# Amaze Co.,Ltd.: business model and financials

> Latest period: FY ending Nov 2025, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第100期(2024/12/01－2025/11/30) (S100XMEJ)
> Page: https://vizora.meequs.com/en/company/amaze
> Retrieved: 2026-09-30T19:41:58.824Z

## Company

Amaze is a company in Hotels & Inns listed on Fukuoka. It has 197 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Amaze Co.,Ltd. |
| Ticker | 6076 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6076.T) |
| Listing | Fukuoka |
| Head office | 大分県大分市西鶴崎一丁目7番17号 |
| Representative (per filing) | 代表取締役社長 穴見賢一 |
| Share capital | ¥1.3B |
| Employees (consolidated) | 197 |
| Average salary (parent only) | ¥4.4M |
| Fiscal year end | November |
| Corporate number | 1320001003869 |
| EDINET | E27761 |
| Industries (Vizora) | Hotels & Inns |

> Profile source: annual securities report (S100XMEJ, filed 2026-02-20). As of filing

## Five-axis industry profile

Primary industry: Hotels & Inns (2025-11-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 15.6 | 16 |
| Profitability | 79.4 | 17 |
| Cash conversion | 17.9 | 14 |
| Efficiency | 32.4 | 17 |

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)

- Amaze brought in ¥19.6B in revenue.
- Out of every ¥100 of sales, about ¥17 is left as operating profit.
- Revenue changed +8.5% from the prior year, operating profit -14.9%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥19560000000 → ¥2081000000
- Net income → operating cash flow: ¥2081000000 → ¥3102000000（difference ¥1021000000）
- Main uses of operating cash flow: CapEx ¥4971000000 / dividends ¥402000000 / buybacks —
- Change in cash: ¥-1204000000
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 | ¥19.6B |  |
| Operating income | ¥3.2B | Margin 16.4% |
| Net income | ¥2.08B | Margin 10.6% |
| Free cash flow | -¥1.87B |  |
| Employees (consolidated) | 197 |  |
| EPS | ¥155.27 |  |
| Book value per share | ¥1228.17 |  |
| Equity ratio | 52.1% |  |
| Shares outstanding | 15,204,000 |  |
| Treasury shares | 1,800,400 |  |
| Shareholders | 7,167 |  |
| Average salary (parent only) | ¥4.4M | Filing company only |
| Cash ratio | 3.5% | Cash ÷ revenue 5.6% |
| Vs. industry median margin | +5.7 pp | Hotels & Inns |
| ROE | 13.3% | Derived from disclosed figures |
| ROA | 6.9% | Derived from disclosed figures |

## Notable figures

- FY2025, parent-company salary changed +21% over five years
- FY2025, cash is 3% of total assets

## What changed in 5 years

| Metric | FY ending Nov 2020 | FY ending Nov 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥11343000000 | ¥19560000000 | +72.4% |
| Operating income | ¥1525000000 | ¥3199000000 | +109.8% |
| Operating margin | 13.4% | 16.4% | +2.9 pp |
| Employees | 114 people | 197 people | +72.8% |
| Cash and equivalents | ¥455000000 | ¥1097000000 | +141.1% |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 19,560 | 100.0% | S100XMEJ |
| Cost of revenue | 2,607 | 13.3% | S100XMEJ |
| Gross profit | 16,953 | 86.7% | S100XMEJ |
| SG&A | 13,754 | 70.3% | S100XMEJ |
| Operating income | 3,199 | 16.4% | S100XMEJ |
| Ordinary income | 2,842 | 14.5% | S100XMEJ |
| Pretax income | 2,842 | 14.5% | S100XMEJ |
| Income tax | 760 | 3.9% | S100XMEJ |
| Net income | 2,081 | 10.6% | S100XMEJ |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 13 |
| SG&A | 70 |
| Operating income | 17 |
| (Ref.) Net income | 11 |

