# SYSTEMS DESIGN 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60期(2025/04/01－2026/03/31) (S100YGLS)
> Page: https://vizora.meequs.com/en/company/systems-design
> Retrieved: 2026-09-30T19:00:26.157Z

## Company

Systems Design, founded in 1967, is a company in IT Services & System Integration listed on TSE Standard. It has 553 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | SYSTEMS DESIGN CO., Ltd. |
| Ticker | 3766 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3766.T) |
| Listing | TSE Standard |
| Head office | 東京都新宿区西新宿二丁目1番1号 |
| Representative (per filing) | 代表取締役社長 隈元 裕 |
| Founded | Mar 1967 |
| Share capital | ¥333.9M |
| Employees (consolidated) | 553 |
| Average salary (parent only) | ¥5.5M |
| Fiscal year end | March |
| Website | www.sdcj.co.jp (https://www.sdcj.co.jp/) |
| Corporate number | 7011301012643 |
| EDINET | E05469 |
| Industries (Vizora) | IT Services & System Integration, Business Process Outsourcing |

> Profile source: annual securities report (S100YGLS, filed 2026-06-22). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 23.9 | 157 |
| Profitability | 29.3 | 196 |
| Cash conversion | 81.4 | 185 |
| Efficiency | 64.5 | 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)

- About 56% of Systems Design's sales come from System Development, with Outsourcing making up much of the rest.
- Out of every ¥100 of sales, about ¥6 is left as operating profit.
- Revenue changed +4.0% from the prior year, operating profit +31.1%.

## Company structure

- Segment revenue mix: System Development 56.2%、Outsourcing 43.8%
- Revenue → net income: ¥9993803000 → ¥393126000
- Net income → operating cash flow: ¥393126000 → ¥730861000（difference ¥337735000）
- Main uses of operating cash flow: CapEx ¥12414000 / dividends ¥153826000 / buybacks —
- Change in cash: ¥353396000
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 | ¥9.99B |  |
| Operating income | ¥596M | Margin 6.0% |
| Net income | ¥393.1M | Margin 3.9% |
| Free cash flow | ¥718.4M |  |
| Largest business | System Development | of segment revenue 56.2% |
| Employees (consolidated) | 553 |  |
| EPS | ¥101.93 |  |
| Book value per share | ¥1319.01 |  |
| Equity ratio | 70.0% |  |
| Shares outstanding | 3,500,000 |  |
| Treasury shares | 81,500 |  |
| Shareholders | 1,109 |  |
| Average salary (parent only) | ¥5.5M | Filing company only |
| Cash ratio | 47.9% | Cash ÷ revenue 33.0% |
| Vs. industry median margin | -3 pp | IT Services & System Integration |
| ROE | 8.3% | Derived from disclosed figures |
| ROA | 5.9% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 76% of positive segment profit
- FY2026, cash is 48% of total assets
- FY2026, segment profit share differs by -20 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥7967839000 | ¥9993803000 | +25.4% |
| Operating income | ¥212449000 | ¥595995000 | +180.5% |
| Operating margin | 2.7% | 6.0% | +3.3 pp |
| Employees | 503 people | 553 people | +9.9% |
| Cash and equivalents | ¥2341434000 | ¥3293282000 | +40.7% |

