# ARIGATOU SERVICES COMPANY,LIMITED: business model and financials

> Latest period: FY ending Feb 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第27期(2025/03/01－2026/02/28) (S100Y7HH)
> Page: https://vizora.meequs.com/en/company/arigatou-services
> Retrieved: 2026-09-30T19:50:11.315Z

## Company

Arigatou Services, founded in 2000, is a company in Fast Food & Quick Service listed on TSE Standard. It has 318 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | ARIGATOU SERVICES COMPANY,LIMITED |
| Ticker | 3177 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3177.T) |
| Listing | TSE Standard |
| Head office | 愛媛県今治市八町西三丁目6番30号 |
| Representative (per filing) | 代表取締役社長兼会長 井本 雅之 |
| Founded | Oct 2000 |
| Share capital | ¥547.5M |
| Employees (consolidated) | 318 |
| Average salary (parent only) | ¥4.2M |
| Fiscal year end | February |
| Website | www.arigatou-s.com (https://www.arigatou-s.com/) |
| Corporate number | 2500001012603 |
| EDINET | E26821 |
| Industries (Vizora) | Fast Food & Quick Service, Hotels & Inns, Secondhand Retail, Restaurants & Pubs |

> Profile source: annual securities report (S100Y7HH, filed 2026-05-29). As of filing

## Five-axis industry profile

Primary industry: Secondhand Retail (2026-02-28)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 20.6 | 17 |
| Profitability | 72.5 | 20 |
| Cash conversion | 76.7 | 15 |
| Efficiency | 47.5 | 20 |

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 75% of Arigatou Services's sales come from Reuse, with Food service and Regional revitalization segment making up much of the rest.
- Out of every ¥100 of sales, about ¥8 is left as operating profit.
- Revenue changed +7.4% from the prior year, operating profit +7.3%.

## Company structure

- Segment revenue mix: Reuse 75.0%、Food service 21.8%、Regional revitalization segment 3.2%
- Revenue → net income: ¥11398039000 → ¥580045000
- Net income → operating cash flow: ¥580045000 → ¥1072744000（difference ¥492699000）
- Main uses of operating cash flow: CapEx ¥408421000 / dividends ¥124158000 / buybacks —
- Change in cash: ¥237695000
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 | ¥11.4B |  |
| Operating income | ¥944.1M | Margin 8.3% |
| Net income | ¥492.8M | Margin 4.3% |
| Free cash flow | ¥664.3M |  |
| Largest business | Reuse | of segment revenue 75.0% |
| Employees (consolidated) | 318 |  |
| EPS | ¥358.31 |  |
| Book value per share | ¥3163.83 |  |
| Equity ratio | 51.8% |  |
| Shares outstanding | 953,600 |  |
| Treasury shares | 30,400 |  |
| Shareholders | 1,333 |  |
| Average salary (parent only) | ¥4.2M | Filing company only |
| Cash ratio | 25.4% | Cash ÷ revenue 14.7% |
| Vs. industry median margin | +5 pp | Secondhand Retail |
| ROE | 15.9% | Derived from disclosed figures |
| ROA | 7.7% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.2× net income
- FY2026, one segment accounts for 86% of positive segment profit
- FY2026, cash is 25% of total assets

## What changed in 5 years

| Metric | FY ending Feb 2021 | FY ending Feb 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥8453979000 | ¥11398039000 | +34.8% |
| Operating income | ¥200969000 | ¥944134000 | +369.8% |
| Operating margin | 2.4% | 8.3% | +5.9 pp |
| Employees | 240 people | 318 people | +32.5% |
| Cash and equivalents | ¥1143321000 | ¥1671856000 | +46.2% |

### Change in segment revenue mix

Span: FY ending Feb 2021 → FY ending Feb 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| リユース事業 → リユース事業 | 71.4% |
| フードサービス事業 → フードサービス事業 | 21.8% |
| フードサービス事業 → 事業再編・廃止 | 4.5% |
| 地方創生事業 → 地方創生事業 | 2.3% |
| 新設・再編 → リユース事業 | 3.6% |
| 新設・再編 → 地方創生事業 | 0.9% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Reuse | 5 years | +7.2% | ¥8551096000 | 16.0% | 2 |
| Food service | 5 years | +2.3% | ¥2484366000 | 9.2% | 2 |
| Regional revitalization segment | 5 years | +13.0% | ¥362576000 | -56.4% | 2 |

