HIMACS,Ltd.
4299・Standard Market・Information & Communication
Business
Haimakusu Corporation (Hymax) is an independent SIer founded in 1976 that provides services across the entire system life cycle of computer software. It integrally develops the "System Solution Service," covering the planning, design, and development phases, with the "System Maintenance Service" provided after systems go live, continuously supporting customers' core systems. Its main customers are financial institutions such as life insurance companies, banks, securities firms, and credit companies, with the financial sector accounting for 65.4% of net sales. Sales to customer groups with continuous transactions of 20 years or more account for roughly 80% of total sales, and the company operates a stable business built on long-term relationships of trust. It is listed on the Standard Market of the Tokyo Stock Exchange.
Business Model
System Maintenance Service (63.7% of net sales) forms the foundation of long-term stable earnings, and the company leverages the operational know-how accumulated through maintenance to make proposal-based sales from the upstream stages of next-generation systems, building a cycle in which new development projects are continuously won. The company maintains debt-free management, funding working capital entirely with internal funds. Its business characteristics, which do not require large capital expenditures, give it a high capacity for cash generation.
Company Strengths
Sales to the customer group with continuous transactions of 20 years or more account for roughly 80% of total sales. In particular, in the life insurance industry, the company has a track record of system development covering nearly the entire range of core systems, and has accumulated industry-specific operational know-how over many years. This deep operational understanding serves as a barrier to competitor entry and supports stable, continued order intake.
In FY2026 (ending March 2026), the order backlog for System Maintenance Service reached ¥2,719 million (up 21.2% year on year), building up a foundation for stable future revenue. Maintenance sales expanded steadily to ¥11,606 million (up 3.3% year on year), and this stock-type revenue, which is less susceptible to economic fluctuations, enhances the stability of the business.
The company continues to maintain debt-free management with zero interest-bearing debt, and held cash and cash equivalents of ¥7,668 million at the end of FY2026 (ending March 2026). Despite carrying out share buybacks of ¥1,447 million and dividend payments of ¥534 million, the company has maintained financial soundness, securing financial capacity that can be allocated to growth investments such as M&A and human capital investment.
ENVALITH's Perspective
Performance Trend
Revenue maintained five consecutive years of growth, rising from ¥16,681 million in FY2022 (ended March 2022) to ¥18,216 million in FY2026 (ending March 2026). However, the growth rate for FY2026 (ending March 2026) was a mere 0.8%, as System Solution Service declined 3.3% to ¥6,610 million amid the wind-down of projects for public and distribution sector clients. On the profit side, continued human capital investment—including a planned company-wide average salary increase of 8.5%, stronger recruiting, and revised unit prices for business partners—combined with expenses related to the acquisition of Core Soft, causing operating profit to fall to ¥1,562 million (down 13.5% year on year) and the operating margin to decline to 8.6% (from 10.0% in the prior period). The forecast for FY2027 (ending March 2027) calls for revenue of ¥20,000 million (+9.8%) against operating profit of ¥1,200 million (down 23.2%), indicating the company has entered an investment phase with a further profit decline expected, making the timing of a profitability recovery a key point of focus.
Growth Strategy
Under the new medium-term management plan 'Re:Growth2028', the company aims to return to a growth trajectory through M&A, AI, and human capital investment.
The three years from FY2027 (ending March 2027) to FY2029 (ending March 2029) are positioned as an investment phase, aiming to strengthen management foundations and transform the business structure through the twin pillars of 'expanding a stable earnings base' and 'pursuing and creating new growth areas.' As the successor to the previous medium-term plan 'NEXT C4,' it is positioned as the starting point for a return to growth.
On April 3, 2026, the company acquired 100% of the issued shares (acquisition price: ¥1,100 million). By bringing under its umbrella a system integrator that handles projects end-to-end from upstream to downstream, the company expects it to contribute to consolidated net sales from FY2027 (ending March 2027). The company aims to create synergies in business know-how sharing, personnel recruitment, and training, targeting the expansion of existing business areas and the creation of new businesses.
Initiatives to improve efficiency in processes from design through implementation and documentation using AI began in FY2026 (ending March 2026). The company continues to invest in R&D expenses related to AI promotion (¥84 million in FY2026 (ending March 2026)), aiming to improve profitability through productivity gains and address the shortage of engineers.
The company aims to expand orders, focusing on securities exchange projects, security measures for financial institutions, and reconstruction projects in the insurance and distribution sectors. The order backlog for System Maintenance Service has grown to ¥2,719 million (up 21.2% year on year), reflecting progress in expanding the stable earnings base.
The company is expanding direct transactions with end users in specialized trading companies, food manufacturers, and IT service providers, aiming to reduce dependence on Nomura Research Institute for sales and improve profitability. In FY2026 (ending March 2026), non-financial and other industries expanded 20.0% year on year to ¥4,041 million, raising their share of sales composition to 22.2%.
Last updated: July 19, 2026