# Prored Partners CO.,LTD.: business model and financials

> Latest period: FY ending Oct 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第18期(2024/11/01－2025/10/31) (S100XHNU)
> Page: https://vizora.meequs.com/en/company/prored-p
> Retrieved: 2026-09-30T22:08:14.087Z

## Company

Prored Partners, founded in 2008, is a company in Investment Funds listed on TSE Prime. It has 329 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Prored Partners CO.,LTD. |
| Ticker | 7034 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7034.T) |
| Listing | TSE Prime |
| Head office | 東京都港区赤坂二丁目4番6号 赤坂グリーンクロス21階 |
| Representative (per filing) | 代表取締役 佐谷 進 |
| Founded | Apr 2008 |
| Share capital | ¥12.6M |
| Employees (consolidated) | 329 |
| Average salary (parent only) | ¥9.1M |
| Fiscal year end | October |
| Website | www.prored-p.com (https://www.prored-p.com/) |
| Corporate number | 3010401075612 |
| EDINET | E34148 |
| Industries (Vizora) | Investment Funds, Consulting |

> Profile source: annual securities report (S100XHNU, filed 2026-01-27). As of filing

## Key points (generated from figures)

- About 66% of Prored Partners's sales come from investment business, with consulting business making up much of the rest.
- Out of every ¥100 of sales, about ¥40 is left as operating profit.
- Revenue changed +158.7% from the prior year, operating profit +395.1%.

## Company structure

- Segment revenue mix: investment business 66.5%、consulting business 33.5%
- Revenue → net income: ¥12302688000 → ¥4686344000
- Net income → operating cash flow: ¥4686344000 → ¥5410650000（difference ¥724306000）
- Main uses of operating cash flow: CapEx ¥261451000 / dividends — / buybacks —
- Change in cash: ¥324521000
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 | ¥12.3B |  |
| Operating income | ¥4.95B | Margin 40.2% |
| Net income | ¥205.8M | Margin 1.7% |
| Free cash flow | ¥5.15B |  |
| Largest business | investment business | of segment revenue 66.5% |
| Employees (consolidated) | 329 |  |
| EPS | ¥-22.35 |  |
| Book value per share | ¥560.31 |  |
| Equity ratio | 47.1% |  |
| Shares outstanding | 11,201,800 |  |
| Treasury shares | 276,100 |  |
| Shareholders | 2,495 |  |
| Average salary (parent only) | ¥9.1M | Filing company only |
| Cash ratio | 40.5% | Cash ÷ revenue 47.5% |
| Vs. industry median margin | +30.4 pp | Investment Funds |
| ROE | 3.2% | Derived from disclosed figures |
| ROA | 1.5% | Derived from disclosed figures |

## Notable figures

- FY2025, operating cash flow is 26.3× net income
- FY2025, revenue is 3.4× its level five years ago
- FY2025, one segment accounts for 100% of positive segment profit

## What changed in 4 years

| Metric | FY ending Oct 2021 | FY ending Oct 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥3649639000 | ¥12302688000 | +237.1% |
| Operating income | ¥726261000 | ¥4945304000 | +580.9% |
| Operating margin | 19.9% | 40.2% | +20.3 pp |
| Employees | 238 people | 329 people | +38.2% |
| Cash and equivalents | ¥4566793000 | ¥5843887000 | +28.0% |

### Change in segment revenue mix

Span: FY ending Oct 2021 → FY ending Oct 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 → コンサルティング事業 | 33.5% |
| 新設・再編 → ファンド事業 | 66.5% |

