# OPEN Group, Inc.: 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27期(2025/03/01－2026/02/28) (S100Y69Y)
> Page: https://vizora.meequs.com/en/company/open-group
> Retrieved: 2026-09-30T19:42:02.964Z

## Company

OPEN Group, founded in 2016, is a company in Software & SaaS listed on TSE Prime. It has 241 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | OPEN Group, Inc. |
| Ticker | 6572 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6572.T) |
| Listing | TSE Prime |
| Head office | 東京都港区西新橋三丁目3番1号 |
| Representative (per filing) | 代表取締役 髙橋 知道 |
| Founded | Jan 2016 |
| Share capital | ¥5.94B |
| Employees (consolidated) | 241 |
| Average salary (parent only) | ¥10.3M |
| Fiscal year end | February |
| Website | open-group.co.jp (https://open-group.co.jp/) |
| Corporate number | 1010401098870 |
| EDINET | E33881 |
| Industries (Vizora) | Software & SaaS, Advertising |

> Profile source: annual securities report (S100Y69Y, filed 2026-05-25). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 1.4 | 105 |
| Profitability | 48.6 | 145 |
| Cash conversion | 40.2 | 128 |
| Efficiency | 7.2 | 145 |
| Financial strength | 62.5 | 4 |

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 69% of OPEN Group's sales come from Intelligent Automation Business, with Ad Automation Business and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥12 is left as operating profit.
- Revenue changed +12.8% from the prior year, operating profit +53.7%.

## Company structure

- Segment revenue mix: Intelligent Automation Business 69.2%、Ad Automation Business 16.2%、Other 14.6%
- Revenue → net income: ¥8148088000 → ¥643136000
- Net income → operating cash flow: ¥643136000 → ¥897155000（difference ¥254019000）
- Main uses of operating cash flow: CapEx ¥260421000 / dividends ¥331770000 / buybacks ¥1797038000
- Change in cash: ¥-1983851000
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 | ¥8.15B |  |
| Operating income | ¥1B | Margin 12.3% |
| Net income | ¥639.2M | Margin 7.8% |
| Free cash flow | ¥636.7M |  |
| Largest business | Intelligent Automation Business | of segment revenue 69.2% |
| Employees (consolidated) | 241 |  |
| EPS | ¥-1.38 |  |
| Diluted EPS | ¥10.89 |  |
| Book value per share | ¥190.74 |  |
| Equity ratio | 54.2% |  |
| Shares outstanding | 63,073,990 |  |
| Treasury shares | 7,352,000 |  |
| Shareholders | 10,237 |  |
| Average salary (parent only) | ¥10.3M | Filing company only |
| Cash ratio | 52.6% | Net cash ¥6.61B · Cash ÷ revenue 126.6% |
| Vs. industry median margin | -0.1 pp | Software & SaaS |
| ROE | 5.7% | Derived from disclosed figures |
| ROA | 3.2% | Derived from disclosed figures |

## Notable figures

- FY2026, buybacks were 5.4× dividends
- FY2026, cash is 53% of total assets
- FY2026, segment profit share differs by 23 points

## What changed in 5 years

| Metric | FY ending Feb 2021 | FY ending Feb 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥11206457000 | ¥8148088000 | -27.3% |
| Operating income | ¥532403000 | ¥1004762000 | +88.7% |
| Operating margin | 4.8% | 12.3% | +7.6 pp |
| Employees | 131 people | 241 people | +84.0% |
| Cash and equivalents | ¥13405199000 | ¥10312431000 | -23.1% |

### 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 |
| --- | ---: |
| ロボットアウトソーシング事業 → 事業再編・廃止 | 28.3% |
| ロボットトランスフォーメーション事業 → 事業再編・廃止 | 69.0% |
| RaaS事業 → 事業再編・廃止 | 0.2% |
| その他 → その他 | 2.5% |
| 新設・再編 → インテリジェントオートメーション事業 | 69.2% |
| 新設・再編 → アドオートメーション事業 | 16.2% |
| 新設・再編 → その他 | 12.1% |

