# System Integrator Corp.: business model and financials

> Latest period: FY ending Feb 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 訂正有価証券報告書－第31期(2025/03/01－2026/02/28) (S100YCIF)
> Page: https://vizora.meequs.com/en/company/system-integrator
> Retrieved: 2026-09-30T18:18:07.764Z

## Company

System Integrator, founded in 1995, is a company in IT Services & System Integration listed on TSE Standard. It has 338 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | System Integrator Corp. |
| Ticker | 3826 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3826.T) |
| Listing | TSE Standard |
| Head office | 埼玉県さいたま市中央区新都心11番地2 |
| Representative (per filing) | 代表取締役社長 引屋敷 智 |
| Founded | Mar 1995 |
| Share capital | ¥367.7M |
| Employees (consolidated) | 338 |
| Average salary (parent only) | ¥6.7M |
| Fiscal year end | February |
| Website | corporate.sint.co.jp (https://corporate.sint.co.jp/) |
| Corporate number | 7030001003876 |
| EDINET | E05643 |
| Industries (Vizora) | IT Services & System Integration, Software & SaaS |

> Profile source: annual securities report (S100YCIF, filed 2026-06-16). As of filing

## Five-axis industry profile

Primary industry: IT Services & System Integration (2026-02-28)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 65.1 | 196 |
| Cash conversion | 79.2 | 185 |
| Efficiency | 32.4 | 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 84% of System Integrator's sales come from ERP, with Object browser and AI segment making up much of the rest.
- Out of every ¥100 of sales, about ¥11 is left as operating profit.
- Revenue changed +16.5% from the prior year, operating profit +119.3%.

## Company structure

- Segment revenue mix: ERP 83.7%、Object browser 15.0%、AI segment 1.4%
- Revenue → net income: ¥5558183000 → ¥458377000
- Net income → operating cash flow: ¥458377000 → ¥693432000（difference ¥235055000）
- Main uses of operating cash flow: CapEx ¥146289000 / dividends ¥109177000 / buybacks —
- Change in cash: ¥-107835000
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 | ¥5.56B |  |
| Operating income | ¥595.4M | Margin 10.7% |
| Net income | ¥458.4M | Margin 8.2% |
| Free cash flow | ¥547.1M |  |
| Largest business | ERP | of segment revenue 83.7% |
| Employees (consolidated) | 338 |  |
| EPS | ¥36.88 |  |
| Book value per share | ¥405.47 |  |
| Equity ratio | 78.5% |  |
| Shares outstanding | 11,078,400 |  |
| Treasury shares | 160,600 |  |
| Shareholders | 9,739 |  |
| Average salary (parent only) | ¥6.7M | Filing company only |
| Cash ratio | 41.4% | Cash ÷ revenue 42.3% |
| Vs. industry median margin | +1.8 pp | IT Services & System Integration |
| ROE | 10.7% | Derived from disclosed figures |
| ROA | 8.6% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 75% of positive segment profit
- FY2026, cash is 41% of total assets

## What changed in 5 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Feb 2021 | FY ending Feb 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥4258759000 | ¥5558183000 | — |
| Operating income | ¥416630000 | ¥595411000 | — |
| Operating margin | 9.8% | 10.7% | +0.9 pp |
| Employees | 213 people | 338 people | — |
| Cash and equivalents | ¥1473588000 | ¥2351453000 | — |

### Change in segment revenue mix

Span: FY ending Feb 2021 → FY ending Feb 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| Object Browser事業 → Object Browser事業 | 15.0% |
| Object Browser事業 → 事業再編・廃止 | 0.5% |
| E-Commerce事業 → 事業再編・廃止 | 19.5% |
| ERP・AI事業 → 事業再編・廃止 | 64.2% |
| その他 → 事業再編・廃止 | 0.9% |
| 新設・再編 → ERP事業 | 83.7% |
| 新設・再編 → AI事業 | 1.4% |

Segment revenue source references: 7 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| ERP | — | — | ¥4649893000 | 21.2% | 2 |
| Object browser | — | — | ¥831722000 | 39.4% | 2 |
| AI segment | — | — | ¥76568000 | -4.2% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 5,558 | 100.0% | S100YCIF |
| Cost of revenue | 3,635 | 65.4% | S100YCIF |
| Gross profit | 1,923 | 34.6% | S100YCIF |
| SG&A | 1,328 | 23.9% | S100YCIF |
| Operating income | 595 | 10.7% | S100YCIF |
| Ordinary income | 569 | 10.2% | S100YCIF |
| Pretax income | 648 | 11.7% | S100YCIF |
| Income tax | 190 | 3.4% | S100YCIF |
| Net income | 458 | 8.2% | S100YCIF |
| Net income attributable to owners | 458 | 8.2% | S100YCIF |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 65 |
| SG&A | 24 |
| Operating income | 11 |
| (Ref.) Net income | 8 |

