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System Research Co Ltd is a software application service provider in Japan. The business of the company includes SI service operations, outsourcing business, web-related business, software development work, software product business, and product sales.
1981
943
LTM Revenue $178M
Last FY EBITDA $19.6M
$165M
Benchmark forward-looking revenue and EBITDA valuation multiples across generative AI, climate tech, semiconductors, online marketplaces, vertical SaaS and 220 more verticals.
System Research has a last 12-month revenue (LTM) of $178M and a last 12-month EBITDA of n/a.
In the most recent fiscal year, System Research achieved revenue of $160M and an EBITDA of $19.6M.
System Research expects next 12-month revenue of XXX and NTM EBITDA of XXX
See System Research valuation multiples based on analyst estimates| LTM | NTM | Last FY | FY 2025 | FY 2026 | FY 2027 | |
|---|---|---|---|---|---|---|
| Revenue | $178M | XXX | $160M | XXX | XXX | XXX |
| Gross Profit | $178M | XXX | $36.8M | XXX | XXX | XXX |
| Gross Margin | 100% | XXX | 23% | XXX | XXX | XXX |
| EBITDA | n/a | XXX | $19.6M | XXX | XXX | XXX |
| EBITDA Margin | n/a | XXX | 12% | XXX | XXX | XXX |
| EBIT | $20.6M | XXX | $18.6M | XXX | XXX | XXX |
| EBIT Margin | 12% | XXX | 12% | XXX | XXX | XXX |
| Net Profit | $15.1M | XXX | $13.5M | XXX | XXX | XXX |
| Net Margin | 8% | XXX | 8% | XXX | XXX | XXX |
| Net Debt | XXX | XXX | n/a | XXX | XXX | XXX |
Financial data powered by Morningstar, Inc.
As of May 30, 2025, System Research's stock price is JPY 1814 (or $12).
System Research has current market cap of JPY 30.1B (or $206M), and EV of JPY 24.0B (or $165M).
See System Research trading valuation data| EV | Market Cap | Price 1D | Price 1M | Price 3M | Price 12M | EPS |
|---|---|---|---|---|---|---|
| $165M | $206M | XXX | XXX | XXX | XXX | $0.91 |
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Start Free TrialAs of May 30, 2025, System Research has market cap of $206M and EV of $165M.
System Research's trades at 1.0x EV/Revenue multiple, and 8.8x EV/EBITDA.
Equity research analysts estimate System Research's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX
System Research has a P/E ratio of 13.7x.
See valuation multiples for System Research and 12K+ public comps| LTM | NTM | Last FY | FY 2025 | FY 2026 | FY 2027 | |
|---|---|---|---|---|---|---|
| Market cap (current) | $206M | XXX | $206M | XXX | XXX | XXX |
| EV (current) | $165M | XXX | $165M | XXX | XXX | XXX |
| EV/Revenue | 0.9x | XXX | 1.0x | XXX | XXX | XXX |
| EV/EBITDA | n/a | XXX | 8.8x | XXX | XXX | XXX |
| EV/EBIT | 8.0x | XXX | 9.1x | XXX | XXX | XXX |
| EV/Gross Profit | 0.9x | XXX | n/a | XXX | XXX | XXX |
| P/E | 13.7x | XXX | 16.0x | XXX | XXX | XXX |
| EV/FCF | n/a | XXX | 16.0x | XXX | XXX | XXX |
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Access all public comps and forward-looking valuation multiples like EV/Revenue in 2025, based on equity research analyst estimates.
Start Free TrialSystem Research's revenue per employee in the last FY averaged $0.2M, while opex per employee averaged $19K for the same period.
System Research's rule of 40 is unknown (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).
System Research's rule of X is unknown (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).
See operational valuation multiples for System Research and other 12K+ public comps| LTM | NTM | Last FY | FY 2025 | FY 2026 | FY 2027 | |
|---|---|---|---|---|---|---|
| Revenue Growth | n/a | XXX | n/a | XXX | XXX | XXX |
| EBITDA Margin | n/a | XXX | 12% | XXX | XXX | XXX |
| EBITDA Growth | n/a | XXX | n/a | XXX | XXX | XXX |
| Rule of 40 | n/a | XXX | n/a | XXX | XXX | XXX |
| Bessemer Rule of X | XXX | XXX | n/a | XXX | XXX | XXX |
| Revenue per Employee | XXX | XXX | $0.2M | XXX | XXX | XXX |
| Opex per Employee | XXX | XXX | $19K | XXX | XXX | XXX |
| S&M Expenses to Revenue | XXX | XXX | n/a | XXX | XXX | XXX |
| G&A Expenses to Revenue | XXX | XXX | n/a | XXX | XXX | XXX |
| R&D Expenses to Revenue | XXX | XXX | n/a | XXX | XXX | XXX |
| Opex to Revenue | XXX | XXX | 11% | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc. and Morningstar, Inc.
Benchmark public comps and private revenue and EBITDA valuation multiples across GRC software, cloud infrastructure, DevOps, online marketplaces and so much more!
| EV/Revenue | EV/EBITDA | |||||
|---|---|---|---|---|---|---|
| 2025E | 2026E | 2027E | 2025E | 2026E | 2027E | |
| XXX | XXX | XXX | XXX | XXX | XXX | |
| Ctac | XXX | XXX | XXX | XXX | XXX | XXX |
| Mastech Digital | XXX | XXX | XXX | XXX | XXX | XXX |
| Atturra | XXX | XXX | XXX | XXX | XXX | XXX |
| Bravura Solutions | XXX | XXX | XXX | XXX | XXX | XXX |
| XXXXXXXX | XXX | XXX | XXX | XXX | XXX | XXX |
| XXXXXXXX | XXX | XXX | XXX | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc.
System Research acquired XXX companies to date.
Last acquisition by System Research was XXXXXXXX, XXXXX XXXXX XXXXXX . System Research acquired XXXXXXXX for XXX (EV/Revenue multiple of XXX ).
See M&A valuation multiples| Acquired Company | EV | EV/Revenue | EV/EBITDA |
|---|---|---|---|
| XXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXX | XXX | XXX | XXX |
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Start Free Trial| When was System Research founded? | System Research was founded in 1981. |
| Where is System Research headquartered? | System Research is headquartered in Japan. |
| How many employees does System Research have? | As of today, System Research has 943 employees. |
| Is System Research publicy listed? | Yes, System Research is a public company listed on TKS. |
| What is the stock symbol of System Research? | System Research trades under 3771 ticker. |
| When did System Research go public? | System Research went public in 2005. |
| Who are competitors of System Research? | Similar companies to System Research include e.g. , Ctac, Mastech Digital, Atturra. |
| What is the current market cap of System Research? | System Research's current market cap is $206M |
| What is the current revenue of System Research? | System Research's last 12 months revenue is $178M. |
| What is the current EV/Revenue multiple of System Research? | Current revenue multiple of System Research is 0.9x. |
| Is System Research profitable? | Yes, System Research is EBITDA-positive (as of the last 12 months). |
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