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

> Latest period: FY ending Sep 2025, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第55期(2024/10/01－2025/09/30) (S100XCGX)
> Page: https://vizora.meequs.com/en/company/amifa
> Retrieved: 2026-09-30T20:48:13.133Z

## Company

Amifa, founded in 1973, is a company in Furniture, Interior & Lifestyle Goods listed on TSE Standard. It has 86 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Amifa Co.,Ltd. |
| Ticker | 7800 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7800.T) |
| Listing | TSE Standard |
| Head office | 東京都港区北青山二丁目13番5号 |
| Representative (per filing) | 代表取締役社長 藤井 愉三 |
| Founded | Oct 1973 |
| Share capital | ¥37.2M |
| Employees (consolidated) | 86 |
| Average salary (parent only) | ¥5.5M |
| Fiscal year end | September |
| Website | www.amifa.co.jp (https://www.amifa.co.jp/) |
| Corporate number | 1010001110663 |
| EDINET | E34028 |
| Industries (Vizora) | Furniture, Interior & Lifestyle Goods |

> Profile source: annual securities report (S100XCGX, filed 2025-12-24). As of filing

## Five-axis industry profile

Primary industry: Furniture, Interior & Lifestyle Goods (2025-09-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 96.4 | 14 |
| Profitability | 41.7 | 18 |
| Cash conversion | 85.3 | 17 |
| Efficiency | 97.2 | 18 |

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)

- Amifa brought in ¥8.84B in revenue.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed +2.8% from the prior year, and it swung back to an operating profit.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥8842205000 → ¥194503000
- Net income → operating cash flow: ¥194503000 → ¥527735000（difference ¥333232000）
- Main uses of operating cash flow: CapEx ¥27625000 / dividends ¥72407000 / buybacks —
- Change in cash: ¥123141000
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 | ¥8.84B |  |
| Operating income | ¥270.3M | Margin 3.1% |
| Net income | ¥194.5M | Margin 2.2% |
| Free cash flow | ¥500.1M |  |
| Employees (consolidated) | 86 |  |
| EPS | ¥64.44 |  |
| Book value per share | ¥709.42 |  |
| Equity ratio | 58.3% |  |
| Shares outstanding | 3,235,000 |  |
| Treasury shares | 216,400 |  |
| Shareholders | 8,401 |  |
| Average salary (parent only) | ¥5.5M | Filing company only |
| Cash ratio | 22.9% | Cash ÷ revenue 9.5% |
| Vs. industry median margin | -1.3 pp | Furniture, Interior & Lifestyle Goods |
| ROE | 9.4% | Derived from disclosed figures |
| ROA | 5.2% | Derived from disclosed figures |

## Notable figures

- FY2025, operating cash flow is 2.7× net income

## What changed in 5 years

| Metric | FY ending Sep 2020 | FY ending Sep 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥4785114000 | ¥8842205000 | +84.8% |
| Operating income | ¥262987000 | ¥270322000 | +2.8% |
| Operating margin | 5.5% | 3.1% | -2.4 pp |
| Employees | 68 people | 86 people | +26.5% |
| Cash and equivalents | ¥1332039000 | ¥842213000 | -36.8% |

