# AMITA HOLDINGS CO.,LTD.: business model and financials

> Latest period: FY ending Dec 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第16期(2025/01/01－2025/12/31) (S100XRZ8)
> Page: https://vizora.meequs.com/en/company/amita-holdings
> Retrieved: 2026-09-30T20:38:09.390Z

## Company

Amita Holdings, founded in 2010, is a company in Waste Management & Recycling listed on TSE Growth. It has 189 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | AMITA HOLDINGS CO.,LTD. |
| Ticker | 2195 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2195.T) |
| Listing | TSE Growth |
| Head office | 京都府京都市中京区烏丸通押小路上ル秋野々町535番地 |
| Representative (per filing) | 代表取締役会長 兼 CVO 熊野英介 |
| Founded | Jan 2010 |
| Share capital | ¥483.6M |
| Employees (consolidated) | 189 |
| Average salary (parent only) | ¥6.2M |
| Fiscal year end | December |
| Website | www.amita-hd.co.jp (https://www.amita-hd.co.jp/) |
| Corporate number | 3010001129669 |
| EDINET | E23634 |
| Industries (Vizora) | Waste Management & Recycling |

> Profile source: annual securities report (S100XRZ8, filed 2026-03-24). As of filing

## Five-axis industry profile

Primary industry: Waste Management & Recycling (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 6.3 | 24 |
| Profitability | 66 | 25 |
| Cash conversion | 82 | 25 |
| Efficiency | 22 | 25 |

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)

- Amita Holdings brought in ¥4.87B in revenue.
- Out of every ¥100 of sales, about ¥9 is left as operating profit.
- Revenue changed -1.3% from the prior year, operating profit -7.9%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥4865635000 → ¥311183000
- Net income → operating cash flow: ¥311183000 → ¥584792000（difference ¥273609000）
- Main uses of operating cash flow: CapEx ¥831380000 / dividends ¥70088000 / buybacks —
- Change in cash: ¥389983000
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 | ¥4.87B |  |
| Operating income | ¥435.9M | Margin 9.0% |
| Net income | ¥311M | Margin 6.4% |
| Free cash flow | -¥246.6M |  |
| Employees (consolidated) | 189 |  |
| EPS | ¥47.08 |  |
| Book value per share | ¥93.08 |  |
| Equity ratio | 38.3% |  |
| Shares outstanding | 17,556,360 |  |
| Treasury shares | 3,800 |  |
| Shareholders | 2,534 |  |
| Average salary (parent only) | ¥6.2M | Filing company only |
| Cash ratio | 40.6% | Cash ÷ revenue 64.1% |
| Vs. industry median margin | +1.8 pp | Waste Management & Recycling |
| ROE | 11.6% | Derived from disclosed figures |
| ROA | 4.4% | Derived from disclosed figures |

## Notable figures

- FY2025, cash is 41% of total assets

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥4608264000 | ¥4865635000 | +5.6% |
| Operating income | ¥289773000 | ¥435888000 | +50.4% |
| Operating margin | 6.3% | 9.0% | +2.7 pp |
| Employees | 161 people | 189 people | +17.4% |
| Cash and equivalents | ¥1235749000 | ¥3119338000 | +152.4% |

### Change in segment revenue mix

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

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 4,866 | 100.0% | S100XRZ8 |
| Cost of revenue | 2,684 | 55.2% | S100XRZ8 |
| Gross profit | 2,181 | 44.8% | S100XRZ8 |
| SG&A | 1,745 | 35.9% | S100XRZ8 |
| Operating income | 436 | 9.0% | S100XRZ8 |
| Ordinary income | 470 | 9.7% | S100XRZ8 |
| Pretax income | 470 | 9.7% | S100XRZ8 |
| Income tax | 159 | 3.3% | S100XRZ8 |
| Net income | 311 | 6.4% | S100XRZ8 |
| Net income attributable to owners | 311 | 6.4% | S100XRZ8 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 55 |
| SG&A | 36 |
| Operating income | 9 |
| (Ref.) Net income | 6 |

