Worth reading
77Important
0–100. This measures how worthwhile something is to read, not how good or bad the company is.Direction
Mixed performance
Direction inferred from the company’s description.Scale
214062
¥ million (year-on-year increase in net sales)Wording
Conditional
How definitive the wording is.Contents of this document
Financial results presentationFiscal year ending March 202615 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales¥1,350,879 million+18.8%
Operating profit¥44,169 million+26.6%
Ordinary income¥44,943 million+26.8%
Net income¥32,030 million+29.4%
Gross Profit Margin7.0%
Operating profit margin3.3%
Selling, general and administrative expenses¥50,458 million
Results for the three months of the current quarterConsolidated revenue was ¥349,648 million and consolidated operating profit was ¥11,434 million. Revenue in the IT Infrastructure Distribution Business was ¥345,011 million and operating profit was ¥10,978 million.
Full-year earnings forecast
Net Sales
¥1,189,000 million
Revenue from the IT Infrastructure Distribution Business
¥1,174,500 million
Industrial Machinery Business revenue
¥14,500 million
Operating profit
¥36,500 million
Operating profit from the IT Infrastructure Distribution Business
¥35,000 million
Operating profit from the Industrial Machinery Business
¥1,500 million
Ordinary income
¥36,700 million
Net income
¥25,300 million
EPS
¥291.09
What the company explained in this material
Self-assessment against the planThe company's self-assessment against its own plan.
Significantly exceeded the initial plan for the second consecutive fiscal yearBreakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
Operating profit, fiscal year ended March 2026Revenue growth impact: +¥15.02 billion; gross margin impact: -¥190 million; base-pay increases, salaries and bonuses: -¥2.81 billion; employee benefits: -¥230 million; other personnel expenses: +¥380 million; logistics-related expenses: -¥2.19 billion; additional floor space costs: -¥950 million; system modification costs: -¥320 million; other SG&A expenses: -¥200 million
Operating income forecast for the fiscal year ending March 2027Revenue decline impact: -¥11.34 billion; gross margin improvement impact: +¥5.27 billion; base-pay increases, salaries and bonuses: -¥1.15 billion; employee benefits and other expenses: -¥340 million; logistics-related expenses: +¥1.15 billion; additional floor space costs: +¥900 million; system investments: -¥100 million; advertising and promotional expenses: -¥1.60 billion; other: +¥70 million
Assumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.
An approximately 900,000-unit decline following the reversal of Windows 10 replacement demand, a decline following the reversal of GIGA School Phase 2 demand, a 20%–30% increase in PC prices since April, no current issues on the PC supply side, and an assumed GIGA School demand of approximately 10 million units from the fiscal year ended March 2025 through the fiscal year ending March 2027, of which approximately 70% has already been replacedNew initiatives
Capital and business alliance with BCC株式会社; corporate name changes effective 1 April 2027 (the holding company will be MUSUBITE株式会社 and the subsidiary will be DIS株式会社); consideration of the next-generation system; consideration of next-generation logistics strategies; expansion of AI PCs, cloud services and managed services; and creation of new businesses, including through M&AKey KPIsA metric the company considers important as a management benchmark.
- iKAZUCHI (cloud services platform) transaction volume¥54,570 millionYear on year against the same period last year+34.6%
- PC shipments654 10,000 unitsYear on year against the same period last year+67.9%
- Server shipments5 10,000 unitsYear on year against the same period last year△18.4%
- Share of the domestic corporate PC market46.8 %
- ROE19.9 %Year on year against the same period last year+3.1 percentage points
- ROIC16.9 %
- EPS¥362.07Year on year against the same period last year+¥90.7
Unit price and quantity metricsThese figures show sales broken down by price and volume.
