# Systena Corporation: 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44期(2025/04/01－2026/03/31) (S100YFPF)
> Page: https://vizora.meequs.com/en/company/systena
> Retrieved: 2026-09-30T19:50:52.548Z

## Company

Systena, founded in 1983, is a company in IT Services & System Integration listed on TSE Prime. It has 5,301 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Systena Corporation |
| Ticker | 2317 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2317.T) |
| Listing | TSE Prime |
| Head office | 東京都港区海岸一丁目2番20号 |
| Representative (per filing) | 代表取締役会長 逸見 愛親 |
| Founded | Mar 1983 |
| Share capital | ¥1.51B |
| Employees (consolidated) | 5,301 |
| Average salary (parent only) | ¥5.2M |
| Fiscal year end | March |
| Website | www.systena.co.jp (https://www.systena.co.jp/) |
| Corporate number | 6010401088867 |
| EDINET | E05283 |
| Industries (Vizora) | IT Services & System Integration, Software & SaaS, Business Process Outsourcing |

> Profile source: annual securities report (S100YFPF, filed 2026-06-23). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 58.3 | 157 |
| Profitability | 87.5 | 196 |
| Cash conversion | 58.6 | 185 |
| Efficiency | 77.3 | 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 38% of Systena's sales come from Business Solution Business, with ITandDX Services Business and Project Management Design Business making up much of the rest.
- Out of every ¥100 of sales, about ¥16 is left as operating profit.
- Revenue changed +12.9% from the prior year, operating profit +27.3%.

## Company structure

- Segment revenue mix: Business Solution Business 38.0%、ITandDX Services Business 23.4%、Project Management Design Business 16.3%、Digital Integration Business 11.1%、Next Generation Mobility Business 8.1%
- Revenue → net income: ¥94400000000 → ¥11325000000
- Net income → operating cash flow: ¥11325000000 → ¥13283000000（difference ¥1958000000）
- Main uses of operating cash flow: CapEx ¥486000000 / dividends ¥4310000000 / buybacks ¥0
- Change in cash: ¥8083000000
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 | ¥94.4B |  |
| Operating income | ¥15.4B | Margin 16.3% |
| Net income | ¥11.3B | Margin 12.0% |
| Free cash flow | ¥12.8B |  |
| Largest business | Business Solution Business | of segment revenue 38.0% |
| Employees (consolidated) | 5,301 |  |
| EPS | ¥29.83 |  |
| Book value per share | ¥97.73 |  |
| Equity ratio | 64.9% |  |
| Shares outstanding | 425,880,000 |  |
| Treasury shares | 66,871,500 |  |
| Shareholders | 35,150 |  |
| Average salary (parent only) | ¥5.2M | Filing company only |
| Cash ratio | 48.8% | Cash ÷ revenue 31.6% |
| Vs. industry median margin | +7.4 pp | IT Services & System Integration |
| ROE | 31.5% | Derived from disclosed figures |
| ROA | 20.0% | Derived from disclosed figures |

## Notable figures

- FY2026, cash is 49% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥60871000000 | ¥94400000000 | +55.1% |
| Operating income | ¥8006000000 | ¥15367000000 | +91.9% |
| Operating margin | 13.2% | 16.3% | +3.1 pp |
| Employees | 3,754 people | 5,301 people | +41.2% |
| Cash and equivalents | ¥18875000000 | ¥29819000000 | +58.0% |

### 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 |
| --- | ---: |
| ソリューションデザイン事業 → 事業再編・廃止 | 23.3% |
| フレームワークデザイン事業 → 事業再編・廃止 | 5.5% |
| ITサービス事業 → 事業再編・廃止 | 16.1% |
| ソリューション営業 → 事業再編・廃止 | 26.0% |
| クラウド事業 → 事業再編・廃止 | 1.8% |
| ビジネスソリューション事業 → ビジネスソリューション事業 | 27.1% |
| 海外事業 → 事業再編・廃止 | 0.1% |
| 投資育成事業 → 事業再編・廃止 | 0.1% |
| 新設・再編 → 次世代モビリティ事業 | 8.1% |
| 新設・再編 → プロジェクトマネジメントデザイン事業 | 16.3% |
| 新設・再編 → デジタルインテグレーション事業 | 11.1% |
| 新設・再編 → IT＆DXサービス事業 | 23.4% |
| 新設・再編 → ビジネスソリューション事業 | 10.9% |
| 新設・再編 → DX＆ストック型ビジネス事業 | 3.0% |

