# SystemSoft Corporation: business model and financials

> Latest period: FY ending Sep 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第44期(2024/10/01－2025/09/30) (S100XBIV)
> Page: https://vizora.meequs.com/en/company/systemsoft
> Retrieved: 2026-09-30T20:23:15.686Z

## Company

SystemSoft, founded in 1979, is a company in IT Services & System Integration listed on TSE Standard. It has 58 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | SystemSoft Corporation |
| Ticker | 7527 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7527.T) |
| Listing | TSE Standard |
| Head office | 東京都千代田区丸の内一丁目8番1号(同所は登記上の本店所在地であり、実際の業務は「最寄りの連絡場所」で行っております。) |
| Representative (per filing) | 代表取締役社長 オンゴール・パヴァン |
| Founded | Sep 1979 |
| Share capital | ¥1.71B |
| Employees (consolidated) | 58 |
| Average salary (parent only) | ¥4.7M |
| Fiscal year end | September |
| Website | www.systemsoft.co.jp (https://www.systemsoft.co.jp/) |
| Corporate number | 7290001017693 |
| EDINET | E02858 |
| Industries (Vizora) | IT Services & System Integration, Software & SaaS, Consulting |

> Profile source: annual securities report (S100XBIV, filed 2025-12-19). As of filing

## Five-axis industry profile

Primary industry: IT Services & System Integration (2025-09-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 0.3 | 157 |
| Profitability | 0.8 | 196 |
| Efficiency | 0.8 | 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 76% of SystemSoft's sales come from Technology, with Opne innovation making up much of the rest.
- It lost about ¥36 for every ¥100 of sales at the operating level.
- Revenue changed -40.6% from the prior year.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥1.37B |  |
| Operating income | -¥493.9M | Margin -36.0% |
| Net income | -¥258.2M | Margin -18.8% |
| Free cash flow | -¥536.8M |  |
| Largest business | Technology | of segment revenue 76.3% |
| Employees (consolidated) | 58 |  |
| EPS | ¥-3.16 |  |
| Book value per share | ¥46.97 |  |
| Equity ratio | 83.3% |  |
| Shares outstanding | 84,834,140 |  |
| Treasury shares | 32,000 |  |
| Shareholders | 12,089 |  |
| Average salary (parent only) | ¥4.7M | Filing company only |
| Cash ratio | 66.6% | Cash ÷ revenue 236.1% |
| Vs. industry median margin | -44.9 pp | IT Services & System Integration |
| ROA | -5.1% | Derived from disclosed figures |

## Notable figures

- FY2025, revenue is 0.3× its level five years ago
- FY2025, cash is 67% of total assets
- FY2025, operating loss is 36 per ¥100 of revenue

## What changed in 5 years

| Metric | FY ending Sep 2020 | FY ending Sep 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥2863627000 | ¥1373351000 | -52.0% |
| Operating income | ¥-251017000 | ¥-493947000 | — |
| Operating margin | -8.8% | -36.0% | -27.2 pp |
| Employees | 158 people | 58 people | -63.3% |
| Cash and equivalents | ¥1789340000 | ¥3242881000 | +81.2% |

### Change in segment revenue mix

Span: FY ending Sep 2020 → FY ending Sep 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| テクノロジー事業 → テクノロジー事業 | 49.2% |
| システムソリューション事業 → 事業再編・廃止 | 42.2% |
| マーケティング事業 → 事業再編・廃止 | 7.0% |
| 投資事業 → 事業再編・廃止 | 1.6% |
| その他 → 事業再編・廃止 | 0.0% |
| 新設・再編 → テクノロジー事業 | 27.1% |
| 新設・再編 → オープンイノベーション事業 | 23.7% |

Segment revenue source references: 7 (derived)

## Income statement（FY ending Sep 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 1,373 | 100.0% | S100XBIV |
| Cost of revenue | 1,007 | 73.3% | S100XBIV |
| Gross profit | 366 | 26.7% | S100XBIV |
| SG&A | 860 | 62.6% | S100XBIV |
| Operating income | -494 | -36.0% | S100XBIV |
| Ordinary income | -464 | -33.8% | S100XBIV |
| Pretax income | -204 | -14.8% | S100XBIV |
| Income tax | 54 | 3.9% | S100XBIV |
| Net income | -258 | -18.8% | S100XBIV |
| Net income attributable to owners | -258 | -18.8% | S100XBIV |

## Per ¥100 of revenue（FY ending Sep 2025）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 73 |
| SG&A | 63 |
| Operating income | -36 |
| (Ref.) Net income | -19 |

### Margin funnel

Gross margin 26.7% → Operating margin -36.0% → Net margin -18.8%
Derived from reported figures (DERIVED).

