# ProjectHoldings,Inc.: business model and financials

> Latest period: FY ending Dec 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第10期(2025/01/01－2025/12/31) (S100XUQY)
> Page: https://vizora.meequs.com/en/company/projectholdings
> Retrieved: 2026-09-30T22:40:29.893Z

## Company

ProjectHoldings, founded in 2016, is a company in IT Services & System Integration listed on TSE Growth. It has 350 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | ProjectHoldings, Inc. |
| Ticker | 9246 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9246.T) |
| Listing | TSE Growth |
| Head office | 東京都港区麻布台一丁目3番1号 |
| Representative (per filing) | 代表取締役 社長執行役員CEO 土井 悠之介 |
| Founded | Jan 2016 |
| Share capital | ¥50M |
| Employees (consolidated) | 350 |
| Average salary (parent only) | ¥6.7M |
| Fiscal year end | December |
| Website | phd.co.jp (https://phd.co.jp/) |
| Corporate number | 8010401122459 |
| EDINET | E36896 |
| Industries (Vizora) | IT Services & System Integration, HR & Staffing, Consulting |

> Profile source: annual securities report (S100XUQY, filed 2026-03-27). As of filing

## Five-axis industry profile

Primary industry: Consulting (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 8 | 44 |
| Cash conversion | 96.6 | 44 |
| Efficiency | 39.8 | 44 |

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 73% of ProjectHoldings's sales come from Digital transformation business, with DX Technology Business and DX HR Business making up much of the rest.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed +3.9% from the prior year, and it swung back to an operating profit.

## Company structure

- Segment revenue mix: Digital transformation business 72.7%、DX Technology Business 23.4%、DX HR Business 3.9%
- Revenue → net income: ¥5485518000 → ¥126639000
- Net income → operating cash flow: ¥126639000 → ¥569544000（difference ¥442905000）
- Main uses of operating cash flow: CapEx ¥33241000 / dividends — / buybacks ¥141352000
- Change in cash: ¥-528677000
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 | ¥5.49B |  |
| Operating income | ¥155.7M | Margin 2.8% |
| Net income | ¥126.6M | Margin 2.3% |
| Free cash flow | ¥536.3M |  |
| Largest business | Digital transformation business | of segment revenue 72.7% |
| Employees (consolidated) | 350 |  |
| EPS | ¥19.54 |  |
| Diluted EPS | ¥19.4 |  |
| Book value per share | ¥418.42 |  |
| Equity ratio | 48.6% |  |
| Shares outstanding | 5,487,450 |  |
| Treasury shares | 29,700 |  |
| Shareholders | 1,339 |  |
| Average salary (parent only) | ¥6.7M | Filing company only |
| Cash ratio | 45.2% | Cash ÷ revenue 38.2% |
| Vs. industry median margin | -6.1 pp | IT Services & System Integration |
| ROE | 5.6% | Derived from disclosed figures |
| ROA | 2.5% | Derived from disclosed figures |

## Notable figures

- FY2025, operating cash flow is 4.5× net income
- FY2025, one segment accounts for 93% of positive segment profit
- FY2025, cash is 45% of total assets

## What changed in 5 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥1104923000 | ¥5485518000 | — |
| Operating income | ¥176058000 | ¥155681000 | — |
| Operating margin | 15.9% | 2.8% | -13.1 pp |
| Employees | 40 people | 350 people | — |
| Cash and equivalents | ¥710407000 | ¥2095905000 | — |

### Change in segment revenue mix

Span: FY ending Dec 2020 → FY ending Dec 2025. 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 → デジタルトランスフォーメーション事業 | 72.7% |
| 新設・再編 → DX×テクノロジー事業 | 23.4% |
| 新設・再編 → DX×HR事業 | 3.9% |

