# XNET Corporation: business model and financials

> Latest period: FY ending Mar 2026, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第35期(2025/04/01－2026/03/31) (S100YKNO)
> Page: https://vizora.meequs.com/en/company/xnet
> Retrieved: 2026-09-30T20:58:30.271Z

## Company

Xnet, founded in 1991, is a company in Software & SaaS listed on TSE Standard. It has 208 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | XNET Corporation |
| Ticker | 4762 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4762.T) |
| Listing | TSE Standard |
| Head office | 東京都新宿区荒木町13番地4 |
| Representative (per filing) | 代表取締役社長 茂谷 武彦 |
| Founded | Jun 1991 |
| Share capital | ¥783.2M |
| Employees (consolidated) | 208 |
| Average salary (parent only) | ¥7.9M |
| Fiscal year end | March |
| Corporate number | 1011101049890 |
| EDINET | E05091 |
| Industries (Vizora) | Software & SaaS |

> Profile source: annual securities report (S100YKNO, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: Software & SaaS (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 13.8 | 105 |
| Profitability | 67.9 | 145 |
| Cash conversion | 65.2 | 128 |
| Efficiency | 48.6 | 145 |

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)

- Xnet brought in ¥5.66B in revenue.
- Out of every ¥100 of sales, about ¥18 is left as operating profit.
- Revenue changed +6.7% from the prior year, operating profit +18.7%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥5658343000 → ¥542913000
- Net income → operating cash flow: ¥542913000 → ¥1246814000（difference ¥703901000）
- Main uses of operating cash flow: CapEx ¥506227000 / dividends ¥205018000 / buybacks ¥89000
- Change in cash: ¥-267089000
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 | ¥5.66B |  |
| Operating income | ¥1.02B | Margin 18.0% |
| Net income | ¥542.9M | Margin 9.6% |
| Free cash flow | ¥740.6M |  |
| Employees (consolidated) | 208 |  |
| EPS | ¥129.89 |  |
| Book value per share | ¥779.57 |  |
| Equity ratio | 53.2% |  |
| Shares outstanding | 8,261,600 |  |
| Treasury shares | 3,281,600 |  |
| Shareholders | 4,271 |  |
| Average salary (parent only) | ¥7.9M | Filing company only |
| Cash ratio | 19.4% | Cash ÷ revenue 21.0% |
| Vs. industry median margin | +5.6 pp | Software & SaaS |
| ROE | 17.6% | Derived from disclosed figures |
| ROA | 8.5% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.3× net income

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥5039496000 | ¥5658343000 | +12.3% |
| Operating income | ¥694374000 | ¥1021294000 | +47.1% |
| Operating margin | 13.8% | 18.0% | +4.3 pp |
| Employees | 206 people | 208 people | +1.0% |
| Cash and equivalents | ¥1394331000 | ¥1188937000 | -14.7% |

### 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, non-consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 5,658 | 100.0% | S100YKNO |
| Cost of revenue | 3,873 | 68.5% | S100YKNO |
| Gross profit | 1,785 | 31.5% | S100YKNO |
| SG&A | 764 | 13.5% | S100YKNO |
| Operating income | 1,021 | 18.0% | S100YKNO |
| Ordinary income | 1,012 | 17.9% | S100YKNO |
| Pretax income | 875 | 15.5% | S100YKNO |
| Income tax | 333 | 5.9% | S100YKNO |
| Net income | 543 | 9.6% | S100YKNO |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 68 |
| SG&A | 14 |
| Operating income | 18 |
| (Ref.) Net income | 10 |

