# Techno Mathematical 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26期(2025/04/01－2026/03/31) (S100YI1N)
> Page: https://vizora.meequs.com/en/company/techno-mathematical
> Retrieved: 2026-09-30T21:31:14.308Z

## Company

Techno Mathematical, founded in 2000, is a company in Software & SaaS listed on TSE Standard. It has 55 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Techno Mathematical Co.,Ltd. |
| Ticker | 3787 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3787.T) |
| Listing | TSE Standard |
| Head office | 東京都品川区西五反田二丁目12番19号 |
| Representative (per filing) | 代表取締役社長 田中 正文 |
| Founded | Jun 2000 |
| Share capital | ¥2.03B |
| Employees (consolidated) | 55 |
| Average salary (parent only) | ¥5.7M |
| Fiscal year end | March |
| Website | www.tmath.co.jp (https://www.tmath.co.jp/) |
| Corporate number | 6010701012444 |
| EDINET | E05445 |
| Industries (Vizora) | Software & SaaS |

> Profile source: annual securities report (S100YI1N, filed 2026-06-23). As of filing

## Key points (generated from figures)

- Techno Mathematical brought in ¥685.6M in revenue.
- Out of every ¥100 of sales, about ¥7 is left as operating profit.
- Revenue changed +64.6% from the prior year, and it swung back to an operating profit.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥685631000 → ¥85994000
- Net income → operating cash flow: ¥85994000 → ¥105058000（difference ¥19064000）
- Main uses of operating cash flow: CapEx ¥753000 / dividends — / buybacks —
- Change in cash: ¥117119000
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 | ¥685.6M |  |
| Operating income | ¥44.7M | Margin 6.5% |
| Net income | ¥86M | Margin 12.5% |
| Free cash flow | ¥104.3M |  |
| Employees (consolidated) | 55 |  |
| EPS | ¥33.16 |  |
| Book value per share | ¥698.89 |  |
| Equity ratio | 93.1% |  |
| Shares outstanding | 2,593,100 |  |
| Treasury shares | 100 |  |
| Shareholders | 1,406 |  |
| Average salary (parent only) | ¥5.7M | Filing company only |
| Cash ratio | 38.8% | Cash ÷ revenue 110.1% |
| Vs. industry median margin | -5.9 pp | Software & SaaS |
| ROE | 4.7% | Derived from disclosed figures |
| ROA | 4.5% | Derived from disclosed figures |

## Notable figures

- FY2026, cash is 39% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥416340000 | ¥685631000 | +64.7% |
| Operating income | ¥-250254000 | ¥44659000 | — |
| Operating margin | -60.1% | 6.5% | +66.6 pp |
| Employees | 63 people | 55 people | -12.7% |
| Cash and equivalents | ¥1313695000 | ¥754825000 | -42.5% |

### 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 | 686 | 100.0% | S100YI1N |
| Cost of revenue | 51 | 7.5% | 算出 |
| Gross profit | 634 | 92.5% | S100YI1N |
| SG&A | 590 | 86.0% | S100YI1N |
| Operating income | 45 | 6.5% | S100YI1N |
| Ordinary income | 106 | 15.5% | S100YI1N |
| Pretax income | 106 | 15.5% | S100YI1N |
| Income tax | 20 | 3.0% | S100YI1N |
| Net income | 86 | 12.5% | S100YI1N |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 7 |
| SG&A | 86 |
| Operating income | 7 |
| (Ref.) Net income | 13 |

### Margin funnel

Gross margin 92.5% → Operating margin 6.5% → Net margin 12.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Turned profitable
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 | 417 | 686 | 269 | +64.6% |
| Gross profit | 377 | 634 | 257 | +68.3% |
| Operating income | -287 | 45 | 331 | — |
| Operating cash flow | -203 | 105 | 308 | — |
| Free cash flow | -206 | 104 | 310 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 524 | -176 | -33.6% | -176 | 69 | 68 | S100LOKR |
| FY ending Mar 2021 | 416 | -250 | -60.1% | -246 | -143 | -144 | S100OCWV |
| FY ending Mar 2022 | 569 | -74 | -13.1% | -71 | -231 | -243 | S100R24L |
| FY ending Mar 2023 | 599 | -53 | -8.9% | -46 | 71 | 67 | S100TQMW |
| FY ending Mar 2024 | 528 | -157 | -29.8% | -145 | -273 | -277 | S100W3GV |
| FY ending Mar 2025 | 417 | -287 | -68.8% | -285 | -203 | -206 | S100YI1N |
| FY ending Mar 2026 | 686 | 45 | 6.5% | 86 | 105 | 104 | S100YI1N |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥12.5M |
| Operating income per employee (consolidated) | ¥812K |
| 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) | 57 | 58 | 56 | 57 | 55 |
| Average salary (parent company) | ¥5.6M | ¥5.7M | ¥5.8M | ¥5.8M | ¥5.7M |
| Average age (parent company) | 48.3 years | 48.9 years | 49.7 years | 50.9 years | 52.0 years |
| Average tenure (parent company) | 11.7 years | 11.2 years | 12.5 years | 13.2 years | 13.8 years |

