# System Support Holdings Inc.: business model and financials

> Latest period: FY ending Jun 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第47期(2025/07/01－2026/06/30) (S100Z429)
> Page: https://vizora.meequs.com/en/company/system-support-holdings
> Retrieved: 2026-09-30T19:51:17.281Z

## Company

System Support Holdings, founded in 1980, is a company in IT Services & System Integration listed on TSE Prime. It has 1,992 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | System Support Holdings Inc. |
| Ticker | 4396 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4396.T) |
| Listing | TSE Prime |
| Head office | 石川県金沢市本町一丁目5番2号 |
| Representative (per filing) | 代表取締役社長 小清水 良次 |
| Founded | Jan 1980 |
| Share capital | ¥723.7M |
| Employees (consolidated) | 1,992 |
| Average salary (parent only) | ¥8M |
| Fiscal year end | June |
| Website | www.sts-hd.co.jp (https://www.sts-hd.co.jp/) |
| Corporate number | 3220001003282 |
| EDINET | E34111 |
| Industries (Vizora) | IT Services & System Integration, Software & SaaS |

> Profile source: annual securities report (S100Z429, filed 2026-09-25). As of filing

## Five-axis industry profile

Primary industry: IT Services & System Integration (2026-06-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 83.1 | 157 |
| Profitability | 54.3 | 196 |
| Cash conversion | 47.3 | 185 |
| Efficiency | 92.1 | 196 |
| Financial strength | 35.7 | 7 |

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 49% of System Support Holdings's sales come from System Integration, with Cloud Integration and Outsourcing making up much of the rest.
- Out of every ¥100 of sales, about ¥9 is left as operating profit.
- Revenue changed +15.4% from the prior year, operating profit +33.7%.

## Company structure

- Segment revenue mix: System Integration 48.8%、Cloud Integration 37.7%、Outsourcing 7.9%、Products 3.8%、Overseas Business 1.8%
- Revenue → net income: ¥31091716000 → ¥1872603000
- Net income → operating cash flow: ¥1872603000 → ¥2362357000（difference ¥489754000）
- Main uses of operating cash flow: CapEx ¥554631000 / dividends ¥589781000 / buybacks ¥128997000
- Change in cash: ¥884120000
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 | ¥31.1B |  |
| Operating income | ¥2.97B | Margin 9.5% |
| Net income | ¥1.87B | Margin 6.0% |
| Free cash flow | ¥1.81B |  |
| Largest business | System Integration | of segment revenue 48.8% |
| Employees (consolidated) | 1,992 |  |
| EPS | ¥31.92 |  |
| Book value per share | ¥155.65 |  |
| Equity ratio | 44.0% |  |
| Shares outstanding | 20,800,000 |  |
| Treasury shares | 185,200 |  |
| Shareholders | 4,561 |  |
| Average salary (parent only) | ¥8M | Filing company only |
| Cash ratio | 36.7% | Net cash ¥3.8B · Cash ÷ revenue 19.3% |
| Vs. industry median margin | +0.6 pp | IT Services & System Integration |
| ROE | 28.4% | Derived from disclosed figures |
| ROA | 12.5% | Derived from disclosed figures |

## Notable figures

- FY2026, parent-company salary changed +48% over five years
- FY2026, cash is 37% of total assets

## What changed in 5 years

| Metric | FY ending Jun 2021 | FY ending Jun 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥14431360000 | ¥31091716000 | +115.4% |
| Operating income | ¥931043000 | ¥2966685000 | +218.6% |
| Operating margin | 6.5% | 9.5% | +3.1 pp |
| Employees | 1,126 people | 1,992 people | +76.9% |
| Cash and equivalents | ¥2199873000 | ¥6003666000 | +172.9% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| ソリューション → 事業再編・廃止 | 83.6% |
| アウトソーシング → アウトソーシング | 7.9% |
| アウトソーシング → 事業再編・廃止 | 4.5% |
| その他 → 事業再編・廃止 | 0.2% |
| プロダクト → プロダクト | 3.8% |
| プロダクト → 事業再編・廃止 | 0.0% |
| 新設・再編 → クラウドインテグレーション | 37.7% |
| 新設・再編 → システムインテグレーション | 48.8% |
| 新設・再編 → 海外 | 1.8% |

