# PROGRIT Inc.: business model and financials

> Latest period: FY ending Aug 2025, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第9期(2024/09/01－2025/08/31) (S100X76V)
> Page: https://vizora.meequs.com/en/company/progrit
> Retrieved: 2026-09-30T19:42:02.605Z

## Company

Progrit, founded in 2016, is a company in Education listed on TSE Growth. It has 238 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | PROGRIT Inc. |
| Ticker | 9560 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9560.T) |
| Listing | TSE Growth |
| Head office | 東京都港区浜松町一丁目30番5号 浜松町スクエア11階 |
| Representative (per filing) | 代表取締役社長 岡田 祥吾 |
| Founded | Sep 2016 |
| Share capital | ¥346.4M |
| Employees (consolidated) | 238 |
| Average salary (parent only) | ¥5.5M |
| Fiscal year end | August |
| Website | www.progrit.co.jp (https://www.progrit.co.jp/) |
| Corporate number | 4010001178269 |
| EDINET | E37936 |
| Industries (Vizora) | Education |

> Profile source: annual securities report (S100X76V, filed 2025-11-27). As of filing

## Five-axis industry profile

Primary industry: Education (2025-08-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 98.1 | 26 |
| Profitability | 81.7 | 30 |
| Cash conversion | 19.6 | 28 |
| Efficiency | 65 | 30 |

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)

- Progrit brought in ¥5.75B in revenue.
- Out of every ¥100 of sales, about ¥21 is left as operating profit.
- Revenue changed +29.1% from the prior year, operating profit +45.9%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥5747514000 → ¥888763000
- Net income → operating cash flow: ¥888763000 → ¥907116000（difference ¥18353000）
- Main uses of operating cash flow: CapEx ¥60755000 / dividends ¥161988000 / buybacks ¥302536000
- Change in cash: ¥373683000
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 | ¥5.75B |  |
| Operating income | ¥1.2B | Margin 20.9% |
| Net income | ¥888.8M | Margin 15.5% |
| Free cash flow | ¥846.4M |  |
| Employees (consolidated) | 238 |  |
| EPS | ¥71.15 |  |
| Diluted EPS | ¥69.8 |  |
| Book value per share | ¥182.57 |  |
| Equity ratio | 50.4% |  |
| Shares outstanding | 12,662,911 |  |
| Treasury shares | 276,800 |  |
| Shareholders | 4,897 |  |
| Average salary (parent only) | ¥5.5M | Filing company only |
| Cash ratio | 76.1% | Cash ÷ revenue 59.4% |
| Vs. industry median margin | +13.6 pp | Education |
| ROE | 43.9% | Derived from disclosed figures |
| ROA | 21.2% | Derived from disclosed figures |

## Notable figures

- FY2025, buybacks were 1.9× dividends
- FY2025, revenue is 2.9× its level five years ago
- FY2025, cash is 76% of total assets

## What changed in 4 years

| Metric | FY ending Aug 2021 | FY ending Aug 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥1981101000 | ¥5747514000 | +190.1% |
| Operating income | ¥-45810000 | ¥1202969000 | — |
| Operating margin | -2.3% | 20.9% | +23.2 pp |
| Employees | 148 people | 238 people | +60.8% |
| Cash and equivalents | ¥417649000 | ¥3415606000 | +717.8% |

### Change in segment revenue mix

Span: FY ending Aug 2021 → FY ending Aug 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 5,748 | 100.0% | S100X76V |
| Cost of revenue | 1,492 | 26.0% | S100X76V |
| Gross profit | 4,255 | 74.0% | S100X76V |
| SG&A | 3,052 | 53.1% | S100X76V |
| Operating income | 1,203 | 20.9% | S100X76V |
| Ordinary income | 1,208 | 21.0% | S100X76V |
| Pretax income | 1,208 | 21.0% | S100X76V |
| Income tax | 319 | 5.6% | S100X76V |
| Net income | 889 | 15.5% | S100X76V |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 26 |
| SG&A | 53 |
| Operating income | 21 |
| (Ref.) Net income | 15 |

