# Opro Co., Ltd.: business model and financials

> Latest period: FY ending Nov 2025, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第29期(2024/12/01－2025/11/30) (S100XN26)
> Page: https://vizora.meequs.com/en/company/opro
> Retrieved: 2026-09-30T19:05:57.306Z

## Company

Opro, founded in 1993, is a company in Software & SaaS listed on TSE Growth. It has 119 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | OPRO Co., Ltd. |
| Ticker | 228A |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/228A.T) |
| Listing | TSE Growth |
| Head office | 東京都中央区京橋二丁目14番1号 |
| Representative (per filing) | 代表取締役社長 里見 一典 |
| Founded | Jun 1993 |
| Share capital | ¥485.9M |
| Employees (consolidated) | 119 |
| Average salary (parent only) | ¥6.8M |
| Fiscal year end | November |
| Website | corp.opro.net (https://corp.opro.net/) |
| Corporate number | 2010401054559 |
| EDINET | E39846 |
| Industries (Vizora) | Software & SaaS |

> Profile source: annual securities report (S100XN26, filed 2026-02-25). As of filing

## Five-axis industry profile

Primary industry: Software & SaaS (2025-11-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 86.2 | 105 |
| Profitability | 52.1 | 145 |
| Cash conversion | 73 | 128 |
| Efficiency | 59.7 | 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)

- Opro brought in ¥2.55B in revenue.
- Out of every ¥100 of sales, about ¥13 is left as operating profit.
- Revenue changed +21.3% from the prior year, operating profit +54.7%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥2552601000 → ¥241195000
- Net income → operating cash flow: ¥241195000 → ¥440396000（difference ¥199201000）
- Main uses of operating cash flow: CapEx ¥128643000 / dividends — / buybacks —
- Change in cash: ¥-1185826000
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 | ¥2.55B |  |
| Operating income | ¥331.3M | Margin 13.0% |
| Net income | ¥241.2M | Margin 9.4% |
| Free cash flow | ¥311.8M |  |
| Employees (consolidated) | 119 |  |
| EPS | ¥104.87 |  |
| Diluted EPS | ¥101.12 |  |
| Book value per share | ¥568.54 |  |
| Equity ratio | 47.6% |  |
| Shares outstanding | 2,330,600 |  |
| Shareholders | 553 |  |
| Average salary (parent only) | ¥6.8M | Filing company only |
| Cash ratio | 20.9% | Cash ÷ revenue 22.8% |
| Vs. industry median margin | +0.5 pp | Software & SaaS |
| ROE | 20.1% | Derived from disclosed figures |
| ROA | 9.5% | Derived from disclosed figures |

## What changed in 2 years

| Metric | FY ending Nov 2023 | FY ending Nov 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥1618158000 | ¥2552601000 | +57.7% |
| Operating income | ¥111191000 | ¥331299000 | +198.0% |
| Operating margin | 6.9% | 13.0% | +6.1 pp |
| Employees | 88 people | 119 people | +35.2% |
| Cash and equivalents | ¥626516000 | ¥580943000 | -7.3% |

### Change in segment revenue mix

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

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 2,553 | 100.0% | S100XN26 |
| Cost of revenue | 1,169 | 45.8% | S100XN26 |
| Gross profit | 1,383 | 54.2% | S100XN26 |
| SG&A | 1,052 | 41.2% | S100XN26 |
| Operating income | 331 | 13.0% | S100XN26 |
| Ordinary income | 337 | 13.2% | S100XN26 |
| Pretax income | 315 | 12.3% | S100XN26 |
| Income tax | 74 | 2.9% | S100XN26 |
| Net income | 241 | 9.4% | S100XN26 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 46 |
| SG&A | 41 |
| Operating income | 13 |
| (Ref.) Net income | 9 |

### Margin funnel

Gross margin 54.2% → Operating margin 13.0% → Net margin 9.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +21.3%; Core profit growth: +54.7%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.57×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Nov 2024 → FY ending Nov 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 2,105 | 2,553 | 448 | +21.3% |
| Gross profit | 1,038 | 1,383 | 345 | +33.2% |
| Operating income | 214 | 331 | 117 | +54.7% |
| Operating cash flow | 439 | 440 | 2 | +0.3% |
| Free cash flow | 369 | 312 | -57 | -15.6% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Nov 2023 | 1,618 | 111 | 6.9% | 96 | 279 | 170 | S100VDRS |
| FY ending Nov 2024 | 2,105 | 214 | 10.2% | 151 | 439 | 369 | S100XN26 |
| FY ending Nov 2025 | 2,553 | 331 | 13.0% | 241 | 440 | 312 | S100XN26 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥21.5M |
| Operating income per employee (consolidated) | ¥2.8M |
| Net income per employee (consolidated) | ¥2M |

