# SYS Holdings Co., Ltd.: business model and financials

> Latest period: FY ending Jul 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第12期(2024/08/01－2025/07/31) (S100WXMD)
> Page: https://vizora.meequs.com/en/company/syshd
> Retrieved: 2026-09-30T20:23:14.600Z

## Company

SYS Holdings, founded in 1991, is a company in IT Services & System Integration listed on TSE Standard. It has 1,669 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | SYS Holdings Co., Ltd. |
| Ticker | 3988 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3988.T) |
| Listing | TSE Standard |
| Head office | 名古屋市東区代官町35番16号 |
| Representative (per filing) | 代表取締役会長兼社長 鈴木 裕紀 |
| Founded | Jan 1991 |
| Share capital | ¥418M |
| Employees (consolidated) | 1,669 |
| Average salary (parent only) | ¥4.8M |
| Fiscal year end | July |
| Website | www.syshd.co.jp (https://www.syshd.co.jp/) |
| Corporate number | 5180001110767 |
| EDINET | E33235 |
| Industries (Vizora) | IT Services & System Integration |

> Profile source: annual securities report (S100WXMD, filed 2025-10-30). As of filing

## Five-axis industry profile

Primary industry: IT Services & System Integration (2025-07-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 88.9 | 157 |
| Profitability | 22.7 | 196 |
| Cash conversion | 47.8 | 185 |
| Efficiency | 87.5 | 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)

- SYS Holdings brought in ¥14.1B in revenue.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed +13.3% from the prior year, operating profit +3.0%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥14051094000 → ¥423426000
- Net income → operating cash flow: ¥423426000 → ¥564600000（difference ¥141174000）
- Main uses of operating cash flow: CapEx ¥208944000 / dividends ¥62826000 / buybacks ¥4967000
- Change in cash: ¥799610000
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 | ¥14.1B |  |
| Operating income | ¥705.2M | Margin 5.0% |
| Net income | ¥423.4M | Margin 3.0% |
| Free cash flow | ¥355.7M |  |
| Employees (consolidated) | 1,669 |  |
| EPS | ¥24.91 |  |
| Book value per share | ¥276.63 |  |
| Equity ratio | 47.4% |  |
| Shares outstanding | 10,582,939 |  |
| Treasury shares | 49,200 |  |
| Shareholders | 1,224 |  |
| Average salary (parent only) | ¥4.8M | Filing company only |
| Cash ratio | 52.7% | Cash ÷ revenue 29.7% |
| Vs. industry median margin | -3.9 pp | IT Services & System Integration |
| ROE | 11.9% | Derived from disclosed figures |
| ROA | 5.8% | Derived from disclosed figures |

## Notable figures

- FY2025, revenue is 2.2× its level five years ago
- FY2025, cash is 53% of total assets

## What changed in 5 years

| Metric | FY ending Jul 2020 | FY ending Jul 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥5890748000 | ¥14051094000 | +138.5% |
| Operating income | ¥344435000 | ¥705229000 | +104.7% |
| Operating margin | 5.8% | 5.0% | -0.8 pp |
| Employees | 844 people | 1,669 people | +97.7% |
| Cash and equivalents | ¥2330330000 | ¥4171741000 | +79.0% |

### Change in segment revenue mix

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

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 14,051 | 100.0% | S100WXMD |
| Cost of revenue | 10,938 | 77.8% | S100WXMD |
| Gross profit | 3,113 | 22.2% | S100WXMD |
| SG&A | 2,407 | 17.1% | S100WXMD |
| Operating income | 705 | 5.0% | S100WXMD |
| Ordinary income | 733 | 5.2% | S100WXMD |
| Pretax income | 700 | 5.0% | S100WXMD |
| Income tax | 277 | 2.0% | S100WXMD |
| Net income | 423 | 3.0% | S100WXMD |
| Net income attributable to owners | 423 | 3.0% | S100WXMD |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 78 |
| SG&A | 17 |
| Operating income | 5 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 22.2% → Operating margin 5.0% → Net margin 3.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +13.3%; Core profit growth: +3.0%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.22×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 12,397 | 14,051 | 1,654 | +13.3% |
| Gross profit | 2,788 | 3,113 | 324 | +11.6% |
| Operating income | 685 | 705 | 20 | +3.0% |
| Net income attributable to owners | 472 | 423 | -48 | -10.2% |
| Operating cash flow | 721 | 565 | -156 | -21.7% |
| Free cash flow | 601 | 356 | -245 | -40.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Jul 2019 | 5,131 | 216 | 4.2% | 154 | 181 | 90 | S100JZ6F |
| FY ending Jul 2020 | 5,891 | 344 | 5.8% | 221 | 402 | 356 | S100MOKI |
| FY ending Jul 2021 | 6,297 | 382 | 6.1% | 277 | 366 | 325 | S100PF8D |
| FY ending Jul 2022 | 7,576 | 436 | 5.8% | 306 | 304 | 255 | S100SZ9Y |
| FY ending Jul 2023 | 10,519 | 520 | 4.9% | 370 | 437 | 387 | S100ULOZ |
| FY ending Jul 2024 | 12,397 | 685 | 5.5% | 472 | 721 | 601 | S100WXMD |
| FY ending Jul 2025 | 14,051 | 705 | 5.0% | 423 | 565 | 356 | S100WXMD |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥8.4M |
| Operating income per employee (consolidated) | ¥422.5K |
| Net income per employee (consolidated) | ¥253.7K |

