# APPLE INTERNATIONALCO.,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31期(2025/01/01－2025/12/31) (S100XVCR)
> Page: https://vizora.meequs.com/en/company/apple-internationalco
> Retrieved: 2026-09-30T22:13:13.076Z

## Company

Apple Internationalco., founded in 1992, is a company in Secondhand Retail listed on TSE Standard. It has 83 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | APPLE INTERNATIONAL CO., LTD. |
| Ticker | 2788 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2788.T) |
| Listing | TSE Standard |
| Head office | 三重県四日市市日永二丁目3番3号 |
| Representative (per filing) | 代表取締役会長兼社長 久保 和喜 |
| Founded | May 1992 |
| Share capital | ¥4.33B |
| Employees (consolidated) | 83 |
| Average salary (parent only) | ¥8.1M |
| Fiscal year end | December |
| Website | www.apple-international.com (https://www.apple-international.com/) |
| Corporate number | 7190001014222 |
| EDINET | E02963 |
| Industries (Vizora) | Secondhand Retail, Car Dealers & Used Cars |

> Profile source: annual securities report (S100XVCR, filed 2026-03-30). As of filing

## Five-axis industry profile

Primary industry: Car Dealers & Used Cars (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 80.6 | 18 |
| Profitability | 15.9 | 22 |
| Cash conversion | 7.5 | 20 |
| Efficiency | 65.9 | 22 |

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 100% of Apple Internationalco.'s sales come from Automotive Unit, with Other making up much of the rest.
- Out of every ¥100 of sales, about ¥1 is left as operating profit.
- Revenue changed -6.8% from the prior year, operating profit -58.7%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥40.8B |  |
| Operating income | ¥568.1M | Margin 1.4% |
| Net income | ¥787.8M | Margin 1.9% |
| Free cash flow | -¥110.5M |  |
| Largest business | Automotive Unit | of segment revenue 99.8% |
| Employees (consolidated) | 83 |  |
| EPS | ¥44.61 |  |
| Diluted EPS | ¥44.42 |  |
| Book value per share | ¥589.24 |  |
| Equity ratio | 50.0% |  |
| Shares outstanding | 13,861,400 |  |
| Treasury shares | 1,020,200 |  |
| Shareholders | 6,135 |  |
| Average salary (parent only) | ¥8.1M | Filing company only |
| Cash ratio | 22.3% | Cash ÷ revenue 11.2% |
| Vs. industry median margin | -1.8 pp | Car Dealers & Used Cars |
| ROE | 8.2% | Derived from disclosed figures |
| ROA | 3.9% | Derived from disclosed figures |

## Notable figures

- FY2025, revenue is 2.2× its level five years ago
- FY2025, one segment accounts for 100% of positive segment profit
- FY2025, parent-company salary changed +97% over five years

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥19564774000 | ¥40809537000 | +108.6% |
| Operating income | ¥357037000 | ¥568148000 | +59.1% |
| Operating margin | 1.8% | 1.4% | -0.4 pp |
| Employees | 79 people | 83 people | +5.1% |
| Cash and equivalents | ¥2296623000 | ¥4587827000 | +99.8% |

### 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.

| Flow | Revenue share |
| --- | ---: |
| 新設・再編 → 自動車販売関連事業 | 99.8% |
| 新設・再編 → その他 | 0.2% |

