# SYSTEM RESEARCH 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46期(2025/04/01－2026/03/31) (S100YHX1)
> Page: https://vizora.meequs.com/en/company/system-research
> Retrieved: 2026-09-30T20:24:15.325Z

## Company

System Research, founded in 1981, is a company in IT Services & System Integration listed on TSE Prime. It has 1,569 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | SYSTEM RESEARCH CO.,LTD. |
| Ticker | 3771 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3771.T) |
| Listing | TSE Prime |
| Head office | 名古屋市中村区岩塚本通二丁目12番 |
| Representative (per filing) | 代表取締役社長 平山宏 |
| Founded | Mar 1981 |
| Share capital | ¥550.1M |
| Employees (consolidated) | 1,569 |
| Average salary (parent only) | ¥5.5M |
| Fiscal year end | March |
| Website | www.sr-net.co.jp (https://www.sr-net.co.jp/) |
| Corporate number | 8180001030616 |
| EDINET | E05487 |
| Industries (Vizora) | IT Services & System Integration |

> Profile source: annual securities report (S100YHX1, filed 2026-06-24). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 77.4 | 157 |
| Profitability | 73.7 | 196 |
| Cash conversion | 33.8 | 185 |
| Efficiency | 69.6 | 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)

- System Research brought in ¥29.1B in revenue.
- Out of every ¥100 of sales, about ¥12 is left as operating profit.
- Revenue changed +12.2% from the prior year, operating profit +15.8%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥29083482000 → ¥2614479000
- Net income → operating cash flow: ¥2614479000 → ¥2502740000（difference ¥-111739000）
- Main uses of operating cash flow: CapEx ¥942317000 / dividends ¥993944000 / buybacks ¥67000
- Change in cash: ¥226149000
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 | ¥29.1B |  |
| Operating income | ¥3.47B | Margin 11.9% |
| Net income | ¥2.61B | Margin 9.0% |
| Free cash flow | ¥1.56B |  |
| Employees (consolidated) | 1,569 |  |
| EPS | ¥156.86 |  |
| Book value per share | ¥808.66 |  |
| Equity ratio | 69.1% |  |
| Shares outstanding | 16,720,000 |  |
| Treasury shares | 135,000 |  |
| Shareholders | 10,958 |  |
| Average salary (parent only) | ¥5.5M | Filing company only |
| Cash ratio | 43.3% | Cash ÷ revenue 29.0% |
| Vs. industry median margin | +3 pp | IT Services & System Integration |
| ROE | 20.7% | Derived from disclosed figures |
| ROA | 14.1% | Derived from disclosed figures |

## Notable figures

- FY2026, cash is 43% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥16158130000 | ¥29083482000 | +80.0% |
| Operating income | ¥1567129000 | ¥3470309000 | +121.4% |
| Operating margin | 9.7% | 11.9% | +2.2 pp |
| Employees | 1,079 people | 1,569 people | +45.4% |
| Cash and equivalents | ¥5808602000 | ¥8429775000 | +45.1% |

### 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 | 29,083 | 100.0% | S100YHX1 |
| Cost of revenue | 22,320 | 76.7% | S100YHX1 |
| Gross profit | 6,764 | 23.3% | S100YHX1 |
| SG&A | 3,293 | 11.3% | S100YHX1 |
| Operating income | 3,470 | 11.9% | S100YHX1 |
| Ordinary income | 3,552 | 12.2% | S100YHX1 |
| Pretax income | 3,506 | 12.1% | S100YHX1 |
| Income tax | 891 | 3.1% | S100YHX1 |
| Net income | 2,614 | 9.0% | S100YHX1 |
| Net income attributable to owners | 2,611 | 9.0% | S100YHX1 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 77 |
| SG&A | 11 |
| Operating income | 12 |
| (Ref.) Net income | 9 |