Segment revenue source references: 7 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Intelligent Automation Business | 2 years | +15.7% | ¥5638487000 | 17.1% | 2 |
| Ad Automation Business | 2 years | -9.6% | ¥1317024000 | 49.2% | 2 |
| Other | 5 years | +33.3% | ¥1192577000 | 3.6% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 8,148 | 100.0% | S100Y69Y |
| Cost of revenue | 2,486 | 30.5% | S100Y69Y |
| Gross profit | 5,662 | 69.5% | S100Y69Y |
| SG&A | 4,657 | 57.2% | S100Y69Y |
| Operating income | 1,005 | 12.3% | S100Y69Y |
| Ordinary income | 949 | 11.6% | S100Y69Y |
| Pretax income | 782 | 9.6% | S100Y69Y |
| Income tax | 139 | 1.7% | S100Y69Y |
| Net income | 643 | 7.9% | S100Y69Y |
| Net income attributable to owners | 639 | 7.8% | S100Y69Y |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 31 |
| SG&A | 57 |
| Operating income | 12 |
| (Ref.) Net income | 8 |

### Margin funnel

Gross margin 69.5% → Operating margin 12.3% → Net margin 7.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +12.8%; Core profit growth: +53.7%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 4.20×
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 | 7,224 | 8,148 | 924 | +12.8% |
| Gross profit | 4,619 | 5,662 | 1,043 | +22.6% |
| Operating income | 654 | 1,005 | 351 | +53.7% |
| Net income attributable to owners | 435 | 639 | 204 | +46.8% |
| Operating cash flow | 341 | 897 | 556 | +163.0% |
| Free cash flow | -68 | 637 | 705 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Feb 2020 | 10,071 | 471 | 4.7% | 17 | 127 | -679 | S100LEU6 |
| FY ending Feb 2021 | 11,206 | 532 | 4.8% | 21 | 1,580 | 1,160 | S100O540 |
| FY ending Feb 2022 | 5,905 | 355 | 6.0% | -1,187 | 608 | 180 | S100QUAX |
| FY ending Feb 2023 | 5,958 | 306 | 5.1% | 65 | 761 | 358 | S100TIEM |
| FY ending Feb 2024 | 6,166 | 520 | 8.4% | 166 | 1,024 | 588 | S100VU9N |
| FY ending Feb 2025 | 7,224 | 654 | 9.0% | 435 | 341 | -68 | S100Y69Y |
| FY ending Feb 2026 | 8,148 | 1,005 | 12.3% | 639 | 897 | 637 | S100Y69Y |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥33.8M |
| Operating income per employee (consolidated) | ¥4.2M |
| Net income per employee (consolidated) | ¥2.7M |

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) | 126 | 135 | 154 | 212 | 241 |
| Average salary (parent company) | ¥12.9M | ¥11.9M | ¥11M | ¥10.1M | ¥10.3M |
| Average age (parent company) | 41.3 years | 40.1 years | 38.1 years | 39.9 years | 39.1 years |
| Average tenure (parent company) | 4.3 years | 5.8 years | 2.6 years | 4.3 years | 3.6 years |

Year over year: Employees (consolidated) +13.7% · Revenue (consolidated) +12.8%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Intelligent Automation Business | 5,638 | 69.2% | 964 | 17.1% |
| Ad Automation Business | 1,317 | 16.2% | 648 | 49.2% |
| Other | 1,193 | 14.6% | 43 | 3.6% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Intelligent Automation Business | 69.2% | 58.2% | -11.0 | 17.1% |
| Ad Automation Business | 16.2% | 39.2% | 23.0 | 49.2% |
| Other | 14.6% | 2.6% | -12.1 | 3.6% |