### Margin funnel

Gross margin 31.5% → Operating margin 18.0% → Net margin 9.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +6.7%; Core profit growth: +18.7%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.77×
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 | 5,301 | 5,658 | 358 | +6.7% |
| Gross profit | 1,503 | 1,785 | 282 | +18.7% |
| Operating income | 861 | 1,021 | 161 | +18.7% |
| Operating cash flow | 837 | 1,247 | 410 | +49.0% |
| Free cash flow | 320 | 741 | 421 | +131.6% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 4,671 | 712 | 15.2% | 516 | 1,166 | 619 | S100LP5H |
| FY ending Mar 2021 | 5,039 | 694 | 13.8% | 577 | 1,078 | 711 | S100OJBM |
| FY ending Mar 2022 | 5,419 | 968 | 17.9% | 718 | 1,387 | 991 | S100RDPZ |
| FY ending Mar 2023 | 5,358 | 950 | 17.7% | 694 | 1,156 | 847 | S100TUQ3 |
| FY ending Mar 2024 | 5,548 | 1,067 | 19.2% | 741 | 1,444 | 1,046 | S100W7J8 |
| FY ending Mar 2025 | 5,301 | 861 | 16.2% | 581 | 837 | 320 | S100YKNO |
| FY ending Mar 2026 | 5,658 | 1,021 | 18.0% | 543 | 1,247 | 741 | S100YKNO |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥27.2M |
| Operating income per employee (consolidated) | ¥4.9M |
| Net income per employee (consolidated) | ¥2.6M |

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) | 197 | 188 | 188 | 201 | 208 |
| Average salary (parent company) | ¥7.7M | ¥8.1M | ¥8.1M | ¥8.1M | ¥7.9M |
| Average age (parent company) | 39.3 years | 40.1 years | 40.0 years | 39.0 years | 38.9 years |
| Average tenure (parent company) | 8.6 years | 9.3 years | 9.2 years | 8.9 years | 9.0 years |

Year over year: Employees (consolidated) +3.5% · Revenue (consolidated) +6.7%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 1,247 | 22.0% | S100YKNO |
| Capital expenditure | 506 | 8.9% | S100YKNO |
| Free cash flow | 741 | 13.1% | 算出 |
| Investing cash flow | -9 | -0.2% | S100YKNO |
| Financing cash flow | -1,505 | -26.6% | S100YKNO |
| Dividends paid | 205 | 3.6% | S100YKNO |
| Share buyback | 0 | 0.0% | S100YKNO |
| Change in cash | -267 | -4.7% | S100YKNO |
| Cash and equivalents | 1,189 | 21.0% | S100YKNO |

## 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 | 1,865 | 2,259 | 3,038 | 1,456 | 1,189 | S100TUQ3, S100W7J8, S100YKNO |
| Total assets | 8,953 | 9,281 | 9,911 | 6,681 | 6,120 | S100RDPZ, S100TUQ3, S100W7J8, S100YKNO |
| Net assets | 7,570 | 8,024 | 8,518 | 2,922 | 3,259 | S100TUQ3, S100W7J8, S100YKNO |
| Share capital | 783 | 783 | 783 | 783 | 783 | S100RDPZ, S100TUQ3, S100W7J8, S100YKNO |
| Property, plant and equipment | 91 | 93 | 92 | 92 | 96 | S100RDPZ, S100TUQ3, S100W7J8, S100YKNO |
| Intangible assets excluding goodwill | 1,426 | 1,219 | 1,136 | 1,222 | 1,281 | S100RDPZ, S100TUQ3, S100W7J8, S100YKNO |
| Investment securities | 2,901 | 3,297 | 3,198 | 2,698 | 2,498 | S100RDPZ, S100TUQ3, S100W7J8, S100YKNO |
| Current assets | 4,097 | 4,244 | 5,040 | 2,221 | 1,772 | S100RDPZ, S100TUQ3, S100W7J8, S100YKNO |
| Current liabilities | 814 | 669 | 795 | 3,126 | 2,094 | S100RDPZ, S100TUQ3, S100W7J8, S100YKNO |
| Short-term borrowings | — | — | — | 2,500 | 1,200 | S100YKNO |
| Total liabilities | 1,383 | 1,257 | 1,393 | 3,759 | 2,861 | S100RDPZ, S100TUQ3, S100W7J8, S100YKNO |
| Equity attributable to owners of parent | 7,570 | 8,024 | 8,518 | 2,922 | 3,259 | S100RDPZ, S100TUQ3, S100W7J8, S100YKNO |
| Retained earnings | 5,325 | 5,780 | 6,273 | 6,636 | 6,917 | S100RDPZ, S100TUQ3, S100W7J8, S100YKNO |
| Treasury stock | -0 | -0 | -0 | -5,959 | -5,903 | S100RDPZ, S100TUQ3, S100W7J8, S100YKNO |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 19% | S100YKNO |
| Property, plant and equipment | 2% | S100YKNO |
| Intangibles and goodwill | 21% | S100YKNO |
| Investment securities | 41% | S100YKNO |
| Other assets | 17% | S100YKNO |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 47% | S100YKNO |
| Equity | 53% | S100YKNO |
| Other liabilities | 0% | S100YKNO |