### Margin funnel

Gross margin 86.7% → Operating margin 16.4% → Net margin 10.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +8.5%; Core profit growth: -14.9%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -1.76×
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 | 18,029 | 19,560 | 1,531 | +8.5% |
| Gross profit | 15,731 | 16,953 | 1,222 | +7.8% |
| Operating income | 3,760 | 3,199 | -561 | -14.9% |
| Operating cash flow | 3,237 | 3,102 | -135 | -4.2% |
| Free cash flow | 1,878 | -1,869 | -3,747 | -199.5% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Nov 2019 | 14,837 | 3,652 | 24.6% | 2,055 | 3,701 | 3,653 | S100KVED |
| FY ending Nov 2020 | 11,343 | 1,525 | 13.4% | 239 | 1,287 | -751 | S100NJ5V |
| FY ending Nov 2021 | 11,852 | 1,186 | 10.0% | 389 | 2,044 | 595 | S100Q9VR |
| FY ending Nov 2022 | 14,507 | 3,132 | 21.6% | 1,736 | 4,229 | 3,373 | S100UBJ5 |
| FY ending Nov 2023 | 16,907 | 3,994 | 23.6% | 2,324 | 3,514 | 2,320 | S100VAHA |
| FY ending Nov 2024 | 18,029 | 3,760 | 20.9% | 2,236 | 3,237 | 1,878 | S100XMEJ |
| FY ending Nov 2025 | 19,560 | 3,199 | 16.4% | 2,081 | 3,102 | -1,869 | S100XMEJ |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥99.3M |
| Operating income per employee (consolidated) | ¥16.2M |
| Net income per employee (consolidated) | ¥10.6M |

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) | 123 | 129 | 143 | 143 | 197 |
| Average salary (parent company) | ¥3.6M | ¥3.7M | ¥4M | ¥4.3M | ¥4.4M |
| Average age (parent company) | 37.8 years | 38.9 years | 38.9 years | 39.9 years | 39.7 years |
| Average tenure (parent company) | 5.4 years | 5.5 years | 5.4 years | 5.9 years | 4.9 years |

Year over year: Employees (consolidated) +37.8% · Revenue (consolidated) +8.5%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 3,102 | 15.9% | S100XMEJ |
| Capital expenditure | 4,971 | 25.4% | S100XMEJ |
| Free cash flow | -1,869 | -9.6% | 算出 |
| Investing cash flow | -4,973 | -25.4% | S100XMEJ |
| Financing cash flow | 665 | 3.4% | S100XMEJ |
| Dividends paid | 402 | 2.1% | S100XMEJ |
| Change in cash | -1,204 | -6.2% | S100XMEJ |
| Cash and equivalents | 1,097 | 5.6% | S100XMEJ |

## 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 | 1,222 | 1,454 | 2,497 | 2,302 | 1,097 | S100SXGY, S100VAHA, S100XMEJ |
| Total assets | 27,701 | 27,486 | 28,506 | 28,441 | 31,598 | S100Q9VR, S100UBJ5, S100VAHA, S100XMEJ |
| Net assets | 11,689 | 13,122 | 15,144 | 14,778 | 16,461 | S100SXGY, S100VAHA, S100XMEJ |
| Share capital | 1,299 | 1,299 | 1,299 | 1,299 | 1,299 | S100Q9VR, S100UBJ5, S100VAHA, S100XMEJ |
| Property, plant and equipment | 24,791 | 24,239 | 24,215 | 24,224 | 27,932 | S100Q9VR, S100UBJ5, S100VAHA, S100XMEJ |
| Intangible assets excluding goodwill | 55 | 102 | 95 | 107 | 188 | S100Q9VR, S100UBJ5, S100VAHA, S100XMEJ |
| Investment securities | 4 | 4 | 6 | 7 | 13 | S100Q9VR, S100UBJ5, S100VAHA, S100XMEJ |
| Current assets | 1,692 | 1,983 | 3,061 | 2,974 | 2,178 | S100Q9VR, S100UBJ5, S100VAHA, S100XMEJ |
| Current liabilities | 4,408 | 3,618 | 3,491 | 3,596 | 6,141 | S100Q9VR, S100UBJ5, S100VAHA, S100XMEJ |
| Short-term borrowings | 2,120 | 120 | — | — | 2,450 | S100Q9VR, S100UBJ5, S100XMEJ |
| Long-term borrowings | 2,603 | 2,020 | 1,437 | 2,197 | 1,342 | S100Q9VR, S100UBJ5, S100VAHA, S100XMEJ |
| Total liabilities | 16,011 | 14,363 | 13,361 | 13,662 | 15,136 | S100Q9VR, S100UBJ5, S100VAHA, S100XMEJ |
| Equity attributable to owners of parent | 11,689 | 13,121 | 15,142 | 14,775 | 16,454 | S100Q9VR, S100UBJ5, S100VAHA, S100XMEJ |
| Retained earnings | 9,889 | 11,321 | 13,342 | 15,198 | 16,877 | S100Q9VR, S100UBJ5, S100VAHA, S100XMEJ |
| Treasury stock | 0 | 0 | 0 | -2,223 | -2,223 | S100Q9VR, S100UBJ5, S100VAHA, S100XMEJ |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 3% | S100XMEJ |
| Property, plant and equipment | 88% | S100XMEJ |
| Intangibles and goodwill | 1% | S100XMEJ |
| Investment securities | 0% | S100XMEJ |
| Other assets | 8% | S100XMEJ |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 48% | S100XMEJ |
| Equity | 52% | S100XMEJ |
| Other liabilities | 0% | S100XMEJ |

