# PR TIMES, 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21期(2025/03/01－2026/02/28) (S100Y6DH)
> Page: https://vizora.meequs.com/en/company/pr-times
> Retrieved: 2026-09-30T20:25:49.983Z

## Company

PR Times, founded in 2005, is a company in PR & IR Services listed on TSE Prime. It has 215 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | PR TIMES Corporation |
| Ticker | 3922 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3922.T) |
| Listing | TSE Prime |
| Head office | 東京都港区赤坂一丁目11番44号 |
| Representative (per filing) | 代表取締役社長 山口 拓己 |
| Founded | Dec 2005 |
| Share capital | ¥471.6M |
| Employees (consolidated) | 215 |
| Average salary (parent only) | ¥6.6M |
| Fiscal year end | February |
| Website | prtimes.co.jp (https://prtimes.co.jp/) |
| Corporate number | 4010401060191 |
| EDINET | E31965 |
| Industries (Vizora) | PR & IR Services |

> Profile source: annual securities report (S100Y6DH, filed 2026-05-26). As of filing

## Five-axis industry profile

Primary industry: PR & IR Services (2026-02-28)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 95.5 | 11 |
| Cash conversion | 59.1 | 11 |
| Efficiency | 40.9 | 11 |

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 90% of PR Times's sales come from Press release distribution business, with Other making up much of the rest.
- Out of every ¥100 of sales, about ¥38 is left as operating profit.
- Revenue changed +19.3% from the prior year, operating profit +93.0%.

## Company structure

- Segment revenue mix: Press release distribution business 90.0%、Other 10.0%
- Revenue → net income: ¥9546297000 → ¥2397942000
- Net income → operating cash flow: ¥2397942000 → ¥3413728000（difference ¥1015786000）
- Main uses of operating cash flow: CapEx ¥31572000 / dividends ¥138742000 / buybacks ¥345000
- Change in cash: ¥2702889000
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 | ¥9.55B |  |
| Operating income | ¥3.62B | Margin 38.0% |
| Net income | ¥2.4B | Margin 25.1% |
| Free cash flow | ¥3.38B |  |
| Largest business | Press release distribution business | of segment revenue 90.0% |
| Employees (consolidated) | 215 |  |
| EPS | ¥168.95 |  |
| Diluted EPS | ¥166.02 |  |
| Book value per share | ¥670.83 |  |
| Equity ratio | 78.9% |  |
| Shares outstanding | 13,533,303 |  |
| Treasury shares | 25,100 |  |
| Shareholders | 10,882 |  |
| Average salary (parent only) | ¥6.6M | Filing company only |
| Cash ratio | 71.7% | Cash ÷ revenue 87.0% |
| Vs. industry median margin | +24.6 pp | PR & IR Services |
| ROE | 30.0% | Derived from disclosed figures |
| ROA | 24.2% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 95% of positive segment profit
- FY2026, employees -1% while operating income rose 93%
- FY2026, cash is 72% of total assets

## What changed in 5 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Feb 2021 | FY ending Feb 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥3765954000 | ¥9546297000 | — |
| Operating income | ¥1301329000 | ¥3622934000 | — |
| Operating margin | 34.6% | 38.0% | +3.4 pp |
| Employees | 65 people | 215 people | — |
| Cash and equivalents | ¥2531595000 | ¥8308150000 | — |

### 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 |
| --- | ---: |
| 新設・再編 → プレスリリース配信事業 | 90.0% |
| 新設・再編 → その他 | 10.0% |

Segment revenue source references: 2 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 9,546 | 100.0% | S100Y6DH |
| Cost of revenue | 1,489 | 15.6% | S100Y6DH |
| Gross profit | 8,057 | 84.4% | S100Y6DH |
| SG&A | 4,434 | 46.5% | S100Y6DH |
| Operating income | 3,623 | 38.0% | S100Y6DH |
| Ordinary income | 3,611 | 37.8% | S100Y6DH |
| Pretax income | 3,494 | 36.6% | S100Y6DH |
| Income tax | 1,096 | 11.5% | S100Y6DH |
| Net income | 2,398 | 25.1% | S100Y6DH |
| Net income attributable to owners | 2,398 | 25.1% | S100Y6DH |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 16 |
| SG&A | 46 |
| Operating income | 38 |
| (Ref.) Net income | 25 |

