# SUS Co.,Ltd.: business model and financials

> Latest period: FY ending Sep 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第27期(2024/10/01－2025/09/30) (S100XBSY)
> Page: https://vizora.meequs.com/en/company/sus
> Retrieved: 2026-09-30T18:55:14.766Z

## Company

SUS, founded in 1999, is a company in IT Services & System Integration listed on TSE Growth. It has 2,409 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | SUS Co.,Ltd. |
| Ticker | 6554 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6554.T) |
| Listing | TSE Growth |
| Head office | 京都市下京区四条通烏丸東入ル長刀鉾町8京都三井ビルディング5階 |
| Representative (per filing) | 代表取締役社長 齋藤 公男 |
| Founded | Sep 1999 |
| Share capital | ¥436M |
| Employees (consolidated) | 2,409 |
| Average salary (parent only) | ¥4.4M |
| Fiscal year end | September |
| Website | www.sus-g.co.jp (https://www.sus-g.co.jp/) |
| Corporate number | 6130001017685 |
| EDINET | E33357 |
| Industries (Vizora) | IT Services & System Integration, HR & Staffing |

> Profile source: annual securities report (S100XBSY, filed 2025-12-22). As of filing

## Five-axis industry profile

Primary industry: HR & Staffing (2025-09-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 49.3 | 68 |
| Profitability | 48.3 | 88 |
| Cash conversion | 44.4 | 80 |
| Efficiency | 82.4 | 88 |

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 91% of SUS's sales come from Solution, with Consulting and AR/VR making up much of the rest.
- Out of every ¥100 of sales, about ¥8 is left as operating profit.
- Revenue changed +13.6% from the prior year, operating profit +46.2%.

## Company structure

- Segment revenue mix: Solution 90.9%、Consulting 5.7%、AR/VR 2.7%、Other 0.6%
- Revenue → net income: ¥15015000000 → ¥903000000
- Net income → operating cash flow: ¥903000000 → ¥1062000000（difference ¥159000000）
- Main uses of operating cash flow: CapEx ¥136000000 / dividends ¥264000000 / buybacks —
- Change in cash: ¥595000000
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 | ¥15B |  |
| Operating income | ¥1.21B | Margin 8.1% |
| Net income | ¥915M | Margin 6.1% |
| Free cash flow | ¥926M |  |
| Largest business | Solution | of segment revenue 90.9% |
| Employees (consolidated) | 2,409 |  |
| EPS | ¥103.16 |  |
| Diluted EPS | ¥101.62 |  |
| Book value per share | ¥470.38 |  |
| Equity ratio | 62.9% |  |
| Shares outstanding | 9,037,600 |  |
| Treasury shares | 117,100 |  |
| Shareholders | 3,460 |  |
| Average salary (parent only) | ¥4.4M | Filing company only |
| Cash ratio | 50.7% | Cash ÷ revenue 22.7% |
| Vs. industry median margin | -0.5 pp | HR & Staffing |
| ROE | 23.5% | Derived from disclosed figures |
| ROA | 14.8% | Derived from disclosed figures |

## Notable figures

- FY2025, one segment accounts for 88% of positive segment profit
- FY2025, cash is 51% of total assets

## What changed in 5 years

| Metric | FY ending Sep 2020 | FY ending Sep 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥8967051000 | ¥15015000000 | +67.4% |
| Operating income | ¥208131000 | ¥1212000000 | +482.3% |
| Operating margin | 2.3% | 8.1% | +5.8 pp |
| Employees | 1,742 people | 2,409 people | +38.3% |
| Cash and equivalents | ¥1794109000 | ¥3407000000 | +89.9% |

### Change in segment revenue mix

Span: FY ending Sep 2020 → FY ending Sep 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 技術者派遣事業 → 事業再編・廃止 | 93.6% |
| コンサルティング事業 → コンサルティング事業 | 5.6% |
| AR／VR事業 → AR／VR事業 | 0.0% |
| その他 → その他 | 0.6% |
| その他 → 事業再編・廃止 | 0.1% |
| 新設・再編 → ソリューション事業 | 90.9% |
| 新設・再編 → コンサルティング事業 | 0.1% |
| 新設・再編 → AR／VR事業 | 2.7% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Solution | 4 years | +12.1% | ¥13652000000 | 7.8% | 2 |
| Consulting | 5 years | +11.4% | ¥856000000 | 14.1% | 2 |
| AR/VR | 5 years | +221.9% | ¥408000000 | 3.2% | 2 |
| Other | 5 years | +6.7% | ¥97000000 | 8.2% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 15,015 | 100.0% | S100XBSY |
| Cost of revenue | 11,100 | 73.9% | S100XBSY |
| Gross profit | 3,914 | 26.1% | S100XBSY |
| SG&A | 2,701 | 18.0% | S100XBSY |
| Operating income | 1,212 | 8.1% | S100XBSY |
| Ordinary income | 1,258 | 8.4% | S100XBSY |
| Pretax income | 1,258 | 8.4% | S100XBSY |
| Income tax | 355 | 2.4% | S100XBSY |
| Net income | 903 | 6.0% | S100XBSY |
| Net income attributable to owners | 915 | 6.1% | S100XBSY |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 74 |
| SG&A | 18 |
| Operating income | 8 |
| (Ref.) Net income | 6 |

