Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.
System Research CoTSE:3771 -1.92%84 Return-on-Tangible-Asset is 16.59% as of Mar. 2026, which is 35% above its 10-year median of 12.30. GuruFocus rates TSE:3771 with a GF Score™ of 84/100 and a GF Value™ of 円2,046.81 (Modestly Undervalued). The stock has 1 warning sign investors should review. Among 2,892 Software companies, System Research Co ranks better than 85.75% on this metric.
Return-on-Tangible-Asset is calculated as Net Income divided by its average total tangible assets. Total tangible assets equals to Total Assets minus Intangible Assets. System Research Co's annualizedNet Income for the quarter that ended in Mar. 2026 was 円2,979 Mil. System Research Co's average total tangible assets for the quarter that ended in Mar. 2026 was 円17,956 Mil. Therefore, System Research Co's annualized Return-on-Tangible-Asset for the quarter that ended in Mar. 2026 was 16.59%.
The historical rank and industry rank for System Research Co's Return-on-Tangible-Asset or its related term are showing as below:
TSE:3771'
s Return-on-Tangible-Asset Range Over the Past 10 Years
Min: 8.43 Med: 12.3 Max: 14.74
Current: 14.74
During the past 13 years, System Research Co's highest Return-on-Tangible-Asset was 14.74%. The lowest was 8.43%. And the median was 12.30%.
TSE:3771's Return-on-Tangible-Asset is ranked better than 85.75% of 2892
companies
in the Software industry
Industry Median: 2.05
vs TSE:3771: 14.74
System Research Co (TSE:3771) Return-on-Tangible-Asset Explanation
Return-on-Tangible-Asset measures the rate of return on the average total tangible assets (total assets minus intangible assets). Tangible means physical in nature. Intangible Assets are assets that are not physical in nature, and typically "derive their value from legal or intellectual rights." Return-on-Tangible-Asset measures a firm's efficiency at generating profits from its tangible assets. It shows how well a company uses what it has to generate earnings. Return-on-Tangible-Assets can vary drastically across industries. Therefore, Return-on-Tangible-Asset should not be used to compare companies in different industries.
Be Aware
Like ROE and ROA, Return-on-Tangible-Asset is calculated with only 12 months data. Fluctuations in the companys earnings or business cycles can affect the ratio drastically. It is important to look at the ratio from a long term perspective. Return-on-Tangible-Asset can be affected by events such as stock buyback or issuance, and by a companys tax rate and its interest payment. Return-on-Tangible-Asset may not reflect the true earning power of the assets. A more accurate measurement is ROC % (ROC).
Many analysts argue the higher return the better. Buffett states that really high Return-on-Tangible-Asset may indicate vulnerability in the durability of the competitive advantage.
System Research Co Return-on-Tangible-Asset Related Terms
System Research Co Return-on-Tangible-Asset Historical Data
* Premium members only.
The historical data trend for System Research Co's Return-on-Tangible-Asset can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
TSE:3771 vs QH, SHOP, UBER: Return-on-Tangible-Asset Comparison
For the Software - Application subindustry, System Research Co's Return-on-Tangible-Asset, along with its competitors' market caps and Return-on-Tangible-Asset data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
System Research Co Return-on-Tangible-Asset vs Software Industry
For the Software industry and Technology sector, System Research Co's Return-on-Tangible-Asset distribution charts can be found below:
* The bar in red indicates where System Research Co's Return-on-Tangible-Asset falls into.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
In the calculation of annual Return-on-Tangible-Asset, the net income of the last fiscal year and the average total tangible assets over the fiscal year are used. In calculating the quarterly data,
the Net Income data used here is two times the semi-annual (Mar. 2026) net income data.
What does a Return-on-Tangible-Asset of 16.59% mean?