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

| History | FY ending Jul 2021 | FY ending Jul 2022 | FY ending Jul 2023 | FY ending Jul 2024 | FY ending Jul 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 912 | 1,034 | 1,437 | 1,520 | 1,669 |
| Average salary (parent company) | ¥4.4M | ¥4.6M | ¥4.6M | ¥5.1M | ¥4.8M |
| Average age (parent company) | 36.2 years | 37.5 years | 37.1 years | 37.0 years | 38.0 years |
| Average tenure (parent company) | 6.7 years | 7.1 years | 6.7 years | 7.2 years | 6.6 years |

Year over year: Employees (consolidated) +9.8% · Revenue (consolidated) +13.3%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 565 | 4.0% | S100WXMD |
| Capital expenditure | 209 | 1.5% | S100WXMD |
| Free cash flow | 356 | 2.5% | 算出 |
| Investing cash flow | -331 | -2.4% | S100WXMD |
| Financing cash flow | 561 | 4.0% | S100WXMD |
| Dividends paid | 63 | 0.4% | S100WXMD |
| Share buyback | 5 | 0.0% | S100WXMD |
| Change in cash | 800 | 5.7% | S100WXMD |
| Cash and equivalents | 4,172 | 29.7% | S100WXMD |

## 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 Jul 2021 | FY ending Jul 2022 | FY ending Jul 2023 | FY ending Jul 2024 | FY ending Jul 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 2,446 | 2,728 | 3,361 | 3,372 | 4,172 | S100SZ9Y, S100ULOZ, S100WXMD |
| Total assets | 3,900 | 4,299 | 6,295 | 6,610 | 7,913 | S100PF8D, S100SZ9Y, S100ULOZ, S100WXMD |
| Net assets | 2,271 | 2,551 | 2,907 | 3,364 | 3,752 | S100SZ9Y, S100ULOZ, S100WXMD |
| Share capital | 367 | 377 | 388 | 401 | 418 | S100PF8D, S100SZ9Y, S100ULOZ, S100WXMD |
| Trade receivables | 680 | — | — | — | — | S100PF8D |
| Property, plant and equipment | 72 | 67 | 77 | 160 | 321 | S100PF8D, S100SZ9Y, S100ULOZ, S100WXMD |
| Intangible assets excluding goodwill | 283 | 253 | 835 | 802 | 799 | S100PF8D, S100SZ9Y, S100ULOZ, S100WXMD |
| Goodwill | 153 | 144 | 646 | 626 | 648 | S100PF8D, S100SZ9Y, S100ULOZ, S100WXMD |
| Investment securities | 15 | 15 | 210 | 235 | 123 | S100PF8D, S100SZ9Y, S100ULOZ, S100WXMD |
| Current assets | 3,341 | 3,739 | 4,941 | 5,095 | 6,326 | S100PF8D, S100SZ9Y, S100ULOZ, S100WXMD |
| Current liabilities | 1,326 | 1,451 | 2,079 | 2,244 | 2,559 | S100PF8D, S100SZ9Y, S100ULOZ, S100WXMD |
| Short-term borrowings | 200 | 300 | 300 | 300 | 300 | S100PF8D, S100SZ9Y, S100ULOZ, S100WXMD |
| Long-term borrowings | 175 | 120 | 978 | 629 | 1,206 | S100PF8D, S100SZ9Y, S100ULOZ, S100WXMD |
| Bonds | 10 | — | — | — | — | S100PF8D |
| Interest-bearing debt | 385 | — | — | — | — | 算出 |
| Total liabilities | 1,630 | 1,747 | 3,388 | 3,247 | 4,161 | S100PF8D, S100SZ9Y, S100ULOZ, S100WXMD |
| Equity attributable to owners of parent | 2,269 | 2,556 | 2,910 | 3,366 | 3,755 | S100PF8D, S100SZ9Y, S100ULOZ, S100WXMD |
| Retained earnings | 1,582 | 1,861 | 2,192 | 2,622 | 2,982 | S100PF8D, S100SZ9Y, S100ULOZ, S100WXMD |
| Treasury stock | — | -11 | -11 | -11 | -16 | S100SZ9Y, S100ULOZ, S100WXMD |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 53% | S100WXMD |
| Property, plant and equipment | 4% | S100WXMD |
| Intangibles and goodwill | 18% | S100WXMD |
| Investment securities | 2% | S100WXMD |
| Other assets | 23% | S100WXMD |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 53% | S100WXMD |
| Equity | 47% | S100WXMD |
| Other liabilities | 0% | S100WXMD |

