# Systems Engineering Consultants Co.,LTD.: business model and financials

> Latest period: FY ending Mar 2026, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第56期(2025/04/01－2026/03/31) (S100YIG2)
> Page: https://vizora.meequs.com/en/company/systems-engineering-consultants
> Retrieved: 2026-09-30T20:59:54.677Z

## Company

Systems Engineering Consultants, founded in 1970, is a company in IT Services & System Integration listed on TSE Prime. It has 365 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Systems Engineering Consultants Co.,LTD. |
| Ticker | 3741 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3741.T) |
| Listing | TSE Prime |
| Head office | 東京都世田谷区用賀四丁目10番1号 |
| Representative (per filing) | 代表取締役社長 櫻井 伸太郎 |
| Founded | May 1970 |
| Share capital | ¥477.3M |
| Employees (consolidated) | 365 |
| Average salary (parent only) | ¥7.3M |
| Fiscal year end | March |
| Website | www.sec.co.jp (https://www.sec.co.jp/) |
| Corporate number | 1010901026918 |
| EDINET | E05400 |
| Industries (Vizora) | IT Services & System Integration |

> Profile source: annual securities report (S100YIG2, 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 | 69.7 | 157 |
| Profitability | 89 | 196 |
| Cash conversion | 61.4 | 185 |
| Efficiency | 22.7 | 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)

- Systems Engineering Consultants brought in ¥11.2B in revenue.
- Out of every ¥100 of sales, about ¥17 is left as operating profit.
- Revenue changed +9.0% from the prior year, operating profit +4.8%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥11220208000 → ¥1509473000
- Net income → operating cash flow: ¥1509473000 → ¥1697892000（difference ¥188419000）
- Main uses of operating cash flow: CapEx ¥109543000 / dividends ¥558389000 / buybacks ¥205000
- Change in cash: ¥1089896000
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 | ¥11.2B |  |
| Operating income | ¥1.88B | Margin 16.8% |
| Net income | ¥1.51B | Margin 13.5% |
| Free cash flow | ¥1.59B |  |
| Employees (consolidated) | 365 |  |
| EPS | ¥147.89 |  |
| Book value per share | ¥1010.13 |  |
| Equity ratio | 82.9% |  |
| Shares outstanding | 10,240,000 |  |
| Treasury shares | 30,300 |  |
| Shareholders | 8,338 |  |
| Average salary (parent only) | ¥7.3M | Filing company only |
| Cash ratio | 26.7% | Cash ÷ revenue 29.6% |
| Vs. industry median margin | +7.8 pp | IT Services & System Integration |
| ROE | 15.5% | Derived from disclosed figures |
| ROA | 12.5% | Derived from disclosed figures |

## Notable figures

- FY2026, cash is 27% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥6525920000 | ¥11220208000 | +71.9% |
| Operating income | ¥1011169000 | ¥1879769000 | +85.9% |
| Operating margin | 15.5% | 16.8% | +1.3 pp |
| Employees | 301 people | 365 people | +21.3% |
| Cash and equivalents | ¥2853976000 | ¥3321583000 | +16.4% |

### 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, non-consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 11,220 | 100.0% | S100YIG2 |
| Cost of revenue | 7,894 | 70.4% | S100YIG2 |
| Gross profit | 3,327 | 29.6% | S100YIG2 |
| SG&A | 1,447 | 12.9% | S100YIG2 |
| Operating income | 1,880 | 16.8% | S100YIG2 |
| Ordinary income | 2,063 | 18.4% | S100YIG2 |
| Pretax income | 2,063 | 18.4% | S100YIG2 |
| Income tax | 553 | 4.9% | S100YIG2 |
| Net income | 1,509 | 13.5% | S100YIG2 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 70 |
| SG&A | 13 |
| Operating income | 17 |
| (Ref.) Net income | 13 |