Segment revenue source references: 9 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| System Integration | 4 years | +9.6% | ¥15164849000 | 5.8% | 2 |
| Cloud Integration | 4 years | +36.4% | ¥11733382000 | 13.6% | 2 |
| Outsourcing | 5 years | +6.6% | ¥2445440000 | 14.7% | 2 |
| Products | 5 years | +16.5% | ¥1191115000 | 17.2% | 2 |
| Overseas Business | 4 years | +54.1% | ¥556928000 | -1.0% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 31,092 | 100.0% | S100Z429 |
| Cost of revenue | 21,960 | 70.6% | S100Z429 |
| Gross profit | 9,131 | 29.4% | S100Z429 |
| SG&A | 6,165 | 19.8% | S100Z429 |
| Operating income | 2,967 | 9.5% | S100Z429 |
| Ordinary income | 2,966 | 9.5% | S100Z429 |
| Pretax income | 2,933 | 9.4% | S100Z429 |
| Income tax | 1,060 | 3.4% | S100Z429 |
| Net income | 1,873 | 6.0% | S100Z429 |
| Net income attributable to owners | 1,873 | 6.0% | S100Z429 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 71 |
| SG&A | 20 |
| Operating income | 9 |
| (Ref.) Net income | 6 |

### Margin funnel

Gross margin 29.4% → Operating margin 9.5% → Net margin 6.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +15.4%; Core profit growth: +33.7%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.19×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 26,938 | 31,092 | 4,154 | +15.4% |
| Gross profit | 7,504 | 9,131 | 1,627 | +21.7% |
| Operating income | 2,219 | 2,967 | 748 | +33.7% |
| Net income attributable to owners | 1,458 | 1,873 | 415 | +28.5% |
| Operating cash flow | 2,377 | 2,362 | -14 | -0.6% |
| Free cash flow | 2,073 | 1,808 | -265 | -12.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Jun 2020 | 13,376 | 755 | 5.6% | 450 | 1,060 | 894 | S100MI43 |
| FY ending Jun 2021 | 14,431 | 931 | 6.5% | 674 | 709 | 488 | S100P8Y7 |
| FY ending Jun 2022 | 16,198 | 1,197 | 7.4% | 786 | 1,007 | 914 | S100RXGP |
| FY ending Jun 2023 | 19,267 | 1,457 | 7.6% | 1,010 | 1,067 | 901 | S100UFKU |
| FY ending Jun 2024 | 22,030 | 1,671 | 7.6% | 1,224 | 1,468 | 1,321 | S100WPID |
| FY ending Jun 2025 | 26,938 | 2,219 | 8.2% | 1,458 | 2,377 | 2,073 | S100Z429 |
| FY ending Jun 2026 | 31,092 | 2,967 | 9.5% | 1,873 | 2,362 | 1,808 | S100Z429 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥15.6M |
| Operating income per employee (consolidated) | ¥1.5M |
| Net income per employee (consolidated) | ¥940.1K |

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

| History | FY ending Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 | FY ending Jun 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 1,233 | 1,348 | 1,484 | 1,712 | 1,992 |
| Average salary (parent company) | ¥5.4M | ¥5.6M | ¥5.6M | ¥6.8M | ¥8M |
| Average age (parent company) | 35.4 years | 35.1 years | 34.8 years | 42.9 years | 43.5 years |
| Average tenure (parent company) | 7.1 years | 7.0 years | 6.8 years | 11.7 years | 12.0 years |

