# SRA Holdings,Inc.: 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36期(2025/04/01－2026/03/31) (S100YHQM)
> Page: https://vizora.meequs.com/en/company/sra-holdings
> Retrieved: 2026-09-30T22:27:52.188Z

## Company

SRA Holdings, founded in 1991, is a company in IT Services & System Integration listed on TSE Prime. It has 1,398 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | SRA Holdings,Inc. |
| Ticker | 3817 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3817.T) |
| Listing | TSE Prime |
| Head office | 東京都豊島区南池袋二丁目32番8号 |
| Representative (per filing) | 代表取締役社長 大熊 克美 |
| Founded | Jan 1991 |
| Share capital | ¥1B |
| Employees (consolidated) | 1,398 |
| Average salary (parent only) | ¥12.7M |
| Fiscal year end | March |
| Corporate number | 2013301022429 |
| EDINET | E05640 |
| Industries (Vizora) | IT Services & System Integration |

> Profile source: annual securities report (S100YHQM, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: IT Services & System Integration (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 36.6 | 157 |
| Profitability | 85.5 | 196 |
| Cash conversion | 23 | 185 |
| Efficiency | 30.4 | 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 49% of SRA Holdings's sales come from Systems Development, with Product Sales and System Operations and Infrastructure Development making up much of the rest.
- Out of every ¥100 of sales, about ¥16 is left as operating profit.
- Revenue changed +3.2% from the prior year, operating profit +3.8%.

## Company structure

- Segment revenue mix: Systems Development 48.6%、Product Sales 39.0%、System Operations and Infrastructure Development 12.4%
- Revenue → net income: ¥53279000000 → ¥5728000000
- Net income → operating cash flow: ¥5728000000 → ¥4699000000（difference ¥-1029000000）
- Main uses of operating cash flow: CapEx ¥280000000 / dividends ¥2400000000 / buybacks —
- Change in cash: ¥486000000
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 | ¥53.3B |  |
| Operating income | ¥8.24B | Margin 15.5% |
| Net income | ¥5.6B | Margin 10.5% |
| Free cash flow | ¥4.42B |  |
| Largest business | Systems Development | of segment revenue 48.6% |
| Employees (consolidated) | 1,398 |  |
| EPS | ¥253.23 |  |
| Book value per share | ¥699.68 |  |
| Equity ratio | 64.7% |  |
| Shares outstanding | 15,240,000 |  |
| Treasury shares | 2,606,000 |  |
| Shareholders | 46,543 |  |
| Average salary (parent only) | ¥12.7M | Filing company only |
| Cash ratio | 39.0% | Cash ÷ revenue 38.0% |
| Vs. industry median margin | +6.6 pp | IT Services & System Integration |
| ROE | 19.4% | Derived from disclosed figures |
| ROA | 10.8% | Derived from disclosed figures |

## Notable figures

- FY2026, cash is 39% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥39386000000 | ¥53279000000 | +35.3% |
| Operating income | ¥5026000000 | ¥8244000000 | +64.0% |
| Operating margin | 12.8% | 15.5% | +2.7 pp |
| Employees | 1,393 people | 1,398 people | +0.4% |
| Cash and equivalents | ¥8854000000 | ¥20224000000 | +128.4% |

### 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 |
| --- | ---: |
| 開発事業 → 開発事業 | 48.6% |
| 開発事業 → 事業再編・廃止 | 4.0% |
| 運用・構築事業 → 運用・構築事業 | 12.4% |
| 運用・構築事業 → 事業再編・廃止 | 1.6% |
| 販売事業 → 販売事業 | 33.5% |
| 新設・再編 → 販売事業 | 5.6% |

Segment revenue source references: 6 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Systems Development | 5 years | +4.6% | ¥25889000000 | 22.0% | 2 |
| Product Sales | 5 years | +9.5% | ¥20795000000 | 10.9% | 2 |
| System Operations and Infrastructure Development | 5 years | +3.7% | ¥6594000000 | 31.4% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 53,279 | 100.0% | S100YHQM |
| Cost of revenue | 39,536 | 74.2% | S100YHQM |
| Gross profit | 13,743 | 25.8% | S100YHQM |
| SG&A | 5,498 | 10.3% | S100YHQM |
| Operating income | 8,244 | 15.5% | S100YHQM |
| Ordinary income | 9,500 | 17.8% | S100YHQM |
| Pretax income | 9,286 | 17.4% | S100YHQM |
| Income tax | 3,558 | 6.7% | S100YHQM |
| Net income | 5,728 | 10.8% | S100YHQM |
| Net income attributable to owners | 5,601 | 10.5% | S100YHQM |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 74 |
| SG&A | 10 |
| Operating income | 16 |
| (Ref.) Net income | 11 |

