# AR advanced technology, Inc.: business model and financials

> Latest period: FY ending Aug 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第16期(2024/09/01－2025/08/31) (S100X6EQ)
> Page: https://vizora.meequs.com/en/company/ar-advanced-technology
> Retrieved: 2026-09-30T20:59:13.551Z

## Company

AR advanced technology, founded in 2010, is a company in IT Services & System Integration listed on TSE Growth. It has 759 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | AR advanced technology, Inc. |
| Ticker | 5578 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5578.T) |
| Listing | TSE Growth |
| Head office | 東京都渋谷区渋谷二丁目17番1号 |
| Representative (per filing) | 代表取締役社長 武内 寿憲 |
| Founded | Jan 2010 |
| Share capital | ¥141.7M |
| Employees (consolidated) | 759 |
| Average salary (parent only) | ¥6.1M |
| Fiscal year end | August |
| Website | ari-jp.com (https://ari-jp.com/) |
| Corporate number | 2010001130058 |
| EDINET | E38654 |
| Industries (Vizora) | IT Services & System Integration |

> Profile source: annual securities report (S100X6EQ, filed 2025-11-25). As of filing

## Five-axis industry profile

Primary industry: IT Services & System Integration (2025-08-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 85 | 157 |
| Profitability | 27.3 | 196 |
| Cash conversion | 86.8 | 185 |
| Efficiency | 97.2 | 196 |
| Financial strength | 50 | 7 |

Each axis is shown independently. Missing values are labeled unavailable; no combined score is calculated. Industry rank is not an investment recommendation.

## Key points (generated from figures)

- AR advanced technology brought in ¥14.2B in revenue.
- Out of every ¥100 of sales, about ¥6 is left as operating profit.
- Revenue changed +27.2% from the prior year, operating profit +96.7%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥14152706000 → ¥445225000
- Net income → operating cash flow: ¥445225000 → ¥1141939000（difference ¥696714000）
- Main uses of operating cash flow: CapEx ¥271340000 / dividends — / buybacks ¥308114000
- Change in cash: ¥572187000
Segment shares use total reported segment revenue, which may include inter-segment sales. The cash bridge is operating cash flow minus net income and combines non-cash items and working-capital effects.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥14.2B |  |
| Operating income | ¥829.3M | Margin 5.9% |
| Net income | ¥445.4M | Margin 3.1% |
| Free cash flow | ¥870.6M |  |
| Employees (consolidated) | 759 |  |
| EPS | ¥148.43 |  |
| Diluted EPS | ¥143.36 |  |
| Book value per share | ¥614.81 |  |
| Equity ratio | 31.4% |  |
| Shares outstanding | 3,457,840 |  |
| Treasury shares | 200,100 |  |
| Shareholders | 1,126 |  |
| Average salary (parent only) | ¥6.1M | Filing company only |
| Cash ratio | 42.9% | Net cash ¥1.58B · Cash ÷ revenue 20.5% |
| Vs. industry median margin | -3.1 pp | IT Services & System Integration |
| ROE | 21.8% | Derived from disclosed figures |
| ROA | 7.7% | Derived from disclosed figures |

## Notable figures

- FY2025, operating cash flow is 2.6× net income
- FY2025, cash is 43% of total assets

## What changed in 3 years

| Metric | FY ending Aug 2022 | FY ending Aug 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥8768789000 | ¥14152706000 | +61.4% |
| Operating income | ¥396524000 | ¥829271000 | +109.1% |
| Operating margin | 4.5% | 5.9% | +1.3 pp |
| Employees | 476 people | 759 people | +59.5% |
| Cash and equivalents | ¥876881000 | ¥2902067000 | +231.0% |

### Change in segment revenue mix

Span: FY ending Aug 2022 → FY ending Aug 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

## Income statement（FY ending Aug 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 14,153 | 100.0% | S100X6EQ |
| Cost of revenue | 10,381 | 73.3% | S100X6EQ |
| Gross profit | 3,772 | 26.7% | S100X6EQ |
| SG&A | 2,943 | 20.8% | S100X6EQ |
| Operating income | 829 | 5.9% | S100X6EQ |
| Ordinary income | 778 | 5.5% | S100X6EQ |
| Pretax income | 729 | 5.2% | S100X6EQ |
| Income tax | 284 | 2.0% | S100X6EQ |
| Net income | 445 | 3.1% | S100X6EQ |
| Net income attributable to owners | 445 | 3.1% | S100X6EQ |

