# AVANT GROUP CORPORATION: business model and financials

> Latest period: FY ending Jun 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第30期(2025/07/01－2026/06/30) (S100Z38F)
> Page: https://vizora.meequs.com/en/company/avant-group
> Retrieved: 2026-09-30T19:06:48.070Z

## Company

Avant Group, founded in 1997, is a company in IT Services & System Integration listed on TSE Prime. It has 1,883 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | AVANT GROUP CORPORATION |
| Ticker | 3836 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3836.T) |
| Listing | TSE Prime |
| Head office | 東京都港区港南二丁目15番2号 |
| Representative (per filing) | 代表取締役社長 森川 徹治 |
| Founded | May 1997 |
| Share capital | ¥345.1M |
| Employees (consolidated) | 1,883 |
| Average salary (parent only) | ¥11.3M |
| Fiscal year end | June |
| Website | www.avantgroup.com (https://www.avantgroup.com/) |
| Corporate number | 4010401091204 |
| EDINET | E05663 |
| Industries (Vizora) | IT Services & System Integration, Software & SaaS |

> Profile source: annual securities report (S100Z38F, filed 2026-09-18). As of filing

## Five-axis industry profile

Primary industry: IT Services & System Integration (2026-06-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 80.6 | 157 |
| Profitability | 84.9 | 196 |
| Cash conversion | 50 | 185 |
| Efficiency | 50.3 | 196 |

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)

- About 52% of Avant Group's sales come from Digital Transformation promotion business, with Management solutions business and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥15 is left as operating profit.
- Revenue changed +8.0% from the prior year, operating profit +2.0%.

## Company structure

- Segment revenue mix: Digital Transformation promotion business 52.1%、Management solutions business 45.7%、Other 2.2%
- Revenue → net income: ¥30481393000 → ¥2980446000
- Net income → operating cash flow: ¥2980446000 → ¥3790065000（difference ¥809619000）
- Main uses of operating cash flow: CapEx ¥668131000 / dividends ¥930856000 / buybacks ¥3231073000
- Change in cash: ¥-1779226000
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 | ¥30.5B |  |
| Operating income | ¥4.7B | Margin 15.4% |
| Net income | ¥2.99B | Margin 9.8% |
| Free cash flow | ¥3.12B |  |
| Largest business | Digital Transformation promotion business | of segment revenue 52.1% |
| Employees (consolidated) | 1,883 |  |
| EPS | ¥87.95 |  |
| Book value per share | ¥239.49 |  |
| Equity ratio | 60.3% |  |
| Shares outstanding | 35,509,251 |  |
| Treasury shares | 412,300 |  |
| Shareholders | 3,218 |  |
| Average salary (parent only) | ¥11.3M | Filing company only |
| Cash ratio | 55.4% | Cash ÷ revenue 43.9% |
| Vs. industry median margin | +6.5 pp | IT Services & System Integration |
| ROE | 19.9% | Derived from disclosed figures |
| ROA | 12.3% | Derived from disclosed figures |

## Notable figures

- FY2026, buybacks were 3.5× dividends
- FY2026, cash is 55% of total assets
- FY2026, parent-company salary changed +38% over five years

## What changed in 5 years

| Metric | FY ending Jun 2021 | FY ending Jun 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥16236129000 | ¥30481393000 | +87.7% |
| Operating income | ¥2796085000 | ¥4697766000 | +68.0% |
| Operating margin | 17.2% | 15.4% | -1.8 pp |
| Employees | 1,107 people | 1,883 people | +70.1% |
| Cash and equivalents | ¥7786223000 | ¥13382819000 | +71.9% |

### Change in segment revenue mix

Span: FY ending Jun 2021 → FY ending Jun 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| デジタルトランスフォーメーション推進事業 → デジタルトランスフォーメーション推進事業 | 27.8% |
| ビジネス・インテリジェンス事業 → 事業再編・廃止 | 27.8% |
| グループ・ガバナンス事業 → 事業再編・廃止 | 36.1% |
| アウトソーシング事業 → 事業再編・廃止 | 8.3% |
| 新設・再編 → デジタルトランスフォーメーション推進事業 | 24.3% |
| 新設・再編 → 経営管理ソリューション事業 | 45.7% |
| 新設・再編 → その他 | 2.2% |

