# Rise Consulting 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) (S100Y6K8)
> Page: https://vizora.meequs.com/en/company/rise-consulting-group
> Retrieved: 2026-09-30T22:47:57.538Z

## Company

Rise Consulting Group, founded in 2020, is a company in Consulting listed on TSE Growth. It has 397 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Rise Consulting Group, Inc. |
| Ticker | 9168 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9168.T) |
| Listing | TSE Growth |
| Head office | 東京都港区六本木一丁目6番1号 |
| Representative (per filing) | 代表取締役社長COO 松岡 竜大 |
| Founded | Nov 2020 |
| Share capital | ¥185.4M |
| Employees (consolidated) | 397 |
| Average salary (parent only) | ¥11.1M |
| Fiscal year end | February |
| Website | www.rise-cg.co.jp (https://www.rise-cg.co.jp/) |
| Corporate number | 5010401156815 |
| EDINET | E38895 |
| Industries (Vizora) | Consulting |

> Profile source: annual securities report (S100Y6K8, filed 2026-05-28). As of filing

## Five-axis industry profile

Primary industry: Consulting (2026-02-28)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 82.3 | 31 |
| Profitability | 78.4 | 44 |
| Cash conversion | 46.6 | 44 |
| Efficiency | 23.9 | 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)

- Rise Consulting Group brought in ¥8.42B in revenue.
- Out of every ¥100 of sales, about ¥20 is left as operating profit.
- Revenue changed +9.7% from the prior year, operating profit -13.0%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥8.42B |  |
| Operating income | ¥1.7B | Margin 20.2% |
| Net income | ¥1.25B | Margin 14.8% |
| Free cash flow | — |  |
| Employees (consolidated) | 397 |  |
| EPS | ¥51.12 |  |
| Diluted EPS | ¥49.73 |  |
| Book value per share | ¥148.88 |  |
| Equity ratio | 75.7% | Derived from disclosed figures |
| Shares outstanding | 24,878,540 |  |
| Treasury shares | 718,700 |  |
| Shareholders | 7,956 |  |
| Average salary (parent only) | ¥11.1M | Filing company only |
| Cash ratio | 28.7% | Cash ÷ revenue 32.3% |
| Vs. industry median margin | +10.7 pp | Consulting |
| ROE | 18.5% | Derived from disclosed figures |
| ROA | 13.3% | Derived from disclosed figures |

## Notable figures

- FY2026, revenue is 2.5× its level five years ago
- FY2026, buybacks were 1.1× dividends
- FY2026, cash is 29% of total assets

## What changed in 4 years

| Metric | FY ending Feb 2022 | FY ending Feb 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥3431633000 | ¥8421187000 | +145.4% |
| Employees | 180 people | 397 people | +120.6% |
| Cash and equivalents | ¥780833000 | ¥2720965000 | +248.5% |

### Change in segment revenue mix

Span: FY ending Feb 2022 → 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 | 8,421 | 100.0% | S100Y6K8 |
| Cost of revenue | 3,813 | 45.3% | S100Y6K8 |
| Gross profit | 4,608 | 54.7% | S100Y6K8 |
| SG&A | 2,908 | 34.5% | S100Y6K8 |
| Operating income | 1,703 | 20.2% | S100Y6K8 |
| Pretax income | 1,691 | 20.1% | S100Y6K8 |
| Income tax | 444 | 5.3% | S100Y6K8 |
| Net income | 1,246 | 14.8% | S100Y6K8 |
| Net income attributable to owners | 1,246 | 14.8% | S100Y6K8 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 45 |
| SG&A | 35 |
| Operating income | 20 |
| (Ref.) Net income | 15 |

### Margin funnel

Gross margin 54.7% → Operating margin 20.2% → Net margin 14.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +9.7%; Core profit growth: -13.0%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -1.35×
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 | 7,680 | 8,421 | 741 | +9.7% |
| Gross profit | 4,228 | 4,608 | 380 | +9.0% |
| Operating income | 1,958 | 1,703 | -255 | -13.0% |
| Net income attributable to owners | 1,418 | 1,246 | -172 | -12.1% |
| Operating cash flow | 1,448 | 1,358 | -90 | -6.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Feb 2022 | 3,432 | — | — | 683 | 916 | — | S100Y6K8 |
| FY ending Feb 2023 | 4,761 | 1,377 | 28.9% | 966 | 885 | 861 | S100TJH4 |
| FY ending Feb 2024 | 6,156 | 1,805 | 29.3% | 1,315 | 1,226 | 1,224 | S100VUQV |
| FY ending Feb 2025 | 7,680 | 1,958 | 25.5% | 1,418 | 1,448 | 1,444 | S100Y6K8 |
| FY ending Feb 2026 | 8,421 | 1,703 | 20.2% | 1,246 | 1,358 | — | S100Y6K8 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥21.2M |
| Operating income per employee (consolidated) | ¥4.3M |
| Net income per employee (consolidated) | ¥3.1M |

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

| History | FY ending Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 180 | 223 | 264 | 330 | 397 |
| Average salary (parent company) | — | — | ¥11.6M | ¥11.8M | ¥11.1M |
| Average age (parent company) | — | — | 32.5 years | 33.5 years | 33.2 years |
| Average tenure (parent company) | — | — | 2.5 years | 2.3 years | 2.3 years |

