# People, Dreams & Technologies Group Co., Ltd.: business model and financials

> Latest period: FY ending Sep 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第4期(2024/10/01－2025/09/30) (S100XBUH)
> Page: https://vizora.meequs.com/en/company/people-dreams-and-technologies-group
> Retrieved: 2026-09-30T21:12:28.673Z

## Company

People, Dreams & Technologies Group, founded in 2021, is a company in Electric Power & Gas listed on TSE Standard. It has 2,150 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | People, Dreams & Technologies Group Co., Ltd. |
| Ticker | 9248 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9248.T) |
| Listing | TSE Standard |
| Head office | 東京都中央区日本橋蛎殻町一丁目20番4号 |
| Representative (per filing) | 代表取締役社長 永冶 泰司 |
| Founded | Oct 2021 |
| Share capital | ¥3.11B |
| Employees (consolidated) | 2,150 |
| Average salary (parent only) | ¥7.8M |
| Fiscal year end | September |
| Website | www.pdt-g.co.jp (https://www.pdt-g.co.jp/) |
| Corporate number | 7010001221554 |
| EDINET | E36223 |
| Industries (Vizora) | Electric Power & Gas, Disaster Prevention & Infrastructure Maintenance |

> Profile source: annual securities report (S100XBUH, filed 2025-12-23). As of filing

## Five-axis industry profile

Primary industry: Disaster Prevention & Infrastructure Maintenance (2025-09-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 67.1 | 35 |
| Profitability | 23.8 | 40 |
| Cash conversion | 6.6 | 38 |
| Efficiency | 81.3 | 40 |
| 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 96% of People, Dreams & Technologies Group's sales come from CONSULTANT BUSINESS, with SERVICE PROVIDER BUSINESS and PRODUCTS BUSINESS making up much of the rest.
- Out of every ¥100 of sales, about ¥6 is left as operating profit.
- Revenue changed +15.5% from the prior year, operating profit +49.9%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥46B |  |
| Operating income | ¥2.68B | Margin 5.8% |
| Net income | ¥1.56B | Margin 3.4% |
| Free cash flow | -¥2.01B |  |
| Largest business | CONSULTANT BUSINESS | of segment revenue 96.3% |
| Employees (consolidated) | 2,150 |  |
| EPS | ¥50.66 |  |
| Book value per share | ¥1652.53 |  |
| Equity ratio | 50.7% |  |
| Shares outstanding | 9,416,000 |  |
| Treasury shares | 675,800 |  |
| Shareholders | 4,195 |  |
| Average salary (parent only) | ¥7.8M | Filing company only |
| Cash ratio | 18.3% | Net cash ¥1.29B · Cash ÷ revenue 16.4% |
| Vs. industry median margin | -2.9 pp | Disaster Prevention & Infrastructure Maintenance |
| ROE | 7.8% | Derived from disclosed figures |
| ROA | 4.0% | Derived from disclosed figures |

## Notable figures

- FY2025, buybacks were 1.2× dividends

## What changed in 3 years

| Metric | FY ending Sep 2022 | FY ending Sep 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥37604000000 | ¥45984000000 | +22.3% |
| Operating income | ¥3397000000 | ¥2683000000 | -21.0% |
| Operating margin | 9.0% | 5.8% | -3.2 pp |
| Employees | 1,760 people | 2,150 people | +22.2% |
| Cash and equivalents | ¥7413000000 | ¥7532000000 | +1.6% |

### Change in segment revenue mix

Span: FY ending Sep 2022 → FY ending Sep 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| コンサルタント事業 → コンサルタント事業 | 96.3% |
| コンサルタント事業 → 事業再編・廃止 | 0.6% |
| サービスプロバイダ事業 → サービスプロバイダ事業 | 1.8% |
| プロダクツ事業 → プロダクツ事業 | 1.3% |
| 新設・再編 → サービスプロバイダ事業 | 0.3% |
| 新設・再編 → プロダクツ事業 | 0.3% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| CONSULTANT BUSINESS | 3 years | +6.7% | ¥44304000000 | — | 2 |
| SERVICE PROVIDER BUSINESS | 3 years | +12.7% | ¥956000000 | — | 2 |
| PRODUCTS BUSINESS | 3 years | +14.1% | ¥724000000 | — | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 45,984 | 100.0% | S100XBUH |
| Cost of revenue | 33,162 | 72.1% | S100XBUH |
| Gross profit | 12,821 | 27.9% | S100XBUH |
| SG&A | 10,138 | 22.0% | S100XBUH |
| Operating income | 2,683 | 5.8% | S100XBUH |
| Ordinary income | 2,708 | 5.9% | S100XBUH |
| Pretax income | 2,588 | 5.6% | S100XBUH |
| Income tax | 1,026 | 2.2% | S100XBUH |
| Net income | 1,562 | 3.4% | S100XBUH |
| Net income attributable to owners | 1,564 | 3.4% | S100XBUH |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 72 |
| SG&A | 22 |
| Operating income | 6 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 27.9% → Operating margin 5.8% → Net margin 3.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +15.5%; Core profit growth: +49.9%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 3.22×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 39,814 | 45,984 | 6,170 | +15.5% |
| Gross profit | 11,244 | 12,821 | 1,577 | +14.0% |
| Operating income | 1,790 | 2,683 | 893 | +49.9% |
| Net income attributable to owners | -190 | 1,564 | 1,754 | — |
| Operating cash flow | 983 | -1,142 | -2,125 | -216.2% |
| Free cash flow | 589 | -2,008 | -2,597 | -440.9% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Sep 2022 | 37,604 | 3,397 | 9.0% | 2,333 | -1,226 | -1,784 | S100SJ9U |
| FY ending Sep 2023 | 39,812 | 2,860 | 7.2% | 1,203 | 1,428 | 468 | S100V0LT |
| FY ending Sep 2024 | 39,814 | 1,790 | 4.5% | -190 | 983 | 589 | S100XBUH |
| FY ending Sep 2025 | 45,984 | 2,683 | 5.8% | 1,564 | -1,142 | -2,008 | S100XBUH |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥21.4M |
| Operating income per employee (consolidated) | ¥1.2M |
| Net income per employee (consolidated) | ¥727.4K |