Segment revenue source references: 14 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Business Solution Business | 5 years | +9.8% | ¥35564000000 | 8.3% | 2 |
| ITandDX Services Business | 2 years | +10.0% | ¥21882000000 | 14.4% | 2 |
| Project Management Design Business | — | — | ¥15295000000 | 21.9% | 2 |
| Digital Integration Business | — | — | ¥10406000000 | 23.8% | 2 |
| Next Generation Mobility Business | 2 years | +73.6% | ¥7569000000 | 42.5% | 2 |
| DXand Subscription Business | 2 years | +13.8% | ¥2838000000 | 8.8% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 94,400 | 100.0% | S100YFPF |
| Cost of revenue | 69,586 | 73.7% | S100YFPF |
| Gross profit | 24,813 | 26.3% | S100YFPF |
| SG&A | 9,446 | 10.0% | S100YFPF |
| Operating income | 15,367 | 16.3% | S100YFPF |
| Ordinary income | 16,145 | 17.1% | S100YFPF |
| Pretax income | 16,173 | 17.1% | S100YFPF |
| Income tax | 4,847 | 5.1% | S100YFPF |
| Net income | 11,325 | 12.0% | S100YFPF |
| Net income attributable to owners | 11,312 | 12.0% | S100YFPF |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 74 |
| SG&A | 10 |
| Operating income | 16 |
| (Ref.) Net income | 12 |

### Margin funnel

Gross margin 26.3% → Operating margin 16.3% → Net margin 12.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +12.9%; Core profit growth: +27.3%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.12×
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 | 83,621 | 94,400 | 10,779 | +12.9% |
| Gross profit | 20,978 | 24,813 | 3,835 | +18.3% |
| Operating income | 12,067 | 15,367 | 3,300 | +27.3% |
| Net income attributable to owners | 8,480 | 11,312 | 2,832 | +33.4% |
| Operating cash flow | 7,979 | 13,283 | 5,304 | +66.5% |
| Free cash flow | 7,661 | 12,797 | 5,136 | +67.0% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 64,552 | 8,163 | 12.6% | 5,471 | 4,831 | 4,460 | S100LM81 |
| FY ending Mar 2021 | 60,871 | 8,006 | 13.2% | 4,974 | 7,205 | 6,763 | S100OD13 |
| FY ending Mar 2022 | 65,272 | 9,106 | 14.0% | 5,992 | 5,544 | 5,025 | S100R0S1 |
| FY ending Mar 2023 | 74,526 | 9,844 | 13.2% | 7,317 | 7,648 | 6,490 | S100TPQJ |
| FY ending Mar 2024 | 76,940 | 9,713 | 12.6% | 7,232 | 9,036 | 8,695 | S100VZ4F |
| FY ending Mar 2025 | 83,621 | 12,067 | 14.4% | 8,480 | 7,979 | 7,661 | S100YFPF |
| FY ending Mar 2026 | 94,400 | 15,367 | 16.3% | 11,312 | 13,283 | 12,797 | S100YFPF |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥17.8M |
| Operating income per employee (consolidated) | ¥2.9M |
| Net income per employee (consolidated) | ¥2.1M |

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) | 4,293 | 4,832 | 5,239 | 5,252 | 5,301 |
| Average salary (parent company) | ¥4.8M | ¥4.6M | ¥4.6M | ¥4.7M | ¥5.2M |
| Average age (parent company) | 31.1 years | 30.2 years | 29.9 years | 30.7 years | 31.2 years |
| Average tenure (parent company) | 6.3 years | 5.8 years | 5.7 years | 6.0 years | 6.3 years |

