 4.8% |
| Free cash flow | ¥1.49B |  |
| Largest business | Software development business | of segment revenue 73.5% |
| Employees (consolidated) | 866 |  |
| EPS | ¥20.74 |  |
| Diluted EPS | ¥37.75 |  |
| Book value per share | ¥167.1 |  |
| Equity ratio | 52.8% |  |
| Shares outstanding | 26,820,594 |  |
| Treasury shares | 6,648,000 |  |
| Shareholders | 11,034 |  |
| Average salary (parent only) | ¥6.1M | Filing company only |
| Cash ratio | 41.8% | Net cash ¥3.38B · Cash ÷ revenue 30.0% |
| Vs. industry median margin | -0.9 pp | IT Services & System Integration |
| ROE | 12.2% | Derived from disclosed figures |
| ROA | 6.8% | Derived from disclosed figures |

## Notable figures

- FY2025, buybacks were 5.9× dividends
- FY2025, operating cash flow is 2.2× net income
- FY2025, one segment accounts for 73% of positive segment profit

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥13186303000 | ¥17359251000 | +31.6% |
| Operating income | ¥848183000 | ¥1397151000 | +64.7% |
| Operating margin | 6.4% | 8.0% | +1.6 pp |
| Employees | 755 people | 866 people | +14.7% |
| Cash and equivalents | ¥4699126000 | ¥5207496000 | +10.8% |

### 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 |
| --- | ---: |
| ソフトウェア開発事業 → ソフトウェア開発事業 | 73.2% |
| デジタルサイネージ事業 → 事業再編・廃止 | 1.6% |
| コンサルティング事業 → コンサルティング事業 | 8.7% |
| ソリューション事業 → ソリューション事業 | 16.4% |
| 新設・再編 → ソフトウェア開発事業 | 0.2% |
| 新設・再編 → コンサルティング事業 | 0.3% |
| 新設・再編 → ソリューション事業 | 1.1% |

Segment revenue source references: 7 (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 development business | 5 years | +5.4% | ¥12750989000 | 5.8% | 2 |
| Solution business | 5 years | +6.7% | ¥3038558000 | 2.4% | 2 |
| Consulting business | 5 years | +6.0% | ¥1569703000 | 13.0% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 17,359 | 100.0% | S100XRPQ |
| Cost of revenue | 13,091 | 75.4% | S100XRPQ |
| Gross profit | 4,268 | 24.6% | S100XRPQ |
| SG&A | 2,871 | 16.5% | S100XRPQ |
| Operating income | 1,397 | 8.0% | S100XRPQ |
| Ordinary income | 1,414 | 8.1% | S100XRPQ |
| Pretax income | 1,364 | 7.9% | S100XRPQ |
| Income tax | 460 | 2.6% | S100XRPQ |
| Net income | 904 | 5.2% | S100XRPQ |
| Net income attributable to owners | 840 | 4.8% | S100XRPQ |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 75 |
| SG&A | 17 |
| Operating income | 8 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 24.6% → Operating margin 8.0% → Net margin 4.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +8.2%; Core profit growth: +51.7%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 6.30×
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 | 16,041 | 17,359 | 1,318 | +8.2% |
| Gross profit | 3,708 | 4,268 | 561 | +15.1% |
| Operating income | 921 | 1,397 | 476 | +51.7% |
| Net income attributable to owners | 563 | 840 | 277 | +49.3% |
| Operating cash flow | 500 | 1,880 | 1,380 | +276.0% |
| Free cash flow | 76 | 1,492 | 1,416 | +1858.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 13,479 | 947 | 7.0% | 567 | 1,498 | 847 | S100L369 |
| FY ending Dec 2020 | 13,186 | 848 | 6.4% | 593 | -37 | -510 | S100NRE7 |
| FY ending Dec 2021 | 13,922 | 1,105 | 7.9% | 1,060 | 631 | 224 | S100QIC1 |
| FY ending Dec 2022 | 13,986 | 1,029 | 7.4% | 564 | 1,177 | 760 | S100T4MY |
| FY ending Dec 2023 | 15,884 | 1,146 | 7.2% | 754 | 1,386 | 917 | S100VGFM |
| FY ending Dec 2024 | 16,041 | 921 | 5.7% | 563 | 500 | 76 | S100XRPQ |
| FY ending Dec 2025 | 17,359 | 1,397 | 8.0% | 840 | 1,880 | 1,492 | S100XRPQ |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥20M |
| Operating income per employee (consolidated) | ¥1.6M |
| Net income per employee (consolidated) | ¥969.8K |