## Year over year（FY ending Sep 2024 → FY ending Sep 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 2,311 | 1,373 | -938 | -40.6% |
| Gross profit | 526 | 366 | -160 | -30.3% |
| Operating income | -415 | -494 | -79 | — |
| Net income attributable to owners | -1,532 | -258 | 1,273 | — |
| Operating cash flow | 610 | -524 | -1,135 | -185.9% |
| Free cash flow | 593 | -537 | -1,130 | -190.6% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Sep 2019 | 3,000 | 153 | 5.1% | -1,724 | 264 | 182 | S100KFCI |
| FY ending Sep 2020 | 2,864 | -251 | -8.8% | -656 | -47 | -86 | S100N3TH |
| FY ending Sep 2021 | 4,920 | 378 | 7.7% | 483 | 115 | 104 | S100PUL0 |
| FY ending Sep 2022 | 4,704 | 383 | 8.1% | 201 | 169 | 122 | S100SHSD |
| FY ending Sep 2023 | 3,391 | 155 | 4.6% | 94 | 254 | 236 | S100UYI0 |
| FY ending Sep 2024 | 2,311 | -415 | -18.0% | -1,532 | 610 | 593 | S100XBIV |
| FY ending Sep 2025 | 1,373 | -494 | -36.0% | -258 | -524 | -537 | S100XBIV |

## People and productivity（FY ending Sep 2025, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥23.7M |
| Operating income per employee (consolidated) | -¥8.5M |
| Net income per employee (consolidated) | -¥4.5M |

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

| History | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 170 | 175 | 125 | 66 | 58 |
| Average salary (parent company) | ¥4.8M | ¥4.9M | ¥4.9M | ¥4.6M | ¥4.7M |
| Average age (parent company) | 36.9 years | 37.1 years | 37.5 years | 36.0 years | 35.5 years |
| Average tenure (parent company) | 7.8 years | 7.6 years | 9.1 years | 6.8 years | 6.6 years |

Year over year: Employees (consolidated) -12.1% · Revenue (consolidated) -40.6%

## Segments（FY ending Sep 2025, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Technology | 1,047 | 76.3% | -67 | -6.4% |
| Opne innovation | 326 | 23.7% | -47 | -14.5% |

### 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 | Margin |
| --- | ---: | ---: |
| Technology | 76.3% | -6.4% |
| Opne innovation | 23.7% | -14.5% |

Loss-making segment (excluded from profit shares): Technology -67 JPY mn

Loss-making segment (excluded from profit shares): Opne innovation -47 JPY mn

Segment → industry: Technology → IT Services & System Integration / Technology → Software & SaaS / Opne innovation → Consulting

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Sep 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -524 | -38.2% | S100XBIV |
| Capital expenditure | 13 | 0.9% | S100XBIV |
| Free cash flow | -537 | -39.1% | 算出 |
| Investing cash flow | 414 | 30.1% | S100XBIV |
| Financing cash flow | -118 | -8.6% | S100XBIV |
| Change in cash | -228 | -16.6% | S100XBIV |
| Cash and equivalents | 3,243 | 236.1% | S100XBIV |

