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Overview

Information & Communication

SYSTEM RESEARCH CO.,LTD.

System Research Co., Ltd. is an independent IT services company engaged in system integration (SI), custom software development, and proprietary software product sales targeting enterprises across manufacturing, distribution, and service industries. Key offerings include POS management systems with credit/e-money payment, warehouse management and control systems (WMS/WCS), car dealer systems, cloud CRM ('WArm+'), AI-powered document search ('DigiQuery'), and e-commerce support services ('easy myShop'). As a vendor-neutral independent IT firm, the company leverages accumulated technical expertise and ISO 9001-certified quality management to provide end-to-end solutions from planning and design through development, maintenance, and legacy system migration.

Market Cap

¥33.1B

US$211M

¥26.6B

US$170M

Stock¥1,997▼-0.50%

US$1 = ¥156.80 (2026-10-23)

LTM EV/EBITDA

7.3

LTM EV/EBIT

7.8

LTM PER

12.9

LTM PBR

2.6

Stock vs TOPIX (1Y, base=100)vs TOPIX ▼-28.7%pt

Oct 24, 25 – Oct 23, 26StockTOPIX

MC → EV Bridge

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Performance & Balance

Revenue 5Y (¥B)

EBITDA 5Y (¥B)

Net Income 5Y (¥B)

Capital Structure

93%

EquityD/E 0.07xDebt

Liquidity vs Debt 5Y (¥B)▲ Net Cash

CashInv. Sec.Debt

Shareholders

Top 10 hold 41.5%

as of 2026-03-31 · Source: Annual Securities Report

Toshiyuki YAMADA

9.55%

The Master Trust Bank of Japan, Ltd. (Trust Account)

7.30%

SYSTEM RESEARCH CO.,LTD. Employee Stock Ownership Association

5.30%

STATE STREET BANK AND TRUST CLIENT OMNIBUS ACCOUNT OM02 505002 (Standing Proxy: Mizuho Bank, Ltd.)

3.84%

SMBC Nikko Securities Inc.

3.64%

Norihisa ITO

3.47%

Custody Bank of Japan, Ltd. (Trust Account)

2.90%

Hidemi OSAWA

2.15%

DBS BANK LTD FOR PARKWAY CAPITAL FUND 700333 (Standing Proxy: Mizuho Bank, Ltd.)

1.71%

Machiko ITO

1.60%

Management

12 officers

Hiroshi HIRAYAMA

Representative Director, President

Apr 1979 Joined Koizumiya Co., Ltd. Apr 1984 Joined Nihon Intelligent Terminal Co., Ltd. Aug 1984 Joined the Company Jun 2000 Appointed Executive Officer Feb 2005 Appointed Director Jul 2019 Appointed Representative Director, President (current)

1959-11-20

Mie UMEMOTO

Director

Apr 1980 Joined Toho Gas Co., Ltd. Mar 1989 Joined the Company Apr 2013 General Manager, System Technology Division 2 Apr 2016 Appointed Executive Officer; in charge of System Development Division 1 and Osaka Branch Apr 2018 In charge of Industrial Systems Business Division Jun 2018 Appointed Director Apr 2026 Director; Head of Osaka Branch and General Manager, E&P Business Division (current)

1961-11-20

Takafumi WATANABE

Director

Apr 1986 Joined Daiwa Computer Center Co., Ltd. (now Daiwa System Create Co., Ltd.) Jun 1988 Joined the Company Apr 2007 General Manager, System Technology Division 2 Apr 2013 General Manager, Tokyo Branch Apr 2015 Appointed Executive Officer; in charge of Tokyo Branch and ILI Solutions Department Jun 2019 Appointed Director Apr 2026 Director; in charge of Manufacturing Systems Business Division and Industrial Systems Business Division (current)

1964-07-08

Kazutomo ISOZUMI

Director

Apr 1995 Joined the Company Apr 2013 General Manager, System Development Division 3 Apr 2018 Executive Officer; General Manager, Automotive Systems Business Division Jan 2022 Executive Officer; General Manager, Manufacturing Systems Business Division Jun 2023 Appointed Director Apr 2026 Director; Head of Tokyo Branch (current)

1972-09-16

Yoshinobu OTA

Director

Apr 1995 Joined the Company Apr 2014 General Manager, Management Administration Department Apr 2018 Executive Officer; General Manager, Corporate Planning Department Apr 2025 Executive Officer; General Manager, Administration Division Jun 2025 Appointed Director (current)

1972-11-26

Satoshi NAKAGAWA

Director

Apr 1987 Joined Toyota Motor Corporation Jan 2014 Seconded to Toyota Communication System Co., Ltd. (now Toyota Systems Corporation) Jan 2021 Joined the Company as Executive Officer Apr 2021 Executive Officer; in charge of Automotive Systems Business Division Jan 2022 Executive Officer; General Manager, Automotive Systems Business Division Jun 2025 Appointed Director (current)

1964-10-12

Fumitaka TORII

Director, Audit and Supervisory Committee Member (Full-time)

Oct 2005 Joined Pare Co., Ltd.; General Manager, Finance Department and Head of Corporate Planning Office Dec 2008 Joined the Company; Senior Manager, Accounting Department Apr 2015 Executive Officer; General Manager, Accounting Department Apr 2018 Executive Officer; General Manager, Public Relations Office Apr 2021 Executive Officer; General Manager, Accounting Department Apr 2024 Fixed-term employee; in charge of M&A Jun 2024 Appointed Director, Audit and Supervisory Committee Member (current)