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) | 777 | 786 | 791 | 852 | 866 |
| Average salary (parent company) | ¥6.1M | ¥5.9M | ¥6M | ¥6M | ¥6.1M |
| Average age (parent company) | 42.3 years | 42.1 years | 42.5 years | 41.8 years | 41.4 years |
| Average tenure (parent company) | 14.8 years | 15.0 years | 15.4 years | 14.9 years | 14.7 years |

Year over year: Employees (consolidated) +1.6% · Revenue (consolidated) +8.2%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Software development business | 12,751 | 73.5% | 744 | 5.8% |
| Consulting business | 1,570 | 9.0% | 205 | 13.0% |
| Solution business | 3,039 | 17.5% | 73 | 2.4% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Software development business | 73.5% | 72.9% | -0.6 | 5.8% |
| Consulting business | 9.0% | 20.0% | 11.0 | 13.0% |
| Solution business | 17.5% | 7.1% | -10.4 | 2.4% |

Segment → industry: Consulting business → IT Services & System Integration / Software development business → IT Services & System Integration / Solution business → 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 | 1,880 | 10.8% | S100XRPQ |
| Capital expenditure | 388 | 2.2% | S100XRPQ |
| Free cash flow | 1,492 | 8.6% | 算出 |
| Investing cash flow | -436 | -2.5% | S100XRPQ |
| Financing cash flow | -962 | -5.5% | S100XRPQ |
| Dividends paid | 293 | 1.7% | S100XRPQ |
| Share buyback | 1,724 | 9.9% | S100XRPQ |
| Change in cash | 482 | 2.8% | S100XRPQ |
| Cash and equivalents | 5,207 | 30.0% | S100XRPQ |

## 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 | 4,790 | 4,692 | 4,869 | 4,725 | 5,207 | S100T4MY, S100VGFM, S100XRPQ |
| Total assets | 11,273 | 11,455 | 11,930 | 12,271 | 12,447 | S100QIC1, S100T4MY, S100VGFM, S100XRPQ |
| Net assets | 7,523 | 7,818 | 8,242 | 8,506 | 7,465 | S100T4MY, S100VGFM, S100XRPQ |
| Share capital | 1,495 | 1,495 | 1,495 | 1,495 | 1,495 | S100QIC1, S100T4MY, S100VGFM, S100XRPQ |
| Trade receivables | 2,210 | — | — | — | — | S100QIC1 |
| Inventories | 151 | 243 | 230 | 224 | 120 | S100QIC1, S100T4MY, S100VGFM, S100XRPQ |
| Property, plant and equipment | 607 | 578 | 582 | 608 | 594 | S100QIC1, S100T4MY, S100VGFM, S100XRPQ |
| Intangible assets excluding goodwill | 1,046 | 1,140 | 1,351 | 1,365 | 1,280 | S100QIC1, S100T4MY, S100VGFM, S100XRPQ |
| Goodwill | 2 | 1 | 129 | 165 | 127 | S100QIC1, S100T4MY, S100VGFM, S100XRPQ |
| Investment securities | 1,041 | 1,134 | 1,155 | 1,068 | 1,036 | S100QIC1, S100T4MY, S100VGFM, S100XRPQ |
| Current assets | 7,465 | 7,600 | 7,792 | 8,131 | 8,453 | S100QIC1, S100T4MY, S100VGFM, S100XRPQ |
| Current liabilities | 2,453 | 2,538 | 2,862 | 3,035 | 3,717 | S100QIC1, S100T4MY, S100VGFM, S100XRPQ |
| Trade payables | 475 | 603 | 654 | 702 | 725 | S100QIC1, S100T4MY, S100VGFM, S100XRPQ |
| Short-term borrowings | 430 | 360 | 360 | 760 | 1,010 | S100QIC1, S100T4MY, S100VGFM, S100XRPQ |
| Long-term borrowings | 788 | 448 | 201 | 28 | 801 | S100QIC1, S100T4MY, S100VGFM, S100XRPQ |
| Bonds | — | — | — | 25 | 15 | S100XRPQ |
| Interest-bearing debt | — | — | — | 813 | 1,826 | 算出 |
| Total liabilities | 3,750 | 3,638 | 3,688 | 3,764 | 4,982 | S100QIC1, S100T4MY, S100VGFM, S100XRPQ |
| Non-controlling interests | 743 | 805 | 810 | 853 | 887 | S100QIC1, S100T4MY, S100VGFM, S100XRPQ |
| Equity attributable to owners of parent | 6,414 | 6,708 | 7,159 | 7,438 | 6,281 | S100QIC1, S100T4MY, S100VGFM, S100XRPQ |
| Retained earnings | 3,393 | 3,688 | 4,148 | 4,417 | 4,963 | S100QIC1, S100T4MY, S100VGFM, S100XRPQ |
| Treasury stock | -725 | -724 | -723 | -718 | -2,418 | S100QIC1, S100T4MY, S100VGFM, S100XRPQ |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 42% | S100XRPQ |
| Inventories | 1% | S100XRPQ |
| Property, plant and equipment | 5% | S100XRPQ |
| Intangibles and goodwill | 11% | S100XRPQ |
| Investment securities | 8% | S100XRPQ |
| Other assets | 33% | S100XRPQ |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 6% | S100XRPQ |
| Interest-bearing debt | 15% | 算出 |
| Other liabilities | 19% | S100XRPQ |
| Equity | 60% | S100XRPQ |
| Other liabilities | 0% | S100XRPQ |

