# Startia 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31期(2025/04/01－2026/03/31) (S100YCNU)
> Page: https://vizora.meequs.com/en/company/startia-holdings
> Retrieved: 2026-09-30T18:26:59.844Z

## Company

Startia Holdings, founded in 1996, is a company in IT Services & System Integration listed on TSE Prime. It has 974 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Startia Holdings, Inc. |
| Ticker | 3393 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3393.T) |
| Listing | TSE Prime |
| Head office | 東京都新宿区西新宿二丁目3番1号 |
| Representative (per filing) | 代表取締役社長 本郷秀之 |
| Founded | Feb 1996 |
| Share capital | ¥824.3M |
| Employees (consolidated) | 974 |
| Average salary (parent only) | ¥8.5M |
| Fiscal year end | March |
| Website | www.startiaholdings.com (https://www.startiaholdings.com/) |
| Corporate number | 6011101036075 |
| EDINET | E05539 |
| Industries (Vizora) | IT Services & System Integration, Software & SaaS, Venture Capital |

> Profile source: annual securities report (S100YCNU, filed 2026-06-16). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 74.8 | 157 |
| Profitability | 80.4 | 196 |
| Cash conversion | 64.6 | 185 |
| Efficiency | 73.2 | 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 79% of Startia Holdings's sales come from Information technology infrastructure, with DX solution business making up much of the rest.
- Out of every ¥100 of sales, about ¥14 is left as operating profit.
- Revenue changed +7.1% from the prior year, operating profit +18.4%.

## Company structure

- Segment revenue mix: Information technology infrastructure 79.5%、DX solution business 20.5%
- Revenue → net income: ¥23790045000 → ¥2357047000
- Net income → operating cash flow: ¥2357047000 → ¥3057149000（difference ¥700102000）
- Main uses of operating cash flow: CapEx ¥310525000 / dividends ¥1200501000 / buybacks ¥360750000
- Change in cash: ¥1105130000
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 | ¥23.8B |  |
| Operating income | ¥3.24B | Margin 13.6% |
| Net income | ¥2.32B | Margin 9.7% |
| Free cash flow | ¥2.75B |  |
| Largest business | Information technology infrastructure | of segment revenue 79.5% |
| Employees (consolidated) | 974 |  |
| EPS | ¥221.77 |  |
| Book value per share | ¥507.13 |  |
| Equity ratio | 54.0% |  |
| Shares outstanding | 10,240,400 |  |
| Treasury shares | 484,700 |  |
| Shareholders | 6,535 |  |
| Average salary (parent only) | ¥8.5M | Filing company only |
| Cash ratio | 49.3% | Cash ÷ revenue 32.2% |
| Vs. industry median margin | +4.7 pp | IT Services & System Integration |
| ROE | 29.3% | Derived from disclosed figures |
| ROA | 15.6% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 70% of positive segment profit
- FY2026, cash is 49% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥13324687000 | ¥23790045000 | +78.5% |
| Operating income | ¥21678000 | ¥3242718000 | +14858.6% |
| Operating margin | 0.2% | 13.6% | +13.5 pp |
| Employees | 690 people | 974 people | +41.2% |
| Cash and equivalents | ¥3245235000 | ¥7670887000 | +136.4% |

### 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 |
| --- | ---: |
| ITインフラ関連事業 → ITインフラ関連事業 | 79.5% |
| ITインフラ関連事業 → 事業再編・廃止 | 0.1% |
| デジタルマーケティング関連事業 → 事業再編・廃止 | 19.3% |
| CVC関連事業 → 事業再編・廃止 | 0.4% |
| 海外関連事業 → 事業再編・廃止 | 0.3% |
| その他 → 事業再編・廃止 | 0.3% |
| 新設・再編 → DXソリューション関連事業 | 20.5% |

Segment revenue source references: 7 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 23,790 | 100.0% | S100YCNU |
| Cost of revenue | 12,961 | 54.5% | S100YCNU |
| Gross profit | 10,829 | 45.5% | S100YCNU |
| SG&A | 7,586 | 31.9% | S100YCNU |
| Operating income | 3,243 | 13.6% | S100YCNU |
| Ordinary income | 3,294 | 13.8% | S100YCNU |
| Pretax income | 3,357 | 14.1% | S100YCNU |
| Income tax | 1,000 | 4.2% | S100YCNU |
| Net income | 2,357 | 9.9% | S100YCNU |
| Net income attributable to owners | 2,318 | 9.7% | S100YCNU |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 54 |
| SG&A | 32 |
| Operating income | 14 |
| (Ref.) Net income | 10 |