Segment revenue source references: 2 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 40,810 | 100.0% | S100XVCR |
| Cost of revenue | 37,790 | 92.6% | S100XVCR |
| Gross profit | 3,019 | 7.4% | S100XVCR |
| SG&A | 2,451 | 6.0% | S100XVCR |
| Operating income | 568 | 1.4% | S100XVCR |
| Ordinary income | 559 | 1.4% | S100XVCR |
| Pretax income | 1,046 | 2.6% | S100XVCR |
| Income tax | 218 | 0.5% | S100XVCR |
| Net income | 829 | 2.0% | S100XVCR |
| Net income attributable to owners | 788 | 1.9% | S100XVCR |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 93 |
| SG&A | 6 |
| Operating income | 1 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 7.4% → Operating margin 1.4% → Net margin 1.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -6.8%; Core profit growth: -58.7%
Operating leverage (core profit growth ÷ revenue growth): 8.61×
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 | 43,796 | 40,810 | -2,986 | -6.8% |
| Gross profit | 3,822 | 3,019 | -802 | -21.0% |
| Operating income | 1,375 | 568 | -807 | -58.7% |
| Net income attributable to owners | 1,199 | 788 | -411 | -34.3% |
| Operating cash flow | -1,208 | -71 | 1,138 | — |
| Free cash flow | -1,234 | -111 | 1,123 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 17,649 | 164 | 0.9% | 158 | 17 | -143 | S100L1S3 |
| FY ending Dec 2020 | 19,565 | 357 | 1.8% | 328 | -1,734 | -1,881 | S100NR8Y |
| FY ending Dec 2021 | 18,664 | 324 | 1.7% | 403 | 2,753 | 2,718 | S100QGIQ |
| FY ending Dec 2022 | 29,223 | 1,459 | 5.0% | 1,331 | -609 | -626 | S100T891 |
| FY ending Dec 2023 | 30,911 | 1,098 | 3.6% | 1,008 | -275 | -297 | S100VI9J |
| FY ending Dec 2024 | 43,796 | 1,375 | 3.1% | 1,199 | -1,208 | -1,234 | S100XVCR |
| FY ending Dec 2025 | 40,810 | 568 | 1.4% | 788 | -71 | -111 | S100XVCR |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥491.7M |
| Operating income per employee (consolidated) | ¥6.8M |
| Net income per employee (consolidated) | ¥9.5M |

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) | 77 | 96 | 99 | 88 | 83 |
| Average salary (parent company) | ¥4.1M | ¥3.2M | ¥6.6M | ¥8.3M | ¥8.1M |
| Average age (parent company) | 34.4 years | 37.9 years | 37.0 years | 38.2 years | 40.2 years |
| Average tenure (parent company) | 5.6 years | 4.6 years | 5.2 years | 5.7 years | 6.9 years |

Year over year: Employees (consolidated) -5.7% · Revenue (consolidated) -6.8%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Automotive Unit | 40,717 | 99.8% | 695 | 1.7% |
| Other | 93 | 0.2% | -16 | -17.5% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Automotive Unit | 99.8% | 100.0% | 0.2 | 1.7% |
| Other | 0.2% | — | — | -17.5% |

Loss-making segment (excluded from profit shares): Other -16 JPY mn

Segment → industry: Other → Secondhand Retail / Automotive Unit → Car Dealers & Used Cars

## 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 | -71 | -0.2% | S100XVCR |
| Capital expenditure | 40 | 0.1% | S100XVCR |
| Free cash flow | -111 | -0.3% | 算出 |
| Investing cash flow | 387 | 0.9% | S100XVCR |
| Financing cash flow | 36 | 0.1% | S100XVCR |
| Dividends paid | 188 | 0.5% | S100XVCR |
| Change in cash | 352 | 0.9% | S100XVCR |
| Cash and equivalents | 4,588 | 11.2% | S100XVCR |

## 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 | 4,477 | 4,335 | 4,370 | 4,236 | 4,588 | S100T891, S100VI9J, S100XVCR |
| Total assets | 14,201 | 15,957 | 16,871 | 19,763 | 20,541 | S100QGIQ, S100T891, S100VI9J, S100XVCR |
| Net assets | 6,838 | 7,950 | 8,968 | 10,182 | 10,893 | S100T891, S100VI9J, S100XVCR |
| Share capital | 4,324 | 4,324 | 4,325 | 4,325 | 4,325 | S100QGIQ, S100T891, S100VI9J, S100XVCR |
| Property, plant and equipment | 893 | 886 | 879 | 860 | 943 | S100QGIQ, S100T891, S100VI9J, S100XVCR |
| Intangible assets excluding goodwill | 36 | 19 | 13 | 11 | 32 | S100QGIQ, S100T891, S100VI9J, S100XVCR |
| Investment securities | 712 | 800 | 1,035 | 1,267 | 1,474 | S100QGIQ, S100T891, S100VI9J, S100XVCR |
| Current assets | 11,761 | 13,421 | 14,791 | 17,455 | 17,889 | S100QGIQ, S100T891, S100VI9J, S100XVCR |
| Current liabilities | 4,633 | 5,379 | 6,032 | 7,715 | 7,438 | S100QGIQ, S100T891, S100VI9J, S100XVCR |
| Trade payables | 92 | 109 | 229 | 279 | 338 | S100QGIQ, S100T891, S100VI9J, S100XVCR |
| Short-term borrowings | 2,510 | 3,310 | 4,010 | 5,209 | 5,110 | S100QGIQ, S100T891, S100VI9J, S100XVCR |
| Long-term borrowings | 2,411 | 2,304 | 1,553 | 1,559 | 1,904 | S100QGIQ, S100T891, S100VI9J, S100XVCR |
| Total liabilities | 7,364 | 8,007 | 7,903 | 9,581 | 9,648 | S100QGIQ, S100T891, S100VI9J, S100XVCR |
| Non-controlling interests | 435 | 483 | 534 | 594 | 624 | S100QGIQ, S100T891, S100VI9J, S100XVCR |
| Equity attributable to owners of parent | 6,379 | 7,439 | 8,340 | 9,346 | 9,941 | S100QGIQ, S100T891, S100VI9J, S100XVCR |
| Retained earnings | 1,687 | 2,948 | 3,891 | 4,897 | 5,492 | S100QGIQ, S100T891, S100VI9J, S100XVCR |
| Treasury stock | — | -200 | -245 | -245 | -245 | S100T891, S100VI9J, S100XVCR |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 22% | S100XVCR |
| Property, plant and equipment | 5% | S100XVCR |
| Intangibles and goodwill | 0% | S100XVCR |
| Investment securities | 7% | S100XVCR |
| Other assets | 66% | S100XVCR |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 2% | S100XVCR |
| Other liabilities | 45% | S100XVCR |
| Equity | 53% | S100XVCR |
| Other liabilities | 0% | S100XVCR |

