# TDC SOFT Inc.: 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73期(2025/04/01－2026/03/31) (S100YH3J)
> Page: https://vizora.meequs.com/en/company/tdc-soft
> Retrieved: 2026-09-30T18:50:49.797Z

## Company

TDC Soft, founded in 1963, is a company in IT Services & System Integration listed on TSE Prime. It has 2,473 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | TDC SOFT Inc. |
| Ticker | 4687 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4687.T) |
| Listing | TSE Prime |
| Head office | 東京都千代田区九段南一丁目6番5号 |
| Representative (per filing) | 代表取締役社長 小林裕嘉 |
| Founded | Dec 1963 |
| Share capital | ¥970.4M |
| Employees (consolidated) | 2,473 |
| Average salary (parent only) | ¥6.2M |
| Fiscal year end | March |
| Website | www.tdc.co.jp (https://www.tdc.co.jp/) |
| Corporate number | 8011001014542 |
| EDINET | E04997 |
| Industries (Vizora) | IT Services & System Integration |

> Profile source: annual securities report (S100YH3J, 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 | 73.6 | 157 |
| Profitability | 64.5 | 196 |
| Cash conversion | 19.7 | 185 |
| Efficiency | 74.2 | 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)

- TDC Soft brought in ¥48.4B in revenue.
- Out of every ¥100 of sales, about ¥11 is left as operating profit.
- Revenue changed +8.9% from the prior year, operating profit +8.1%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥48359422000 → ¥3880504000
- Net income → operating cash flow: ¥3880504000 → ¥2662825000（difference ¥-1217679000）
- Main uses of operating cash flow: CapEx ¥19236000 / dividends ¥1292652000 / buybacks ¥23000
- Change in cash: ¥-2078655000
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 | ¥48.4B |  |
| Operating income | ¥5.16B | Margin 10.7% |
| Net income | ¥3.88B | Margin 8.0% |
| Free cash flow | ¥2.64B |  |
| Employees (consolidated) | 2,473 |  |
| EPS | ¥79.04 |  |
| Book value per share | ¥468.26 |  |
| Equity ratio | 74.4% |  |
| Shares outstanding | 50,227,200 |  |
| Treasury shares | 2,388,200 |  |
| Shareholders | 4,579 |  |
| Average salary (parent only) | ¥6.2M | Filing company only |
| Cash ratio | 41.8% | Cash ÷ revenue 27.2% |
| Vs. industry median margin | +1.8 pp | IT Services & System Integration |
| ROE | 18.8% | Derived from disclosed figures |
| ROA | 13.0% | Derived from disclosed figures |

## Notable figures

- FY2026, cash is 42% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥27292772000 | ¥48359422000 | +77.2% |
| Operating income | ¥2358559000 | ¥5159962000 | +118.8% |
| Operating margin | 8.6% | 10.7% | +2 pp |
| Employees | 1,773 people | 2,473 people | +39.5% |
| Cash and equivalents | ¥10077199000 | ¥13171435000 | +30.7% |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 48,359 | 100.0% | S100YH3J |
| Cost of revenue | 38,557 | 79.7% | S100YH3J |
| Gross profit | 9,803 | 20.3% | S100YH3J |
| SG&A | 4,643 | 9.6% | S100YH3J |
| Operating income | 5,160 | 10.7% | S100YH3J |
| Ordinary income | 5,359 | 11.1% | S100YH3J |
| Pretax income | 5,525 | 11.4% | S100YH3J |
| Income tax | 1,645 | 3.4% | S100YH3J |
| Net income | 3,881 | 8.0% | S100YH3J |
| Net income attributable to owners | 3,881 | 8.0% | S100YH3J |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 80 |
| SG&A | 9 |
| Operating income | 11 |
| (Ref.) Net income | 8 |