### Margin funnel

Gross margin 25.8% → Operating margin 15.5% → Net margin 10.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +3.2%; Core profit growth: +3.8%
Growth quality: similar-growth
Operating leverage (core profit growth ÷ revenue growth): 1.19×
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 | 51,617 | 53,279 | 1,662 | +3.2% |
| Gross profit | 13,179 | 13,743 | 564 | +4.3% |
| Operating income | 7,940 | 8,244 | 304 | +3.8% |
| Net income attributable to owners | 3,377 | 5,601 | 2,224 | +65.9% |
| Operating cash flow | 5,778 | 4,699 | -1,079 | -18.7% |
| Free cash flow | 5,511 | 4,419 | -1,092 | -19.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 43,642 | 4,948 | 11.3% | -612 | 3,392 | 2,819 | S100LO32 |
| FY ending Mar 2021 | 39,386 | 5,026 | 12.8% | 3,073 | 4,999 | 4,861 | S100OCXP |
| FY ending Mar 2022 | 40,203 | 5,440 | 13.5% | 3,577 | 2,826 | 2,565 | S100R0QM |
| FY ending Mar 2023 | 42,864 | 6,004 | 14.0% | 879 | 5,141 | 4,940 | S100TS9D |
| FY ending Mar 2024 | 47,125 | 6,907 | 14.7% | 4,584 | 4,103 | 3,715 | S100W37G |
| FY ending Mar 2025 | 51,617 | 7,940 | 15.4% | 3,377 | 5,778 | 5,511 | S100YHQM |
| FY ending Mar 2026 | 53,279 | 8,244 | 15.5% | 5,601 | 4,699 | 4,419 | S100YHQM |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥38.1M |
| Operating income per employee (consolidated) | ¥5.9M |
| Net income per employee (consolidated) | ¥4M |

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) | 1,391 | 1,399 | 1,386 | 1,388 | 1,398 |
| Average salary (parent company) | ¥10.8M | ¥11.3M | ¥11.8M | ¥12.8M | ¥12.7M |
| Average age (parent company) | 56.0 years | 55.6 years | 57.0 years | 57.0 years | 57.5 years |
| Average tenure (parent company) | 4.9 years | 5.6 years | 6.5 years | 6.7 years | 7.8 years |

Year over year: Employees (consolidated) +0.7% · Revenue (consolidated) +3.2%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Systems Development | 25,889 | 48.6% | 5,688 | 22.0% |
| System Operations and Infrastructure Development | 6,594 | 12.4% | 2,069 | 31.4% |
| Product Sales | 20,795 | 39.0% | 2,273 | 10.9% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Systems Development | 48.6% | 56.7% | 8.1 | 22.0% |
| System Operations and Infrastructure Development | 12.4% | 20.6% | 8.3 | 31.4% |
| Product Sales | 39.0% | 22.7% | -16.4 | 10.9% |

Segment → industry: Product Sales → IT Services & System Integration / System Operations and Infrastructure Development → IT Services & System Integration / Systems Development → IT Services & System Integration

## 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 | 4,699 | 8.8% | S100YHQM |
| Capital expenditure | 280 | 0.5% | S100YHQM |
| Free cash flow | 4,419 | 8.3% | 算出 |
| Investing cash flow | -1,816 | -3.4% | S100YHQM |
| Financing cash flow | -2,436 | -4.6% | S100YHQM |
| Dividends paid | 2,400 | 4.5% | S100YHQM |
| Change in cash | 486 | 0.9% | S100YHQM |
| Cash and equivalents | 20,224 | 38.0% | S100YHQM |

