# YE DIGITAL Corporation: business model and financials

> Latest period: FY ending Feb 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第49期(2025/03/01－2026/02/28) (S100Y56T)
> Page: https://vizora.meequs.com/en/company/ye-digital
> Retrieved: 2026-09-30T21:31:59.786Z

## Company

YE Digital, founded in 1992, is a company in IT Services & System Integration listed on TSE Standard. It has 690 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | YE DIGITAL Corporation |
| Ticker | 2354 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2354.T) |
| Listing | TSE Standard |
| Head office | 北九州市小倉北区米町二丁目1番21号 |
| Representative (per filing) | 代表取締役社長 玉井裕治 |
| Founded | Sep 1992 |
| Share capital | ¥750.6M |
| Employees (consolidated) | 690 |
| Average salary (parent only) | ¥8M |
| Fiscal year end | February |
| Website | www.ye-digital.com (https://www.ye-digital.com/) |
| Corporate number | 7290801010765 |
| EDINET | E05328 |
| Industries (Vizora) | IT Services & System Integration |

> Profile source: annual securities report (S100Y56T, filed 2026-05-21). As of filing

## Five-axis industry profile

Primary industry: IT Services & System Integration (2026-02-28)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 44.3 | 157 |
| Profitability | 41.6 | 196 |
| Cash conversion | 59.7 | 185 |
| Efficiency | 63 | 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)

- YE Digital brought in ¥20.3B in revenue.
- Out of every ¥100 of sales, about ¥8 is left as operating profit.
- Revenue changed +1.6% from the prior year, operating profit +15.6%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥20263161000 → ¥1303317000
- Net income → operating cash flow: ¥1303317000 → ¥1422473000（difference ¥119156000）
- Main uses of operating cash flow: CapEx ¥610401000 / dividends ¥361158000 / buybacks ¥313261000
- Change in cash: ¥208086000
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 | ¥20.3B |  |
| Operating income | ¥1.63B | Margin 8.0% |
| Net income | ¥1.28B | Margin 6.3% |
| Free cash flow | ¥812.1M |  |
| Employees (consolidated) | 690 |  |
| EPS | ¥59.43 |  |
| Diluted EPS | ¥56.03 |  |
| Book value per share | ¥379.04 |  |
| Equity ratio | 52.8% |  |
| Shares outstanding | 18,326,000 |  |
| Treasury shares | 500,300 |  |
| Shareholders | 7,143 |  |
| Average salary (parent only) | ¥8M | Filing company only |
| Cash ratio | 23.8% | Cash ÷ revenue 16.8% |
| Vs. industry median margin | -0.9 pp | IT Services & System Integration |
| ROE | 17.8% | Derived from disclosed figures |
| ROA | 9.3% | Derived from disclosed figures |

## Notable figures

- FY2026, employees -1% while operating income rose 16%

## What changed in 5 years

| Metric | FY ending Feb 2021 | FY ending Feb 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥14481536000 | ¥20263161000 | +39.9% |
| Operating income | ¥921965000 | ¥1628448000 | +76.6% |
| Operating margin | 6.4% | 8.0% | +1.7 pp |
| Employees | 589 people | 690 people | +17.1% |
| Cash and equivalents | ¥2648240000 | ¥3405057000 | +28.6% |

### Change in segment revenue mix

Span: FY ending Feb 2021 → FY ending Feb 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 20,263 | 100.0% | S100Y56T |
| Cost of revenue | 14,449 | 71.3% | S100Y56T |
| Gross profit | 5,815 | 28.7% | S100Y56T |
| SG&A | 4,186 | 20.7% | S100Y56T |
| Operating income | 1,628 | 8.0% | S100Y56T |
| Ordinary income | 1,813 | 8.9% | S100Y56T |
| Pretax income | 1,813 | 8.9% | S100Y56T |
| Income tax | 509 | 2.5% | S100Y56T |
| Net income | 1,303 | 6.4% | S100Y56T |
| Net income attributable to owners | 1,282 | 6.3% | S100Y56T |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 71 |
| SG&A | 21 |
| Operating income | 8 |
| (Ref.) Net income | 6 |