### 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.

| Flow | Revenue share |
| --- | ---: |
| システム開発 → システム開発 | 51.8% |
| アウトソーシング → アウトソーシング | 43.8% |
| アウトソーシング → 事業再編・廃止 | 4.4% |
| 新設・再編 → システム開発 | 4.4% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 9,994 | 100.0% | S100YGLS |
| Cost of revenue | 7,739 | 77.4% | S100YGLS |
| Gross profit | 2,255 | 22.6% | S100YGLS |
| SG&A | 1,659 | 16.6% | S100YGLS |
| Operating income | 596 | 6.0% | S100YGLS |
| Ordinary income | 605 | 6.1% | S100YGLS |
| Pretax income | 605 | 6.1% | S100YGLS |
| Income tax | 212 | 2.1% | S100YGLS |
| Net income | 393 | 3.9% | S100YGLS |
| Net income attributable to owners | 393 | 3.9% | S100YGLS |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 77 |
| SG&A | 17 |
| Operating income | 6 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 22.6% → Operating margin 6.0% → Net margin 3.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +4.0%; Core profit growth: +31.1%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 7.78×
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 | 9,609 | 9,994 | 385 | +4.0% |
| Gross profit | 2,148 | 2,255 | 107 | +5.0% |
| Operating income | 454 | 596 | 142 | +31.1% |
| Net income attributable to owners | 298 | 393 | 95 | +32.1% |
| Operating cash flow | 123 | 731 | 608 | +494.7% |
| Free cash flow | -6 | 718 | 725 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 8,351 | -277 | -3.3% | -274 | -492 | -516 | S100M9NA |
| FY ending Mar 2021 | 7,968 | 212 | 2.7% | 168 | 454 | 449 | S100OC8M |
| FY ending Mar 2022 | 8,339 | 334 | 4.0% | 240 | 229 | 191 | S100R00Z |
| FY ending Mar 2023 | 9,411 | 589 | 6.3% | 381 | 563 | 537 | S100TT0P |
| FY ending Mar 2024 | 9,458 | 524 | 5.5% | 342 | 860 | 849 | S100WE4A |
| FY ending Mar 2025 | 9,609 | 454 | 4.7% | 298 | 123 | -6 | S100YGLS |
| FY ending Mar 2026 | 9,994 | 596 | 6.0% | 393 | 731 | 718 | S100YGLS |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥18.1M |
| Operating income per employee (consolidated) | ¥1.1M |
| Net income per employee (consolidated) | ¥710.9K |

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) | 504 | 518 | 522 | 545 | 553 |
| Average salary (parent company) | ¥5.3M | ¥5.4M | ¥5.4M | ¥5.5M | ¥5.5M |
| Average age (parent company) | 40.2 years | 39.8 years | 39.4 years | 39.3 years | 38.9 years |
| Average tenure (parent company) | 10.1 years | 9.8 years | 9.7 years | 9.8 years | 9.8 years |

Year over year: Employees (consolidated) +1.5% · Revenue (consolidated) +4.0%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| System Development | 5,615 | 56.2% | 455 | 8.1% |
| Outsourcing | 4,379 | 43.8% | 141 | 3.2% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| System Development | 56.2% | 76.3% | 20.1 | 8.1% |
| Outsourcing | 43.8% | 23.7% | -20.1 | 3.2% |

Segment → industry: System Development → IT Services & System Integration / Outsourcing → Business Process Outsourcing

## 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 | 731 | 7.3% | S100YGLS |
| Capital expenditure | 12 | 0.1% | S100YGLS |
| Free cash flow | 718 | 7.2% | 算出 |
| Investing cash flow | -218 | -2.2% | S100YGLS |
| Financing cash flow | -160 | -1.6% | S100YGLS |
| Dividends paid | 154 | 1.5% | S100YGLS |
| Change in cash | 353 | 3.5% | S100YGLS |
| Cash and equivalents | 3,293 | 33.0% | S100YGLS |

## 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 | 2,430 | 2,850 | 3,229 | 2,940 | 3,293 | S100TT0P, S100WE4A, S100YGLS |
| Total assets | 5,440 | 5,924 | 6,328 | 6,395 | 6,882 | S100R00Z, S100TT0P, S100WE4A, S100YGLS |
| Net assets | 3,879 | 4,196 | 4,459 | 4,617 | 4,816 | S100TT0P, S100WE4A, S100YGLS |
| Share capital | 334 | 334 | 334 | 334 | 334 | S100R00Z, S100TT0P, S100WE4A, S100YGLS |
| Property, plant and equipment | 298 | 256 | 239 | 334 | 315 | S100R00Z, S100TT0P, S100WE4A, S100YGLS |
| Intangible assets excluding goodwill | 310 | 233 | 150 | 71 | 33 | S100R00Z, S100TT0P, S100WE4A, S100YGLS |
| Goodwill | 300 | 215 | 129 | 54 | 10 | S100R00Z, S100TT0P, S100WE4A, S100YGLS |
| Investment securities | 68 | 75 | 140 | 171 | 296 | S100R00Z, S100TT0P, S100WE4A, S100YGLS |
| Current assets | 4,146 | 4,721 | 4,868 | 4,829 | 5,053 | S100R00Z, S100TT0P, S100WE4A, S100YGLS |
| Current liabilities | 1,061 | 1,215 | 1,338 | 1,214 | 1,431 | S100R00Z, S100TT0P, S100WE4A, S100YGLS |
| Total liabilities | 1,561 | 1,728 | 1,869 | 1,778 | 2,067 | S100R00Z, S100TT0P, S100WE4A, S100YGLS |
| Equity attributable to owners of parent | 3,843 | 4,172 | 4,436 | 4,604 | 4,843 | S100R00Z, S100TT0P, S100WE4A, S100YGLS |
| Retained earnings | 3,260 | 3,590 | 3,850 | 4,011 | 4,250 | S100R00Z, S100TT0P, S100WE4A, S100YGLS |
| Treasury stock | -45 | -45 | -42 | -39 | -39 | S100R00Z, S100TT0P, S100WE4A, S100YGLS |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 48% | S100YGLS |
| Property, plant and equipment | 4% | S100YGLS |
| Intangibles and goodwill | 1% | S100YGLS |
| Investment securities | 4% | S100YGLS |
| Other assets | 43% | S100YGLS |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 30% | S100YGLS |
| Equity | 70% | S100YGLS |
| Other liabilities | 0% | S100YGLS |