### Margin funnel

Gross margin 29.6% → Operating margin 16.8% → Net margin 13.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +9.0%; Core profit growth: +4.8%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.54×
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 | 10,295 | 11,220 | 925 | +9.0% |
| Gross profit | 3,070 | 3,327 | 256 | +8.3% |
| Operating income | 1,793 | 1,880 | 87 | +4.8% |
| Operating cash flow | -250 | 1,698 | 1,948 | — |
| Free cash flow | -290 | 1,588 | 1,878 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 6,344 | 931 | 14.7% | 688 | 843 | 824 | S100LO59 |
| FY ending Mar 2021 | 6,526 | 1,011 | 15.5% | 728 | -52 | -77 | S100OKKL |
| FY ending Mar 2022 | 6,560 | 1,063 | 16.2% | 780 | 643 | 629 | S100R8QZ |
| FY ending Mar 2023 | 7,489 | 1,216 | 16.2% | 879 | 527 | 431 | S100TV8V |
| FY ending Mar 2024 | 8,535 | 1,467 | 17.2% | 1,105 | 384 | 345 | S100W7GP |
| FY ending Mar 2025 | 10,295 | 1,793 | 17.4% | 1,344 | -250 | -290 | S100YIG2 |
| FY ending Mar 2026 | 11,220 | 1,880 | 16.8% | 1,509 | 1,698 | 1,588 | S100YIG2 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥30.7M |
| Operating income per employee (consolidated) | ¥5.2M |
| Net income per employee (consolidated) | ¥4.1M |

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) | 318 | 332 | 347 | 351 | 365 |
| Average salary (parent company) | ¥6.5M | ¥6.5M | ¥6.6M | ¥6.8M | ¥7.3M |
| Average age (parent company) | 38.4 years | 38.6 years | 38.8 years | 39.0 years | 39.0 years |
| Average tenure (parent company) | 12.8 years | 12.9 years | 13.1 years | 13.3 years | 13.2 years |

Year over year: Employees (consolidated) +4.0% · Revenue (consolidated) +9.0%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 1,698 | 15.1% | S100YIG2 |
| Capital expenditure | 110 | 1.0% | S100YIG2 |
| Free cash flow | 1,588 | 14.2% | 算出 |
| Investing cash flow | -47 | -0.4% | S100YIG2 |
| Financing cash flow | -561 | -5.0% | S100YIG2 |
| Dividends paid | 558 | 5.0% | S100YIG2 |
| Share buyback | 0 | 0.0% | S100YIG2 |
| Change in cash | 1,090 | 9.7% | S100YIG2 |
| Cash and equivalents | 3,322 | 29.6% | S100YIG2 |

## 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 | 3,235 | 3,077 | 2,969 | 2,232 | 3,322 | S100TV8V, S100W7GP, S100YIG2 |
| Total assets | 8,425 | 9,185 | 10,109 | 11,775 | 12,435 | S100R8QZ, S100TV8V, S100W7GP, S100YIG2 |
| Net assets | 7,091 | 7,603 | 8,399 | 9,330 | 10,313 | S100TV8V, S100W7GP, S100YIG2 |
| Share capital | 477 | 477 | 477 | 477 | 477 | S100R8QZ, S100TV8V, S100W7GP, S100YIG2 |
| Property, plant and equipment | 39 | 160 | 159 | 175 | 229 | S100R8QZ, S100TV8V, S100W7GP, S100YIG2 |
| Intangible assets excluding goodwill | 6 | 4 | 11 | 8 | 13 | S100R8QZ, S100TV8V, S100W7GP, S100YIG2 |
| Investment securities | 807 | 1,005 | 1,149 | 1,179 | 1,094 | S100R8QZ, S100TV8V, S100W7GP, S100YIG2 |
| Current assets | 6,652 | 7,043 | 7,786 | 9,326 | 9,925 | S100R8QZ, S100TV8V, S100W7GP, S100YIG2 |
| Current liabilities | 1,195 | 1,392 | 1,540 | 2,282 | 1,928 | S100R8QZ, S100TV8V, S100W7GP, S100YIG2 |
| Short-term borrowings | 36 | 36 | 36 | 36 | 36 | S100R8QZ, S100TV8V, S100W7GP, S100YIG2 |
| Total liabilities | 1,334 | 1,582 | 1,710 | 2,445 | 2,122 | S100R8QZ, S100TV8V, S100W7GP, S100YIG2 |
| Equity attributable to owners of parent | 7,041 | 7,555 | 8,322 | 9,235 | 10,209 | S100R8QZ, S100TV8V, S100W7GP, S100YIG2 |
| Retained earnings | 5,988 | 6,554 | 7,308 | 8,209 | 9,157 | S100R8QZ, S100TV8V, S100W7GP, S100YIG2 |
| Treasury stock | -12 | -65 | -56 | -48 | -37 | S100R8QZ, S100TV8V, S100W7GP, S100YIG2 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 27% | S100YIG2 |
| Property, plant and equipment | 2% | S100YIG2 |
| Intangibles and goodwill | 0% | S100YIG2 |
| Investment securities | 9% | S100YIG2 |
| Other assets | 62% | S100YIG2 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 17% | S100YIG2 |
| Equity | 83% | S100YIG2 |

