# TOKAI SOFT CO.,LTD.: business model and financials

> Latest period: FY ending May 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第57期(2025/06/01－2026/05/31) (S100YYUD)
> Page: https://vizora.meequs.com/en/company/tokai-soft
> Retrieved: 2026-09-30T19:07:54.329Z

## Company

Tokai Soft, founded in 1970, is a company in IT Services & System Integration listed on TSE Standard. It has 795 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | TOKAI SOFT CO.,LTD. |
| Ticker | 4430 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4430.T) |
| Listing | TSE Standard |
| Head office | 名古屋市中村区則武二丁目16番1号 |
| Representative (per filing) | 代表取締役社長 尾上 雅憲 |
| Founded | May 1970 |
| Share capital | ¥826.6M |
| Employees (consolidated) | 795 |
| Average salary (parent only) | ¥6.7M |
| Fiscal year end | May |
| Website | www.tokai-soft.co.jp (https://www.tokai-soft.co.jp/) |
| Corporate number | 1180001031538 |
| EDINET | E34663 |
| Industries (Vizora) | IT Services & System Integration |

> Profile source: annual securities report (S100YYUD, filed 2026-08-27). As of filing

## Five-axis industry profile

Primary industry: IT Services & System Integration (2026-05-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 68.6 | 196 |
| Cash conversion | 54.9 | 185 |
| Efficiency | 37.5 | 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)

- Tokai Soft brought in ¥12.3B in revenue.
- Out of every ¥100 of sales, about ¥11 is left as operating profit.
- Revenue changed +15.0% from the prior year, operating profit +22.9%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥12285207000 → ¥956857000
- Net income → operating cash flow: ¥956857000 → ¥1157043000（difference ¥200186000）
- Main uses of operating cash flow: CapEx ¥76026000 / dividends ¥263209000 / buybacks ¥96000
- Change in cash: ¥-141293000
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 | ¥12.3B |  |
| Operating income | ¥1.38B | Margin 11.2% |
| Net income | ¥956.9M | Margin 7.8% |
| Free cash flow | ¥1.08B |  |
| Employees (consolidated) | 795 |  |
| EPS | ¥217.03 |  |
| Book value per share | ¥1407.54 |  |
| Equity ratio | 61.8% |  |
| Shares outstanding | 4,920,300 |  |
| Treasury shares | 123,200 |  |
| Shareholders | 3,944 |  |
| Average salary (parent only) | ¥6.7M | Filing company only |
| Cash ratio | 18.6% | Cash ÷ revenue 16.7% |
| Vs. industry median margin | +2.3 pp | IT Services & System Integration |
| ROE | 15.4% | Derived from disclosed figures |
| ROA | 8.6% | Derived from disclosed figures |

## Notable figures

- FY2026, employees -2% while operating income rose 23%

## What changed in 5 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending May 2021 | FY ending May 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥6676935000 | ¥12285207000 | — |
| Operating income | ¥465765000 | ¥1376780000 | — |
| Operating margin | 7.0% | 11.2% | +4.2 pp |
| Employees | 523 people | 795 people | — |
| Cash and equivalents | ¥1293010000 | ¥2057387000 | — |

### Change in segment revenue mix

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

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 12,285 | 100.0% | S100YYUD |
| Cost of revenue | 9,356 | 76.2% | S100YYUD |
| Gross profit | 2,929 | 23.8% | S100YYUD |
| SG&A | 1,552 | 12.6% | S100YYUD |
| Operating income | 1,377 | 11.2% | S100YYUD |
| Ordinary income | 1,401 | 11.4% | S100YYUD |
| Pretax income | 1,401 | 11.4% | S100YYUD |
| Income tax | 444 | 3.6% | S100YYUD |
| Net income | 957 | 7.8% | S100YYUD |
| Net income attributable to owners | 957 | 7.8% | S100YYUD |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 76 |
| SG&A | 13 |
| Operating income | 11 |
| (Ref.) Net income | 8 |

