# Vector 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38期(2025/04/01－2026/03/31) (S100YLWG)
> Page: https://vizora.meequs.com/en/company/vector-holdings
> Retrieved: 2026-09-30T17:54:10.866Z

## Company

Vector HOLDINGS, founded in 1989, is a company in IT Services & System Integration listed on TSE Standard. It has 23 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Vector HOLDINGS Inc. |
| Ticker | 2656 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2656.T) |
| Listing | TSE Standard |
| Head office | 東京都港区芝公園三丁目4番30号 |
| Representative (per filing) | 代表取締役社長 岩井 美和子 |
| Founded | Feb 1989 |
| Share capital | ¥2.52B |
| Employees (consolidated) | 23 |
| Average salary (parent only) | ¥6.3M |
| Fiscal year end | March |
| Website | corp.vector.co.jp (https://corp.vector.co.jp/) |
| Corporate number | 7011101035588 |
| EDINET | E05112 |
| Industries (Vizora) | IT Services & System Integration, Software & SaaS, Internet Services & Apps |

> Profile source: annual securities report (S100YLWG, filed 2026-06-29). As of filing

## Key points (generated from figures)

- About 68% of Vector HOLDINGS's sales come from ICT business, with AI-related business making up much of the rest.
- It lost about ¥379 for every ¥100 of sales at the operating level.
- Revenue changed -3.5% from the prior year.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥156.5M |  |
| Operating income | -¥593.1M | Margin -379.0% |
| Net income | -¥549.8M | Margin -351.3% |
| Free cash flow | -¥1.07B |  |
| Largest business | ICT business | of segment revenue 68.0% |
| Employees (consolidated) | 23 |  |
| EPS | ¥-22.88 |  |
| Book value per share | ¥34.61 |  |
| Equity ratio | 86.7% |  |
| Shares outstanding | 30,088,000 |  |
| Treasury shares | 127,200 |  |
| Shareholders | 4,466 |  |
| Average salary (parent only) | ¥6.3M | Filing company only |
| Cash ratio | 35.4% | Cash ÷ revenue 270.7% |
| Vs. industry median margin | -391.5 pp | Software & SaaS |
| ROA | -70.9% | Derived from disclosed figures |

## Notable figures

- FY2026, operating loss is 379 per ¥100 of revenue
- FY2026, cash is 35% of total assets

## What changed in 5 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥867400000 | ¥156486000 | — |
| Operating income | ¥-70353000 | ¥-593102000 | — |
| Operating margin | -8.1% | -379.0% | -370.9 pp |
| Employees | 25 people | 23 people | — |
| Cash and equivalents | ¥862084000 | ¥423535000 | — |

### 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 |
| --- | ---: |
| 新設・再編 → ICT事業 | 68.0% |
| 新設・再編 → AI関連事業 | 32.0% |

Segment revenue source references: 2 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 156 | 100.0% | S100YLWG |
| Cost of revenue | 0 | 0.1% | S100YLWG |
| Gross profit | 156 | 99.9% | S100YLWG |
| SG&A | 749 | 479.0% | S100YLWG |
| Operating income | -593 | -379.0% | S100YLWG |
| Ordinary income | -661 | -422.3% | S100YLWG |
| Pretax income | -622 | -397.8% | S100YLWG |
| Income tax | -73 | -46.4% | S100YLWG |
| Net income | -550 | -351.3% | S100YLWG |
| Net income attributable to owners | -550 | -351.3% | S100YLWG |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 0 |
| SG&A | 479 |
| Operating income | -379 |
| (Ref.) Net income | -351 |

### Margin funnel

Gross margin 99.9% → Operating margin -379.0% → Net margin -351.3%
Derived from reported figures (DERIVED).

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 162 | 156 | -6 | -3.5% |
| Gross profit | 128 | 156 | 28 | +21.8% |
| Operating income | -574 | -593 | -19 | — |
| Net income attributable to owners | -780 | -550 | 230 | — |
| Operating cash flow | -188 | -619 | -432 | — |
| Free cash flow | -219 | -1,074 | -855 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 949 | 37 | 3.9% | 39 | 160 | 17 | S100LKML |
| FY ending Mar 2021 | 867 | -70 | -8.1% | -60 | 91 | — | S100OD9Y |
| FY ending Mar 2022 | 365 | -346 | -94.7% | -345 | -174 | — | S100S1UX |
| FY ending Mar 2023 | 246 | -354 | -143.9% | -436 | -428 | -480 | S100S1UX |
| FY ending Mar 2024 | 159 | -764 | -481.0% | -895 | -1,214 | -1,269 | S100W9GQ |
| FY ending Mar 2025 | 162 | -574 | -354.1% | -780 | -188 | -219 | S100YLWG |
| FY ending Mar 2026 | 156 | -593 | -379.0% | -550 | -619 | -1,074 | S100YLWG |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥6.8M |
| Operating income per employee (consolidated) | -¥25.8M |
| Net income per employee (consolidated) | -¥23.9M |

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) | 24 | 30 | 41 | 34 | 23 |
| Average salary (parent company) | ¥6.1M | ¥5.8M | ¥5.6M | ¥6.8M | ¥6.3M |
| Average age (parent company) | 49.0 years | 43.5 years | 45.0 years | 46.0 years | 46.6 years |
| Average tenure (parent company) | 14.2 years | 10.4 years | 7.3 years | 10.5 years | 9.1 years |