### 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 | 27,701 | 27,486 | 28,506 | 28,441 | 31,598 |
| Equity | 11,689 | 13,122 | 15,144 | 14,778 | 16,461 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,222 | 1,454 | 2,497 | 2,302 | 1,097 |

## 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) | 142.8% | S100XMEJ |
| Fixed assets ÷ total assets | 88.4% | S100XMEJ |
| Goodwill ÷ parent equity | — | —, S100XMEJ |

### 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) | 3.5% |
| Cash ÷ revenue | 5.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 97.0% |
| Cash vs. profit gap | 1,021 JPY mn (of net income 49.1%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 19.3% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 25.4% |
| Investing CF relative to operating CF | 160.3% |

## 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 | 3.3% | 0.43× | 1.4% | 2.37× | 3.3% | S100Q9VR |
| 2022 | 12.0% | 0.53× | 6.3% | 2.22× | 14.0% | S100UBJ5 |
| 2023 | 13.7% | 0.60× | 8.3% | 1.98× | 16.4% | S100VAHA |
| 2024 | 12.4% | 0.63× | 7.9% | 1.90× | 14.9% | S100XMEJ |
| 2025 | 10.6% | 0.65× | 6.9% | 1.92× | 13.3% | S100XMEJ |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 穴見 賢一 | Major shareholder | 38.5% | 2025-11-30 |
| 公益財団法人穴見保雄財団 | Major shareholder | 24.3% | 2025-11-30 |
| UBS AG SINGAPORE（常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 2.2% | 2025-11-30 |
| 児玉 幸子 | Major shareholder | 2.0% | 2025-11-30 |
| ヨシダ トモヒロ | Major shareholder | 1.8% | 2025-11-30 |
| 蒲生 逸郎 | Major shareholder | 1.1% | 2025-11-30 |
| 上遠野 俊一 | Major shareholder | 1.1% | 2025-11-30 |
| 穴見 雄人 | Major shareholder | 0.8% | 2025-11-30 |
| 穴見 大地 | Major shareholder | 0.8% | 2025-11-30 |
| 穴見 悟志 | Major shareholder | 0.8% | 2025-11-30 |
| 穴見 美沙姫 | Major shareholder | 0.8% | 2025-11-30 |
| 穴見 美由紀 | Major shareholder | 0.7% | 2025-11-30 |
| 浜本 憲至 | Major shareholder | 0.5% | 2025-11-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第100期(2024/12/01－2025/11/30) | S100XMEJ | 2026-02-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XMEJ,, |
| 有価証券報告書－第99期(2023/12/01－2024/11/30) | S100VAHA | 2025-02-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VAHA,, |
| 訂正有価証券報告書－第98期(2022/12/01－2023/11/30) | S100UBJ5 | 2024-09-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UBJ5,, |
| 有価証券報告書－第98期(2022/12/01－2023/11/30) | S100SXGY | 2024-02-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SXGY,, |
| 有価証券報告書－第97期(2021/12/01－2022/11/30) | S100Q9VR | 2023-02-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Q9VR,, |
| 有価証券報告書－第96期(令和2年12月1日－令和3年11月30日) | S100NJ5V | 2022-02-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NJ5V,, |
| 有価証券報告書－第95期(令和1年12月1日－令和2年11月30日) | S100KVED | 2021-02-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KVED,, |

## 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).