Segment → industry: Intelligent Automation Business → Software & SaaS / Ad Automation Business → Advertising

## 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 | 897 | 11.0% | S100Y69Y |
| Capital expenditure | 260 | 3.2% | S100Y69Y |
| Free cash flow | 637 | 7.8% | 算出 |
| Investing cash flow | -793 | -9.7% | S100Y69Y |
| Financing cash flow | -2,089 | -25.6% | S100Y69Y |
| Dividends paid | 332 | 4.1% | S100Y69Y |
| Share buyback | 1,797 | 22.1% | S100Y69Y |
| Change in cash | -1,984 | -24.3% | S100Y69Y |
| Cash and equivalents | 10,312 | 126.6% | S100Y69Y |

## 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 | 13,102 | 11,214 | 11,517 | 12,296 | 10,312 | S100TIEM, S100VU9N, S100Y69Y |
| Total assets | 17,721 | 18,468 | 19,244 | 19,967 | 19,608 | S100QUAX, S100TIEM, S100VU9N, S100Y69Y |
| Net assets | 11,600 | 11,515 | 11,668 | 11,983 | 10,640 | S100TIEM, S100VU9N, S100Y69Y |
| Share capital | 5,900 | 5,902 | 5,915 | 5,926 | 5,942 | S100QUAX, S100TIEM, S100VU9N, S100Y69Y |
| Trade receivables | 1,771 | — | — | — | — | S100O540 |
| Property, plant and equipment | 119 | 108 | 86 | 168 | 178 | S100QUAX, S100TIEM, S100VU9N, S100Y69Y |
| Intangible assets excluding goodwill | 1,299 | 997 | 960 | 1,576 | 1,978 | S100QUAX, S100TIEM, S100VU9N, S100Y69Y |
| Goodwill | 570 | 363 | 267 | 942 | 1,402 | S100QUAX, S100TIEM, S100VU9N, S100Y69Y |
| Investment securities | 392 | 2,887 | 3,229 | 1,747 | 1,612 | S100QUAX, S100TIEM, S100VU9N, S100Y69Y |
| Current assets | 15,397 | 14,078 | 14,373 | 15,578 | 14,690 | S100QUAX, S100TIEM, S100VU9N, S100Y69Y |
| Current liabilities | 4,628 | 5,364 | 5,826 | 5,979 | 6,722 | S100QUAX, S100TIEM, S100VU9N, S100Y69Y |
| Short-term borrowings | 1,500 | 1,500 | 1,500 | 1,500 | 1,500 | S100QUAX, S100TIEM, S100VU9N, S100Y69Y |
| Long-term borrowings | 740 | 461 | 631 | 798 | 1,367 | S100QUAX, S100TIEM, S100VU9N, S100Y69Y |
| Bonds | 752 | 1,128 | 1,084 | 1,190 | 840 | S100QUAX, S100TIEM, S100VU9N, S100Y69Y |
| Interest-bearing debt | 2,992 | 3,089 | 3,215 | 3,488 | 3,707 | 算出 |
| Total liabilities | 6,120 | 6,953 | 7,576 | 7,985 | 8,968 | S100QUAX, S100TIEM, S100VU9N, S100Y69Y |
| Non-controlling interests | 12 | 17 | — | 0 | 3 | S100QUAX, S100TIEM, S100Y69Y |
| Equity attributable to owners of parent | 11,583 | 11,474 | 11,654 | 11,967 | 10,597 | S100QUAX, S100TIEM, S100VU9N, S100Y69Y |
| Retained earnings | -33 | 32 | 212 | 647 | 954 | S100QUAX, S100TIEM, S100VU9N, S100Y69Y |
| Treasury stock | -321 | -500 | -495 | -679 | -2,371 | S100QUAX, S100TIEM, S100VU9N, S100Y69Y |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 53% | S100Y69Y |
| Property, plant and equipment | 1% | S100Y69Y |
| Intangibles and goodwill | 17% | S100Y69Y |
| Investment securities | 8% | S100Y69Y |
| Other assets | 21% | S100Y69Y |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Interest-bearing debt | 19% | 算出 |
| Other liabilities | 27% | S100Y69Y |
| Equity | 54% | S100Y69Y |