### Change in segment revenue mix

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

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 8,842 | 100.0% | S100XCGX |
| Cost of revenue | 5,969 | 67.5% | S100XCGX |
| Gross profit | 2,873 | 32.5% | S100XCGX |
| SG&A | 2,603 | 29.4% | S100XCGX |
| Operating income | 270 | 3.1% | S100XCGX |
| Ordinary income | 239 | 2.7% | S100XCGX |
| Pretax income | 239 | 2.7% | S100XCGX |
| Income tax | 45 | 0.5% | S100XCGX |
| Net income | 195 | 2.2% | S100XCGX |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 68 |
| SG&A | 29 |
| Operating income | 3 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 32.5% → Operating margin 3.1% → Net margin 2.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Turned profitable
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 8,602 | 8,842 | 240 | +2.8% |
| Gross profit | 2,446 | 2,873 | 427 | +17.5% |
| Operating income | -298 | 270 | 568 | — |
| Operating cash flow | 442 | 528 | 86 | +19.4% |
| Free cash flow | 398 | 500 | 102 | +25.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Sep 2019 | 4,967 | 330 | 6.6% | 177 | 463 | 442 | S100KEK4 |
| FY ending Sep 2020 | 4,785 | 263 | 5.5% | 173 | 397 | 355 | S100N31B |
| FY ending Sep 2021 | 4,677 | 216 | 4.6% | 173 | 133 | 86 | S100QBUT |
| FY ending Sep 2022 | 5,919 | 295 | 5.0% | 222 | -234 | -250 | S100SJ6C |
| FY ending Sep 2023 | 8,131 | 182 | 2.2% | 147 | -1,034 | -1,072 | S100V0GI |
| FY ending Sep 2024 | 8,602 | -298 | -3.5% | -284 | 442 | 398 | S100XCGX |
| FY ending Sep 2025 | 8,842 | 270 | 3.1% | 195 | 528 | 500 | S100XCGX |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥102.8M |
| Operating income per employee (consolidated) | ¥3.1M |
| Net income per employee (consolidated) | ¥2.3M |

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

| History | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 73 | 75 | 83 | 88 | 86 |
| Average salary (parent company) | ¥5.4M | ¥5.4M | ¥5.5M | ¥5.4M | ¥5.5M |
| Average age (parent company) | 36.9 years | 37.8 years | 38.3 years | 38.4 years | 39.3 years |
| Average tenure (parent company) | 5.3 years | 6.1 years | 6.2 years | 6.1 years | 6.9 years |

Year over year: Employees (consolidated) -2.3% · Revenue (consolidated) +2.8%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 528 | 6.0% | S100XCGX |
| Capital expenditure | 28 | 0.3% | S100XCGX |
| Free cash flow | 500 | 5.7% | 算出 |
| Investing cash flow | -28 | -0.3% | S100XCGX |
| Financing cash flow | -372 | -4.2% | S100XCGX |
| Dividends paid | 72 | 0.8% | S100XCGX |
| Change in cash | 123 | 1.4% | S100XCGX |
| Cash and equivalents | 842 | 9.5% | S100XCGX |

## 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 Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,279 | 898 | 876 | 719 | 842 | S100SJ6C, S100V0GI, S100XCGX |
| Total assets | 2,945 | 3,085 | 4,409 | 3,809 | 3,671 | S100QBUT, S100SJ6C, S100V0GI, S100XCGX |
| Net assets | 2,289 | 2,473 | 2,393 | 1,883 | 2,141 | S100SJ6C, S100V0GI, S100XCGX |
| Share capital | 37 | 37 | 37 | 37 | 37 | S100QBUT, S100SJ6C, S100V0GI, S100XCGX |
| Inventories | 954 | 1,315 | 2,428 | 2,057 | 1,726 | S100QBUT, S100SJ6C, S100V0GI, S100XCGX |
| Property, plant and equipment | 57 | 47 | 44 | 35 | 26 | S100QBUT, S100SJ6C, S100V0GI, S100XCGX |
| Intangible assets excluding goodwill | 45 | 41 | 68 | 73 | 55 | S100QBUT, S100SJ6C, S100V0GI, S100XCGX |
| Current assets | 2,767 | 2,934 | 4,240 | 3,553 | 3,458 | S100QBUT, S100SJ6C, S100V0GI, S100XCGX |
| Current liabilities | 360 | 329 | 1,729 | 1,335 | 1,036 | S100QBUT, S100SJ6C, S100V0GI, S100XCGX |
| Short-term borrowings | — | — | 1,300 | 300 | 100 | S100V0GI, S100XCGX |
| Long-term borrowings | 18 | — | — | 301 | 201 | S100QBUT, S100XCGX |
| Total liabilities | 656 | 612 | 2,016 | 1,926 | 1,530 | S100QBUT, S100SJ6C, S100V0GI, S100XCGX |
| Equity attributable to owners of parent | 2,272 | 2,432 | 2,345 | 2,005 | 2,127 | S100QBUT, S100SJ6C, S100V0GI, S100XCGX |
| Retained earnings | 1,961 | 2,122 | 2,192 | 1,836 | 1,958 | S100QBUT, S100SJ6C, S100V0GI, S100XCGX |
| Treasury stock | — | -0 | -157 | -142 | -142 | S100SJ6C, S100V0GI, S100XCGX |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 23% | S100XCGX |
| Inventories | 47% | S100XCGX |
| Property, plant and equipment | 1% | S100XCGX |
| Intangibles and goodwill | 1% | S100XCGX |
| Other assets | 28% | S100XCGX |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 42% | S100XCGX |
| Equity | 58% | S100XCGX |
| Other liabilities | 0% | S100XCGX |