### Balance sheet history

| Metric | FY ending Jul 2021 | FY ending Jul 2022 | FY ending Jul 2023 | FY ending Jul 2024 | FY ending Jul 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 3,900 | 4,299 | 6,295 | 6,610 | 7,913 |
| Equity | 2,271 | 2,551 | 2,907 | 3,364 | 3,752 |
| Interest-bearing debt | 385 | — | — | — | — |
| Cash | 2,446 | 2,728 | 3,361 | 3,372 | 4,172 |

## 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) | 2.3% | S100WXMD |
| Fixed assets ÷ total assets | 4.1% | S100WXMD |
| Goodwill ÷ parent equity | 17.3% | S100WXMD |

Goodwill over 4 years: 153 → 648 JPY; total investing cash flow: -1,059 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) | 52.7% |
| Cash ÷ revenue | 29.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 80.1% |
| Cash vs. profit gap | 141 JPY mn (of net income 33.3%) |
| Shareholder returns / net income | 16.0% |
| Shareholder returns / FCF | 19.1% |
| Shareholder payments — dividends / net income | 14.8% |
| Shareholder payments — dividends / FCF | 17.7% |
| CapEx intensity (capex ÷ revenue) | 1.5% |
| Investing CF relative to operating CF | 58.5% |

## 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 | 4.4% | 1.61× | 7.1% | 1.72× | 12.2% | S100PF8D |
| 2022 | 4.0% | 1.85× | 7.5% | 1.70× | 12.7% | S100SZ9Y |
| 2023 | 3.5% | 1.99× | 7.0% | 1.94× | 13.5% | S100ULOZ |
| 2024 | 3.8% | 1.92× | 7.3% | 2.06× | 15.0% | S100WXMD |
| 2025 | 3.0% | 1.93× | 5.8% | 2.04× | 11.9% | S100WXMD |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 鈴木 裕紀 | Major shareholder | 37.3% | 2025-07-31 |
| 安田 鉄也 | Major shareholder | 13.7% | 2025-07-31 |
| 三井住友信託銀行株式会社（信託口 甲20号） | Major shareholder | 12.3% | 2025-07-31 |
| ＳＹＳＨＤグループ従業員持株会 | Major shareholder | 8.0% | 2025-07-31 |
| 光通信株式会社 | Major shareholder | 1.9% | 2025-07-31 |
| DAIWA CM SINGAPORE LTD-NOMINEE KATO TOMOHISA（常任代理人 大和証券株式会社） | Major shareholder | 1.7% | 2025-07-31 |
| 石村 藤夫 | Major shareholder | 1.0% | 2025-07-31 |
| 長崎 純一 | Major shareholder | 1.0% | 2025-07-31 |
| 瀬戸信用金庫 | Major shareholder | 0.8% | 2025-07-31 |
| 株式会社三井住友銀行 | Major shareholder | 0.8% | 2025-07-31 |
| 株式会社百五銀行 | Major shareholder | 0.8% | 2025-07-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第12期(2024/08/01－2025/07/31) | S100WXMD | 2025-10-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WXMD,, |
| 有価証券報告書－第11期(2023/08/01－2024/07/31) | S100ULOZ | 2024-10-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100ULOZ,, |
| 訂正有価証券報告書－第10期(2022/08/01－2023/07/31) | S100SZ9Y | 2024-02-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SZ9Y,, |
| 有価証券報告書－第9期(令和3年8月1日－令和4年7月31日) | S100PF8D | 2022-10-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PF8D,, |
| 有価証券報告書－第8期(令和2年8月1日－令和3年7月31日) | S100MOKI | 2021-10-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MOKI,, |
| 有価証券報告書－第7期(令和1年8月1日－令和2年7月31日) | S100JZ6F | 2020-10-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100JZ6F,, |

## 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).