Overview
Information & Communication

System D Inc.

System D Inc. is a Japanese software company specializing in the development and provision of industry-specific and function-specific packaged software across four verticals: education, public sector, health/wellness, and private enterprise. Its flagship products include 'Campus Plan' (university administration systems), 'School Engine' (school affairs support for public K-12), 'Smart Hello' (membership and ticket management for fitness clubs and leisure facilities), local government accounting software 'PPP Ver.5', and pharmacy dispensing systems 'GOHL2' and 'OKISS'. The company delivers solutions in both on-premise and cloud-based formats, supported by licensing, customization, implementation, and ongoing maintenance services.

Market Cap
¥8.67B
US$55.3M
EV
¥5.54B
US$35.4M
Stock¥450▲+0.45%
US$1 = ¥156.80 (2026-10-23)
LTM EV/EBITDA
3.8
x
LTM EV/EBIT
5.8
x
LTM PER
14.9
x
LTM PBR
1.6
x
Stock vs TOPIX (1Y, base=100)vs TOPIX ▼-57.8%pt
10012
Oct 23, 25 – Oct 23, 26StockTOPIX
1Oct 29, 25MIRI Capital Management LLC changed stake (22.29%→23.31%)
2Jun 16, 26Q2 FY2026/10 earnings announced
MC → EV Bridge
8.67BUS$55.3MMarket Cap0.10BUS$0.66M+ Debt1.90BUS$12.1M− Cash1.32BUS$8.42M− Inv. Sec.5.54BUS$35.4MEV
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Performance & Balance
Revenue 5Y (¥B)
3.84US$24.5M'21/104.23US$27.0M'22/104.74US$30.2M'23/104.63US$29.5M'24/105.03US$32.1M'25/10
EBITDA 5Y (¥B)
0.83US$5.29M'21/100.92US$5.87M'22/100.95US$6.04M'23/100.87US$5.55M'24/100.98US$6.24M'25/10
Net Income 5Y (¥B)
0.57US$3.66M'21/100.59US$3.77M'22/100.63US$4.03M'23/100.56US$3.54M'24/100.63US$4.00M'25/10
Capital Structure
98%
EquityD/E 0.02xDebt
Liquidity vs Debt 5Y (¥B)▲ Net Cash
CashInv. Sec.Debt
1.15US$7.34M0.04US$0.26M'21/101.25US$7.96M0.56US$3.58M'22/101.23US$7.81M0.43US$2.76M'23/102.06US$13.1M0.31US$2.00M'24/102.16US$13.8M0.19US$1.23M'25/10
Shareholders
Top 10 hold 71.2%
1
US BANK NATIONAL ASSOCIATION JP ACCTS TS (Standing Proxy: MUFG Bank, Ltd.)
18.97%
2
Try Co., Ltd.
14.02%
3
SIX SIS LTD. (Standing Proxy: MUFG Bank, Ltd.)
6.16%
4
INTERACTIVE BROKERS LLC (Standing Proxy: Interactive Brokers Securities Japan Inc.)
5.89%
5
THE HONGKONG AND SHANGHAI BANKING CORPORATION LTD - SINGAPORE BRANCH PRIVATE BANKING DIVISION CLIENT A/C 8221-563114 (Standing Proxy: The Hongkong and Shanghai Banking Corporation Limited, Tokyo Branch)
5.71%
6
TAKUMI CAPITAL MANAGEMENT MASTER FUND LP (Standing Proxy: The Hongkong and Shanghai Banking Corporation Limited, Tokyo Branch)
4.95%
7
Tatsuko DOYAMA
4.76%
8
Kyocera Communication Systems Co., Ltd.
