# Material Group 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12期(2024/09/01－2025/08/31) (S100X6SQ)
> Page: https://vizora.meequs.com/en/company/material-group
> Retrieved: 2026-09-30T20:25:04.240Z

## Company

Material Group, founded in 2005, is a company in PR & IR Services listed on TSE Growth. It has 347 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Material Group Inc. |
| Ticker | 156A |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/156A.T) |
| Listing | TSE Growth |
| Head office | 東京都港区赤坂一丁目12番32号アーク森ビル35階 |
| Representative (per filing) | 代表取締役CEO 青﨑 曹 |
| Founded | Feb 2005 |
| Share capital | ¥117.1M |
| Employees (consolidated) | 347 |
| Average salary (parent only) | ¥6.4M |
| Fiscal year end | August |
| Website | materialgroup.jp (https://materialgroup.jp/) |
| Corporate number | 8010401113771 |
| EDINET | E39473 |
| Industries (Vizora) | PR & IR Services, Advertising |

> Profile source: annual securities report (S100X6SQ, filed 2025-11-26). As of filing

## Five-axis industry profile

Primary industry: PR & IR Services (2025-08-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 83.3 | 9 |
| Profitability | 40.9 | 11 |
| Cash conversion | 40.9 | 11 |
| Efficiency | 86.4 | 11 |

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 85% of Material Group's sales come from Public relations consulting, with Digital marketing business and Public relations platform making up much of the rest.
- Out of every ¥100 of sales, about ¥13 is left as operating profit.
- Revenue changed +19.1% from the prior year, operating profit +2.7%.

## Company structure

- Segment revenue mix: Public relations consulting 84.6%、Digital marketing business 11.1%、Public relations platform 4.3%
- Revenue → net income: ¥6288325000 → ¥468946000
- Net income → operating cash flow: ¥468946000 → ¥694251000（difference ¥225305000）
- Main uses of operating cash flow: CapEx ¥44977000 / dividends ¥243859000 / buybacks ¥191795000
- Change in cash: ¥138658000
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 | ¥6.29B |  |
| Operating income | ¥832.5M | Margin 13.2% |
| Net income | ¥468.9M | Margin 7.5% |
| Free cash flow | ¥649.3M |  |
| Largest business | Public relations consulting | of segment revenue 84.6% |
| Employees (consolidated) | 347 |  |
| EPS | ¥-18.21 |  |
| Diluted EPS | ¥47.8 |  |
| Book value per share | ¥271.56 |  |
| Equity ratio | 55.4% |  |
| Shares outstanding | 9,877,197 |  |
| Treasury shares | 245,000 |  |
| Shareholders | 5,483 |  |
| Average salary (parent only) | ¥6.4M | Filing company only |
| Cash ratio | 32.4% | Cash ÷ revenue 20.1% |
| Vs. industry median margin | -0.2 pp | PR & IR Services |
| ROE | 22.4% | Derived from disclosed figures |
| ROA | 13.1% | Derived from disclosed figures |

## Notable figures

- FY2025, one segment accounts for 83% of positive segment profit
- FY2025, cash is 32% of total assets

## What changed in 2 years

| Metric | FY ending Aug 2023 | FY ending Aug 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥4655904000 | ¥6288325000 | +35.1% |
| Operating income | ¥713502000 | ¥832543000 | +16.7% |
| Operating margin | 15.3% | 13.2% | -2.1 pp |
| Employees | 260 people | 347 people | +33.5% |
| Cash and equivalents | ¥614873000 | ¥1261264000 | +105.1% |