### Margin funnel

Gross margin 45.5% → Operating margin 13.6% → Net margin 9.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +7.1%; Core profit growth: +18.4%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.60×
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 | 22,212 | 23,790 | 1,578 | +7.1% |
| Gross profit | 9,968 | 10,829 | 861 | +8.6% |
| Operating income | 2,738 | 3,243 | 505 | +18.4% |
| Net income attributable to owners | 1,960 | 2,318 | 358 | +18.3% |
| Operating cash flow | 1,718 | 3,057 | 1,339 | +77.9% |
| Free cash flow | 1,352 | 2,747 | 1,395 | +103.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 12,779 | 733 | 5.7% | 220 | 526 | 255 | S100LOMJ |
| FY ending Mar 2021 | 13,325 | 22 | 0.2% | -131 | -190 | -857 | S100OBZ3 |
| FY ending Mar 2022 | 16,011 | 345 | 2.2% | 958 | -119 | -853 | S100R0K6 |
| FY ending Mar 2023 | 20,004 | 1,724 | 8.6% | 1,212 | 1,662 | 975 | S100TOTJ |
| FY ending Mar 2024 | 19,572 | 2,283 | 11.7% | 1,546 | 2,523 | 2,079 | S100VZEI |
| FY ending Mar 2025 | 22,212 | 2,738 | 12.3% | 1,960 | 1,718 | 1,352 | S100YCNU |
| FY ending Mar 2026 | 23,790 | 3,243 | 13.6% | 2,318 | 3,057 | 2,747 | S100YCNU |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥24.4M |
| Operating income per employee (consolidated) | ¥3.3M |
| Net income per employee (consolidated) | ¥2.4M |

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) | 872 | 893 | 908 | 938 | 974 |
| Average salary (parent company) | ¥7.5M | ¥7.7M | ¥7.6M | ¥8.3M | ¥8.5M |
| Average age (parent company) | 41.3 years | 42.0 years | 41.4 years | 40.8 years | 41.8 years |
| Average tenure (parent company) | 6.0 years | 6.0 years | 8.0 years | 6.0 years | 8.0 years |

Year over year: Employees (consolidated) +3.8% · Revenue (consolidated) +7.1%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Information technology infrastructure | 18,895 | 79.5% | 2,177 | 11.5% |
| DX solution business | 4,877 | 20.5% | 945 | 19.4% |
| CVC application related | — | 0.0% | -2 | — |
| Other | — | 0.0% | -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 | Profit share | Margin |
| --- | ---: | ---: |
| Information technology infrastructure | 69.7% | 11.5% |
| DX solution business | 30.3% | 19.4% |
| CVC application related | — | — |
| Other | — | — |

Loss-making segment (excluded from profit shares): CVC application related -2 JPY mn

Loss-making segment (excluded from profit shares): Other -4 JPY mn

Segment → industry: Information technology infrastructure → IT Services & System Integration / DX solution business → Software & SaaS / CVC application related → Venture Capital

## 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 | 3,057 | 12.9% | S100YCNU |
| Capital expenditure | 311 | 1.3% | S100YCNU |
| Free cash flow | 2,747 | 11.5% | 算出 |
| Investing cash flow | -208 | -0.9% | S100YCNU |
| Financing cash flow | -1,760 | -7.4% | S100YCNU |
| Dividends paid | 1,201 | 5.0% | S100YCNU |
| Share buyback | 361 | 1.5% | S100YCNU |
| Change in cash | 1,105 | 4.6% | S100YCNU |
| Cash and equivalents | 7,671 | 32.2% | S100YCNU |

