# PROGRESS TECHNOLOGIES GROUP, Inc.: business model and financials

> Latest period: FY ending Feb 2026, consolidated, IFRS
> Unit: JPY millions
> Sources: 有価証券報告書－第6期(2025/03/01－2026/02/28) (S100Y6XY)
> Page: https://vizora.meequs.com/en/company/puroguresutekunorojizu-gurupu
> Retrieved: 2026-09-30T22:45:15.754Z

## Company

Progress Technologies Group, founded in 2020, is a company in Consulting listed on TSE Growth. It has 568 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | PROGRESS TECHNOLOGIES GROUP, Inc. |
| Ticker | 339A |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/339A.T) |
| Listing | TSE Growth |
| Head office | 東京都江東区青海一丁目1番20号 |
| Representative (per filing) | 代表取締役 中山 岳人 |
| Founded | Jun 2020 |
| Share capital | ¥657M |
| Employees (consolidated) | 568 |
| Average salary (parent only) | ¥5.9M |
| Fiscal year end | February |
| Corporate number | 4010401153730 |
| EDINET | E40448 |
| Industries (Vizora) | Consulting |

> Profile source: annual securities report (S100Y6XY, filed 2026-05-27). As of filing

## Five-axis industry profile

Primary industry: Consulting (2026-02-28)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 43.5 | 31 |
| Profitability | 89.8 | 44 |
| Cash conversion | 69.3 | 44 |
| Efficiency | 3.4 | 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)

- Progress Technologies Group brought in ¥6.31B in revenue.
- Out of every ¥100 of sales, about ¥28 is left as operating profit.
- Revenue changed +11.8% from the prior year, operating profit +95.2%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥6314000000 → ¥1181000000
- Net income → operating cash flow: ¥1181000000 → ¥2000000000（difference ¥819000000）
- Main uses of operating cash flow: CapEx ¥113000000 / dividends — / buybacks ¥107000000
- Change in cash: ¥2416000000
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 | ¥6.31B |  |
| Operating income | ¥1.78B | Margin 28.3% |
| Net income | ¥1.18B | Margin 18.7% |
| Free cash flow | ¥1.89B |  |
| Employees (consolidated) | 568 |  |
| EPS | ¥153.03 |  |
| Diluted EPS | ¥148.36 |  |
| Book value per share | ¥459.43 |  |
| Equity ratio | 52.3% | Derived from disclosed figures |
| Shares outstanding | 7,823,150 |  |
| Treasury shares | 70,200 |  |
| Shareholders | 3,439 |  |
| Average salary (parent only) | ¥5.9M | Filing company only |
| Cash ratio | 28.9% | Cash ÷ revenue 52.6% |
| Vs. industry median margin | +18.7 pp | Consulting |
| ROE | 24.4% | Derived from disclosed figures |
| ROA | 11.6% | Derived from disclosed figures |

## Notable figures

- FY2026, operating income keeps 28 per ¥100 of revenue
- FY2026, cash is 29% of total assets

## What changed in 3 years

| Metric | FY ending Feb 2023 | FY ending Feb 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥4780000000 | ¥6314000000 | +32.1% |
| Employees | 512 people | 568 people | +10.9% |
| Cash and equivalents | ¥1278000000 | ¥3322000000 | +159.9% |

### Change in segment revenue mix

Span: FY ending Feb 2023 → FY ending Feb 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

## Income statement（FY ending Feb 2026, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 6,314 | 100.0% | S100Y6XY |
| Cost of revenue | 3,421 | 54.2% | S100Y6XY |
| Gross profit | 2,892 | 45.8% | S100Y6XY |
| SG&A | 1,315 | 20.8% | S100Y6XY |
| Operating income | 1,784 | 28.3% | S100Y6XY |
| Pretax income | 1,719 | 27.2% | S100Y6XY |
| Income tax | 537 | 8.5% | S100Y6XY |
| Net income | 1,181 | 18.7% | S100Y6XY |
| Net income attributable to owners | 1,181 | 18.7% | S100Y6XY |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 54 |
| SG&A | 21 |
| Other operating | -3 |
| Operating income | 28 |
| (Ref.) Net income | 19 |

### Margin funnel

Gross margin 45.8% → Operating margin 28.3% → Net margin 18.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +11.8%; Core profit growth: +95.2%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 8.09×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 5,649 | 6,314 | 665 | +11.8% |
| Gross profit | 2,592 | 2,892 | 300 | +11.6% |
| Operating income | 914 | 1,784 | 870 | +95.2% |
| Net income attributable to owners | 584 | 1,181 | 597 | +102.2% |
| Operating cash flow | 950 | 2,000 | 1,050 | +110.5% |
| Free cash flow | 661 | 1,887 | 1,226 | +185.5% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Feb 2023 | 4,780 | — | — | 730 | 1,052 | — | S100Y6XY |
| FY ending Feb 2024 | 5,116 | 1,150 | 22.5% | 696 | 712 | 682 | S100VUMI |
| FY ending Feb 2025 | 5,649 | 914 | 16.2% | 584 | 950 | 661 | S100Y6XY |
| FY ending Feb 2026 | 6,314 | 1,784 | 28.3% | 1,181 | 2,000 | 1,887 | S100Y6XY |

## People and productivity（FY ending Feb 2026, consolidated, IFRS）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥11.1M |
| Operating income per employee (consolidated) | ¥3.1M |
| Net income per employee (consolidated) | ¥2.1M |

