# Toukei Computer Co.,Ltd.: business model and financials

> Latest period: FY ending Dec 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第56期(2025/01/01－2025/12/31) (S100XUNZ)
> Page: https://vizora.meequs.com/en/company/toukei-computer
> Retrieved: 2026-09-30T20:59:13.557Z

## Company

Toukei Computer is a company in IT Services & System Integration listed on TSE Standard. It has 820 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Toukei Computer Co.,Ltd. |
| Ticker | 4746 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4746.T) |
| Listing | TSE Standard |
| Head office | 神奈川県川崎市中原区市ノ坪150番地 |
| Representative (per filing) | 代表取締役会長 甲田 英毅 |
| Share capital | ¥1.37B |
| Employees (consolidated) | 820 |
| Average salary (parent only) | ¥6.3M |
| Fiscal year end | December |
| Website | www.toukei.co.jp (https://www.toukei.co.jp/) |
| Corporate number | 4020001069830 |
| EDINET | E05066 |
| Industries (Vizora) | IT Services & System Integration, Leasing |

> Profile source: annual securities report (S100XUNZ, filed 2026-03-27). As of filing

## Five-axis industry profile

Primary industry: IT Services & System Integration (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 30.9 | 157 |
| Profitability | 98.2 | 196 |
| Cash conversion | 70.5 | 185 |
| Efficiency | 1.8 | 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 90% of Toukei Computer's sales come from Sales of information processing and software development, with sales of equipment sales and sales of leases and other making up much of the rest.
- Out of every ¥100 of sales, about ¥30 is left as operating profit.
- Revenue changed +6.1% from the prior year, operating profit +12.5%.

## Company structure

- Segment revenue mix: Sales of information processing and software development 89.8%、sales of equipment sales 8.5%、sales of leases and other 1.7%
- Revenue → net income: ¥20835656000 → ¥5374191000
- Net income → operating cash flow: ¥5374191000 → ¥6401595000（difference ¥1027404000）
- Main uses of operating cash flow: CapEx ¥630266000 / dividends ¥2371782000 / buybacks —
- Change in cash: ¥615890000
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 | ¥20.8B |  |
| Operating income | ¥6.27B | Margin 30.1% |
| Net income | ¥5.37B | Margin 25.8% |
| Free cash flow | ¥5.77B |  |
| Largest business | Sales of information processing and software development | of segment revenue 89.8% |
| Employees (consolidated) | 820 |  |
| EPS | ¥299.25 |  |
| Diluted EPS | ¥294.55 |  |
| Book value per share | ¥2780.95 |  |
| Equity ratio | 79.6% |  |
| Shares outstanding | 18,700,000 |  |
| Treasury shares | 730,000 |  |
| Shareholders | 7,680 |  |
| Average salary (parent only) | ¥6.3M | Filing company only |
| Cash ratio | 4.5% | Cash ÷ revenue 13.6% |
| Vs. industry median margin | +21.2 pp | IT Services & System Integration |
| ROE | 17.0% | Derived from disclosed figures |
| ROA | 9.5% | Derived from disclosed figures |

## Notable figures

- FY2025, one segment accounts for 93% of positive segment profit
- FY2025, operating income keeps 30 per ¥100 of revenue
- FY2025, employees -1% while operating income rose 12%

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥15848787000 | ¥20835656000 | +31.5% |
| Operating income | ¥2903531000 | ¥6270933000 | +116.0% |
| Operating margin | 18.3% | 30.1% | +11.8 pp |
| Employees | 814 people | 820 people | +0.7% |
| Cash and equivalents | ¥1627730000 | ¥2826005000 | +73.6% |

### Change in segment revenue mix

Span: FY ending Dec 2020 → FY ending Dec 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 情報処理・ソフトウェア開発業務 → 情報処理・ソフトウェア開発業務 | 89.8% |
| 情報処理・ソフトウェア開発業務 → 事業再編・廃止 | 0.4% |
| 機器販売業務 → 機器販売業務 | 7.4% |
| リース等その他の業務 → リース等その他の業務 | 1.7% |
| リース等その他の業務 → 事業再編・廃止 | 0.7% |
| 新設・再編 → 機器販売業務 | 1.1% |

Segment revenue source references: 6 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Sales of information processing and software development | 5 years | +5.5% | ¥18703350000 | 31.0% | 2 |
| sales of equipment sales | 5 years | +8.5% | ¥1778521000 | 22.6% | 2 |
| sales of leases and other | 5 years | -1.7% | ¥353785000 | 18.8% | 2 |

## Income statement（FY ending Dec 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 20,836 | 100.0% | S100XUNZ |
| Cost of revenue | 11,405 | 54.7% | S100XUNZ |
| Gross profit | 9,430 | 45.3% | S100XUNZ |
| SG&A | 3,159 | 15.2% | S100XUNZ |
| Operating income | 6,271 | 30.1% | S100XUNZ |
| Ordinary income | 7,300 | 35.0% | S100XUNZ |
| Pretax income | 7,802 | 37.4% | S100XUNZ |
| Income tax | 2,427 | 11.7% | S100XUNZ |
| Net income | 5,374 | 25.8% | S100XUNZ |
| Net income attributable to owners | 5,374 | 25.8% | S100XUNZ |

