# TRaaS On Product 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32期(2025/02/01－2026/01/31) (S100Y0AL)
> Page: https://vizora.meequs.com/en/company/traas-on-product
> Retrieved: 2026-09-30T18:26:59.601Z

## Company

TRaaS On Product, founded in 1995, is a company in PCs & Peripherals listed on TSE Growth. It has 25 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | TRaaS On Product Inc. |
| Ticker | 6696 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6696.T) |
| Listing | TSE Growth |
| Head office | 神奈川県横浜市西区北幸二丁目9番30号 |
| Representative (per filing) | 代表取締役社長 藤吉 英彦 |
| Founded | Jan 1995 |
| Share capital | ¥594.2M |
| Employees (consolidated) | 25 |
| Average salary (parent only) | ¥6.4M |
| Fiscal year end | January |
| Website | www.traas.co.jp (https://www.traas.co.jp/) |
| Corporate number | 7020001042025 |
| EDINET | E33323 |
| Industries (Vizora) | PCs & Peripherals, IT Services & System Integration, Software & SaaS |

> Profile source: annual securities report (S100Y0AL, filed 2026-04-22). As of filing

## Key points (generated from figures)

- About 45% of TRaaS On Product's sales come from Product Sales Business, with TraaS Business and Technical service making up much of the rest.
- It lost about ¥7 for every ¥100 of sales at the operating level.
- Revenue changed +18.1% from the prior year, operating profit -786.1%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥485.9M |  |
| Operating income | -¥36.1M | Margin -7.4% |
| Net income | -¥61.6M | Margin -12.7% |
| Free cash flow | -¥66.3M |  |
| Largest business | Product Sales Business | of segment revenue 45.1% |
| Employees (consolidated) | 25 |  |
| EPS | ¥-12.19 |  |
| Book value per share | ¥73.03 |  |
| Equity ratio | 62.0% |  |
| Shares outstanding | 4,826,991 |  |
| Treasury shares | 100 |  |
| Shareholders | 3,579 |  |
| Average salary (parent only) | ¥6.4M | Filing company only |
| Cash ratio | 49.5% | Cash ÷ revenue 57.5% |
| Vs. industry median margin | -11.1 pp | PCs & Peripherals |
| ROA | -10.9% | Derived from disclosed figures |

## Notable figures

- FY2026, cash is 49% of total assets

## What changed in 5 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Jan 2021 | FY ending Jan 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥586231000 | ¥485942000 | — |
| Operating income | ¥-246504000 | ¥-36148000 | — |
| Operating margin | -42.0% | -7.4% | +34.6 pp |
| Employees | 43 people | 25 people | — |
| Cash and equivalents | ¥332469000 | ¥279254000 | — |

### Change in segment revenue mix

Span: FY ending Jan 2021 → 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 |
| --- | ---: |
| 新設・再編 → TraaS事業 | 29.5% |
| 新設・再編 → 受注型Product事業 | 45.1% |
| 新設・再編 → テクニカルサービス事業 | 25.5% |

Segment revenue source references: 3 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Product Sales Business | — | — | ¥219019000 | — | 2 |
| TraaS Business | — | — | ¥143162000 | — | 2 |
| Technical service | — | — | ¥123761000 | — | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 486 | 100.0% | S100Y0AL |
| Cost of revenue | 264 | 54.3% | S100Y0AL |
| Gross profit | 222 | 45.7% | S100Y0AL |
| SG&A | 258 | 53.1% | S100Y0AL |
| Operating income | -36 | -7.4% | S100Y0AL |
| Ordinary income | -35 | -7.3% | S100Y0AL |
| Pretax income | -56 | -11.5% | S100Y0AL |
| Income tax | 6 | 1.2% | S100Y0AL |
| Net income | -62 | -12.7% | S100Y0AL |
| Net income attributable to owners | -62 | -12.7% | S100Y0AL |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 54 |
| SG&A | 53 |
| Operating income | -7 |
| (Ref.) Net income | -13 |

### Margin funnel

Gross margin 45.7% → Operating margin -7.4% → Net margin -12.7%
Derived from reported figures (DERIVED).