Segment revenue source references: 7 (derived)

## Business growth × margin

X-axis: segment revenue CAGR. Y-axis: latest operating margin. Bubble size: latest revenue. CAGR requires at least two comparable years.

| Segment | CAGR span | Revenue CAGR | Latest revenue | Operating margin | Source refs |
| --- | ---: | ---: | ---: | ---: | ---: |
| Digital Transformation promotion business | 5 years | +12.0% | ¥11016014000 | 15.6% | 2 |
| Management solutions business | 3 years | +7.3% | ¥9653197000 | 11.7% | 2 |
| Other | — | — | ¥466689000 | 22.3% | 2 |

## Income statement（FY ending Jun 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 30,481 | 100.0% | S100Z38F |
| Cost of revenue | 16,958 | 55.6% | S100Z38F |
| Gross profit | 13,523 | 44.4% | S100Z38F |
| SG&A | 8,825 | 29.0% | S100Z38F |
| Operating income | 4,698 | 15.4% | S100Z38F |
| Ordinary income | 4,574 | 15.0% | S100Z38F |
| Pretax income | 4,505 | 14.8% | S100Z38F |
| Income tax | 1,525 | 5.0% | S100Z38F |
| Net income | 2,980 | 9.8% | S100Z38F |
| Net income attributable to owners | 2,986 | 9.8% | S100Z38F |

## Per ¥100 of revenue（FY ending Jun 2026）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 56 |
| SG&A | 29 |
| Operating income | 15 |
| (Ref.) Net income | 10 |

### Margin funnel

Gross margin 44.4% → Operating margin 15.4% → Net margin 9.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +8.0%; Core profit growth: +2.0%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.25×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Jun 2025 → FY ending Jun 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 28,228 | 30,481 | 2,254 | +8.0% |
| Gross profit | 12,579 | 13,523 | 945 | +7.5% |
| Operating income | 4,604 | 4,698 | 94 | +2.0% |
| Net income attributable to owners | 3,435 | 2,986 | -449 | -13.1% |
| Operating cash flow | 4,470 | 3,790 | -680 | -15.2% |
| Free cash flow | 4,338 | 3,122 | -1,216 | -28.0% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Jun 2020 | 15,692 | 2,279 | 14.5% | 1,538 | 1,891 | 1,534 | S100MM3C |
| FY ending Jun 2021 | 16,236 | 2,796 | 17.2% | 1,889 | 2,562 | 2,018 | S100QWWB |
| FY ending Jun 2022 | 18,703 | 3,247 | 17.4% | 2,045 | 3,027 | 2,619 | S100RVSO |
| FY ending Jun 2023 | 21,425 | 3,289 | 15.4% | 2,095 | 2,175 | 1,428 | S100UEH8 |
| FY ending Jun 2024 | 24,420 | 4,099 | 16.8% | 2,851 | 3,681 | 3,299 | S100WPOP |
| FY ending Jun 2025 | 28,228 | 4,604 | 16.3% | 3,435 | 4,470 | 4,338 | S100Z38F |
| FY ending Jun 2026 | 30,481 | 4,698 | 15.4% | 2,986 | 3,790 | 3,122 | S100Z38F |

## People and productivity（FY ending Jun 2026, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥16.2M |
| Operating income per employee (consolidated) | ¥2.5M |
| Net income per employee (consolidated) | ¥1.6M |

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

| History | FY ending Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 | FY ending Jun 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 1,226 | 1,389 | 1,522 | 1,707 | 1,883 |
| Average salary (parent company) | ¥8.2M | ¥8.4M | ¥9.6M | ¥9.7M | ¥11.3M |
| Average age (parent company) | 43.1 years | 43.9 years | 44.6 years | 45.6 years | 46.7 years |
| Average tenure (parent company) | 5.1 years | 5.4 years | 6.2 years | 5.4 years | 4.8 years |