### Margin funnel

Gross margin 84.4% → Operating margin 38.0% → Net margin 25.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +19.3%; Core profit growth: +93.0%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 4.82×
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 | 8,003 | 9,546 | 1,543 | +19.3% |
| Gross profit | 6,722 | 8,057 | 1,335 | +19.9% |
| Operating income | 1,877 | 3,623 | 1,746 | +93.0% |
| Net income attributable to owners | 1,119 | 2,398 | 1,279 | +114.3% |
| Operating cash flow | 1,371 | 3,414 | 2,043 | +149.1% |
| Free cash flow | 1,096 | 3,382 | 2,286 | +208.6% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Feb 2020 | 2,884 | 507 | 17.6% | 322 | 531 | — | S100LE58 |
| FY ending Feb 2021 | 3,766 | 1,301 | 34.6% | 1,043 | 1,409 | 1,303 | S100LE58 |
| FY ending Feb 2022 | 4,855 | 1,834 | 37.8% | 1,281 | 1,409 | 1,051 | S100QTE9 |
| FY ending Feb 2023 | 5,706 | 1,191 | 20.9% | 778 | 598 | 478 | S100TICV |
| FY ending Feb 2024 | 6,837 | 1,747 | 25.5% | 1,161 | 1,537 | 1,347 | S100VTOK |
| FY ending Feb 2025 | 8,003 | 1,877 | 23.5% | 1,119 | 1,371 | 1,096 | S100Y6DH |
| FY ending Feb 2026 | 9,546 | 3,623 | 38.0% | 2,398 | 3,414 | 3,382 | S100Y6DH |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥44.4M |
| Operating income per employee (consolidated) | ¥16.9M |
| Net income per employee (consolidated) | ¥11.2M |

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) | 79 | 105 | 196 | 218 | 215 |
| Average salary (parent company) | ¥5.8M | ¥6.3M | ¥6M | ¥6.5M | ¥6.6M |
| Average age (parent company) | 30.6 years | 30.5 years | 30.5 years | 30.8 years | 30.8 years |
| Average tenure (parent company) | 2.7 years | 2.4 years | 2.7 years | 3.3 years | 3.9 years |

Year over year: Employees (consolidated) -1.4% · Revenue (consolidated) +19.3%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Press release distribution business | 8,590 | 90.0% | 3,437 | 40.0% |
| Other | 957 | 10.0% | 186 | 19.5% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Press release distribution business | 90.0% | 94.9% | 4.9 | 40.0% |
| Other | 10.0% | 5.1% | -4.9 | 19.5% |

Segment → industry: Press release distribution business → PR & IR Services

## 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 | 3,414 | 35.8% | S100Y6DH |
| Capital expenditure | 32 | 0.3% | S100Y6DH |
| Free cash flow | 3,382 | 35.4% | 算出 |
| Investing cash flow | -574 | -6.0% | S100Y6DH |
| Financing cash flow | -137 | -1.4% | S100Y6DH |
| Dividends paid | 139 | 1.5% | S100Y6DH |
| Share buyback | 0 | 0.0% | S100Y6DH |
| Change in cash | 2,703 | 28.3% | S100Y6DH |
| Cash and equivalents | 8,308 | 87.0% | S100Y6DH |

## 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 | 3,344 | 3,696 | 4,537 | 5,605 | 8,308 | S100TICV, S100VTOK, S100Y6DH |
| Total assets | 4,831 | 5,265 | 7,071 | 8,242 | 11,585 | S100QTE9, S100TICV, S100VTOK, S100Y6DH |
| Net assets | 3,740 | 4,467 | 5,663 | 6,904 | 9,276 | S100TICV, S100VTOK, S100Y6DH |
| Share capital | 421 | 421 | 423 | 446 | 472 | S100QTE9, S100TICV, S100VTOK, S100Y6DH |
| Trade receivables | 579 | 654 | — | — | — | S100QTE9 |
| Property, plant and equipment | 290 | 255 | 240 | 283 | 188 | S100QTE9, S100TICV, S100VTOK, S100Y6DH |
| Intangible assets excluding goodwill | 169 | 212 | 530 | 454 | 322 | S100QTE9, S100TICV, S100VTOK, S100Y6DH |
| Goodwill | — | — | 252 | 95 | 65 | S100VTOK, S100Y6DH |
| Investment securities | 26 | 76 | 181 | 71 | 23 | S100QTE9, S100TICV, S100VTOK, S100Y6DH |
| Current assets | 3,973 | 4,441 | 5,400 | 6,596 | 9,609 | S100QTE9, S100TICV, S100VTOK, S100Y6DH |
| Current liabilities | 1,089 | 799 | 1,406 | 1,336 | 2,308 | S100QTE9, S100TICV, S100VTOK, S100Y6DH |
| Trade payables | 50 | 57 | 82 | 87 | 85 | S100QTE9, S100TICV, S100VTOK, S100Y6DH |
| Total liabilities | 1,091 | 799 | 1,409 | 1,337 | 2,309 | S100QTE9, S100TICV, S100VTOK, S100Y6DH |
| Non-controlling interests | 1 | 1 | 1 | 1 | 1 | S100QTE9, S100TICV, S100VTOK, S100Y6DH |
| Equity attributable to owners of parent | 3,739 | 4,466 | 5,661 | 6,826 | 9,136 | S100QTE9, S100TICV, S100VTOK, S100Y6DH |
| Retained earnings | 3,000 | 3,764 | 4,892 | 6,010 | 8,269 | S100QTE9, S100TICV, S100VTOK, S100Y6DH |
| Treasury stock | -77 | -115 | -51 | -52 | -52 | S100QTE9, S100TICV, S100VTOK, S100Y6DH |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 72% | S100Y6DH |
| Property, plant and equipment | 2% | S100Y6DH |
| Intangibles and goodwill | 3% | S100Y6DH |
| Investment securities | 0% | S100Y6DH |
| Other assets | 23% | S100Y6DH |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 1% | S100Y6DH |
| Other liabilities | 19% | S100Y6DH |
| Equity | 80% | S100Y6DH |
| Other liabilities | 0% | S100Y6DH |