### Margin funnel

Gross margin 26.1% → Operating margin 8.1% → Net margin 6.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +13.6%; Core profit growth: +46.2%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 3.40×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Sep 2024 → FY ending Sep 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 13,219 | 15,015 | 1,796 | +13.6% |
| Gross profit | 3,322 | 3,914 | 592 | +17.8% |
| Operating income | 829 | 1,212 | 383 | +46.2% |
| Net income attributable to owners | 602 | 915 | 313 | +52.0% |
| Operating cash flow | 745 | 1,062 | 317 | +42.6% |
| Free cash flow | 675 | 926 | 251 | +37.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Sep 2019 | 8,117 | 495 | 6.1% | 337 | 100 | 20 | S100KFNA |
| FY ending Sep 2020 | 8,967 | 208 | 2.3% | 270 | 328 | 89 | S100N4OM |
| FY ending Sep 2021 | 9,420 | 195 | 2.1% | 448 | 474 | 424 | S100PU0X |
| FY ending Sep 2022 | 10,465 | 731 | 7.0% | 316 | 635 | 600 | S100SISY |
| FY ending Sep 2023 | 11,501 | 608 | 5.3% | 461 | 445 | 98 | S100UZKL |
| FY ending Sep 2024 | 13,219 | 829 | 6.3% | 602 | 745 | 675 | S100XBSY |
| FY ending Sep 2025 | 15,015 | 1,212 | 8.1% | 915 | 1,062 | 926 | S100XBSY |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥6.2M |
| Operating income per employee (consolidated) | ¥503.1K |
| Net income per employee (consolidated) | ¥379.8K |

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

| History | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 1,696 | 1,774 | 1,945 | 2,209 | 2,409 |
| Average salary (parent company) | ¥3.9M | ¥4.2M | ¥4.2M | ¥4.3M | ¥4.4M |
| Average age (parent company) | 30.1 years | 30.8 years | 30.9 years | 30.7 years | 31.0 years |
| Average tenure (parent company) | 4.5 years | 4.8 years | 4.8 years | 4.8 years | 4.9 years |

Year over year: Employees (consolidated) +9.1% · Revenue (consolidated) +13.6%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Solution | 13,652 | 90.9% | 1,070 | 7.8% |
| Consulting | 856 | 5.7% | 121 | 14.1% |
| AR/VR | 408 | 2.7% | 13 | 3.2% |
| Other | 97 | 0.6% | 8 | 8.2% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Solution | 90.9% | 88.3% | -2.7 | 7.8% |
| Consulting | 5.7% | 10.0% | 4.3 | 14.1% |
| AR/VR | 2.7% | 1.1% | -1.6 | 3.2% |
| Other | 0.6% | 0.7% | 0.0 | 8.2% |

Segment → industry: Consulting → IT Services & System Integration / Solution → HR & Staffing

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Sep 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 1,062 | 7.1% | S100XBSY |
| Capital expenditure | 136 | 0.9% | S100XBSY |
| Free cash flow | 926 | 6.2% | 算出 |
| Investing cash flow | -293 | -2.0% | S100XBSY |
| Financing cash flow | -173 | -1.2% | S100XBSY |
| Dividends paid | 264 | 1.8% | S100XBSY |
| Change in cash | 595 | 4.0% | S100XBSY |
| Cash and equivalents | 3,407 | 22.7% | S100XBSY |