### Margin funnel

Gross margin 28.7% → Operating margin 8.0% → Net margin 6.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +1.6%; Core profit growth: +15.6%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 9.80×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 19,945 | 20,263 | 318 | +1.6% |
| Gross profit | 5,241 | 5,815 | 573 | +10.9% |
| Operating income | 1,408 | 1,628 | 220 | +15.6% |
| Net income attributable to owners | 1,039 | 1,282 | 243 | +23.4% |
| Operating cash flow | 1,286 | 1,422 | 136 | +10.6% |
| Free cash flow | 1,008 | 812 | -196 | -19.4% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Feb 2020 | 13,794 | 585 | 4.2% | 378 | 280 | -5 | S100LDPQ |
| FY ending Feb 2021 | 14,482 | 922 | 6.4% | 641 | 841 | 216 | S100PNM8 |
| FY ending Feb 2022 | 13,726 | 843 | 6.1% | 404 | 487 | 328 | S100QSN5 |
| FY ending Feb 2023 | 16,151 | 910 | 5.6% | 783 | 563 | 99 | S100THVQ |
| FY ending Feb 2024 | 19,505 | 1,489 | 7.6% | 1,092 | 546 | 296 | S100VTAH |
| FY ending Feb 2025 | 19,945 | 1,408 | 7.1% | 1,039 | 1,286 | 1,008 | S100Y56T |
| FY ending Feb 2026 | 20,263 | 1,628 | 8.0% | 1,282 | 1,422 | 812 | S100Y56T |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥29.4M |
| Operating income per employee (consolidated) | ¥2.4M |
| Net income per employee (consolidated) | ¥1.9M |

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

| History | FY ending Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 613 | 650 | 676 | 694 | 690 |
| Average salary (parent company) | ¥7.7M | ¥7.1M | ¥7.8M | ¥8M | ¥8M |
| Average age (parent company) | 41.9 years | 41.8 years | 41.7 years | 41.3 years | 42.5 years |
| Average tenure (parent company) | 15.8 years | 15.9 years | 15.3 years | 14.3 years | 15.1 years |

Year over year: Employees (consolidated) -0.6% · Revenue (consolidated) +1.6%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 1,422 | 7.0% | S100Y56T |
| Capital expenditure | 610 | 3.0% | S100Y56T |
| Free cash flow | 812 | 4.0% | 算出 |
| Investing cash flow | -522 | -2.6% | S100Y56T |
| Financing cash flow | -692 | -3.4% | S100Y56T |
| Dividends paid | 361 | 1.8% | S100Y56T |
| Share buyback | 313 | 1.5% | S100Y56T |
| Change in cash | 208 | 1.0% | S100Y56T |
| Cash and equivalents | 3,405 | 16.8% | S100Y56T |

## 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 Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 2,735 | 2,635 | 2,486 | 3,197 | 3,405 | S100THVQ, S100VTAH, S100Y56T |
| Total assets | 10,084 | 11,646 | 12,324 | 13,228 | 14,297 | S100QSN5, S100THVQ, S100VTAH, S100Y56T |
| Net assets | 4,600 | 5,045 | 6,174 | 7,247 | 8,133 | S100THVQ, S100VTAH, S100Y56T |
| Share capital | 703 | 706 | 706 | 749 | 751 | S100QSN5, S100THVQ, S100VTAH, S100Y56T |
| Trade receivables | 3,395 | — | — | — | — | S100QSN5 |
| Property, plant and equipment | 659 | 1,019 | 921 | 1,078 | 952 | S100QSN5, S100THVQ, S100VTAH, S100Y56T |
| Intangible assets excluding goodwill | 371 | 323 | 287 | 251 | 701 | S100QSN5, S100THVQ, S100VTAH, S100Y56T |
| Investment securities | 37 | 32 | 33 | 32 | 30 | S100QSN5, S100THVQ, S100VTAH, S100Y56T |
| Current assets | 7,040 | 8,367 | 8,859 | 9,747 | 10,332 | S100QSN5, S100THVQ, S100VTAH, S100Y56T |
| Current liabilities | 2,622 | 4,481 | 4,143 | 4,118 | 4,511 | S100QSN5, S100THVQ, S100VTAH, S100Y56T |
| Trade payables | 958 | 1,449 | 1,132 | 1,531 | — | S100QSN5, S100THVQ, S100VTAH |
| Total liabilities | 5,485 | 6,601 | 6,150 | 5,981 | 6,165 | S100QSN5, S100THVQ, S100VTAH, S100Y56T |
| Non-controlling interests | 12 | 13 | 16 | 16 | 19 | S100QSN5, S100THVQ, S100VTAH, S100Y56T |
| Equity attributable to owners of parent | 4,437 | 5,151 | 6,061 | 6,884 | 7,495 | S100QSN5, S100THVQ, S100VTAH, S100Y56T |
| Retained earnings | 3,377 | 4,085 | 4,996 | 5,732 | 6,653 | S100QSN5, S100THVQ, S100VTAH, S100Y56T |
| Treasury stock | -0 | -0 | -0 | -0 | -313 | S100QSN5, S100THVQ, S100VTAH, S100Y56T |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 24% | S100Y56T |
| Property, plant and equipment | 7% | S100Y56T |
| Intangibles and goodwill | 5% | S100Y56T |
| Investment securities | 0% | S100Y56T |
| Other assets | 64% | S100Y56T |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 43% | S100Y56T |
| Equity | 57% | S100Y56T |