### Change in segment revenue mix

Span: FY ending Aug 2023 → FY ending Aug 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| PRコンサルティング事業 → PRコンサルティング事業 | 84.6% |
| PRコンサルティング事業 → 事業再編・廃止 | 1.1% |
| デジタルマーケティング事業 → デジタルマーケティング事業 | 8.8% |
| PRプラットフォーム事業 → PRプラットフォーム事業 | 4.3% |
| PRプラットフォーム事業 → 事業再編・廃止 | 1.2% |
| 新設・再編 → デジタルマーケティング事業 | 2.3% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Public relations consulting | 2 years | +15.5% | ¥5322405000 | 21.5% | 2 |
| Digital marketing business | 2 years | +30.6% | ¥697563000 | 24.4% | 2 |
| Public relations platform | 2 years | +2.9% | ¥268355000 | 22.7% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 6,288 | 100.0% | S100X6SQ |
| Cost of revenue | 2,442 | 38.8% | S100X6SQ |
| Gross profit | 3,846 | 61.2% | S100X6SQ |
| SG&A | 3,014 | 47.9% | S100X6SQ |
| Operating income | 833 | 13.2% | S100X6SQ |
| Ordinary income | 754 | 12.0% | S100X6SQ |
| Pretax income | 754 | 12.0% | S100X6SQ |
| Income tax | 285 | 4.5% | S100X6SQ |
| Net income | 469 | 7.5% | S100X6SQ |
| Net income attributable to owners | 469 | 7.5% | S100X6SQ |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 39 |
| SG&A | 48 |
| Operating income | 13 |
| (Ref.) Net income | 7 |

### Margin funnel

Gross margin 61.2% → Operating margin 13.2% → Net margin 7.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +19.1%; Core profit growth: +2.7%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.14×
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 | 5,282 | 6,288 | 1,007 | +19.1% |
| Gross profit | 3,194 | 3,846 | 652 | +20.4% |
| Operating income | 811 | 833 | 22 | +2.7% |
| Net income attributable to owners | 710 | 469 | -241 | -33.9% |
| Operating cash flow | 987 | 694 | -293 | -29.7% |
| Free cash flow | 944 | 649 | -295 | -31.3% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Aug 2023 | 4,656 | 714 | 15.3% | 438 | 536 | 486 | S100UV4B |
| FY ending Aug 2024 | 5,282 | 811 | 15.3% | 710 | 987 | 944 | S100X6SQ |
| FY ending Aug 2025 | 6,288 | 833 | 13.2% | 469 | 694 | 649 | S100X6SQ |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥18.1M |
| Operating income per employee (consolidated) | ¥2.4M |
| Net income per employee (consolidated) | ¥1.4M |

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

| History | FY ending Aug 2023 | FY ending Aug 2024 | FY ending Aug 2025 |
| --- | ---: | ---: | ---: |
| Employees (consolidated) | 260 | 282 | 347 |
| Average salary (parent company) | — | ¥6.3M | ¥6.4M |
| Average age (parent company) | — | 35.9 years | 34.9 years |
| Average tenure (parent company) | — | 3.1 years | 2.8 years |

Year over year: Employees (consolidated) +23.0% · Revenue (consolidated) +19.1%

## Segments（FY ending Aug 2025, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Public relations consulting | 5,322 | 84.6% | 1,146 | 21.5% |
| Digital marketing business | 698 | 11.1% | 170 | 24.4% |
| Public relations platform | 268 | 4.3% | 61 | 22.7% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Public relations consulting | 84.6% | 83.2% | -1.4 | 21.5% |
| Digital marketing business | 11.1% | 12.3% | 1.2 | 24.4% |
| Public relations platform | 4.3% | 4.4% | 0.2 | 22.7% |

Segment → industry: Public relations platform → PR & IR Services / Public relations consulting → PR & IR Services / Digital marketing business → Advertising

## 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 | 694 | 11.0% | S100X6SQ |
| Capital expenditure | 45 | 0.7% | S100X6SQ |
| Free cash flow | 649 | 10.3% | 算出 |
| Investing cash flow | -58 | -0.9% | S100X6SQ |
| Financing cash flow | -497 | -7.9% | S100X6SQ |
| Dividends paid | 244 | 3.9% | S100X6SQ |
| Share buyback | 192 | 3.1% | S100X6SQ |
| Change in cash | 139 | 2.2% | S100X6SQ |
| Cash and equivalents | 1,261 | 20.1% | S100X6SQ |