### Margin funnel

Gross margin 44.8% → Operating margin 9.0% → Net margin 6.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -1.3%; Core profit growth: -7.9%
Operating leverage (core profit growth ÷ revenue growth): 5.95×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 4,931 | 4,866 | -66 | -1.3% |
| Gross profit | 2,226 | 2,181 | -45 | -2.0% |
| Operating income | 473 | 436 | -38 | -7.9% |
| Net income attributable to owners | 423 | 311 | -112 | -26.5% |
| Operating cash flow | 475 | 585 | 110 | +23.2% |
| Free cash flow | 51 | -247 | -297 | -588.0% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 4,744 | 236 | 5.0% | 163 | 430 | 266 | S100KYDS |
| FY ending Dec 2020 | 4,608 | 290 | 6.3% | 389 | 392 | 310 | S100NOI5 |
| FY ending Dec 2021 | 5,158 | 560 | 10.9% | 633 | 873 | 800 | S100QFEL |
| FY ending Dec 2022 | 4,825 | 610 | 12.6% | 531 | 585 | 483 | S100T37L |
| FY ending Dec 2023 | 4,536 | 472 | 10.4% | 308 | 725 | 327 | S100VG0G |
| FY ending Dec 2024 | 4,931 | 473 | 9.6% | 423 | 475 | 51 | S100XRZ8 |
| FY ending Dec 2025 | 4,866 | 436 | 9.0% | 311 | 585 | -247 | S100XRZ8 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥25.7M |
| Operating income per employee (consolidated) | ¥2.3M |
| Net income per employee (consolidated) | ¥1.6M |

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

| History | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 157 | 169 | 178 | 184 | 189 |
| Average salary (parent company) | ¥5.9M | ¥5.7M | ¥5.9M | ¥6.3M | ¥6.2M |
| Average age (parent company) | 38.1 years | 38.9 years | 36.6 years | 38.3 years | 37.9 years |
| Average tenure (parent company) | 8.9 years | 9.9 years | 7.8 years | 8.0 years | 8.8 years |

Year over year: Employees (consolidated) +2.7% · Revenue (consolidated) -1.3%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 585 | 12.0% | S100XRZ8 |
| Capital expenditure | 831 | 17.1% | S100XRZ8 |
| Free cash flow | -247 | -5.1% | 算出 |
| Investing cash flow | -804 | -16.5% | S100XRZ8 |
| Financing cash flow | 602 | 12.4% | S100XRZ8 |
| Dividends paid | 70 | 1.4% | S100XRZ8 |
| Change in cash | 390 | 8.0% | S100XRZ8 |
| Cash and equivalents | 3,119 | 64.1% | S100XRZ8 |

## 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 Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,391 | 1,780 | 2,830 | 2,729 | 3,119 | S100T37L, S100VG0G, S100XRZ8 |
| Total assets | 4,427 | 4,824 | 6,176 | 6,595 | 7,682 | S100QFEL, S100T37L, S100VG0G, S100XRZ8 |
| Net assets | 1,455 | 2,001 | 2,266 | 2,734 | 3,003 | S100T37L, S100VG0G, S100XRZ8 |
| Share capital | 475 | 481 | 484 | 484 | 484 | S100QFEL, S100T37L, S100VG0G, S100XRZ8 |
| Trade receivables | 703 | 745 | 708 | 727 | 694 | S100QFEL, S100T37L, S100VG0G, S100XRZ8 |
| Property, plant and equipment | 1,634 | 1,547 | 1,722 | 1,917 | 2,591 | S100QFEL, S100T37L, S100VG0G, S100XRZ8 |
| Intangible assets excluding goodwill | 26 | 37 | 88 | 76 | 55 | S100QFEL, S100T37L, S100VG0G, S100XRZ8 |
| Investment securities | 167 | 282 | 320 | 450 | 404 | S100QFEL, S100T37L, S100VG0G, S100XRZ8 |
| Current assets | 2,346 | 2,770 | 3,838 | 3,853 | 4,324 | S100QFEL, S100T37L, S100VG0G, S100XRZ8 |
| Current liabilities | 1,312 | 1,269 | 1,636 | 1,658 | 1,871 | S100QFEL, S100T37L, S100VG0G, S100XRZ8 |
| Trade payables | 354 | 293 | 261 | 288 | 242 | S100QFEL, S100T37L, S100VG0G, S100XRZ8 |
| Long-term borrowings | 1,200 | 1,083 | 1,807 | 1,702 | 2,267 | S100QFEL, S100T37L, S100VG0G, S100XRZ8 |
| Total liabilities | 2,972 | 2,823 | 3,910 | 3,861 | 4,679 | S100QFEL, S100T37L, S100VG0G, S100XRZ8 |
| Non-controlling interests | — | — | — | 66 | 63 | S100XRZ8 |
| Equity attributable to owners of parent | 1,448 | 1,956 | 2,217 | 2,570 | 2,811 | S100QFEL, S100T37L, S100VG0G, S100XRZ8 |
| Retained earnings | 729 | 1,225 | 1,481 | 1,834 | 2,075 | S100QFEL, S100T37L, S100VG0G, S100XRZ8 |
| Treasury stock | -0 | -0 | -0 | -0 | -0 | S100QFEL, S100T37L, S100VG0G, S100XRZ8 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 40% | S100XRZ8 |
| Receivables | 9% | S100XRZ8 |
| Property, plant and equipment | 34% | S100XRZ8 |
| Intangibles and goodwill | 1% | S100XRZ8 |
| Investment securities | 5% | S100XRZ8 |
| Other assets | 11% | S100XRZ8 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 3% | S100XRZ8 |
| Other liabilities | 58% | S100XRZ8 |
| Equity | 39% | S100XRZ8 |
| Other liabilities | 0% | S100XRZ8 |

