# AHC GROUP INC.: business model and financials

> Latest period: FY ending Nov 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第16期(2024/12/01－2025/11/30) (S100XMZ1)
> Page: https://vizora.meequs.com/en/company/ahc-group
> Retrieved: 2026-09-30T20:26:00.190Z

## Company

AHC Group, founded in 2010, is a company in Nursing Care listed on TSE Growth. It has 489 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | AHC GROUP INC. |
| Ticker | 7083 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7083.T) |
| Listing | TSE Growth |
| Head office | 東京都千代田区岩本町二丁目11番9号 |
| Representative (per filing) | 代表取締役社長 荒木 喜貴 |
| Founded | Jan 2010 |
| Share capital | ¥67.2M |
| Employees (consolidated) | 489 |
| Average salary (parent only) | ¥3.9M |
| Fiscal year end | November |
| Website | ahc.co.jp (https://ahc.co.jp/) |
| Corporate number | 4010001139584 |
| EDINET | E35250 |
| Industries (Vizora) | Nursing Care, Restaurants & Pubs, Childcare |

> Profile source: annual securities report (S100XMZ1, filed 2026-02-25). As of filing

## Five-axis industry profile

Primary industry: Childcare (2025-11-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 65 | 10 |
| Profitability | 4.2 | 12 |
| Cash conversion | 79.2 | 12 |
| Efficiency | 29.2 | 12 |

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 56% of AHC Group's sales come from Welfare business, with Nursing care business and Restaurant making up much of the rest.
- Out of every ¥100 of sales, about ¥2 is left as operating profit.
- Revenue changed +6.1% from the prior year, operating profit -14.9%.

## Company structure

- Segment revenue mix: Welfare business 56.3%、Nursing care business 23.5%、Restaurant 20.2%
- Revenue → net income: ¥6660074000 → ¥1018000
- Net income → operating cash flow: ¥1018000 → ¥192536000（difference ¥191518000）
- Main uses of operating cash flow: CapEx ¥281307000 / dividends ¥20736000 / buybacks ¥32441000
- Change in cash: ¥21480000
Segment shares use total reported segment revenue, which may include inter-segment sales. The cash bridge is operating cash flow minus net income and combines non-cash items and working-capital effects.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥6.66B |  |
| Operating income | ¥109M | Margin 1.6% |
| Net income | ¥1M | Margin 0.0% |
| Free cash flow | -¥88.8M |  |
| Largest business | Welfare business | of segment revenue 56.3% |
| Employees (consolidated) | 489 |  |
| EPS | ¥10.07 |  |
| Diluted EPS | ¥9.86 |  |
| Book value per share | ¥537.95 |  |
| Equity ratio | 19.4% |  |
| Shares outstanding | 2,135,870 |  |
| Treasury shares | 64,600 |  |
| Shareholders | 943 |  |
| Average salary (parent only) | ¥3.9M | Filing company only |
| Cash ratio | 40.1% | Cash ÷ revenue 36.6% |
| Vs. industry median margin | -4.5 pp | Nursing Care |
| ROE | 0.1% | Derived from disclosed figures |
| ROA | 0.0% | Derived from disclosed figures |

## Notable figures

- FY2025, operating cash flow is 189.1× net income
- FY2025, buybacks were 1.6× dividends
- FY2025, one segment accounts for 71% of positive segment profit

## What changed in 5 years

| Metric | FY ending Nov 2020 | FY ending Nov 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥4086602000 | ¥6660074000 | +63.0% |
| Operating income | ¥106823000 | ¥108982000 | +2.0% |
| Operating margin | 2.6% | 1.6% | -1 pp |
| Employees | 355 people | 489 people | +37.7% |
| Cash and equivalents | ¥2291293000 | ¥2440593000 | +6.5% |

### Change in segment revenue mix

Span: FY ending Nov 2020 → FY ending Nov 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 福祉事業 → 福祉事業 | 45.5% |
| 介護事業 → 介護事業 | 23.5% |
| 介護事業 → 事業再編・廃止 | 15.2% |
| 外食事業 → 外食事業 | 15.9% |
| 新設・再編 → 福祉事業 | 10.8% |
| 新設・再編 → 外食事業 | 4.4% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Welfare business | 5 years | +15.1% | ¥3748649000 | 5.9% | 2 |
| Nursing care business | 5 years | -0.2% | ¥1563588000 | -0.1% | 2 |
| Restaurant | 5 years | +15.7% | ¥1347836000 | 6.6% | 2 |

## Income statement（FY ending Nov 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 6,660 | 100.0% | S100XMZ1 |
| Cost of revenue | 5,952 | 89.4% | S100XMZ1 |
| Gross profit | 708 | 10.6% | S100XMZ1 |
| SG&A | 599 | 9.0% | S100XMZ1 |
| Operating income | 109 | 1.6% | S100XMZ1 |
| Ordinary income | 127 | 1.9% | S100XMZ1 |
| Pretax income | 58 | 0.9% | S100XMZ1 |
| Income tax | 57 | 0.9% | S100XMZ1 |
| Net income | 1 | 0.0% | S100XMZ1 |
| Net income attributable to owners | 1 | 0.0% | S100XMZ1 |