## Per ¥100 of revenue（FY ending Dec 2025）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 55 |
| SG&A | 15 |
| Operating income | 30 |
| (Ref.) Net income | 26 |

### Margin funnel

Gross margin 45.3% → Operating margin 30.1% → Net margin 25.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +6.1%; Core profit growth: +12.5%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.04×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Dec 2024 → FY ending Dec 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 19,634 | 20,836 | 1,201 | +6.1% |
| Gross profit | 8,493 | 9,430 | 938 | +11.0% |
| Operating income | 5,576 | 6,271 | 694 | +12.5% |
| Net income attributable to owners | 4,496 | 5,374 | 878 | +19.5% |
| Operating cash flow | 3,737 | 6,402 | 2,665 | +71.3% |
| Free cash flow | 3,422 | 5,771 | 2,349 | +68.7% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 15,300 | 3,241 | 21.2% | 2,570 | 1,863 | 1,517 | S100L0QN |
| FY ending Dec 2020 | 15,849 | 2,904 | 18.3% | 2,507 | 2,520 | 2,103 | S100NQ8Q |
| FY ending Dec 2021 | 16,782 | 3,743 | 22.3% | 3,008 | 4,914 | 4,474 | S100QFMO |
| FY ending Dec 2022 | 17,605 | 4,541 | 25.8% | 3,410 | 4,473 | 4,087 | S100T4SK |
| FY ending Dec 2023 | 19,562 | 5,060 | 25.9% | 3,968 | 5,045 | 4,467 | S100VHAR |
| FY ending Dec 2024 | 19,634 | 5,576 | 28.4% | 4,496 | 3,737 | 3,422 | S100XUNZ |
| FY ending Dec 2025 | 20,836 | 6,271 | 30.1% | 5,374 | 6,402 | 5,771 | S100XUNZ |

## People and productivity（FY ending Dec 2025, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥25.4M |
| Operating income per employee (consolidated) | ¥7.6M |
| Net income per employee (consolidated) | ¥6.6M |

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

| History | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 827 | 830 | 832 | 825 | 820 |
| Average salary (parent company) | ¥5.7M | ¥5.8M | ¥5.9M | ¥6.1M | ¥6.3M |
| Average age (parent company) | 38.6 years | 39.1 years | 39.6 years | 39.5 years | 39.7 years |
| Average tenure (parent company) | 13.0 years | 13.0 years | 14.0 years | 14.0 years | 14.0 years |

Year over year: Employees (consolidated) -0.6% · Revenue (consolidated) +6.1%

## Segments（FY ending Dec 2025, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Sales of information processing and software development | 18,703 | 89.8% | 5,802 | 31.0% |
| sales of equipment sales | 1,779 | 8.5% | 402 | 22.6% |
| sales of leases and other | 354 | 1.7% | 67 | 18.8% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Sales of information processing and software development | 89.8% | 92.5% | 2.8 | 31.0% |
| sales of equipment sales | 8.5% | 6.4% | -2.1 | 22.6% |
| sales of leases and other | 1.7% | 1.1% | -0.6 | 18.8% |

Segment → industry: sales of equipment sales → IT Services & System Integration / Sales of information processing and software development → IT Services & System Integration / sales of leases and other → Leasing

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Dec 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 6,402 | 30.7% | S100XUNZ |
| Capital expenditure | 630 | 3.0% | S100XUNZ |
| Free cash flow | 5,771 | 27.7% | 算出 |
| Investing cash flow | -3,564 | -17.1% | S100XUNZ |
| Financing cash flow | -2,221 | -10.7% | S100XUNZ |
| Dividends paid | 2,372 | 11.4% | S100XUNZ |
| Change in cash | 616 | 3.0% | S100XUNZ |
| Cash and equivalents | 2,826 | 13.6% | S100XUNZ |

