# PRONI: business model and financials

> Latest period: FY ending Dec 2025, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第14期(2025/01/01－2025/12/31) (S100XTAR)
> Page: https://vizora.meequs.com/en/company/proni
> Retrieved: 2026-09-30T20:58:25.328Z

## Company

Proni, founded in 2012, is a company in Internet Services & Apps listed on TSE Growth. It has 156 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | PRONI Inc. |
| Ticker | 479A |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/479A.T) |
| Listing | TSE Growth |
| Head office | 東京都品川区東五反田三丁目20番14号住友不動産高輪パークタワー12F |
| Representative (per filing) | 代表取締役CEO 柴田 大介 |
| Founded | Oct 2012 |
| Share capital | ¥100M |
| Employees (consolidated) | 156 |
| Average salary (parent only) | ¥6.3M |
| Fiscal year end | December |
| Website | www.proni.co.jp (https://www.proni.co.jp/) |
| Corporate number | 3011001091842 |
| EDINET | E41191 |
| Industries (Vizora) | Internet Services & Apps |

> Profile source: annual securities report (S100XTAR, filed 2026-03-25). As of filing

## Five-axis industry profile

Primary industry: Internet Services & Apps (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 96.3 | 40 |
| Profitability | 57.8 | 51 |
| Cash conversion | 73.3 | 43 |
| Efficiency | 74 | 52 |

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)

- Proni brought in ¥3.23B in revenue.
- Out of every ¥100 of sales, about ¥11 is left as operating profit.
- Revenue changed +47.1% from the prior year, and it swung back to an operating profit.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥3233597000 → ¥533582000
- Net income → operating cash flow: ¥533582000 → ¥587171000（difference ¥53589000）
- Main uses of operating cash flow: CapEx ¥106188000 / dividends — / buybacks —
- Change in cash: ¥1258169000
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 | ¥3.23B |  |
| Operating income | ¥369.7M | Margin 11.4% |
| Net income | ¥533.6M | Margin 16.5% |
| Free cash flow | ¥481M |  |
| Employees (consolidated) | 156 |  |
| EPS | ¥128.92 |  |
| Diluted EPS | ¥115.82 |  |
| Book value per share | ¥362.48 |  |
| Equity ratio | 47.4% |  |
| Shares outstanding | 4,382,560 |  |
| Shareholders | 2,043 |  |
| Average salary (parent only) | ¥6.3M | Filing company only |
| Cash ratio | 73.3% | Cash ÷ revenue 76.0% |
| Vs. industry median margin | +3.8 pp | Internet Services & Apps |
| ROE | 47.6% | Derived from disclosed figures |
| ROA | 20.8% | Derived from disclosed figures |

## Notable figures

- FY2025, cash is 73% of total assets

## What changed in 1 years

| Metric | FY ending Dec 2024 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥2197804000 | ¥3233597000 | +47.1% |
| Operating income | ¥-384242000 | ¥369720000 | — |
| Operating margin | -17.5% | 11.4% | +28.9 pp |
| Employees | 123 people | 156 people | +26.8% |
| Cash and equivalents | ¥1199549000 | ¥2457719000 | +104.9% |

### Change in segment revenue mix

Span: FY ending Dec 2024 → FY ending Dec 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 3,234 | 100.0% | S100XTAR |
| Cost of revenue | 290 | 9.0% | S100XTAR |
| Gross profit | 2,943 | 91.0% | S100XTAR |
| SG&A | 2,573 | 79.6% | S100XTAR |
| Operating income | 370 | 11.4% | S100XTAR |
| Ordinary income | 362 | 11.2% | S100XTAR |
| Pretax income | 362 | 11.2% | S100XTAR |
| Income tax | -172 | -5.3% | S100XTAR |
| Net income | 534 | 16.5% | S100XTAR |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 9 |
| SG&A | 80 |
| Operating income | 11 |
| (Ref.) Net income | 17 |

### Margin funnel

Gross margin 91.0% → Operating margin 11.4% → Net margin 16.5%
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 | 2,198 | 3,234 | 1,036 | +47.1% |
| Gross profit | 1,838 | 2,943 | 1,106 | +60.2% |
| Operating income | -384 | 370 | 754 | — |
| Operating cash flow | -343 | 587 | 930 | — |
| Free cash flow | -344 | 481 | 825 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2024 | 2,198 | -384 | -17.5% | -270 | -343 | -344 | S100XTAR |
| FY ending Dec 2025 | 3,234 | 370 | 11.4% | 534 | 587 | 481 | S100XTAR |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥20.7M |
| Operating income per employee (consolidated) | ¥2.4M |
| Net income per employee (consolidated) | ¥3.4M |

