# VRAIN Solution, Inc.: business model and financials

> Latest period: FY ending Feb 2026, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第6期(2025/03/01－2026/02/28) (S100Y2CG)
> Page: https://vizora.meequs.com/en/company/vrain-solution
> Retrieved: 2026-09-30T21:26:19.630Z

## Company

VRAIN Solution, founded in 2020, is a company in Software & SaaS listed on TSE Growth. It has 138 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | VRAIN Solution, Inc. |
| Ticker | 135A |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/135A.T) |
| Listing | TSE Growth |
| Head office | 東京都中央区晴海一丁目8番10号 |
| Representative (per filing) | 代表取締役社長 南塲 勇佑 |
| Founded | Mar 2020 |
| Share capital | ¥16M |
| Employees (consolidated) | 138 |
| Average salary (parent only) | ¥6.4M |
| Fiscal year end | February |
| Website | vrain.co.jp (https://vrain.co.jp/) |
| Corporate number | 3010001208381 |
| EDINET | E39382 |
| Industries (Vizora) | Software & SaaS |

> Profile source: annual securities report (S100Y2CG, filed 2026-05-27). As of filing

## Five-axis industry profile

Primary industry: Software & SaaS (2026-02-28)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 99.5 | 105 |
| Profitability | 82.4 | 145 |
| Cash conversion | 2.7 | 128 |
| Efficiency | 83.1 | 145 |

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)

- VRAIN Solution brought in ¥3.28B in revenue.
- Out of every ¥100 of sales, about ¥28 is left as operating profit.
- Revenue changed +52.9% from the prior year, operating profit +53.9%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥3.28B |  |
| Operating income | ¥914M | Margin 27.9% |
| Net income | ¥652M | Margin 19.9% |
| Free cash flow | -¥475M |  |
| Employees (consolidated) | 138 |  |
| EPS | ¥63.95 |  |
| Diluted EPS | ¥63.3 |  |
| Book value per share | ¥203.42 |  |
| Equity ratio | 64.9% |  |
| Shares outstanding | 10,256,000 |  |
| Shareholders | 6,031 |  |
| Average salary (parent only) | ¥6.4M | Filing company only |
| Cash ratio | 13.3% | Cash ÷ revenue 13.0% |
| Vs. industry median margin | +15.4 pp | Software & SaaS |
| ROE | 37.2% | Derived from disclosed figures |
| ROA | 25.6% | Derived from disclosed figures |

## Notable figures

- FY2026, operating income keeps 28 per ¥100 of revenue

## What changed in 3 years

| Metric | FY ending Feb 2023 | FY ending Feb 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥617397000 | ¥3278000000 | +430.9% |
| Operating income | ¥64319000 | ¥914000000 | +1321.0% |
| Operating margin | 10.4% | 27.9% | +17.5 pp |
| Employees | 29 people | 138 people | +375.9% |
| Cash and equivalents | ¥18086000 | ¥427000000 | +2260.9% |

### 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, non-consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 3,278 | 100.0% | S100Y2CG |
| Cost of revenue | 692 | 21.1% | S100Y2CG |
| Gross profit | 2,585 | 78.9% | S100Y2CG |
| SG&A | 1,670 | 50.9% | S100Y2CG |
| Operating income | 914 | 27.9% | S100Y2CG |
| Ordinary income | 912 | 27.8% | S100Y2CG |
| Pretax income | 912 | 27.8% | S100Y2CG |
| Income tax | 260 | 7.9% | S100Y2CG |
| Net income | 652 | 19.9% | S100Y2CG |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 21 |
| SG&A | 51 |
| Operating income | 28 |
| (Ref.) Net income | 20 |

### Margin funnel

Gross margin 78.9% → Operating margin 27.9% → Net margin 19.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +52.9%; Core profit growth: +53.9%
Growth quality: similar-growth
Operating leverage (core profit growth ÷ revenue growth): 1.02×
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 | 2,144 | 3,278 | 1,134 | +52.9% |
| Gross profit | 1,682 | 2,585 | 903 | +53.7% |
| Operating income | 594 | 914 | 320 | +53.9% |
| Operating cash flow | -161 | -374 | -213 | — |
| Free cash flow | -240 | -475 | -235 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Feb 2023 | 617 | 64 | 10.4% | 50 | -41 | -88 | S100TH41 |
| FY ending Feb 2024 | 1,411 | 508 | 36.0% | 330 | 436 | 418 | S100VS6D |
| FY ending Feb 2025 | 2,144 | 594 | 27.7% | 425 | -161 | -240 | S100Y2CG |
| FY ending Feb 2026 | 3,278 | 914 | 27.9% | 652 | -374 | -475 | S100Y2CG |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥23.8M |
| Operating income per employee (consolidated) | ¥6.6M |
| Net income per employee (consolidated) | ¥4.7M |

