Proprietary AI analyst is now available

System Research Valuation Multiples

Discover revenue and EBITDA valuation multiples for System Research and similar public comparables like Core, Digia, Info-Tech Systems, Computer Institute and more.

System Research Overview

About System Research

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.


Founded

1981

HQ

Japan

Employees

943

Financials (LTM)

Revenue: $184M
Net Income: $17M

EV

$132M

Valuation Multiples

Start free trial

Valuation Multiples for 15K+ Public Comps

AdidasAirbnbAmazonCiscoCoca-ColaDellDropboxIBMIntelMcDonaldsNikeNVIDIASamsungSpotifyTeslaToyota
Browse Valuation Multiples

System Research Financials

System Research reported last 12-month revenue of $184M.

In the same LTM period, System Research generated $17M in net income.

Revenue (LTM)


System Research P&L

In the most recent fiscal year, System Research reported revenue of $162M and EBITDA of $21M.

System Research is profitable as of last fiscal year, with gross margin of 23%, EBITDA margin of 13%, and net margin of 8%.

See analyst estimates for System Research
LTMLast FY202320242025202620272028
Revenue$184M$162M$143M$158M$179M
Gross Profit-$38M$33M$37M$38M
Gross Margin-23%23%23%21%
EBITDA-$21M$17M$20M$21M
EBITDA Margin-13%12%13%11%
EBIT Margin12%12%12%12%12%
Net Profit$17M$14M$12M$13M$16M
Net Margin9%8%8%8%9%

Financial data powered by Morningstar, Inc.

System Research Stock Performance

System Research has current market cap of $179M, and enterprise value of $132M.

Market Cap Evolution


System Research's stock price is $10.77.

System Research share price decreased by 2.4% in the last 30 days, and by 12.7% in the last year.

System Research has an EPS (earnings per share) of $0.83.

See more trading valuation data for System Research
EVMarket CapPrice 1DPrice 1MPrice 3MPrice 12MEPS
$132M$179M-0.1%-2.4%1.8%-12.7%$0.83

Benchmark Trading Valuation Multiples by Industry

Sign up to access valuation multiples like growth-adjusted P/E, Rule of 40, next 12-month EV/Revenue, EBITDA multiples by industry, consensus analyst estimates and many more.

Start Free Trial

System Research Valuation Multiples

System Research trades at 0.7x EV/Revenue multiple, and 6.4x EV/EBITDA.

See NTM and 2027E valuation multiples for System Research

EV / Revenue (LTM)


System Research Financial Valuation Multiples

As of June 14, 2026, System Research has market cap of $179M and EV of $132M.

System Research has a P/E ratio of 10.8x.

LTMLast FY202320242025202620272028
EV/Revenue0.7x0.8x0.9x0.8x0.7x
EV/EBITDA-6.4x7.7x6.6x6.4x
EV/EBIT6.0x7.1x8.0x7.2x6.2x
EV/Gross Profit-3.5x4.0x3.6x3.5x
P/E10.8x13.0x15.2x13.4x11.3x
EV/FCF-24.5x14.1x20.7x24.5x

Multiples above and below 250x are considered non-meaningful (n/m). Valuation data powered by FactSet, Inc. and Morningstar, Inc.

Verified System Research Valuation Multiples

Access all public comps and forward-looking valuation multiples like EV/Revenue in 2027, based on consensus analyst estimates. Powered by FactSet and Morningstar.

FactSetMorningstar
Start Free Trial

System Research Margins & Growth Rates

System Research grew revenue by 14% and net profit by 21% in the last fiscal year.

In the most recent fiscal year, System Research reported gross margin of 23%, EBITDA margin of 13%, and net margin of 8%.

See estimated margins and future growth rates for System Research

System Research Margins

Last FY202420252026202720282029
Gross Margin23%23%21%-
EBITDA Margin13%13%11%-
EBIT Margin12%12%12%12%
Net Margin8%8%9%9%
FCF Margin3%4%3%-

System Research Growth Rates

FY+1/FY23/2424/2525/2626/2727/2828/29
Revenue Growth14%10%13%3%
Gross Profit Growth-12%3%-
EBITDA Growth-17%3%-
EBIT Growth18%10%16%4%
Net Profit Growth21%14%19%5%
FCF Growth-(32%)(16%)-

Data powered by FactSet, Inc. and Morningstar, Inc.

System Research Operational KPIs

System Research's revenue per employee in the last FY averaged $0.2M, while opex per employee averaged $0.0M for the same period.

Access forward-looking KPIs for System Research
Last FY202320242025202620272028
Revenue per Employee$0.2M---
Opex per Employee$0.0M---
Opex to Revenue12%11%12%11%

Data powered by FactSet, Inc. and Morningstar, Inc.

Valuation Multiples Across 230+ Verticals

System Research Competitors

System Research competitors include Core, Digia, Info-Tech Systems, Computer Institute, InfoBeans, Dynacons, Saksoft, Startia Holdings, CAC Holdings and ISB Corporation.

Most System Research public comparables operate across IT Consulting.

EV/RevenueEV/EBITDA
Last FYLTM2027ELast FYLTM2027E
Core0.9x0.8x6.3x-
Digia0.8x0.8x7.0x6.9x
Info-Tech Systems3.0x2.5x7.0x5.7x
Computer Institute0.7x0.7x8.0x-
InfoBeans2.8x-10.3x-
Dynacons1.2x-11.4x-
Saksoft1.5x-7.6x-
Startia Holdings1.0x0.9x6.6x-

This data is available for Pro users. Sign up to see all System Research competitors and their valuation data.

Start Free Trial

Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples

Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.

Start Free Trial

About System Research

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 over 943 employees.
Is System Research publicly listed?Yes, System Research is a public company listed on Tokyo Stock Exchange.
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?System Research main competitors include Core, Digia, Info-Tech Systems, Computer Institute, InfoBeans, Dynacons, Saksoft, Startia Holdings, CAC Holdings, ISB Corporation.
What is the current market cap of System Research?System Research's current market cap is $179M.
What is the current revenue of System Research?System Research's last 12 months revenue is $184M.
What is the current revenue growth of System Research?System Research revenue growth (vs. last FY) is 14%.
What is the current EV/Revenue multiple of System Research?Current revenue multiple of System Research is 0.7x.
What is the current net income of System Research?System Research's last 12 months net income is $17M.
How many companies System Research has acquired to date?System Research hasn't acquired any companies yet (or none have been disclosed publicly).
In how many companies System Research has invested to date?System Research hasn't invested in any companies yet (or none have been disclosed publicly).

See public comps similar to System Research

Lists including System Research

Start Your
Free Trial Today

Try Multiples for free for 3 days. Got questions or need a demo? Schedule a call with us below.

Start Trial