Segment revenue source references: 2 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 12,303 | 100.0% | S100XHNU |
| Cost of revenue | 4,771 | 38.8% | S100XHNU |
| Gross profit | 7,532 | 61.2% | S100XHNU |
| SG&A | 2,587 | 21.0% | S100XHNU |
| Operating income | 4,945 | 40.2% | S100XHNU |
| Ordinary income | 4,948 | 40.2% | S100XHNU |
| Pretax income | 4,955 | 40.3% | S100XHNU |
| Income tax | 269 | 2.2% | S100XHNU |
| Net income | 4,686 | 38.1% | S100XHNU |
| Net income attributable to owners | 206 | 1.7% | S100XHNU |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 39 |
| SG&A | 21 |
| Operating income | 40 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 61.2% → Operating margin 40.2% → Net margin 1.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +158.7%; Core profit growth: +395.1%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.49×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 4,755 | 12,303 | 7,547 | +158.7% |
| Gross profit | 2,465 | 7,532 | 5,067 | +205.5% |
| Operating income | 999 | 4,945 | 3,947 | +395.1% |
| Net income attributable to owners | 320 | 206 | -114 | -35.6% |
| Operating cash flow | -100 | 5,411 | 5,510 | — |
| Free cash flow | -104 | 5,149 | 5,254 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Oct 2021 | 3,650 | 726 | 19.9% | 533 | 308 | 2 | S100Q1V2 |
| FY ending Oct 2022 | 2,718 | -149 | -5.5% | -871 | -187 | -812 | S100SNXV |
| FY ending Oct 2023 | 2,715 | -372 | -13.7% | 818 | -579 | -583 | S100V5J6 |
| FY ending Oct 2024 | 4,755 | 999 | 21.0% | 320 | -100 | -104 | S100XHNU |
| FY ending Oct 2025 | 12,303 | 4,945 | 40.2% | 206 | 5,411 | 5,149 | S100XHNU |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥37.4M |
| Operating income per employee (consolidated) | ¥15M |
| Net income per employee (consolidated) | ¥625.7K |

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

| History | FY ending Oct 2021 | FY ending Oct 2022 | FY ending Oct 2023 | FY ending Oct 2024 | FY ending Oct 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 238 | 258 | 211 | 249 | 329 |
| Average salary (parent company) | ¥6.5M | ¥6.1M | ¥7M | ¥7.4M | ¥9.1M |
| Average age (parent company) | 32.2 years | 32.5 years | 34.7 years | 35.1 years | 35.1 years |
| Average tenure (parent company) | 2.0 years | 2.4 years | 3.3 years | 3.1 years | 2.8 years |

Year over year: Employees (consolidated) +32.1% · Revenue (consolidated) +158.7%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| consulting business | 4,122 | 33.5% | -1,068 | -25.9% |
| investment business | 8,180 | 66.5% | 6,013 | 73.5% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| consulting business | 33.5% | — | — | -25.9% |
| investment business | 66.5% | 100.0% | 33.5 | 73.5% |

Loss-making segment (excluded from profit shares): consulting business -1,068 JPY mn

Segment → industry: investment business → Investment Funds / consulting business → Consulting

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 5,411 | 44.0% | S100XHNU |
| Capital expenditure | 261 | 2.1% | S100XHNU |
| Free cash flow | 5,149 | 41.9% | 算出 |
| Investing cash flow | -468 | -3.8% | S100XHNU |
| Financing cash flow | -4,618 | -37.5% | S100XHNU |
| Change in cash | 325 | 2.6% | S100XHNU |
| Cash and equivalents | 5,844 | 47.5% | S100XHNU |

## 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 Oct 2021 | FY ending Oct 2022 | FY ending Oct 2023 | FY ending Oct 2024 | FY ending Oct 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 4,567 | 4,730 | 5,404 | 5,519 | 5,844 | S100SNXV, S100V5J6, S100XHNU |
| Total assets | 8,892 | 9,323 | 11,978 | 13,115 | 14,425 | S100Q1V2, S100SNXV, S100V5J6, S100XHNU |
| Net assets | 7,860 | 7,520 | 10,067 | 11,323 | 11,892 | S100SNXV, S100V5J6, S100XHNU |
| Share capital | 2,026 | 2,026 | 10 | 10 | 13 | S100Q1V2, S100SNXV, S100V5J6, S100XHNU |
| Property, plant and equipment | 79 | 70 | 50 | 39 | 368 | S100Q1V2, S100SNXV, S100V5J6, S100XHNU |
| Intangible assets excluding goodwill | 654 | 335 | 296 | 260 | 217 | S100Q1V2, S100SNXV, S100V5J6, S100XHNU |
| Goodwill | 338 | 308 | 277 | 246 | 215 | S100Q1V2, S100SNXV, S100V5J6, S100XHNU |
| Investment securities | 2,560 | 3,205 | 5,225 | 205 | 626 | S100Q1V2, S100SNXV, S100V5J6, S100XHNU |
| Current assets | 5,405 | 5,536 | 6,173 | 12,377 | 12,783 | S100Q1V2, S100SNXV, S100V5J6, S100XHNU |
| Current liabilities | 818 | 1,012 | 920 | 935 | 1,665 | S100Q1V2, S100SNXV, S100V5J6, S100XHNU |
| Short-term borrowings | 100 | — | — | — | — | S100Q1V2 |
| Long-term borrowings | 26 | 682 | 956 | 777 | 558 | S100Q1V2, S100SNXV, S100V5J6, S100XHNU |
| Bonds | 160 | 80 | — | — | — | S100Q1V2, S100SNXV |
| Interest-bearing debt | 286 | — | — | — | — | 算出 |
| Total liabilities | 1,032 | 1,803 | 1,911 | 1,792 | 2,533 | S100Q1V2, S100SNXV, S100V5J6, S100XHNU |
| Non-controlling interests | 1,821 | 2,352 | 4,019 | 4,924 | 4,997 | S100Q1V2, S100SNXV, S100V5J6, S100XHNU |
| Equity attributable to owners of parent | 6,039 | 5,168 | 5,987 | 6,306 | 6,517 | S100Q1V2, S100SNXV, S100V5J6, S100XHNU |
| Retained earnings | 2,760 | 1,889 | 2,707 | 3,027 | 3,233 | S100Q1V2, S100SNXV, S100V5J6, S100XHNU |
| Treasury stock | -763 | -763 | -763 | -763 | -763 | S100Q1V2, S100SNXV, S100V5J6, S100XHNU |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 40% | S100XHNU |
| Property, plant and equipment | 3% | S100XHNU |
| Intangibles and goodwill | 3% | S100XHNU |
| Investment securities | 4% | S100XHNU |
| Other assets | 50% | S100XHNU |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 18% | S100XHNU |
| Equity | 82% | S100XHNU |

