ENVALITH
株式会社ピー・ビーシステムズ logo

PBsystems,Inc.

4447・Growth Market・Information & Communication

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株式会社ピー・ビーシステムズ logo
PBsystems,Inc.4447

Business

P・B Systems Co., Ltd. is an IT infrastructure specialist founded in 1997 and headquartered in Fukuoka City. In its core Secure Cloud System Business, the company provides services built around three pillars—Hybrid Cloud Construction, cybersecurity measures, and Smart Factory Support for manufacturers—targeting mid-sized companies with sales of ¥10 billion to ¥50 billion, SaaS providers, and public-sector organizations. The company has deep expertise in virtualization products from Citrix, Microsoft, and Broadcom (formerly VMware), and also offers its proprietary service "Cyber Ninpocho®." As a second business, the company is nurturing its Emotional System Business, which leverages patented technology through the VR theater "MetaWalkers®" and the spatial experience solution "MetaAnywhere®." The company is listed on the Growth Market of the Tokyo Stock Exchange.

Business Model

The Secure Cloud System Business consists of three segments: "Platform (virtualization, security, Smart Factory Support)", "Products (sales of proprietary in-house developed software "Delvai" and "Kitras")", and "Customizer (Business System Development / DB Construction)". The structure is such that profit margins are determined by high-value-added hardware and software sales accompanying technical services. The Emotional System Business generates revenue from the manufacture and sale of VR devices and event operation services. Funding needs are covered by internal funds from operating cash flow.

Company Strengths

The company possesses comprehensive expertise spanning Citrix, Microsoft, and Broadcom (formerly VMware) product lines, and in 2021 obtained Citrix's highest-level domestic certification, "PLATINUM PLUS," for the first time in Japan. Its independence in being able to propose comparisons across multiple vendors serves as a differentiating factor for customers, and it has received the Citrix Partner Award Japan for multiple consecutive years.

In March 2025, the company officially launched "Cyber Ninpocho®," its proprietary total service integrating ransomware countermeasures, damage minimization, and rapid recovery. It can offer comprehensive proposals covering everything from prevention to recovery and resilience-building, giving it a competitive advantage that responds to the market environment of surging demand amid increasingly sophisticated cyberattacks.

The order backlog for the Emotional System Business as of the end of FY2025 (ending September 2025) surged to ¥95 million (up 773.6% year-on-year). Orders have gained momentum following the July 2025 launch of MetaAnywhere®, and with large-scale projects scheduled to be recognized as revenue in Q3 of FY2026 (ending September 2026), the contribution to sales in the following fiscal period and beyond is becoming concrete.

ENVALITH's Perspective

In the first half of FY2026 (ending September 2026), revenue was ¥1,107 million (down 5.4% year on year) reflecting a decline, but operating profit was ¥53 million (up 7.1%), ordinary profit was ¥60 million (up 20.7%), and interim net profit was ¥40 million (up 28.8%), showing significant improvement on the profit side. The tight supply of NAND flash memory and other components caused a shift in the timing of merchandise sales projects, which pushed down revenue, but these projects remain secured as order backlog and are expected to be recognized as revenue from the third quarter onward as parts deliveries occur. As an external factor, the shortage and price hikes of semiconductor components continue to worsen the procurement environment, but the recovery of the deferred projects in the second half holds the key to achieving the full-year forecast (revenue of ¥3,000 million, up 13.9% year on year).

The full-year earnings forecast calls for significant increases in both revenue and profit, with revenue of ¥3,000 million (up 13.9% year on year), operating profit of ¥245 million (up 96.3%), and net profit of ¥165 million (up 93.0%). The revenue progress rate for the first half stood at only 36.9%, meaning approximately ¥1,893 million in revenue must be recognized in the second half. The plan assumes that securing the order backlog for deferred projects and strengthening production capacity through the hiring of 10 new graduates in April 2026 will support revenue recovery in the second half, but if delays in the delivery of semiconductor components become prolonged, there is a risk that achieving the full-year forecast could become difficult. The dividend forecast maintains a policy of increasing dividends year on year, with an annual dividend of ¥20.00 to ¥22.50 (interim dividend of ¥10.00 confirmed).

At the end of the first half of FY2026 (ending September 2026), the equity ratio stood at a high level of 61.9% (63.4% at the previous fiscal year-end), and the company continues debt-free management with zero interest-bearing debt. On the other hand, net assets decreased by ¥76 million to ¥1,076 million (¥1,152 million at the previous fiscal year-end), as dividend payments of ¥116 million exceeded interim net profit of ¥40 million. Operating cash flow secured a surplus of ¥242 million, and the balance of cash and cash equivalents remains ample at ¥790 million. Achieving the KGI of an ROE of 30% for FY2030 (ending September 2030) requires a continuous increase in profit levels, and whether a recovery trajectory can be confirmed following the significant profit decline in FY2025 (ending September 2025) (operating profit of ¥125 million) will be a key point of attention going forward.

Growth Strategy

Targeting ROE of 30% (FY2030 ending September 2030), the company is advancing a three-pronged approach combining strengthening of Secure Cloud order intake capability, human capital investment, and monetization of the Emotional System Business

Promoting a shift from product-sales-dependent revenue to a revenue structure centered on implementation (design, construction, maintenance). In the interim period of FY2026 (ending September 2026), the implementation sales ratio rose to 38.4% (28.8% in the same period of the previous year), and gross profit margin improved to 29.7%. The company aims to improve profitability while increasing resilience to fluctuations in the external procurement environment.

Focusing on order expansion in key areas including hybrid cloud conversion of core systems, EDR and ransomware countermeasure backup environment construction, and Smart Factory Support platform construction for manufacturers. Cross-selling across a wide range of industries such as healthcare, finance, and manufacturing is also progressing steadily.

Recruitment activities are progressing well, with 10 new graduates hired in April 2026 and 8 candidates having received job offers for April 2027 (as of the filing date of this document). Two mid-career hires were made in the current interim period. The company is concurrently promoting improved engineer utilization rates and metropolitan-area customer acquisition leveraging the Tokyo office, aiming to expand order value.

Contributions from projects in the disaster prevention and attraction fields utilizing XR technology led to the Emotional System Business achieving a segment profit of ¥3 million in the interim period of FY2026 (ending September 2026), turning around from a segment loss of ¥4 million in the same period of the previous year. Net sales expanded sharply to ¥63 million (up 63.4% year on year). The company will continue sales activities utilizing MetaWalkers® hands-on demonstrations at its Tokyo and Fukuoka showrooms, and will also promote cross-selling to existing Secure Cloud customers.

Last updated: July 17, 2026