# MERCURY Inc.: business model and financials

> Latest period: FY ending Feb 2026, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第35期(2025/03/01－2026/02/28) (S100Y6Q0)
> Page: https://vizora.meequs.com/en/company/mercury
> Retrieved: 2026-09-30T23:06:35.947Z

## Company

Mercury, founded in 1991, is a company in Software & SaaS listed on TSE Growth. It has 59 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | MERCURY Inc. |
| Ticker | 5025 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5025.T) |
| Listing | TSE Growth |
| Head office | 東京都港区六本木三丁目2番1号 |
| Representative (per filing) | 代表取締役社長 CEO 陣 隆浩 |
| Founded | May 1991 |
| Share capital | ¥243.1M |
| Employees (consolidated) | 59 |
| Average salary (parent only) | ¥6.5M |
| Fiscal year end | February |
| Website | mcury.jp (https://mcury.jp/) |
| Corporate number | 7011101040753 |
| EDINET | E37397 |
| Industries (Vizora) | Software & SaaS |

> Profile source: annual securities report (S100Y6Q0, filed 2026-05-27). As of filing

## Five-axis industry profile

Primary industry: Software & SaaS (2026-02-28)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 23.3 | 105 |
| Profitability | 19 | 145 |
| Cash conversion | 5.9 | 128 |
| Efficiency | 79.7 | 145 |

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)

- Mercury brought in ¥1.6B in revenue.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed -9.1% from the prior year, operating profit -56.3%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥1601996000 → ¥162305000
- Net income → operating cash flow: ¥162305000 → ¥27255000（difference ¥-135050000）
- Main uses of operating cash flow: CapEx ¥8754000 / dividends — / buybacks —
- Change in cash: ¥172851000
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 | ¥1.6B |  |
| Operating income | ¥74.3M | Margin 4.6% |
| Net income | ¥162.3M | Margin 10.1% |
| Free cash flow | ¥18.5M |  |
| Employees (consolidated) | 59 |  |
| EPS | ¥62.72 |  |
| Diluted EPS | ¥61.89 |  |
| Book value per share | ¥398.74 |  |
| Equity ratio | 78.4% |  |
| Shares outstanding | 2,744,000 |  |
| Treasury shares | 74,600 |  |
| Shareholders | 1,311 |  |
| Average salary (parent only) | ¥6.5M | Filing company only |
| Cash ratio | 63.0% | Cash ÷ revenue 53.4% |
| Vs. industry median margin | -7.8 pp | Software & SaaS |
| ROE | 17.0% | Derived from disclosed figures |
| ROA | 12.8% | Derived from disclosed figures |

## Notable figures

- FY2026, cash is 63% of total assets

## What changed in 5 years

| Metric | FY ending Feb 2021 | FY ending Feb 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥1254860000 | ¥1601996000 | +27.7% |
| Operating income | ¥63083000 | ¥74315000 | +17.8% |
| Operating margin | 5.0% | 4.6% | -0.4 pp |
| Employees | 53 people | 59 people | +11.3% |
| Cash and equivalents | ¥224745000 | ¥855904000 | +280.8% |

### Change in segment revenue mix

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

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 1,602 | 100.0% | S100Y6Q0 |
| Cost of revenue | 969 | 60.5% | S100Y6Q0 |
| Gross profit | 633 | 39.5% | S100Y6Q0 |
| SG&A | 559 | 34.9% | S100Y6Q0 |
| Operating income | 74 | 4.6% | S100Y6Q0 |
| Ordinary income | 83 | 5.2% | S100Y6Q0 |
| Pretax income | 225 | 14.1% | S100Y6Q0 |
| Income tax | 63 | 3.9% | S100Y6Q0 |
| Net income | 162 | 10.1% | S100Y6Q0 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 60 |
| SG&A | 35 |
| Operating income | 5 |
| (Ref.) Net income | 10 |

