# TerraSky Co.,Ltd.: business model and financials

> Latest period: FY ending Feb 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 訂正有価証券報告書－第20期(2025/03/01－2026/02/28) (S100YO1B)
> Page: https://vizora.meequs.com/en/company/terrasky
> Retrieved: 2026-09-30T20:25:56.275Z

## Company

TerraSky, founded in 2006, is a company in IT Services & System Integration listed on TSE Prime. It has 1,608 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | TerraSky Co.,Ltd. |
| Ticker | 3915 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3915.T) |
| Listing | TSE Prime |
| Head office | 東京都中央区日本橋二丁目11番2号 |
| Representative (per filing) | 代表取締役CEO社長執行役員 佐藤 秀哉 |
| Founded | Mar 2006 |
| Share capital | ¥1.26B |
| Employees (consolidated) | 1,608 |
| Average salary (parent only) | ¥6.6M |
| Fiscal year end | February |
| Website | www.terrasky.co.jp (https://www.terrasky.co.jp/) |
| Corporate number | 5010001125410 |
| EDINET | E31453 |
| Industries (Vizora) | IT Services & System Integration, Software & SaaS |

> Profile source: annual securities report (S100YO1B, filed 2026-07-01). As of filing

## Five-axis industry profile

Primary industry: IT Services & System Integration (2026-02-28)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 90.8 | 157 |
| Profitability | 25.3 | 196 |
| Cash conversion | 75.9 | 185 |
| Efficiency | 56.4 | 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 92% of TerraSky's sales come from Solution, with Products making up much of the rest.
- Out of every ¥100 of sales, about ¥6 is left as operating profit.
- Revenue changed +13.5% from the prior year, operating profit +7.4%.

## Company structure

- Segment revenue mix: Solution 92.0%、Products 8.0%
- Revenue → net income: ¥28056820000 → ¥1738272000
- Net income → operating cash flow: ¥1738272000 → ¥1763153000（difference ¥24881000）
- Main uses of operating cash flow: CapEx ¥883975000 / dividends — / buybacks —
- Change in cash: ¥1753009000
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 | ¥28.1B |  |
| Operating income | ¥1.56B | Margin 5.6% |
| Net income | ¥1.57B | Margin 5.6% |
| Free cash flow | ¥879.2M |  |
| Largest business | Solution | of segment revenue 92.0% |
| Employees (consolidated) | 1,608 |  |
| EPS | ¥70.5 |  |
| Book value per share | ¥733.76 |  |
| Equity ratio | 56.5% |  |
| Shares outstanding | 12,918,380 |  |
| Treasury shares | 9,500 |  |
| Shareholders | 9,135 |  |
| Average salary (parent only) | ¥6.6M | Filing company only |
| Cash ratio | 37.2% | Cash ÷ revenue 29.5% |
| Vs. industry median margin | -3.4 pp | IT Services & System Integration |
| ROE | 16.1% | Derived from disclosed figures |
| ROA | 7.5% | Derived from disclosed figures |

## Notable figures

- FY2026, revenue is 2.2× its level five years ago
- FY2026, one segment accounts for 100% of positive segment profit
- FY2026, cash is 37% of total assets

## What changed in 5 years

| Metric | FY ending Feb 2021 | FY ending Feb 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥11144704000 | ¥28056820000 | +151.8% |
| Operating income | ¥779670000 | ¥1560235000 | +100.1% |
| Operating margin | 7.0% | 5.6% | -1.4 pp |
| Employees | 605 people | 1,608 people | +165.8% |
| Cash and equivalents | ¥6094887000 | ¥8265447000 | +35.6% |

### Change in segment revenue mix

Span: FY ending Feb 2021 → FY ending Feb 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| ソリューション事業 → ソリューション事業 | 86.0% |
| 製品事業 → 製品事業 | 8.0% |
| 製品事業 → 事業再編・廃止 | 6.1% |
| 新設・再編 → ソリューション事業 | 6.1% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 28,057 | 100.0% | S100YO1B |
| Cost of revenue | 20,584 | 73.4% | S100YO1B |
| Gross profit | 7,473 | 26.6% | S100YO1B |
| SG&A | 5,913 | 21.1% | S100YO1B |
| Operating income | 1,560 | 5.6% | S100YO1B |
| Ordinary income | 1,727 | 6.2% | S100YO1B |
| Pretax income | 2,324 | 8.3% | S100YO1B |
| Income tax | 586 | 2.1% | S100YO1B |
| Net income | 1,738 | 6.2% | S100YO1B |
| Net income attributable to owners | 1,572 | 5.6% | S100YO1B |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 73 |
| SG&A | 21 |
| Operating income | 6 |
| (Ref.) Net income | 6 |

