Pro-Ship Incorporated
3763・Prime Market・Information & Communication
Business
ProShip Inc. was founded in 1969 and is an information service company that provides an integrated range of services from consulting on accounting and business solutions centered on fixed asset management, to system implementation and maintenance. Its flagship product, the ProPlus Fixed Asset System, has been adopted across a wide range of industries, primarily among large and mid-sized enterprises, and the Package Solutions Business accounts for over 98% of total revenue. The company has built out its development and operational framework in cooperation with its consolidated subsidiary ProShip Frontier Inc. and a non-consolidated subsidiary in Dalian, China. It transitioned to the Prime Market of the Tokyo Stock Exchange in 2022, and in December 2024 released ProPlus+, a SaaS offering compatible with the new lease accounting standard, evolving toward a hybrid deployment model that combines its traditional package model with a SaaS model.
Business Model
The business is built on a stock-type revenue structure in which the company receives orders to develop and implement fixed asset management systems for client companies, then generates ongoing revenue through subsequent maintenance contracts and version upgrades responding to accounting system revisions. With the December 2024 launch of the SaaS offering "ProPlus+", the company has also begun accumulating subscription revenue. The cost of sales ratio has improved to 43.0% (FY2026, ending March 2026), and the company maintains a highly profitable structure with an operating margin reaching 34.9%.
Company Strengths
Since developing a comprehensive fixed asset management system in 1980, the company has continued specialized product development in this field for over 45 years. In 2023, it obtained a patent for the AI-OCR solution "ProPlus Smart". The company maintains a policy of investing 7-13% of net sales in product development and R&D, sustaining a competitive advantage that does not rely on price competition.
As of the end of FY2026 (ending March 2026), the company had zero interest-bearing debt outstanding, an equity ratio of 80.1%, and net assets of ¥11,403 million out of total assets of ¥14,239 million. Cash flow from operating activities generated ¥2,765 million, with cash and cash equivalents totaling ¥3,816 million. With high financial stability, the company has established a structure capable of funding aggressive investment in human capital and product development from its own resources.
At the end of FY2026 (ending March 2026), the order backlog for the Package Solutions Business stood at ¥6,519 million (up 10.7% year on year), with a company-wide total of ¥6,589 million. This represents approximately 79% of the period's net sales of ¥8,374 million, meaning a substantial portion of revenue for the following period onward has already been secured. Ongoing demand for version upgrades and the accumulation of large-scale projects are enhancing visibility.
ENVALITH's Perspective
Performance Trend
Looking at the performance trend over the past five fiscal periods, starting from net sales of ¥6,690 million and operating income of ¥2,206 million in FY2022, profitability temporarily declined during FY2023 and FY2024, followed by a sharp recovery from FY2025 onward. In FY2026 (ending March 2026), net sales reached ¥8,375 million (up 10.7% year on year), operating income reached ¥2,925 million (up 26.7% year on year), and net income attributable to owners of parent reached ¥2,224 million (up 15.2% year on year), all record highs. The operating margin stood at a high level of 34.9%. As an external factor, front-loaded demand related to compliance with the new lease accounting standard is believed to have boosted performance. Operating cash flow increased significantly to ¥2,765 million (up 87.6% year on year). Note that, following a correction to the statement of cash flows, the ending balance of cash and cash equivalents stands at ¥3,816 million (as corrected).
Growth Strategy
Pursuing medium-term plan targets (revenue CAGR of 17.1%) through three pillars: response to the new lease accounting standard, expansion into the infrastructure industry, and SaaS deployment
Acquiring demand for system modifications and new implementations in response to the new lease accounting standard, scheduled for mandatory application in April 2027, from both existing and new customers. This is also contributing to earnings growth in FY2026 (ending March 2026), with demand expected to peak toward FY2027 (ending March 2027).
Promoting large-scale projects for the infrastructure industry, positioned as a priority area of the growth strategy. Aiming to improve profitability through larger project scale and higher project density per staff member. This is also believed to be contributing to the improvement of the operating margin in FY2026 (ending March 2026).
In addition to conventional package sales, building up subscription revenue by developing new customer segments through the SaaS-based "ProPlus+". Aiming to diversify the revenue model and build a stable revenue base over the medium to long term.
Aiming to integrate fixed asset management solutions with AI technology through a capital and business alliance with First Accounting, which possesses accounting AI technology. Aiming to strengthen product competitiveness and create new customer value.
Last updated: July 19, 2026