## 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 Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 2,081 | 1,950 | 1,763 | 3,471 | 3,243 | S100SHSD, S100UYI0, S100XBIV |
| Total assets | 7,467 | 7,225 | 6,742 | 5,261 | 4,869 | S100PUL0, S100SHSD, S100UYI0, S100XBIV |
| Net assets | 5,839 | 5,866 | 5,782 | 4,368 | 4,354 | S100SHSD, S100UYI0, S100XBIV |
| Share capital | 1,664 | 1,706 | 1,706 | 1,706 | 1,706 | S100PUL0, S100SHSD, S100UYI0, S100XBIV |
| Trade receivables | 1,679 | — | — | — | — | S100PUL0 |
| Property, plant and equipment | 47 | 47 | 44 | 26 | 0 | S100PUL0, S100SHSD, S100UYI0, S100XBIV |
| Intangible assets excluding goodwill | 2,459 | 2,411 | 2,204 | 234 | 178 | S100PUL0, S100SHSD, S100UYI0, S100XBIV |
| Goodwill | 2,044 | 2,070 | 1,935 | 136 | 175 | S100PUL0, S100SHSD, S100UYI0, S100XBIV |
| Investment securities | 484 | 410 | 357 | 348 | 256 | S100PUL0, S100SHSD, S100UYI0, S100XBIV |
| Current assets | 4,159 | 3,995 | 3,610 | 4,452 | 4,418 | S100PUL0, S100SHSD, S100UYI0, S100XBIV |
| Current liabilities | 1,103 | 776 | 599 | 779 | 453 | S100PUL0, S100SHSD, S100UYI0, S100XBIV |
| Trade payables | 436 | 181 | 143 | 151 | 203 | S100PUL0, S100SHSD, S100UYI0, S100XBIV |
| Short-term borrowings | 200 | — | — | — | — | S100PUL0 |
| Long-term borrowings | — | 170 | 60 | — | 1 | S100SHSD, S100UYI0, S100XBIV |
| Bonds | 380 | 280 | 180 | 80 | 40 | S100PUL0, S100SHSD, S100UYI0, S100XBIV |
| Total liabilities | 1,629 | 1,359 | 960 | 893 | 515 | S100PUL0, S100SHSD, S100UYI0, S100XBIV |
| Non-controlling interests | 8 | 8 | 10 | 8 | 8 | S100PUL0, S100SHSD, S100UYI0, S100XBIV |
| Equity attributable to owners of parent | 5,813 | 5,933 | 5,857 | 4,325 | 4,067 | S100PUL0, S100SHSD, S100UYI0, S100XBIV |
| Retained earnings | 278 | 522 | 616 | -916 | -1,174 | S100PUL0, S100SHSD, S100UYI0, S100XBIV |
| Treasury stock | -8 | -8 | -8 | -8 | -8 | S100PUL0, S100SHSD, S100UYI0, S100XBIV |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 67% | S100XBIV |
| Intangibles and goodwill | 7% | S100XBIV |
| Investment securities | 5% | S100XBIV |
| Other assets | 21% | S100XBIV |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 4% | S100XBIV |
| Other liabilities | 6% | S100XBIV |
| Equity | 90% | S100XBIV |

### Balance sheet history

| Metric | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 7,467 | 7,225 | 6,742 | 5,261 | 4,869 |
| Equity | 5,839 | 5,866 | 5,782 | 4,368 | 4,354 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 2,081 | 1,950 | 1,763 | 3,471 | 3,243 |

## 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) | 0.0% | S100XBIV |
| Fixed assets ÷ total assets | 0.0% | S100XBIV |
| Goodwill ÷ parent equity | 4.3% | S100XBIV |

Goodwill over 4 years: 2,044 → 175 JPY; total investing cash flow: 234 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) | 66.6% |
| Cash ÷ revenue | 236.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | -266 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.9% |
| Investing CF relative to operating CF | — |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 9.8% | 0.66× | 6.5% | 1.28× | 8.3% | S100PUL0 |
| 2022 | 4.3% | 0.64× | 2.7% | 1.25× | 3.4% | S100SHSD |
| 2023 | 2.8% | 0.49× | 1.3% | 1.18× | 1.6% | S100UYI0 |
| 2024 | — | —× | -25.5% | —× | — | S100XBIV |
| 2025 | — | —× | -5.1% | —× | — | S100XBIV |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| APAMAN株式会社 | Major shareholder | 10.3% | 2025-09-30 |
| 日本マスタートラスト信託銀行株式会社(信託口) | Major shareholder | 6.7% | 2025-09-30 |
| 野村證券株式会社 | Major shareholder | 5.1% | 2025-09-30 |
| Apaman Network株式会社 | Major shareholder | 5.1% | 2025-09-30 |
| 丸山 三千夫 | Major shareholder | 3.2% | 2025-09-30 |
| 藤井 英樹 | Major shareholder | 1.6% | 2025-09-30 |
| 丸山 光子 | Major shareholder | 1.3% | 2025-09-30 |
| 伊藤 龍彦 | Major shareholder | 1.1% | 2025-09-30 |
| 佐藤 宏輝 | Major shareholder | 1.1% | 2025-09-30 |
| 石川 雅浩 | Major shareholder | 1.0% | 2025-09-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第44期(2024/10/01－2025/09/30) | S100XBIV | 2025-12-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XBIV,, |
| 有価証券報告書－第43期(2023/10/01－2024/09/30) | S100UYI0 | 2024-12-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UYI0,, |
| 有価証券報告書－第42期(2022/10/01－2023/09/30) | S100SHSD | 2023-12-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SHSD,, |
| 訂正有価証券報告書－第41期(令和3年10月1日－令和4年9月30日) | S100PUL0 | 2022-12-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PUL0,, |
| 有価証券報告書－第40期(令和2年10月1日－令和3年9月30日) | S100N3TH | 2021-12-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100N3TH,, |
| 有価証券報告書 | S100KFCI | 2020-12-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KFCI,, |

## 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).