# System Location Co.,Ltd.: 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58期(2025/04/01－2026/03/31) (S100YGTA)
> Page: https://vizora.meequs.com/en/company/system-location
> Retrieved: 2026-09-30T19:05:51.699Z

## Company

System Location is a company in Software & SaaS listed on TSE Standard. It has 59 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | System Location Co.,Ltd. |
| Ticker | 2480 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2480.T) |
| Listing | TSE Standard |
| Head office | 東京都目黒区東山2丁目6番3号 |
| Representative (per filing) | 代表取締役社長 千村 岳彦 |
| Share capital | ¥100M |
| Employees (consolidated) | 59 |
| Average salary (parent only) | ¥6.5M |
| Fiscal year end | March |
| Website | www.slc.jp (https://www.slc.jp/) |
| Corporate number | 7013201018258 |
| EDINET | E05575 |
| Industries (Vizora) | Software & SaaS |

> Profile source: annual securities report (S100YGTA, filed 2026-06-23). As of filing

## Five-axis industry profile

Primary industry: Software & SaaS (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 48.1 | 105 |
| Profitability | 90 | 145 |
| Cash conversion | 55.1 | 128 |
| Efficiency | 3.8 | 145 |

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)

- System Location brought in ¥1.73B in revenue.
- Out of every ¥100 of sales, about ¥35 is left as operating profit.
- Revenue changed +4.0% from the prior year, operating profit +12.7%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥1733471000 → ¥296217000
- Net income → operating cash flow: ¥296217000 → ¥659752000（difference ¥363535000）
- Main uses of operating cash flow: CapEx ¥34507000 / dividends ¥133569000 / buybacks ¥205000
- Change in cash: ¥-1314066000
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 | ¥1.73B |  |
| Operating income | ¥604.3M | Margin 34.9% |
| Net income | ¥297M | Margin 17.1% |
| Free cash flow | ¥625.2M |  |
| Employees (consolidated) | 59 |  |
| EPS | ¥76.26 |  |
| Book value per share | ¥1080.47 |  |
| Equity ratio | 82.5% |  |
| Shares outstanding | 3,570,000 |  |
| Treasury shares | 41,900 |  |
| Shareholders | 1,117 |  |
| Average salary (parent only) | ¥6.5M | Filing company only |
| Cash ratio | 18.2% | Cash ÷ revenue 51.3% |
| Vs. industry median margin | +22.4 pp | Software & SaaS |
| ROE | 8.4% | Derived from disclosed figures |
| ROA | 6.4% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.2× net income
- FY2026, operating income keeps 35 per ¥100 of revenue

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥1136005000 | ¥1733471000 | +52.6% |
| Operating income | ¥436678000 | ¥604256000 | +38.4% |
| Operating margin | 38.4% | 34.9% | -3.6 pp |
| Employees | 42 people | 59 people | +40.5% |
| Cash and equivalents | ¥1987835000 | ¥889632000 | -55.2% |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 1,733 | 100.0% | S100YGTA |
| Cost of revenue | 350 | 20.2% | S100YGTA |
| Gross profit | 1,383 | 79.8% | S100YGTA |
| SG&A | 779 | 44.9% | S100YGTA |
| Operating income | 604 | 34.9% | S100YGTA |
| Ordinary income | 640 | 36.9% | S100YGTA |
| Pretax income | 522 | 30.1% | S100YGTA |
| Income tax | 226 | 13.0% | S100YGTA |
| Net income | 296 | 17.1% | S100YGTA |
| Net income attributable to owners | 297 | 17.1% | S100YGTA |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 20 |
| SG&A | 45 |
| Operating income | 35 |
| (Ref.) Net income | 17 |