### Margin funnel

Gross margin 74.0% → Operating margin 20.9% → Net margin 15.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +29.1%; Core profit growth: +45.9%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.58×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 4,453 | 5,748 | 1,294 | +29.1% |
| Gross profit | 3,200 | 4,255 | 1,055 | +33.0% |
| Operating income | 824 | 1,203 | 379 | +45.9% |
| Operating cash flow | 1,077 | 907 | -170 | -15.8% |
| Free cash flow | 1,022 | 846 | -176 | -17.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Aug 2021 | 1,981 | -46 | -2.3% | -77 | -86 | -103 | S100PPX6 |
| FY ending Aug 2022 | 2,253 | 326 | 14.5% | 187 | 494 | 492 | S100SD74 |
| FY ending Aug 2023 | 3,024 | 497 | 16.4% | 361 | 797 | 795 | S100UUUO |
| FY ending Aug 2024 | 4,453 | 824 | 18.5% | 610 | 1,077 | 1,022 | S100X76V |
| FY ending Aug 2025 | 5,748 | 1,203 | 20.9% | 889 | 907 | 846 | S100X76V |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥24.1M |
| Operating income per employee (consolidated) | ¥5.1M |
| Net income per employee (consolidated) | ¥3.7M |

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

| History | FY ending Aug 2021 | FY ending Aug 2022 | FY ending Aug 2023 | FY ending Aug 2024 | FY ending Aug 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 148 | 141 | 174 | 209 | 238 |
| Average salary (parent company) | — | ¥4.7M | ¥5.5M | ¥6M | ¥5.5M |
| Average age (parent company) | — | 30.4 years | 30.3 years | 30.7 years | 30.8 years |
| Average tenure (parent company) | — | 2.6 years | 2.7 years | 2.8 years | 2.8 years |

Year over year: Employees (consolidated) +13.9% · Revenue (consolidated) +29.1%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 907 | 15.8% | S100X76V |
| Capital expenditure | 61 | 1.1% | S100X76V |
| Free cash flow | 846 | 14.7% | 算出 |
| Investing cash flow | -189 | -3.3% | S100X76V |
| Financing cash flow | -344 | -6.0% | S100X76V |
| Dividends paid | 162 | 2.8% | S100X76V |
| Share buyback | 303 | 5.3% | S100X76V |
| Change in cash | 374 | 6.5% | S100X76V |
| Cash and equivalents | 3,416 | 59.4% | S100X76V |

## 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 Aug 2021 | FY ending Aug 2022 | FY ending Aug 2023 | FY ending Aug 2024 | FY ending Aug 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 418 | 956 | 1,976 | 3,042 | 3,416 | S100SD74, S100UUUO, S100X76V |
| Total assets | 1,033 | 1,510 | 2,628 | 3,886 | 4,486 | S100PPX6, S100SD74, S100UUUO, S100X76V |
| Net assets | 159 | 410 | 1,093 | 1,796 | 2,281 | S100SD74, S100UUUO, S100X76V |
| Share capital | 83 | 118 | 280 | 323 | 346 | S100PPX6, S100SD74, S100UUUO, S100X76V |
| Property, plant and equipment | 144 | 133 | 137 | 159 | 203 | S100PPX6, S100SD74, S100UUUO, S100X76V |
| Intangible assets excluding goodwill | 0 | 0 | — | — | — | S100PPX6, S100SD74 |
| Investment securities | — | — | 8 | 11 | 35 | S100UUUO, S100X76V |
| Current assets | 566 | 1,093 | 2,132 | 3,293 | 3,700 | S100PPX6, S100SD74, S100UUUO, S100X76V |
| Current liabilities | 701 | 957 | 1,434 | 1,990 | 2,025 | S100PPX6, S100SD74, S100UUUO, S100X76V |
| Short-term borrowings | 8 | 10 | — | — | — | S100PPX6, S100SD74 |
| Long-term borrowings | 169 | 136 | 94 | 93 | 174 | S100PPX6, S100SD74, S100UUUO, S100X76V |
| Total liabilities | 874 | 1,100 | 1,535 | 2,090 | 2,205 | S100PPX6, S100SD74, S100UUUO, S100X76V |
| Equity attributable to owners of parent | 158 | 408 | 1,092 | 1,788 | 2,261 | S100PPX6, S100SD74, S100UUUO, S100X76V |
| Retained earnings | -6 | 174 | 535 | 1,145 | 1,872 | S100PPX6, S100SD74, S100UUUO, S100X76V |
| Treasury stock | — | — | -0 | -0 | -300 | S100UUUO, S100X76V |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 76% | S100X76V |
| Property, plant and equipment | 4% | S100X76V |
| Investment securities | 1% | S100X76V |
| Other assets | 19% | S100X76V |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 49% | S100X76V |
| Equity | 51% | S100X76V |