## 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 Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 2,034 | 3,266 | 3,047 | 2,210 | 2,826 | S100T4SK, S100VHAR, S100XUNZ |
| Total assets | 34,761 | 35,448 | 41,674 | 49,715 | 63,236 | S100QFMO, S100T4SK, S100VHAR, S100XUNZ |
| Net assets | 28,489 | 29,312 | 34,062 | 40,319 | 50,517 | S100T4SK, S100VHAR, S100XUNZ |
| Share capital | 1,370 | 1,370 | 1,370 | 1,370 | 1,370 | S100QFMO, S100T4SK, S100VHAR, S100XUNZ |
| Trade receivables | 2,497 | — | — | — | — | S100QFMO |
| Inventories | 977 | 938 | 673 | 865 | 1,086 | S100QFMO, S100T4SK, S100VHAR, S100XUNZ |
| Property, plant and equipment | 6,941 | 6,886 | 6,835 | 6,699 | 6,633 | S100QFMO, S100T4SK, S100VHAR, S100XUNZ |
| Intangible assets excluding goodwill | 223 | 324 | 322 | 251 | 340 | S100QFMO, S100T4SK, S100VHAR, S100XUNZ |
| Investment securities | 20,866 | 20,079 | 26,705 | 35,176 | 48,428 | S100QFMO, S100T4SK, S100VHAR, S100XUNZ |
| Current assets | 6,612 | 7,937 | 7,627 | 7,432 | 7,611 | S100QFMO, S100T4SK, S100VHAR, S100XUNZ |
| Current liabilities | 4,480 | 4,885 | 5,324 | 5,103 | 5,327 | S100QFMO, S100T4SK, S100VHAR, S100XUNZ |
| Total liabilities | 6,272 | 6,136 | 7,612 | 9,396 | 12,719 | S100QFMO, S100T4SK, S100VHAR, S100XUNZ |
| Non-controlling interests | 0 | 0 | 0 | 1 | 1 | S100QFMO, S100T4SK, S100VHAR, S100XUNZ |
| Equity attributable to owners of parent | 24,083 | 26,113 | 28,425 | 30,049 | 33,214 | S100QFMO, S100T4SK, S100VHAR, S100XUNZ |
| Retained earnings | 23,200 | 25,206 | 27,481 | 29,031 | 32,033 | S100QFMO, S100T4SK, S100VHAR, S100XUNZ |
| Treasury stock | -1,880 | -1,827 | -1,792 | -1,686 | -1,526 | S100QFMO, S100T4SK, S100VHAR, S100XUNZ |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 4% | S100XUNZ |
| Inventories | 2% | S100XUNZ |
| Property, plant and equipment | 10% | S100XUNZ |
| Intangibles and goodwill | 1% | S100XUNZ |
| Investment securities | 77% | S100XUNZ |
| Other assets | 6% | S100XUNZ |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 20% | S100XUNZ |
| Equity | 80% | S100XUNZ |
| Other liabilities | 0% | S100XUNZ |

### Balance sheet history

| Metric | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 34,761 | 35,448 | 41,674 | 49,715 | 63,236 |
| Equity | 28,489 | 29,312 | 34,062 | 40,319 | 50,517 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 2,034 | 3,266 | 3,047 | 2,210 | 2,826 |

## 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) | 31.8% | S100XUNZ |
| Fixed assets ÷ total assets | 10.5% | S100XUNZ |
| Goodwill ÷ parent equity | — | —, S100XUNZ |

### 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) | 4.5% |
| Cash ÷ revenue | 13.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 102.1% |
| Cash vs. profit gap | 1,027 JPY mn (of net income 19.1%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 44.1% |
| Shareholder payments — dividends / FCF | 41.1% |
| CapEx intensity (capex ÷ revenue) | 3.0% |
| Investing CF relative to operating CF | 55.7% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 17.9% | 0.48× | 8.7% | 1.44× | 12.5% | S100QFMO |
| 2022 | 19.4% | 0.50× | 9.7% | 1.40× | 13.6% | S100T4SK |
| 2023 | 20.3% | 0.51× | 10.3% | 1.41× | 14.6% | S100VHAR |
| 2024 | 22.9% | 0.43× | 9.8% | 1.56× | 15.4% | S100XUNZ |
| 2025 | 25.8% | 0.37× | 9.5% | 1.79× | 17.0% | S100XUNZ |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社アップワード | Major shareholder | 52.3% | 2025-12-31 |
| 東京濾器株式会社 | Major shareholder | 7.8% | 2025-12-31 |
| 光通信ＫＫ投資事業有限責任組合 | Major shareholder | 4.5% | 2025-12-31 |
| 日本総合住生活株式会社 | Major shareholder | 4.3% | 2025-12-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 2.8% | 2025-12-31 |
| CACEIS BANK, LUXEMBOURG BRANCH/AIF CLIENTS ASSETS （常任代理人 香港上海銀行東京支店 カストディ業務部） | Major shareholder | 1.8% | 2025-12-31 |
| 光通信株式会社 | Major shareholder | 1.3% | 2025-12-31 |
| 東計電算社員持株会 | Major shareholder | 0.6% | 2025-12-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 0.5% | 2025-12-31 |
| CACEIS BANK/QUINTET LUXEMBOURG SUB AC/UCITS CUSTOMERS ACCOUNT （常任代理人 香港上海銀行東京支店 カストディ業務部） | Major shareholder | 0.5% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第56期(2025/01/01－2025/12/31) | S100XUNZ | 2026-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XUNZ,, |
| 有価証券報告書－第55期(2024/01/01－2024/12/31) | S100VHAR | 2025-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VHAR,, |
| 有価証券報告書－第54期(2023/01/01－2023/12/31) | S100T4SK | 2024-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T4SK,, |
| 有価証券報告書－第53期(2022/01/01－2022/12/31) | S100QFMO | 2023-03-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QFMO,, |
| 有価証券報告書－第52期(令和3年1月1日－令和3年12月31日) | S100NQ8Q | 2022-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NQ8Q,, |
| 有価証券報告書－第51期(令和2年1月1日－令和2年12月31日) | S100L0QN | 2021-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L0QN,, |

## 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).