### Margin funnel

Gross margin 39.5% → Operating margin 4.6% → Net margin 10.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -9.1%; Core profit growth: -56.3%
Operating leverage (core profit growth ÷ revenue growth): 6.16×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 1,763 | 1,602 | -161 | -9.1% |
| Gross profit | 788 | 633 | -154 | -19.6% |
| Operating income | 170 | 74 | -96 | -56.3% |
| Operating cash flow | 343 | 27 | -316 | -92.1% |
| Free cash flow | 311 | 19 | -292 | -94.0% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Feb 2021 | 1,255 | 63 | 5.0% | 44 | 98 | 38 | S100O52Q |
| FY ending Feb 2022 | 1,373 | 203 | 14.8% | 131 | 222 | 149 | S100QUGN |
| FY ending Feb 2023 | 1,415 | 139 | 9.8% | 92 | 108 | -15 | S100TITL |
| FY ending Feb 2024 | 1,437 | 57 | 4.0% | 48 | 61 | -25 | S100VUDI |
| FY ending Feb 2025 | 1,763 | 170 | 9.6% | 127 | 343 | 311 | S100Y6Q0 |
| FY ending Feb 2026 | 1,602 | 74 | 4.6% | 162 | 27 | 19 | S100Y6Q0 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥27.2M |
| Operating income per employee (consolidated) | ¥1.3M |
| Net income per employee (consolidated) | ¥2.8M |

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

| History | FY ending Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 50 | 55 | 62 | 63 | 59 |
| Average salary (parent company) | ¥5.7M | ¥5.9M | ¥6.1M | ¥7.1M | ¥6.5M |
| Average age (parent company) | 39.4 years | 41.3 years | 39.9 years | 41.2 years | 43.1 years |
| Average tenure (parent company) | 9.6 years | 9.7 years | 9.2 years | 10.1 years | 11.2 years |

Year over year: Employees (consolidated) -6.3% · Revenue (consolidated) -9.1%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 27 | 1.7% | S100Y6Q0 |
| Capital expenditure | 9 | 0.5% | S100Y6Q0 |
| Free cash flow | 19 | 1.2% | 算出 |
| Investing cash flow | 138 | 8.6% | S100Y6Q0 |
| Financing cash flow | 8 | 0.5% | S100Y6Q0 |
| Change in cash | 173 | 10.8% | S100Y6Q0 |
| Cash and equivalents | 856 | 53.4% | S100Y6Q0 |

## 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 Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 631 | 480 | 445 | 683 | 856 | S100TITL, S100VUDI, S100Y6Q0 |
| Total assets | 1,040 | 968 | 952 | 1,187 | 1,358 | S100QUGN, S100TITL, S100VUDI, S100Y6Q0 |
| Net assets | 705 | 709 | 764 | 889 | 1,112 | S100TITL, S100VUDI, S100Y6Q0 |
| Share capital | 241 | 243 | 243 | 243 | 243 | S100QUGN, S100TITL, S100VUDI, S100Y6Q0 |
| Property, plant and equipment | 19 | 16 | 18 | 38 | 28 | S100QUGN, S100TITL, S100VUDI, S100Y6Q0 |
| Intangible assets excluding goodwill | 103 | 169 | 155 | 83 | 28 | S100QUGN, S100TITL, S100VUDI, S100Y6Q0 |
| Investment securities | 15 | 15 | 11 | 11 | 2 | S100QUGN, S100TITL, S100VUDI, S100Y6Q0 |
| Current assets | 846 | 695 | 679 | 939 | 1,137 | S100QUGN, S100TITL, S100VUDI, S100Y6Q0 |
| Current liabilities | 306 | 244 | 186 | 292 | 240 | S100QUGN, S100TITL, S100VUDI, S100Y6Q0 |
| Short-term borrowings | 40 | 30 | 25 | — | — | S100QUGN, S100TITL, S100VUDI |
| Long-term borrowings | 27 | 15 | — | — | — | S100QUGN, S100TITL |
| Total liabilities | 335 | 259 | 188 | 298 | 246 | S100QUGN, S100TITL, S100VUDI, S100Y6Q0 |
| Equity attributable to owners of parent | 704 | 709 | 761 | 841 | 1,064 | S100QUGN, S100TITL, S100VUDI, S100Y6Q0 |
| Retained earnings | 258 | 348 | 393 | 520 | 669 | S100QUGN, S100TITL, S100VUDI, S100Y6Q0 |
| Treasury stock | -1 | -89 | -83 | -129 | -56 | S100QUGN, S100TITL, S100VUDI, S100Y6Q0 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 63% | S100Y6Q0 |
| Property, plant and equipment | 2% | S100Y6Q0 |
| Intangibles and goodwill | 2% | S100Y6Q0 |
| Investment securities | 0% | S100Y6Q0 |
| Other assets | 33% | S100Y6Q0 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 18% | S100Y6Q0 |
| Equity | 82% | S100Y6Q0 |
| Other liabilities | 0% | S100Y6Q0 |