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

| History | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 1,760 | 2,036 | 2,102 | 2,150 |
| Average salary (parent company) | ¥8.8M | ¥6.9M | ¥6.3M | ¥7.8M |
| Average age (parent company) | 47.4 years | 43.9 years | 41.8 years | 46.5 years |
| Average tenure (parent company) | 14.5 years | 10.3 years | 8.4 years | 14.1 years |

Year over year: Employees (consolidated) +2.3% · Revenue (consolidated) +15.5%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| CONSULTANT BUSINESS | 44,304 | 96.3% | — | — |
| SERVICE PROVIDER BUSINESS | 956 | 2.1% | — | — |
| PRODUCTS BUSINESS | 724 | 1.6% | — | — |

### 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 |
| --- | ---: |
| CONSULTANT BUSINESS | 96.3% |
| SERVICE PROVIDER BUSINESS | 2.1% |
| PRODUCTS BUSINESS | 1.6% |

Segment → industry: SERVICE PROVIDER BUSINESS → Electric Power & Gas / SERVICE PROVIDER BUSINESS → Disaster Prevention & Infrastructure Maintenance / CONSULTANT BUSINESS → Disaster Prevention & Infrastructure Maintenance

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -1,142 | -2.5% | S100XBUH |
| Capital expenditure | 866 | 1.9% | S100XBUH |
| Free cash flow | -2,008 | -4.4% | 算出 |
| Investing cash flow | -635 | -1.4% | S100XBUH |
| Financing cash flow | 1,036 | 2.3% | S100XBUH |
| Dividends paid | 555 | 1.2% | S100XBUH |
| Share buyback | 654 | 1.4% | S100XBUH |
| Change in cash | -730 | -1.6% | S100XBUH |
| Cash and equivalents | 7,532 | 16.4% | S100XBUH |

## 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 Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 7,413 | 7,031 | 8,192 | 7,532 | S100V0LT, S100XBUH |
| Total assets | 33,463 | 36,241 | 37,317 | 41,145 | S100SJ9U, S100V0LT, S100XBUH |
| Net assets | 19,839 | 20,698 | 20,152 | 20,912 | S100V0LT, S100XBUH |
| Share capital | 3,107 | 3,107 | 3,107 | 3,107 | S100SJ9U, S100V0LT, S100XBUH |
| Property, plant and equipment | 4,888 | 5,019 | 5,105 | 5,326 | S100SJ9U, S100V0LT, S100XBUH |
| Intangible assets excluding goodwill | 197 | 1,439 | 1,366 | 1,326 | S100SJ9U, S100V0LT, S100XBUH |
| Goodwill | — | 1,058 | 934 | 811 | S100V0LT, S100XBUH |
| Investment securities | 1,521 | 1,897 | 1,833 | 2,155 | S100SJ9U, S100V0LT, S100XBUH |
| Current assets | 23,369 | 24,186 | 25,515 | 28,915 | S100SJ9U, S100V0LT, S100XBUH |
| Current liabilities | 9,659 | 9,530 | 11,552 | 13,464 | S100SJ9U, S100V0LT, S100XBUH |
| Short-term borrowings | — | — | 2,100 | 3,200 | S100XBUH |
| Long-term borrowings | 826 | 2,431 | 1,831 | 2,041 | S100SJ9U, S100V0LT, S100XBUH |
| Bonds | — | — | — | 1,000 | S100XBUH |
| Interest-bearing debt | — | — | — | 6,241 | 算出 |
| Total liabilities | 13,623 | 15,543 | 17,164 | 20,233 | S100SJ9U, S100V0LT, S100XBUH |
| Non-controlling interests | 96 | 65 | 52 | 47 | S100SJ9U, S100V0LT, S100XBUH |
| Equity attributable to owners of parent | 19,609 | 20,473 | 19,776 | 20,354 | S100SJ9U, S100V0LT, S100XBUH |
| Retained earnings | 12,155 | 12,745 | 11,827 | 12,915 | S100SJ9U, S100V0LT, S100XBUH |
| Treasury stock | -922 | -686 | -466 | -969 | S100SJ9U, S100V0LT, S100XBUH |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 18% | S100XBUH |
| Property, plant and equipment | 13% | S100XBUH |
| Intangibles and goodwill | 5% | S100XBUH |
| Investment securities | 5% | S100XBUH |
| Other assets | 59% | S100XBUH |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Interest-bearing debt | 15% | 算出 |
| Other liabilities | 34% | S100XBUH |
| Equity | 51% | S100XBUH |