## Income statement（FY ending Feb 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 11,398 | 100.0% | S100Y7HH |
| Cost of revenue | 3,915 | 34.3% | S100Y7HH |
| Gross profit | 7,483 | 65.7% | S100Y7HH |
| SG&A | 6,539 | 57.4% | S100Y7HH |
| Operating income | 944 | 8.3% | S100Y7HH |
| Ordinary income | 1,034 | 9.1% | S100Y7HH |
| Pretax income | 800 | 7.0% | S100Y7HH |
| Income tax | 220 | 1.9% | S100Y7HH |
| Net income | 580 | 5.1% | S100Y7HH |
| Net income attributable to owners | 493 | 4.3% | S100Y7HH |

## Per ¥100 of revenue（FY ending Feb 2026）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 34 |
| SG&A | 58 |
| Operating income | 8 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 65.7% → Operating margin 8.3% → Net margin 4.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +7.4%; Core profit growth: +7.3%
Growth quality: similar-growth
Operating leverage (core profit growth ÷ revenue growth): 0.97×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Feb 2025 → FY ending Feb 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 10,608 | 11,398 | 790 | +7.4% |
| Gross profit | 6,966 | 7,483 | 517 | +7.4% |
| Operating income | 880 | 944 | 64 | +7.3% |
| Net income attributable to owners | 504 | 493 | -11 | -2.2% |
| Operating cash flow | 858 | 1,073 | 215 | +25.0% |
| Free cash flow | 553 | 664 | 111 | +20.1% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Feb 2020 | 8,311 | 262 | 3.1% | 70 | 521 | 409 | S100LFMC |
| FY ending Feb 2021 | 8,454 | 201 | 2.4% | 146 | 395 | 168 | S100O5EJ |
| FY ending Feb 2022 | 8,837 | 400 | 4.5% | 243 | 620 | 448 | S100QV31 |
| FY ending Feb 2023 | 9,186 | 611 | 6.7% | 296 | 730 | 277 | S100TJGS |
| FY ending Feb 2024 | 9,731 | 727 | 7.5% | 359 | 822 | 321 | S100VUTU |
| FY ending Feb 2025 | 10,608 | 880 | 8.3% | 504 | 858 | 553 | S100Y7HH |
| FY ending Feb 2026 | 11,398 | 944 | 8.3% | 493 | 1,073 | 664 | S100Y7HH |

## People and productivity（FY ending Feb 2026, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥35.8M |
| Operating income per employee (consolidated) | ¥3M |
| Net income per employee (consolidated) | ¥1.5M |

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

| History | FY ending Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 229 | 244 | 259 | 317 | 318 |
| Average salary (parent company) | ¥4M | ¥3.9M | ¥4M | ¥4.1M | ¥4.2M |
| Average age (parent company) | 39.3 years | 39.8 years | 39.7 years | 40.4 years | 41.1 years |
| Average tenure (parent company) | 8.6 years | 8.9 years | 8.7 years | 9.3 years | 10.4 years |

Year over year: Employees (consolidated) +0.3% · Revenue (consolidated) +7.4%

## Segments（FY ending Feb 2026, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Reuse | 8,551 | 75.0% | 1,372 | 16.0% |
| Food service | 2,484 | 21.8% | 228 | 9.2% |
| Regional revitalization segment | 363 | 3.2% | -204 | -56.4% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Reuse | 75.0% | 85.8% | 10.7 | 16.0% |
| Food service | 21.8% | 14.2% | -7.6 | 9.2% |
| Regional revitalization segment | 3.2% | — | — | -56.4% |

Loss-making segment (excluded from profit shares): Regional revitalization segment -204 JPY mn

Segment → industry: Food service → Fast Food & Quick Service / Regional revitalization segment → Hotels & Inns / Reuse → Secondhand Retail / Food service → Restaurants & Pubs

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Feb 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 1,073 | 9.4% | S100Y7HH |
| Capital expenditure | 408 | 3.6% | S100Y7HH |
| Free cash flow | 664 | 5.8% | 算出 |
| Investing cash flow | -290 | -2.5% | S100Y7HH |
| Financing cash flow | -583 | -5.1% | S100Y7HH |
| Dividends paid | 124 | 1.1% | S100Y7HH |
| Change in cash | 238 | 2.1% | S100Y7HH |
| Cash and equivalents | 1,672 | 14.7% | S100Y7HH |

