# COMSYS Holdings (1721.JP)

Canonical: https://gigainvestors.com/s/1721.JP

Analysis as of: 2026-10-15T07:09:18.611Z. Financial observations: FY2013–FY2026.

Listing currency: JPY. Reporting currency: JPY.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: JPY 5,501.00 per share; close as of 2026-10-15.

Estimated value: low JPY 3,677.47 per share, central JPY 4,943.89 per share, high JPY 5,752.66 per share. Buy at or below the central value JPY 4,943.89 per share. Valuation as of 2026-10-15T07:09:18.611Z; scenarios are not confidence intervals.

Expected annual return: 9.3% at the stated quote. About 9.3% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; JP 10-year bond 2.9% + 4 points).

## Checklist

### understandable: pass

- 1 revenue decline in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 0

- Operating margin variation: 0.09×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.07×

- FY2018: 0.08×

- FY2019: 0.07×

- FY2020: 0.07×

- FY2021: 0.07×

- FY2022: 0.07×

- FY2023: 0.06×

- FY2024: 0.07×

- FY2025: 0.07×

- FY2026: 0.08×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 9.2%

- ROIC, second-lowest year: 8.5%

- Typical minus recent gross margin: -0.2 pp

- Typical gross margin (annual median): 13.5%

- Recent gross margin (lower of latest and 3-year median): 13.7%

- Years with nonpositive capital: 0

- Capital spending / revenue: 2.2%

- ROIC including acquisitions, ten-year median: 8.6%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 9.0%

- FY2018: 10.3%

- FY2019: 9.0%

- FY2020: 9.4%

- FY2021: 9.5%

- FY2022: 8.7%

- FY2023: 6.9%

- FY2024: 8.5%

- FY2025: 9.3%

- FY2026: 9.9%

### economics: pass

- Owner earnings / net income, 5-yr: 0.96×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: JPY 136B

- Net income, five-year total: JPY 142B

- Return on incremental invested capital: 16.6%

- Working capital / revenue, annual change: 0.5 pp

- Working capital / revenue, change between three-year averages: 2.9 pp

- Working capital / revenue, final three-year average: 24.3%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2022: 0.98×

- FY2023: 1.06×

- FY2024: 0.76×

- FY2025: 1.02×

- FY2026: 0.99×

### management: pass

- Historical market-dollar context (not the management verdict): 2017 to 2026 (9 years)

- potential debt-funded buybacks (informational)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 9.0% vs 9.3%

- Per-share earnings: 136.75 to 253.54 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 0.3%

- Ordinary dilution, 5-year annual growth: -1.6%

- Market cap gain: JPY 359B

- Cumulative retained earnings: JPY 154B

- Diluted shares, 10-year annual growth: 0.3%

- Diluted shares, 5-year annual growth: -1.6%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value growth: 8.0%

- Per-share value change: JPY 116.79

- Per-share value, starting three-year median: JPY 136.75

- Per-share value, ending three-year median: JPY 253.54

- Buybacks concentrated in cheaper years (correlation): -0.02

- Average buyback yield: 2.1%

- Buyback history: 10 years

- Debt-funded buybacks: Yes

- Acquisition spending: JPY 7.1B

- Cumulative net income, 10 years: JPY 261B

- ROIC, first three-year median: 9.0%

- ROIC, last three-year median: 9.3%

Chart: Earnings per share; fiscal year observations.

- FY2017: JPY 129.96

- FY2018: JPY 178.64

- FY2019: JPY 230.10

- FY2020: JPY 202.97

- FY2021: JPY 232.72

- FY2022: JPY 235.50

- FY2023: JPY 158.83

- FY2024: JPY 228.47

- FY2025: JPY 253.54

- FY2026: JPY 311.60

### accounting: pass

- Sloan accruals: -1.1%

- Receivables to sales index (DSRI): 0.92×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.17×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.02×

Chart: Sloan accruals; fiscal year observations.