### Margin funnel

Gross margin 20.3% → Operating margin 10.7% → Net margin 8.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +8.9%; Core profit growth: +8.1%
Growth quality: similar-growth
Operating leverage (core profit growth ÷ revenue growth): 0.91×
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 | 44,418 | 48,359 | 3,941 | +8.9% |
| Gross profit | 9,505 | 9,803 | 298 | +3.1% |
| Operating income | 4,773 | 5,160 | 387 | +8.1% |
| Net income attributable to owners | 3,434 | 3,881 | 447 | +13.0% |
| Operating cash flow | 2,962 | 2,663 | -299 | -10.1% |
| Free cash flow | 2,871 | 2,644 | -228 | -7.9% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 27,795 | 2,207 | 7.9% | 1,501 | 1,300 | 1,236 | S100LSW0 |
| FY ending Mar 2021 | 27,293 | 2,359 | 8.6% | 1,712 | 2,274 | 2,245 | S100OIOY |
| FY ending Mar 2022 | 30,925 | 2,967 | 9.6% | 2,069 | 2,175 | 2,110 | S100R48U |
| FY ending Mar 2023 | 35,243 | 3,459 | 9.8% | 2,490 | 1,952 | 1,937 | S100TUZS |
| FY ending Mar 2024 | 39,698 | 3,808 | 9.6% | 3,089 | 3,023 | 2,096 | S100W3H7 |
| FY ending Mar 2025 | 44,418 | 4,773 | 10.7% | 3,434 | 2,962 | 2,871 | S100YH3J |
| FY ending Mar 2026 | 48,359 | 5,160 | 10.7% | 3,881 | 2,663 | 2,644 | S100YH3J |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥19.6M |
| Operating income per employee (consolidated) | ¥2.1M |
| Net income per employee (consolidated) | ¥1.6M |

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) | 1,816 | 1,972 | 2,136 | 2,300 | 2,473 |
| Average salary (parent company) | ¥6.3M | ¥6.1M | ¥6.2M | ¥6.2M | ¥6.2M |
| Average age (parent company) | 36.8 years | 36.6 years | 36.2 years | 36.0 years | 35.8 years |
| Average tenure (parent company) | 11.6 years | 11.4 years | 11.1 years | 10.7 years | 10.5 years |

Year over year: Employees (consolidated) +7.5% · Revenue (consolidated) +8.9%

## 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 | 2,663 | 5.5% | S100YH3J |
| Capital expenditure | 19 | 0.0% | S100YH3J |
| Free cash flow | 2,644 | 5.5% | 算出 |
| Investing cash flow | -3,201 | -6.6% | S100YH3J |
| Financing cash flow | -1,541 | -3.2% | S100YH3J |
| Dividends paid | 1,293 | 2.7% | S100YH3J |
| Share buyback | 0 | 0.0% | S100YH3J |
| Change in cash | -2,079 | -4.3% | S100YH3J |
| Cash and equivalents | 13,171 | 27.2% | S100YH3J |

## 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 | 11,702 | 12,010 | 13,379 | 15,250 | 13,171 | S100TUZS, S100W3H7, S100YH3J |
| Total assets | 21,072 | 22,771 | 25,506 | 28,287 | 31,500 | S100R48U, S100TUZS, S100W3H7, S100YH3J |
| Net assets | 15,255 | 16,410 | 18,478 | 20,881 | 23,437 | S100TUZS, S100W3H7, S100YH3J |
| Share capital | 970 | 970 | 970 | 970 | 970 | S100R48U, S100TUZS, S100W3H7, S100YH3J |
| Property, plant and equipment | 188 | 219 | 993 | 916 | 801 | S100R48U, S100TUZS, S100W3H7, S100YH3J |
| Intangible assets excluding goodwill | 11 | 89 | 94 | 90 | 247 | S100R48U, S100TUZS, S100W3H7, S100YH3J |
| Goodwill | — | 70 | 47 | 23 | — | S100TUZS, S100W3H7, S100YH3J |
| Investment securities | 2,536 | 2,600 | 2,935 | 3,077 | 4,214 | S100R48U, S100TUZS, S100W3H7, S100YH3J |
| Current assets | 17,368 | 18,828 | 20,434 | 23,248 | 24,896 | S100R48U, S100TUZS, S100W3H7, S100YH3J |
| Current liabilities | 5,540 | 6,045 | 6,378 | 6,870 | 7,645 | S100R48U, S100TUZS, S100W3H7, S100YH3J |
| Short-term borrowings | 479 | 453 | 453 | 531 | 298 | S100R48U, S100TUZS, S100W3H7, S100YH3J |
| Total liabilities | 5,817 | 6,361 | 7,028 | 7,406 | 8,064 | S100R48U, S100TUZS, S100W3H7, S100YH3J |
| Equity attributable to owners of parent | 14,138 | 15,222 | 16,974 | 19,267 | 21,910 | S100R48U, S100TUZS, S100W3H7, S100YH3J |
| Retained earnings | 12,556 | 13,940 | 16,303 | 18,589 | 21,178 | S100R48U, S100TUZS, S100W3H7, S100YH3J |
| Treasury stock | -374 | -674 | -1,286 | -1,279 | -1,224 | S100R48U, S100TUZS, S100W3H7, S100YH3J |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 42% | S100YH3J |
| Property, plant and equipment | 3% | S100YH3J |
| Intangibles and goodwill | 1% | S100YH3J |
| Investment securities | 13% | S100YH3J |
| Other assets | 41% | S100YH3J |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 26% | S100YH3J |
| Equity | 74% | S100YH3J |