3.90%
9
Ryo DOYAMA
3.42%
10
System D Inc. Employee Stock Ownership Association
3.40%
Management
10 officers
Ryo DOYAMA
Representative Director, President
Apr 2008 Joined NTT Data Kansai Corporation (now NTT DATA Kansai Corporation) Mar 2013 Joined the Company Jan 2017 Manager, Management Section, Public Accounting Solutions Business Sales Division, the Company Oct 2019 General Manager, Corporate Planning Office, the Company Jan 2020 Director, the Company Jul 2020 General Manager, Administration Division, the Company Jul 2020 Senior Managing Director, the Company Jan 2022 General Manager, Wellness Solutions Business Division, the Company Oct 2023 Director, Nakamura Farm Co., Ltd. (current) Jan 2024 Representative Director, President, the Company (current) Jan 2025 Representative Director, President, Think Co., Ltd. (current)
1984-08-22
Shigehide EMOTO
Managing Director
May 1989 Joined Land Computer Co., Ltd. Jul 1997 Joined the Company Oct 2002 General Manager, School Solutions Business Division, and General Manager, East Japan Sales Division, the Company Nov 2005 General Manager, School Solutions Business Division, and General Manager, Development Division, the Company Jun 2008 Senior Manager, SaaS, School Solutions Business Division, the Company Dec 2009 Director, the Company Jan 2011 General Manager, Public Education Solutions Business Division, the Company Jan 2022 Managing Director, the Company (current)
1959-08-19
Teruya FUJIWARA
Director, General Manager, Administration Division
Apr 1996 Joined Chuo System Service Co., Ltd. May 1998 Joined F-Bics Kansai Co., Ltd. (now Take One Co., Ltd.) Nov 2000 Joined the Company Dec 2007 Manager, SE Section, Sales Division, School Solutions Business Division, the Company Jul 2011 General Manager, Sales Division, School Solutions Business Division, the Company Jan 2017 General Manager, School Solutions Business Division, and General Manager, Development Division, the Company Jan 2024 General Manager, Administration Division, the Company (current) Jan 2025 Director, Think Co., Ltd. (current) Jan 2026 Director, the Company (current)
1970-07-13
Takuji OKUNO
Director
Apr 1983 Associate Professor, Kyoto University of Art and Design (now Kyoto University of Art and Design) Aug 1984 Audit & Supervisory Board Member, the Company Apr 1992 Professor, Faculty of Letters, Konan University Apr 1997 Professor, Graduate School of Social Studies, Kwansei Gakuin University Apr 2016 Director, Institute for Advanced Social Research, Kwansei Gakuin University Apr 2017 Director, Yamashina Institute for Ornithology Jun 2018 Director, Senri Cultural Foundation (current) Jan 2019 Director, the Company (current) Apr 2019 Specially Appointed Professor, Yamazaki University of Animal Health Technology Apr 2019 Professor Emeritus, Kwansei Gakuin University (current) Apr 2021 Specially Appointed Professor, Graduate School, Yamazaki University of Animal Health Technology Apr 2022 Senior Fellow, Yamashina Institute for Ornithology (current)
1950-08-08
Yukio INOUE
Director
Apr 1971 Joined The Japan Iron and Steel Federation May 1988 General Manager, General Affairs Section, The Japan Iron and Steel Federation May 2003 Director, Osaka Office, The Japan Iron and Steel Federation Apr 2007 Senior Adviser, Kyoto Center, Japan Organization for Employment of the Elderly, Persons with Disabilities and Job Seekers (formerly Japan Employment and Vocational Development Organization) Apr 2012 Management Advisor, Shimizu Sannenzaka Museum of Art Jan 2019 Director, the Company (current)
1947-08-09
Isao WATANABE
Audit & Supervisory Board Member
Apr 1967 Joined The Kobe Bank, Ltd. (now Sumitomo Mitsui Banking Corporation) Nov 1976 Joined Asahi & Co. (now Ernst & Young ShinNihon LLC) Mar 1982 Registered as Certified Public Accountant Oct 1996 Established Create Management Co., Ltd., Representative Director Oct 1996 Established IPO Audit Corporation, Managing Partner Dec 2009 Audit & Supervisory Board Member, the Company (current)
1943-07-03
Naoto KONISHI
Director
Oct 1973 Joined Arthur Andersen & Co. Tokyo Office (now Accenture Japan Ltd. and Ernst & Young ShinNihon LLC) Mar 1979 Registered as Certified Public Accountant Oct 1984 Opened Konishi CPA Office Jul 1998 Director, Managing Executive Officer and CFO, Future System Consulting Corporation (now Future Corporation) Jul 2008 Representative Director, President, Pit Crew Co., Ltd. (now Pole To Win Co., Ltd.) Dec 2009 Representative Director, President, Pole To Win Pit Crew Holdings Co., Ltd. (now Pole To Win Holdings, Inc.) Feb 2017 Audit & Supervisory Board Member, Metadata Co., Ltd. Jul 2021 Audit & Supervisory Board Member, Bryzen Co., Ltd. (current) Sep 2022 Representative Director, Mirai no Iyakuhin Kenkyusho Co., Ltd. (current) Jan 2026 Director, the Company (current)
1951-01-04
Norio SAWABE
Director
Apr 1994 Researcher, Osaka Research Institute, Japan Securities Research Institute Apr 1995 Full-time Lecturer, Faculty of Business Administration, Ritsumeikan University Apr 1997 Associate Professor, Faculty of Business Administration, Ritsumeikan University Apr 1999 Associate Professor, Faculty of Economics, Kyushu University Apr 2003 Associate Professor, Graduate School of Economics, Kyoto University Apr 2007 Professor, Graduate School of Economics, and Professor, Graduate School of Management, Kyoto University Apr 2018 Vice Dean, Graduate School of Management, Kyoto University Apr 2020 Vice Dean, Graduate School of Economics, Kyoto University Apr 2022 Dean, Graduate School of Management, Kyoto University (current) Apr 2026 Director, the Company (scheduled to assume office)
1966-06-24
Toshiyuki TAKASAKI
Full-time Audit & Supervisory Board Member
Apr 1995 Joined Okasan Securities Co., Ltd. Aug 1996 Joined Nihon Chemtech Inc. Oct 2000 Joined the Company Jan 2008 Manager, Technical Support Section, Sales Division, School Solutions Business Division, the Company Jan 2018 General Manager, Internal Audit Office, the Company Jan 2024 Audit & Supervisory Board Member, the Company (current)
1972-11-08
Tetsuro IKEGAMI
Audit & Supervisory Board Member
Apr 1993 Registered as Attorney at Law Apr 1993 Joined Kyoto Sogo Law Office (current) Apr 2009 Vice President, Kyoto Bar Association Jan 2019 Audit & Supervisory Board Member, the Company (current)
1966-11-15
Large Shareholding Reports
MIRI Capital Management LLC
2025-10-29
22.29%→23.31%
Try Co., Ltd.