### 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 | 5,440 | 5,924 | 6,328 | 6,395 | 6,882 |
| Equity | 3,879 | 4,196 | 4,459 | 4,617 | 4,816 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 2,430 | 2,850 | 3,229 | 2,940 | 3,293 |

## 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) | 3.2% | S100YGLS |
| Fixed assets ÷ total assets | 4.6% | S100YGLS |
| Goodwill ÷ parent equity | 0.2% | S100YGLS |

Goodwill over 4 years: 300 → 10 JPY; total investing cash flow: -1,065 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) | 47.9% |
| Cash ÷ revenue | 33.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 122.6% |
| Cash vs. profit gap | 338 JPY mn (of net income 85.9%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 39.1% |
| Shareholder payments — dividends / FCF | 21.4% |
| CapEx intensity (capex ÷ revenue) | 0.1% |
| Investing CF relative to operating CF | 29.8% |

## 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 | 2.9% | 1.53× | 4.4% | 1.42× | 6.2% | S100R00Z |
| 2023 | 4.0% | 1.66× | 6.7% | 1.42× | 9.5% | S100TT0P |
| 2024 | 3.6% | 1.54× | 5.6% | 1.42× | 7.9% | S100WE4A |
| 2025 | 3.1% | 1.51× | 4.7% | 1.41× | 6.6% | S100YGLS |
| 2026 | 3.9% | 1.51× | 5.9% | 1.41× | 8.3% | S100YGLS |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社Kawashima | Major shareholder | 36.6% | 2026-03-31 |
| UHPartners2投資事業有限責任組合 | Major shareholder | 7.5% | 2026-03-31 |
| 光通信KK投資事業有限責任組合 | Major shareholder | 6.5% | 2026-03-31 |
| 竹内 理人 | Major shareholder | 3.5% | 2026-03-31 |
| 日本生命保険相互会社 （常任代理人 日本マスタートラスト信託銀行株式会社） | Major shareholder | 2.3% | 2026-03-31 |
| 山下 良久 | Major shareholder | 1.8% | 2026-03-31 |
| 川村 洋子 | Major shareholder | 1.7% | 2026-03-31 |
| 金田 真吾 | Major shareholder | 1.6% | 2026-03-31 |
| 株式会社みずほ銀行 （常任代理人 株式会社日本カストディ銀行） | Major shareholder | 1.5% | 2026-03-31 |
| 細谷 德男 | Major shareholder | 1.4% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第60期(2025/04/01－2026/03/31) | S100YGLS | 2026-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YGLS,, |
| 訂正有価証券報告書－第59期(2024/04/01－2025/03/31) | S100WE4A | 2025-07-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WE4A,, |
| 有価証券報告書－第58期(2023/04/01－2024/03/31) | S100TT0P | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TT0P,, |
| 有価証券報告書－第57期(2022/04/01－2023/03/31) | S100R00Z | 2023-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R00Z,, |
| 有価証券報告書－第56期(令和3年4月1日－令和4年3月31日) | S100OC8M | 2022-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OC8M,, |
| 訂正有価証券報告書－第55期(令和2年4月1日－令和3年3月31日) | S100M9NA | 2021-08-13 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100M9NA,, |

## 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).