# ULS Group,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26期(2025/04/01－2026/03/31) (S100YCBQ)
> Page: https://vizora.meequs.com/en/company/uls-group
> Retrieved: 2026-09-30T18:59:07.800Z

## Company

ULS Group, founded in 2000, is a company in IT Services & System Integration listed on TSE Standard. It has 820 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | ULS Group, Inc. |
| Ticker | 3798 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3798.T) |
| Listing | TSE Standard |
| Head office | 東京都中央区晴海一丁目8番10号 晴海アイランドトリトンスクエアオフィスタワーX棟14階 |
| Representative (per filing) | 代表取締役社長 横山 芳成 |
| Founded | Jul 2000 |
| Share capital | ¥990M |
| Employees (consolidated) | 820 |
| Average salary (parent only) | ¥8.5M |
| Fiscal year end | March |
| Website | www.ulsgroup.co.jp (https://www.ulsgroup.co.jp/) |
| Corporate number | 9010001075445 |
| EDINET | E05521 |
| Industries (Vizora) | IT Services & System Integration |

> Profile source: annual securities report (S100YCBQ, filed 2026-06-17). As of filing

## Five-axis industry profile

Primary industry: IT Services & System Integration (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 86.9 | 157 |
| Profitability | 91.1 | 196 |
| Cash conversion | 27.8 | 185 |
| Efficiency | 39.5 | 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)

- ULS Group brought in ¥16.6B in revenue.
- Out of every ¥100 of sales, about ¥18 is left as operating profit.
- Revenue changed +25.7% from the prior year, operating profit +16.1%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥16600000000 → ¥2085000000
- Net income → operating cash flow: ¥2085000000 → ¥1994000000（difference ¥-91000000）
- Main uses of operating cash flow: CapEx ¥393000000 / dividends ¥329000000 / buybacks —
- Change in cash: ¥1323000000
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 | ¥16.6B |  |
| Operating income | ¥3.05B | Margin 18.3% |
| Net income | ¥2.03B | Margin 12.2% |
| Free cash flow | ¥1.6B |  |
| Employees (consolidated) | 820 |  |
| EPS | ¥18.87 |  |
| Diluted EPS | ¥18.09 |  |
| Book value per share | ¥98.8 |  |
| Equity ratio | 74.7% |  |
| Shares outstanding | 63,853,000 |  |
| Treasury shares | 7,276,600 |  |
| Shareholders | 4,212 |  |
| Average salary (parent only) | ¥8.5M | Filing company only |
| Cash ratio | 53.8% | Cash ÷ revenue 51.0% |
| Vs. industry median margin | +9.4 pp | IT Services & System Integration |
| ROE | 18.9% | Derived from disclosed figures |
| ROA | 13.8% | Derived from disclosed figures |

## Notable figures

- FY2026, revenue is 2.3× its level five years ago
- FY2026, cash is 54% of total assets
- FY2026, parent-company salary changed +24% over five years

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥7191339000 | ¥16600000000 | +130.8% |
| Operating income | ¥1416837000 | ¥3046000000 | +115.0% |
| Operating margin | 19.7% | 18.3% | -1.4 pp |
| Employees | 365 people | 820 people | +124.7% |
| Cash and equivalents | ¥5160710000 | ¥8460000000 | +63.9% |

### 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, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 16,600 | 100.0% | S100YCBQ |
| Cost of revenue | 9,990 | 60.2% | S100YCBQ |
| Gross profit | 6,609 | 39.8% | S100YCBQ |
| SG&A | 3,562 | 21.5% | S100YCBQ |
| Operating income | 3,046 | 18.3% | S100YCBQ |
| Ordinary income | 3,063 | 18.5% | S100YCBQ |
| Pretax income | 3,063 | 18.5% | S100YCBQ |
| Income tax | 977 | 5.9% | S100YCBQ |
| Net income | 2,085 | 12.6% | S100YCBQ |
| Net income attributable to owners | 2,027 | 12.2% | S100YCBQ |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 60 |
| SG&A | 22 |
| Operating income | 18 |
| (Ref.) Net income | 12 |