### 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 | 11,273 | 11,455 | 11,930 | 12,271 | 12,447 |
| Equity | 7,523 | 7,818 | 8,242 | 8,506 | 7,465 |
| Interest-bearing debt | — | — | — | 813 | 1,826 |
| Cash | 4,790 | 4,692 | 4,869 | 4,725 | 5,207 |

## 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) | 3.4% | S100XRPQ |
| Fixed assets ÷ total assets | 4.8% | S100XRPQ |
| Goodwill ÷ parent equity | 2.0% | S100XRPQ |

Goodwill over 4 years: 2 → 127 JPY; total investing cash flow: -2,133 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) | 41.8% |
| Cash ÷ revenue | 30.0% |
| Net cash (cash − interest-bearing debt) | ¥3.38B |
| Net debt ÷ operating cash flow | -1.80× |
| Cash conversion (operating CF ÷ operating income) | 134.6% |
| Cash vs. profit gap | 1,041 JPY mn (of net income 123.9%) |
| Shareholder returns / net income | 240.2% |
| Shareholder returns / FCF | 135.2% |
| Shareholder payments — dividends / net income | 34.9% |
| Shareholder payments — dividends / FCF | 19.6% |
| CapEx intensity (capex ÷ revenue) | 2.2% |
| Investing CF relative to operating CF | 23.2% |

## 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 | 7.6% | 1.24× | 9.4% | 1.76× | 16.5% | S100QIC1 |
| 2022 | 4.0% | 1.23× | 5.0% | 1.73× | 8.6% | S100T4MY |
| 2023 | 4.7% | 1.36× | 6.4% | 1.69× | 10.9% | S100VGFM |
| 2024 | 3.5% | 1.33× | 4.6% | 1.66× | 7.7% | S100XRPQ |
| 2025 | 4.8% | 1.40× | 6.8% | 1.80× | 12.2% | S100XRPQ |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社ビット・エイ | Major shareholder | 13.1% | 2025-12-31 |
| 長尾 章 | Major shareholder | 5.5% | 2025-12-31 |
| 株式会社ヤクルト本社 | Major shareholder | 5.3% | 2025-12-31 |
| ソルクシーズ従業員持株会 | Major shareholder | 2.2% | 2025-12-31 |
| 高橋 新 | Major shareholder | 2.1% | 2025-12-31 |
| 松下 彰利 | Major shareholder | 1.4% | 2025-12-31 |
| ＩＮＴＥＲＡＣＴＩＶＥ ＢＲＯＫＥＲＳ ＬＬＣ （常任代理人 インタラクティブ・ブローカーズ証券株式会社） | Major shareholder | 1.3% | 2025-12-31 |
| 岩崎 泰次 | Major shareholder | 1.2% | 2025-12-31 |
| センコン物流株式会社 | Major shareholder | 1.0% | 2025-12-31 |
| 萱沼 利彦 | Major shareholder | 0.8% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第46期(2025/01/01－2025/12/31) | S100XRPQ | 2026-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XRPQ,, |
| 有価証券報告書－第45期(2024/01/01－2024/12/31) | S100VGFM | 2025-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VGFM,, |
| 有価証券報告書－第44期(2023/01/01－2023/12/31) | S100T4MY | 2024-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T4MY,, |
| 有価証券報告書－第43期(2022/01/01－2022/12/31) | S100QIC1 | 2023-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QIC1,, |
| 有価証券報告書－第42期(令和3年1月1日－令和3年12月31日) | S100NRE7 | 2022-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NRE7,, |
| 有価証券報告書－第41期(令和2年1月1日－令和2年12月31日) | S100L369 | 2021-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L369,, |

## 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).