# Feedforce Group Inc.: business model and financials

> Latest period: FY ending May 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第21期(2025/06/01－2026/05/31) (S100YYE5)
> Page: https://vizora.meequs.com/en/company/feedforce-group
> Retrieved: 2026-09-30T18:37:49.468Z

## Company

Feedforce Group, founded in 2006, is a company in IT Services & System Integration listed on TSE Growth. It has 206 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Feedforce Group Inc. |
| Ticker | 7068 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7068.T) |
| Listing | TSE Growth |
| Head office | 東京都港区南青山一丁目2番6号 |
| Representative (per filing) | 代表取締役社長 加藤 英也 |
| Founded | Mar 2006 |
| Share capital | ¥41M |
| Employees (consolidated) | 206 |
| Average salary (parent only) | ¥6.2M |
| Fiscal year end | May |
| Website | feedforcegroup.jp (https://feedforcegroup.jp/) |
| Corporate number | 7010001098357 |
| EDINET | E34995 |
| Industries (Vizora) | IT Services & System Integration, Software & SaaS, Advertising |

> Profile source: annual securities report (S100YYE5, filed 2026-08-24). As of filing

## Five-axis industry profile

Primary industry: Advertising (2026-05-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 76.3 | 57 |
| Profitability | 99.4 | 86 |
| Cash conversion | 38 | 75 |
| Efficiency | 14.5 | 86 |

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 61% of Feedforce Group's sales come from Professional service business, with SaaS business and DX business making up much of the rest.
- Out of every ¥100 of sales, about ¥40 is left as operating profit.
- Revenue changed +12.3% from the prior year, operating profit +24.4%.

## Company structure

- Segment revenue mix: Professional service business 61.1%、SaaS business 27.8%、DX business 11.1%
- Revenue → net income: ¥4912000000 → ¥1445000000
- Net income → operating cash flow: ¥1445000000 → ¥1500000000（difference ¥55000000）
- Main uses of operating cash flow: CapEx ¥40000000 / dividends ¥245000000 / buybacks ¥800000000
- Change in cash: ¥467000000
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 | ¥4.91B |  |
| Operating income | ¥1.98B | Margin 40.3% |
| Net income | ¥1.45B | Margin 29.4% |
| Free cash flow | ¥1.46B |  |
| Largest business | Professional service business | of segment revenue 61.1% |
| Employees (consolidated) | 206 |  |
| EPS | ¥37.13 |  |
| Diluted EPS | ¥36.88 |  |
| Book value per share | ¥213.77 |  |
| Equity ratio | 43.3% |  |
| Shares outstanding | 23,941,658 |  |
| Shareholders | 3,565 |  |
| Average salary (parent only) | ¥6.2M | Filing company only |
| Cash ratio | 55.3% | Cash ÷ revenue 95.7% |
| Vs. industry median margin | +34.7 pp | Advertising |
| ROE | 41.9% | Derived from disclosed figures |
| ROA | 17.9% | Derived from disclosed figures |

## Notable figures

- FY2026, buybacks were 3.3× dividends
- FY2026, one segment accounts for 65% of positive segment profit
- FY2026, cash is 55% of total assets

## What changed in 5 years

| Metric | FY ending May 2021 | FY ending May 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥2587000000 | ¥4912000000 | +89.9% |
| Operating income | ¥889000000 | ¥1981000000 | +122.8% |
| Operating margin | 34.4% | 40.3% | +6 pp |
| Employees | 138 people | 206 people | +49.3% |
| Cash and equivalents | ¥3193000000 | ¥4701000000 | +47.2% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| プロフェッショナルサービス事業 → プロフェッショナルサービス事業 | 61.1% |
| プロフェッショナルサービス事業 → 事業再編・廃止 | 15.5% |
| SaaS事業 → SaaS事業 | 23.2% |
| DX事業 → DX事業 | 0.2% |
| 新設・再編 → SaaS事業 | 4.6% |
| 新設・再編 → DX事業 | 11.0% |

Segment revenue source references: 6 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Professional service business | 5 years | +8.7% | ¥2999000000 | 42.6% | 2 |
| SaaS business | 5 years | +17.8% | ¥1365000000 | 41.0% | 2 |
| DX business | 5 years | +167.3% | ¥546000000 | 26.4% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 4,912 | 100.0% | S100YYE5 |
| Cost of revenue | 1,418 | 28.9% | S100YYE5 |
| Gross profit | 3,493 | 71.1% | S100YYE5 |
| SG&A | 1,511 | 30.8% | S100YYE5 |
| Operating income | 1,981 | 40.3% | S100YYE5 |
| Ordinary income | 1,956 | 39.8% | S100YYE5 |
| Pretax income | 1,984 | 40.4% | S100YYE5 |
| Income tax | 539 | 11.0% | S100YYE5 |
| Net income | 1,445 | 29.4% | S100YYE5 |
| Net income attributable to owners | 1,445 | 29.4% | S100YYE5 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 29 |
| SG&A | 31 |
| Operating income | 40 |
| (Ref.) Net income | 29 |