### Margin funnel

Gross margin 26.6% → Operating margin 5.6% → Net margin 5.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +13.5%; Core profit growth: +7.4%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.55×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Feb 2025 → FY ending Feb 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 24,710 | 28,057 | 3,347 | +13.5% |
| Gross profit | 6,675 | 7,473 | 798 | +12.0% |
| Operating income | 1,452 | 1,560 | 108 | +7.4% |
| Net income attributable to owners | 1,018 | 1,572 | 554 | +54.4% |
| Operating cash flow | 1,559 | 1,763 | 205 | +13.1% |
| Free cash flow | 660 | 879 | 219 | +33.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Feb 2020 | 9,300 | 725 | 7.8% | 881 | 1,459 | 1,021 | S100LFGD |
| FY ending Feb 2021 | 11,145 | 780 | 7.0% | 2,460 | 235 | -189 | S100O550 |
| FY ending Feb 2022 | 12,578 | 659 | 5.2% | 307 | -467 | -808 | S100QUCY |
| FY ending Feb 2023 | 15,441 | 512 | 3.3% | 347 | 978 | 661 | S100TJAZ |
| FY ending Feb 2024 | 19,137 | 523 | 2.7% | 300 | 672 | -40 | S100VUXC |
| FY ending Feb 2025 | 24,710 | 1,452 | 5.9% | 1,018 | 1,559 | 660 | S100YO1B |
| FY ending Feb 2026 | 28,057 | 1,560 | 5.6% | 1,572 | 1,763 | 879 | S100YO1B |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥17.4M |
| Operating income per employee (consolidated) | ¥970.3K |
| Net income per employee (consolidated) | ¥977.9K |

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

| History | FY ending Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 777 | 944 | 1,193 | 1,404 | 1,608 |
| Average salary (parent company) | ¥6.2M | ¥6.2M | ¥6.3M | ¥6.5M | ¥6.6M |
| Average age (parent company) | 36.8 years | 36.3 years | 35.8 years | 35.2 years | 35.3 years |
| Average tenure (parent company) | 3.0 years | 4.0 years | 4.0 years | 4.0 years | 4.0 years |

Year over year: Employees (consolidated) +14.5% · Revenue (consolidated) +13.5%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Solution | 25,820 | 92.0% | 3,213 | 12.4% |
| Products | 2,237 | 8.0% | -126 | -5.6% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Solution | 92.0% | 100.0% | 8.0 | 12.4% |
| Products | 8.0% | — | — | -5.6% |

Loss-making segment (excluded from profit shares): Products -126 JPY mn

Segment → industry: Solution → IT Services & System Integration / Products → Software & SaaS

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 1,763 | 6.3% | S100YO1B |
| Capital expenditure | 884 | 3.2% | S100YO1B |
| Free cash flow | 879 | 3.1% | 算出 |
| Investing cash flow | -106 | -0.4% | S100YO1B |
| Financing cash flow | 93 | 0.3% | S100YO1B |
| Change in cash | 1,753 | 6.2% | S100YO1B |
| Cash and equivalents | 8,265 | 29.5% | S100YO1B |

## 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 Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 5,672 | 5,894 | 5,616 | 6,512 | 8,265 | S100TJAZ, S100VUXC, S100YO1B |
| Total assets | 13,834 | 15,523 | 18,447 | 19,470 | 22,212 | S100QUCY, S100TJAZ, S100VUXC, S100YO1B |
| Net assets | 9,846 | 10,932 | 12,554 | 12,840 | 14,967 | S100TJAZ, S100VUXC, S100YO1B |
| Share capital | 1,218 | 1,252 | 1,253 | 1,257 | 1,257 | S100QUCY, S100TJAZ, S100VUXC, S100YO1B |
| Property, plant and equipment | 340 | 332 | 309 | 400 | 432 | S100QUCY, S100TJAZ, S100VUXC, S100YO1B |
| Intangible assets excluding goodwill | 711 | 638 | 926 | 1,246 | 1,712 | S100QUCY, S100TJAZ, S100VUXC, S100YO1B |
| Goodwill | 130 | 72 | 39 | 8 | 313 | S100QUCY, S100TJAZ, S100VUXC, S100YO1B |
| Investment securities | 2,895 | 3,972 | 5,949 | 4,269 | 3,615 | S100QUCY, S100TJAZ, S100VUXC, S100YO1B |
| Current assets | 9,340 | 10,034 | 10,642 | 12,845 | 15,554 | S100QUCY, S100TJAZ, S100VUXC, S100YO1B |
| Current liabilities | 3,137 | 3,646 | 4,423 | 5,725 | 6,426 | S100QUCY, S100TJAZ, S100VUXC, S100YO1B |
| Short-term borrowings | 400 | 200 | 200 | 200 | 200 | S100QUCY, S100TJAZ, S100VUXC, S100YO1B |
| Long-term borrowings | 90 | 29 | 6 | 2 | — | S100QUCY, S100TJAZ, S100VUXC, S100YO1B |
| Total liabilities | 3,988 | 4,591 | 5,893 | 6,631 | 7,245 | S100QUCY, S100TJAZ, S100VUXC, S100YO1B |
| Non-controlling interests | 1,057 | 1,347 | 1,450 | 1,757 | 2,399 | S100QUCY, S100TJAZ, S100VUXC, S100YO1B |
| Equity attributable to owners of parent | 7,031 | 7,444 | 7,745 | 8,954 | 10,587 | S100QUCY, S100TJAZ, S100VUXC, S100YO1B |
| Retained earnings | 4,153 | 4,482 | 4,782 | 5,800 | 7,372 | S100QUCY, S100TJAZ, S100VUXC, S100YO1B |
| Treasury stock | -0 | -1 | -1 | -1 | -1 | S100QUCY, S100TJAZ, S100VUXC, S100YO1B |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 37% | S100YO1B |
| Property, plant and equipment | 2% | S100YO1B |
| Intangibles and goodwill | 9% | S100YO1B |
| Investment securities | 16% | S100YO1B |
| Other assets | 36% | S100YO1B |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 33% | S100YO1B |
| Equity | 67% | S100YO1B |
| Other liabilities | 0% | S100YO1B |

