# Ubicom Holdings, 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21期(2025/04/01－2026/03/31) (S100YHAT)
> Page: https://vizora.meequs.com/en/company/ubicom-holdings
> Retrieved: 2026-09-30T21:50:14.149Z

## Company

Ubicom Holdings, founded in 2005, is a company in IT Services & System Integration listed on TSE Standard. It has 992 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Ubicom Holdings, Inc. |
| Ticker | 3937 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3937.T) |
| Listing | TSE Standard |
| Head office | 東京都千代田区一番町21 |
| Representative (per filing) | 代表取締役社長 青木 正之 |
| Founded | Dec 2005 |
| Share capital | ¥922.8M |
| Employees (consolidated) | 992 |
| Average salary (parent only) | ¥6.5M |
| Fiscal year end | March |
| Website | www.ubicom-hd.com (https://www.ubicom-hd.com/) |
| Corporate number | 8010401059998 |
| EDINET | E32408 |
| Industries (Vizora) | IT Services & System Integration, Health Tech |

> Profile source: annual securities report (S100YHAT, 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 | 47.5 | 157 |
| Profitability | 93.6 | 196 |
| Cash conversion | 39.2 | 185 |
| Efficiency | 11 | 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 67% of Ubicom Holdings's sales come from Technology consulting, with Medical business making up much of the rest.
- Out of every ¥100 of sales, about ¥22 is left as operating profit.
- Revenue changed -5.5% from the prior year, operating profit -0.9%.

## Company structure

- Segment revenue mix: Technology consulting 67.5%、Medical business 32.5%
- Revenue → net income: ¥5992564000 → ¥893271000
- Net income → operating cash flow: ¥893271000 → ¥984068000（difference ¥90797000）
- Main uses of operating cash flow: CapEx ¥104814000 / dividends ¥484660000 / buybacks —
- Change in cash: ¥305994000
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 | ¥5.99B |  |
| Operating income | ¥1.3B | Margin 21.8% |
| Net income | ¥891.8M | Margin 14.9% |
| Free cash flow | ¥879.3M |  |
| Largest business | Technology consulting | of segment revenue 67.5% |
| Employees (consolidated) | 992 |  |
| EPS | ¥73.4 |  |
| Book value per share | ¥302.95 |  |
| Equity ratio | 75.5% |  |
| Shares outstanding | 12,249,920 |  |
| Treasury shares | 126,600 |  |
| Shareholders | 3,918 |  |
| Average salary (parent only) | ¥6.5M | Filing company only |
| Cash ratio | 64.8% | Cash ÷ revenue 86.2% |
| Vs. industry median margin | +12.8 pp | IT Services & System Integration |
| ROE | 16.2% | Derived from disclosed figures |
| ROA | 11.3% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 74% of positive segment profit
- FY2026, cash is 65% of total assets
- FY2026, segment profit share differs by -41 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥4198116000 | ¥5992564000 | +42.7% |
| Operating income | ¥919524000 | ¥1304102000 | +41.8% |
| Operating margin | 21.9% | 21.8% | -0.1 pp |
| Employees | 935 people | 992 people | +6.1% |
| Cash and equivalents | ¥2773335000 | ¥5166446000 | +86.3% |

### 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.

| Flow | Revenue share |
| --- | ---: |
| グローバル事業 → 事業再編・廃止 | 65.8% |
| メディカル事業 → メディカル事業 | 32.5% |
| メディカル事業 → 事業再編・廃止 | 1.7% |
| 新設・再編 → テクノロジーコンサルティング事業 | 67.5% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 5,993 | 100.0% | S100YHAT |
| Cost of revenue | 3,461 | 57.8% | S100YHAT |
| Gross profit | 2,531 | 42.2% | S100YHAT |
| SG&A | 1,227 | 20.5% | S100YHAT |
| Operating income | 1,304 | 21.8% | S100YHAT |
| Ordinary income | 1,287 | 21.5% | S100YHAT |
| Pretax income | 1,294 | 21.6% | S100YHAT |
| Income tax | 400 | 6.7% | S100YHAT |
| Net income | 893 | 14.9% | S100YHAT |
| Net income attributable to owners | 892 | 14.9% | S100YHAT |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 58 |
| SG&A | 20 |
| Operating income | 22 |
| (Ref.) Net income | 15 |