### Balance sheet history

| Metric | FY ending Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 10,084 | 11,646 | 12,324 | 13,228 | 14,297 |
| Equity | 4,600 | 5,045 | 6,174 | 7,247 | 8,133 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 2,735 | 2,635 | 2,486 | 3,197 | 3,405 |

## 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) | 4.7% | S100Y56T |
| Fixed assets ÷ total assets | 6.7% | S100Y56T |
| Goodwill ÷ parent equity | — | —, S100Y56T |

### 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) | 23.8% |
| Cash ÷ revenue | 16.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 87.4% |
| Cash vs. profit gap | 140 JPY mn (of net income 11.0%) |
| Shareholder returns / net income | 52.6% |
| Shareholder returns / FCF | 83.0% |
| Shareholder payments — dividends / net income | 28.2% |
| Shareholder payments — dividends / FCF | 44.5% |
| CapEx intensity (capex ÷ revenue) | 3.0% |
| Investing CF relative to operating CF | 36.7% |

## 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 | 2.9% | 1.36× | 4.0% | 2.27× | 9.1% | S100QSN5 |
| 2023 | 4.8% | 1.49× | 7.2% | 2.27× | 16.3% | S100THVQ |
| 2024 | 5.6% | 1.63× | 9.1% | 2.14× | 19.5% | S100VTAH |
| 2025 | 5.2% | 1.56× | 8.1% | 1.97× | 16.0% | S100Y56T |
| 2026 | 6.3% | 1.47× | 9.3% | 1.91× | 17.8% | S100Y56T |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社安川電機 | Major shareholder | 38.9% | 2026-02-28 |
| YE DIGITAL従業員持株会 | Major shareholder | 5.2% | 2026-02-28 |
| MSIP CLIENT SECURITIES （常任代理人 モルガン・スタンレーMUFG証券株式会社） | Major shareholder | 4.1% | 2026-02-28 |
| 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 | 1.6% | 2026-02-28 |
| 株式会社福岡銀行 | Major shareholder | 1.5% | 2026-02-28 |
| BNYMSANV RE GCLB RE JP RD LMGC （常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 1.2% | 2026-02-28 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 1.0% | 2026-02-28 |
| THE BANK OF NEW YORK MELLON 140042（常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 0.9% | 2026-02-28 |
| GOLDMAN SACHS INTERNATIONAL（常任代理人 ゴールドマン・サックス証券株式会社） | Major shareholder | 0.9% | 2026-02-28 |
| 楽天証券株式会社共有口 | Major shareholder | 0.8% | 2026-02-28 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第49期(2025/03/01－2026/02/28) | S100Y56T | 2026-05-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y56T,, |
| 有価証券報告書－第48期(2024/03/01－2025/02/28) | S100VTAH | 2025-05-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VTAH,, |
| 有価証券報告書－第47期(2023/03/01－2024/02/29) | S100THVQ | 2024-05-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100THVQ,, |
| 有価証券報告書－第46期(2022/03/01－2023/02/28) | S100QSN5 | 2023-05-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QSN5,, |
| 訂正有価証券報告書－第45期(令和3年3月1日－令和4年2月28日) | S100PNM8 | 2022-11-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PNM8,, |
| 有価証券報告書－第44期(令和2年3月1日－令和3年2月28日) | S100LDPQ | 2021-05-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LDPQ,, |

## 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).