### Margin funnel

Gross margin 39.8% → Operating margin 18.3% → Net margin 12.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +25.7%; Core profit growth: +16.1%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.63×
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 | 13,203 | 16,600 | 3,397 | +25.7% |
| Gross profit | 5,317 | 6,609 | 1,292 | +24.3% |
| Operating income | 2,623 | 3,046 | 423 | +16.1% |
| Net income attributable to owners | 1,635 | 2,027 | 392 | +24.0% |
| Operating cash flow | 1,587 | 1,994 | 407 | +25.6% |
| Free cash flow | 1,497 | 1,601 | 104 | +6.9% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 6,388 | 1,332 | 20.8% | 738 | 884 | 875 | S100LN21 |
| FY ending Mar 2021 | 7,191 | 1,417 | 19.7% | 892 | 1,064 | 1,006 | S100OGPU |
| FY ending Mar 2022 | 7,367 | 1,606 | 21.8% | 999 | 568 | 508 | S100R9LX |
| FY ending Mar 2023 | 8,515 | 1,727 | 20.3% | 1,233 | 837 | 685 | S100TQHJ |
| FY ending Mar 2024 | 10,382 | 1,757 | 16.9% | 1,131 | 756 | 692 | S100W1JI |
| FY ending Mar 2025 | 13,203 | 2,623 | 19.9% | 1,635 | 1,587 | 1,497 | S100YCBQ |
| FY ending Mar 2026 | 16,600 | 3,046 | 18.3% | 2,027 | 1,994 | 1,601 | S100YCBQ |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥20.2M |
| Operating income per employee (consolidated) | ¥3.7M |
| Net income per employee (consolidated) | ¥2.5M |

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) | 402 | 475 | 597 | 693 | 820 |
| Average salary (parent company) | ¥6.8M | ¥7M | ¥7.2M | ¥7.5M | ¥8.5M |
| Average age (parent company) | 40.1 years | 40.0 years | 40.7 years | 43.2 years | 43.9 years |
| Average tenure (parent company) | 8.1 years | 7.0 years | 7.8 years | 8.0 years | 7.5 years |

Year over year: Employees (consolidated) +18.3% · Revenue (consolidated) +25.7%

## 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 | 1,994 | 12.0% | S100YCBQ |
| Capital expenditure | 393 | 2.4% | S100YCBQ |
| Free cash flow | 1,601 | 9.6% | 算出 |
| Investing cash flow | -531 | -3.2% | S100YCBQ |
| Financing cash flow | -140 | -0.8% | S100YCBQ |
| Dividends paid | 329 | 2.0% | S100YCBQ |
| Change in cash | 1,323 | 8.0% | S100YCBQ |
| Cash and equivalents | 8,460 | 51.0% | S100YCBQ |

## 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 | 5,473 | 5,603 | 6,022 | 7,137 | 8,460 | S100TQHJ, S100W1JI, S100YCBQ |
| Total assets | 8,776 | 9,564 | 11,010 | 13,570 | 15,719 | S100R9LX, S100TQHJ, S100W1JI, S100YCBQ |
| Net assets | 7,195 | 7,771 | 8,843 | 10,479 | 12,566 | S100TQHJ, S100W1JI, S100YCBQ |
| Share capital | 850 | 873 | 877 | 877 | 990 | S100R9LX, S100TQHJ, S100W1JI, S100YCBQ |
| Property, plant and equipment | 69 | 166 | 157 | 166 | 413 | S100R9LX, S100TQHJ, S100W1JI, S100YCBQ |
| Intangible assets excluding goodwill | 97 | 82 | 66 | 53 | 47 | S100R9LX, S100TQHJ, S100W1JI, S100YCBQ |
| Goodwill | 90 | 74 | 59 | 47 | 38 | S100R9LX, S100TQHJ, S100W1JI, S100YCBQ |
| Investment securities | 447 | 453 | 462 | 461 | 466 | S100R9LX, S100TQHJ, S100W1JI, S100YCBQ |
| Current assets | 7,772 | 8,438 | 9,760 | 12,100 | 13,784 | S100R9LX, S100TQHJ, S100W1JI, S100YCBQ |
| Current liabilities | 1,580 | 1,792 | 2,167 | 3,091 | 3,152 | S100R9LX, S100TQHJ, S100W1JI, S100YCBQ |
| Total liabilities | 1,580 | 1,792 | 2,167 | 3,091 | 3,152 | S100R9LX, S100TQHJ, S100W1JI, S100YCBQ |
| Non-controlling interests | 172 | 204 | 245 | 297 | 331 | S100R9LX, S100TQHJ, S100W1JI, S100YCBQ |
| Equity attributable to owners of parent | 7,012 | 7,495 | 8,387 | 9,781 | 11,721 | S100R9LX, S100TQHJ, S100W1JI, S100YCBQ |
| Retained earnings | 5,409 | 6,441 | 7,325 | 8,713 | 10,411 | S100R9LX, S100TQHJ, S100W1JI, S100YCBQ |
| Treasury stock | -493 | -1,092 | -1,093 | -1,093 | -1,093 | S100R9LX, S100TQHJ, S100W1JI, S100YCBQ |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 54% | S100YCBQ |
| Property, plant and equipment | 3% | S100YCBQ |
| Intangibles and goodwill | 0% | S100YCBQ |
| Investment securities | 3% | S100YCBQ |
| Other assets | 40% | S100YCBQ |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 20% | S100YCBQ |
| Equity | 80% | S100YCBQ |
| Other liabilities | 0% | S100YCBQ |