- FY2017: 0.7%

- FY2018: -2.6%

- FY2019: 4.3%

- FY2020: -2.6%

- FY2021: 0.8%

- FY2022: 4.6%

- FY2023: -8.5%

- FY2024: -3.3%

- FY2025: 2.5%

- FY2026: -1.1%

## Holders

## Price story

Price needs cash profits to grow 6.9% a year for ten years · sales +2.6%

Story as of 2026-10-16T10:00:13.879Z; price observation 2026-10-15.

Price needs cash profits to grow 6.9% a year for ten years

### Sales · FY2025–2026

sales +2.6%; source https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YFLP.pdf; observed 2026-06-22.

- FY2017: JPY 334B 

- FY2018: JPY 380B 

- FY2019: JPY 482B 

- FY2020: JPY 561B 

- FY2021: JPY 563B 

- FY2022: JPY 589B 

- FY2023: JPY 563B 

- FY2024: JPY 571B 

- FY2025: JPY 615B 

- FY2026: JPY 631B 

### Gross margin · FY2026

gross margin 14.6%; source https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YFLP.pdf; observed 2026-06-22.

- FY2017: 13.7% 

- FY2018: 14.1% 

- FY2019: 13.5% 

- FY2020: 13.1% 

- FY2021: 13.5% 

- FY2022: 13.3% 

- FY2023: 12.3% 

- FY2024: 13.3% 

- FY2025: 13.7% 

- FY2026: 14.6% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Annual sales are JPY 630.7 billion.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YFLP.pdf (filed 2026-06-22); FY2026: revenue 630658000000; grossProfit 91909000000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 13.3% to 14.6% during 2024–26; it earns 9.2% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-22); FY2024: grossProfit / revenue = 13.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-22); FY2025: grossProfit / revenue = 13.7%.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YFLP.pdf (filed 2026-06-22); FY2026: grossProfit / revenue = 14.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-22); 10-year return on capital observations [[2017,0.09030543162193957],[2018,0.10303251635239834],[2019,0.09043270429237404],[2020,0.09353425782673251],[2021,0.09501829790179817],[2022,0.08730892289856892],[2023,0.06905045531554425],[2024,0.08513731693812615],[2025,0.09326206678147425],[2026,0.09948405759681342]]; median 0.09184738553692415. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 13% gross margin through 2022 cost inflation.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YFLP.pdf (filed 2026-06-22); Gross margin observations: [[2021,0.1349111942789373],[2022,0.13314647181458267],[2023,0.12345396284362545]]; range within 2 percentage points.

### Where the cash goes

Spends 6.8% of cash earnings on expansion; earns 16.6% on new investment.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-22); FY2017: growth capex 3293058334.138733; upkeep 6741941665.861267; owner earnings 13372058334.138733. Growth capex / owner earnings = 0.24626413165814476.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-22); FY2018: growth capex 8299000000; upkeep 5866000000; owner earnings 20308000000. Growth capex / owner earnings = 0.40865668701989366.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-22); FY2019: growth capex 3251000000; upkeep 7444000000; owner earnings 27904000000. Growth capex / owner earnings = 0.11650659403669725.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-22); FY2020: growth capex 2034000000; upkeep 9150000000; owner earnings 25534000000. Growth capex / owner earnings = 0.07965849455627791.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-22); FY2021: growth capex 620609596.1933804; upkeep 11530390403.80662; owner earnings 26524609596.193382. Growth capex / owner earnings = 0.023397501627411162.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-22); FY2022: growth capex 846000000; upkeep 9974000000; owner earnings 28557000000. Growth capex / owner earnings = 0.02962496060510558.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-22); FY2023: growth capex 0; upkeep 8682000000; owner earnings 20404000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-22); FY2024: growth capex 1982372534.2149715; upkeep 16744627465.785028; owner earnings 20759372534.214973. Growth capex / owner earnings = 0.09549289271376987.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-22); FY2025: growth capex 0; upkeep 10482000000; owner earnings 30542000000. Growth capex / owner earnings = 0.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YFLP.pdf (filed 2026-06-22); FY2026: growth capex 2430000000; upkeep 11189000000; owner earnings 35789000000. Growth capex / owner earnings = 0.06789795747296655.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-22); Incremental return on capital 0.16644522319825994, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-22); Dividend observations: [[2017,4435000000],[2018,5082000000],[2019,6267000000],[2020,8345000000],[2021,10114000000],[2022,11213000000],[2023,12211000000],[2024,12048000000],[2025,13086000000],[2026,14048000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YFLP.pdf (filed 2026-06-22); FY2026: cash repurchases 10046000000 JPY.