### 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 | 17,721 | 18,468 | 19,244 | 19,967 | 19,608 |
| Equity | 11,600 | 11,515 | 11,668 | 11,983 | 10,640 |
| Interest-bearing debt | 2,992 | 3,089 | 3,215 | 3,488 | 3,707 |
| Cash | 13,102 | 11,214 | 11,517 | 12,296 | 10,312 |

## 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) | 2.2% | S100Y69Y |
| Fixed assets ÷ total assets | 0.9% | S100Y69Y |
| Goodwill ÷ parent equity | 13.2% | S100Y69Y |

Goodwill over 4 years: 570 → 1,402 JPY; total investing cash flow: -4,907 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) | 52.6% |
| Cash ÷ revenue | 126.6% |
| Net cash (cash − interest-bearing debt) | ¥6.61B |
| Net debt ÷ operating cash flow | -7.36× |
| Cash conversion (operating CF ÷ operating income) | 89.3% |
| Cash vs. profit gap | 258 JPY mn (of net income 40.4%) |
| Shareholder returns / net income | 333.0% |
| Shareholder returns / FCF | 334.3% |
| Shareholder payments — dividends / net income | 51.9% |
| Shareholder payments — dividends / FCF | 52.1% |
| CapEx intensity (capex ÷ revenue) | 3.2% |
| Investing CF relative to operating CF | 88.4% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | — | —× | -6.7% | —× | — | S100QUAX |
| 2023 | 1.1% | 0.33× | 0.4% | 1.57× | 0.6% | S100TIEM |
| 2024 | 2.7% | 0.33× | 0.9% | 1.63× | 1.4% | S100VU9N |
| 2025 | 6.0% | 0.37× | 2.2% | 1.66× | 3.7% | S100Y69Y |
| 2026 | 7.8% | 0.41× | 3.2% | 1.75× | 5.7% | S100Y69Y |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 髙橋 知道 | Major shareholder | 42.5% | 2026-02-28 |
| 大角 暢之 | Major shareholder | 11.7% | 2026-02-28 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 4.6% | 2026-02-28 |
| ソフトバンク株式会社 | Major shareholder | 4.1% | 2026-02-28 |
| 石井 岳之 | Major shareholder | 3.7% | 2026-02-28 |
| 松井 哲史 | Major shareholder | 3.4% | 2026-02-28 |
| 西木 隆 | Major shareholder | 2.4% | 2026-02-28 |
| ＵＢＳ ＡＧ ＳＩＮＧＡＰＯＲＥ 常任代理人シティバンク、エヌ・エイ東京支店 | Major shareholder | 1.2% | 2026-02-28 |
| 細田 益朗 | Major shareholder | 0.9% | 2026-02-28 |
| 株式会社リトルベアー | Major shareholder | 0.9% | 2026-02-28 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第27期(2025/03/01－2026/02/28) | S100Y69Y | 2026-05-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y69Y,, |
| 有価証券報告書－第26期(2024/03/01－2025/02/28) | S100VU9N | 2025-05-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VU9N,, |
| 有価証券報告書－第25期(2023/03/01－2024/02/29) | S100TIEM | 2024-05-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TIEM,, |
| 有価証券報告書－第24期(2022/03/01－2023/02/28) | S100QUAX | 2023-05-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QUAX,, |
| 有価証券報告書－第23期(令和3年3月1日－令和4年2月28日) | S100O540 | 2022-05-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O540,, |
| 有価証券報告書－第22期(令和2年3月1日－令和3年2月28日) | S100LEU6 | 2021-05-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LEU6,, |

## 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).