# MetaReal Corporation: business model and financials

> Latest period: FY ending Feb 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第22期(2025/03/01－2026/02/28) (S100Y6W8)
> Page: https://vizora.meequs.com/en/company/metareal
> Retrieved: 2026-09-30T19:07:49.706Z

## Company

MetaReal, founded in 2000, is a company in IT Services & System Integration listed on TSE Growth. It has 172 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | MetaReal Corporation |
| Ticker | 6182 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6182.T) |
| Listing | TSE Growth |
| Head office | 東京都千代田区神田神保町三丁目7番1号 |
| Representative (per filing) | 代表取締役 五石 順一 |
| Founded | Jan 2000 |
| Share capital | ¥802.3M |
| Employees (consolidated) | 172 |
| Average salary (parent only) | ¥12.6M |
| Fiscal year end | February |
| Corporate number | 1010001088074 |
| EDINET | E31901 |
| Industries (Vizora) | IT Services & System Integration, Software & SaaS, Business Process Outsourcing |

> Profile source: annual securities report (S100Y6W8, filed 2026-05-27). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 12.9 | 105 |
| Profitability | 20.3 | 145 |
| Cash conversion | 77.7 | 128 |
| Efficiency | 54.1 | 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)

- About 63% of MetaReal's sales come from AI Business, with AI/MV Marketing business and HT Business making up much of the rest.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed +9.9% from the prior year, operating profit +82.4%.

## Company structure

- Segment revenue mix: AI Business 62.9%、AI/MV Marketing business 18.8%、HT Business 15.8%、Metaverse business 2.5%
- Revenue → net income: ¥4487157000 → ¥48201000
- Net income → operating cash flow: ¥48201000 → ¥332563000（difference ¥284362000）
- Main uses of operating cash flow: CapEx ¥167052000 / dividends — / buybacks —
- Change in cash: ¥644000
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 | ¥4.49B |  |
| Operating income | ¥214M | Margin 4.8% |
| Net income | ¥48.2M | Margin 1.1% |
| Free cash flow | ¥165.5M |  |
| Largest business | AI Business | of segment revenue 62.9% |
| Employees (consolidated) | 172 |  |
| EPS | ¥27.65 |  |
| Diluted EPS | ¥27.65 |  |
| Book value per share | ¥168.24 |  |
| Equity ratio | 42.9% |  |
| Shares outstanding | 10,888,060 |  |
| Treasury shares | 400 |  |
| Shareholders | 11,013 |  |
| Average salary (parent only) | ¥12.6M | Filing company only |
| Cash ratio | 62.1% | Cash ÷ revenue 64.7% |
| Vs. industry median margin | -7.7 pp | Software & SaaS |
| ROE | 2.4% | Derived from disclosed figures |
| ROA | 1.0% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 6.9× net income
- FY2026, employees -25% while operating income rose 82%
- FY2026, one segment accounts for 69% of positive segment profit

## What changed in 5 years

| Metric | FY ending Feb 2021 | FY ending Feb 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥4004185000 | ¥4487157000 | +12.1% |
| Operating income | ¥75820000 | ¥214000000 | +182.2% |
| Operating margin | 1.9% | 4.8% | +2.9 pp |
| Employees | 220 people | 172 people | -21.8% |
| Cash and equivalents | ¥2288014000 | ¥2904477000 | +26.9% |

### 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.

| Flow | Revenue share |
| --- | ---: |
| MT事業 → 事業再編・廃止 | 63.5% |
| HT事業 → HT事業 | 15.8% |
| HT事業 → 事業再編・廃止 | 13.0% |
| メタバース事業 → メタバース事業 | 0.0% |
| クラウドソーシング事業 → 事業再編・廃止 | 7.8% |
| GU事業 → 事業再編・廃止 | 0.0% |
| 新設・再編 → AI事業 | 62.9% |
| 新設・再編 → メタバース事業 | 2.5% |
| 新設・再編 → AI／MV Marketing事業 | 18.8% |

Segment revenue source references: 9 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| AI Business | 3 years | -1.0% | ¥2822603000 | 9.7% | 2 |
| AI/MV Marketing business | — | — | ¥843187000 | -1.5% | 2 |
| HT Business | 5 years | -10.7% | ¥708712000 | 17.6% | 2 |
| Metaverse business | 5 years | +368.3% | ¥112652000 | -39.7% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 4,487 | 100.0% | S100Y6W8 |
| Cost of revenue | 1,748 | 38.9% | S100Y6W8 |
| Gross profit | 2,739 | 61.1% | S100Y6W8 |
| SG&A | 2,525 | 56.3% | S100Y6W8 |
| Operating income | 214 | 4.8% | S100Y6W8 |
| Ordinary income | 183 | 4.1% | S100Y6W8 |
| Pretax income | 144 | 3.2% | S100Y6W8 |
| Income tax | 95 | 2.1% | S100Y6W8 |
| Net income | 48 | 1.1% | S100Y6W8 |
| Net income attributable to owners | 48 | 1.1% | S100Y6W8 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 39 |
| SG&A | 56 |
| Operating income | 5 |
| (Ref.) Net income | 1 |