## Per ¥100 of revenue（FY ending Aug 2025）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 73 |
| SG&A | 21 |
| Operating income | 6 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 26.7% → Operating margin 5.9% → Net margin 3.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +27.2%; Core profit growth: +96.7%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 3.56×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Aug 2024 → FY ending Aug 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 11,130 | 14,153 | 3,023 | +27.2% |
| Gross profit | 2,838 | 3,772 | 934 | +32.9% |
| Operating income | 422 | 829 | 408 | +96.7% |
| Net income attributable to owners | 276 | 445 | 170 | +61.6% |
| Operating cash flow | 363 | 1,142 | 779 | +214.3% |
| Free cash flow | 186 | 871 | 685 | +369.3% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Aug 2022 | 8,769 | 397 | 4.5% | 273 | 151 | 127 | S100SDN1 |
| FY ending Aug 2023 | 10,162 | 528 | 5.2% | 319 | 740 | 671 | S100UUY7 |
| FY ending Aug 2024 | 11,130 | 422 | 3.8% | 276 | 363 | 186 | S100X6EQ |
| FY ending Aug 2025 | 14,153 | 829 | 5.9% | 445 | 1,142 | 871 | S100X6EQ |

## People and productivity（FY ending Aug 2025, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥18.6M |
| Operating income per employee (consolidated) | ¥1.1M |
| Net income per employee (consolidated) | ¥586.8K |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Aug 2022 | FY ending Aug 2023 | FY ending Aug 2024 | FY ending Aug 2025 |
| --- | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 476 | 521 | 600 | 759 |
| Average salary (parent company) | — | ¥5.6M | ¥5.7M | ¥6.1M |
| Average age (parent company) | — | 36.1 years | 37.0 years | 37.1 years |
| Average tenure (parent company) | — | 4.3 years | 4.4 years | 4.5 years |

Year over year: Employees (consolidated) +26.5% · Revenue (consolidated) +27.2%

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Aug 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 1,142 | 8.1% | S100X6EQ |
| Capital expenditure | 271 | 1.9% | S100X6EQ |
| Free cash flow | 871 | 6.2% | 算出 |
| Investing cash flow | -192 | -1.4% | S100X6EQ |
| Financing cash flow | -377 | -2.7% | S100X6EQ |
| Share buyback | 308 | 2.2% | S100X6EQ |
| Change in cash | 572 | 4.0% | S100X6EQ |
| Cash and equivalents | 2,902 | 20.5% | S100X6EQ |

## Balance sheet

Figures are as of each fiscal year end. Derived values are marked as such in the source column. Lease liabilities are excluded from interest-bearing debt.

| Metric | FY ending Aug 2022 | FY ending Aug 2023 | FY ending Aug 2024 | FY ending Aug 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 877 | 2,385 | 2,330 | 2,902 | S100UUY7, S100X6EQ |
| Total assets | 2,815 | 4,469 | 4,748 | 6,763 | S100SDN1, S100UUY7, S100X6EQ |
| Net assets | 1,106 | 1,749 | 1,967 | 2,169 | S100UUY7, S100X6EQ |
| Share capital | 100 | 129 | 133 | 142 | S100SDN1, S100UUY7, S100X6EQ |
| Property, plant and equipment | 65 | 78 | 197 | 318 | S100SDN1, S100UUY7, S100X6EQ |
| Intangible assets excluding goodwill | 175 | 121 | 62 | 937 | S100SDN1, S100UUY7, S100X6EQ |
| Goodwill | — | — | — | 723 | S100X6EQ |
| Investment securities | — | — | 111 | 50 | S100X6EQ |
| Current assets | 2,352 | 3,956 | 3,977 | 5,023 | S100SDN1, S100UUY7, S100X6EQ |
| Current liabilities | 1,708 | 2,720 | 2,760 | 4,076 | S100SDN1, S100UUY7, S100X6EQ |
| Short-term borrowings | 300 | 880 | 880 | 940 | S100SDN1, S100UUY7, S100X6EQ |
| Long-term borrowings | — | — | — | 351 | S100X6EQ |
| Bonds | — | — | — | 30 | S100X6EQ |
| Interest-bearing debt | — | — | — | 1,321 | 算出 |
| Total liabilities | 1,708 | 2,720 | 2,781 | 4,594 | S100SDN1, S100UUY7, S100X6EQ |
| Non-controlling interests | — | — | — | 45 | S100X6EQ |
| Equity attributable to owners of parent | 1,106 | 1,749 | 1,967 | 2,124 | S100SDN1, S100UUY7, S100X6EQ |
| Retained earnings | 1,072 | 1,391 | 1,601 | 2,046 | S100SDN1, S100UUY7, S100X6EQ |
| Treasury stock | -90 | -0 | -0 | -308 | S100SDN1, S100UUY7, S100X6EQ |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 43% | S100X6EQ |
| Property, plant and equipment | 5% | S100X6EQ |
| Intangibles and goodwill | 24% | S100X6EQ |
| Investment securities | 1% | S100X6EQ |
| Other assets | 27% | S100X6EQ |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Interest-bearing debt | 20% | 算出 |
| Other liabilities | 48% | S100X6EQ |
| Equity | 32% | S100X6EQ |
| Other liabilities | 0% | S100X6EQ |