### Margin funnel

Gross margin 34.6% → Operating margin 10.7% → Net margin 8.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +16.5%; Core profit growth: +119.3%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 7.21×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Feb 2025 → FY ending Feb 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 4,769 | 5,558 | 789 | +16.5% |
| Gross profit | 1,549 | 1,923 | 374 | +24.1% |
| Operating income | 272 | 595 | 324 | +119.3% |
| Net income attributable to owners | 583 | 458 | -125 | -21.4% |
| Operating cash flow | -360 | 693 | 1,054 | — |
| Free cash flow | -571 | 547 | 1,118 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Feb 2020 | 4,554 | 661 | 14.5% | 459 | 451 | 212 | S100KLVZ |
| FY ending Feb 2021 | 4,259 | 417 | 9.8% | 293 | 684 | 366 | S100O49P |
| FY ending Feb 2022 | 4,818 | 587 | 12.2% | 391 | 406 | 261 | S100QTW3 |
| FY ending Feb 2023 | 4,486 | 407 | 9.1% | 280 | 626 | 541 | S100TIQ3 |
| FY ending Feb 2024 | 4,836 | 328 | 6.8% | 944 | 275 | 148 | S100TIQ3 |
| FY ending Feb 2025 | 4,769 | 272 | 5.7% | 583 | -360 | -571 | S100YCIF |
| FY ending Feb 2026 | 5,558 | 595 | 10.7% | 458 | 693 | 547 | S100YCIF |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥16.4M |
| Operating income per employee (consolidated) | ¥1.8M |
| Net income per employee (consolidated) | ¥1.4M |

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

| History | FY ending Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 219 | 233 | 216 | 280 | 338 |
| Average salary (parent company) | ¥6.3M | ¥6.1M | ¥6.2M | ¥6.6M | ¥6.7M |
| Average age (parent company) | 36.0 years | 35.6 years | 36.3 years | 35.7 years | 35.3 years |
| Average tenure (parent company) | 6.9 years | 6.8 years | 6.8 years | 6.8 years | 6.4 years |

Year over year: Employees (consolidated) +20.7% · Revenue (consolidated) +16.5%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Object browser | 832 | 15.0% | 327 | 39.4% |
| ERP | 4,650 | 83.7% | 987 | 21.2% |
| AI segment | 77 | 1.4% | -3 | -4.2% |
| Other | — | 0.0% | -61 | — |

### 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 |
| --- | ---: | ---: |
| Object browser | 24.9% | 39.4% |
| ERP | 75.1% | 21.2% |
| AI segment | — | -4.2% |
| Other | — | — |

Loss-making segment (excluded from profit shares): AI segment -3 JPY mn

Loss-making segment (excluded from profit shares): Other -61 JPY mn

Segment → industry: ERP → IT Services & System Integration / AI segment → Software & SaaS / ERP → Software & SaaS / Object browser → Software & SaaS

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Feb 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 693 | 12.5% | S100YCIF |
| Capital expenditure | 146 | 2.6% | S100YCIF |
| Free cash flow | 547 | 9.8% | 算出 |
| Investing cash flow | -689 | -12.4% | S100YCIF |
| Financing cash flow | -112 | -2.0% | S100YCIF |
| Dividends paid | 109 | 2.0% | S100YCIF |
| Change in cash | -108 | -1.9% | S100YCIF |
| Cash and equivalents | 2,351 | 42.3% | S100YCIF |