### Balance sheet history

| Metric | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 2,945 | 3,085 | 4,409 | 3,809 | 3,671 |
| Equity | 2,289 | 2,473 | 2,393 | 1,883 | 2,141 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,279 | 898 | 876 | 719 | 842 |

## 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) | 0.3% | S100XCGX |
| Fixed assets ÷ total assets | 0.7% | S100XCGX |
| Goodwill ÷ parent equity | — | —, S100XCGX |

### 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) | 22.9% |
| Cash ÷ revenue | 9.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 195.2% |
| Cash vs. profit gap | 333 JPY mn (of net income 171.3%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 37.2% |
| Shareholder payments — dividends / FCF | 14.5% |
| CapEx intensity (capex ÷ revenue) | 0.3% |
| Investing CF relative to operating CF | 5.2% |

## 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 | 3.7% | 1.59× | 5.9% | 1.30× | 7.6% | S100QBUT |
| 2022 | 3.8% | 1.96× | 7.4% | 1.28× | 9.4% | S100SJ6C |
| 2023 | 1.8% | 2.17× | 3.9% | 1.57× | 6.2% | S100V0GI |
| 2024 | — | —× | -6.9% | —× | — | S100XCGX |
| 2025 | 2.2% | 2.36× | 5.2% | 1.81× | 9.4% | S100XCGX |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社ウィステリアウェル | Major shareholder | 32.8% | 2025-09-30 |
| アミファ従業員持株会 | Major shareholder | 1.8% | 2025-09-30 |
| 株式会社ウイルコホールディングス | Major shareholder | 1.4% | 2025-09-30 |
| 増田明彦 | Major shareholder | 1.0% | 2025-09-30 |
| 米田康三 | Major shareholder | 1.0% | 2025-09-30 |
| 藤井愉三 | Major shareholder | 0.9% | 2025-09-30 |
| 山崎直志 | Major shareholder | 0.9% | 2025-09-30 |
| 藤井俊行 | Major shareholder | 0.8% | 2025-09-30 |
| 脇阪勉 | Major shareholder | 0.8% | 2025-09-30 |
| 吉田政功 | Major shareholder | 0.8% | 2025-09-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第55期(2024/10/01－2025/09/30) | S100XCGX | 2025-12-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XCGX,, |
| 有価証券報告書－第54期(2023/10/01－2024/09/30) | S100V0GI | 2024-12-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100V0GI,, |
| 有価証券報告書－第53期(2022/10/01－2023/09/30) | S100SJ6C | 2023-12-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SJ6C,, |
| 訂正有価証券報告書－第52期(2021/10/01－2022/09/30) | S100QBUT | 2023-03-03 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QBUT,, |
| 有価証券報告書－第51期(令和2年10月1日－令和3年9月30日) | S100N31B | 2021-12-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100N31B,, |
| 有価証券報告書－第50期(令和1年10月1日－令和2年9月30日) | S100KEK4 | 2020-12-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KEK4,, |

## 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).