### Margin funnel

Gross margin 71.1% → Operating margin 40.3% → Net margin 29.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +12.3%; Core profit growth: +24.4%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.98×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 4,373 | 4,912 | 539 | +12.3% |
| Gross profit | 3,115 | 3,493 | 378 | +12.1% |
| Operating income | 1,592 | 1,981 | 389 | +24.4% |
| Net income attributable to owners | 1,002 | 1,445 | 443 | +44.2% |
| Operating cash flow | 1,405 | 1,500 | 95 | +6.8% |
| Free cash flow | 1,373 | 1,460 | 87 | +6.3% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending May 2020 | 1,526 | 416 | 27.2% | 163 | 424 | 415 | S100MCIN |
| FY ending May 2021 | 2,587 | 889 | 34.4% | 472 | 1,333 | 1,322 | S100P3X5 |
| FY ending May 2022 | 3,005 | 930 | 30.9% | 602 | 623 | 613 | S100RRO3 |
| FY ending May 2023 | 3,966 | 1,029 | 25.9% | 112 | 175 | 151 | S100UA2N |
| FY ending May 2024 | 4,229 | 1,237 | 29.3% | 473 | 862 | 787 | S100WL64 |
| FY ending May 2025 | 4,373 | 1,592 | 36.4% | 1,002 | 1,405 | 1,373 | S100YYE5 |
| FY ending May 2026 | 4,912 | 1,981 | 40.3% | 1,445 | 1,500 | 1,460 | S100YYE5 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥23.8M |
| Operating income per employee (consolidated) | ¥9.6M |
| Net income per employee (consolidated) | ¥7M |

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

| History | FY ending May 2022 | FY ending May 2023 | FY ending May 2024 | FY ending May 2025 | FY ending May 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 218 | 224 | 229 | 194 | 206 |
| Average salary (parent company) | ¥6.7M | ¥7M | ¥7.7M | ¥7M | ¥6.2M |
| Average age (parent company) | 40.0 years | 41.5 years | 39.5 years | 40.1 years | 39.9 years |
| Average tenure (parent company) | 4.9 years | 6.9 years | 6.6 years | 6.3 years | 5.7 years |

Year over year: Employees (consolidated) +6.2% · Revenue (consolidated) +12.3%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Professional service business | 2,999 | 61.1% | 1,278 | 42.6% |
| SaaS business | 1,365 | 27.8% | 559 | 41.0% |
| DX business | 546 | 11.1% | 144 | 26.4% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Professional service business | 61.1% | 64.5% | 3.4 | 42.6% |
| SaaS business | 27.8% | 28.2% | 0.4 | 41.0% |
| DX business | 11.1% | 7.3% | -3.9 | 26.4% |

Segment → industry: DX business → IT Services & System Integration / SaaS business → Software & SaaS / Professional service business → Advertising

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 1,500 | 30.5% | S100YYE5 |
| Capital expenditure | 40 | 0.8% | S100YYE5 |
| Free cash flow | 1,460 | 29.7% | 算出 |
| Investing cash flow | -130 | -2.6% | S100YYE5 |
| Financing cash flow | -902 | -18.4% | S100YYE5 |
| Dividends paid | 245 | 5.0% | S100YYE5 |
| Share buyback | 800 | 16.3% | S100YYE5 |
| Change in cash | 467 | 9.5% | S100YYE5 |
| Cash and equivalents | 4,701 | 95.7% | S100YYE5 |