### 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 | 8,776 | 9,564 | 11,010 | 13,570 | 15,719 |
| Equity | 7,195 | 7,771 | 8,843 | 10,479 | 12,566 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 5,473 | 5,603 | 6,022 | 7,137 | 8,460 |

## 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) | 2.5% | S100YCBQ |
| Fixed assets ÷ total assets | 2.6% | S100YCBQ |
| Goodwill ÷ parent equity | 0.3% | S100YCBQ |

Goodwill over 4 years: 90 → 38 JPY; total investing cash flow: -892 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) | 53.8% |
| Cash ÷ revenue | 51.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 65.5% |
| Cash vs. profit gap | -33 JPY mn (of net income -1.6%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 16.2% |
| Shareholder payments — dividends / FCF | 20.5% |
| CapEx intensity (capex ÷ revenue) | 2.4% |
| Investing CF relative to operating CF | 26.6% |

## 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 | 13.6% | 0.84× | 11.4% | 1.25× | 14.2% | S100R9LX |
| 2023 | 14.5% | 0.93× | 13.4% | 1.26× | 17.0% | S100TQHJ |
| 2024 | 10.9% | 1.01× | 11.0% | 1.30× | 14.2% | S100W1JI |
| 2025 | 12.4% | 1.07× | 13.3% | 1.35× | 18.0% | S100YCBQ |
| 2026 | 12.2% | 1.13× | 13.8% | 1.36× | 18.9% | S100YCBQ |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 漆原 茂 | Major shareholder | 45.4% | 2026-03-31 |
| 高橋 敬一 | Major shareholder | 5.2% | 2026-03-31 |
| ULSグループ従業員持株会 | Major shareholder | 4.2% | 2026-03-31 |
| 株式会社インテック | Major shareholder | 3.9% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 2.1% | 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 | 2.1% | 2026-03-31 |
| NORTHERN TRUST CO.（AVFC） RE NON TREATY CLIENTS ACCOUNT （常任代理人 香港上海銀行東京支店） | Major shareholder | 1.6% | 2026-03-31 |
| 小野寺 大造 | Major shareholder | 1.1% | 2026-03-31 |
| 馬場 由美子 | Major shareholder | 1.1% | 2026-03-31 |
| BBH FOR GRANDEUR PEAK GLOBAL OPPORTUNITIES FUND （常任代理人 株式会社三菱UFJ銀行） | Major shareholder | 0.9% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第26期(2025/04/01－2026/03/31) | S100YCBQ | 2026-06-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YCBQ,, |
| 有価証券報告書－第25期(2024/04/01－2025/03/31) | S100W1JI | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W1JI,, |
| 有価証券報告書－第24期(2023/04/01－2024/03/31) | S100TQHJ | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TQHJ,, |
| 有価証券報告書－第23期(2022/04/01－2023/03/31) | S100R9LX | 2023-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R9LX,, |
| 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) | S100OGPU | 2022-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OGPU,, |
| 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) | S100LN21 | 2021-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LN21,, |

## 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).