### Balance sheet history

| Metric | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: |
| Total assets | 33,463 | 36,241 | 37,317 | 41,145 |
| Equity | 19,839 | 20,698 | 20,152 | 20,912 |
| Interest-bearing debt | — | — | — | 6,241 |
| Cash | 7,413 | 7,031 | 8,192 | 7,532 |

## 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) | 11.6% | S100XBUH |
| Fixed assets ÷ total assets | 12.9% | S100XBUH |
| Goodwill ÷ parent equity | 4.0% | S100XBUH |

### 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) | 18.3% |
| Cash ÷ revenue | 16.4% |
| Net cash (cash − interest-bearing debt) | ¥1.29B |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -42.6% |
| Cash vs. profit gap | -2,706 JPY mn (of net income -173.0%) |
| Shareholder returns / net income | 77.3% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 35.5% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 1.9% |
| Investing CF relative to operating CF | — |

## 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 | 6.2% | 1.12× | 7.0% | 1.71× | 11.9% | S100SJ9U |
| 2023 | 3.0% | 1.14× | 3.5% | 1.74× | 6.0% | S100V0LT |
| 2024 | — | —× | -0.5% | —× | — | S100XBUH |
| 2025 | 3.4% | 1.17× | 4.0% | 1.96× | 7.8% | S100XBUH |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 11.4% | 2025-09-30 |
| 人・夢・技術グループ社員持株会 | Major shareholder | 10.6% | 2025-09-30 |
| 有限会社ピーシー | Major shareholder | 6.6% | 2025-09-30 |
| 野村信託銀行株式会社（人・夢・技術グループ社員持株会専用信託口） | Major shareholder | 4.1% | 2025-09-30 |
| 黒木 枢児 | Major shareholder | 2.4% | 2025-09-30 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 2.3% | 2025-09-30 |
| 日本生命保険相互会社 （常任代理人 日本マスタートラスト信託銀行株式会社） | Major shareholder | 2.3% | 2025-09-30 |
| ＴＨＥ ＨＯＮＧＫＯＮＧ ＡＮＤ ＳＨＡＮＧＨＡＩ ＢＡＮＫＩＮＧ ＣＯＲＰＯＲＡＴＩＯＮ ＬＩＭＩＴＥＤ － ＨＯＮＧ ＫＯＮＧ ＰＲＩＶＡＴＥ ＢＡＮＫＩＮＧ ＤＩＶＩＳＩＯＮ ＣＬＩＥＮＴ Ａ／Ｃ ８０２８－３９４８４１ （常任代理人 香港上海銀行東京支店） | Major shareholder | 1.9% | 2025-09-30 |
| 株式会社日本カストディ銀行（信託Ｅ口） | Major shareholder | 1.8% | 2025-09-30 |
| ＴＨＥ ＨＯＮＧＫＯＮＧ ＡＮＤ ＳＨＡＮＧＨＡＩ ＢＡＮＫＩＮＧ ＣＯＲＰＯＲＡＴＩＯＮ ＬＴＤ － ＳＩＮＧＡＰＯＲＥ ＢＲＡＮＣＨ ＰＲＩＶＡＴＥ ＢＡＮＫＩＮＧ ＤＩＶＩＳＩＯＮ Ａ／Ｃ ＣＬＩＥＮＴＳ（常任代理人 香港上海銀行東京支店） | Major shareholder | 1.7% | 2025-09-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第4期(2024/10/01－2025/09/30) | S100XBUH | 2025-12-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XBUH,, |
| 有価証券報告書－第3期(2023/10/01－2024/09/30) | S100V0LT | 2024-12-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100V0LT,, |
| 有価証券報告書－第2期(2022/10/01－2023/09/30) | S100SJ9U | 2023-12-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SJ9U,, |
| 有価証券報告書－第1期(令和3年10月1日－令和4年9月30日) | S100PVOD | 2022-12-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PVOD,, |

## 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).