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Japanese maker of the Ichitaro word-processing software and education/learning software.
Japanese maker of the Ichitaro word-processing software and education/learning software.
Sells software licences, with large orders from government and school buyers and smaller sales of word-processing and Japanese input software to consumers. Keyence, the factory-automation sensor maker, is a major shareholder.
In one line: Japan's answer to a niche Microsoft Word alternative plus an education-software publisher.
Moat: narrow (installed base, regulatory licence). Entrenched in some Japanese government systems requiring a domestic word processor, but overall niche versus Microsoft.
Headquarters: Tokushima, Japan · Founded: 1979 · Employees: 302
Size Justsystems (4686.T) is a Japan Information Technology company (Packaged Software) with a market value of $2.01B, the 481st largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥4,925 on 6 Nov 2026.
Performance Over six months the shares gained 33.3%, against -6.0% for the median peer and +1.8% for the Japan market (cap-weighted) — 4th highest of 21 in its peer set.
Growth Revenue grew 10.4% over the last twelve months (peer median +11.2%); the operating margin is 44.3% (peer median 1.2%).
Valuation It trades at 3.8× enterprise value to sales against a peer median of 4.0× (10th cheapest of 20).
Price implies For today's price to make sense, revenue must grow about -6% a year for seven years (Req g). Recent delivered growth is +5%, so the hurdle is -11 pp: the price already allows for a slowdown.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥51.4B | ¥51.5B | ¥44.6B | ¥41.0B | ¥42.0B |
| Revenue growth | — | +16% | +9% | -2% | — |
| Gross profit | ¥41.3B | ¥41.3B | ¥34.8B | ¥32.4B | ¥33.2B |
| EBITDA | ¥25.7B | ¥25.4B | ¥20.5B | ¥19.3B | ¥21.1B |
| Net income | ¥15.4B | ¥15.1B | ¥12.3B | ¥11.6B | ¥13.4B |
| Free cash flow | n/a | ¥19.1B | ¥15.0B | ¥13.0B | ¥16.8B |
| Capital expenditure | n/a | ¥3.47B | ¥2.99B | ¥2.52B | ¥2.49B |
| Total debt | ¥0 | ¥0 | ¥0 | ¥0 | ¥0 |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g |
|---|---|---|---|---|---|---|
| Justsystems 4686.T | $2.01B | +33% | +10% | 44% | 3.8× | -6.3% |
| Microsoft MSFT | $3.94T | +28% | +18% | 47% | 11.6× | 17.2% |
| Kingsoft 3888.HK | $4.46B | +4% | 0% | 14% | 1.2× | -5.8% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 4686.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +9.2% | +5.5% | 10th highest of 21 |
| 6-month return | +33.3% | -6.0% | 4th highest of 21 |
| Distance from 52-week high | -7.9% | -33.5% | 3rd highest of 21 |
| Revenue growth (TTM) | +10.4% | +11.2% | 11th highest of 21 |
| Operating margin | 44.3% | 1.2% | highest of 21 |
| EV / Sales | 3.8× | 4.0× | 10th cheapest of 20 |
| Growth the price implies (Req g, 7 yrs) | -6.3% | 15.4% | 3rd least demanding of 16 |
| Growth delivered (Del g) | +4.6% | +15.8% | 6th lowest of 16 |
| Hurdle (Req g minus delivered) | -10.9 pp | +6.5 pp | 5th least demanding of 16 |
| EV / EBITDA | 7.6× | 10.0× | 4th cheapest of 9 |
| Net debt / EBITDA | -4.7× | -0.8× | 2nd least indebted of 9 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Justsystems 4686.T | Japan | $2.01B | +33% | +10% | 44% | 3.8× | -6.3% | +4.6% |
| Tianyu Digital Technology 002354.SZ | China | $2.00B | +31% | +8% | -2% | 6.3× | 25.9% | +15.8% |
| Zhejiang Jinke Tom Culture Industry 300459.SZ | China | $2.01B | -9% | -10% | -108% | 16.4× | 43.2% | -12.5% |
| Pine Labs PINELABS.NS | India | $1.98B | -19% | +50% | 7% | n/a | n/a | n/a |
| iReader Technology 603533.SS | China | $1.98B | +20% | +14% | -2% | 3.2× | 37.2% | +9.5% |
| Aisino 600271.SS | China | $1.96B | -16% | -12% | -24% | 1.8× | n/a | n/a |
| Ourpalm 300315.SZ | China | $1.96B | -3% | -5% | -65% | 16.0× | 55.8% | -17.0% |
| Mobvista Incorporation 1860.HK | Hong Kong | $2.05B | -43% | +26% | 4% | 0.8× | -1.1% | +31.9% |
| Zhejiang Digital Culture Technology 600633.SS | China | $2.06B | -15% | +14% | 10% | 4.0× | 15.4% | -2.8% |
| Karooooo KARO | United States | $1.95B | +25% | +32% | 25% | 5.5× | 10.4% | +17.7% |
| Planisware Societe anonyme PLNW.PA | France | $1.94B | +46% | +8% | 31% | 7.4× | 12.3% | +16.8% |
| UCloud Technology 688158.SS | China | $2.08B | -34% | +26% | 2% | 6.8× | n/a | n/a |
| Embracer EMBRAC-B.ST | Sweden | $2.08B | +37% | -31% | -43% | 1.0× | -9.8% | +12.0% |
| Pony AI 2026.HK | Hong Kong | $1.93B | -56% | +67% | -214% | 7.4× | n/a | n/a |
| Amplitude AMPL | United States | $2.09B | +161% | +18% | -27% | 5.2× | 36.9% | +27.4% |
| Five9 FIVN | United States | $2.10B | +27% | +9% | 6% | 1.9× | 17.9% | +21.4% |
| Pitney Bowes PBI | United States | $2.11B | -1% | -4% | 25% | 2.1× | -5.4% | -11.8% |
| DoubleVerify DV | United States | $2.12B | +23% | +7% | 14% | 2.5× | 9.7% | +25.1% |
| China TransInfo Technology 002373.SZ | China | $1.89B | -11% | +16% | 1% | 1.2× | 22.0% | -2.7% |
| iFAST AIY.SI | Singapore | $1.89B | -10% | +35% | 24% | 1.9× | -11.6% | +24.8% |
| Business-Intelligence of Oriental Nations 300166.SZ | China | $1.88B | -27% | +7% | -5% | 6.0× | n/a | n/a |