### Balance sheet history

| Metric | FY ending Oct 2021 | FY ending Oct 2022 | FY ending Oct 2023 | FY ending Oct 2024 | FY ending Oct 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 8,892 | 9,323 | 11,978 | 13,115 | 14,425 |
| Equity | 7,860 | 7,520 | 10,067 | 11,323 | 11,892 |
| Interest-bearing debt | 286 | — | — | — | — |
| Cash | 4,567 | 4,730 | 5,404 | 5,519 | 5,844 |

## 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) | 3.0% | S100XHNU |
| Fixed assets ÷ total assets | 2.6% | S100XHNU |
| Goodwill ÷ parent equity | 3.3% | S100XHNU |

Goodwill over 4 years: 338 → 215 JPY; total investing cash flow: -714 JPY. This does not imply causation.

### 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) | 40.5% |
| Cash ÷ revenue | 47.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 109.4% |
| Cash vs. profit gap | 5,205 JPY mn (of net income 2528.5%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 2.1% |
| Investing CF relative to operating CF | 8.7% |

## 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 | 14.6% | 0.41× | 6.0% | 1.47× | 8.8% | S100Q1V2 |
| 2022 | — | —× | -9.6% | —× | — | S100SNXV |
| 2023 | 30.1% | 0.25× | 7.7% | 1.91× | 14.7% | S100V5J6 |
| 2024 | 6.7% | 0.38× | 2.5% | 2.04× | 5.2% | S100XHNU |
| 2025 | 1.7% | 0.89× | 1.5% | 2.15× | 3.2% | S100XHNU |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社SHINKインベストメント | Major shareholder | 43.9% | 2025-10-31 |
| 株式会社カプセルコーポレーション | Major shareholder | 6.6% | 2025-10-31 |
| 佐谷 進 | Major shareholder | 5.8% | 2025-10-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 4.8% | 2025-10-31 |
| 山本 卓司 | Major shareholder | 3.3% | 2025-10-31 |
| 久富 哲也 | Major shareholder | 1.8% | 2025-10-31 |
| 西村 裕二 | Major shareholder | 1.6% | 2025-10-31 |
| SBI Ventures Two株式会社 | Major shareholder | 1.5% | 2025-10-31 |
| 楽天証券株式会社共有口 | Major shareholder | 1.2% | 2025-10-31 |
| 株式会社スペース紙化 | Major shareholder | 1.1% | 2025-10-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第18期(2024/11/01－2025/10/31) | S100XHNU | 2026-01-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XHNU,, |
| 有価証券報告書－第17期(2023/11/01－2024/10/31) | S100V5J6 | 2025-01-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100V5J6,, |
| 有価証券報告書－第16期(2022/11/01－2023/10/31) | S100SNXV | 2024-01-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SNXV,, |
| 訂正有価証券報告書－第15期(2021/11/01－2022/10/31) | S100Q1V2 | 2023-01-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Q1V2,, |
| 訂正有価証券報告書－第14期(令和2年11月1日－令和3年10月31日) | S100NOOC | 2022-03-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NOOC,, |

## 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).