Segment revenue source references: 3 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Digital transformation business | 3 years | -0.3% | ¥3987016000 | 16.3% | 2 |
| DX Technology Business | 3 years | +82.8% | ¥1284818000 | 3.5% | 2 |
| DX HR Business | 3 years | +20.3% | ¥213684000 | 0.5% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 5,486 | 100.0% | S100XUQY |
| Cost of revenue | 3,507 | 63.9% | S100XUQY |
| Gross profit | 1,978 | 36.1% | S100XUQY |
| SG&A | 1,822 | 33.2% | S100XUQY |
| Operating income | 156 | 2.8% | S100XUQY |
| Ordinary income | 145 | 2.6% | S100XUQY |
| Pretax income | 138 | 2.5% | S100XUQY |
| Income tax | 11 | 0.2% | S100XUQY |
| Net income | 127 | 2.3% | S100XUQY |
| Net income attributable to owners | 127 | 2.3% | S100XUQY |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 64 |
| SG&A | 33 |
| Operating income | 3 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 36.1% → Operating margin 2.8% → Net margin 2.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Turned profitable
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 5,280 | 5,486 | 206 | +3.9% |
| Gross profit | 1,757 | 1,978 | 221 | +12.6% |
| Operating income | -188 | 156 | 343 | — |
| Net income attributable to owners | -394 | 127 | 520 | — |
| Operating cash flow | -132 | 570 | 702 | — |
| Free cash flow | -732 | 536 | 1,268 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2020 | 1,105 | 176 | 15.9% | 114 | 156 | 143 | S100NSUF |
| FY ending Dec 2021 | 2,140 | 511 | 23.9% | 360 | 427 | 402 | S100NSUF |
| FY ending Dec 2022 | 4,352 | 958 | 22.0% | 677 | 783 | 757 | S100T4ZY |
| FY ending Dec 2023 | 6,284 | 853 | 13.6% | 589 | 453 | 427 | S100VIYR |
| FY ending Dec 2024 | 5,280 | -188 | -3.6% | -394 | -132 | -732 | S100XUQY |
| FY ending Dec 2025 | 5,486 | 156 | 2.8% | 127 | 570 | 536 | S100XUQY |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥15.7M |
| Operating income per employee (consolidated) | ¥444.8K |
| Net income per employee (consolidated) | ¥361.8K |

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

| History | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 64 | 167 | 239 | 255 | 350 |
| Average salary (parent company) | ¥5.5M | ¥5.5M | ¥5.4M | ¥6.2M | ¥6.7M |
| Average age (parent company) | 27.3 years | 27.8 years | 27.3 years | 31.3 years | 33.3 years |
| Average tenure (parent company) | 1.5 years | 1.4 years | 1.8 years | 2.0 years | 2.1 years |

Year over year: Employees (consolidated) +37.3% · Revenue (consolidated) +3.9%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Digital transformation business | 3,987 | 72.7% | 652 | 16.3% |
| DX Technology Business | 1,285 | 23.4% | 46 | 3.5% |
| DX HR Business | 214 | 3.9% | 1 | 0.5% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Digital transformation business | 72.7% | 93.3% | 20.6 | 16.3% |
| DX Technology Business | 23.4% | 6.5% | -16.9 | 3.5% |
| DX HR Business | 3.9% | 0.2% | -3.7 | 0.5% |

Segment → industry: DX Technology Business → IT Services & System Integration / Digital transformation business → IT Services & System Integration / DX HR Business → HR & Staffing / Digital transformation business → Consulting

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 570 | 10.4% | S100XUQY |
| Capital expenditure | 33 | 0.6% | S100XUQY |
| Free cash flow | 536 | 9.8% | 算出 |
| Investing cash flow | 36 | 0.7% | S100XUQY |
| Financing cash flow | -1,134 | -20.7% | S100XUQY |
| Share buyback | 141 | 2.6% | S100XUQY |
| Change in cash | -529 | -9.6% | S100XUQY |
| Cash and equivalents | 2,096 | 38.2% | S100XUQY |

