# SUZUYO SHINWART CORPORATION: 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79期(2025/04/01－2026/03/31) (S100YIBT)
> Page: https://vizora.meequs.com/en/company/suzuyo-shinwart
> Retrieved: 2026-09-30T21:13:38.091Z

## Company

Suzuyo Shinwart, founded in 1947, is a company in IT Services & System Integration listed on TSE Standard. It has 918 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | SUZUYO SHINWART CORPORATION |
| Ticker | 9360 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9360.T) |
| Listing | TSE Standard |
| Head office | 東京都港区芝四丁目1番23号 |
| Representative (per filing) | 代表取締役 德田康行 |
| Founded | May 1947 |
| Share capital | ¥802M |
| Employees (consolidated) | 918 |
| Average salary (parent only) | ¥7.3M |
| Fiscal year end | March |
| Website | www.shinwart.co.jp (https://www.shinwart.co.jp/) |
| Corporate number | 3010401014925 |
| EDINET | E04337 |
| Industries (Vizora) | IT Services & System Integration, Trucking & Parcel Delivery, Warehouses & Logistics Facilities |

> Profile source: annual securities report (S100YIBT, filed 2026-06-23). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 48.1 | 157 |
| Profitability | 45.2 | 196 |
| Cash conversion | 12.7 | 185 |
| Efficiency | 73.7 | 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 83% of Suzuyo Shinwart's sales come from Information service, with Logistics making up much of the rest.
- Out of every ¥100 of sales, about ¥8 is left as operating profit.
- Revenue changed +8.1% from the prior year, operating profit +25.1%.

## Company structure

- Segment revenue mix: Information service 82.8%、Logistics 17.2%
- Revenue → net income: ¥20670000000 → ¥1079000000
- Net income → operating cash flow: ¥1079000000 → ¥713000000（difference ¥-366000000）
- Main uses of operating cash flow: CapEx ¥581000000 / dividends ¥255000000 / buybacks —
- Change in cash: ¥-956000000
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 | ¥20.7B |  |
| Operating income | ¥1.75B | Margin 8.4% |
| Net income | ¥1.08B | Margin 5.2% |
| Free cash flow | ¥132M |  |
| Largest business | Information service | of segment revenue 82.8% |
| Employees (consolidated) | 918 |  |
| EPS | ¥400.54 |  |
| Book value per share | ¥1453.02 |  |
| Equity ratio | 40.5% |  |
| Shares outstanding | 3,000,000 |  |
| Treasury shares | 155,000 |  |
| Shareholders | 1,222 |  |
| Average salary (parent only) | ¥7.3M | Filing company only |
| Cash ratio | 7.6% | Cash ÷ revenue 5.0% |
| Vs. industry median margin | -0.5 pp | IT Services & System Integration |
| ROE | 23.4% | Derived from disclosed figures |
| ROA | 8.4% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 83% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥14349000000 | ¥20670000000 | +44.1% |
| Operating income | ¥306000000 | ¥1745000000 | +470.3% |
| Operating margin | 2.1% | 8.4% | +6.3 pp |
| Employees | 715 people | 918 people | +28.4% |
| Cash and equivalents | ¥1043000000 | ¥1028000000 | -1.4% |

### 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 |
| --- | ---: |
| 情報サービス事業 → 情報サービス事業 | 78.4% |
| 物流事業 → 物流事業 | 17.2% |
| 物流事業 → 事業再編・廃止 | 4.4% |
| 新設・再編 → 情報サービス事業 | 4.4% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 20,670 | 100.0% | S100YIBT |
| Cost of revenue | 15,080 | 73.0% | S100YIBT |
| Gross profit | 5,589 | 27.0% | S100YIBT |
| SG&A | 3,844 | 18.6% | S100YIBT |
| Operating income | 1,745 | 8.4% | S100YIBT |
| Ordinary income | 1,813 | 8.8% | S100YIBT |
| Pretax income | 1,602 | 7.8% | S100YIBT |
| Income tax | 522 | 2.5% | S100YIBT |
| Net income | 1,079 | 5.2% | S100YIBT |
| Net income attributable to owners | 1,079 | 5.2% | S100YIBT |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 73 |
| SG&A | 19 |
| Operating income | 8 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 27.0% → Operating margin 8.4% → Net margin 5.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +8.1%; Core profit growth: +25.1%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 3.09×
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 | 19,116 | 20,670 | 1,554 | +8.1% |
| Gross profit | 4,622 | 5,589 | 967 | +20.9% |
| Operating income | 1,395 | 1,745 | 350 | +25.1% |
| Net income attributable to owners | 1,106 | 1,079 | -27 | -2.4% |
| Operating cash flow | 1,756 | 713 | -1,043 | -59.4% |
| Free cash flow | 1,129 | 132 | -997 | -88.3% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 14,653 | 322 | 2.2% | 160 | 765 | 505 | S100LSA9 |
| FY ending Mar 2021 | 14,349 | 306 | 2.1% | 213 | 902 | 629 | S100PZL2 |
| FY ending Mar 2022 | 14,458 | 366 | 2.5% | 275 | 1,008 | 804 | S100R7II |
| FY ending Mar 2023 | 15,503 | 510 | 3.3% | 381 | 806 | 529 | S100TTQZ |
| FY ending Mar 2024 | 17,160 | 1,021 | 5.9% | 770 | 1,775 | 1,407 | S100WBIN |
| FY ending Mar 2025 | 19,116 | 1,395 | 7.3% | 1,106 | 1,756 | 1,129 | S100YIBT |
| FY ending Mar 2026 | 20,670 | 1,745 | 8.4% | 1,079 | 713 | 132 | S100YIBT |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥22.5M |
| Operating income per employee (consolidated) | ¥1.9M |
| Net income per employee (consolidated) | ¥1.2M |

