# Pro-ship Incorporated: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 訂正有価証券報告書－第57期(2025/04/01－2026/03/31) (S100YQQC)
> Page: https://vizora.meequs.com/en/company/pro-ship
> Retrieved: 2026-09-30T18:59:00.256Z

## Company

Pro-ship, founded in 1969, is a company in IT Services & System Integration listed on TSE Prime. It has 259 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Pro-Ship Incorporated |
| Ticker | 3763 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3763.T) |
| Listing | TSE Prime |
| Head office | 東京都千代田区飯田橋三丁目8番5号 |
| Representative (per filing) | 代表取締役社長 鈴木 資史 |
| Founded | Apr 1969 |
| Share capital | ¥1.08B |
| Employees (consolidated) | 259 |
| Average salary (parent only) | ¥6.8M |
| Fiscal year end | March |
| Website | www.proship.co.jp (https://www.proship.co.jp/) |
| Corporate number | 1010001073852 |
| EDINET | E05466 |
| Industries (Vizora) | IT Services & System Integration, Software & SaaS |

> Profile source: annual securities report (S100YQQC, filed 2026-07-15). As of filing

## Five-axis industry profile

Primary industry: Software & SaaS (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 54.8 | 105 |
| Profitability | 90.7 | 145 |
| Cash conversion | 42.6 | 128 |
| Efficiency | 28.6 | 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 98% of Pro-ship's sales come from Package Solution, with Other Businesses making up much of the rest.
- Out of every ¥100 of sales, about ¥35 is left as operating profit.
- Revenue changed +10.7% from the prior year, operating profit +26.7%.

## Company structure

- Segment revenue mix: Package Solution 98.4%、Other Businesses 1.6%
- Revenue → net income: ¥8374549000 → ¥2224022000
- Net income → operating cash flow: ¥2224022000 → ¥2765869000（difference ¥541847000）
- Main uses of operating cash flow: CapEx ¥711540000 / dividends ¥781284000 / buybacks ¥106000
- Change in cash: ¥355447000
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 | ¥8.37B |  |
| Operating income | ¥2.93B | Margin 34.9% |
| Net income | ¥2.22B | Margin 26.6% |
| Free cash flow | ¥2.05B |  |
| Largest business | Package Solution | of segment revenue 98.4% |
| Employees (consolidated) | 259 |  |
| EPS | ¥88.35 |  |
| Diluted EPS | ¥87.19 |  |
| Book value per share | ¥432.61 |  |
| Equity ratio | 80.1% |  |
| Shares outstanding | 31,943,000 |  |
| Treasury shares | 6,194,200 |  |
| Shareholders | 12,125 |  |
| Average salary (parent only) | ¥6.8M | Filing company only |
| Cash ratio | 26.8% | Cash ÷ revenue 45.6% |
| Vs. industry median margin | +22.5 pp | Software & SaaS |
| ROE | 22.2% | Derived from disclosed figures |
| ROA | 17.4% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 99% of positive segment profit
- FY2026, operating income keeps 35 per ¥100 of revenue
- FY2026, cash is 27% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥5351928000 | ¥8374549000 | +56.5% |
| Operating income | ¥1719969000 | ¥2925192000 | +70.1% |
| Operating margin | 32.1% | 34.9% | +2.8 pp |
| Employees | 206 people | 259 people | +25.7% |
| Cash and equivalents | ¥5418766000 | ¥3816103000 | -29.6% |

### Change in segment revenue mix

Span: FY ending Mar 2021 → FY ending Mar 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| パッケージソリューション事業 → パッケージソリューション事業 | 95.8% |
| その他事業 → その他事業 | 1.6% |
| その他事業 → 事業再編・廃止 | 2.6% |
| 新設・再編 → パッケージソリューション事業 | 2.6% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 8,375 | 100.0% | S100YQQC |
| Cost of revenue | 3,602 | 43.0% | S100YQQC |
| Gross profit | 4,772 | 57.0% | S100YQQC |
| SG&A | 1,847 | 22.1% | S100YQQC |
| Operating income | 2,925 | 34.9% | S100YQQC |
| Ordinary income | 3,075 | 36.7% | S100YQQC |
| Pretax income | 3,097 | 37.0% | S100YQQC |
| Income tax | 873 | 10.4% | S100YQQC |
| Net income | 2,224 | 26.6% | S100YQQC |
| Net income attributable to owners | 2,224 | 26.6% | S100YQQC |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 43 |
| SG&A | 22 |
| Operating income | 35 |
| (Ref.) Net income | 27 |

