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S

System Research Co 3771.T · JPY

Information Technology · Tokyo Stock Exchange · 🇯🇵 Japan

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1,816

+1.57%

Close of 9 Nov 2026, in JPY

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At a glance

Figures in JPY, from our data supplier.

FY2026

Revenue

¥29.08bn

FY2017FY2026

Net income

¥2.61bn

FY2017FY2026

Free cash flow

¥1.68bn

FY2017FY2026

Shareholders' equity

¥13.46bn

FY2017FY2026

Income statement

Fiscal years

FY2026FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017
Revenue¥29.08bn¥25.93bn¥23.32bn¥21.56bn¥18.41bn¥16.16bn¥16.25bn¥14.15bn¥12.72bn¥11.54bn
Gross profit¥6.76bn¥6.03bn¥5.36bn¥4.82bn¥4.12bn¥3.47bn¥3.67bn¥3.08bn¥2.55bn¥2.40bn
Research and development—¥19.7m—¥3.9m¥7.6m¥710,000¥18.4m¥13.7m¥3.0m—
Operating income¥3.47bn¥3.00bn¥2.70bn¥2.50bn¥2.08bn¥1.57bn¥1.72bn¥1.29bn¥983.9m¥938.5m
Net income¥2.61bn¥2.19bn¥1.97bn¥1.60bn¥1.49bn¥1.09bn¥1.24bn¥920.3m¥666.5m¥641.0m
Diluted earnings per share157.43132.32118.8895.8189.2665.1674.0355.0639.8738.35

Balance sheet

At each fiscal year end

FY2026FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017
Total assets¥19.46bn¥17.53bn¥16.15bn¥14.18bn¥12.88bn¥11.20bn¥10.69bn¥9.55bn¥8.51bn¥7.65bn
Cash and short-term investments¥8.43bn¥8.20bn¥8.33bn¥7.37bn¥6.35bn¥5.84bn¥5.37bn¥4.42bn¥3.57bn¥2.79bn
Total liabilities¥5.97bn¥5.70bn¥5.63bn¥5.05bn¥4.75bn¥4.05bn¥4.40bn¥4.17bn¥3.85bn¥3.51bn
Debt¥956.9m¥1.30bn¥1.44bn¥1.40bn¥1.40bn¥1.43bn¥1.48bn¥1.54bn¥1.51bn¥1.62bn
Shareholders' equity¥13.46bn¥11.81bn¥10.51bn¥9.12bn¥8.12bn¥7.14bn¥6.29bn¥5.37bn¥4.66bn¥4.14bn
Shares outstanding17m17m17m17m17m17m17m17m17m17m

Cash flow

Fiscal years

FY2026FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017
Cash from operations¥2.50bn¥2.06bn¥2.46bn¥1.80bn¥1.29bn¥1.09bn¥1.31bn¥1.10bn¥1.15bn¥196.4m
Capital spending−¥819.9m−¥1.09bn−¥868.8m−¥210.7m−¥5.8m−¥77.8m−¥43.2m−¥4.9m−¥1.8m−¥27.2m
Free cash flow¥1.68bn¥971.5m¥1.59bn¥1.59bn¥1.28bn¥1.01bn¥1.27bn¥1.10bn¥1.15bn¥169.1m
Dividends paid−¥993.9m−¥668.6m−¥585.1m−¥501.5m−¥501.5m−¥417.9m−¥250.7m−¥209.0m−¥188.1m−¥125.4m

Latest quarters

By quarter end

Jun 2026Mar 2026Dec 2025Sept 2025Jun 2025Mar 2025Dec 2024Sept 2024
Revenue¥7.43bn¥7.66bn¥7.23bn¥7.25bn¥6.94bn¥6.72bn¥6.58bn¥6.45bn
Gross profit¥1.56bn¥1.89bn¥1.69bn¥1.71bn¥1.48bn¥1.70bn¥1.58bn¥1.45bn
Operating income¥540.3m¥1.07bn¥884.2m¥918.3m¥601.3m¥938.1m¥837.6m¥747.7m
Net income¥390.2m¥825.3m¥664.0m¥679.9m¥441.7m¥640.4m¥653.7m¥548.1m
Diluted earnings per share23.5249.7640.0440.9926.6338.6139.4633.08
Total assets¥17.39bn¥19.46bn¥17.61bn¥17.02bn¥16.02bn¥17.53bn¥16.46bn¥15.58bn
Cash and short-term investments¥7.45bn¥8.43bn¥7.71bn¥7.02bn¥7.08bn¥8.20bn¥8.18bn¥7.60bn
Debt¥620.6m¥956.9m¥770.6m¥1.17bn¥892.2m¥1.30bn¥1.09bn¥1.57bn
Shareholders' equity¥12.69bn¥13.46bn¥12.64bn¥11.97bn¥11.26bn¥11.81bn¥11.17bn¥10.52bn

Financial ratios

Data as of 22 Sept 2026

FY2026FY2025FY2024FY2023FY2022FY2021FY2020FY2019
Gross margin23.3%23.2%23.0%22.3%22.4%21.5%——
Operating margin11.9%11.6%11.6%11.6%11.3%9.7%——
Net margin9.0%8.5%8.4%7.4%8.1%6.7%——
Return on equity19.4%18.6%18.7%17.6%18.4%15.3%——
Return on assets13.4%12.5%12.2%11.3%11.6%9.7%——
Free cash flow yield10.3%9.8%10.4%6.2%4.0%3.6%——
Revenue growth12.2%11.2%8.2%17.1%13.9%-0.6%——
Earnings growth19.0%11.4%23.0%7.3%37.0%-12.0%——
Current ratio2.64x2.65x2.62x2.71x2.55x2.68x——
Debt to equity0.07x0.11x0.14x0.15x0.17x0.20x——
Equity ratio69.2%67.4%65.1%64.3%63.1%63.7%——
Interest coverage296.28x280.67x317.86x316.25x262.74x177.42x——
R&D as a share of sales—0.1%—0.0%0.0%0.0%0.1%0.1%
Buybacks as a share of market value0.0%-0.1%0.9%0.0%0.0%0.0%——

Growth per year

Compound annual rate

3 years5 years10 years
Revenue10.5%12.5%10.8%
Operating income11.5%17.2%14.9%
Net income17.7%19.1%16.6%

Average margins

Over each period

1 year3 years5 years10 years
Gross margin23.3%23.0%22.7%22.3%
Operating margin11.8%11.7%11.4%10.6%
Net margin8.7%8.4%8.1%7.5%

Valuation history

At each fiscal year end

FY2026FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017
Price to earnings11.615.312.515.111.915.211.516.516.814.3
Price to sales1.01.31.11.11.01.00.91.10.90.8

Dividends and splits

Per share, in the currency the company pays

Paid for 21 years. Last went ex-dividend on 30 Mar 2026.

FY2026FY2025FY2024FY2023FY2022FY2021FY2020FY2019
Paid in the year130.0040.0035.0030.0030.0025.0015.0012.50
  • 2-for-1 split · 28 Mar 2024
  • 2-for-1 split · 27 Sept 2019
  • 2-for-1 split · 29 Mar 2016
  • 2-for-1 split · 26 Sept 2006

Sources and methodology

Data on this tab
Our data supplier
Chart on the Overview
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