### Margin funnel

Gross margin 42.2% → Operating margin 21.8% → Net margin 14.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -5.5%; Core profit growth: -0.9%
Operating leverage (core profit growth ÷ revenue growth): 0.16×
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 | 6,341 | 5,993 | -348 | -5.5% |
| Gross profit | 2,511 | 2,531 | 20 | +0.8% |
| Operating income | 1,316 | 1,304 | -11 | -0.9% |
| Net income attributable to owners | 858 | 892 | 33 | +3.9% |
| Operating cash flow | 931 | 984 | 53 | +5.7% |
| Free cash flow | 882 | 879 | -3 | -0.3% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 4,038 | 708 | 17.5% | 533 | 499 | 462 | S100LO6S |
| FY ending Mar 2021 | 4,198 | 920 | 21.9% | 624 | 922 | 888 | S100OFUN |
| FY ending Mar 2022 | 4,726 | 1,033 | 21.9% | 832 | 874 | 820 | S100R7QQ |
| FY ending Mar 2023 | 5,247 | 1,012 | 19.3% | 574 | 821 | 770 | S100TV3W |
| FY ending Mar 2024 | 5,943 | 1,072 | 18.0% | 526 | 727 | 604 | S100W4TV |
| FY ending Mar 2025 | 6,341 | 1,316 | 20.7% | 858 | 931 | 882 | S100YHAT |
| FY ending Mar 2026 | 5,993 | 1,304 | 21.8% | 892 | 984 | 879 | S100YHAT |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥6M |
| Operating income per employee (consolidated) | ¥1.3M |
| Net income per employee (consolidated) | ¥899K |

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) | 947 | 1,065 | 1,088 | 977 | 992 |
| Average salary (parent company) | ¥7.1M | ¥7M | ¥6.2M | ¥6.7M | ¥6.5M |
| Average age (parent company) | 50.1 years | 51.0 years | 49.7 years | 49.9 years | 50.7 years |
| Average tenure (parent company) | 5.1 years | 6.3 years | 5.8 years | 6.0 years | 6.0 years |

Year over year: Employees (consolidated) +1.5% · Revenue (consolidated) -5.5%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Technology consulting | 4,043 | 67.5% | 431 | 10.7% |
| Medical business | 1,949 | 32.5% | 1,227 | 62.9% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Technology consulting | 67.5% | 26.0% | -41.5 | 10.7% |
| Medical business | 32.5% | 74.0% | 41.5 | 62.9% |

Segment → industry: Technology consulting → IT Services & System Integration / Medical business → Health Tech

## 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 | 984 | 16.4% | S100YHAT |
| Capital expenditure | 105 | 1.7% | S100YHAT |
| Free cash flow | 879 | 14.7% | 算出 |
| Investing cash flow | -58 | -1.0% | S100YHAT |
| Financing cash flow | -627 | -10.5% | S100YHAT |
| Dividends paid | 485 | 8.1% | S100YHAT |
| Change in cash | 306 | 5.1% | S100YHAT |
| Cash and equivalents | 5,166 | 86.2% | S100YHAT |