1958-01-09

Satoru YASUI

Director, Audit and Supervisory Committee Member

Apr 1977 Joined Nippon Life Insurance Company Apr 2003 General Manager, Finance and Sales Department, Tokai Finance Division, Nippon Life Insurance Company Apr 2011 Seconded to Nissei Credit Guarantee Co., Ltd. as Nagoya Branch Manager Apr 2013 Transferred to Nissei Credit Guarantee Co., Ltd. Mar 2014 Resigned from Nissei Credit Guarantee Co., Ltd. Jun 2014 Appointed Director Jun 2019 Appointed Director, Audit and Supervisory Committee Member (current)

1954-01-15

Yasuyuki KOSHIKAWA

Director, Audit and Supervisory Committee Member

Apr 1993 Joined The Nippon Credit Bank, Ltd. (now SBI Shinsei Bank, Ltd.) Oct 1998 Seconded to Ministry of Posts and Telecommunications (now Ministry of Internal Affairs and Communications), Broadcasting Administration Bureau Dec 2000 Joined SBI Shinsei Bank, Ltd., Public Finance Division Apr 2011 Joined New Industry Creation Support Office of SBI Shinsei Bank, Ltd. Jul 2012 Left SBI Shinsei Bank, Ltd. Sep 2012 Established Thinkenta Co., Ltd.; appointed Representative Director (current) Jun 2016 Appointed Audit & Supervisory Board Member of the Company Jun 2019 Appointed Director, Audit and Supervisory Committee Member (current)

1967-05-14

Hitoshi SUZUKI

Director, Audit and Supervisory Committee Member

Apr 1980 Joined Kyowa Bank, Ltd. (now Resona Bank, Ltd.) Apr 2002 Joined Asahi Bank, Ltd. (now Resona Bank, Ltd.) as Atsuta Branch Manager Apr 2007 Joined Kanefusa Co., Ltd. Aug 2007 General Manager, Management Administration Department, Kanefusa Co., Ltd. Jun 2011 Director; General Manager, General Affairs Department, Kanefusa Co., Ltd. Jun 2012 Appointed Managing Director, Kanefusa Co., Ltd. Jun 2020 Appointed Director and Managing Executive Officer, Kanefusa Co., Ltd.; retired Jun 2021 Appointed Director, Audit and Supervisory Committee Member (current)

1956-01-07

Harumi SUZUKI

Director, Audit and Supervisory Committee Member

Apr 1994 Joined Sugiura Masayasu Tax Accountant Office (now Aoi Tax Corporation) May 1996 Registered as Certified Tax Accountant with Nagoya Tax Accountants Association (Registration No. 82797) Apr 2000 Opened Harumi Suzuki Tax Accountant Office Jun 2023 Appointed Director, Audit and Supervisory Committee Member (current) Director, Business Support Co., Ltd. (current)

1970-03-12

Dai MIZUNO

Director, Audit and Supervisory Committee Member

Apr 1989 Joined Nagoya Railroad Co., Ltd. Oct 1991 Joined Ota Showa Audit Corporation (now EY ShinNihon LLC) Apr 2000 Registered as Certified Public Accountant Jul 2011 Appointed Partner, Shin Nihon LLC (now EY ShinNihon LLC) Jun 2024 Left EY ShinNihon LLC Jul 2024 Opened Dai Mizuno CPA Office Jun 2026 Appointed Director, Audit and Supervisory Committee Member (current) Outside Director, Takihyo Co., Ltd. (current)

1964-04-16

Large Shareholding Reports

FIAM LLC

2026-09-24

4.12%→5.24%

Fidelity Management & Research Company LLC

2026-06-17

4.59%→5.98%

Fidelity Management & Research Company LLC

2026-06-17

5.98%→6.54%

Fidelity Management & Research Company LLC

2026-06-17

6.70%→6.69%

Fidelity Management & Research Company LLC

2026-06-17

6.70%→6.70%

FMR LLC

2026-06-17

8.19%→9.45%

FMR LLC

2026-06-17

—

FMR LLC

2026-06-17

10.00%→10.00%

Correction filing (name/detail fix only) — ratio carried over from the original filing

Fidelity Management & Research Company LLC

2026-06-17

6.54%→6.71%

Fidelity Management & Research Company LLC

2026-06-17

6.71%→6.70%

FMR LLC

2026-06-17

9.45%→10.00%

Correction filing (name/detail fix only) — ratio carried over from the original filing

FMR LLC

2026-06-17

10.00%→10.00%

Correction filing (name/detail fix only) — ratio carried over from the original filing

FMR LLC

2026-06-17

6.36%→8.19%

FMR LLC

2026-05-12

10.00%→10.00%

FMR LLC

2026-04-07

10.00%→10.00%

FMR LLC

2025-11-10

10.00%→10.00%

FMR LLC

2025-10-07

9.45%→10.00%

Toshiyuki YAMADA

2025-10-07

14.26%→9.48%

Annual report (as of 2026-03-31): 9.55%

Toshiyuki YAMADA

2025-10-02

14.26%→9.48%

Annual report (as of 2026-03-31): 9.55%

Disclosures

No disclosures

Primary Source Filings

EDINET

2026-09-24

Large Shareholding Report

SYSTEM RESEARCH CO.,LTD.

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SYSTEM RESEARCH CO.,LTD.

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