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) | 29 | 49 | 97 | 138 |
| Average salary (parent company) | — | ¥5.4M | ¥6.2M | ¥6.4M |
| Average age (parent company) | — | 33.7 years | 34.6 years | 38.1 years |
| Average tenure (parent company) | — | 1.0 years | 1.0 years | 1.0 years |

Year over year: Employees (consolidated) +42.3% · Revenue (consolidated) +52.9%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -374 | -11.4% | S100Y2CG |
| Capital expenditure | 101 | 3.1% | S100Y2CG |
| Free cash flow | -475 | -14.5% | 算出 |
| Investing cash flow | -94 | -2.9% | S100Y2CG |
| Financing cash flow | 406 | 12.4% | S100Y2CG |
| Change in cash | -61 | -1.9% | S100Y2CG |
| Cash and equivalents | 427 | 13.0% | S100Y2CG |

## 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 | 18 | 962 | 488 | 427 | S100VS6D, S100Y2CG |
| Total assets | 341 | 1,450 | 1,873 | 3,215 | S100TH41, S100VS6D, S100Y2CG |
| Net assets | 89 | 997 | 1,422 | 2,086 | S100VS6D, S100Y2CG |
| Share capital | 10 | 299 | 10 | 16 | S100TH41, S100VS6D, S100Y2CG |
| Property, plant and equipment | 44 | 43 | 85 | 130 | S100TH41, S100VS6D, S100Y2CG |
| Intangible assets excluding goodwill | — | — | 1 | 2 | S100Y2CG |
| Current assets | 232 | 1,338 | 1,539 | 2,747 | S100TH41, S100VS6D, S100Y2CG |
| Current liabilities | 183 | 431 | 451 | 1,129 | S100TH41, S100VS6D, S100Y2CG |
| Short-term borrowings | — | — | — | 400 | S100Y2CG |
| Long-term borrowings | 69 | 22 | — | — | S100TH41, S100VS6D |
| Total liabilities | 252 | 453 | 451 | 1,129 | S100TH41, S100VS6D, S100Y2CG |
| Equity attributable to owners of parent | 89 | 997 | 1,422 | 2,086 | S100TH41, S100VS6D, S100Y2CG |
| Retained earnings | 79 | 409 | 834 | 1,486 | S100TH41, S100VS6D, S100Y2CG |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 13% | S100Y2CG |
| Property, plant and equipment | 4% | S100Y2CG |
| Intangibles and goodwill | 0% | S100Y2CG |
| Other assets | 83% | S100Y2CG |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 35% | S100Y2CG |
| Equity | 65% | S100Y2CG |

### Balance sheet history

| Metric | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: |
| Total assets | 341 | 1,450 | 1,873 | 3,215 |
| Equity | 89 | 997 | 1,422 | 2,086 |
| Interest-bearing debt | — | — | — | — |
| Cash | 18 | 962 | 488 | 427 |

## 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) | 4.0% | S100Y2CG |
| Fixed assets ÷ total assets | 4.0% | S100Y2CG |
| Goodwill ÷ parent equity | — | —, S100Y2CG |

### 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) | 13.3% |
| Cash ÷ revenue | 13.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -40.9% |
| Cash vs. profit gap | -1,026 JPY mn (of net income -157.4%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 3.1% |
| 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2023 | 8.1% | 1.81× | 14.6% | 3.82× | 56.0% | S100TH41 |
| 2024 | 23.4% | 1.58× | 36.9% | 1.65× | 60.8% | S100VS6D |
| 2025 | 19.8% | 1.29× | 25.6% | 1.37× | 35.1% | S100Y2CG |
| 2026 | 19.9% | 1.29× | 25.6% | 1.45× | 37.2% | S100Y2CG |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 合同会社Ｙ＆Ｎ | Major shareholder | 37.6% | 2026-02-28 |
| 南塲 勇佑 | Major shareholder | 28.5% | 2026-02-28 |
| 楽天証券株式会社共有口 | Major shareholder | 2.1% | 2026-02-28 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 1.6% | 2026-02-28 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 1.5% | 2026-02-28 |
| 白川 則雄 | Major shareholder | 1.3% | 2026-02-28 |
| ジャフコＳＶ６投資事業有限責任組合 | Major shareholder | 1.0% | 2026-02-28 |
| 荻本 成基 | Major shareholder | 1.0% | 2026-02-28 |
| 菊地 佳宏 | Major shareholder | 1.0% | 2026-02-28 |
| 山田 郁生 | 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) | S100Y2CG | 2026-05-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y2CG,, |
| 有価証券報告書－第5期(2024/03/01－2025/02/28) | S100VS6D | 2025-05-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VS6D,, |
| 有価証券報告書－第4期(2023/03/01－2024/02/29) | S100TH41 | 2024-05-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TH41,, |

## 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).