### Margin funnel

Gross margin 57.0% → Operating margin 34.9% → Net margin 26.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +10.7%; Core profit growth: +26.7%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.49×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Mar 2025 → FY ending Mar 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 7,565 | 8,375 | 810 | +10.7% |
| Gross profit | 4,226 | 4,772 | 546 | +12.9% |
| Operating income | 2,309 | 2,925 | 616 | +26.7% |
| Net income attributable to owners | 1,931 | 2,224 | 293 | +15.2% |
| Operating cash flow | 1,474 | 2,766 | 1,291 | +87.6% |
| Free cash flow | 1,200 | 2,054 | 854 | +71.1% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 5,053 | 1,470 | 29.1% | 1,037 | 1,677 | 1,504 | S100LNDM |
| FY ending Mar 2021 | 5,352 | 1,720 | 32.1% | 1,192 | 909 | 770 | S100OCJX |
| FY ending Mar 2022 | 6,690 | 2,206 | 33.0% | 1,591 | 2,338 | 2,203 | S100R0RY |
| FY ending Mar 2023 | 6,600 | 1,630 | 24.7% | 1,300 | 1,120 | 946 | S100TPW9 |
| FY ending Mar 2024 | 6,813 | 1,633 | 24.0% | 1,350 | 1,426 | 1,240 | S100WA5H |
| FY ending Mar 2025 | 7,565 | 2,309 | 30.5% | 1,931 | 1,474 | 1,200 | S100YQQC |
| FY ending Mar 2026 | 8,375 | 2,925 | 34.9% | 2,224 | 2,766 | 2,054 | S100YQQC |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥32.3M |
| Operating income per employee (consolidated) | ¥11.3M |
| Net income per employee (consolidated) | ¥8.6M |

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

| History | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 201 | 216 | 241 | 258 | 259 |
| Average salary (parent company) | ¥5.9M | ¥5.8M | ¥5.9M | ¥6.1M | ¥6.8M |
| Average age (parent company) | 34.2 years | 34.8 years | 34.6 years | 34.5 years | 34.7 years |
| Average tenure (parent company) | 8.1 years | 7.9 years | 7.8 years | 8.0 years | 8.2 years |

Year over year: Employees (consolidated) +0.4% · Revenue (consolidated) +10.7%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Package Solution | 8,239 | 98.4% | 2,892 | 35.1% |
| Other Businesses | 135 | 1.6% | 31 | 23.0% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Package Solution | 98.4% | 98.9% | 0.6 | 35.1% |
| Other Businesses | 1.6% | 1.1% | -0.6 | 23.0% |

Segment → industry: Other Businesses → IT Services & System Integration / Package Solution → Software & SaaS

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 2,766 | 33.0% | S100YQQC |
| Capital expenditure | 712 | 8.5% | S100YQQC |
| Free cash flow | 2,054 | 24.5% | 算出 |
| Investing cash flow | -2,680 | -32.0% | S100YQQC |
| Financing cash flow | 268 | 3.2% | S100YQQC |
| Dividends paid | 781 | 9.3% | S100YQQC |
| Share buyback | 0 | 0.0% | S100YQQC |
| Change in cash | 355 | 4.2% | S100YQQC |
| Cash and equivalents | 3,816 | 45.6% | S100YQQC |

## 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 Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 7,272 | 2,214 | 2,834 | 3,461 | 3,816 | S100TPW9, S100WA5H, S100YQQC |
| Total assets | 13,533 | 8,627 | 9,729 | 11,380 | 14,240 | S100R0RY, S100TPW9, S100WA5H, S100YQQC |
| Net assets | 11,337 | 6,680 | 7,560 | 8,894 | 11,404 | S100TPW9, S100WA5H, S100YQQC |
| Share capital | 649 | 719 | 723 | 771 | 1,083 | S100R0RY, S100TPW9, S100WA5H, S100YQQC |
| Property, plant and equipment | 38 | 73 | 62 | 51 | 72 | S100R0RY, S100TPW9, S100WA5H, S100YQQC |
| Intangible assets excluding goodwill | 222 | 192 | 264 | 464 | 913 | S100R0RY, S100TPW9, S100WA5H, S100YQQC |
| Investment securities | 1,070 | 1,070 | 1,241 | 585 | 851 | S100R0RY, S100TPW9, S100WA5H, S100YQQC |
| Current assets | 11,800 | 6,936 | 7,827 | 9,741 | 11,730 | S100R0RY, S100TPW9, S100WA5H, S100YQQC |
| Current liabilities | 1,758 | 1,490 | 1,760 | 2,045 | 2,390 | S100R0RY, S100TPW9, S100WA5H, S100YQQC |
| Total liabilities | 2,196 | 1,947 | 2,169 | 2,486 | 2,836 | S100R0RY, S100TPW9, S100WA5H, S100YQQC |
| Equity attributable to owners of parent | 11,117 | 6,456 | 7,234 | 8,678 | 11,329 | S100R0RY, S100TPW9, S100WA5H, S100YQQC |
| Retained earnings | 9,827 | 10,352 | 11,123 | 12,438 | 13,881 | S100R0RY, S100TPW9, S100WA5H, S100YQQC |
| Treasury stock | -2 | -5,328 | -5,328 | -5,290 | -4,994 | S100R0RY, S100TPW9, S100WA5H, S100YQQC |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 27% | S100YQQC |
| Property, plant and equipment | 1% | S100YQQC |
| Intangibles and goodwill | 6% | S100YQQC |
| Investment securities | 6% | S100YQQC |
| Other assets | 60% | S100YQQC |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 20% | S100YQQC |
| Equity | 80% | S100YQQC |