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

| History | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: |
| Employees (consolidated) | 123 | 156 |
| Average salary (parent company) | — | ¥6.3M |
| Average age (parent company) | — | 34.3 years |
| Average tenure (parent company) | — | 2.3 years |

Year over year: Employees (consolidated) +26.8% · Revenue (consolidated) +47.1%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 587 | 18.2% | S100XTAR |
| Capital expenditure | 106 | 3.3% | S100XTAR |
| Free cash flow | 481 | 14.9% | 算出 |
| Investing cash flow | -71 | -2.2% | S100XTAR |
| Financing cash flow | 742 | 23.0% | S100XTAR |
| Change in cash | 1,258 | 38.9% | S100XTAR |
| Cash and equivalents | 2,458 | 76.0% | S100XTAR |

## 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 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: |
| Cash and equivalents | 1,200 | 2,458 | S100XTAR |
| Total assets | 1,771 | 3,354 | S100XTAR |
| Net assets | 663 | 1,632 | S100XTAR |
| Share capital | 100 | 100 | S100XTAR |
| Property, plant and equipment | 32 | 29 | S100XTAR |
| Intangible assets excluding goodwill | — | 103 | S100XTAR |
| Current assets | 1,561 | 2,868 | S100XTAR |
| Current liabilities | 526 | 935 | S100XTAR |
| Long-term borrowings | 581 | 787 | S100XTAR |
| Total liabilities | 1,108 | 1,723 | S100XTAR |
| Equity attributable to owners of parent | 653 | 1,589 | S100XTAR |
| Retained earnings | -281 | 518 | S100XTAR |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 73% | S100XTAR |
| Property, plant and equipment | 1% | S100XTAR |
| Intangibles and goodwill | 3% | S100XTAR |
| Other assets | 23% | S100XTAR |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 51% | S100XTAR |
| Equity | 49% | S100XTAR |

### Balance sheet history

| Metric | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: |
| Total assets | 1,771 | 3,354 |
| Equity | 663 | 1,632 |
| Interest-bearing debt | — | — |
| Cash | 1,200 | 2,458 |

## 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% | S100XTAR |
| Fixed assets ÷ total assets | 0.9% | S100XTAR |
| Goodwill ÷ parent equity | — | —, S100XTAR |

### 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) | 73.3% |
| Cash ÷ revenue | 76.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 158.8% |
| Cash vs. profit gap | 54 JPY mn (of net income 10.0%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 3.3% |
| Investing CF relative to operating CF | 12.1% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2024 | — | —× | -15.3% | —× | — | S100XTAR |
| 2025 | 16.5% | 1.26× | 20.8% | 2.29× | 47.6% | S100XTAR |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社エールユー | Major shareholder | 25.6% | 2025-12-31 |
| 株式会社ＳＢＩ証券 | Major shareholder | 8.7% | 2025-12-31 |
| ＪＩＣベンチャー・グロース・ ファンド１号投資事業有限責任組合 | Major shareholder | 6.2% | 2025-12-31 |
| ＭＩＣイノベーション5号投資事業 有限責任組合 | Major shareholder | 4.1% | 2025-12-31 |
| 栗山 規夫 | Major shareholder | 3.9% | 2025-12-31 |
| Ｓｐｉｒａｌ Ｃａｐｉｔａｌ Ｊａｐａｎ Ｆｕｎｄ２号投資事業 有限責任組合 | Major shareholder | 3.6% | 2025-12-31 |
| 株式会社日本カストディ銀行 （信託口） | Major shareholder | 2.1% | 2025-12-31 |
| ＳＢＩ４＆５投資事業有限責任組合 | Major shareholder | 2.1% | 2025-12-31 |
| ニッセイ・キャピタル９号投資事業 有限責任組合 | Major shareholder | 1.6% | 2025-12-31 |
| 楽天証券株式会社共有口 | Major shareholder | 1.5% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第14期(2025/01/01－2025/12/31) | S100XTAR | 2026-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XTAR,, |

## 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).