# TECHNOLOGIES, Inc.: business model and financials

> Latest period: FY ending Jan 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第12期(2025/02/01－2026/01/31) (S100Y02W)
> Page: https://vizora.meequs.com/en/company/technologies
> Retrieved: 2026-09-30T20:58:00.422Z

## Company

Technologies, founded in 2014, is a company in IT Services & System Integration listed on TSE Growth. It has 143 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | TECHNOLOGIES, Inc. |
| Ticker | 5248 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5248.T) |
| Listing | TSE Growth |
| Head office | 東京都港区白金一丁目27番6号 |
| Representative (per filing) | 代表取締役社長 良原 広樹 |
| Founded | Aug 2014 |
| Share capital | ¥630.3M |
| Employees (consolidated) | 143 |
| Average salary (parent only) | ¥4.8M |
| Fiscal year end | January |
| Website | technologies-group.co.jp (https://technologies-group.co.jp/) |
| Corporate number | 3010901034654 |
| EDINET | E38256 |
| Industries (Vizora) | IT Services & System Integration, Software & SaaS, Plant Engineering & Building Services |

> Profile source: annual securities report (S100Y02W, filed 2026-04-22). As of filing

## Five-axis industry profile

Primary industry: Plant Engineering & Building Services (2026-01-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 99.3 | 72 |
| Profitability | 95.4 | 76 |
| Cash conversion | 8.8 | 74 |
| Efficiency | 3.3 | 76 |
| Financial strength | 5.6 | 9 |

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 86% of Technologies's sales come from Renewable energy solution business, with IT solution business and SaaS business making up much of the rest.
- Out of every ¥100 of sales, about ¥19 is left as operating profit.
- Revenue changed -27.0% from the prior year, operating profit +7.7%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥10.1B |  |
| Operating income | ¥1.87B | Margin 18.4% |
| Net income | ¥266.9M | Margin 2.6% |
| Free cash flow | -¥2.15B |  |
| Largest business | Renewable energy solution business | of segment revenue 85.8% |
| Employees (consolidated) | 143 |  |
| EPS | ¥2.5 |  |
| Book value per share | ¥47.35 |  |
| Equity ratio | 6.5% |  |
| Shares outstanding | 16,922,400 |  |
| Treasury shares | 600 |  |
| Shareholders | 4,356 |  |
| Average salary (parent only) | ¥4.8M | Filing company only |
| Cash ratio | 9.4% | Net cash -¥6.5B · Cash ÷ revenue 21.4% |
| Vs. industry median margin | +9.4 pp | Plant Engineering & Building Services |
| ROE | 19.2% | Derived from disclosed figures |
| ROA | 1.3% | Derived from disclosed figures |

## Notable figures

- FY2026, revenue is 12.9× its level five years ago
- FY2026, one segment accounts for 96% of positive segment profit

## What changed in 4 years

| Metric | FY ending Jan 2022 | FY ending Jan 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥789282000 | ¥10149087000 | +1185.9% |
| Operating income | ¥60670000 | ¥1872225000 | +2985.9% |
| Operating margin | 7.7% | 18.4% | +10.8 pp |
| Employees | 35 people | 143 people | +308.6% |
| Cash and equivalents | ¥262231000 | ¥2176685000 | +730.1% |

### Change in segment revenue mix

Span: FY ending Jan 2022 → FY ending Jan 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| ＩＴソリューション事業 → ＩＴソリューション事業 | 11.1% |
| ＩＴソリューション事業 → 事業再編・廃止 | 86.2% |
| SaaS事業 → SaaS事業 | 2.1% |
| SaaS事業 → 事業再編・廃止 | 0.6% |
| 新設・再編 → 再エネソリューション事業 | 85.8% |
| 新設・再編 → スポーツDX事業 | 1.0% |

Segment revenue source references: 6 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Renewable energy solution business | 2 years | +20.2% | ¥8708702000 | 21.3% | 2 |
| IT solution business | 4 years | +10.1% | ¥1126998000 | 5.7% | 2 |
| SaaS business | 4 years | +78.1% | ¥214407000 | -32.4% | 2 |
| SportsBusiness | — | — | ¥98978000 | 19.6% | 2 |