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

| History | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 512 | 543 | 545 | 568 |
| Average salary (parent company) | — | — | ¥5.2M | ¥5.9M |
| Average age (parent company) | — | — | 36.0 years | 37.7 years |
| Average tenure (parent company) | — | — | 6.1 years | 7.5 years |

Year over year: Employees (consolidated) +4.2% · Revenue (consolidated) +11.8%

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Feb 2026, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 2,000 | 31.7% | S100Y6XY |
| Capital expenditure | 113 | 1.8% | S100Y6XY |
| Free cash flow | 1,887 | 29.9% | 算出 |
| Investing cash flow | -144 | -2.3% | S100Y6XY |
| Financing cash flow | 561 | 8.9% | S100Y6XY |
| Share buyback | 107 | 1.7% | S100Y6XY |
| Change in cash | 2,416 | 38.3% | S100Y6XY |
| Cash and equivalents | 3,322 | 52.6% | S100Y6XY |

## 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 Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,278 | 792 | 905 | 3,322 | S100VUMI, S100Y6XY |
| Total assets | 7,892 | 7,676 | 8,830 | 11,506 | S100Y6XY, S100VUMI |
| Net assets | 2,352 | 3,060 | 3,657 | 6,015 | S100VUMI, S100Y6XY |
| Share capital | — | 10 | 10 | 657 | S100VUMI, S100Y6XY |
| Property, plant and equipment | — | 456 | 1,354 | 1,429 | S100VUMI, S100Y6XY |
| Goodwill | — | 4,964 | 4,964 | 4,964 | S100VUMI, S100Y6XY |
| Current assets | — | 1,937 | 2,127 | 4,619 | S100VUMI, S100Y6XY |
| Total liabilities | — | 4,616 | 5,172 | 5,490 | S100VUMI, S100Y6XY |
| Equity attributable to owners of parent | — | 3,060 | 3,657 | 6,015 | S100VUMI, S100Y6XY |
| Retained earnings | — | 1,290 | 1,875 | 3,057 | S100VUMI, S100Y6XY |
| Treasury stock | — | — | — | -106 | S100Y6XY |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 29% | S100Y6XY |
| Property, plant and equipment | 12% | S100Y6XY |
| Intangibles and goodwill | 43% | — |
| Other assets | 16% | S100Y6XY |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 48% | S100Y6XY |
| Equity | 52% | S100Y6XY |
| Other liabilities | 0% | S100Y6XY |

### Balance sheet history

| Metric | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: |
| Total assets | 7,892 | 7,676 | 8,830 | 11,506 |
| Equity | 2,352 | 3,060 | 3,657 | 6,015 |
| Interest-bearing debt | — | — | — | — |
| Cash | 1,278 | 792 | 905 | 3,322 |

## 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) | 22.6% | S100Y6XY |
| Fixed assets ÷ total assets | 12.4% | S100Y6XY |
| Goodwill ÷ parent equity | 82.5% | S100Y6XY |

### 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) | 28.9% |
| Cash ÷ revenue | 52.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 112.1% |
| Cash vs. profit gap | 819 JPY mn (of net income 69.3%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 1.8% |
| Investing CF relative to operating CF | 7.2% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2023 | 15.3% | 0.61× | 9.2% | 3.36× | 31.0% | S100Y6XY, S100VUMI |
| 2024 | 13.6% | 0.66× | 8.9% | 2.54× | 22.7% | S100VUMI |
| 2025 | 10.3% | 0.68× | 7.1% | 2.46× | 17.4% | S100Y6XY |
| 2026 | 18.7% | 0.62× | 11.6% | 2.10× | 24.4% | S100Y6XY |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ジャフコＳＶ６投資事業有限責任組合 | Major shareholder | 36.4% | 2026-02-28 |
| ジャフコＳＶ６－Ｓ投資事業有限責任組合 | Major shareholder | 9.1% | 2026-02-28 |
| ウィンボンド・エレクトロニクス株式会社 | Major shareholder | 6.6% | 2026-02-28 |
| 丸紅Ｉ‐ＤＩＧＩＯホールディングス株式会社 | Major shareholder | 5.6% | 2026-02-28 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 5.0% | 2026-02-28 |
| ヌヴォトンテクノロジージャパン株式会社 | Major shareholder | 3.3% | 2026-02-28 |
| ミラクシア エッジテクノロジー株式会社 | Major shareholder | 3.3% | 2026-02-28 |
| ＢＢＨ ＬＵＸ／ＢＲＯＷＮ ＢＲＯＴＨＥＲＳ ＨＡＲＲＩＭＡＮ （ＬＵＸＥＭＢＯＵＲＧ） ＳＣＡ ＣＵＳＴＯＤＩＡＮ ＦＯＲ ＳＭＤ－ＡＭ ＦＵＮＤＳ － ＤＳＢＩ ＪＡＰＡＮ ＥＱＵＩＴＹ ＳＭＡＬＬ ＣＡＰ ＡＢＳＯＬＵＴＥ ＶＡＬＵＥ (常任代理人 株式会社三井住友銀行) | Major shareholder | 1.9% | 2026-02-28 |
| ＭＳＩＰ ＣＬＩＥＮＴ ＳＥＣＵＲＩＴＩＥＳ (常任代理人 モルガン・スタンレーＭＵＦＧ証券株式会社) | Major shareholder | 1.8% | 2026-02-28 |
| 楽天証券株式会社共有口 | Major shareholder | 1.0% | 2026-02-28 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第6期(2025/03/01－2026/02/28) | S100Y6XY | 2026-05-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y6XY,, |
| 有価証券報告書－第5期(2024/03/01－2025/02/28) | S100VUMI | 2025-05-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VUMI,, |

## 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).