### Margin funnel

Gross margin 79.8% → Operating margin 34.9% → Net margin 17.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +4.0%; Core profit growth: +12.7%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 3.18×
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 | 1,667 | 1,733 | 67 | +4.0% |
| Gross profit | 1,285 | 1,383 | 99 | +7.7% |
| Operating income | 536 | 604 | 68 | +12.7% |
| Net income attributable to owners | 331 | 297 | -34 | -10.2% |
| Operating cash flow | 496 | 660 | 164 | +33.1% |
| Free cash flow | 453 | 625 | 172 | +38.1% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 1,066 | 426 | 40.0% | 328 | 448 | 367 | S100LOJF |
| FY ending Mar 2021 | 1,136 | 437 | 38.4% | 391 | 358 | 211 | S100ODKK |
| FY ending Mar 2022 | 1,302 | 553 | 42.5% | 422 | 398 | 329 | S100R0YH |
| FY ending Mar 2023 | 1,696 | 562 | 33.1% | 369 | 597 | 500 | S100TS2A |
| FY ending Mar 2024 | 1,742 | 581 | 33.3% | 374 | 542 | 418 | S100W3E3 |
| FY ending Mar 2025 | 1,667 | 536 | 32.2% | 331 | 496 | 453 | S100YGTA |
| FY ending Mar 2026 | 1,733 | 604 | 34.9% | 297 | 660 | 625 | S100YGTA |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥29.4M |
| Operating income per employee (consolidated) | ¥10.2M |
| Net income per employee (consolidated) | ¥5M |

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) | 39 | 56 | 56 | 57 | 59 |
| Average salary (parent company) | ¥6M | ¥5.9M | ¥5.4M | ¥6M | ¥6.5M |
| Average age (parent company) | 41.0 years | 41.7 years | 41.3 years | 42.2 years | 43.3 years |
| Average tenure (parent company) | 8.5 years | 9.2 years | 8.2 years | 8.3 years | 9.7 years |

Year over year: Employees (consolidated) +3.5% · Revenue (consolidated) +4.0%

## 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 | 660 | 38.1% | S100YGTA |
| Capital expenditure | 35 | 2.0% | S100YGTA |
| Free cash flow | 625 | 36.1% | 算出 |
| Investing cash flow | -1,844 | -106.4% | S100YGTA |
| Financing cash flow | -134 | -7.7% | S100YGTA |
| Dividends paid | 134 | 7.7% | S100YGTA |
| Share buyback | 0 | 0.0% | S100YGTA |
| Change in cash | -1,314 | -75.8% | S100YGTA |
| Cash and equivalents | 890 | 51.3% | S100YGTA |

## 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 | 1,978 | 1,660 | 1,977 | 2,204 | 890 | S100TS2A, S100W3E3, S100YGTA |
| Total assets | 3,601 | 3,985 | 4,378 | 4,382 | 4,900 | S100R0YH, S100TS2A, S100W3E3, S100YGTA |
| Net assets | 3,051 | 3,186 | 3,555 | 3,701 | 4,045 | S100TS2A, S100W3E3, S100YGTA |
| Share capital | 191 | 191 | 100 | 100 | 100 | S100R0YH, S100TS2A, S100W3E3, S100YGTA |
| Property, plant and equipment | 271 | 324 | 365 | 345 | 343 | S100R0YH, S100TS2A, S100W3E3, S100YGTA |
| Intangible assets excluding goodwill | 266 | 902 | 757 | 627 | 511 | S100R0YH, S100TS2A, S100W3E3, S100YGTA |
| Goodwill | 4 | 127 | 106 | 84 | 63 | S100R0YH, S100TS2A, S100W3E3, S100YGTA |
| Investment securities | 653 | 628 | 832 | 822 | 1,133 | S100R0YH, S100TS2A, S100W3E3, S100YGTA |
| Current assets | 2,167 | 1,881 | 2,204 | 2,417 | 2,736 | S100R0YH, S100TS2A, S100W3E3, S100YGTA |
| Current liabilities | 189 | 251 | 222 | 163 | 272 | S100R0YH, S100TS2A, S100W3E3, S100YGTA |
| Total liabilities | 549 | 799 | 823 | 681 | 855 | S100R0YH, S100TS2A, S100W3E3, S100YGTA |
| Non-controlling interests | 5 | 5 | 4 | — | — | S100R0YH, S100TS2A, S100W3E3 |
| Equity attributable to owners of parent | 2,832 | 3,025 | 3,264 | 3,463 | 3,625 | S100R0YH, S100TS2A, S100W3E3, S100YGTA |
| Retained earnings | 2,468 | 2,661 | 2,900 | 3,099 | 3,262 | S100R0YH, S100TS2A, S100W3E3, S100YGTA |
| Treasury stock | -19 | -19 | -19 | -19 | -19 | S100R0YH, S100TS2A, S100W3E3, S100YGTA |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 18% | S100YGTA |
| Property, plant and equipment | 7% | S100YGTA |
| Intangibles and goodwill | 12% | S100YGTA |
| Investment securities | 23% | S100YGTA |
| Other assets | 40% | S100YGTA |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 17% | S100YGTA |
| Equity | 83% | S100YGTA |