## Income statement（FY ending Jan 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 10,149 | 100.0% | S100Y02W |
| Cost of revenue | 6,615 | 65.2% | S100Y02W |
| Gross profit | 3,534 | 34.8% | S100Y02W |
| SG&A | 1,661 | 16.4% | S100Y02W |
| Operating income | 1,872 | 18.4% | S100Y02W |
| Ordinary income | 1,709 | 16.8% | S100Y02W |
| Pretax income | 1,694 | 16.7% | S100Y02W |
| Income tax | 591 | 5.8% | S100Y02W |
| Net income | 1,103 | 10.9% | S100Y02W |
| Net income attributable to owners | 267 | 2.6% | S100Y02W |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 65 |
| SG&A | 16 |
| Operating income | 19 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 34.8% → Operating margin 18.4% → Net margin 2.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue down, profit up
Revenue growth: -27.0%; Core profit growth: +7.7%
Operating leverage (core profit growth ÷ revenue growth): -0.28×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 13,900 | 10,149 | -3,751 | -27.0% |
| Gross profit | 3,433 | 3,534 | 100 | +2.9% |
| Operating income | 1,739 | 1,872 | 133 | +7.7% |
| Net income attributable to owners | 266 | 267 | 1 | +0.4% |
| Operating cash flow | 414 | -686 | -1,100 | -265.5% |
| Free cash flow | -302 | -2,154 | -1,852 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Jan 2022 | 789 | 61 | 7.7% | 81 | 132 | 131 | S100QN7A |
| FY ending Jan 2023 | 1,076 | 169 | 15.7% | 75 | 64 | 34 | S100TBRS |
| FY ending Jan 2024 | 7,130 | 872 | 12.2% | 150 | 959 | 666 | S100VNQO |
| FY ending Jan 2025 | 13,900 | 1,739 | 12.5% | 266 | 414 | -302 | S100Y02W |
| FY ending Jan 2026 | 10,149 | 1,872 | 18.4% | 267 | -686 | -2,154 | S100Y02W |

## People and productivity（FY ending Jan 2026, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥71M |
| Operating income per employee (consolidated) | ¥13.1M |
| Net income per employee (consolidated) | ¥1.9M |

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

| History | FY ending Jan 2022 | FY ending Jan 2023 | FY ending Jan 2024 | FY ending Jan 2025 | FY ending Jan 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 35 | 45 | 111 | 136 | 143 |
| Average salary (parent company) | — | ¥3.1M | ¥3.3M | ¥4.7M | ¥4.8M |
| Average age (parent company) | — | 32.3 years | 33.2 years | 35.4 years | 37.9 years |
| Average tenure (parent company) | — | 1.5 years | 1.4 years | 1.8 years | 3.1 years |

Year over year: Employees (consolidated) +5.1% · Revenue (consolidated) -27.0%

## Segments（FY ending Jan 2026, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Renewable energy solution business | 8,709 | 85.8% | 1,858 | 21.3% |
| IT solution business | 1,127 | 11.1% | 65 | 5.7% |
| SaaS business | 214 | 2.1% | -69 | -32.4% |
| SportsBusiness | 99 | 1.0% | 19 | 19.6% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Renewable energy solution business | 85.8% | 95.7% | 9.9 | 21.3% |
| IT solution business | 11.1% | 3.3% | -7.8 | 5.7% |
| SaaS business | 2.1% | — | — | -32.4% |
| SportsBusiness | 1.0% | 1.0% | 0.0 | 19.6% |

Loss-making segment (excluded from profit shares): SaaS business -69 JPY mn

Segment → industry: IT solution business → IT Services & System Integration / SaaS business → Software & SaaS / Renewable energy solution business → Plant Engineering & Building Services

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Jan 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -686 | -6.8% | S100Y02W |
| Capital expenditure | 1,468 | 14.5% | S100Y02W |
| Free cash flow | -2,154 | -21.2% | 算出 |
| Investing cash flow | -875 | -8.6% | S100Y02W |
| Financing cash flow | 1,948 | 19.2% | S100Y02W |
| Change in cash | 387 | 3.8% | S100Y02W |
| Cash and equivalents | 2,177 | 21.4% | S100Y02W |