### Margin funnel

Gross margin 23.8% → Operating margin 11.2% → Net margin 7.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +15.0%; Core profit growth: +22.9%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.52×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 10,680 | 12,285 | 1,605 | +15.0% |
| Gross profit | 2,547 | 2,929 | 381 | +15.0% |
| Operating income | 1,120 | 1,377 | 256 | +22.9% |
| Net income attributable to owners | 813 | 957 | 143 | +17.6% |
| Operating cash flow | 751 | 1,157 | 406 | +54.0% |
| Free cash flow | 744 | 1,081 | 337 | +45.3% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending May 2020 | 6,731 | 510 | 7.6% | 377 | 427 | -272 | S100MCF3 |
| FY ending May 2021 | 6,677 | 466 | 7.0% | 403 | -160 | -3,232 | S100P3VU |
| FY ending May 2022 | 7,304 | 673 | 9.2% | 443 | 1,227 | 1,136 | S100RS5A |
| FY ending May 2023 | 7,718 | 864 | 11.2% | 624 | 13 | -18 | S100UASZ |
| FY ending May 2024 | 8,739 | 1,005 | 11.5% | 736 | 737 | 702 | S100UASZ |
| FY ending May 2025 | 10,680 | 1,120 | 10.5% | 813 | 751 | 744 | S100YYUD |
| FY ending May 2026 | 12,285 | 1,377 | 11.2% | 957 | 1,157 | 1,081 | S100YYUD |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥15.5M |
| Operating income per employee (consolidated) | ¥1.7M |
| Net income per employee (consolidated) | ¥1.2M |

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

| History | FY ending May 2022 | FY ending May 2023 | FY ending May 2024 | FY ending May 2025 | FY ending May 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 537 | 543 | 565 | 808 | 795 |
| Average salary (parent company) | ¥5.6M | ¥5.8M | ¥6.2M | ¥6.3M | ¥6.7M |
| Average age (parent company) | 36.0 years | 36.0 years | 36.0 years | 36.0 years | 36.0 years |
| Average tenure (parent company) | 12.0 years | 11.0 years | 11.0 years | 11.0 years | 11.0 years |

Year over year: Employees (consolidated) -1.6% · Revenue (consolidated) +15.0%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 1,157 | 9.4% | S100YYUD |
| Capital expenditure | 76 | 0.6% | S100YYUD |
| Free cash flow | 1,081 | 8.8% | 算出 |
| Investing cash flow | -75 | -0.6% | S100YYUD |
| Financing cash flow | -1,223 | -10.0% | S100YYUD |
| Dividends paid | 263 | 2.1% | S100YYUD |
| Share buyback | 0 | 0.0% | S100YYUD |
| Change in cash | -141 | -1.2% | S100YYUD |
| Cash and equivalents | 2,057 | 16.7% | S100YYUD |

## 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 May 2022 | FY ending May 2023 | FY ending May 2024 | FY ending May 2025 | FY ending May 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,882 | 1,476 | 1,699 | 2,199 | 2,057 | S100UASZ, S100YYUD |
| Total assets | 7,811 | 7,786 | 8,392 | 11,239 | 11,038 | S100RS5A, S100UASZ, S100YYUD |
| Net assets | 4,082 | 4,697 | 5,306 | 6,058 | 6,820 | S100UASZ, S100YYUD |
| Share capital | 827 | 827 | 827 | 827 | 827 | S100RS5A, S100UASZ, S100YYUD |
| Property, plant and equipment | 3,659 | 3,578 | 3,536 | 3,482 | 3,491 | S100RS5A, S100UASZ, S100YYUD |
| Intangible assets excluding goodwill | 78 | 80 | 59 | 1,769 | 1,606 | S100RS5A, S100UASZ, S100YYUD |
| Goodwill | — | — | — | 1,278 | 1,167 | S100YYUD |
| Investment securities | 117 | 187 | 194 | 197 | 162 | S100RS5A, S100UASZ, S100YYUD |
| Current assets | 3,595 | 3,575 | 4,196 | 5,227 | 5,112 | S100RS5A, S100UASZ, S100YYUD |
| Current liabilities | 1,841 | 1,527 | 1,821 | 2,821 | 2,754 | S100RS5A, S100UASZ, S100YYUD |
| Trade payables | — | — | — | 373 | 348 | S100YYUD |
| Long-term borrowings | 1,366 | 1,057 | 739 | 1,794 | 985 | S100RS5A, S100UASZ, S100YYUD |
| Total liabilities | 3,729 | 3,089 | 3,086 | 5,182 | 4,219 | S100RS5A, S100UASZ, S100YYUD |
| Equity attributable to owners of parent | 4,069 | 4,634 | 5,239 | 5,847 | 6,559 | S100RS5A, S100UASZ, S100YYUD |
| Retained earnings | 2,470 | 3,018 | 3,611 | 4,200 | 4,894 | S100RS5A, S100UASZ, S100YYUD |
| Treasury stock | -171 | -153 | -143 | -128 | -117 | S100RS5A, S100UASZ, S100YYUD |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 19% | S100YYUD |
| Property, plant and equipment | 32% | S100YYUD |
| Intangibles and goodwill | 25% | S100YYUD |
| Investment securities | 1% | S100YYUD |
| Other assets | 23% | S100YYUD |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 3% | S100YYUD |
| Other liabilities | 35% | S100YYUD |
| Equity | 62% | S100YYUD |

