ALPHA SYSTEMS INC.

株式会社アルファシステムズ

Information & Communication

Alpha Systems Inc. engages in the development of software for telecommunications systems in Japan. The company develops software for backbone communication systems, such as node systems, mobile network systems, and network management systems. It also develops open systems, including portal sites for online businesses and related work-process systems; online application systems and databases for public works projects; systems for management of production and distribution; and intranets for corporate information management. In addition, the company develops embedded systems to control electronic devices, including printer machines, car-mounted audio and navigation systems, DVD/HD recorders, and digital cameras, as well as interface technology between UPnP and ZigBee. Further, the company offers system integration, system operation and maintenance, and product sales services. Alpha Systems Inc. was incorporated in 1972 and is headquartered in Kawasaki, Japan.

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Price

¥3,250

Market Cap

¥45.7B

Ent. Value

¥22.9B

Net Cash est

¥22.8B

Shares Out.

14.1M

P / E

12.2×

EV / EBIT

4.6×

P / Book

1.01×

P / NCAV

1.80×

Div. Yield

1.85%

Financials

Metric	FY 2025 TDnet	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Net Sales	¥40.7B	¥38.5B	¥36.4B	¥35.5B	¥33.9B
Cost of Sales	¥31.3B	¥29.6B	¥27.9B	¥27.1B	¥25.7B
Gross Profit	¥9.4B	¥8.9B	¥8.5B	¥8.5B	¥8.2B
SG&A	¥4.5B	¥4.5B	¥4.1B	¥4.3B	¥4.1B
Operating Income	¥4.9B	¥4.4B	¥4.3B	¥4.2B	¥4.0B
Non-Operating Income	¥181M	¥133M	¥88M	¥82M	¥69M
Dividend Income	—	¥1M	¥1M	¥1M	¥2M
Interest Income	—	¥38M	¥22M	¥19M	¥11M
Non-Operating Expenses	—	¥15M	¥14M	¥16M	¥16M
Ordinary Income	¥5.1B	¥4.5B	¥4.4B	¥4.3B	¥4.1B
Pre-tax Income	¥5.1B	¥4.5B	¥4.4B	¥4.3B	¥4.1B
Income Taxes	¥1.3B	¥1.3B	¥1.4B	¥1.4B	¥1.3B
Current Tax	—	¥1.3B	¥1.3B	¥1.3B	¥1.3B
Deferred Tax	—	¥-17M	¥89M	¥84M	¥31M
Net Income (owners)	¥3.8B	¥3.2B	¥3.0B	¥2.9B	¥2.8B
EBITDA	¥5.2B	¥4.7B	¥4.6B	¥4.4B	¥4.3B
EPS	¥267.14	¥228.76	¥216.91	¥207.91	¥198.64
Shares Outstanding	—	14.1M	14.1M	14.1M	14.1M
Shares Issued (total)	—	14.1M	14.1M	14.1M	14.1M

Metric	FY 2025 TDnet	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Total Assets	¥53.2B	¥52.0B	¥50.8B	¥48.2B	¥46.8B
Current Assets	¥33.2B	¥34.1B	¥35.2B	¥32.8B	¥33.0B
Cash & Deposits	¥22.8B	¥24.2B	¥25.6B	¥23.0B	¥22.7B
Trade Receivables	—	¥8.6B	¥7.2B	¥7.7B	¥7.7B
Non-Current Assets	¥20.0B	¥17.9B	¥15.6B	¥15.3B	¥13.8B
PP&E	¥9.7B	¥9.2B	¥9.2B	¥9.3B	¥9.5B
Intangible Assets	—	¥20M	¥27M	¥22M	¥24M
Investment Securities	¥5.3B	¥3.8B	¥1.6B	¥1.6B	¥793M
Deferred Tax Assets	—	¥1.1B	¥1.1B	¥1.2B	¥1.2B
Total Liabilities	¥7.9B	¥8.5B	¥8.9B	¥8.4B	¥8.7B
Current Liabilities	¥7.5B	¥7.6B	¥7.7B	¥7.0B	¥7.2B
Taxes Payable	—	¥861M	¥789M	¥797M	¥861M
Non-Current Liabilities	¥435M	¥960M	¥1.3B	¥1.4B	¥1.5B
Total Equity	¥45.3B	¥43.5B	¥41.9B	¥39.8B	¥38.1B
Capital Stock	—	¥8.5B	¥8.5B	¥8.5B	¥8.5B
Capital Surplus	—	¥8.6B	¥8.6B	¥8.6B	¥8.6B
Retained Earnings	¥28.1B	¥26.3B	¥24.7B	¥22.6B	¥21.0B
Treasury Stock	—	¥-41M	¥-40M	¥-39M	¥-38M
AOCI	—	¥90M	¥76M	¥51M	¥53M
Equity (owners)	¥45.2B	¥43.4B	¥41.8B	¥39.7B	¥38.1B