### Balance sheet history

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 13,533 | 8,627 | 9,729 | 11,380 | 14,240 |
| Equity | 11,337 | 6,680 | 7,560 | 8,894 | 11,404 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 7,272 | 2,214 | 2,834 | 3,461 | 3,816 |

## 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) | 0.9% | S100YQQC |
| Fixed assets ÷ total assets | 0.5% | S100YQQC |
| Goodwill ÷ parent equity | — | —, S100YQQC |

### 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) | 26.8% |
| Cash ÷ revenue | 45.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 94.6% |
| Cash vs. profit gap | 542 JPY mn (of net income 24.4%) |
| Shareholder returns / net income | 35.1% |
| Shareholder returns / FCF | 38.0% |
| Shareholder payments — dividends / net income | 35.1% |
| Shareholder payments — dividends / FCF | 38.0% |
| CapEx intensity (capex ÷ revenue) | 8.5% |
| Investing CF relative to operating CF | 96.9% |

## 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 | 23.8% | 0.49× | 11.8% | 1.22× | 14.3% | S100R0RY |
| 2023 | 19.7% | 0.60× | 11.7% | 1.26× | 14.8% | S100TPW9 |
| 2024 | 19.8% | 0.74× | 14.7% | 1.34× | 19.7% | S100WA5H |
| 2025 | 25.5% | 0.72× | 18.3% | 1.33× | 24.3% | S100YQQC |
| 2026 | 26.6% | 0.65× | 17.4% | 1.28× | 22.2% | S100YQQC |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 鈴木 勝喜 | Major shareholder | 19.8% | 2026-03-31 |
| UH Partners 2投資事業有限責任組合 | Major shareholder | 7.3% | 2026-03-31 |
| 光通信KK投資事業有限責任組合 | Major shareholder | 6.0% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 5.3% | 2026-03-31 |
| ＢＢＨ ＦＯＲ ＦＩＤＥＬＩＴＹ ＬＯＷ－ＰＲＩＣＥＤ ＳＴＯＣＫ ＦＵＮＤ （常任代理人 株式会社三菱ＵＦＪ銀行） | Major shareholder | 4.0% | 2026-03-31 |
| 野村信託銀行株式会社（投信口） | Major shareholder | 3.8% | 2026-03-31 |
| 長谷部 政利 | Major shareholder | 3.2% | 2026-03-31 |
| ＢＮＰ ＰＡＲＩＢＡＳ ＬＵＸＥＭＢＯＵＲＧ／２Ｓ／ＪＡＳＤＥＣ／ＦＩＭ／ＬＵＸＥＭＢＯＵＲＧ ＦＵＮＤＳ／ＵＣＩＴＳ ＡＳＳＥＴＳ （常任代理人 香港上海銀行東京支店） | Major shareholder | 2.4% | 2026-03-31 |
| 光通信株式会社 | Major shareholder | 1.9% | 2026-03-31 |
| ＳＴＡＴＥ ＳＴＲＥＥＴ ＢＡＮＫ ＡＮＤ ＴＲＵＳＴ ＣＯＭＰＡＮＹ ５０５２２４ （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.9% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 訂正有価証券報告書－第57期(2025/04/01－2026/03/31) | S100YQQC | 2026-07-15 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YQQC,, |
| 訂正有価証券報告書－第56期(2024/04/01－2025/03/31) | S100WA5H | 2025-07-01 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WA5H,, |
| 有価証券報告書－第55期(2023/04/01－2024/03/31) | S100TPW9 | 2024-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TPW9,, |
| 有価証券報告書－第54期(2022/04/01－2023/03/31) | S100R0RY | 2023-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R0RY,, |
| 有価証券報告書－第53期(令和3年4月1日－令和4年3月31日) | S100OCJX | 2022-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OCJX,, |
| 有価証券報告書－第52期(令和2年4月1日－令和3年3月31日) | S100LNDM | 2021-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LNDM,, |

## 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).