## 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 Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 2,248 | 2,220 | 2,772 | 2,625 | 2,096 | S100NSUF, S100VIYR, S100XUQY |
| Total assets | 2,785 | 4,286 | 5,713 | 5,540 | 4,633 | S100NSUF, S100T4ZY, S100VIYR, S100XUQY |
| Net assets | 2,088 | 2,806 | 2,654 | 2,242 | 2,260 | S100NSUF, S100VIYR, S100XUQY |
| Share capital | 946 | 971 | 1,029 | 50 | 50 | S100NSUF, S100T4ZY, S100VIYR, S100XUQY |
| Trade receivables | — | 593 | 697 | 586 | — | S100T4ZY, S100VIYR |
| Property, plant and equipment | 51 | 59 | 57 | 580 | 533 | S100NSUF, S100T4ZY, S100VIYR, S100XUQY |
| Intangible assets excluding goodwill | 10 | 569 | 1,120 | 448 | 396 | S100NSUF, S100T4ZY, S100VIYR, S100XUQY |
| Goodwill | 8 | 568 | 907 | 256 | 225 | S100NSUF, S100T4ZY, S100VIYR, S100XUQY |
| Investment securities | 19 | 53 | 56 | 18 | — | S100NSUF, S100T4ZY, S100VIYR, S100XUQY |
| Current assets | 2,596 | 2,908 | 3,596 | 3,683 | 2,914 | S100NSUF, S100T4ZY, S100VIYR, S100XUQY |
| Current liabilities | 485 | 968 | 1,205 | 1,496 | 1,496 | S100NSUF, S100T4ZY, S100VIYR, S100XUQY |
| Long-term borrowings | 139 | 486 | 1,776 | 1,591 | 736 | S100NSUF, S100T4ZY, S100VIYR, S100XUQY |
| Bonds | 69 | 25 | 5 | — | — | S100NSUF, S100T4ZY, S100VIYR |
| Total liabilities | 696 | 1,480 | 3,059 | 3,299 | 2,372 | S100NSUF, S100T4ZY, S100VIYR, S100XUQY |
| Equity attributable to owners of parent | 2,088 | 2,790 | 2,648 | 2,241 | 2,250 | S100NSUF, S100T4ZY, S100VIYR, S100XUQY |
| Retained earnings | 527 | 1,204 | 1,743 | 1,349 | 1,476 | S100NSUF, S100T4ZY, S100VIYR, S100XUQY |
| Treasury stock | -0 | -0 | -757 | -729 | -201 | S100NSUF, S100T4ZY, S100VIYR, S100XUQY |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 45% | S100XUQY |
| Property, plant and equipment | 12% | S100XUQY |
| Intangibles and goodwill | 13% | S100XUQY |
| Other assets | 30% | S100XUQY |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 51% | S100XUQY |
| Equity | 49% | S100XUQY |
| Other liabilities | 0% | S100XUQY |

### Balance sheet history

| Metric | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 2,785 | 4,286 | 5,713 | 5,540 | 4,633 |
| Equity | 2,088 | 2,806 | 2,654 | 2,242 | 2,260 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 2,248 | 2,220 | 2,772 | 2,625 | 2,096 |

## 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) | 9.7% | S100XUQY |
| Fixed assets ÷ total assets | 11.5% | S100XUQY |
| Goodwill ÷ parent equity | 10.0% | S100XUQY |

### 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) | 45.2% |
| Cash ÷ revenue | 38.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 365.8% |
| Cash vs. profit gap | 443 JPY mn (of net income 349.7%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.6% |
| Investing CF relative to operating CF | 6.3% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 16.8% | 0.77× | 12.9% | 1.33× | 17.2% | S100NSUF |
| 2022 | 15.6% | 1.02× | 15.8% | 1.54× | 24.3% | S100T4ZY |
| 2023 | 9.4% | 1.26× | 11.8% | 1.84× | 21.7% | S100VIYR |
| 2024 | — | —× | -7.0% | —× | — | S100XUQY |
| 2025 | 2.3% | 1.08× | 2.5% | 2.27× | 5.6% | S100XUQY |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| SBIホールディングス株式会社 | Major shareholder | 29.9% | 2025-12-31 |
| 土井悠之介 | Major shareholder | 16.2% | 2025-12-31 |
| DY投資事業有限責任組合１号 | Major shareholder | 15.8% | 2025-12-31 |
| 伊藤翔太 | Major shareholder | 3.7% | 2025-12-31 |
| 新宅央 | Major shareholder | 3.5% | 2025-12-31 |
| 株式会社Macbee Planet | Major shareholder | 2.8% | 2025-12-31 |
| 株式会社日本カストディ銀行（信託E口） | Major shareholder | 2.5% | 2025-12-31 |
| 鑓水葵 | Major shareholder | 1.6% | 2025-12-31 |
| 古瀬豪 | Major shareholder | 1.3% | 2025-12-31 |
| 江竜寛之 | Major shareholder | 1.1% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第10期(2025/01/01－2025/12/31) | S100XUQY | 2026-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XUQY,, |
| 有価証券報告書－第9期(2024/01/01－2024/12/31) | S100VIYR | 2025-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VIYR,, |
| 有価証券報告書－第8期(2023/01/01－2023/12/31) | S100T4ZY | 2024-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T4ZY,, |
| 有価証券報告書－第7期(2022/01/01－2022/12/31) | S100QH0V | 2023-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QH0V,, |
| 有価証券報告書－第6期(令和3年1月1日－令和3年12月31日) | S100NSUF | 2022-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NSUF,, |

## 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).