## Per ¥100 of revenue（FY ending Nov 2025）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 89 |
| SG&A | 9 |
| Operating income | 2 |
| (Ref.) Net income | 0 |

### Margin funnel

Gross margin 10.6% → Operating margin 1.6% → Net margin 0.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +6.1%; Core profit growth: -14.9%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -2.44×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Nov 2024 → FY ending Nov 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 6,278 | 6,660 | 382 | +6.1% |
| Gross profit | 682 | 708 | 26 | +3.8% |
| Operating income | 128 | 109 | -19 | -14.9% |
| Net income attributable to owners | 98 | 1 | -97 | -99.0% |
| Operating cash flow | 439 | 193 | -247 | -56.2% |
| Free cash flow | 215 | -89 | -304 | -141.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Nov 2019 | 4,120 | 243 | 5.9% | 179 | 270 | 181 | S100KVR1 |
| FY ending Nov 2020 | 4,087 | 107 | 2.6% | 103 | 8 | -159 | S100PFBN |
| FY ending Nov 2021 | 4,114 | -234 | -5.7% | 1 | -12 | -906 | S100QAPW |
| FY ending Nov 2022 | 4,904 | -216 | -4.4% | -254 | -103 | -739 | S100UJBT |
| FY ending Nov 2023 | 5,915 | 20 | 0.3% | 68 | 98 | -266 | S100VBH5 |
| FY ending Nov 2024 | 6,278 | 128 | 2.0% | 98 | 439 | 215 | S100XMZ1 |
| FY ending Nov 2025 | 6,660 | 109 | 1.6% | 1 | 193 | -89 | S100XMZ1 |

## People and productivity（FY ending Nov 2025, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥13.6M |
| Operating income per employee (consolidated) | ¥222.9K |
| Net income per employee (consolidated) | ¥2.1K |

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

| History | FY ending Nov 2021 | FY ending Nov 2022 | FY ending Nov 2023 | FY ending Nov 2024 | FY ending Nov 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 387 | 446 | 478 | 470 | 489 |
| Average salary (parent company) | ¥3.7M | ¥3.6M | ¥3.8M | ¥3.9M | ¥3.9M |
| Average age (parent company) | 37.3 years | 38.9 years | 38.8 years | 38.8 years | 39.6 years |
| Average tenure (parent company) | 2.0 years | 3.1 years | 4.0 years | 4.1 years | 4.1 years |

Year over year: Employees (consolidated) +4.0% · Revenue (consolidated) +6.1%

## Segments（FY ending Nov 2025, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Welfare business | 3,749 | 56.3% | 220 | 5.9% |
| Nursing care business | 1,564 | 23.5% | -2 | -0.1% |
| Restaurant | 1,348 | 20.2% | 88 | 6.6% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Welfare business | 56.3% | 71.3% | 15.0 | 5.9% |
| Nursing care business | 23.5% | — | — | -0.1% |
| Restaurant | 20.2% | 28.7% | 8.4 | 6.6% |

Loss-making segment (excluded from profit shares): Nursing care business -2 JPY mn

Segment → industry: Nursing care business → Nursing Care / Welfare business → Nursing Care / Restaurant → Restaurants & Pubs / Welfare business → Childcare

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Nov 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 193 | 2.9% | S100XMZ1 |
| Capital expenditure | 281 | 4.2% | S100XMZ1 |
| Free cash flow | -89 | -1.3% | 算出 |
| Investing cash flow | -396 | -5.9% | S100XMZ1 |
| Financing cash flow | 225 | 3.4% | S100XMZ1 |
| Dividends paid | 21 | 0.3% | S100XMZ1 |
| Share buyback | 32 | 0.5% | S100XMZ1 |
| Change in cash | 21 | 0.3% | S100XMZ1 |
| Cash and equivalents | 2,441 | 36.6% | S100XMZ1 |