### What the price says

The price assumes cash profits grow 6.9% yearly over ten years; actual growth was 9.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-22); Ten-year compound average after fade. Initial solved rate 0.0853480412420079. Price 5501; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2016 owner earnings/share 124.58261997405967 → FY2026 307.15433387501037. Closing-price date 2026-10-15.

## Monthly share-price history (JPY per share)

- 2016-11: JPY 1,955.00 per share

- 2016-12: JPY 2,141.00 per share

- 2017-01: JPY 2,076.00 per share

- 2017-02: JPY 1,992.00 per share

- 2017-03: JPY 1,989.00 per share

- 2017-04: JPY 2,122.00 per share

- 2017-05: JPY 2,346.00 per share

- 2017-06: JPY 2,313.00 per share

- 2017-07: JPY 2,262.00 per share

- 2017-08: JPY 2,364.00 per share

- 2017-09: JPY 2,689.00 per share

- 2017-10: JPY 2,861.00 per share

- 2017-11: JPY 3,135.00 per share

- 2017-12: JPY 3,265.00 per share

- 2018-01: JPY 3,050.00 per share

- 2018-02: JPY 2,826.00 per share

- 2018-03: JPY 2,840.00 per share

- 2018-04: JPY 3,050.00 per share

- 2018-05: JPY 2,895.00 per share

- 2018-06: JPY 2,939.00 per share

- 2018-07: JPY 2,773.00 per share

- 2018-08: JPY 3,015.00 per share

- 2018-09: JPY 3,365.00 per share

- 2018-10: JPY 3,145.00 per share

- 2018-11: JPY 2,930.00 per share

- 2018-12: JPY 2,683.00 per share

- 2019-01: JPY 2,835.00 per share

- 2019-02: JPY 2,974.00 per share

- 2019-03: JPY 3,020.00 per share

- 2019-04: JPY 2,917.00 per share

- 2019-05: JPY 2,609.00 per share

- 2019-06: JPY 2,732.00 per share

- 2019-07: JPY 2,759.00 per share

- 2019-08: JPY 3,005.00 per share

- 2019-09: JPY 3,060.00 per share

- 2019-10: JPY 3,210.00 per share

- 2019-11: JPY 3,165.00 per share

- 2019-12: JPY 3,135.00 per share

- 2020-01: JPY 3,190.00 per share

- 2020-02: JPY 2,664.00 per share

- 2020-03: JPY 2,783.00 per share

- 2020-04: JPY 2,998.00 per share

- 2020-05: JPY 3,000.00 per share

- 2020-06: JPY 3,185.00 per share

- 2020-07: JPY 3,100.00 per share

- 2020-08: JPY 2,962.00 per share

- 2020-09: JPY 2,921.00 per share

- 2020-10: JPY 2,646.00 per share

- 2020-11: JPY 3,090.00 per share

- 2020-12: JPY 3,205.00 per share

- 2021-01: JPY 3,100.00 per share

- 2021-02: JPY 3,215.00 per share

- 2021-03: JPY 3,410.00 per share

- 2021-04: JPY 3,390.00 per share

- 2021-05: JPY 3,090.00 per share

- 2021-06: JPY 3,075.00 per share

- 2021-07: JPY 3,035.00 per share

- 2021-08: JPY 2,958.00 per share

- 2021-09: JPY 2,949.00 per share

- 2021-10: JPY 2,820.00 per share

- 2021-11: JPY 2,476.00 per share

- 2021-12: JPY 2,561.00 per share

- 2022-01: JPY 2,722.00 per share

- 2022-02: JPY 2,773.00 per share

- 2022-03: JPY 2,668.00 per share

- 2022-04: JPY 2,707.00 per share

- 2022-05: JPY 2,424.00 per share