### Margin funnel

Gross margin 23.3% → Operating margin 11.9% → Net margin 9.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +12.2%; Core profit growth: +15.8%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.30×
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 | 25,931 | 29,083 | 3,152 | +12.2% |
| Gross profit | 6,028 | 6,764 | 736 | +12.2% |
| Operating income | 2,998 | 3,470 | 473 | +15.8% |
| Net income attributable to owners | 2,195 | 2,611 | 416 | +19.0% |
| Operating cash flow | 2,057 | 2,503 | 446 | +21.7% |
| Free cash flow | 862 | 1,560 | 698 | +81.0% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 16,251 | 1,723 | 10.6% | 1,238 | 1,309 | 1,223 | S100LM8J |
| FY ending Mar 2021 | 16,158 | 1,567 | 9.7% | 1,089 | 1,087 | 942 | S100PNA0 |
| FY ending Mar 2022 | 18,405 | 2,078 | 11.3% | 1,492 | 1,287 | 1,230 | S100R12U |
| FY ending Mar 2023 | 21,556 | 2,502 | 11.6% | 1,602 | 1,797 | 1,506 | S100TPTU |
| FY ending Mar 2024 | 23,320 | 2,704 | 11.6% | 1,969 | 2,458 | 1,502 | S100W5FC |
| FY ending Mar 2025 | 25,931 | 2,998 | 11.6% | 2,195 | 2,057 | 862 | S100YHX1 |
| FY ending Mar 2026 | 29,083 | 3,470 | 11.9% | 2,611 | 2,503 | 1,560 | S100YHX1 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥18.5M |
| Operating income per employee (consolidated) | ¥2.2M |
| Net income per employee (consolidated) | ¥1.7M |

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) | 1,302 | 1,370 | 1,442 | 1,484 | 1,569 |
| Average salary (parent company) | ¥5M | ¥5.1M | ¥5.1M | ¥5.3M | ¥5.5M |
| Average age (parent company) | 33.5 years | 33.7 years | 34.2 years | 34.0 years | 33.7 years |
| Average tenure (parent company) | 8.4 years | 8.2 years | 7.8 years | 7.9 years | 7.9 years |

Year over year: Employees (consolidated) +5.7% · Revenue (consolidated) +12.2%

## 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 | 2,503 | 8.6% | S100YHX1 |
| Capital expenditure | 942 | 3.2% | S100YHX1 |
| Free cash flow | 1,560 | 5.4% | 算出 |
| Investing cash flow | -942 | -3.2% | S100YHX1 |
| Financing cash flow | -1,334 | -4.6% | S100YHX1 |
| Dividends paid | 994 | 3.4% | S100YHX1 |
| Share buyback | 0 | 0.0% | S100YHX1 |
| Change in cash | 226 | 0.8% | S100YHX1 |
| Cash and equivalents | 8,430 | 29.0% | S100YHX1 |

## 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 | 6,314 | 7,336 | 8,321 | 8,204 | 8,430 | S100TPTU, S100W5FC, S100YHX1 |
| Total assets | 12,885 | 14,182 | 16,146 | 17,526 | 19,459 | S100R12U, S100TPTU, S100W5FC, S100YHX1 |
| Net assets | 8,134 | 9,136 | 10,524 | 11,829 | 13,485 | S100TPTU, S100W5FC, S100YHX1 |
| Share capital | 550 | 550 | 550 | 550 | 550 | S100R12U, S100TPTU, S100W5FC, S100YHX1 |
| Property, plant and equipment | 976 | 1,143 | 2,025 | 2,823 | 3,504 | S100R12U, S100TPTU, S100W5FC, S100YHX1 |
| Intangible assets excluding goodwill | 431 | 390 | 348 | 313 | 273 | S100R12U, S100TPTU, S100W5FC, S100YHX1 |
| Goodwill | 311 | 246 | 180 | 115 | 49 | S100R12U, S100TPTU, S100W5FC, S100YHX1 |
| Investment securities | 38 | 13 | 16 | 13 | 12 | S100R12U, S100TPTU, S100W5FC, S100YHX1 |
| Current assets | 10,416 | 11,904 | 12,989 | 13,608 | 14,798 | S100R12U, S100TPTU, S100W5FC, S100YHX1 |
| Current liabilities | 4,085 | 4,385 | 4,960 | 5,131 | 5,597 | S100R12U, S100TPTU, S100W5FC, S100YHX1 |
| Long-term borrowings | 622 | 661 | 661 | 567 | 376 | S100R12U, S100TPTU, S100W5FC, S100YHX1 |
| Total liabilities | 4,750 | 5,046 | 5,621 | 5,697 | 5,974 | S100R12U, S100TPTU, S100W5FC, S100YHX1 |
| Non-controlling interests | 10 | 12 | 15 | 19 | 22 | S100R12U, S100TPTU, S100W5FC, S100YHX1 |
| Equity attributable to owners of parent | 8,017 | 9,117 | 10,501 | 11,804 | 13,457 | S100R12U, S100TPTU, S100W5FC, S100YHX1 |
| Retained earnings | 6,950 | 8,050 | 9,435 | 10,961 | 12,578 | S100R12U, S100TPTU, S100W5FC, S100YHX1 |
| Treasury stock | -1 | -1 | -2 | -224 | -196 | S100R12U, S100TPTU, S100W5FC, S100YHX1 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 43% | S100YHX1 |
| Property, plant and equipment | 18% | S100YHX1 |
| Intangibles and goodwill | 2% | S100YHX1 |
| Investment securities | 0% | S100YHX1 |
| Other assets | 37% | S100YHX1 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 31% | S100YHX1 |
| Equity | 69% | S100YHX1 |
| Other liabilities | 0% | S100YHX1 |