Year over year: Employees (consolidated) +10.3% · Revenue (consolidated) +8.0%

## Segments（FY ending Jun 2026, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Digital Transformation promotion business | 11,016 | 52.1% | 1,718 | 15.6% |
| Management solutions business | 9,653 | 45.7% | 1,129 | 11.7% |
| Other | 467 | 2.2% | 104 | 22.3% |

### segmentMix — Revenue and profit mix

Calculated from disclosed figures (DERIVED). Shares use total segment revenue and total positive segment profit respectively. Difference = profit share − revenue share (pt). Inter-segment sales may prevent reconciliation to company revenue.

| Segment | Revenue share | Profit share | Difference (pt) | Margin |
| --- | ---: | ---: | ---: | ---: |
| Digital Transformation promotion business | 52.1% | 58.2% | 6.1 | 15.6% |
| Management solutions business | 45.7% | 38.3% | -7.4 | 11.7% |
| Other | 2.2% | 3.5% | 1.3 | 22.3% |

Segment → industry: Management solutions business → IT Services & System Integration / Digital Transformation promotion business → IT Services & System Integration / Management solutions business → Software & SaaS

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Jun 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 3,790 | 12.4% | S100Z38F |
| Capital expenditure | 668 | 2.2% | S100Z38F |
| Free cash flow | 3,122 | 10.2% | 算出 |
| Investing cash flow | -1,339 | -4.4% | S100Z38F |
| Financing cash flow | -4,257 | -14.0% | S100Z38F |
| Dividends paid | 931 | 3.1% | S100Z38F |
| Share buyback | 3,231 | 10.6% | S100Z38F |
| Change in cash | -1,779 | -5.8% | S100Z38F |
| Cash and equivalents | 13,383 | 43.9% | S100Z38F |

## 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 Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 | FY ending Jun 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 10,003 | 10,881 | 11,977 | 15,162 | 13,383 | S100UEH8, S100WPOP, S100Z38F |
| Total assets | 16,617 | 18,706 | 21,897 | 24,373 | 24,148 | S100RVSO, S100UEH8, S100WPOP, S100Z38F |
| Net assets | 10,598 | 12,329 | 13,294 | 15,598 | 14,571 | S100UEH8, S100WPOP, S100Z38F |
| Share capital | 329 | 345 | 345 | 345 | 345 | S100RVSO, S100UEH8, S100WPOP, S100Z38F |
| Property, plant and equipment | 398 | 487 | 489 | 549 | 1,075 | S100RVSO, S100UEH8, S100WPOP, S100Z38F |
| Intangible assets excluding goodwill | 677 | 729 | 652 | 381 | 240 | S100RVSO, S100UEH8, S100WPOP, S100Z38F |
| Investment securities | 511 | 772 | 1,037 | 830 | 877 | S100RVSO, S100UEH8, S100WPOP, S100Z38F |
| Current assets | 13,741 | 15,352 | 18,202 | 20,766 | 19,576 | S100RVSO, S100UEH8, S100WPOP, S100Z38F |
| Current liabilities | 5,820 | 6,122 | 8,308 | 8,441 | 9,018 | S100RVSO, S100UEH8, S100WPOP, S100Z38F |
| Trade payables | 662 | 635 | 801 | 769 | 674 | S100RVSO, S100UEH8, S100WPOP, S100Z38F |
| Total liabilities | 6,019 | 6,377 | 8,603 | 8,775 | 9,577 | S100RVSO, S100UEH8, S100WPOP, S100Z38F |
| Non-controlling interests | — | — | — | 16 | — | S100Z38F |
| Equity attributable to owners of parent | 10,466 | 12,104 | 12,994 | 15,564 | 14,511 | S100RVSO, S100UEH8, S100WPOP, S100Z38F |
| Retained earnings | 9,872 | 11,477 | 13,764 | 16,490 | 15,449 | S100RVSO, S100UEH8, S100WPOP, S100Z38F |
| Treasury stock | -1 | -1 | -1,397 | -1,689 | -1,554 | S100RVSO, S100UEH8, S100WPOP, S100Z38F |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 55% | S100Z38F |
| Property, plant and equipment | 4% | S100Z38F |
| Intangibles and goodwill | 1% | S100Z38F |
| Investment securities | 4% | S100Z38F |
| Other assets | 36% | S100Z38F |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 3% | S100Z38F |
| Other liabilities | 37% | S100Z38F |
| Equity | 60% | S100Z38F |