### 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 | 14,201 | 15,957 | 16,871 | 19,763 | 20,541 |
| Equity | 6,838 | 7,950 | 8,968 | 10,182 | 10,893 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 4,477 | 4,335 | 4,370 | 4,236 | 4,588 |

## 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) | 2.3% | S100XVCR |
| Fixed assets ÷ total assets | 4.6% | S100XVCR |
| Goodwill ÷ parent equity | — | —, S100XVCR |

### 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) | 22.3% |
| Cash ÷ revenue | 11.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -12.4% |
| Cash vs. profit gap | -859 JPY mn (of net income -109.0%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 23.9% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.1% |
| Investing CF relative to operating CF | — |

## 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 | 2.2% | 1.31× | 2.8% | 2.23× | 6.3% | S100QGIQ |
| 2022 | 4.6% | 1.94× | 8.8% | 2.18× | 19.3% | S100T891 |
| 2023 | 3.3% | 1.88× | 6.1% | 2.08× | 12.8% | S100VI9J |
| 2024 | 2.7% | 2.39× | 6.5% | 2.07× | 13.6% | S100XVCR |
| 2025 | 1.9% | 2.03× | 3.9% | 2.09× | 8.2% | S100XVCR |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 久保 和喜 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 31.2% | 2025-12-31 |
| 株式会社ＳＢＩ証券 | Major shareholder | 6.6% | 2025-12-31 |
| 内藤 征吾 | Major shareholder | 3.2% | 2025-12-31 |
| 楽天証券株式会社共有口 | Major shareholder | 2.0% | 2025-12-31 |
| 安藤 孝広 | Major shareholder | 1.7% | 2025-12-31 |
| 大塚 光二郎 | Major shareholder | 1.6% | 2025-12-31 |
| 山下 良久 | Major shareholder | 1.4% | 2025-12-31 |
| 裏川 育子 | Major shareholder | 1.4% | 2025-12-31 |
| 裏川 弘子 | Major shareholder | 1.3% | 2025-12-31 |
| 裏川 高史 | Major shareholder | 1.3% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第31期(2025/01/01－2025/12/31) | S100XVCR | 2026-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XVCR,, |
| 有価証券報告書－第30期(2024/01/01－2024/12/31) | S100VI9J | 2025-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VI9J,, |
| 訂正有価証券報告書－第29期(2023/01/01－2023/12/31) | S100T891 | 2024-04-05 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T891,, |
| 有価証券報告書－第28期(2022/01/01－2022/12/31) | S100QGIQ | 2023-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QGIQ,, |
| 有価証券報告書－第27期(令和3年1月1日－令和3年12月31日) | S100NR8Y | 2022-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NR8Y,, |
| 有価証券報告書－第26期(令和2年1月1日－令和2年12月31日) | S100L1S3 | 2021-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L1S3,, |

## 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).