PC shipments totaled 6.540 million units, up 67.9% year on year. For the fiscal year ending March 2027, PC shipments are expected to decline by approximately 900,000 units year on year. PC prices have risen 20%–30% since April.Segment results
IT Infrastructure Distribution Business
Net Sales
¥1,336,479 million+18.9%
Operating profit
¥43,030 million+26.4%
Industrial-Machinery Business
Net Sales
¥14,400 million+11.7%
Operating profit
¥1,127 million+32.3%
Medium-term management plan targets
ROE of at least 14%, ROIC of at least 12%, iKAZUCHI (cloud services platform) transaction volume of more than ¥52 billion, revenue of ¥1 trillion and operating profit of ¥33 billion for the fiscal year ending March 2027 (initial plan), and operating profit of ¥50 billion in fiscal 2030Financial targets
ROE target of at least 14%, ROIC target of at least 12%, and an equity ratio of approximately 35% as a guideline. For the fiscal year ended March 2026, ROE was 19.9%, ROIC was 16.9% and the equity ratio was 36.8%.Market Size / Share
Share of the domestic corporate PC market: 46.8%; share of the overall domestic PC market: 36.5%; PC shipments: 6.540 million units. Nationwide GIGA School Phase 2 demand is approximately 10 million units.Orders received and order backlog
Domestic orders in the Industrial Machinery Business increased 59.2% year on year, while orders in the Automated Machinery Division increased 2.4%. Order backlog amount: Not disclosedCapital expenditures
¥100 million system investments
Annual Dividend
¥105 for the fiscal year ended March 2026 (¥50 interim, ¥55 year-end). Forecast of ¥110 for the fiscal year ending March 2027 (¥55 interim, ¥55 year-end)Payout ratio
A dividend payout ratio of at least 30% and a total payout ratio of at least 60% as guidelines. For the fiscal year ended March 2026, the dividend payout ratio was 29.0% and the total payout ratio was 53.8%. For the fiscal year ending March 2027, the forecasts are 37.8% and 61.6%, respectively.Acquisition of treasury shares
In the fiscal year ended March 2026, approximately ¥8 billion was spent on share buybacks and approximately 7.87 million shares were cancelled. For the fiscal year ending March 2027, the planned buyback has a limit of ¥6 billion, with the shares scheduled to be cancelled after acquisition.| Item | Details |
|---|---|
| Document type | Financial results presentation |
| Fiscal Period Covered | Fiscal year ending March 2026 |
| Net Sales | ¥1,350,879 million (YoY +18.8%) |
| Operating profit | ¥44,169 million (YoY +26.6%) |
| Ordinary income | ¥44,943 million (YoY +26.8%) |
| Net income | ¥32,030 million (YoY +29.4%) |
| Gross Profit Margin | 7.0% |
| Operating profit margin | 3.3% |
| Selling, general and administrative expenses | ¥50,458 million |
| Results for the three months of the current quarter | Consolidated revenue was ¥349,648 million and consolidated operating profit was ¥11,434 million. Revenue in the IT Infrastructure Distribution Business was ¥345,011 million and operating profit was ¥10,978 million. |
| Full-year earnings forecast | Net Sales ¥1,189,000 million / Revenue from the IT Infrastructure Distribution Business ¥1,174,500 million / Industrial Machinery Business revenue ¥14,500 million / Operating profit ¥36,500 million / Operating profit from the IT Infrastructure Distribution Business ¥35,000 million / Operating profit from the Industrial Machinery Business ¥1,500 million / Ordinary income ¥36,700 million / Net income ¥25,300 million / EPS ¥291.09 |
| Self-assessment against the plan | Significantly exceeded the initial plan for the second consecutive fiscal year |
| Segment results | IT Infrastructure Distribution Business Net Sales ¥1,336,479 million (YoY +18.9%) / Operating profit ¥43,030 million (YoY +26.4%) / Industrial-Machinery Business Net Sales ¥14,400 million (YoY +11.7%) / Operating profit ¥1,127 million (YoY +32.3%) |
| Breakdown of Factors Affecting the Change | Operating profit, fiscal year ended March 2026 Revenue growth impact: +¥15.02 billion; gross margin impact: -¥190 million; base-pay increases, salaries and bonuses: -¥2.81 billion; employee benefits: -¥230 million; other personnel expenses: +¥380 million; logistics-related expenses: -¥2.19 billion; additional floor space costs: -¥950 million; system modification costs: -¥320 million; other SG&A expenses: -¥200 million / Operating income forecast for the fiscal year ending March 2027 Revenue decline impact: -¥11.34 billion; gross margin improvement impact: +¥5.27 billion; base-pay increases, salaries and bonuses: -¥1.15 billion; employee benefits and other expenses: -¥340 million; logistics-related expenses: +¥1.15 billion; additional floor space costs: +¥900 million; system investments: -¥100 million; advertising and promotional expenses: -¥1.60 billion; other: +¥70 million |