Year over year: Employees (consolidated) +16.4% · Revenue (consolidated) +15.4%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Cloud Integration | 11,733 | 37.7% | 1,592 | 13.6% |
| System Integration | 15,165 | 48.8% | 873 | 5.8% |
| Outsourcing | 2,445 | 7.9% | 359 | 14.7% |
| Products | 1,191 | 3.8% | 205 | 17.2% |
| Overseas Business | 557 | 1.8% | -6 | -1.0% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Cloud Integration | 37.7% | 52.6% | 14.8 | 13.6% |
| System Integration | 48.8% | 28.8% | -20.0 | 5.8% |
| Outsourcing | 7.9% | 11.9% | 4.0 | 14.7% |
| Products | 3.8% | 6.8% | 2.9 | 17.2% |
| Overseas Business | 1.8% | — | — | -1.0% |

Loss-making segment (excluded from profit shares): Overseas Business -6 JPY mn

Segment → industry: Overseas Business → IT Services & System Integration / Outsourcing → IT Services & System Integration / System Integration → IT Services & System Integration / Cloud Integration → IT Services & System Integration / Products → Software & SaaS

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 2,362 | 7.6% | S100Z429 |
| Capital expenditure | 555 | 1.8% | S100Z429 |
| Free cash flow | 1,808 | 5.8% | 算出 |
| Investing cash flow | -1,161 | -3.7% | S100Z429 |
| Financing cash flow | -299 | -1.0% | S100Z429 |
| Dividends paid | 590 | 1.9% | S100Z429 |
| Share buyback | 129 | 0.4% | S100Z429 |
| Change in cash | 884 | 2.8% | S100Z429 |
| Cash and equivalents | 6,004 | 19.3% | S100Z429 |

## 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 Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 | FY ending Jun 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 2,702 | 2,987 | 3,532 | 5,120 | 6,004 | S100UFKU, S100WPID, S100Z429 |
| Total assets | 7,815 | 8,871 | 9,929 | 13,628 | 16,342 | S100RXGP, S100UFKU, S100WPID, S100Z429 |
| Net assets | 3,422 | 4,125 | 5,056 | 6,012 | 7,191 | S100UFKU, S100WPID, S100Z429 |
| Share capital | 723 | 723 | 723 | 724 | 724 | S100RXGP, S100UFKU, S100WPID, S100Z429 |
| Property, plant and equipment | 307 | 474 | 469 | 585 | 582 | S100RXGP, S100UFKU, S100WPID, S100Z429 |
| Intangible assets excluding goodwill | 380 | 301 | 251 | 525 | 1,063 | S100RXGP, S100UFKU, S100WPID, S100Z429 |
| Goodwill | 200 | 171 | 141 | 423 | 550 | S100RXGP, S100UFKU, S100WPID, S100Z429 |
| Current assets | 6,304 | 7,140 | 8,165 | 10,735 | 12,320 | S100RXGP, S100UFKU, S100WPID, S100Z429 |
| Current liabilities | 3,686 | 3,872 | 4,266 | 6,081 | 7,250 | S100RXGP, S100UFKU, S100WPID, S100Z429 |
| Short-term borrowings | 825 | 695 | 700 | 720 | 1,250 | S100RXGP, S100UFKU, S100WPID, S100Z429 |
| Long-term borrowings | 246 | 253 | 167 | 781 | 948 | S100RXGP, S100UFKU, S100WPID, S100Z429 |
| Bonds | — | — | — | 20 | 10 | S100Z429 |
| Interest-bearing debt | — | — | — | 1,521 | 2,208 | 算出 |
| Total liabilities | 4,394 | 4,746 | 4,873 | 7,616 | 9,151 | S100RXGP, S100UFKU, S100WPID, S100Z429 |
| Equity attributable to owners of parent | 3,458 | 4,178 | 5,040 | 6,004 | 7,174 | S100RXGP, S100UFKU, S100WPID, S100Z429 |
| Retained earnings | 2,204 | 2,924 | 3,786 | 4,760 | 6,042 | S100RXGP, S100UFKU, S100WPID, S100Z429 |
| Treasury stock | -19 | -19 | -19 | -64 | -179 | S100RXGP, S100UFKU, S100WPID, S100Z429 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 37% | S100Z429 |
| Property, plant and equipment | 3% | S100Z429 |
| Intangibles and goodwill | 10% | S100Z429 |
| Other assets | 50% | S100Z429 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Interest-bearing debt | 14% | 算出 |
| Other liabilities | 42% | S100Z429 |
| Equity | 44% | S100Z429 |