- 2022-06: JPY 2,586.00 per share

- 2022-07: JPY 2,668.00 per share

- 2022-08: JPY 2,594.00 per share

- 2022-09: JPY 2,462.00 per share

- 2022-10: JPY 2,440.00 per share

- 2022-11: JPY 2,467.00 per share

- 2022-12: JPY 2,315.00 per share

- 2023-01: JPY 2,473.00 per share

- 2023-02: JPY 2,478.00 per share

- 2023-03: JPY 2,443.00 per share

- 2023-04: JPY 2,598.00 per share

- 2023-05: JPY 2,705.00 per share

- 2023-06: JPY 2,844.50 per share

- 2023-07: JPY 2,840.50 per share

- 2023-08: JPY 3,103.00 per share

- 2023-09: JPY 3,126.00 per share

- 2023-10: JPY 3,094.00 per share

- 2023-11: JPY 3,207.00 per share

- 2023-12: JPY 3,110.00 per share

- 2024-01: JPY 3,236.00 per share

- 2024-02: JPY 3,306.00 per share

- 2024-03: JPY 3,551.00 per share

- 2024-04: JPY 3,690.00 per share

- 2024-05: JPY 3,148.00 per share

- 2024-06: JPY 3,091.00 per share

- 2024-07: JPY 3,257.00 per share

- 2024-08: JPY 3,206.00 per share

- 2024-09: JPY 3,125.00 per share

- 2024-10: JPY 3,214.00 per share

- 2024-11: JPY 3,263.00 per share

- 2024-12: JPY 3,240.00 per share

- 2025-01: JPY 3,229.00 per share

- 2025-02: JPY 3,180.00 per share

- 2025-03: JPY 3,175.00 per share

- 2025-04: JPY 3,167.00 per share

- 2025-05: JPY 3,320.00 per share

- 2025-06: JPY 3,338.00 per share

- 2025-07: JPY 3,471.00 per share

- 2025-08: JPY 3,713.00 per share

- 2025-09: JPY 3,691.00 per share

- 2025-10: JPY 3,893.00 per share

- 2025-11: JPY 4,304.00 per share

- 2025-12: JPY 4,554.00 per share

- 2026-01: JPY 4,820.00 per share

- 2026-02: JPY 5,762.00 per share

- 2026-03: JPY 4,981.00 per share

- 2026-04: JPY 5,647.00 per share

- 2026-05: JPY 5,429.00 per share

- 2026-06: JPY 5,451.00 per share

- 2026-07: JPY 5,266.00 per share

- 2026-08: JPY 5,463.00 per share

- 2026-09: JPY 5,470.00 per share

- 2026-10: JPY 5,637.00 per share

## Annual estimated value (JPY per share)

- FY2020: low JPY 2,372.70 per share, central JPY 2,673.17 per share, high JPY 3,073.16 per share

- FY2021: low JPY 2,471.61 per share, central JPY 2,788.36 per share, high JPY 3,210.03 per share

- FY2022: low JPY 2,704.78 per share, central JPY 3,051.78 per share, high JPY 3,513.71 per share

- FY2023: low JPY 3,065.55 per share, central JPY 4,072.02 per share, high JPY 4,729.42 per share

- FY2024: low JPY 3,099.42 per share, central JPY 4,026.40 per share, high JPY 4,656.48 per share

- FY2025: low JPY 3,395.61 per share, central JPY 4,551.04 per share, high JPY 5,296.13 per share

- FY2026: low JPY 3,677.47 per share, central JPY 4,943.89 per share, high JPY 5,752.66 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original EDINET filing](https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YFLP.pdf); period 2026-03-31, filed 2026-06-22.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.