### 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 | 8,953 | 9,281 | 9,911 | 6,681 | 6,120 |
| Equity | 7,570 | 8,024 | 8,518 | 2,922 | 3,259 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,865 | 2,259 | 3,038 | 1,456 | 1,189 |

## 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) | 1.7% | S100YKNO |
| Fixed assets ÷ total assets | 1.6% | S100YKNO |
| Goodwill ÷ parent equity | — | —, S100YKNO |

### 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) | 19.4% |
| Cash ÷ revenue | 21.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 122.1% |
| Cash vs. profit gap | 704 JPY mn (of net income 129.7%) |
| Shareholder returns / net income | 37.8% |
| Shareholder returns / FCF | 27.7% |
| Shareholder payments — dividends / net income | 37.8% |
| Shareholder payments — dividends / FCF | 27.7% |
| CapEx intensity (capex ÷ revenue) | 8.9% |
| Investing CF relative to operating CF | 0.7% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 13.3% | 0.61× | 8.0% | 1.18× | 9.5% | S100RDPZ |
| 2023 | 13.0% | 0.59× | 7.6% | 1.17× | 8.9% | S100TUQ3 |
| 2024 | 13.4% | 0.58× | 7.7% | 1.16× | 9.0% | S100W7J8 |
| 2025 | 11.0% | 0.64× | 7.0% | 1.45× | 10.2% | S100YKNO |
| 2026 | 9.6% | 0.88× | 8.5% | 2.07× | 17.6% | S100YKNO |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社日本カストディ銀行（信託Ｅ口） | Major shareholder | 16.1% | 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 | 10.8% | 2026-03-31 |
| ＵＨＰａｒｔｎｅｒｓ２投資事業有限責任組合無限責任組合員株式会社ＵＨＰａｒｔｎｅｒｓ２ | Major shareholder | 7.7% | 2026-03-31 |
| 渡邊 久和 | Major shareholder | 5.0% | 2026-03-31 |
| 小林 親一 | Major shareholder | 5.0% | 2026-03-31 |
| 吉川 征治 | Major shareholder | 5.0% | 2026-03-31 |
| 株式会社ＮＴＴデータ | Major shareholder | 4.6% | 2026-03-31 |
| ＵＨＰａｒｔｎｅｒｓ３投資事業有限責任組合無限責任組合員株式会社ＵＨＰａｒｔｎｅｒｓ３ | Major shareholder | 4.4% | 2026-03-31 |
| 鈴木 邦生 | Major shareholder | 2.2% | 2026-03-31 |
| 光通信株式会社 | Major shareholder | 1.7% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第35期(2025/04/01－2026/03/31) | S100YKNO | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YKNO,, |
| 有価証券報告書－第34期(2024/04/01－2025/03/31) | S100W7J8 | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W7J8,, |
| 有価証券報告書－第33期(2023/04/01－2024/03/31) | S100TUQ3 | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TUQ3,, |
| 訂正有価証券報告書－第32期(2022/04/01－2023/03/31) | S100RDPZ | 2023-07-12 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RDPZ,, |
| 有価証券報告書－第31期(令和3年4月1日－令和4年3月31日) | S100OJBM | 2022-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OJBM,, |
| 有価証券報告書－第30期(令和2年4月1日－令和3年3月31日) | S100LP5H | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LP5H,, |

## 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).