### Balance sheet history

| Metric | FY ending Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 1,040 | 968 | 952 | 1,187 | 1,358 |
| Equity | 705 | 709 | 764 | 889 | 1,112 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 631 | 480 | 445 | 683 | 856 |

## 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) | 1.7% | S100Y6Q0 |
| Fixed assets ÷ total assets | 2.0% | S100Y6Q0 |
| Goodwill ÷ parent equity | — | —, S100Y6Q0 |

### 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) | 63.0% |
| Cash ÷ revenue | 53.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 36.7% |
| Cash vs. profit gap | -135 JPY mn (of net income -83.2%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.5% |
| Investing CF relative to operating CF | 504.7% |

## 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 | 9.5% | 1.32× | 12.6% | 1.48× | 18.6% | S100QUGN |
| 2023 | 6.5% | 1.41× | 9.2% | 1.42× | 13.1% | S100TITL |
| 2024 | 3.4% | 1.50× | 5.0% | 1.31× | 6.6% | S100VUDI |
| 2025 | 7.2% | 1.65× | 11.8% | 1.34× | 15.8% | S100Y6Q0 |
| 2026 | 10.1% | 1.26× | 12.8% | 1.34× | 17.0% | S100Y6Q0 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社GA technologies | Major shareholder | 53.3% | 2026-02-28 |
| 株式会社JINX | Major shareholder | 11.8% | 2026-02-28 |
| 光通信ＫＫ投資事業有限責任組合 | Major shareholder | 5.4% | 2026-02-28 |
| 森山 一郎 | Major shareholder | 4.1% | 2026-02-28 |
| 伊藤 修一 | Major shareholder | 2.9% | 2026-02-28 |
| 大寺 利幸 | Major shareholder | 1.6% | 2026-02-28 |
| 島田 佳明 | Major shareholder | 1.1% | 2026-02-28 |
| マーキュリー従業員持株会 | Major shareholder | 0.7% | 2026-02-28 |
| 陣 隆浩 | Major shareholder | 0.5% | 2026-02-28 |
| 細田 征三郎 | Major shareholder | 0.5% | 2026-02-28 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第35期(2025/03/01－2026/02/28) | S100Y6Q0 | 2026-05-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y6Q0,, |
| 有価証券報告書－第34期(2024/03/01－2025/02/28) | S100VUDI | 2025-05-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VUDI,, |
| 有価証券報告書－第33期(2023/03/01－2024/02/29) | S100TITL | 2024-05-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TITL,, |
| 有価証券報告書－第32期(2022/03/01－2023/02/28) | S100QUGN | 2023-05-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QUGN,, |
| 有価証券報告書－第31期(令和3年3月1日－令和4年2月28日) | S100O52Q | 2022-05-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O52Q,, |

## 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).