## 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 Nov 2021 | FY ending Nov 2022 | FY ending Nov 2023 | FY ending Nov 2024 | FY ending Nov 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 2,488 | 2,059 | 2,047 | 2,419 | 2,441 | S100UJBT, S100VBH5, S100XMZ1 |
| Total assets | 4,728 | 5,206 | 5,247 | 5,798 | 6,084 | S100QAPW, S100UJBT, S100VBH5, S100XMZ1 |
| Net assets | 1,331 | 1,086 | 1,157 | 1,205 | 1,179 | S100UJBT, S100VBH5, S100XMZ1 |
| Share capital | 500 | 50 | 52 | 54 | 67 | S100QAPW, S100UJBT, S100VBH5, S100XMZ1 |
| Inventories | 9 | 10 | 10 | 10 | 12 | S100QAPW, S100UJBT, S100VBH5, S100XMZ1 |
| Property, plant and equipment | 1,063 | 1,220 | 1,225 | 1,239 | 1,351 | S100QAPW, S100UJBT, S100VBH5, S100XMZ1 |
| Intangible assets excluding goodwill | 56 | 344 | 341 | 304 | 363 | S100QAPW, S100UJBT, S100VBH5, S100XMZ1 |
| Goodwill | 12 | 304 | 278 | 244 | 306 | S100QAPW, S100UJBT, S100VBH5, S100XMZ1 |
| Investment securities | — | — | — | 89 | 80 | S100XMZ1 |
| Current assets | 3,427 | 3,112 | 3,189 | 3,569 | 3,686 | S100QAPW, S100UJBT, S100VBH5, S100XMZ1 |
| Current liabilities | 874 | 1,062 | 973 | 1,252 | 1,468 | S100QAPW, S100UJBT, S100VBH5, S100XMZ1 |
| Short-term borrowings | — | 50 | — | — | — | S100UJBT |
| Long-term borrowings | 2,514 | 3,050 | 3,096 | 3,322 | 3,420 | S100QAPW, S100UJBT, S100VBH5, S100XMZ1 |
| Total liabilities | 3,397 | 4,121 | 4,090 | 4,593 | 4,904 | S100QAPW, S100UJBT, S100VBH5, S100XMZ1 |
| Equity attributable to owners of parent | 1,331 | 1,086 | 1,157 | 1,205 | 1,179 | S100QAPW, S100UJBT, S100VBH5, S100XMZ1 |
| Retained earnings | 362 | 108 | 255 | 353 | 333 | S100QAPW, S100UJBT, S100VBH5, S100XMZ1 |
| Treasury stock | -26 | -4 | -2 | -36 | -64 | S100QAPW, S100UJBT, S100VBH5, S100XMZ1 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 40% | S100XMZ1 |
| Inventories | 0% | S100XMZ1 |
| Property, plant and equipment | 22% | S100XMZ1 |
| Intangibles and goodwill | 11% | S100XMZ1 |
| Investment securities | 2% | S100XMZ1 |
| Other assets | 25% | S100XMZ1 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 81% | S100XMZ1 |
| Equity | 19% | S100XMZ1 |
| Other liabilities | 0% | S100XMZ1 |

### Balance sheet history

| Metric | FY ending Nov 2021 | FY ending Nov 2022 | FY ending Nov 2023 | FY ending Nov 2024 | FY ending Nov 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 4,728 | 5,206 | 5,247 | 5,798 | 6,084 |
| Equity | 1,331 | 1,086 | 1,157 | 1,205 | 1,179 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 2,488 | 2,059 | 2,047 | 2,419 | 2,441 |

## 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) | 20.3% | S100XMZ1 |
| Fixed assets ÷ total assets | 22.2% | S100XMZ1 |
| Goodwill ÷ parent equity | 25.9% | S100XMZ1 |

Goodwill over 4 years: 12 → 306 JPY; total investing cash flow: -2,428 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) | 40.1% |
| Cash ÷ revenue | 36.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 176.7% |
| Cash vs. profit gap | 192 JPY mn (of net income 18813.2%) |
| Shareholder returns / net income | 5223.7% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 2036.9% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 4.2% |
| Investing CF relative to operating CF | 205.5% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 0.0% | 0.87× | 0.0% | 3.55× | 0.1% | S100QAPW |
| 2022 | — | —× | -5.1% | —× | — | S100UJBT |
| 2023 | 1.1% | 1.13× | 1.3% | 4.66× | 6.1% | S100VBH5 |
| 2024 | 1.6% | 1.14× | 1.8% | 4.68× | 8.3% | S100XMZ1 |
| 2025 | 0.0% | 1.12× | 0.0% | 4.98× | 0.1% | S100XMZ1 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ＹＨＣ株式会社 | Major shareholder | 27.6% | 2025-11-30 |
| 荒木 喜貴 | Major shareholder | 22.1% | 2025-11-30 |
| ＡＨＣグループ社員持株会 | Major shareholder | 3.0% | 2025-11-30 |
| 村光 伸介 | Major shareholder | 2.9% | 2025-11-30 |
| Ｇ２株式会社 | Major shareholder | 2.6% | 2025-11-30 |
| 吉元 幸次郎 | Major shareholder | 2.1% | 2025-11-30 |
| 田中 康雅 | Major shareholder | 1.9% | 2025-11-30 |
| 土山 茂太 | Major shareholder | 1.7% | 2025-11-30 |
| ＭＨＣ株式会社 | Major shareholder | 1.5% | 2025-11-30 |
| 薛 学立 | Major shareholder | 1.4% | 2025-11-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第16期(2024/12/01－2025/11/30) | S100XMZ1 | 2026-02-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XMZ1,, |
| 有価証券報告書－第15期(2023/12/01－2024/11/30) | S100VBH5 | 2025-02-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VBH5,, |
| 訂正有価証券報告書－第14期(2022/12/01－2023/11/30) | S100UJBT | 2024-10-15 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UJBT,, |
| 有価証券報告書－第13期(2021/12/01－2022/11/30) | S100QAPW | 2023-02-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QAPW,, |
| 訂正有価証券報告書－第12期(令和2年12月1日－令和3年11月30日) | S100PFBN | 2022-10-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PFBN,, |
| 有価証券報告書－第11期(令和1年12月1日－令和2年11月30日) | S100KVR1 | 2021-02-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KVR1,, |

## 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).