### Balance sheet history

| Metric | FY ending Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 | FY ending Jun 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 7,815 | 8,871 | 9,929 | 13,628 | 16,342 |
| Equity | 3,422 | 4,125 | 5,056 | 6,012 | 7,191 |
| Interest-bearing debt | — | — | — | 1,521 | 2,208 |
| Cash | 2,702 | 2,987 | 3,532 | 5,120 | 6,004 |

## 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) | 1.9% | S100Z429 |
| Fixed assets ÷ total assets | 3.6% | S100Z429 |
| Goodwill ÷ parent equity | 7.7% | S100Z429 |

Goodwill over 4 years: 200 → 550 JPY; total investing cash flow: -2,972 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) | 36.7% |
| Cash ÷ revenue | 19.3% |
| Net cash (cash − interest-bearing debt) | ¥3.8B |
| Net debt ÷ operating cash flow | -1.61× |
| Cash conversion (operating CF ÷ operating income) | 79.6% |
| Cash vs. profit gap | 490 JPY mn (of net income 26.2%) |
| Shareholder returns / net income | 38.4% |
| Shareholder returns / FCF | 39.8% |
| Shareholder payments — dividends / net income | 31.5% |
| Shareholder payments — dividends / FCF | 32.6% |
| CapEx intensity (capex ÷ revenue) | 1.8% |
| Investing CF relative to operating CF | 49.1% |

## 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 | 4.9% | 2.07× | 10.1% | 2.26× | 22.7% | S100RXGP |
| 2023 | 5.2% | 2.31× | 12.1% | 2.19× | 26.5% | S100UFKU |
| 2024 | 5.6% | 2.34× | 13.0% | 2.04× | 26.6% | S100WPID |
| 2025 | 5.4% | 2.29× | 12.4% | 2.13× | 26.4% | S100Z429 |
| 2026 | 6.0% | 2.07× | 12.5% | 2.27× | 28.4% | S100Z429 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 一般社団法人小清水基金 | Major shareholder | 13.6% | 2026-06-30 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 8.7% | 2026-06-30 |
| システムサポート従業員持株会 | Major shareholder | 5.9% | 2026-06-30 |
| STATE STREET BANK AND TRUST COMPANY 505044 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 4.4% | 2026-06-30 |
| CACEIS BANK/QUINTET LUXEMBOURG SUB AC / UCITS CUSTOMERS ACCOUNT （常任代理人 香港上海銀行東京支店） | Major shareholder | 3.7% | 2026-06-30 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 3.0% | 2026-06-30 |
| 上岸 弘和 | Major shareholder | 2.8% | 2026-06-30 |
| 小清水 良次 | Major shareholder | 2.7% | 2026-06-30 |
| GOLDMAN, SACHS & CO. REG （常任代理人 ゴールドマン・サックス証券株式会社） | Major shareholder | 2.4% | 2026-06-30 |
| 小清水 明子 | Major shareholder | 1.8% | 2026-06-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第47期(2025/07/01－2026/06/30) | S100Z429 | 2026-09-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Z429,, |
| 有価証券報告書－第46期(2024/07/01－2025/06/30) | S100WPID | 2025-09-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WPID,, |
| 有価証券報告書－第45期(2023/07/01－2024/06/30) | S100UFKU | 2024-09-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UFKU,, |
| 有価証券報告書－第44期(2022/07/01－2023/06/30) | S100RXGP | 2023-09-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RXGP,, |
| 有価証券報告書－第43期(令和3年7月1日－令和4年6月30日) | S100P8Y7 | 2022-09-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100P8Y7,, |
| 有価証券報告書－第42期(令和2年7月1日－令和3年6月30日) | S100MI43 | 2021-09-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MI43,, |

## 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).