Year over year: Employees (consolidated) -3.5% · Revenue (consolidated) +64.6%

## 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 | 105 | 15.3% | S100YI1N |
| Capital expenditure | 1 | 0.1% | S100YI1N |
| Free cash flow | 104 | 15.2% | 算出 |
| Investing cash flow | 2 | 0.3% | S100YI1N |
| Change in cash | 117 | 17.1% | S100YI1N |
| Cash and equivalents | 755 | 110.1% | S100YI1N |

## 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 | 1,034 | 1,111 | 846 | 638 | 755 | S100TQMW, S100W3GV, S100YI1N |
| Total assets | 2,352 | 2,299 | 2,187 | 1,844 | 1,946 | S100R24L, S100TQMW, S100W3GV, S100YI1N |
| Net assets | 2,261 | 2,205 | 2,070 | 1,763 | 1,812 | S100TQMW, S100W3GV, S100YI1N |
| Share capital | 2,032 | 2,032 | 2,032 | 2,032 | 2,032 | S100R24L, S100TQMW, S100W3GV, S100YI1N |
| Property, plant and equipment | 5 | 10 | 10 | 8 | 5 | S100R24L, S100TQMW, S100W3GV, S100YI1N |
| Intangible assets excluding goodwill | 10 | 8 | 6 | 4 | 2 | S100R24L, S100TQMW, S100W3GV, S100YI1N |
| Investment securities | 804 | 790 | 809 | 784 | 797 | S100R24L, S100TQMW, S100W3GV, S100YI1N |
| Current assets | 1,501 | 1,458 | 1,330 | 1,013 | 1,106 | S100R24L, S100TQMW, S100W3GV, S100YI1N |
| Current liabilities | 85 | 92 | 110 | 81 | 133 | S100R24L, S100TQMW, S100W3GV, S100YI1N |
| Total liabilities | 91 | 94 | 117 | 81 | 133 | S100R24L, S100TQMW, S100W3GV, S100YI1N |
| Equity attributable to owners of parent | 2,247 | 2,200 | 2,056 | 1,771 | 1,857 | S100R24L, S100TQMW, S100W3GV, S100YI1N |
| Retained earnings | -1,947 | -1,993 | -2,138 | -2,423 | -2,337 | S100R24L, S100TQMW, S100W3GV, S100YI1N |
| Treasury stock | -0 | -0 | -0 | -0 | -0 | S100R24L, S100TQMW, S100W3GV, S100YI1N |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 39% | S100YI1N |
| Property, plant and equipment | 0% | S100YI1N |
| Intangibles and goodwill | 0% | S100YI1N |
| Investment securities | 41% | S100YI1N |
| Other assets | 20% | S100YI1N |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 7% | S100YI1N |
| Equity | 93% | S100YI1N |

### 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 | 2,352 | 2,299 | 2,187 | 1,844 | 1,946 |
| Equity | 2,261 | 2,205 | 2,070 | 1,763 | 1,812 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,034 | 1,111 | 846 | 638 | 755 |

## 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) | 0.7% | S100YI1N |
| Fixed assets ÷ total assets | 0.3% | S100YI1N |
| Goodwill ÷ parent equity | — | —, S100YI1N |

### 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) | 38.8% |
| Cash ÷ revenue | 110.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 235.2% |
| Cash vs. profit gap | 19 JPY mn (of net income 22.2%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.1% |
| Investing CF relative to operating CF | 1.7% |

## 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 | — | —× | -3.0% | —× | — | S100R24L |
| 2023 | — | —× | -2.0% | —× | — | S100TQMW |
| 2024 | — | —× | -6.4% | —× | — | S100W3GV |
| 2025 | — | —× | -14.1% | —× | — | S100YI1N |
| 2026 | 12.5% | 0.36× | 4.5% | 1.04× | 4.7% | S100YI1N |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 田中 正文 | Major shareholder | 41.3% | 2026-03-31 |
| 秋元 利規 | Major shareholder | 9.6% | 2026-03-31 |
| 出口 眞規子 | Major shareholder | 7.8% | 2026-03-31 |
| 株式会社ＳＢＩ証券 | Major shareholder | 2.7% | 2026-03-31 |
| 橋本 文男 | Major shareholder | 2.4% | 2026-03-31 |
| 鈴木 智博 | Major shareholder | 1.3% | 2026-03-31 |
| 柳原 弘子 | Major shareholder | 1.3% | 2026-03-31 |
| 福永 嘉之 | Major shareholder | 0.8% | 2026-03-31 |
| 楽天証券株式会社 | Major shareholder | 0.7% | 2026-03-31 |
| 今 秀信 | Major shareholder | 0.7% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第26期(2025/04/01－2026/03/31) | S100YI1N | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YI1N,, |
| 有価証券報告書－第25期(2024/04/01－2025/03/31) | S100W3GV | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W3GV,, |
| 有価証券報告書－第24期(2023/04/01－2024/03/31) | S100TQMW | 2024-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TQMW,, |
| 有価証券報告書－第23期(2022/04/01－2023/03/31) | S100R24L | 2023-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R24L,, |
| 有価証券報告書－第22期(令和3年4月1日－令和4年3月31日) | S100OCWV | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OCWV,, |
| 有価証券報告書－第21期(令和2年4月1日－令和3年3月31日) | S100LOKR | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LOKR,, |

## 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).