## 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 | 3,055 | 4,869 | 7,367 | 6,566 | 7,671 | S100TOTJ, S100VZEI, S100YCNU |
| Total assets | 11,379 | 12,913 | 14,690 | 14,204 | 15,548 | S100R0K6, S100TOTJ, S100VZEI, S100YCNU |
| Net assets | 4,233 | 5,692 | 6,818 | 7,650 | 8,490 | S100TOTJ, S100VZEI, S100YCNU |
| Share capital | 824 | 824 | 824 | 824 | 824 | S100R0K6, S100TOTJ, S100VZEI, S100YCNU |
| Inventories | 585 | 768 | 367 | 455 | 496 | S100R0K6, S100TOTJ, S100VZEI, S100YCNU |
| Property, plant and equipment | 233 | 226 | 232 | 226 | 197 | S100R0K6, S100TOTJ, S100VZEI, S100YCNU |
| Intangible assets excluding goodwill | 1,590 | 1,353 | 1,470 | 1,331 | 1,177 | S100R0K6, S100TOTJ, S100VZEI, S100YCNU |
| Goodwill | 451 | 392 | 464 | 391 | 319 | S100R0K6, S100TOTJ, S100VZEI, S100YCNU |
| Investment securities | 1,003 | 366 | 388 | 151 | 137 | S100R0K6, S100TOTJ, S100VZEI, S100YCNU |
| Current assets | 7,766 | 9,897 | 11,560 | 11,530 | 13,060 | S100R0K6, S100TOTJ, S100VZEI, S100YCNU |
| Current liabilities | 6,226 | 5,954 | 6,135 | 5,250 | 5,922 | S100R0K6, S100TOTJ, S100VZEI, S100YCNU |
| Short-term borrowings | 1,847 | 900 | 1,100 | 400 | 400 | S100R0K6, S100TOTJ, S100VZEI, S100YCNU |
| Long-term borrowings | 816 | 1,153 | 1,716 | 1,295 | 1,133 | S100R0K6, S100TOTJ, S100VZEI, S100YCNU |
| Total liabilities | 7,146 | 7,221 | 7,871 | 6,554 | 7,057 | S100R0K6, S100TOTJ, S100VZEI, S100YCNU |
| Non-controlling interests | — | — | 32 | 54 | 93 | S100VZEI, S100YCNU |
| Equity attributable to owners of parent | 3,985 | 5,617 | 6,644 | 7,517 | 8,316 | S100R0K6, S100TOTJ, S100VZEI, S100YCNU |
| Retained earnings | 3,725 | 4,689 | 5,676 | 6,574 | 7,691 | S100R0K6, S100TOTJ, S100VZEI, S100YCNU |
| Treasury stock | -1,469 | -802 | -1,020 | -1,044 | -1,362 | S100R0K6, S100TOTJ, S100VZEI, S100YCNU |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 49% | S100YCNU |
| Inventories | 3% | S100YCNU |
| Property, plant and equipment | 1% | S100YCNU |
| Intangibles and goodwill | 10% | S100YCNU |
| Investment securities | 1% | S100YCNU |
| Other assets | 36% | S100YCNU |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 45% | S100YCNU |
| Equity | 55% | S100YCNU |

### 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 | 11,379 | 12,913 | 14,690 | 14,204 | 15,548 |
| Equity | 4,233 | 5,692 | 6,818 | 7,650 | 8,490 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 3,055 | 4,869 | 7,367 | 6,566 | 7,671 |

## 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) | 0.8% | S100YCNU |
| Fixed assets ÷ total assets | 1.3% | S100YCNU |
| Goodwill ÷ parent equity | 3.8% | S100YCNU |

Goodwill over 4 years: 451 → 319 JPY; total investing cash flow: -1,492 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) | 49.3% |
| Cash ÷ revenue | 32.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 94.3% |
| Cash vs. profit gap | 739 JPY mn (of net income 31.9%) |
| Shareholder returns / net income | 67.4% |
| Shareholder returns / FCF | 56.8% |
| Shareholder payments — dividends / net income | 51.8% |
| Shareholder payments — dividends / FCF | 43.7% |
| CapEx intensity (capex ÷ revenue) | 1.3% |
| Investing CF relative to operating CF | 6.8% |

## 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 | 6.0% | 1.41× | 8.4% | 2.86× | 24.1% | S100R0K6 |
| 2023 | 6.1% | 1.65× | 10.0% | 2.53× | 25.3% | S100TOTJ |
| 2024 | 7.9% | 1.42× | 11.2% | 2.25× | 25.2% | S100VZEI |
| 2025 | 8.8% | 1.54× | 13.6% | 2.04× | 27.7% | S100YCNU |
| 2026 | 9.7% | 1.60× | 15.6% | 1.88× | 29.3% | S100YCNU |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 本郷 秀之 | Major shareholder | 25.5% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託E口） | Major shareholder | 4.2% | 2026-03-31 |
| スターティアホールディングス従業員持株会 | Major shareholder | 3.7% | 2026-03-31 |
| BNY GCM CLIENT ACCOUNT JPRD AC ISG （FE－AC）（常任代理人）株式会社三菱UFJ銀行 | Major shareholder | 2.4% | 2026-03-31 |
| 財賀 明 | Major shareholder | 2.3% | 2026-03-31 |
| 古川 征且 | Major shareholder | 2.1% | 2026-03-31 |
| ヨシダ トモヒロ | Major shareholder | 1.9% | 2026-03-31 |
| 源内 悟 | Major shareholder | 1.9% | 2026-03-31 |
| 光通信株式会社 | Major shareholder | 1.8% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 1.7% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第31期(2025/04/01－2026/03/31) | S100YCNU | 2026-06-16 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YCNU,, |
| 有価証券報告書－第30期(2024/04/01－2025/03/31) | S100VZEI | 2025-06-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VZEI,, |
| 有価証券報告書－第29期(2023/04/01－2024/03/31) | S100TOTJ | 2024-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TOTJ,, |
| 有価証券報告書－第28期(2022/04/01－2023/03/31) | S100R0K6 | 2023-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R0K6,, |
| 有価証券報告書－第27期(令和3年4月1日－令和4年3月31日) | S100OBZ3 | 2022-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OBZ3,, |
| 有価証券報告書－第26期(令和2年4月1日－令和3年3月31日) | S100LOMJ | 2021-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LOMJ,, |

## 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).