# Integroup Inc.: business model and financials

> Latest period: FY ending May 2026, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第19期(2025/06/01－2026/05/31) (S100YZEV)
> Page: https://vizora.meequs.com/en/company/integroup
> Retrieved: 2026-09-30T22:08:16.775Z

## Company

Integroup, founded in 2007, is a company in M&A Advisory listed on TSE Growth. It has 65 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Integroup Inc. |
| Ticker | 192A |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/192A.T) |
| Listing | TSE Growth |
| Head office | 東京都千代田区丸の内一丁目6番5号 丸の内北口ビルディング26階 |
| Representative (per filing) | 代表取締役社長 籠谷 智輝 |
| Founded | Jun 2007 |
| Share capital | ¥228.8M |
| Employees (consolidated) | 65 |
| Average salary (parent only) | ¥11.9M |
| Fiscal year end | May |
| Website | www.integroup.jp (https://www.integroup.jp/) |
| Corporate number | 4010001110066 |
| EDINET | E37627 |
| Industries (Vizora) | M&A Advisory |

> Profile source: annual securities report (S100YZEV, filed 2026-08-31). As of filing

## Five-axis industry profile

Primary industry: M&A Advisory (2026-05-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 8.3 | 6 |
| Profitability | 27.8 | 9 |
| Cash conversion | 78.6 | 7 |
| Efficiency | 16.7 | 9 |

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)

- Integroup brought in ¥1.56B in revenue.
- Out of every ¥100 of sales, about ¥8 is left as operating profit.
- Revenue changed -17.7% from the prior year, operating profit -75.9%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥1.56B |  |
| Operating income | ¥119.9M | Margin 7.7% |
| Net income | ¥85.8M | Margin 5.5% |
| Free cash flow | — |  |
| Employees (consolidated) | 65 |  |
| EPS | ¥39.85 |  |
| Diluted EPS | ¥38.86 |  |
| Book value per share | ¥879.29 |  |
| Equity ratio | 85.8% |  |
| Shares outstanding | 2,184,200 |  |
| Shareholders | 964 |  |
| Average salary (parent only) | ¥11.9M | Filing company only |
| Cash ratio | 36.7% | Cash ÷ revenue 52.8% |
| Vs. industry median margin | -10.4 pp | M&A Advisory |
| ROE | 4.5% | Derived from disclosed figures |
| ROA | 3.9% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.1× net income
- FY2026, cash is 37% of total assets

## What changed in 3 years

| Metric | FY ending May 2023 | FY ending May 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥1273611000 | ¥1558064000 | +22.3% |
| Operating income | ¥238290000 | ¥119931000 | -49.7% |
| Operating margin | 18.7% | 7.7% | -11 pp |
| Employees | 28 people | 65 people | +132.1% |
| Cash and equivalents | ¥1038908000 | ¥822388000 | -20.8% |

### Change in segment revenue mix

Span: FY ending May 2023 → FY ending May 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 1,558 | 100.0% | S100YZEV |
| Cost of revenue | 838 | 53.8% | S100YZEV |
| Gross profit | 720 | 46.2% | S100YZEV |
| SG&A | 600 | 38.5% | S100YZEV |
| Operating income | 120 | 7.7% | S100YZEV |
| Ordinary income | 128 | 8.2% | S100YZEV |
| Pretax income | 128 | 8.2% | S100YZEV |
| Income tax | 42 | 2.7% | S100YZEV |
| Net income | 86 | 5.5% | S100YZEV |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 54 |
| SG&A | 38 |
| Operating income | 8 |
| (Ref.) Net income | 6 |

### Margin funnel

Gross margin 46.2% → Operating margin 7.7% → Net margin 5.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -17.7%; Core profit growth: -75.9%
Operating leverage (core profit growth ÷ revenue growth): 4.30×
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 | 1,892 | 1,558 | -334 | -17.7% |
| Gross profit | 1,044 | 720 | -324 | -31.0% |
| Operating income | 497 | 120 | -377 | -75.9% |
| Operating cash flow | -224 | 176 | 401 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending May 2023 | 1,274 | 238 | 18.7% | 171 | 574 | 570 | S100UALH |
| FY ending May 2024 | 2,198 | 984 | 44.8% | 672 | 986 | 956 | S100WLX8 |
| FY ending May 2025 | 1,892 | 497 | 26.3% | 311 | -224 | — | S100YZEV |
| FY ending May 2026 | 1,558 | 120 | 7.7% | 86 | 176 | — | S100YZEV |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥24M |
| Operating income per employee (consolidated) | ¥1.8M |
| Net income per employee (consolidated) | ¥1.3M |

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

| History | FY ending May 2023 | FY ending May 2024 | FY ending May 2025 | FY ending May 2026 |
| --- | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 28 | 39 | 52 | 65 |
| Average salary (parent company) | — | ¥18M | ¥14.8M | ¥11.9M |
| Average age (parent company) | — | 32.3 years | 31.9 years | 32.4 years |
| Average tenure (parent company) | — | 2.0 years | 2.4 years | 2.6 years |