### 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 | 8,425 | 9,185 | 10,109 | 11,775 | 12,435 |
| Equity | 7,091 | 7,603 | 8,399 | 9,330 | 10,313 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 3,235 | 3,077 | 2,969 | 2,232 | 3,322 |

## 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% | S100YIG2 |
| Fixed assets ÷ total assets | 1.8% | S100YIG2 |
| Goodwill ÷ parent equity | — | —, S100YIG2 |

### 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) | 26.7% |
| Cash ÷ revenue | 29.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 90.3% |
| Cash vs. profit gap | 188 JPY mn (of net income 12.5%) |
| Shareholder returns / net income | 37.0% |
| Shareholder returns / FCF | 35.2% |
| Shareholder payments — dividends / net income | 37.0% |
| Shareholder payments — dividends / FCF | 35.2% |
| CapEx intensity (capex ÷ revenue) | 1.0% |
| Investing CF relative to operating CF | 2.8% |

## 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 | 11.9% | 0.78× | 9.3% | 1.20× | 11.1% | S100R8QZ |
| 2023 | 11.7% | 0.85× | 10.0% | 1.21× | 12.0% | S100TV8V |
| 2024 | 13.0% | 0.88× | 11.5% | 1.22× | 13.9% | S100W7GP |
| 2025 | 13.1% | 0.94× | 12.3% | 1.25× | 15.3% | S100YIG2 |
| 2026 | 13.5% | 0.93× | 12.5% | 1.25× | 15.5% | S100YIG2 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 有限会社矢野商会 | Major shareholder | 27.2% | 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 | 6.9% | 2026-03-31 |
| セック従業員持株会 | Major shareholder | 4.9% | 2026-03-31 |
| 矢野 恭一 | Major shareholder | 3.5% | 2026-03-31 |
| 有限会社近石商会 | Major shareholder | 2.9% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 1.7% | 2026-03-31 |
| 有限会社小早商事 | Major shareholder | 1.5% | 2026-03-31 |
| 小早 紀光 | Major shareholder | 1.3% | 2026-03-31 |
| 小早 宏一朗 | Major shareholder | 1.3% | 2026-03-31 |
| 近石 幸博 | Major shareholder | 1.0% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第56期(2025/04/01－2026/03/31) | S100YIG2 | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YIG2,, |
| 有価証券報告書－第55期(2024/04/01－2025/03/31) | S100W7GP | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W7GP,, |
| 有価証券報告書－第54期(2023/04/01－2024/03/31) | S100TV8V | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TV8V,, |
| 有価証券報告書－第53期(2022/04/01－2023/03/31) | S100R8QZ | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R8QZ,, |
| 有価証券報告書－第52期(令和3年4月1日－令和4年3月31日) | S100OKKL | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OKKL,, |
| 有価証券報告書－第51期(令和2年4月1日－令和3年3月31日) | S100LO59 | 2021-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LO59,, |

## 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).