## 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 Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,631 | 1,964 | 2,991 | 2,459 | 2,351 | S100TIQ3, S100YCIF |
| Total assets | 3,581 | 3,780 | 4,753 | 4,982 | 5,682 | S100QTW3, S100TIQ3, S100YCIF |
| Net assets | 2,715 | 2,869 | 3,665 | 4,117 | 4,465 | S100TIQ3, S100YCIF |
| Share capital | 368 | 368 | 368 | 368 | 368 | S100QTW3, S100TIQ3, S100YCIF |
| Property, plant and equipment | 70 | 68 | 64 | 123 | 114 | S100QTW3, S100TIQ3, S100YCIF |
| Intangible assets excluding goodwill | 465 | 319 | 177 | 153 | 305 | S100QTW3, S100TIQ3, S100YCIF |
| Goodwill | — | — | — | — | 123 | S100YCIF |
| Investment securities | 73 | 98 | 10 | 10 | 123 | S100QTW3, S100TIQ3, S100YCIF |
| Current assets | 2,802 | 3,093 | 4,172 | 4,463 | 4,845 | S100QTW3, S100TIQ3, S100YCIF |
| Current liabilities | 861 | 911 | 1,088 | 856 | 1,166 | S100QTW3, S100TIQ3, S100YCIF |
| Long-term borrowings | — | — | — | — | 10 | S100YCIF |
| Total liabilities | 866 | 911 | 1,088 | 865 | 1,217 | S100QTW3, S100TIQ3, S100YCIF |
| Non-controlling interests | — | — | — | 5 | 5 | S100YCIF |
| Equity attributable to owners of parent | 2,671 | 2,808 | 3,665 | 4,111 | 4,460 | S100QTW3, S100TIQ3, S100YCIF |
| Retained earnings | 1,989 | 2,173 | 3,030 | 3,476 | 3,825 | S100QTW3, S100TIQ3, S100YCIF |
| Treasury stock | -43 | -91 | -91 | -91 | -91 | S100QTW3, S100TIQ3, S100YCIF |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 41% | S100YCIF |
| Property, plant and equipment | 2% | S100YCIF |
| Intangibles and goodwill | 8% | S100YCIF |
| Investment securities | 2% | S100YCIF |
| Other assets | 47% | S100YCIF |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 21% | S100YCIF |
| Equity | 79% | S100YCIF |

### Balance sheet history

| Metric | FY ending Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 3,581 | 3,780 | 4,753 | 4,982 | 5,682 |
| Equity | 2,715 | 2,869 | 3,665 | 4,117 | 4,465 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,631 | 1,964 | 2,991 | 2,459 | 2,351 |

## 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) | 2.0% | S100YCIF |
| Fixed assets ÷ total assets | 2.0% | S100YCIF |
| Goodwill ÷ parent equity | 2.7% | S100YCIF |

### 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) | 41.4% |
| Cash ÷ revenue | 42.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 116.5% |
| Cash vs. profit gap | 235 JPY mn (of net income 51.3%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 23.8% |
| Shareholder payments — dividends / FCF | 20.0% |
| CapEx intensity (capex ÷ revenue) | 2.6% |
| Investing CF relative to operating CF | 99.3% |

## 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 | 8.1% | 1.35× | 10.9% | 1.34× | 14.6% | S100QTW3 |
| 2023 | 6.2% | 1.22× | 7.6% | 1.34× | 10.2% | S100TIQ3 |
| 2024 | 19.5% | 1.13× | 22.1% | 1.32× | 29.2% | S100TIQ3 |
| 2025 | 12.2% | 0.96× | 11.7% | 1.21× | 14.2% | S100YCIF |
| 2026 | 8.2% | 1.04× | 8.6% | 1.24× | 10.7% | S100YCIF |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 碓井 満 | Major shareholder | 19.8% | 2026-02-28 |
| 梅田 弘之 | Major shareholder | 11.9% | 2026-02-28 |
| 梅田 和江 | Major shareholder | 9.9% | 2026-02-28 |
| 光通信KK投資事業有限責任組合 | Major shareholder | 3.9% | 2026-02-28 |
| システムインテグレータ従業員持株会 | Major shareholder | 3.3% | 2026-02-28 |
| 小鹿 恭裕 | Major shareholder | 1.7% | 2026-02-28 |
| 清水 政彦 | Major shareholder | 1.4% | 2026-02-28 |
| 引屋敷 智 | Major shareholder | 1.4% | 2026-02-28 |
| 鈴木 達也 | Major shareholder | 1.1% | 2026-02-28 |
| 楽天証券株式会社共有口 | Major shareholder | 0.9% | 2026-02-28 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 訂正有価証券報告書－第31期(2025/03/01－2026/02/28) | S100YCIF | 2026-06-16 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YCIF,, |
| 有価証券報告書－第30期(2024/03/01－2025/02/28) | S100VUF5 | 2025-05-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VUF5,, |
| 有価証券報告書－第29期(2023/03/01－2024/02/29) | S100TIQ3 | 2024-05-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TIQ3,, |
| 有価証券報告書－第28期(2022/03/01－2023/02/28) | S100QTW3 | 2023-05-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QTW3,, |
| 有価証券報告書－第27期(令和3年3月1日－令和4年2月28日) | S100O49P | 2022-05-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O49P,, |
| 有価証券報告書－第26期(令和2年3月1日－令和3年2月28日) | S100KLVZ | 2021-05-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KLVZ,, |

## 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).