### Margin funnel

Gross margin 61.1% → Operating margin 4.8% → Net margin 1.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +9.9%; Core profit growth: +82.4%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 8.37×
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 | 4,085 | 4,487 | 402 | +9.9% |
| Gross profit | 2,702 | 2,739 | 37 | +1.4% |
| Operating income | 117 | 214 | 97 | +82.4% |
| Net income attributable to owners | 299 | 48 | -251 | -83.9% |
| Operating cash flow | 61 | 333 | 271 | +441.0% |
| Free cash flow | -283 | 166 | 449 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Feb 2020 | 3,911 | 298 | 7.6% | 195 | 791 | -280 | S100MYXQ |
| FY ending Feb 2021 | 4,004 | 76 | 1.9% | -69 | 903 | 231 | S100O4XF |
| FY ending Feb 2022 | 4,159 | 92 | 2.2% | -1,239 | 523 | 123 | S100QUJZ |
| FY ending Feb 2023 | 4,292 | 515 | 12.0% | 30 | 507 | 362 | S100TJ10 |
| FY ending Feb 2024 | 4,178 | 746 | 17.9% | 534 | 931 | 859 | S100VULF |
| FY ending Feb 2025 | 4,085 | 117 | 2.9% | 299 | 61 | -283 | S100Y6W8 |
| FY ending Feb 2026 | 4,487 | 214 | 4.8% | 48 | 333 | 166 | S100Y6W8 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥26.1M |
| Operating income per employee (consolidated) | ¥1.2M |
| Net income per employee (consolidated) | ¥280.2K |

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) | 178 | 169 | 157 | 229 | 172 |
| Average salary (parent company) | ¥9.1M | ¥8.2M | ¥8.3M | ¥11.4M | ¥12.6M |
| Average age (parent company) | 44.5 years | 45.0 years | 45.0 years | 43.0 years | 43.0 years |
| Average tenure (parent company) | 5.4 years | 8.3 years | 7.4 years | 4.9 years | 5.1 years |

Year over year: Employees (consolidated) -24.9% · Revenue (consolidated) +9.9%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| AI Business | 2,823 | 62.9% | 273 | 9.7% |
| HT Business | 709 | 15.8% | 125 | 17.6% |
| Metaverse business | 113 | 2.5% | -45 | -39.7% |
| AI/MV Marketing business | 843 | 18.8% | -13 | -1.5% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| AI Business | 62.9% | 68.7% | 5.8 | 9.7% |
| HT Business | 15.8% | 31.3% | 15.5 | 17.6% |
| Metaverse business | 2.5% | — | — | -39.7% |
| AI/MV Marketing business | 18.8% | — | — | -1.5% |

Loss-making segment (excluded from profit shares): Metaverse business -45 JPY mn

Loss-making segment (excluded from profit shares): AI/MV Marketing business -13 JPY mn

Segment → industry: Metaverse business → IT Services & System Integration / AI Business → Software & SaaS / HT Business → Business Process Outsourcing

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 333 | 7.4% | S100Y6W8 |
| Capital expenditure | 167 | 3.7% | S100Y6W8 |
| Free cash flow | 166 | 3.7% | 算出 |
| Investing cash flow | -157 | -3.5% | S100Y6W8 |
| Financing cash flow | -175 | -3.9% | S100Y6W8 |
| Change in cash | 1 | 0.0% | S100Y6W8 |
| Cash and equivalents | 2,904 | 64.7% | S100Y6W8 |