### Balance sheet history

| Metric | FY ending Aug 2021 | FY ending Aug 2022 | FY ending Aug 2023 | FY ending Aug 2024 | FY ending Aug 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 1,033 | 1,510 | 2,628 | 3,886 | 4,486 |
| Equity | 159 | 410 | 1,093 | 1,796 | 2,281 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 418 | 956 | 1,976 | 3,042 | 3,416 |

## 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) | 3.5% | S100X76V |
| Fixed assets ÷ total assets | 4.5% | S100X76V |
| Goodwill ÷ parent equity | — | —, S100X76V |

### 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) | 76.1% |
| Cash ÷ revenue | 59.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 75.4% |
| Cash vs. profit gap | 18 JPY mn (of net income 2.1%) |
| Shareholder returns / net income | 52.3% |
| Shareholder returns / FCF | 54.9% |
| Shareholder payments — dividends / net income | 18.2% |
| Shareholder payments — dividends / FCF | 19.1% |
| CapEx intensity (capex ÷ revenue) | 1.1% |
| Investing CF relative to operating CF | 20.9% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | — | —× | -7.4% | —× | — | S100PPX6 |
| 2022 | 8.3% | 1.77× | 14.7% | 4.49× | 66.1% | S100SD74 |
| 2023 | 11.9% | 1.46× | 17.4% | 2.76× | 48.1% | S100UUUO |
| 2024 | 13.7% | 1.37× | 18.7% | 2.26× | 42.4% | S100X76V |
| 2025 | 15.5% | 1.37× | 21.2% | 2.07× | 43.9% | S100X76V |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社ＳＯ | Major shareholder | 20.7% | 2025-08-31 |
| 岡田 祥吾 | Major shareholder | 14.2% | 2025-08-31 |
| 株式会社ＨＯＨＥＴＯ | Major shareholder | 11.0% | 2025-08-31 |
| 株式会社日本カストディ銀行(信託口) | Major shareholder | 8.1% | 2025-08-31 |
| 山碕 峻太郎 | Major shareholder | 4.8% | 2025-08-31 |
| 日本マスタートラスト信託銀行株式会社(信託口) | Major shareholder | 4.1% | 2025-08-31 |
| 三井住友信託銀行株式会社（信託口 甲２４号） | Major shareholder | 2.7% | 2025-08-31 |
| ＢＢＨ ＬＵＸ／ＢＲＯＷＮ ＢＲＯＴＨＥＲＳ ＨＡＲＲＩＭＡＮ（ＬＵＸＥＭＢＯＵＲＧ） ＳＣＡ ＣＵＳＴＯＤＩＡＮ（常任代理人 株式会社三井住友銀行） | Major shareholder | 2.0% | 2025-08-31 |
| 谷内 亮太 | Major shareholder | 1.5% | 2025-08-31 |
| 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 | 1.4% | 2025-08-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第9期(2024/09/01－2025/08/31) | S100X76V | 2025-11-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100X76V,, |
| 有価証券報告書－第8期(2023/09/01－2024/08/31) | S100UUUO | 2024-11-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UUUO,, |
| 有価証券報告書－第7期(2022/09/01－2023/08/31) | S100SD74 | 2023-11-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SD74,, |
| 有価証券報告書－第6期(令和3年9月1日－令和4年8月31日) | S100PPX6 | 2022-11-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PPX6,, |

## 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).