## 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 Jan 2022 | FY ending Jan 2023 | FY ending Jan 2024 | FY ending Jan 2025 | FY ending Jan 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 262 | 613 | 3,120 | 1,790 | 2,177 | S100TBRS, S100VNQO, S100Y02W |
| Total assets | 590 | 1,019 | 16,745 | 18,950 | 23,264 | S100QN7A, S100TBRS, S100VNQO, S100Y02W |
| Net assets | 357 | 708 | 3,854 | 4,397 | 5,306 | S100TBRS, S100VNQO, S100Y02W |
| Share capital | 444 | 582 | 630 | 630 | 630 | S100QN7A, S100TBRS, S100VNQO, S100Y02W |
| Trade receivables | 132 | 232 | 2,100 | 3,239 | 3,393 | S100QN7A, S100TBRS, S100VNQO, S100Y02W |
| Property, plant and equipment | 4 | 6 | 7,012 | 7,235 | 8,127 | S100QN7A, S100TBRS, S100VNQO, S100Y02W |
| Intangible assets excluding goodwill | 54 | 76 | 85 | 95 | 223 | S100QN7A, S100TBRS, S100VNQO, S100Y02W |
| Goodwill | 54 | 51 | 48 | 45 | 43 | S100QN7A, S100TBRS, S100VNQO, S100Y02W |
| Investment securities | — | — | 15 | 30 | 14 | S100VNQO, S100Y02W |
| Current assets | 499 | 917 | 8,388 | 10,346 | 13,086 | S100QN7A, S100TBRS, S100VNQO, S100Y02W |
| Current liabilities | 80 | 130 | 6,814 | 8,915 | 11,640 | S100QN7A, S100TBRS, S100VNQO, S100Y02W |
| Trade payables | 13 | 25 | 449 | 2,527 | 640 | S100QN7A, S100TBRS, S100VNQO, S100Y02W |
| Short-term borrowings | — | — | 3,819 | 4,035 | 5,800 | S100VNQO, S100Y02W |
| Long-term borrowings | 152 | 182 | 2,710 | 1,848 | 2,704 | S100QN7A, S100TBRS, S100VNQO, S100Y02W |
| Bonds | — | — | 613 | 285 | 170 | S100VNQO, S100Y02W |
| Interest-bearing debt | — | — | 7,142 | 6,169 | 8,674 | 算出 |
| Total liabilities | 232 | 311 | 12,892 | 14,553 | 17,958 | S100QN7A, S100TBRS, S100VNQO, S100Y02W |
| Non-controlling interests | — | — | 2,865 | 3,128 | 3,773 | S100VNQO, S100Y02W |
| Equity attributable to owners of parent | 357 | 708 | 989 | 1,255 | 1,522 | S100QN7A, S100TBRS, S100VNQO, S100Y02W |
| Retained earnings | -87 | -12 | 138 | 404 | 671 | S100QN7A, S100TBRS, S100VNQO, S100Y02W |
| Treasury stock | — | — | -0 | -0 | -0 | S100VNQO, S100Y02W |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 9% | S100Y02W |
| Receivables | 15% | S100Y02W |
| Property, plant and equipment | 35% | S100Y02W |
| Intangibles and goodwill | 1% | S100Y02W |
| Investment securities | 0% | S100Y02W |
| Other assets | 40% | S100Y02W |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 3% | S100Y02W |
| Interest-bearing debt | 37% | 算出 |
| Other liabilities | 37% | S100Y02W |
| Equity | 23% | S100Y02W |
| Other liabilities | 0% | S100Y02W |

### Balance sheet history

| Metric | FY ending Jan 2022 | FY ending Jan 2023 | FY ending Jan 2024 | FY ending Jan 2025 | FY ending Jan 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 590 | 1,019 | 16,745 | 18,950 | 23,264 |
| Equity | 357 | 708 | 3,854 | 4,397 | 5,306 |
| Interest-bearing debt | — | — | 7,142 | 6,169 | 8,674 |
| Cash | 262 | 613 | 3,120 | 1,790 | 2,177 |

## 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) | 80.1% | S100Y02W |
| Fixed assets ÷ total assets | 34.9% | S100Y02W |
| Goodwill ÷ parent equity | 2.8% | S100Y02W |

Goodwill over 4 years: 54 → 43 JPY; total investing cash flow: 237 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) | 9.4% |
| Cash ÷ revenue | 21.4% |
| Net cash (cash − interest-bearing debt) | -¥6.5B |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -36.6% |
| Cash vs. profit gap | -953 JPY mn (of net income -357.0%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 14.5% |
| Investing CF relative to operating CF | — |

## 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 | 10.3% | 1.34× | 13.8% | 1.65× | 22.7% | S100QN7A |
| 2023 | 6.9% | 1.34× | 9.3% | 1.51× | 14.0% | S100TBRS |
| 2024 | 2.1% | 0.80× | 1.7% | 10.47× | 17.7% | S100VNQO |
| 2025 | 1.9% | 0.78× | 1.5% | 15.90× | 23.7% | S100Y02W |
| 2026 | 2.6% | 0.48× | 1.3% | 15.20× | 19.2% | S100Y02W |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 良原広樹 | Major shareholder | 40.0% | 2026-01-31 |
| 伊藤繁三 | Major shareholder | 8.2% | 2026-01-31 |
| 伊藤高雄 | Major shareholder | 6.5% | 2026-01-31 |
| 畠山学 | Major shareholder | 6.1% | 2026-01-31 |
| 松井証券株式会社 | Major shareholder | 4.0% | 2026-01-31 |
| 岡三証券株式会社 | Major shareholder | 3.0% | 2026-01-31 |
| 株式会社ＳＢＩ証券 | Major shareholder | 2.6% | 2026-01-31 |
| 株式会社ＤＭＭ．ｃｏｍ証券 | Major shareholder | 1.8% | 2026-01-31 |
| セントラル短資株式会社 | Major shareholder | 1.4% | 2026-01-31 |
| 大和コネクト証券株式会社 | Major shareholder | 1.1% | 2026-01-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第12期(2025/02/01－2026/01/31) | S100Y02W | 2026-04-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y02W,, |
| 有価証券報告書－第11期(2024/02/01－2025/01/31) | S100VNQO | 2025-04-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VNQO,, |
| 有価証券報告書－第10期(2023/02/01－2024/01/31) | S100TBRS | 2024-04-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TBRS,, |
| 有価証券報告書－第9期(2022/02/01－2023/01/31) | S100QN7A | 2023-04-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QN7A,, |

## 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).