## 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 Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 2,275 | 2,731 | 2,615 | 2,812 | 3,407 | S100SISY, S100UZKL, S100XBSY |
| Total assets | 4,237 | 4,670 | 5,008 | 5,650 | 6,715 | S100PU0X, S100SISY, S100UZKL, S100XBSY |
| Net assets | 2,840 | 3,055 | 3,311 | 3,586 | 4,317 | S100SISY, S100UZKL, S100XBSY |
| Share capital | 431 | 432 | 435 | 436 | 436 | S100PU0X, S100SISY, S100UZKL, S100XBSY |
| Property, plant and equipment | 188 | 105 | 354 | 302 | 398 | S100PU0X, S100SISY, S100UZKL, S100XBSY |
| Intangible assets excluding goodwill | 136 | 31 | 74 | 33 | 28 | S100PU0X, S100SISY, S100UZKL, S100XBSY |
| Investment securities | 2 | 1 | 1 | 152 | 192 | S100PU0X, S100SISY, S100UZKL, S100XBSY |
| Current assets | 3,600 | 4,182 | 4,233 | 4,780 | 5,570 | S100PU0X, S100SISY, S100UZKL, S100XBSY |
| Current liabilities | 1,351 | 1,582 | 1,666 | 2,035 | 2,321 | S100PU0X, S100SISY, S100UZKL, S100XBSY |
| Total liabilities | 1,397 | 1,615 | 1,697 | 2,064 | 2,397 | S100PU0X, S100SISY, S100UZKL, S100XBSY |
| Non-controlling interests | 62 | 21 | 24 | 18 | 91 | S100PU0X, S100SISY, S100UZKL, S100XBSY |
| Equity attributable to owners of parent | 2,778 | 3,033 | 3,286 | 3,568 | 4,226 | S100PU0X, S100SISY, S100UZKL, S100XBSY |
| Retained earnings | 1,820 | 2,074 | 2,403 | 2,782 | 3,433 | S100PU0X, S100SISY, S100UZKL, S100XBSY |
| Treasury stock | -0 | 0 | -83 | -165 | -89 | S100PU0X, S100SISY, S100UZKL, S100XBSY |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 51% | S100XBSY |
| Property, plant and equipment | 6% | S100XBSY |
| Intangibles and goodwill | 0% | S100XBSY |
| Investment securities | 3% | S100XBSY |
| Other assets | 40% | S100XBSY |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 36% | S100XBSY |
| Equity | 64% | S100XBSY |
| Other liabilities | 0% | S100XBSY |

### Balance sheet history

| Metric | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 4,237 | 4,670 | 5,008 | 5,650 | 6,715 |
| Equity | 2,840 | 3,055 | 3,311 | 3,586 | 4,317 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 2,275 | 2,731 | 2,615 | 2,812 | 3,407 |

## 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) | 2.7% | S100XBSY |
| Fixed assets ÷ total assets | 5.9% | S100XBSY |
| Goodwill ÷ parent equity | — | —, S100XBSY |

### 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) | 50.7% |
| Cash ÷ revenue | 22.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 87.6% |
| Cash vs. profit gap | 147 JPY mn (of net income 16.1%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 28.9% |
| Shareholder payments — dividends / FCF | 28.5% |
| CapEx intensity (capex ÷ revenue) | 0.9% |
| Investing CF relative to operating CF | 27.6% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 4.8% | 2.22× | 10.6% | 1.53× | 16.1% | S100PU0X |
| 2022 | 3.0% | 2.35× | 7.1% | 1.53× | 10.9% | S100SISY |
| 2023 | 4.0% | 2.38× | 9.5% | 1.53× | 14.6% | S100UZKL |
| 2024 | 4.6% | 2.48× | 11.3% | 1.56× | 17.6% | S100XBSY |
| 2025 | 6.1% | 2.43× | 14.8% | 1.59× | 23.5% | S100XBSY |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 齋藤 公男 | Major shareholder | 50.8% | 2025-09-30 |
| セファテクノロジー株式会社 | Major shareholder | 4.9% | 2025-09-30 |
| 奥 直彦 | Major shareholder | 1.3% | 2025-09-30 |
| 加賀 章弘 | Major shareholder | 1.2% | 2025-09-30 |
| 大槻 哲也 | Major shareholder | 1.2% | 2025-09-30 |
| 小林 孝史 | Major shareholder | 1.1% | 2025-09-30 |
| 株式会社SBI証券 | Major shareholder | 1.1% | 2025-09-30 |
| STATE STREET BANK AND TRUST COMPANY 505103（常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.0% | 2025-09-30 |
| 中島 彰彦 | Major shareholder | 0.9% | 2025-09-30 |
| 株式会社インテリジェンスオフィス | Major shareholder | 0.9% | 2025-09-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第27期(2024/10/01－2025/09/30) | S100XBSY | 2025-12-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XBSY,, |
| 有価証券報告書－第26期(2023/10/01－2024/09/30) | S100UZKL | 2024-12-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UZKL,, |
| 有価証券報告書－第25期(2022/10/01－2023/09/30) | S100SISY | 2023-12-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SISY,, |
| 有価証券報告書－第24期(令和3年10月1日－令和4年9月30日) | S100PU0X | 2022-12-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PU0X,, |
| 有価証券報告書－第23期(令和2年10月1日－令和3年9月30日) | S100N4OM | 2021-12-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100N4OM,, |
| 有価証券報告書－第22期(令和1年10月1日－令和2年9月30日) | S100KFNA | 2020-12-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KFNA,, |

## 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).