### Balance sheet history

| Metric | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 4,427 | 4,824 | 6,176 | 6,595 | 7,682 |
| Equity | 1,455 | 2,001 | 2,266 | 2,734 | 3,003 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,391 | 1,780 | 2,830 | 2,729 | 3,119 |

## 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) | 53.2% | S100XRZ8 |
| Fixed assets ÷ total assets | 33.7% | S100XRZ8 |
| Goodwill ÷ parent equity | — | —, S100XRZ8 |

### 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) | 40.6% |
| Cash ÷ revenue | 64.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 134.2% |
| Cash vs. profit gap | 274 JPY mn (of net income 88.1%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 22.5% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 17.1% |
| Investing CF relative to operating CF | 137.5% |

## 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 | 12.3% | 1.16× | 14.3% | 3.06× | 43.7% | S100QFEL |
| 2022 | 11.0% | 1.04× | 11.5% | 2.72× | 31.2% | S100T37L |
| 2023 | 6.8% | 0.82× | 5.6% | 2.64× | 14.8% | S100VG0G |
| 2024 | 8.6% | 0.77× | 6.6% | 2.67× | 17.7% | S100XRZ8 |
| 2025 | 6.4% | 0.68× | 4.4% | 2.65× | 11.6% | S100XRZ8 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 大平洋金属株式会社 | Major shareholder | 32.7% | 2025-12-31 |
| 熊野 英介 | Major shareholder | 31.5% | 2025-12-31 |
| MCPジャパン・ホールディングス株式会社 | Major shareholder | 3.8% | 2025-12-31 |
| アミタ社員持株会 | Major shareholder | 2.0% | 2025-12-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 1.8% | 2025-12-31 |
| 株式会社みずほ銀行 | Major shareholder | 1.7% | 2025-12-31 |
| 株式会社三井住友銀行 | Major shareholder | 1.7% | 2025-12-31 |
| 尾崎 圭子 | Major shareholder | 1.3% | 2025-12-31 |
| 玉田 博之 | Major shareholder | 1.3% | 2025-12-31 |
| 杉本 憲一 | Major shareholder | 1.2% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第16期(2025/01/01－2025/12/31) | S100XRZ8 | 2026-03-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XRZ8,, |
| 有価証券報告書－第15期(2024/01/01－2024/12/31) | S100VG0G | 2025-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VG0G,, |
| 有価証券報告書－第14期(2023/01/01－2023/12/31) | S100T37L | 2024-03-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T37L,, |
| 有価証券報告書－第13期(2022/01/01－2022/12/31) | S100QFEL | 2023-03-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QFEL,, |
| 有価証券報告書－第12期(令和3年1月1日－令和3年12月31日) | S100NOI5 | 2022-03-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NOI5,, |
| 有価証券報告書－第11期(令和2年1月1日－令和2年12月31日) | S100KYDS | 2021-03-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KYDS,, |

## 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).