## 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 | 2,410 | 2,542 | 3,078 | 2,904 | 2,904 | S100TJ10, S100VULF, S100Y6W8 |
| Total assets | 4,908 | 4,221 | 4,458 | 4,920 | 4,676 | S100QUJZ, S100TJ10, S100VULF, S100Y6W8 |
| Net assets | 1,099 | 1,133 | 1,681 | 1,956 | 2,008 | S100TJ10, S100VULF, S100Y6W8 |
| Share capital | 784 | 786 | 793 | 802 | 802 | S100QUJZ, S100TJ10, S100VULF, S100Y6W8 |
| Trade receivables | 453 | 279 | — | — | — | S100QUJZ |
| Inventories | 18 | 16 | 18 | 74 | 29 | S100QUJZ, S100TJ10, S100VULF, S100Y6W8 |
| Property, plant and equipment | 209 | 118 | 61 | 213 | 128 | S100QUJZ, S100TJ10, S100VULF, S100Y6W8 |
| Intangible assets excluding goodwill | 993 | 671 | 432 | 759 | 706 | S100QUJZ, S100TJ10, S100VULF, S100Y6W8 |
| Goodwill | 14 | 7 | — | 408 | 377 | S100QUJZ, S100TJ10, S100Y6W8 |
| Investment securities | 320 | 86 | 143 | 53 | 58 | S100QUJZ, S100TJ10, S100VULF, S100Y6W8 |
| Current assets | 2,949 | 2,973 | 3,528 | 3,646 | 3,593 | S100QUJZ, S100TJ10, S100VULF, S100Y6W8 |
| Current liabilities | 2,435 | 1,989 | 2,006 | 2,121 | 1,690 | S100QUJZ, S100TJ10, S100VULF, S100Y6W8 |
| Trade payables | 94 | 74 | 65 | 107 | 99 | S100QUJZ, S100TJ10, S100VULF, S100Y6W8 |
| Short-term borrowings | 100 | 100 | 100 | 233 | — | S100QUJZ, S100TJ10, S100VULF, S100Y6W8 |
| Long-term borrowings | 1,056 | 670 | 399 | 542 | 828 | S100QUJZ, S100TJ10, S100VULF, S100Y6W8 |
| Bonds | 252 | 388 | 359 | 300 | 150 | S100QUJZ, S100TJ10, S100VULF, S100Y6W8 |
| Interest-bearing debt | 1,408 | 1,158 | 858 | 1,075 | — | 算出 |
| Total liabilities | 3,809 | 3,087 | 2,777 | 2,963 | 2,668 | S100QUJZ, S100TJ10, S100VULF, S100Y6W8 |
| Equity attributable to owners of parent | 1,058 | 1,092 | 1,639 | 1,958 | 2,006 | S100QUJZ, S100TJ10, S100VULF, S100Y6W8 |
| Retained earnings | -1,482 | -1,453 | -919 | -620 | -571 | S100QUJZ, S100TJ10, S100VULF, S100Y6W8 |
| Treasury stock | -1 | -1 | -1 | -1 | -1 | S100QUJZ, S100TJ10, S100VULF, S100Y6W8 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 62% | S100Y6W8 |
| Inventories | 1% | S100Y6W8 |
| Property, plant and equipment | 3% | S100Y6W8 |
| Intangibles and goodwill | 23% | S100Y6W8 |
| Investment securities | 1% | S100Y6W8 |
| Other assets | 10% | S100Y6W8 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 2% | S100Y6W8 |
| Other liabilities | 55% | S100Y6W8 |
| Equity | 43% | S100Y6W8 |

### 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 | 4,908 | 4,221 | 4,458 | 4,920 | 4,676 |
| Equity | 1,099 | 1,133 | 1,681 | 1,956 | 2,008 |
| Interest-bearing debt | 1,408 | 1,158 | 858 | 1,075 | — |
| Cash | 2,410 | 2,542 | 3,078 | 2,904 | 2,904 |

## 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) | 2.8% | S100Y6W8 |
| Fixed assets ÷ total assets | 2.7% | S100Y6W8 |
| Goodwill ÷ parent equity | 18.8% | S100Y6W8 |

Goodwill over 4 years: 14 → 377 JPY; total investing cash flow: -919 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) | 62.1% |
| Cash ÷ revenue | 64.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 155.4% |
| Cash vs. profit gap | 284 JPY mn (of net income 590.0%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 3.7% |
| Investing CF relative to operating CF | 47.2% |

## 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 | — | —× | -25.2% | —× | — | S100QUJZ |
| 2023 | 0.7% | 0.94× | 0.6% | 4.25× | 2.8% | S100TJ10 |
| 2024 | 12.8% | 0.96× | 12.3% | 3.18× | 39.1% | S100VULF |
| 2025 | 7.3% | 0.87× | 6.4% | 2.61× | 16.6% | S100Y6W8 |
| 2026 | 1.1% | 0.94× | 1.0% | 2.42× | 2.4% | S100Y6W8 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 五石 順一 | Major shareholder | 22.0% | 2026-02-28 |
| ジェイコブソン 陽子 | Major shareholder | 5.0% | 2026-02-28 |
| 合同会社MCC | Major shareholder | 3.9% | 2026-02-28 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 3.7% | 2026-02-28 |
| 秀島 博規 | Major shareholder | 1.9% | 2026-02-28 |
| 齋藤 秀昭 | Major shareholder | 1.0% | 2026-02-28 |
| 浮舟 邦彦 | Major shareholder | 0.9% | 2026-02-28 |
| 安 美咲 | Major shareholder | 0.9% | 2026-02-28 |
| メタリアル従業員持株会 | Major shareholder | 0.7% | 2026-02-28 |
| 志村 祥子 | Major shareholder | 0.7% | 2026-02-28 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第22期(2025/03/01－2026/02/28) | S100Y6W8 | 2026-05-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y6W8,, |
| 有価証券報告書－第21期(2024/03/01－2025/02/28) | S100VULF | 2025-05-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VULF,, |
| 有価証券報告書－第20期(2023/03/01－2024/02/29) | S100TJ10 | 2024-05-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TJ10,, |
| 有価証券報告書－第19期(2022/03/01－2023/02/28) | S100QUJZ | 2023-05-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QUJZ,, |
| 有価証券報告書－第18期(令和3年3月1日－令和4年2月28日) | S100O4XF | 2022-05-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O4XF,, |
| 訂正有価証券報告書－第17期(令和2年3月1日－令和3年2月28日) | S100MYXQ | 2021-11-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MYXQ,, |

## 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).