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

| History | FY ending Nov 2023 | FY ending Nov 2024 | FY ending Nov 2025 |
| --- | ---: | ---: | ---: |
| Employees (consolidated) | 88 | 104 | 119 |
| Average salary (parent company) | — | ¥6.9M | ¥6.8M |
| Average age (parent company) | — | 32.9 years | 32.9 years |
| Average tenure (parent company) | — | 4.9 years | 5.1 years |

Year over year: Employees (consolidated) +14.4% · Revenue (consolidated) +21.3%

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Nov 2025, non-consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 440 | 17.3% | S100XN26 |
| Capital expenditure | 129 | 5.0% | S100XN26 |
| Free cash flow | 312 | 12.2% | 算出 |
| Investing cash flow | -1,631 | -63.9% | S100XN26 |
| Financing cash flow | 4 | 0.2% | S100XN26 |
| Change in cash | -1,186 | -46.5% | S100XN26 |
| Cash and equivalents | 581 | 22.8% | S100XN26 |

## 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 Nov 2023 | FY ending Nov 2024 | FY ending Nov 2025 | Source |
| --- | ---: | ---: | ---: | ---: |
| Cash and equivalents | 627 | 1,767 | 581 | S100XN26 |
| Total assets | 1,097 | 2,295 | 2,783 | S100VDRS, S100XN26 |
| Net assets | 157 | 1,079 | 1,325 | S100XN26 |
| Share capital | 98 | 484 | 486 | S100VDRS, S100XN26 |
| Property, plant and equipment | 62 | 54 | 62 | S100VDRS, S100XN26 |
| Intangible assets excluding goodwill | 67 | 114 | 168 | S100VDRS, S100XN26 |
| Current assets | 831 | 1,994 | 2,415 | S100VDRS, S100XN26 |
| Current liabilities | 939 | 1,215 | 1,458 | S100VDRS, S100XN26 |
| Total liabilities | 939 | 1,215 | 1,458 | S100VDRS, S100XN26 |
| Equity attributable to owners of parent | 157 | 1,079 | 1,325 | S100VDRS, S100XN26 |
| Retained earnings | 59 | 210 | 451 | S100VDRS, S100XN26 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 21% | S100XN26 |
| Property, plant and equipment | 2% | S100XN26 |
| Intangibles and goodwill | 6% | S100XN26 |
| Other assets | 71% | S100XN26 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 52% | S100XN26 |
| Equity | 48% | S100XN26 |
| Other liabilities | 0% | S100XN26 |

### Balance sheet history

| Metric | FY ending Nov 2023 | FY ending Nov 2024 | FY ending Nov 2025 |
| --- | ---: | ---: | ---: |
| Total assets | 1,097 | 2,295 | 2,783 |
| Equity | 157 | 1,079 | 1,325 |
| Interest-bearing debt | — | — | — |
| Cash | 627 | 1,767 | 581 |

## 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) | 2.4% | S100XN26 |
| Fixed assets ÷ total assets | 2.2% | S100XN26 |
| Goodwill ÷ parent equity | — | —, S100XN26 |

### 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) | 20.9% |
| Cash ÷ revenue | 22.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 132.9% |
| Cash vs. profit gap | 199 JPY mn (of net income 82.6%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 5.0% |
| Investing CF relative to operating CF | 370.3% |

## 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 | 5.9% | 1.48× | 8.7% | 6.97× | 60.9% | S100VDRS |
| 2024 | 7.2% | 1.24× | 8.9% | 2.74× | 24.4% | S100XN26 |
| 2025 | 9.4% | 1.01× | 9.5% | 2.11× | 20.1% | S100XN26 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 里見 一典 | Major shareholder | 44.4% | 2025-11-30 |
| 株式会社たいかも | Major shareholder | 6.9% | 2025-11-30 |
| 安川 貴英 | Major shareholder | 5.1% | 2025-11-30 |
| 重村 尚史 | Major shareholder | 3.5% | 2025-11-30 |
| INTERACTIVE BROKERS LLC （常任代理人 インタラクティブ・ブローカーズ証券株式会社） | Major shareholder | 3.0% | 2025-11-30 |
| 株式会社ＳＢＩ証券 | Major shareholder | 2.9% | 2025-11-30 |
| 里見 光博 | Major shareholder | 2.7% | 2025-11-30 |
| 朏 仁雄 | Major shareholder | 2.1% | 2025-11-30 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 1.7% | 2025-11-30 |
| NOMURA PB NOMINEES LIMITED OMNIBUS-MARGIN (CASHPB) （常任代理人 野村證券株式会社） | Major shareholder | 1.6% | 2025-11-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第29期(2024/12/01－2025/11/30) | S100XN26 | 2026-02-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XN26,, |
| 訂正有価証券報告書－第28期(2023/12/01－2024/11/30) | S100VDRS | 2025-03-12 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VDRS,, |

## 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).