Year over year: Employees (consolidated) +20.3% · Revenue (consolidated) +9.7%

## 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 | 1,358 | 16.1% | S100Y6K8 |
| Investing cash flow | -63 | -0.7% | S100Y6K8 |
| Financing cash flow | -1,033 | -12.3% | S100Y6K8 |
| Dividends paid | 218 | 2.6% | S100Y6K8 |
| Share buyback | 251 | 3.0% | S100Y6K8 |
| Change in cash | 262 | 3.1% | S100Y6K8 |
| Cash and equivalents | 2,721 | 32.3% | S100Y6K8 |

## 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 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 781 | 1,152 | 1,893 | 2,459 | 2,721 | S100TJH4, S100VUQV, S100Y6K8 |
| Total assets | 7,028 | 7,533 | 8,522 | 9,201 | 9,495 | S100Y6K8, S100TJH4, S100VUQV |
| Net assets | 2,747 | 3,734 | 5,156 | 6,315 | 7,192 | S100TJH4, S100VUQV, S100Y6K8 |
| Share capital | — | 110 | 163 | 174 | 185 | S100TJH4, S100VUQV, S100Y6K8 |
| Property, plant and equipment | — | 54 | 38 | 26 | 25 | S100TJH4, S100VUQV, S100Y6K8 |
| Goodwill | — | 5,121 | 5,121 | 5,121 | 5,121 | S100TJH4, S100VUQV, S100Y6K8 |
| Current assets | — | 1,823 | 2,850 | 3,564 | 3,818 | S100TJH4, S100VUQV, S100Y6K8 |
| Total liabilities | — | 3,800 | 3,366 | 2,886 | 2,303 | S100TJH4, S100VUQV, S100Y6K8 |
| Equity attributable to owners of parent | — | 3,734 | 5,156 | 6,315 | 7,192 | S100TJH4, S100VUQV, S100Y6K8 |
| Retained earnings | — | 1,484 | 2,799 | 4,218 | 5,245 | S100TJH4, S100VUQV, S100Y6K8 |
| Treasury stock | — | — | — | -277 | -469 | S100Y6K8 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 29% | S100Y6K8 |
| Property, plant and equipment | 0% | S100Y6K8 |
| Intangibles and goodwill | 54% | — |
| Other assets | 17% | S100Y6K8 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 24% | S100Y6K8 |
| Equity | 76% | S100Y6K8 |
| Other liabilities | 0% | S100Y6K8 |

### Balance sheet history

| Metric | FY ending Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 7,028 | 7,533 | 8,522 | 9,201 | 9,495 |
| Equity | 2,747 | 3,734 | 5,156 | 6,315 | 7,192 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 781 | 1,152 | 1,893 | 2,459 | 2,721 |

## 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) | 0.3% | S100Y6K8 |
| Fixed assets ÷ total assets | 0.3% | S100Y6K8 |
| Goodwill ÷ parent equity | 71.2% | S100Y6K8 |

### 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) | 28.7% |
| Cash ÷ revenue | 32.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 79.7% |
| Cash vs. profit gap | 112 JPY mn (of net income 9.0%) |
| Shareholder returns / net income | 37.7% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 17.5% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | — |
| Investing CF relative to operating CF | 4.6% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 19.9% | 0.49× | 9.7% | 2.56× | 24.9% | S100Y6K8, S100TJH4 |
| 2023 | 20.3% | 0.65× | 13.3% | 1.95× | 25.9% | S100TJH4 |
| 2024 | 21.4% | 0.77× | 16.4% | 1.81× | 29.6% | S100VUQV |
| 2025 | 18.5% | 0.87× | 16.0% | 1.55× | 24.7% | S100Y6K8 |
| 2026 | 14.8% | 0.90× | 13.3% | 1.38× | 18.5% | S100Y6K8 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社SHIFT | Major shareholder | 33.2% | 2026-02-28 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 5.1% | 2026-02-28 |
| 朝日 竜樹 | Major shareholder | 5.0% | 2026-02-28 |
| BBH CO FOR ARCUS JAPAN VALUE FUND（常任代理人 株式会社三菱ＵＦＪ銀行） | Major shareholder | 2.2% | 2026-02-28 |
| 楽天証券株式会社共有口 | Major shareholder | 2.1% | 2026-02-28 |
| 野村證券株式会社 | Major shareholder | 1.9% | 2026-02-28 |
| 岡 秀朋 | Major shareholder | 1.9% | 2026-02-28 |
| NOMURA PB NOMINEES LIMITED OMNIBUS－MARGIN （CASHPB） （常任代理人 野村證券株式会社） | Major shareholder | 1.6% | 2026-02-28 |
| 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% | 2026-02-28 |
| UBS AG LONDON A/CIPB SEGREGATED CLIENT ACCOUNT （常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 1.2% | 2026-02-28 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第6期(2025/03/01－2026/02/28) | S100Y6K8 | 2026-05-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y6K8,, |
| 訂正有価証券報告書－第5期(2024/03/01－2025/02/28) | S100VUQV | 2025-05-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VUQV,, |
| 有価証券報告書－第4期(2023/03/01－2024/02/29) | S100TJH4 | 2024-05-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TJH4,, |

## 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).