Net Cash ⓘ	¥22.8B	¥24.2B	¥25.6B	¥23.0B	¥22.7B
NCAV ⓘ	¥25.3B	¥25.6B	¥26.3B	¥24.4B	¥24.3B
NCAV/Share	—	¥1,819	¥1,868	¥1,739	¥1,729
BV/Share	—	¥3,087	¥2,974	¥2,827	¥2,709

Metric	FY 2025 TDnet	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Operating CF	¥3.0B	¥1.6B	¥4.7B	¥2.9B	¥2.9B
Interest Received	—	¥61M	¥35M	¥25M	¥20M
D&A	¥289M	¥236M	¥233M	¥230M	¥249M
Investing CF	¥-3.1B	¥-3.1B	¥-1.1B	¥-1.3B	¥-58M
CapEx	¥897M	¥171M	¥109M	¥38M	¥141M
Financing CF	¥-1.9B	¥-1.6B	¥-984M	¥-1.3B	¥-703M
Dividends Paid	—	¥-1.6B	¥-983M	¥-1.3B	¥-702M
Share Buybacks	—	¥-0M	¥-1M	¥-1M	¥-1M
Free Cash Flow	¥2.1B	¥1.4B	¥4.6B	¥2.9B	¥2.8B
Net Change in Cash	—	¥-3.1B	¥2.6B	¥341M	¥2.2B

Metric	FY 2025 TDnet	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
ROE	8.4%	7.5%	7.5%	7.5%	7.5%
ROA	7.1%	6.2%	6.2%	6.1%	6.0%
EPS	¥267.14	¥228.76	¥216.91	¥207.91	¥198.64
DPS	¥60.00	¥125.00	¥100.00	¥70.00	¥80.00
BPS	¥3,229.29	¥3,096.62	¥2,981.81	¥2,833.16	¥2,715.43
FCF/Share	—	¥99	¥327	¥207	¥198
NCAV/Share	—	¥1,819	¥1,868	¥1,739	¥1,729
Payout Ratio	22.5%	54.6%	46.1%	33.7%	40.3%

Event Timeline

S Shareholder A Capital Signal

Large Shareholder Reports 1

Date	Activist	Stake	Event	Flag	Demands	Source
2025-01-28	Simplex Asset Management Co., Ltd.	15.13%	change	Passive	—

Capital Allocation Signals 1

Date	Type	Amount	Summary
2026-05-11 16:00	Div Increase	¥75.0/sh	DPS of ¥75.0 announced.
Summary DPS of ¥75.0 announced. Source (JP) 25年3月31日 75円00銭 1株当たり配当金 75円00銭 65円00銭（普通配当50円00銭）配当金総額効力発生日配当原資 1,052百万円 2026年6月8日利益剰余金 ― ― ― （記念配当25円00銭） 1,052百剰余金の配当（増配）に関するお知らせ TDnet PDF

#	Shareholder	Shares (thou.)	% of Total
1	石川義昭	4,802	34.20%
2	CGML PB CLIENT ACCOUNT / COLLATERAL （常任代理人シティバンク、エヌ・エイ東京支店）	1,390	9.90%
3	アルファシステムズ従業員持株会	1,311	9.33%
4	Custody Bank of Japan, Ltd. (Trust Account) 株式会社日本カストディ銀行（信託口）	931	6.63%
5	株式会社オルビック	895	6.38%
6	The Master Trust Bank of Japan, Ltd. (Trust Account) 日本マスタートラスト信託銀行株式会社（信託口）	749	5.33%
7	株式会社シー・アール・シー	530	3.77%
8	石川有子	396	2.82%
9	Northern Trust Company NORTHERN TRUST CO. （AVFC）RE IEDU UCITS CLIENTS NON LENDING 15 PCT TREATY ACCOUNT （常任代理人香港上海銀行東京支店）	205	1.46%
10	株式会社きらぼし銀行	158	1.12%

as of 2025-03-31 Source: EDINET ↗

Ownership by year — hover bars for detail

Domestic Nominees

12.0%

+0.7% vs 2024

Trust bank custodians — GPIF, pensions, investment trusts

Foreign Custodians

1.5%

+0.3% vs 2024

Sub-custodians for foreign asset managers

Direct / Strategic

67.5%

+0.1% vs 2024

Named entities with disclosed investment intent

Shareholder	2023	2024	2025
石川義昭	34.20%	34.20%	34.20%
CGML PB CLIENT ACCOUNT / COLLATERAL	9.82%	9.82%	9.90% +0.08%
アルファシステムズ従業員持株会	9.33%	9.27%	9.33% +0.06%
日本カストディ銀行	8.40%	6.51%	6.63% +0.12%
式会社オルビック	6.38%	6.38%	6.38%
日本マスタートラスト信託銀行	6.69%	4.75%	5.33% +0.58%
式会社シー・アール・シー	3.77%	3.77%	3.77%
石川有子	2.82%	2.82%	2.82%
Northern Trust	—	1.17%	1.46% +0.29%
式会社きらぼし銀行	1.12%	1.12%	1.12%
Concentration (HHI) ⓘ	1533	1482	1493

3 fiscal years · top-10 holders per year · >2,500 HHI = high concentration · entity-resolved