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) | 738 | 751 | 768 | 880 | 918 |
| Average salary (parent company) | ¥6.3M | ¥6.4M | ¥6.5M | ¥6.9M | ¥7.3M |
| Average age (parent company) | 43.2 years | 42.9 years | 42.7 years | 42.5 years | 41.6 years |
| Average tenure (parent company) | 11.8 years | 11.5 years | 11.7 years | 11.6 years | 10.6 years |

Year over year: Employees (consolidated) +4.3% · Revenue (consolidated) +8.1%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Information service | 17,123 | 82.8% | 3,363 | 19.6% |
| Logistics | 3,547 | 17.2% | 672 | 18.9% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Information service | 82.8% | 83.3% | 0.5 | 19.6% |
| Logistics | 17.2% | 16.7% | -0.5 | 18.9% |

Segment → industry: Information service → IT Services & System Integration / Logistics → Trucking & Parcel Delivery / Logistics → Warehouses & Logistics Facilities

## 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 | 713 | 3.4% | S100YIBT |
| Capital expenditure | 581 | 2.8% | S100YIBT |
| Free cash flow | 132 | 0.6% | 算出 |
| Investing cash flow | -1,178 | -5.7% | S100YIBT |
| Financing cash flow | -491 | -2.4% | S100YIBT |
| Dividends paid | 255 | 1.2% | S100YIBT |
| Change in cash | -956 | -4.6% | S100YIBT |
| Cash and equivalents | 1,028 | 5.0% | S100YIBT |

## 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 | 1,159 | 1,252 | 1,387 | 1,985 | 1,028 | S100TTQZ, S100WBIN, S100YIBT |
| Total assets | 9,964 | 10,178 | 10,714 | 12,161 | 13,545 | S100R7II, S100TTQZ, S100WBIN, S100YIBT |
| Net assets | 2,792 | 3,086 | 3,580 | 4,510 | 5,489 | S100TTQZ, S100WBIN, S100YIBT |
| Share capital | 802 | 802 | 802 | 802 | 802 | S100R7II, S100TTQZ, S100WBIN, S100YIBT |
| Property, plant and equipment | 4,236 | 3,975 | 4,187 | 4,379 | 4,252 | S100R7II, S100TTQZ, S100WBIN, S100YIBT |
| Intangible assets excluding goodwill | 442 | 394 | 306 | 327 | 440 | S100R7II, S100TTQZ, S100WBIN, S100YIBT |
| Goodwill | 31 | 24 | 17 | 10 | 3 | S100R7II, S100TTQZ, S100WBIN, S100YIBT |
| Investment securities | 493 | 518 | 567 | 308 | 331 | S100R7II, S100TTQZ, S100WBIN, S100YIBT |
| Current assets | 3,719 | 4,209 | 4,509 | 5,908 | 7,108 | S100R7II, S100TTQZ, S100WBIN, S100YIBT |
| Current liabilities | 3,159 | 3,609 | 3,192 | 3,987 | 4,917 | S100R7II, S100TTQZ, S100WBIN, S100YIBT |
| Trade payables | 732 | 844 | 876 | 858 | 901 | S100R7II, S100TTQZ, S100WBIN, S100YIBT |
| Short-term borrowings | 300 | 800 | — | 300 | 600 | S100R7II, S100TTQZ, S100YIBT |
| Long-term borrowings | 1,323 | 852 | 941 | 560 | 175 | S100R7II, S100TTQZ, S100WBIN, S100YIBT |
| Total liabilities | 7,172 | 7,091 | 7,134 | 7,651 | 8,056 | S100R7II, S100TTQZ, S100WBIN, S100YIBT |
| Equity attributable to owners of parent | 2,513 | 2,807 | 3,260 | 4,199 | 5,023 | S100R7II, S100TTQZ, S100WBIN, S100YIBT |
| Retained earnings | 1,586 | 1,880 | 2,513 | 3,449 | 4,272 | S100R7II, S100TTQZ, S100WBIN, S100YIBT |
| Treasury stock | -37 | -37 | -217 | -236 | -236 | S100R7II, S100TTQZ, S100WBIN, S100YIBT |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 8% | S100YIBT |
| Property, plant and equipment | 31% | S100YIBT |
| Intangibles and goodwill | 3% | S100YIBT |
| Investment securities | 3% | S100YIBT |
| Other assets | 55% | S100YIBT |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 7% | S100YIBT |
| Other liabilities | 53% | S100YIBT |
| Equity | 40% | S100YIBT |