| Key KPIs | Indicator name iKAZUCHI (cloud services platform) transaction volume / Value ¥54,570 million / Year on year against the same period last year +34.6%, Indicator name PC shipments / Value 654 10,000 units / Year on year against the same period last year +67.9%, Indicator name Server shipments / Value 5 10,000 units / Year on year against the same period last year △18.4%, Indicator name Share of the domestic corporate PC market / Value 46.8 % / Year on year against the same period last year Not disclosed, Indicator name ROE / Value 19.9 % / Year on year against the same period last year +3.1 percentage points, Indicator name ROIC / Value 16.9 % / Year on year against the same period last year Not disclosed, Indicator name EPS / Value ¥362.07 / Year on year against the same period last year +¥90.7 |
| Unit price and quantity metrics | PC shipments totaled 6.540 million units, up 67.9% year on year. For the fiscal year ending March 2027, PC shipments are expected to decline by approximately 900,000 units year on year. PC prices have risen 20%–30% since April. |
| Assumptions Underlying the Business Outlook | An approximately 900,000-unit decline following the reversal of Windows 10 replacement demand, a decline following the reversal of GIGA School Phase 2 demand, a 20%–30% increase in PC prices since April, no current issues on the PC supply side, and an assumed GIGA School demand of approximately 10 million units from the fiscal year ended March 2025 through the fiscal year ending March 2027, of which approximately 70% has already been replaced |
| Medium-term management plan targets | ROE of at least 14%, ROIC of at least 12%, iKAZUCHI (cloud services platform) transaction volume of more than ¥52 billion, revenue of ¥1 trillion and operating profit of ¥33 billion for the fiscal year ending March 2027 (initial plan), and operating profit of ¥50 billion in fiscal 2030 |
| Financial targets | ROE target of at least 14%, ROIC target of at least 12%, and an equity ratio of approximately 35% as a guideline. For the fiscal year ended March 2026, ROE was 19.9%, ROIC was 16.9% and the equity ratio was 36.8%. |
| Annual Dividend | ¥105 for the fiscal year ended March 2026 (¥50 interim, ¥55 year-end). Forecast of ¥110 for the fiscal year ending March 2027 (¥55 interim, ¥55 year-end) |
| Payout ratio | A dividend payout ratio of at least 30% and a total payout ratio of at least 60% as guidelines. For the fiscal year ended March 2026, the dividend payout ratio was 29.0% and the total payout ratio was 53.8%. For the fiscal year ending March 2027, the forecasts are 37.8% and 61.6%, respectively. |
| Acquisition of treasury shares | In the fiscal year ended March 2026, approximately ¥8 billion was spent on share buybacks and approximately 7.87 million shares were cancelled. For the fiscal year ending March 2027, the planned buyback has a limit of ¥6 billion, with the shares scheduled to be cancelled after acquisition. |
| Capital expenditures | ¥100 million (system investments) |
| Orders received and order backlog | Domestic orders in the Industrial Machinery Business increased 59.2% year on year, while orders in the Automated Machinery Division increased 2.4%. Order backlog amount: Not disclosed |
| Market Size / Share | Share of the domestic corporate PC market: 46.8%; share of the overall domestic PC market: 36.5%; PC shipments: 6.540 million units. Nationwide GIGA School Phase 2 demand is approximately 10 million units. |
| New initiatives | Capital and business alliance with BCC株式会社; corporate name changes effective 1 April 2027 (the holding company will be MUSUBITE株式会社 and the subsidiary will be DIS株式会社); consideration of the next-generation system; consideration of next-generation logistics strategies; expansion of AI PCs, cloud services and managed services; and creation of new businesses, including through M&A |
Items this document does not state (5)
Progress against full-year forecastNumber of stores and locationsNumber of employeesRisk amount incorporated into the outlookKey points of the Q&A
These are items the company does not state in this document. We do not leave them blank, nor fill them in from other sources or by inference.
The reasons the company gives
The company's own explanation, not something inferred from the numbers.In the fiscal year ended March 2026, results benefited from demand for PC replacements driven by Windows 10 end of support (EOS) and GIGA School Phase 2, collaboration with sales partners, demand for cloud migration, increased domestic orders in the Industrial Machinery Business and growth in service revenue. For the fiscal year ending March 2027, revenue is expected to decline by approximately ¥200 billion due to an approximately 900,000-unit drop following the reversal of Windows 10 replacement demand and a decline following the peak of GIGA School demand.
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