System Research Co (TSE:3771) has a Return-on-Tangible-Asset of 16.59% as of Mar. 2026. Return on tangible assets is the ratio of current-period net income to average two-period tangible assets. View historical data on System Research Co and its competitors. This is 35% above median its historical median of 12.30. Over the past decade, System Research Co's Return-on-Tangible-Asset has ranged from 8.43 to 14.74. According to the industry distribution chart, System Research Co ranks #412 out of 2892 companies in the Software industry, placing it in the top 14.2%.
Is System Research Co's Return-on-Tangible-Asset too high?
System Research Co's current Return-on-Tangible-Asset of 16.59% is 35% above median its 10-year median of 12.30. Over the past 10 years, this metric has ranged from a low of 8.43 to a high of 14.74. The Software industry median Return-on-Tangible-Asset is 2.05. System Research Co's value of 16.59% is 709.3% above this industry median. Based on the distribution chart, System Research Co ranks #412 out of 2892 companies in the Software industry, which is in the top quartile — a strong position relative to peers. Overall, System Research Co has a GF Score™ of 84/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does System Research Co's Return-on-Tangible-Asset compare to QH and SHOP?
According to the Software industry distribution chart, System Research Co ranks #412 out of 2892 companies for Return-on-Tangible-Asset. This places System Research Co in the top 14% of its industry — outperforming the majority of peers. The industry median Return-on-Tangible-Asset is 2.05. System Research Co's value of 16.59% is 709.3% above this benchmark. Historically, System Research Co's own Return-on-Tangible-Asset has ranged from 8.43 to 14.74 over the past decade. While the company's 10-year median is 12.30 vs. the industry median of 2.05, System Research Co has consistently been above the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Return-on-Tangible-Asset for a Software company?
The median Return-on-Tangible-Asset among Software companies is 2.05, based on 2,892 companies in the industry. Companies in the top quartile (top 25%) have a Return-on-Tangible-Asset significantly above this median, while those in the bottom quartile fall well below. However, Return-on-Tangible-Asset should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. System Research Co's current Return-on-Tangible-Asset of 16.59% is 709.3% above the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Return-on-Tangible-Asset mean?
A high Return-on-Tangible-Asset can signal that a stock is expensive relative to its fundamentals. Return on tangible assets is the ratio of current-period net income to average two-period tangible assets. View historical data on System Research Co and its competitors. For the Software industry, the median Return-on-Tangible-Asset is 2.05 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. System Research Co's current Return-on-Tangible-Asset is 16.59%, which is 35% above median its own 10-year median of 12.30. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is System Research Co stock overvalued right now?
Based on GuruFocus' analysis, System Research Co (TSE:3771) is currently considered Modestly Undervalued. The stock's GF Value™ is 円2,046.81, compared to a current price of 円1,837.00 — trading 10.3% below its estimated fair value. The current Return-on-Tangible-Asset is 16.59%, which is 35% above median its 10-year median of 12.30 and 709.3% above the Software industry median of 2.05. System Research Co's overall GF Score™ is 84/100 with 1 warning sign to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Return-on-Tangible-Asset calculated?
Return-on-Tangible-Asset is calculated from a company's financial statements. For System Research Co (TSE:3771), the current Return-on-Tangible-Asset is 16.59% as of Mar. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is System Research Co (TSE:3771) Overvalued in 2026?
Based on GuruFocus' analysis, System Research Co stock appears to be undervalued.
The current stock price of 円1,837.00 is trading 10.3% below its estimated GF Value™ of 円2,046.81.
GuruFocus considers System Research Co to be Modestly Undervalued.
Key valuation signals for TSE:3771:
Return-on-Tangible-Asset: 16.59% (35% above median its 10-year median of 12.30)
GF Value™: 円2,046.81 vs. price of 円1,837.00 (10.3% below fair value)
Industry Position: 709.3% above the Software median (#412 of 2892)
No single metric tells the full story. See the TSE:3771 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
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.
84GF Score
Get the complete analysis for TSE:3771
Return-on-Tangible-Asset is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
TSE:3771 has been successfully added to your 