### 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 | 9,964 | 10,178 | 10,714 | 12,161 | 13,545 |
| Equity | 2,792 | 3,086 | 3,580 | 4,510 | 5,489 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,159 | 1,252 | 1,387 | 1,985 | 1,028 |

## 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) | 20.6% | S100YIBT |
| Fixed assets ÷ total assets | 31.4% | S100YIBT |
| Goodwill ÷ parent equity | 0.1% | S100YIBT |

Goodwill over 4 years: 31 → 3 JPY; total investing cash flow: -2,123 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) | 7.6% |
| Cash ÷ revenue | 5.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 40.9% |
| Cash vs. profit gap | -366 JPY mn (of net income -33.9%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 23.6% |
| Shareholder payments — dividends / FCF | 193.2% |
| CapEx intensity (capex ÷ revenue) | 2.8% |
| Investing CF relative to operating CF | 165.2% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 1.9% | 1.45× | 2.8% | 3.96× | 10.9% | S100R7II |
| 2023 | 2.5% | 1.54× | 3.8% | 3.79× | 14.3% | S100TTQZ |
| 2024 | 4.5% | 1.64× | 7.4% | 3.44× | 25.4% | S100WBIN |
| 2025 | 5.8% | 1.67× | 9.7% | 3.07× | 29.7% | S100YIBT |
| 2026 | 5.2% | 1.61× | 8.4% | 2.79× | 23.4% | S100YIBT |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 鈴与システムテクノロジー株式会社 | Major shareholder | 12.1% | 2026-03-31 |
| 鈴与興産株式会社 | Major shareholder | 11.4% | 2026-03-31 |
| 鈴与ホールディングス株式会社 | Major shareholder | 9.5% | 2026-03-31 |
| 三井住友信託銀行株式会社（常任代理人 株式会社日本カストディ銀行） | Major shareholder | 4.5% | 2026-03-31 |
| 株式会社みずほ銀行（常任代理人 株式会社日本カストディ銀行） | Major shareholder | 4.3% | 2026-03-31 |
| 鈴与建設株式会社 | Major shareholder | 3.7% | 2026-03-31 |
| 株式会社清水銀行 | Major shareholder | 3.5% | 2026-03-31 |
| 株式会社静岡銀行（常任代理人 日本マスタートラスト信託銀行株式会社） | Major shareholder | 3.5% | 2026-03-31 |
| 株式会社電通総研 | Major shareholder | 3.5% | 2026-03-31 |
| 清水食品株式会社 | Major shareholder | 3.2% | 2026-03-31 |
| 鈴与自動車運送株式会社 | Major shareholder | 3.2% | 2026-03-31 |
| 株式会社イワタ | Major shareholder | 3.2% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第79期(2025/04/01－2026/03/31) | S100YIBT | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YIBT,, |
| 訂正有価証券報告書－第78期(2024/04/01－2025/03/31) | S100WBIN | 2025-07-07 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WBIN,, |
| 有価証券報告書－第77期(2023/04/01－2024/03/31) | S100TTQZ | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TTQZ,, |
| 有価証券報告書－第76期(2022/04/01－2023/03/31) | S100R7II | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R7II,, |
| 訂正有価証券報告書－第75期(2021/04/01－2022/03/31) | S100PZL2 | 2023-01-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PZL2,, |
| 有価証券報告書－第74期(令和2年4月1日－令和3年3月31日) | S100LSA9 | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LSA9,, |

## 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).