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 411 | 486 | 74 | +18.1% |
| Gross profit | 241 | 222 | -19 | -7.8% |
| Operating income | 5 | -36 | -41 | -786.1% |
| Operating cash flow | 28 | -30 | -58 | -206.7% |
| Free cash flow | -17 | -66 | -49 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Jan 2020 | 783 | -103 | -13.2% | -122 | -102 | -173 | S100L7YA |
| FY ending Jan 2021 | 586 | -289 | -49.2% | -367 | -116 | -191 | S100L7YA |
| FY ending Jan 2021 | 586 | -247 | -42.0% | -367 | -116 | — | S100NYPY |
| FY ending Jan 2022 | 405 | -357 | -88.1% | -518 | -263 | -301 | S100QN26 |
| FY ending Jan 2023 | 496 | -6 | -1.3% | -17 | 18 | -1 | S100TBJD |
| FY ending Jan 2024 | 311 | -70 | -22.4% | -86 | -73 | -128 | S100VOBL |
| FY ending Jan 2025 | 411 | 5 | 1.3% | 2 | 28 | -17 | S100VOBL |
| FY ending Jan 2026 | 486 | -36 | -7.4% | -62 | -30 | -66 | S100Y0AL |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥19.4M |
| Operating income per employee (consolidated) | -¥1.4M |
| Net income per employee (consolidated) | -¥2.5M |

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) | 24 | 21 | 23 | 24 | 25 |
| Average salary (parent company) | ¥6.2M | ¥6.2M | ¥6.2M | ¥6.3M | ¥6.4M |
| Average age (parent company) | 40.4 years | 41.0 years | 42.4 years | 43.4 years | 42.8 years |
| Average tenure (parent company) | 5.7 years | 6.7 years | 6.4 years | 7.4 years | 8.6 years |

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| TraaS Business | 143 | 29.5% | — | — |
| Product Sales Business | 219 | 45.1% | — | — |
| Technical service | 124 | 25.5% | — | — |

### 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 |
| --- | ---: |
| TraaS Business | 29.5% |
| Product Sales Business | 45.1% |
| Technical service | 25.5% |

Segment → industry: Product Sales Business → PCs & Peripherals / Technical service → IT Services & System Integration / TraaS Business → Software & SaaS

## 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 | -30 | -6.2% | S100Y0AL |
| Capital expenditure | 36 | 7.5% | S100Y0AL |
| Free cash flow | -66 | -13.6% | 算出 |
| Investing cash flow | -98 | -20.1% | S100Y0AL |
| Financing cash flow | 92 | 19.0% | S100Y0AL |
| Change in cash | -36 | -7.3% | S100Y0AL |
| Cash and equivalents | 279 | 57.5% | S100Y0AL |