### Balance sheet history

| Metric | FY ending Aug 2022 | FY ending Aug 2023 | FY ending Aug 2024 | FY ending Aug 2025 |
| --- | ---: | ---: | ---: | ---: |
| Total assets | 2,815 | 4,469 | 4,748 | 6,763 |
| Equity | 1,106 | 1,749 | 1,967 | 2,169 |
| Interest-bearing debt | — | — | — | 1,321 |
| Cash | 877 | 2,385 | 2,330 | 2,902 |

## Asset intensity and goodwill

Ratios are derived from reported values. Goodwill is used only when separately reported, never inferred from combined intangible assets.

| Metric | Value | Sources |
| --- | ---: | ---: |
| Asset intensity (fixed assets ÷ revenue) | 2.2% | S100X6EQ |
| Fixed assets ÷ total assets | 4.7% | S100X6EQ |
| Goodwill ÷ parent equity | 34.0% | S100X6EQ |

### Cash quality

Net cash = cash − interest-bearing debt. Net debt ratio = (interest-bearing debt − cash) ÷ positive operating cash flow. Omit when debt components are incomplete; other ratios are derived from reported figures.

| Metric | Value |
| --- | ---: |
| Cash ratio (cash ÷ total assets) | 42.9% |
| Cash ÷ revenue | 20.5% |
| Net cash (cash − interest-bearing debt) | ¥1.58B |
| Net debt ÷ operating cash flow | -1.38× |
| Cash conversion (operating CF ÷ operating income) | 137.7% |
| Cash vs. profit gap | 697 JPY mn (of net income 156.4%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 1.9% |
| Investing CF relative to operating CF | 16.8% |

## ROA and ROE

ROE is decomposed into net margin × asset turnover × financial leverage. Leverage can raise ROE, so the ratio alone does not assess a company's condition. Ending balances are used without a prior year; total equity approximates parent equity when unavailable.

| Period | Net margin | Asset turnover | ROA | Financial leverage | ROE | Sources |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 3.1% | 3.12× | 9.7% | 2.54× | 24.7% | S100SDN1 |
| 2023 | 3.1% | 2.79× | 8.8% | 2.55× | 22.4% | S100UUY7 |
| 2024 | 2.5% | 2.42× | 6.0% | 2.48× | 14.8% | S100X6EQ |
| 2025 | 3.1% | 2.46× | 7.7% | 2.81× | 21.8% | S100X6EQ |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社エスエスアール | Major shareholder | 60.0% | 2025-08-31 |
| ＡＲＩ社員持株会 | Major shareholder | 6.4% | 2025-08-31 |
| 岡部 吉純 | Major shareholder | 4.1% | 2025-08-31 |
| 株式会社ホテルアルファーワン・ディベロップメント | Major shareholder | 2.5% | 2025-08-31 |
| 清板 大亮 | Major shareholder | 2.4% | 2025-08-31 |
| 山岡 択哉 | Major shareholder | 1.7% | 2025-08-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 1.5% | 2025-08-31 |
| NOMURA PB NOMINEES LIMITED OMNIBUS-MARGIN(CASHPB) （常任代理人 野村證券株式会社） | Major shareholder | 1.4% | 2025-08-31 |
| 石原 憲之 | Major shareholder | 1.2% | 2025-08-31 |
| 野村證券株式会社 | Major shareholder | 1.1% | 2025-08-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第16期(2024/09/01－2025/08/31) | S100X6EQ | 2025-11-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100X6EQ,, |
| 有価証券報告書－第15期(2023/09/01－2024/08/31) | S100UUY7 | 2024-11-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UUY7,, |
| 有価証券報告書－第14期(2022/09/01－2023/08/31) | S100SDN1 | 2023-11-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SDN1,, |

## Definitions

- Amounts are in millions of JPY (rounded). The period is stated in each table heading
- Operating margin = operating income ÷ revenue. Net income is attributable to owners of the parent when disclosed
- Free cash flow (FCF) = operating cash flow − capital expenditure
- ¥100 model = breakdown per ¥100 of revenue (rounded so parts sum to 100)
- Segment revenues include inter-segment sales and may not sum to consolidated revenue
- Source IDs are EDINET document IDs (docID). "算出" (derived) means computed from other disclosed values
- All figures are extracted mechanically from filings. AI-written text never generates figures
- Source: company filings submitted to EDINET (Financial Services Agency of Japan). Figures were extracted, edited and processed, and charts and text were created, by Vizora — not by the FSA (used under the Public Data License v1.0).