Year over year: Employees (consolidated) -32.4% · Revenue (consolidated) -3.5%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| ICT business | 106 | 68.0% | -53 | -50.3% |
| AI-related business | 50 | 32.0% | -92 | -183.2% |

### 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 | Margin |
| --- | ---: | ---: |
| ICT business | 68.0% | -50.3% |
| AI-related business | 32.0% | -183.2% |

Loss-making segment (excluded from profit shares): ICT business -53 JPY mn

Loss-making segment (excluded from profit shares): AI-related business -92 JPY mn

Segment → industry: AI-related business → IT Services & System Integration / ICT business → Software & SaaS / ICT business → Internet Services & Apps

## 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 | -619 | -395.8% | S100YLWG |
| Capital expenditure | 455 | 290.8% | S100YLWG |
| Free cash flow | -1,074 | -686.6% | 算出 |
| Investing cash flow | -336 | -214.6% | S100YLWG |
| Financing cash flow | 1,298 | 829.6% | S100YLWG |
| Change in cash | 343 | 219.3% | S100YLWG |
| Cash and equivalents | 424 | 270.7% | S100YLWG |

## 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 | 784 | 522 | 20 | 80 | 424 | S100S1UX, S100YLWG |
| Total assets | 977 | 807 | 1,088 | 353 | 1,196 | S100S1UX, S100W9GQ, S100YLWG |
| Net assets | 694 | 607 | 917 | 237 | 1,086 | S100S1UX, S100YLWG |
| Share capital | 1,019 | 1,186 | 1,796 | 1,844 | 2,520 | S100S1UX, S100W9GQ, S100YLWG |
| Property, plant and equipment | 6 | 49 | 23 | 12 | 159 | S100S1UX, S100W9GQ, S100YLWG |
| Intangible assets excluding goodwill | 11 | 7 | 43 | 30 | 46 | S100S1UX, S100W9GQ, S100YLWG |
| Current assets | 945 | 607 | 893 | 282 | 898 | S100S1UX, S100W9GQ, S100YLWG |
| Current liabilities | 176 | 142 | 140 | 86 | 90 | S100S1UX, S100W9GQ, S100YLWG |
| Total liabilities | 283 | 200 | 171 | 116 | 111 | S100S1UX, S100W9GQ, S100YLWG |
| Equity attributable to owners of parent | 694 | 593 | 917 | 233 | 1,037 | S100S1UX, S100W9GQ, S100YLWG |
| Retained earnings | -1,638 | -2,073 | -2,968 | -3,748 | -4,298 | S100S1UX, S100W9GQ, S100YLWG |
| Treasury stock | -95 | -95 | -95 | -95 | -95 | S100S1UX, S100W9GQ, S100YLWG |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 35% | S100YLWG |
| Property, plant and equipment | 13% | S100YLWG |
| Intangibles and goodwill | 4% | S100YLWG |
| Other assets | 48% | S100YLWG |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 9% | S100YLWG |
| Equity | 91% | S100YLWG |

### 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 | 977 | 807 | 1,088 | 353 | 1,196 |
| Equity | 694 | 607 | 917 | 237 | 1,086 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 784 | 522 | 20 | 80 | 424 |

## 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) | 101.6% | S100YLWG |
| Fixed assets ÷ total assets | 13.3% | S100YLWG |
| Goodwill ÷ parent equity | — | —, S100YLWG |

### 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) | 35.4% |
| Cash ÷ revenue | 270.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | -70 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 290.8% |
| Investing CF relative to operating CF | — |

## 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 | — | —× | -35.3% | —× | — | S100S1UX |
| 2023 | — | —× | -48.9% | —× | — | S100S1UX |
| 2024 | — | —× | -82.3% | —× | — | S100W9GQ |
| 2025 | — | —× | -108.2% | —× | — | S100YLWG |
| 2026 | — | —× | -70.9% | —× | — | S100YLWG |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| QUETTA合同会社 | Major shareholder | 20.7% | 2026-03-31 |
| 株式会社T's International | Major shareholder | 13.7% | 2026-03-31 |
| 中村 哲也 | Major shareholder | 8.8% | 2026-03-31 |
| 株式会社エスポワール日本橋 | Major shareholder | 6.7% | 2026-03-31 |
| GMOクリック証券株式会社 | Major shareholder | 6.4% | 2026-03-31 |
| Blue Goats Capital株式会社 | Major shareholder | 3.3% | 2026-03-31 |
| 三菱UFJeスマート証券株式会社 | Major shareholder | 2.7% | 2026-03-31 |
| 浅沼 博 | Major shareholder | 2.2% | 2026-03-31 |
| 佐野 敦彦 | Major shareholder | 1.7% | 2026-03-31 |
| 青柳 和洋 | Major shareholder | 1.6% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第38期(2025/04/01－2026/03/31) | S100YLWG | 2026-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YLWG,, |
| 有価証券報告書－第37期(2024/04/01－2025/03/31) | S100W9GQ | 2025-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W9GQ,, |
| 訂正有価証券報告書－第36期(2023/04/01－2024/03/31) | S100TYTC | 2024-07-02 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TYTC,, |
| 訂正有価証券報告書－第35期(2022/04/01－2023/03/31) | S100S1UX | 2023-10-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100S1UX,, |
| 有価証券報告書－第34期(令和3年4月1日－令和4年3月31日) | S100OD9Y | 2022-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OD9Y,, |
| 有価証券報告書－第33期(令和2年4月1日－令和3年3月31日) | S100LKML | 2021-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LKML,, |

## 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).