## 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 | 120 | 389 | 330 | 315 | 279 | S100TBJD, S100VOBL, S100Y0AL |
| Total assets | 299 | 528 | 513 | 542 | 564 | S100QN26, S100TBJD, S100VOBL, S100Y0AL |
| Net assets | 209 | 328 | 408 | 412 | 351 | S100TBJD, S100VOBL, S100Y0AL |
| Share capital | 443 | 510 | 593 | 594 | 594 | S100QN26, S100TBJD, S100VOBL, S100Y0AL |
| Property, plant and equipment | 1 | 2 | 18 | 14 | 12 | S100QN26, S100TBJD, S100VOBL, S100Y0AL |
| Intangible assets excluding goodwill | — | 17 | 37 | 62 | 112 | S100TBJD, S100VOBL, S100Y0AL |
| Goodwill | — | — | — | — | 66 | S100Y0AL |
| Current assets | 227 | 494 | 452 | 461 | 435 | S100QN26, S100TBJD, S100VOBL, S100Y0AL |
| Current liabilities | 29 | 42 | 45 | 70 | 91 | S100QN26, S100TBJD, S100VOBL, S100Y0AL |
| Long-term borrowings | 60 | 60 | 60 | 60 | 123 | S100QN26, S100TBJD, S100VOBL, S100Y0AL |
| Total liabilities | 90 | 200 | 105 | 130 | 213 | S100QN26, S100TBJD, S100VOBL, S100Y0AL |
| Equity attributable to owners of parent | 209 | 327 | 407 | 411 | 350 | S100QN26, S100TBJD, S100VOBL, S100Y0AL |
| Retained earnings | -622 | -639 | -725 | -722 | -784 | S100QN26, S100TBJD, S100VOBL, S100Y0AL |
| Treasury stock | -0 | -0 | -0 | -0 | -0 | S100QN26, S100TBJD, S100VOBL, S100Y0AL |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 50% | S100Y0AL |
| Property, plant and equipment | 2% | S100Y0AL |
| Intangibles and goodwill | 31% | S100Y0AL |
| Other assets | 17% | S100Y0AL |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 38% | S100Y0AL |
| Equity | 62% | S100Y0AL |

### 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 | 299 | 528 | 513 | 542 | 564 |
| Equity | 209 | 328 | 408 | 412 | 351 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 120 | 389 | 330 | 315 | 279 |

## 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) | 2.4% | S100Y0AL |
| Fixed assets ÷ total assets | 2.1% | S100Y0AL |
| Goodwill ÷ parent equity | 18.8% | S100Y0AL |

### 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) | 49.5% |
| Cash ÷ revenue | 57.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | 32 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 7.5% |
| 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 | — | —× | -173.3% | —× | — | S100QN26 |
| 2023 | — | —× | -4.1% | —× | — | S100TBJD |
| 2024 | — | —× | -16.5% | —× | — | S100VOBL |
| 2025 | 0.6% | 0.78× | 0.4% | 1.29× | 0.6% | S100VOBL |
| 2026 | — | —× | -10.9% | —× | — | S100Y0AL |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 藤吉 英彦 | Major shareholder | 17.1% | 2026-01-31 |
| WORLD F PTE. LTD.(常任代理人 いちよし証券株式会社) | Major shareholder | 9.1% | 2026-01-31 |
| 寺山 隆一 | Major shareholder | 3.3% | 2026-01-31 |
| 前川 昌之 | Major shareholder | 3.2% | 2026-01-31 |
| 久幾田 守弘 | Major shareholder | 3.1% | 2026-01-31 |
| 藤吉 一彦 | Major shareholder | 1.9% | 2026-01-31 |
| NOMURA INTERNATIONAL PLC A/C JAPAN FLOW(常任代理人 野村證券株式会社) | Major shareholder | 1.7% | 2026-01-31 |
| 渡邉 昭 | Major shareholder | 1.6% | 2026-01-31 |
| 株式会社NSCホールディングス | Major shareholder | 1.5% | 2026-01-31 |
| モルガン・スタンレーMUFG証券株式会社 | Major shareholder | 1.3% | 2026-01-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第32期(2025/02/01－2026/01/31) | S100Y0AL | 2026-04-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y0AL,, |
| 有価証券報告書－第31期(2024/02/01－2025/01/31) | S100VOBL | 2025-04-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VOBL,, |
| 有価証券報告書－第30期(2023/02/01－2024/01/31) | S100TBJD | 2024-04-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TBJD,, |
| 有価証券報告書－第29期(2022/02/01－2023/01/31) | S100QN26 | 2023-04-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QN26,, |
| 有価証券報告書－第28期(令和3年2月1日－令和4年1月31日) | S100NYPY | 2022-04-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NYPY,, |
| 有価証券報告書－第27期(令和2年2月1日－令和3年1月31日) | S100L7YA | 2021-04-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L7YA,, |

## 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).