## 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 2023 | FY ending Aug 2024 | FY ending Aug 2025 | Source |
| --- | ---: | ---: | ---: | ---: |
| Cash and equivalents | 615 | 1,123 | 1,261 | S100X6SQ |
| Total assets | 2,638 | 3,260 | 3,896 | S100UV4B, S100X6SQ |
| Net assets | 1,432 | 2,025 | 2,212 | S100X6SQ |
| Share capital | 90 | 117 | 117 | S100UV4B, S100X6SQ |
| Property, plant and equipment | 59 | 130 | 116 | S100UV4B, S100X6SQ |
| Intangible assets excluding goodwill | 506 | 617 | 804 | S100UV4B, S100X6SQ |
| Goodwill | 465 | 571 | 754 | S100UV4B, S100X6SQ |
| Current assets | 1,686 | 1,957 | 2,455 | S100UV4B, S100X6SQ |
| Current liabilities | 924 | 1,011 | 1,563 | S100UV4B, S100X6SQ |
| Trade payables | 308 | 251 | 608 | S100UV4B, S100X6SQ |
| Short-term borrowings | — | — | 115 | S100X6SQ |
| Long-term borrowings | 256 | 152 | 48 | S100UV4B, S100X6SQ |
| Total liabilities | 1,206 | 1,235 | 1,684 | S100UV4B, S100X6SQ |
| Non-controlling interests | — | — | 54 | S100X6SQ |
| Equity attributable to owners of parent | 1,431 | 2,024 | 2,157 | S100UV4B, S100X6SQ |
| Retained earnings | 969 | 1,679 | 1,904 | S100UV4B, S100X6SQ |
| Treasury stock | — | -124 | -176 | S100X6SQ |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 32% | S100X6SQ |
| Property, plant and equipment | 3% | S100X6SQ |
| Intangibles and goodwill | 40% | S100X6SQ |
| Other assets | 25% | S100X6SQ |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 15% | S100X6SQ |
| Other liabilities | 28% | S100X6SQ |
| Equity | 57% | S100X6SQ |
| Other liabilities | 0% | S100X6SQ |

### Balance sheet history

| Metric | FY ending Aug 2023 | FY ending Aug 2024 | FY ending Aug 2025 |
| --- | ---: | ---: | ---: |
| Total assets | 2,638 | 3,260 | 3,896 |
| Equity | 1,432 | 2,025 | 2,212 |
| Interest-bearing debt | — | — | — |
| Cash | 615 | 1,123 | 1,261 |

## 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) | 1.8% | S100X6SQ |
| Fixed assets ÷ total assets | 3.0% | S100X6SQ |
| Goodwill ÷ parent equity | 34.9% | S100X6SQ |

### 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) | 32.4% |
| Cash ÷ revenue | 20.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 83.4% |
| Cash vs. profit gap | 225 JPY mn (of net income 48.0%) |
| Shareholder returns / net income | 92.9% |
| Shareholder returns / FCF | 67.1% |
| Shareholder payments — dividends / net income | 52.0% |
| Shareholder payments — dividends / FCF | 37.6% |
| CapEx intensity (capex ÷ revenue) | 0.7% |
| Investing CF relative to operating CF | 8.4% |

## 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 | 9.4% | 1.77× | 16.6% | 1.84× | 30.6% | S100UV4B |
| 2024 | 13.4% | 1.79× | 24.1% | 1.71× | 41.1% | S100X6SQ |
| 2025 | 7.5% | 1.76× | 13.1% | 1.71× | 22.4% | S100X6SQ |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 戦略PR投資事業有限責任組合 | Major shareholder | 32.4% | 2025-08-31 |
| 10X Investment Ltd. | Major shareholder | 10.5% | 2025-08-31 |
| 野村信託銀行株式会社（投信口） | Major shareholder | 5.7% | 2025-08-31 |
| Retweet and Share Ltd. | Major shareholder | 2.7% | 2025-08-31 |
| BNY GCM CLIENT ACCOUNT JPRD AC ISG(FE－AC) （常任代理人 株式会社三菱UFJ銀行） | Major shareholder | 2.2% | 2025-08-31 |
| 青﨑 曹 | Major shareholder | 1.1% | 2025-08-31 |
| 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 | 1.0% | 2025-08-31 |
| JP JPMSE LUX RE UBS AG LONDON BRANCH EQ CO （常任代理人 株式会社三菱UFJ銀行） | Major shareholder | 1.0% | 2025-08-31 |
| JPモルガン証券株式会社 | Major shareholder | 0.9% | 2025-08-31 |
| 上田八木短資株式会社 | Major shareholder | 0.9% | 2025-08-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第12期(2024/09/01－2025/08/31) | S100X6SQ | 2025-11-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100X6SQ,, |
| 有価証券報告書－第11期(2023/09/01－2024/08/31) | S100UV4B | 2024-11-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UV4B,, |

## 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).