Fukui Computer Holdings,Inc.
9790・Prime Market・Information & Communication
Business
Fukui Computer Holdings is a holding company group that develops and sells CAD software and BIM systems specialized in three fields: architecture, surveying, and civil engineering. Its principal customers span the construction industry broadly, including architectural design firms, construction contractors, house builders, general contractors, surveying firms, land and house surveyors, and civil engineering contractors, and it provides solutions supporting the construction lifecycle from design through construction and maintenance management. Founded in 1979, the company is headquartered in Fukui City, Fukui Prefecture, and is listed on the Prime Market of the Tokyo Stock Exchange. Consolidated net sales for FY2026 (ending March 2026) reached a record high of ¥16,653 million.
Business Model
In addition to initial sales of product licenses (packaged software), the company adopts a composite model that builds up annual recurring revenue (ARR) through subscription-type services such as maintenance services, web services, and usage rights. The structure enhances profitability through continuous expansion of average revenue per account (ARPA) via price revisions and higher customer unit prices from license additions among existing customers, with the operating margin for FY2026 (ending March 2026) reaching 43.6%.
Company Strengths
A structure in which building CAD/BIM, surveying CAD, and civil engineering construction management are developed and sold within a single group across three fields is rare in Japan, enabling solution proposals that cover the entire construction lifecycle. In FY2026 (ending March 2026), the Building Systems business posted sales of ¥8,032 million and the Surveying and Civil Engineering Systems business posted sales of ¥7,861 million, with both businesses of comparable scale.
Stock-type services such as maintenance services and usage rights form a stable annual recurring revenue (ARR) base, with the Surveying and Civil Engineering Systems business achieving an operating margin of 46.9% and the IT Solutions business reaching 76.4%. The group-wide operating margin also remains at a high level of 43.6%, with the effect of ARPA expansion from price revisions contributing throughout the full year.
As of the end of FY2026 (ending March 2026), total assets stood at ¥36,816 million against net assets of ¥30,078 million, with an equity ratio of 81.7%. The company held cash and cash equivalents of ¥21,485 million at period-end, achieving debt-free management by funding working capital, capital expenditures, CVC investments, and R&D investments entirely with internal funds.
ENVALITH's Perspective
Performance Trend
The revenue trend over the past five fiscal periods saw a temporary decline in FY2023 (¥13,630 million), followed by a recovery beginning in FY2024, culminating in a record-high ¥16,653 million in FY2026 (ending March 2026), up 13.2% year-on-year. Operating profit also reached a record ¥7,263 million (up 19.4% year-on-year), with the operating margin improving to 43.6%. External tailwinds included demand related to the revised Building Standards Act, promotion of i-Construction, and the spread of BIM/CIM. Meanwhile, the company's forecast for FY2027 (ending March 2026) calls for revenue of ¥16,643 million (down 0.1%) and operating profit of ¥6,895 million (down 5.1%), suggesting a potential plateau in the growth trajectory. Net income was limited to ¥4,313 million (up 3.0% year-on-year) due to the recognition of an ¥845 million valuation loss on investment securities.
Growth Strategy
Driving construction DX through a trinity of deepening the core CAD business, expanding the stock business, and CVC investment
The company aims to increase sales by expanding the functionality of key software in the housing business and by expanding solution offerings for the construction phase in the BIM business. It seeks to capture growing market interest ahead of the full-scale implementation of the BIM building confirmation application system, targeting continued expansion of ARR and ARPA. In FY2026 (ended March 2026), Building System business net sales reached ¥8,032 million (+16.3% YoY), and initiatives are progressing steadily.
Viewing the Ministry of Land, Infrastructure, Transport and Tourism's promotion of i-Construction 2.0 and the mandatory application of BIM/CIM as growth opportunities, the company aims to develop new solutions that contribute to productivity improvement in the construction industry within the surveying and civil engineering business, and to expand the number of continuing client companies through functional improvements and deeper development of existing software. Rapid response to new technologies such as 3DGS and AR technology support is a key differentiating factor. In FY2026 (ended March 2026), net sales in this business reached ¥7,861 million (+9.7% YoY).
The company targets investments in construction tech startups and venture companies closely related to its group's business domains, supporting the group's sustainable growth through the sharing of technology and know-how and the building of business partnerships. CVC investment is positioned as a pillar of growth investment in the Medium-Term Management Plan (FY2025-FY2027); however, the company recorded a valuation loss on investment securities of ¥845 million in FY2026 (ended March 2026), making improvement of investment portfolio quality a challenge.
The company aims for continuous expansion of ARR (Annual Recurring Revenue) and ARPA (Annual Recurring Revenue per Account) by combining the promotion of license additions among existing customers with unit price improvements through price revisions. In FY2026 (ended March 2026), the effects of the price revisions contributed throughout the full year, boosting both revenue and profit in both businesses. The accumulation of stock-type revenue is underpinning business performance, enhancing resilience against changes in the external environment.
Last updated: July 19, 2026