### 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 | 4,831 | 5,265 | 7,071 | 8,242 | 11,585 |
| Equity | 3,740 | 4,467 | 5,663 | 6,904 | 9,276 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 3,344 | 3,696 | 4,537 | 5,605 | 8,308 |

## 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) | 2.0% | S100Y6DH |
| Fixed assets ÷ total assets | 1.6% | S100Y6DH |
| Goodwill ÷ parent equity | 0.7% | S100Y6DH |

### 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) | 71.7% |
| Cash ÷ revenue | 87.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 94.2% |
| Cash vs. profit gap | 1,016 JPY mn (of net income 42.4%) |
| Shareholder returns / net income | 5.8% |
| Shareholder returns / FCF | 4.1% |
| Shareholder payments — dividends / net income | 5.8% |
| Shareholder payments — dividends / FCF | 4.1% |
| CapEx intensity (capex ÷ revenue) | 0.3% |
| Investing CF relative to operating CF | 16.8% |

## 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 | 26.4% | 1.00× | 26.5% | 1.29× | 34.3% | S100QTE9 |
| 2023 | 13.6% | 1.13× | 15.4% | 1.23× | 19.0% | S100TICV |
| 2024 | 17.0% | 1.11× | 18.8% | 1.22× | 22.9% | S100VTOK |
| 2025 | 14.0% | 1.05× | 14.6% | 1.23× | 17.9% | S100Y6DH |
| 2026 | 25.1% | 0.96× | 24.2% | 1.24× | 30.0% | S100Y6DH |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社ベクトル | Major shareholder | 52.5% | 2026-02-28 |
| 山口拓己 | Major shareholder | 6.1% | 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 | 5.2% | 2026-02-28 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 3.5% | 2026-02-28 |
| BNY GCM CLIENT ACCOUNT JPRD AC ISG (FE-AC) （常任代理人 株式会社三菱ＵＦＪ銀行） | Major shareholder | 2.3% | 2026-02-28 |
| 上田八木短資株式会社 | Major shareholder | 1.6% | 2026-02-28 |
| JPMSLLC CLIENT ASSETS SK JPY （常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 1.6% | 2026-02-28 |
| 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 | 1.1% | 2026-02-28 |
| 三島映拓 | Major shareholder | 0.9% | 2026-02-28 |
| ＪＰモルガン証券株式会社 | Major shareholder | 0.9% | 2026-02-28 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第21期(2025/03/01－2026/02/28) | S100Y6DH | 2026-05-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y6DH,, |
| 有価証券報告書－第20期(2024/03/01－2025/02/28) | S100VTOK | 2025-05-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VTOK,, |
| 有価証券報告書－第19期(2023/03/01－2024/02/29) | S100TICV | 2024-05-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TICV,, |
| 有価証券報告書－第18期(2022/03/01－2023/02/28) | S100QTE9 | 2023-05-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QTE9,, |
| 有価証券報告書－第17期(令和3年3月1日－令和4年2月28日) | S100O41M | 2022-05-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O41M,, |
| 有価証券報告書－第16期(令和2年3月1日－令和3年2月28日) | S100LE58 | 2021-05-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LE58,, |

## 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).