### 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 | 12,885 | 14,182 | 16,146 | 17,526 | 19,459 |
| Equity | 8,134 | 9,136 | 10,524 | 11,829 | 13,485 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 6,314 | 7,336 | 8,321 | 8,204 | 8,430 |

## 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) | 12.0% | S100YHX1 |
| Fixed assets ÷ total assets | 18.0% | S100YHX1 |
| Goodwill ÷ parent equity | 0.4% | S100YHX1 |

Goodwill over 4 years: 311 → 49 JPY; total investing cash flow: -3,536 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) | 43.3% |
| Cash ÷ revenue | 29.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 72.1% |
| Cash vs. profit gap | -108 JPY mn (of net income -4.1%) |
| Shareholder returns / net income | 38.1% |
| Shareholder returns / FCF | 63.7% |
| Shareholder payments — dividends / net income | 38.1% |
| Shareholder payments — dividends / FCF | 63.7% |
| CapEx intensity (capex ÷ revenue) | 3.2% |
| Investing CF relative to operating CF | 37.7% |

## 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% | 1.43× | 11.6% | 1.61× | 18.6% | S100R12U |
| 2023 | 7.4% | 1.59× | 11.8% | 1.58× | 18.7% | S100TPTU |
| 2024 | 8.4% | 1.54× | 13.0% | 1.55× | 20.1% | S100W5FC |
| 2025 | 8.5% | 1.54× | 13.0% | 1.51× | 19.7% | S100YHX1 |
| 2026 | 9.0% | 1.57× | 14.1% | 1.46× | 20.7% | S100YHX1 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 山田敏行 | Major shareholder | 9.6% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 7.3% | 2026-03-31 |
| システムリサーチ従業員持株会 | Major shareholder | 5.3% | 2026-03-31 |
| STATE STREET BANK AND TRUST CLIENT OMNIBUS ACCOUNT OM02 505002（常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 3.8% | 2026-03-31 |
| SMBC日興証券株式会社 | Major shareholder | 3.6% | 2026-03-31 |
| 伊藤範久 | Major shareholder | 3.5% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 2.9% | 2026-03-31 |
| 大澤日出巳 | Major shareholder | 2.1% | 2026-03-31 |
| DBS BANK LTD FOR PARKWAY CAPITAL FUND 700333 （常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 1.7% | 2026-03-31 |
| 伊藤まち子 | Major shareholder | 1.6% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第46期(2025/04/01－2026/03/31) | S100YHX1 | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YHX1,, |
| 有価証券報告書－第45期(2024/04/01－2025/03/31) | S100W5FC | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W5FC,, |
| 有価証券報告書－第44期(2023/04/01－2024/03/31) | S100TPTU | 2024-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TPTU,, |
| 有価証券報告書－第43期(2022/04/01－2023/03/31) | S100R12U | 2023-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R12U,, |
| 訂正有価証券報告書－第42期(令和3年4月1日－令和4年3月31日) | S100PNA0 | 2022-11-16 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PNA0,, |
| 有価証券報告書－第41期(令和2年4月1日－令和3年3月31日) | S100LM8J | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LM8J,, |

## 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).