### 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 | 21,072 | 22,771 | 25,506 | 28,287 | 31,500 |
| Equity | 15,255 | 16,410 | 18,478 | 20,881 | 23,437 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 11,702 | 12,010 | 13,379 | 15,250 | 13,171 |

## 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) | 1.7% | S100YH3J |
| Fixed assets ÷ total assets | 2.5% | S100YH3J |
| Goodwill ÷ parent equity | — | —, S100YH3J |

### 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) | 41.8% |
| Cash ÷ revenue | 27.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 51.6% |
| Cash vs. profit gap | -1,218 JPY mn (of net income -31.4%) |
| Shareholder returns / net income | 33.3% |
| Shareholder returns / FCF | 48.9% |
| Shareholder payments — dividends / net income | 33.3% |
| Shareholder payments — dividends / FCF | 48.9% |
| CapEx intensity (capex ÷ revenue) | 0.0% |
| Investing CF relative to operating CF | 120.2% |

## 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 | 6.7% | 1.47× | 9.8% | 1.49× | 14.6% | S100R48U |
| 2023 | 7.1% | 1.61× | 11.4% | 1.49× | 17.0% | S100TUZS |
| 2024 | 7.8% | 1.64× | 12.8% | 1.50× | 19.2% | S100W3H7 |
| 2025 | 7.7% | 1.65× | 12.8% | 1.48× | 19.0% | S100YH3J |
| 2026 | 8.0% | 1.62× | 13.0% | 1.45× | 18.8% | S100YH3J |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 有限会社野﨑事務所 | Major shareholder | 13.2% | 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 | 8.7% | 2026-03-31 |
| ＴＤＣ社員持株会 | Major shareholder | 8.2% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 3.9% | 2026-03-31 |
| 野 﨑 聡 | Major shareholder | 3.4% | 2026-03-31 |
| 株式会社ＩＤホールディングス | Major shareholder | 2.5% | 2026-03-31 |
| 野 﨑 哲 | Major shareholder | 2.4% | 2026-03-31 |
| 野村信託銀行株式会社 （投信口） | Major shareholder | 2.4% | 2026-03-31 |
| 藤 井 吉 文 | Major shareholder | 2.3% | 2026-03-31 |
| BBH FOR FIDELITY LOW－PRICED STOCK FUND（常任代理人 株式会社三菱ＵＦＪ銀行） | Major shareholder | 2.1% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第73期(2025/04/01－2026/03/31) | S100YH3J | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YH3J,, |
| 有価証券報告書－第72期(2024/04/01－2025/03/31) | S100W3H7 | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W3H7,, |
| 有価証券報告書－第71期(2023/04/01－2024/03/31) | S100TUZS | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TUZS,, |
| 有価証券報告書－第70期(2022/04/01－2023/03/31) | S100R48U | 2023-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R48U,, |
| 有価証券報告書－第69期(令和3年4月1日－令和4年3月31日) | S100OIOY | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OIOY,, |
| 有価証券報告書－第68期(令和2年4月1日－令和3年3月31日) | S100LSW0 | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LSW0,, |

## 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).