2025-10-21
13.85%→13.85%
Annual report (as of 2026-04-30): 14.02%
MIRI Capital Management LLC
2025-04-10
21.28%→22.29%
MIRI Capital Management LLC
2025-01-14
20.27%→21.28%
MIRI Capital Management LLC
2024-09-11
19.26%→20.27%
MIRI Capital Management LLC
2024-08-19
18.10%→19.26%
MIRI Capital Management LLC
2024-06-27
16.65%→18.10%
MIRI Capital Management LLC
2024-05-28
15.63%→16.65%
MIRI Capital Management LLC
2023-10-03
14.51%→15.63%
MIRI Capital Management LLC
2023-01-23
13.50%→14.51%
MIRI Capital Management LLC
2022-12-23
12.50%→13.50%
MIRI Capital Management LLC
2022-11-25
11.45%→12.50%
MIRI Capital Management LLC
2022-11-01
10.42%→11.45%
MIRI Capital Management LLC
2022-10-13
9.16%→10.42%
MIRI Capital Management LLC
2022-09-07
8.11%→9.16%
MIRI Capital Management LLC
2022-08-05
7.10%→8.11%
MIRI Capital Management LLC
2022-07-21
6.10%→7.10%
MIRI Capital Management LLC
2022-06-29
5.06%→6.10%
MIRI Capital Management LLC
2022-05-24
5.06%
VIS Advisors,LP
2021-10-26
9.79%→10.86%
VIS Advisors,LP
2021-09-17
8.51%→9.79%
Disclosures
No disclosures
Primary Source Filings
TDnet
2026-09-14
Q3 Earnings Flash
FY ending Oct 2026
EDINET
2026-06-15
Semi-Annual Securities Report
Period: Nov 2025 – Oct 2026
TDnet
2026-03-16
Q1 Earnings Flash
FY ending Oct 2026
EDINET
2026-01-28
Annual Securities Report
Period: Nov 2024 – Oct 2025
EDINET
2025-10-29
Large Shareholding Report
EDINET
2025-10-21
Large Shareholding Report
TDnet
2025-09-16
Q3 Earnings Flash
FY ending Oct 2025
EDINET
2025-06-16
Semi-Annual Securities Report
Period: Nov 2024 – Oct 2025
EDINET
2025-04-10
Large Shareholding Report
TDnet
2025-03-17
Q1 Earnings Flash
FY ending Oct 2025
EDINET
2025-01-30
Annual Securities Report
Period: Nov 2023 – Oct 2024
EDINET
2025-01-14
Large Shareholding Report
EDINET
2024-09-11
Large Shareholding Report
EDINET
2024-08-19
Large Shareholding Report
EDINET
2024-06-27
Large Shareholding Report
EDINET
2024-06-10
Quarterly Securities Report
Period: Feb 2024 – Apr 2024
EDINET
2024-05-28
Large Shareholding Report
EDINET
2024-03-18
Quarterly Securities Report
Period: Nov 2023 – Jan 2024
EDINET
2024-01-30
Annual Securities Report
Period: Nov 2022 – Oct 2023
EDINET
2023-10-03
Large Shareholding Report
EDINET
2023-09-11
Quarterly Securities Report
Period: May 2023 – Jul 2023
EDINET
2023-06-12
Quarterly Securities Report
Period: Feb 2023 – Apr 2023
EDINET
2023-03-13
Quarterly Securities Report
Period: Nov 2022 – Jan 2023
EDINET
2023-01-27
Annual Securities Report
Period: Nov 2021 – Oct 2022
EDINET
2023-01-23
Large Shareholding Report
EDINET
2022-12-23
Large Shareholding Report
EDINET
2022-11-25
Large Shareholding Report
EDINET
2022-11-01
Large Shareholding Report
EDINET
2022-10-13
Large Shareholding Report
EDINET
2022-09-12
Quarterly Securities Report
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