Year over year: Employees (consolidated) +0.9% · Revenue (consolidated) +12.9%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Next Generation Mobility Business | 7,569 | 8.1% | 3,219 | 42.5% |
| Project Management Design Business | 15,295 | 16.3% | 3,342 | 21.9% |
| Digital Integration Business | 10,406 | 11.1% | 2,476 | 23.8% |
| ITandDX Services Business | 21,882 | 23.4% | 3,146 | 14.4% |
| Business Solution Business | 35,564 | 38.0% | 2,957 | 8.3% |
| DXand Subscription Business | 2,838 | 3.0% | 251 | 8.8% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Next Generation Mobility Business | 8.1% | 20.9% | 12.8 | 42.5% |
| Project Management Design Business | 16.3% | 21.7% | 5.4 | 21.9% |
| Digital Integration Business | 11.1% | 16.1% | 5.0 | 23.8% |
| ITandDX Services Business | 23.4% | 20.4% | -2.9 | 14.4% |
| Business Solution Business | 38.0% | 19.2% | -18.8 | 8.3% |
| DXand Subscription Business | 3.0% | 1.6% | -1.4 | 8.8% |

Segment → industry: Business Solution Business → IT Services & System Integration / ITandDX Services Business → IT Services & System Integration / Digital Integration Business → IT Services & System Integration / Project Management Design Business → IT Services & System Integration / Next Generation Mobility Business → IT Services & System Integration / DXand Subscription Business → Software & SaaS / ITandDX Services Business → 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 | 13,283 | 14.1% | S100YFPF |
| Capital expenditure | 486 | 0.5% | S100YFPF |
| Free cash flow | 12,797 | 13.6% | 算出 |
| Investing cash flow | -896 | -0.9% | S100YFPF |
| Financing cash flow | -4,316 | -4.6% | S100YFPF |
| Dividends paid | 4,310 | 4.6% | S100YFPF |
| Share buyback | 0 | 0.0% | S100YFPF |
| Change in cash | 8,083 | 8.6% | S100YFPF |
| Cash and equivalents | 29,819 | 31.6% | S100YFPF |

## 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 | 21,964 | 24,792 | 30,092 | 21,464 | 29,819 | S100TPQJ, S100VZ4F, S100YFPF |
| Total assets | 43,477 | 48,879 | 54,038 | 51,762 | 61,079 | S100R0S1, S100TPQJ, S100VZ4F, S100YFPF |
| Net assets | 30,173 | 34,650 | 38,601 | 32,950 | 40,221 | S100TPQJ, S100VZ4F, S100YFPF |
| Share capital | 1,513 | 1,513 | 1,513 | 1,513 | 1,513 | S100R0S1, S100TPQJ, S100VZ4F, S100YFPF |
| Property, plant and equipment | 1,058 | 1,622 | 1,395 | 1,321 | 1,327 | S100R0S1, S100TPQJ, S100VZ4F, S100YFPF |
| Intangible assets excluding goodwill | 278 | 317 | 254 | 169 | 176 | S100R0S1, S100TPQJ, S100VZ4F, S100YFPF |
| Investment securities | 1,775 | 2,136 | 1,546 | 3,293 | 1,914 | S100R0S1, S100TPQJ, S100VZ4F, S100YFPF |
| Current assets | 38,002 | 42,275 | 48,088 | 44,184 | 54,118 | S100R0S1, S100TPQJ, S100VZ4F, S100YFPF |
| Current liabilities | 13,175 | 14,088 | 15,273 | 18,621 | 20,591 | S100R0S1, S100TPQJ, S100VZ4F, S100YFPF |
| Short-term borrowings | 1,550 | 1,550 | 1,550 | 1,550 | 1,550 | S100R0S1, S100TPQJ, S100VZ4F, S100YFPF |
| Long-term borrowings | — | — | — | — | 29 | S100YFPF |
| Total liabilities | 13,303 | 14,228 | 15,437 | 18,812 | 20,858 | S100R0S1, S100TPQJ, S100VZ4F, S100YFPF |
| Non-controlling interests | 411 | 481 | 501 | 485 | 609 | S100R0S1, S100TPQJ, S100VZ4F, S100YFPF |
| Equity attributable to owners of parent | 29,806 | 34,223 | 37,955 | 32,419 | 39,424 | S100R0S1, S100TPQJ, S100VZ4F, S100YFPF |
| Retained earnings | 27,309 | 31,709 | 35,440 | 39,817 | 46,822 | S100R0S1, S100TPQJ, S100VZ4F, S100YFPF |
| Treasury stock | -5,042 | -5,022 | -5,022 | -11,099 | -11,099 | S100R0S1, S100TPQJ, S100VZ4F, S100YFPF |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 49% | S100YFPF |
| Property, plant and equipment | 2% | S100YFPF |
| Intangibles and goodwill | 0% | S100YFPF |
| Investment securities | 3% | S100YFPF |
| Other assets | 46% | S100YFPF |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 34% | S100YFPF |
| Equity | 66% | S100YFPF |