### Balance sheet history

| Metric | FY ending Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 13,834 | 15,523 | 18,447 | 19,470 | 22,212 |
| Equity | 9,846 | 10,932 | 12,554 | 12,840 | 14,967 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 5,672 | 5,894 | 5,616 | 6,512 | 8,265 |

## 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) | 1.5% | S100YO1B |
| Fixed assets ÷ total assets | 1.9% | S100YO1B |
| Goodwill ÷ parent equity | 3.0% | S100YO1B |

Goodwill over 4 years: 130 → 313 JPY; total investing cash flow: -3,351 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) | 37.2% |
| Cash ÷ revenue | 29.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 113.0% |
| Cash vs. profit gap | 191 JPY mn (of net income 12.1%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 3.2% |
| Investing CF relative to operating CF | 6.0% |

## 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 | 2.4% | 0.91× | 2.2% | 1.97× | 4.4% | S100QUCY |
| 2023 | 2.3% | 1.05× | 2.4% | 2.03× | 4.8% | S100TJAZ |
| 2024 | 1.6% | 1.13× | 1.8% | 2.24× | 4.0% | S100VUXC |
| 2025 | 4.1% | 1.30× | 5.4% | 2.27× | 12.2% | S100YO1B |
| 2026 | 5.6% | 1.35× | 7.5% | 2.13× | 16.1% | S100YO1B |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 佐藤 秀哉 | Major shareholder | 28.3% | 2026-02-28 |
| 株式会社ＮＴＴデータ | Major shareholder | 15.9% | 2026-02-28 |
| 株式会社マレスカイ | Major shareholder | 7.8% | 2026-02-28 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 4.7% | 2026-02-28 |
| 株式会社サーバーワークス | Major shareholder | 2.7% | 2026-02-28 |
| THE BANK OF NEW YORK 133595 （常任代理人 株式会社みずほ銀行） | Major shareholder | 1.4% | 2026-02-28 |
| BNY GCM CLIENT ACCOUNT JPRD AC ISG（FE－AC） (常任代理人 株式会社三菱UFJ銀行） | Major shareholder | 1.2% | 2026-02-28 |
| 台 達雄 | Major shareholder | 1.2% | 2026-02-28 |
| 野村證券株式会社 | Major shareholder | 0.5% | 2026-02-28 |
| 今岡 純二 | Major shareholder | 0.5% | 2026-02-28 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 訂正有価証券報告書－第20期(2025/03/01－2026/02/28) | S100YO1B | 2026-07-01 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YO1B,, |
| 有価証券報告書－第19期(2024/03/01－2025/02/28) | S100VUXC | 2025-05-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VUXC,, |
| 有価証券報告書－第18期(2023/03/01－2024/02/29) | S100TJAZ | 2024-05-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TJAZ,, |
| 有価証券報告書－第17期(2022/03/01－2023/02/28) | S100QUCY | 2023-05-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QUCY,, |
| 有価証券報告書－第16期(令和3年3月1日－令和4年2月28日) | S100O550 | 2022-05-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O550,, |
| 有価証券報告書－第15期(令和2年3月1日－令和3年2月28日) | S100LFGD | 2021-05-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LFGD,, |

## 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).