### Balance sheet history

| Metric | FY ending Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 | FY ending Jun 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 16,617 | 18,706 | 21,897 | 24,373 | 24,148 |
| Equity | 10,598 | 12,329 | 13,294 | 15,598 | 14,571 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 10,003 | 10,881 | 11,977 | 15,162 | 13,383 |

## 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) | 3.5% | S100Z38F |
| Fixed assets ÷ total assets | 4.5% | S100Z38F |
| Goodwill ÷ parent equity | — | —, S100Z38F |

### 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) | 55.4% |
| Cash ÷ revenue | 43.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 80.7% |
| Cash vs. profit gap | 804 JPY mn (of net income 26.9%) |
| Shareholder returns / net income | 139.4% |
| Shareholder returns / FCF | 133.3% |
| Shareholder payments — dividends / net income | 31.2% |
| Shareholder payments — dividends / FCF | 29.8% |
| CapEx intensity (capex ÷ revenue) | 2.2% |
| Investing CF relative to operating CF | 35.3% |

## 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 | 10.9% | 1.13× | 12.3% | 1.59× | 19.5% | S100RVSO |
| 2023 | 9.8% | 1.21× | 11.9% | 1.57× | 18.6% | S100UEH8 |
| 2024 | 11.7% | 1.20× | 14.0% | 1.62× | 22.7% | S100WPOP |
| 2025 | 12.2% | 1.22× | 14.8% | 1.62× | 24.1% | S100Z38F |
| 2026 | 9.8% | 1.26× | 12.3% | 1.61× | 19.9% | S100Z38F |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 森川 徹治 | Major shareholder | 27.9% | 2026-06-30 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 7.3% | 2026-06-30 |
| 野城 剛 | Major shareholder | 5.3% | 2026-06-30 |
| 株式会社オービックビジネスコンサルタント | Major shareholder | 4.6% | 2026-06-30 |
| アバントグループ従業員持株会 | Major shareholder | 3.7% | 2026-06-30 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 3.1% | 2026-06-30 |
| 中山 立 | Major shareholder | 1.9% | 2026-06-30 |
| STATE STREET BANK AND TRUST COMPANY 505044（常任代理人 株式会社みずほ銀行 決済営業部長日置 貴史） | Major shareholder | 1.6% | 2026-06-30 |
| 川村 時生 | Major shareholder | 1.6% | 2026-06-30 |
| 和田 淳一 | Major shareholder | 1.5% | 2026-06-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第30期(2025/07/01－2026/06/30) | S100Z38F | 2026-09-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Z38F,, |
| 有価証券報告書－第29期(2024/07/01－2025/06/30) | S100WPOP | 2025-09-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WPOP,, |
| 有価証券報告書－第28期(2023/07/01－2024/06/30) | S100UEH8 | 2024-09-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UEH8,, |
| 有価証券報告書－第27期(2022/07/01－2023/06/30) | S100RVSO | 2023-09-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RVSO,, |
| 訂正有価証券報告書－第26期(2021/07/01－2022/06/30) | S100QWWB | 2023-06-09 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QWWB,, |
| 訂正有価証券報告書－第25期(令和2年7月1日－令和3年6月30日) | S100MM3C | 2021-10-15 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MM3C,, |

## 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).