### 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 | 43,477 | 48,879 | 54,038 | 51,762 | 61,079 |
| Equity | 30,173 | 34,650 | 38,601 | 32,950 | 40,221 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 21,964 | 24,792 | 30,092 | 21,464 | 29,819 |

## 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) | 1.4% | S100YFPF |
| Fixed assets ÷ total assets | 2.2% | S100YFPF |
| Goodwill ÷ parent equity | — | —, S100YFPF |

### 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) | 48.8% |
| Cash ÷ revenue | 31.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 86.4% |
| Cash vs. profit gap | 1,971 JPY mn (of net income 17.4%) |
| Shareholder returns / net income | 38.1% |
| Shareholder returns / FCF | 33.7% |
| Shareholder payments — dividends / net income | 38.1% |
| Shareholder payments — dividends / FCF | 33.7% |
| CapEx intensity (capex ÷ revenue) | 0.5% |
| Investing CF relative to operating CF | 6.7% |

## 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 | 9.2% | 1.50× | 13.8% | 1.46× | 20.1% | S100R0S1 |
| 2023 | 9.8% | 1.61× | 15.8% | 1.44× | 22.9% | S100TPQJ |
| 2024 | 9.4% | 1.50× | 14.1% | 1.43× | 20.0% | S100VZ4F |
| 2025 | 10.1% | 1.58× | 16.0% | 1.50× | 24.1% | S100YFPF |
| 2026 | 12.0% | 1.67× | 20.0% | 1.57× | 31.5% | S100YFPF |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ＳＭＳホールディングス有限会社 | Major shareholder | 29.0% | 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 | 11.3% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 5.4% | 2026-03-31 |
| NORTHERN TRUST CO.(AVFC)RE FIDELITY FUNDS （常任代理人 香港上海銀行東京支店 セキュリティーズ・サービシズ・オペレーションズ） | Major shareholder | 3.5% | 2026-03-31 |
| STATE STREET BANK AND TRUST CAMPANY 505001 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 2.7% | 2026-03-31 |
| システナ社員持株会 | Major shareholder | 1.8% | 2026-03-31 |
| BNPPARIBASLUXEMBOURG/2S/JASDEC/FIM/LUXEMBOURGFUNDS/UCITSASSETS （常任代理人 香港上海銀行東京支店セキュリティーズ・サービシズ・オペレーションズ） | Major shareholder | 1.4% | 2026-03-31 |
| STATE STREET BANK AND TRUST CAMPANY 505103 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.1% | 2026-03-31 |
| JP MORGAN CHASE BANK 385781 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.0% | 2026-03-31 |
| 三浦 賢治 | Major shareholder | 0.8% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第44期(2025/04/01－2026/03/31) | S100YFPF | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YFPF,, |
| 有価証券報告書－第43期(2024/04/01－2025/03/31) | S100VZ4F | 2025-06-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VZ4F,, |
| 有価証券報告書－第42期(2023/04/01－2024/03/31) | S100TPQJ | 2024-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TPQJ,, |
| 有価証券報告書－第41期(2022/04/01－2023/03/31) | S100R0S1 | 2023-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R0S1,, |
| 有価証券報告書－第40期(令和3年4月1日－令和4年3月31日) | S100OD13 | 2022-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OD13,, |
| 有価証券報告書－第39期(令和2年4月1日－令和3年3月31日) | S100LM81 | 2021-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LM81,, |

## 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).