## 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 May 2022 | FY ending May 2023 | FY ending May 2024 | FY ending May 2025 | FY ending May 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 3,636 | 2,596 | 3,522 | 4,233 | 4,701 | S100UA2N, S100WL64, S100YYE5 |
| Total assets | 8,019 | 7,119 | 7,559 | 7,653 | 8,502 | S100RRO3, S100UA2N, S100WL64, S100YYE5 |
| Net assets | 3,148 | 2,890 | 2,889 | 3,321 | 3,784 | S100UA2N, S100WL64, S100YYE5 |
| Share capital | 16 | 30 | 37 | 61 | 41 | S100RRO3, S100UA2N, S100WL64, S100YYE5 |
| Property, plant and equipment | 73 | 50 | 72 | 68 | 72 | S100RRO3, S100UA2N, S100WL64, S100YYE5 |
| Intangible assets excluding goodwill | 2,092 | 1,335 | 874 | 723 | 642 | S100RRO3, S100UA2N, S100WL64, S100YYE5 |
| Goodwill | 1,262 | 615 | 263 | 216 | 245 | S100RRO3, S100UA2N, S100WL64, S100YYE5 |
| Investment securities | 110 | 108 | 105 | 0 | 20 | S100RRO3, S100UA2N, S100WL64, S100YYE5 |
| Current assets | 5,503 | 5,248 | 6,198 | 6,425 | 7,287 | S100RRO3, S100UA2N, S100WL64, S100YYE5 |
| Current liabilities | 2,861 | 2,541 | 3,496 | 3,194 | 3,628 | S100RRO3, S100UA2N, S100WL64, S100YYE5 |
| Short-term borrowings | 500 | — | 66 | 1,200 | 1,300 | S100RRO3, S100WL64, S100YYE5 |
| Long-term borrowings | 1,740 | 1,470 | 1,000 | 1,000 | 1,000 | S100RRO3, S100UA2N, S100WL64, S100YYE5 |
| Total liabilities | 4,870 | 4,228 | 4,669 | 4,331 | 4,717 | S100RRO3, S100UA2N, S100WL64, S100YYE5 |
| Non-controlling interests | 87 | 20 | 0 | 0 | 0 | S100RRO3, S100UA2N, S100WL64, S100YYE5 |
| Equity attributable to owners of parent | 2,983 | 2,777 | 2,795 | 3,217 | 3,686 | S100RRO3, S100UA2N, S100WL64, S100YYE5 |
| Retained earnings | 1,146 | 1,232 | 1,705 | 2,581 | 3,645 | S100RRO3, S100UA2N, S100WL64, S100YYE5 |
| Treasury stock | 0 | — | — | — | — | S100RRO3 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 55% | S100YYE5 |
| Property, plant and equipment | 1% | S100YYE5 |
| Intangibles and goodwill | 11% | S100YYE5 |
| Investment securities | 0% | S100YYE5 |
| Other assets | 33% | S100YYE5 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 55% | S100YYE5 |
| Equity | 45% | S100YYE5 |
| Other liabilities | 0% | S100YYE5 |

### Balance sheet history

| Metric | FY ending May 2022 | FY ending May 2023 | FY ending May 2024 | FY ending May 2025 | FY ending May 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 8,019 | 7,119 | 7,559 | 7,653 | 8,502 |
| Equity | 3,148 | 2,890 | 2,889 | 3,321 | 3,784 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 3,636 | 2,596 | 3,522 | 4,233 | 4,701 |

## 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) | 1.5% | S100YYE5 |
| Fixed assets ÷ total assets | 0.8% | S100YYE5 |
| Goodwill ÷ parent equity | 6.6% | S100YYE5 |

Goodwill over 4 years: 1,262 → 245 JPY; total investing cash flow: -1,094 JPY. This does not imply causation.

### 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) | 55.3% |
| Cash ÷ revenue | 95.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 75.7% |
| Cash vs. profit gap | 55 JPY mn (of net income 3.8%) |
| Shareholder returns / net income | 72.3% |
| Shareholder returns / FCF | 71.6% |
| Shareholder payments — dividends / net income | 17.0% |
| Shareholder payments — dividends / FCF | 16.8% |
| CapEx intensity (capex ÷ revenue) | 0.8% |
| Investing CF relative to operating CF | 8.7% |

## 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 | 20.0% | 0.37× | 7.5% | 2.69× | 20.2% | S100RRO3 |
| 2023 | 2.8% | 0.52× | 1.5% | 2.63× | 3.9% | S100UA2N |
| 2024 | 11.2% | 0.58× | 6.4% | 2.63× | 17.0% | S100WL64 |
| 2025 | 22.9% | 0.57× | 13.2% | 2.53× | 33.3% | S100YYE5 |
| 2026 | 29.4% | 0.61× | 17.9% | 2.34× | 41.9% | S100YYE5 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 合同会社理力 | Major shareholder | 36.3% | 2026-05-31 |
| 塚田 耕司 | Major shareholder | 20.1% | 2026-05-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 5.0% | 2026-05-31 |
| 株式会社マイナビ | Major shareholder | 3.6% | 2026-05-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 3.0% | 2026-05-31 |
| 阿部 圭司 | Major shareholder | 1.6% | 2026-05-31 |
| 西山 真吾 | Major shareholder | 1.3% | 2026-05-31 |
| CACEIS BANK／QUINTET LUXEMBOURG SUB AC／UCITS CUSTOMERS ACCOUNT（常任代理人 香港上海銀行東京支店） | Major shareholder | 1.2% | 2026-05-31 |
| 岡田 吉弘 | Major shareholder | 1.2% | 2026-05-31 |
| 喜多 宏介 | Major shareholder | 1.0% | 2026-05-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第21期(2025/06/01－2026/05/31) | S100YYE5 | 2026-08-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YYE5,, |
| 有価証券報告書－第20期(2024/06/01－2025/05/31) | S100WL64 | 2025-08-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WL64,, |
| 有価証券報告書－第19期(2023/06/01－2024/05/31) | S100UA2N | 2024-08-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UA2N,, |
| 有価証券報告書－第18期(2022/06/01－2023/05/31) | S100RRO3 | 2023-08-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RRO3,, |
| 有価証券報告書－第17期(令和3年6月1日－令和4年5月31日) | S100P3X5 | 2022-08-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100P3X5,, |
| 有価証券報告書－第16期(令和2年6月1日－令和3年5月31日) | S100MCIN | 2021-08-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MCIN,, |

## 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).