## 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 | 9,902 | 13,586 | 16,047 | 19,738 | 20,224 | S100TS9D, S100W37G, S100YHQM |
| Total assets | 40,175 | 42,387 | 47,329 | 51,448 | 51,920 | S100R0QM, S100TS9D, S100W37G, S100YHQM |
| Net assets | 25,362 | 26,016 | 29,227 | 31,103 | 34,031 | S100TS9D, S100W37G, S100YHQM |
| Share capital | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | S100R0QM, S100TS9D, S100W37G, S100YHQM |
| Property, plant and equipment | 176 | 171 | 185 | 169 | 199 | S100R0QM, S100TS9D, S100W37G, S100YHQM |
| Intangible assets excluding goodwill | 433 | 440 | 636 | 734 | 795 | S100R0QM, S100TS9D, S100W37G, S100YHQM |
| Investment securities | 10,424 | 8,504 | 9,165 | 9,323 | 9,884 | S100R0QM, S100TS9D, S100W37G, S100YHQM |
| Current assets | 26,543 | 30,845 | 34,317 | 38,516 | 35,973 | S100R0QM, S100TS9D, S100W37G, S100YHQM |
| Current liabilities | 11,348 | 12,761 | 14,497 | 16,643 | 14,037 | S100R0QM, S100TS9D, S100W37G, S100YHQM |
| Short-term borrowings | 216 | 386 | 90 | 70 | 70 | S100R0QM, S100TS9D, S100W37G, S100YHQM |
| Total liabilities | 14,813 | 16,370 | 18,101 | 20,344 | 17,888 | S100R0QM, S100TS9D, S100W37G, S100YHQM |
| Non-controlling interests | — | — | — | 298 | 426 | S100YHQM |
| Equity attributable to owners of parent | 23,178 | 22,687 | 26,049 | 27,243 | 30,443 | S100R0QM, S100TS9D, S100W37G, S100YHQM |
| Retained earnings | 19,878 | 19,153 | 21,998 | 22,854 | 26,055 | S100R0QM, S100TS9D, S100W37G, S100YHQM |
| Treasury stock | -2,403 | -2,316 | -2,134 | -2,083 | -2,083 | S100R0QM, S100TS9D, S100W37G, S100YHQM |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 39% | S100YHQM |
| Property, plant and equipment | 0% | S100YHQM |
| Intangibles and goodwill | 2% | S100YHQM |
| Investment securities | 19% | S100YHQM |
| Other assets | 40% | S100YHQM |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 34% | S100YHQM |
| Equity | 66% | S100YHQM |
| Other liabilities | 0% | S100YHQM |

### 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 | 40,175 | 42,387 | 47,329 | 51,448 | 51,920 |
| Equity | 25,362 | 26,016 | 29,227 | 31,103 | 34,031 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 9,902 | 13,586 | 16,047 | 19,738 | 20,224 |

## 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) | 0.4% | S100YHQM |
| Fixed assets ÷ total assets | 0.4% | S100YHQM |
| Goodwill ÷ parent equity | — | —, S100YHQM |

### 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) | 39.0% |
| Cash ÷ revenue | 38.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 57.0% |
| Cash vs. profit gap | -902 JPY mn (of net income -16.1%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 42.8% |
| Shareholder payments — dividends / FCF | 54.3% |
| CapEx intensity (capex ÷ revenue) | 0.5% |
| Investing CF relative to operating CF | 38.6% |

## 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 | 8.9% | 1.00× | 8.9% | 1.73× | 15.4% | S100R0QM |
| 2023 | 2.1% | 1.04× | 2.1% | 1.80× | 3.8% | S100TS9D |
| 2024 | 9.7% | 1.05× | 10.2% | 1.84× | 18.8% | S100W37G |
| 2025 | 6.5% | 1.05× | 6.8% | 1.85× | 12.7% | S100YHQM |
| 2026 | 10.5% | 1.03× | 10.8% | 1.79× | 19.4% | S100YHQM |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 14.3% | 2026-03-31 |
| 株式会社ＳＲＡ | Major shareholder | 8.6% | 2026-03-31 |
| 第一生命保険株式会社 （常任代理人 株式会社日本カストディ銀行） | Major shareholder | 4.1% | 2026-03-31 |
| 株式会社三菱ＵＦＪ銀行 | Major shareholder | 4.0% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 3.4% | 2026-03-31 |
| 藤原園美 | Major shareholder | 3.3% | 2026-03-31 |
| 丸森京子 | Major shareholder | 3.1% | 2026-03-31 |
| US BANK NATIONAL ASSOCIATION JP ACCTS TS （常任代理人 株式会社三菱ＵＦＪ銀行） | Major shareholder | 2.4% | 2026-03-31 |
| 三菱総研ＤＣＳ株式会社 | Major shareholder | 1.6% | 2026-03-31 |
| HIKARI TSUSHIN INVESTMENTS OKINAWA株式会社 | Major shareholder | 1.5% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第36期(2025/04/01－2026/03/31) | S100YHQM | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YHQM,, |
| 有価証券報告書－第35期(2024/04/01－2025/03/31) | S100W37G | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W37G,, |
| 有価証券報告書－第34期(2023/04/01－2024/03/31) | S100TS9D | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TS9D,, |
| 有価証券報告書－第33期(2022/04/01－2023/03/31) | S100R0QM | 2023-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R0QM,, |
| 有価証券報告書－第32期(令和3年4月1日－令和4年3月31日) | S100OCXP | 2022-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OCXP,, |
| 有価証券報告書－第31期(令和2年4月1日－令和3年3月31日) | S100LO32 | 2021-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LO32,, |

## 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).