Year over year: Employees (consolidated) +25.0% · Revenue (consolidated) -17.7%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 176 | 11.3% | S100YZEV |
| Investing cash flow | -1,200 | -77.0% | S100YZEV |
| Financing cash flow | -67 | -4.3% | S100YZEV |
| Dividends paid | 96 | 6.2% | S100YZEV |
| Change in cash | -1,090 | -70.0% | S100YZEV |
| Cash and equivalents | 822 | 52.8% | S100YZEV |

## 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 2023 | FY ending May 2024 | FY ending May 2025 | FY ending May 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,039 | 1,916 | 1,913 | 822 | S100WLX8, S100YZEV |
| Total assets | 1,096 | 2,121 | 2,125 | 2,238 | S100UALH, S100WLX8, S100YZEV |
| Net assets | 690 | 1,362 | 1,902 | 1,921 | S100WLX8, S100YZEV |
| Share capital | 100 | 100 | 214 | 229 | S100UALH, S100WLX8, S100YZEV |
| Property, plant and equipment | 9 | 51 | 45 | 40 | S100UALH, S100WLX8, S100YZEV |
| Intangible assets excluding goodwill | 0 | 2 | 8 | 6 | S100UALH, S100WLX8, S100YZEV |
| Current assets | 1,047 | 1,923 | 1,959 | 2,079 | S100UALH, S100WLX8, S100YZEV |
| Current liabilities | 406 | 759 | 224 | 318 | S100UALH, S100WLX8, S100YZEV |
| Total liabilities | 406 | 759 | 224 | 318 | S100UALH, S100WLX8, S100YZEV |
| Equity attributable to owners of parent | 690 | 1,362 | 1,902 | 1,921 | S100UALH, S100WLX8, S100YZEV |
| Retained earnings | 590 | 1,262 | 1,573 | 1,563 | S100UALH, S100WLX8, S100YZEV |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 37% | S100YZEV |
| Property, plant and equipment | 2% | S100YZEV |
| Intangibles and goodwill | 0% | S100YZEV |
| Other assets | 61% | S100YZEV |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 14% | S100YZEV |
| Equity | 86% | S100YZEV |

### Balance sheet history

| Metric | FY ending May 2023 | FY ending May 2024 | FY ending May 2025 | FY ending May 2026 |
| --- | ---: | ---: | ---: | ---: |
| Total assets | 1,096 | 2,121 | 2,125 | 2,238 |
| Equity | 690 | 1,362 | 1,902 | 1,921 |
| Interest-bearing debt | — | — | — | — |
| Cash | 1,039 | 1,916 | 1,913 | 822 |

## 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) | 2.6% | S100YZEV |
| Fixed assets ÷ total assets | 1.8% | S100YZEV |
| Goodwill ÷ parent equity | — | —, S100YZEV |

### 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) | 36.7% |
| Cash ÷ revenue | 52.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 147.1% |
| Cash vs. profit gap | 91 JPY mn (of net income 105.6%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 112.1% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | — |
| Investing CF relative to operating CF | 680.0% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2023 | 13.4% | 1.16× | 15.6% | 1.59× | 24.7% | S100UALH |
| 2024 | 30.6% | 1.37× | 41.8% | 1.57× | 65.5% | S100WLX8 |
| 2025 | 16.4% | 0.89× | 14.7% | 1.30× | 19.1% | S100YZEV |
| 2026 | 5.5% | 0.71× | 3.9% | 1.14× | 4.5% | S100YZEV |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 藤井 一郎 | Major shareholder | 33.0% | 2026-05-31 |
| 籠谷 智輝 | Major shareholder | 33.0% | 2026-05-31 |
| 石川 大祐 | Major shareholder | 2.8% | 2026-05-31 |
| ＮＯＭＵＲＡ ＰＢ ＮＯＭＩＮＥＥＳ ＬＩＭＩＴＥＤ ＯＭＮＩＢＵＳ－ＭＡＲＧＩＮ（ＣＡＳＨＰＢ） （常任代理人 野村證券株式会社） | Major shareholder | 2.5% | 2026-05-31 |
| 吉川 直樹 | Major shareholder | 1.8% | 2026-05-31 |
| 廣瀬 一憲 | Major shareholder | 1.4% | 2026-05-31 |
| 光通信ＫＫ投資事業有限責任組合 | Major shareholder | 1.4% | 2026-05-31 |
| 野村證券株式会社 | Major shareholder | 1.3% | 2026-05-31 |
| 株式会社ＥＰＡＲＫ | Major shareholder | 1.1% | 2026-05-31 |
| ＭＳＩＰ ＣＬＩＥＮＴ ＳＥＣＵＲＩＴＩＥＳ （常任代理人 モルガン・スタンレーＭＵＦＧ証券株式会社） | Major shareholder | 0.9% | 2026-05-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第19期(2025/06/01－2026/05/31) | S100YZEV | 2026-08-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YZEV,, |
| 有価証券報告書－第18期(2024/06/01－2025/05/31) | S100WLX8 | 2025-08-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WLX8,, |
| 有価証券報告書－第17期(2023/06/01－2024/05/31) | S100UALH | 2024-08-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UALH,, |

## 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).