## 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 | 3,343 | 3,637 | 4,026 | 4,860 | 5,166 | S100TV3W, S100W4TV, S100YHAT |
| Total assets | 5,624 | 5,797 | 6,884 | 7,870 | 7,975 | S100R7QQ, S100TV3W, S100W4TV, S100YHAT |
| Net assets | 3,813 | 4,090 | 4,720 | 5,602 | 6,025 | S100TV3W, S100W4TV, S100YHAT |
| Share capital | 789 | 800 | 840 | 923 | 923 | S100R7QQ, S100TV3W, S100W4TV, S100YHAT |
| Property, plant and equipment | 53 | 59 | 140 | 117 | 112 | S100R7QQ, S100TV3W, S100W4TV, S100YHAT |
| Intangible assets excluding goodwill | 261 | 169 | 213 | 342 | 269 | S100R7QQ, S100TV3W, S100W4TV, S100YHAT |
| Investment securities | 288 | 269 | 422 | 352 | 255 | S100R7QQ, S100TV3W, S100W4TV, S100YHAT |
| Current assets | 4,510 | 4,838 | 5,660 | 6,604 | 6,840 | S100R7QQ, S100TV3W, S100W4TV, S100YHAT |
| Current liabilities | 1,465 | 1,337 | 1,726 | 1,772 | 1,679 | S100R7QQ, S100TV3W, S100W4TV, S100YHAT |
| Short-term borrowings | 100 | 100 | 100 | 100 | 100 | S100R7QQ, S100TV3W, S100W4TV, S100YHAT |
| Total liabilities | 1,812 | 1,707 | 2,164 | 2,269 | 1,950 | S100R7QQ, S100TV3W, S100W4TV, S100YHAT |
| Equity attributable to owners of parent | 3,727 | 3,946 | 4,424 | 5,293 | 5,702 | S100R7QQ, S100TV3W, S100W4TV, S100YHAT |
| Retained earnings | 2,270 | 2,738 | 3,135 | 3,839 | 4,246 | S100R7QQ, S100TV3W, S100W4TV, S100YHAT |
| Treasury stock | -26 | -296 | -296 | -296 | -296 | S100R7QQ, S100TV3W, S100W4TV, S100YHAT |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 65% | S100YHAT |
| Property, plant and equipment | 2% | S100YHAT |
| Intangibles and goodwill | 3% | S100YHAT |
| Investment securities | 3% | S100YHAT |
| Other assets | 27% | S100YHAT |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 24% | S100YHAT |
| Equity | 76% | S100YHAT |
| Other liabilities | 0% | S100YHAT |

### 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 | 5,624 | 5,797 | 6,884 | 7,870 | 7,975 |
| Equity | 3,813 | 4,090 | 4,720 | 5,602 | 6,025 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 3,343 | 3,637 | 4,026 | 4,860 | 5,166 |

## 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) | 1.9% | S100YHAT |
| Fixed assets ÷ total assets | 1.4% | S100YHAT |
| Goodwill ÷ parent equity | — | —, S100YHAT |

### 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) | 64.8% |
| Cash ÷ revenue | 86.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 75.5% |
| Cash vs. profit gap | 92 JPY mn (of net income 10.3%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 54.3% |
| Shareholder payments — dividends / FCF | 55.1% |
| CapEx intensity (capex ÷ revenue) | 1.7% |
| Investing CF relative to operating CF | 5.9% |

## 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 | 17.6% | 0.84× | 14.8% | 1.51× | 22.3% | S100R7QQ |
| 2023 | 10.9% | 0.92× | 10.0% | 1.49× | 15.0% | S100TV3W |
| 2024 | 8.9% | 0.94× | 8.3% | 1.52× | 12.6% | S100W4TV |
| 2025 | 13.5% | 0.86× | 11.6% | 1.52× | 17.7% | S100YHAT |
| 2026 | 14.9% | 0.76× | 11.3% | 1.44× | 16.2% | S100YHAT |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 青木 正之 | Major shareholder | 39.6% | 2026-03-31 |
| 光通信KK投資事業有限責任組合無限責任組合員光通信株式会社 | Major shareholder | 7.0% | 2026-03-31 |
| 小西 彰（常任代理人 株式会社Ubicomホールディングス） | Major shareholder | 5.3% | 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 | 5.3% | 2026-03-31 |
| 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 | 3.3% | 2026-03-31 |
| 松下 順一 | Major shareholder | 1.6% | 2026-03-31 |
| 株式会社ファースティ | Major shareholder | 1.3% | 2026-03-31 |
| 畑崎 重雄 | Major shareholder | 1.3% | 2026-03-31 |
| 住友生命保険相互会社（常任代理人 株式会社日本カストディ銀行） | Major shareholder | 1.1% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 1.1% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第21期(2025/04/01－2026/03/31) | S100YHAT | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YHAT,, |
| 有価証券報告書－第20期(2024/04/01－2025/03/31) | S100W4TV | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W4TV,, |
| 有価証券報告書－第19期(2023/04/01－2024/03/31) | S100TV3W | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TV3W,, |
| 有価証券報告書－第18期(2022/04/01－2023/03/31) | S100R7QQ | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R7QQ,, |
| 有価証券報告書－第17期(令和3年4月1日－令和4年3月31日) | S100OFUN | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OFUN,, |
| 有価証券報告書－第16期(令和2年4月1日－令和3年3月31日) | S100LO6S | 2021-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LO6S,, |

## 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).