### Balance sheet history

| Metric | FY ending May 2022 | FY ending May 2023 | FY ending May 2024 | FY ending May 2025 | FY ending May 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 7,811 | 7,786 | 8,392 | 11,239 | 11,038 |
| Equity | 4,082 | 4,697 | 5,306 | 6,058 | 6,820 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,882 | 1,476 | 1,699 | 2,199 | 2,057 |

## 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) | 28.4% | S100YYUD |
| Fixed assets ÷ total assets | 31.6% | S100YYUD |
| Goodwill ÷ parent equity | 17.8% | S100YYUD |

### 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) | 18.6% |
| Cash ÷ revenue | 16.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 84.0% |
| Cash vs. profit gap | 200 JPY mn (of net income 20.9%) |
| Shareholder returns / net income | 27.5% |
| Shareholder returns / FCF | 24.4% |
| Shareholder payments — dividends / net income | 27.5% |
| Shareholder payments — dividends / FCF | 24.3% |
| CapEx intensity (capex ÷ revenue) | 0.6% |
| Investing CF relative to operating CF | 6.5% |

## 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 | 6.1% | 0.93× | 5.7% | 1.92× | 10.9% | S100RS5A |
| 2023 | 8.1% | 0.99× | 8.0% | 1.79× | 14.3% | S100UASZ |
| 2024 | 8.4% | 1.08× | 9.1% | 1.64× | 14.9% | S100UASZ |
| 2025 | 7.6% | 0.95× | 7.2% | 1.92× | 13.9% | S100YYUD |
| 2026 | 7.8% | 1.10× | 8.6% | 1.80× | 15.4% | S100YYUD |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 水谷 慎介 | Major shareholder | 15.9% | 2026-05-31 |
| 東海ソフト社員持株会 | Major shareholder | 7.4% | 2026-05-31 |
| ビジネスエンジニアリング株式会社 | Major shareholder | 5.1% | 2026-05-31 |
| 仁井田 博義 | Major shareholder | 4.2% | 2026-05-31 |
| 伊藤 秀和 | Major shareholder | 4.0% | 2026-05-31 |
| 藤本 茂 | Major shareholder | 2.2% | 2026-05-31 |
| 株式会社日本カストディ銀行 | Major shareholder | 1.8% | 2026-05-31 |
| 光通信KK投資事業有限責任組合 | Major shareholder | 1.6% | 2026-05-31 |
| 山下 一浩 | Major shareholder | 1.1% | 2026-05-31 |
| 野島 誠 | Major shareholder | 1.0% | 2026-05-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第57期(2025/06/01－2026/05/31) | S100YYUD | 2026-08-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YYUD,, |
| 有価証券報告書－第56期(2024/06/01－2025/05/31) | S100WLXE | 2025-08-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WLXE,, |
| 有価証券報告書－第55期(2023/06/01－2024/05/31) | S100UASZ | 2024-08-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UASZ,, |
| 有価証券報告書－第54期(2022/06/01－2023/05/31) | S100RS5A | 2023-08-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RS5A,, |
| 有価証券報告書－第53期(令和3年6月1日－令和4年5月31日) | S100P3VU | 2022-08-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100P3VU,, |
| 有価証券報告書－第52期(令和2年6月1日－令和3年5月31日) | S100MCF3 | 2021-08-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MCF3,, |

## 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).