### 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 | 3,601 | 3,985 | 4,378 | 4,382 | 4,900 |
| Equity | 3,051 | 3,186 | 3,555 | 3,701 | 4,045 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,978 | 1,660 | 1,977 | 2,204 | 890 |

## 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) | 19.8% | S100YGTA |
| Fixed assets ÷ total assets | 7.0% | S100YGTA |
| Goodwill ÷ parent equity | 1.7% | S100YGTA |

Goodwill over 4 years: 4 → 63 JPY; total investing cash flow: -3,108 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) | 18.2% |
| Cash ÷ revenue | 51.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 109.2% |
| Cash vs. profit gap | 363 JPY mn (of net income 122.1%) |
| Shareholder returns / net income | 45.0% |
| Shareholder returns / FCF | 21.4% |
| Shareholder payments — dividends / net income | 45.0% |
| Shareholder payments — dividends / FCF | 21.4% |
| CapEx intensity (capex ÷ revenue) | 2.0% |
| Investing CF relative to operating CF | 279.5% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 32.4% | 0.36× | 11.7% | 1.27× | 14.9% | S100R0YH |
| 2023 | 21.8% | 0.45× | 9.7% | 1.30× | 12.6% | S100TS2A |
| 2024 | 21.5% | 0.42× | 8.9% | 1.33× | 11.9% | S100W3E3 |
| 2025 | 19.8% | 0.38× | 7.6% | 1.30× | 9.8% | S100YGTA |
| 2026 | 17.1% | 0.37× | 6.4% | 1.31× | 8.4% | S100YGTA |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| （有）タイムラー | Major shareholder | 48.5% | 2026-03-31 |
| 千村岳彦 | Major shareholder | 22.0% | 2026-03-31 |
| 光通信ＫＫ投資事業有限責任組合 | Major shareholder | 6.5% | 2026-03-31 |
| ＵＨ Ｐａｒｔｎｅｒｓ ２投資事業有限責任組合 | Major shareholder | 3.6% | 2026-03-31 |
| 千村紫乃 | Major shareholder | 1.3% | 2026-03-31 |
| 千村勇貴 | Major shareholder | 1.3% | 2026-03-31 |
| 小堀裕貴 | Major shareholder | 1.2% | 2026-03-31 |
| 小堀聡太 | Major shareholder | 1.2% | 2026-03-31 |
| 光通信（株） | Major shareholder | 1.0% | 2026-03-31 |
| SLCグループ持株会 | Major shareholder | 0.6% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第58期(2025/04/01－2026/03/31) | S100YGTA | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YGTA,, |
| 有価証券報告書－第57期(2024/04/01－2025/03/31) | S100W3E3 | 2025-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W3E3,, |
| 有価証券報告書－第56期(2023/04/01－2024/03/31) | S100TS2A | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TS2A,, |
| 有価証券報告書－第55期(2022/04/01－2023/03/31) | S100R0YH | 2023-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R0YH,, |
| 有価証券報告書－第54期(令和3年4月1日－令和4年3月31日) | S100ODKK | 2022-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100ODKK,, |
| 有価証券報告書－第53期(令和2年4月1日－令和3年3月31日) | S100LOJF | 2021-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LOJF,, |

## 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).