## 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 Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,086 | 862 | 1,012 | 1,434 | 1,672 | S100TJGS, S100VUTU, S100Y7HH |
| Total assets | 4,782 | 4,915 | 5,420 | 6,224 | 6,589 | S100QV31, S100TJGS, S100VUTU, S100Y7HH |
| Net assets | 2,130 | 2,390 | 2,744 | 3,272 | 3,790 | S100TJGS, S100VUTU, S100Y7HH |
| Share capital | 548 | 548 | 548 | 548 | 548 | S100QV31, S100TJGS, S100VUTU, S100Y7HH |
| Property, plant and equipment | 1,182 | 1,423 | 1,639 | 1,701 | 1,839 | S100QV31, S100TJGS, S100VUTU, S100Y7HH |
| Intangible assets excluding goodwill | 23 | 38 | 34 | 24 | 22 | S100QV31, S100TJGS, S100VUTU, S100Y7HH |
| Investment securities | 65 | 120 | 170 | 176 | 225 | S100QV31, S100TJGS, S100VUTU, S100Y7HH |
| Current assets | 2,381 | 2,201 | 2,474 | 3,244 | 3,390 | S100QV31, S100TJGS, S100VUTU, S100Y7HH |
| Current liabilities | 952 | 929 | 982 | 1,229 | 1,126 | S100QV31, S100TJGS, S100VUTU, S100Y7HH |
| Long-term borrowings | 1,049 | 858 | 896 | 914 | 819 | S100QV31, S100TJGS, S100VUTU, S100Y7HH |
| Total liabilities | 2,652 | 2,525 | 2,676 | 2,952 | 2,799 | S100QV31, S100TJGS, S100VUTU, S100Y7HH |
| Non-controlling interests | 37 | 81 | 170 | 264 | 374 | S100QV31, S100TJGS, S100VUTU, S100Y7HH |
| Equity attributable to owners of parent | 2,078 | 2,267 | 2,524 | 2,912 | 3,281 | S100QV31, S100TJGS, S100VUTU, S100Y7HH |
| Retained earnings | 1,537 | 1,726 | 1,984 | 2,372 | 2,740 | S100QV31, S100TJGS, S100VUTU, S100Y7HH |
| Treasury stock | -70 | -70 | -71 | -71 | -71 | S100QV31, S100TJGS, S100VUTU, S100Y7HH |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 25% | S100Y7HH |
| Property, plant and equipment | 28% | S100Y7HH |
| Intangibles and goodwill | 0% | S100Y7HH |
| Investment securities | 4% | S100Y7HH |
| Other assets | 43% | S100Y7HH |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 42% | S100Y7HH |
| Equity | 58% | S100Y7HH |

### Balance sheet history

| Metric | FY ending Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 4,782 | 4,915 | 5,420 | 6,224 | 6,589 |
| Equity | 2,130 | 2,390 | 2,744 | 3,272 | 3,790 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,086 | 862 | 1,012 | 1,434 | 1,672 |

## 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) | 16.1% | S100Y7HH |
| Fixed assets ÷ total assets | 27.9% | S100Y7HH |
| Goodwill ÷ parent equity | — | —, S100Y7HH |

### 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) | 25.4% |
| Cash ÷ revenue | 14.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 113.6% |
| Cash vs. profit gap | 580 JPY mn (of net income 117.7%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 25.2% |
| Shareholder payments — dividends / FCF | 18.7% |
| CapEx intensity (capex ÷ revenue) | 3.6% |
| Investing CF relative to operating CF | 27.1% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 2.7% | 1.85× | 5.1% | 2.30× | 11.7% | S100QV31 |
| 2023 | 3.2% | 1.89× | 6.1% | 2.23× | 13.6% | S100TJGS |
| 2024 | 3.7% | 1.88× | 6.9% | 2.16× | 15.0% | S100VUTU |
| 2025 | 4.7% | 1.82× | 8.7% | 2.14× | 18.5% | S100Y7HH |
| 2026 | 4.3% | 1.78× | 7.7% | 2.07× | 15.9% | S100Y7HH |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社イモトカンパニー | Major shareholder | 34.7% | 2026-02-28 |
| ありがとうサービス従業員持株会 | Major shareholder | 5.6% | 2026-02-28 |
| 吉田 知広 | Major shareholder | 3.1% | 2026-02-28 |
| 井本 雅之 | Major shareholder | 2.7% | 2026-02-28 |
| 若杉 精三郎 | Major shareholder | 2.2% | 2026-02-28 |
| ＧＭＯクリック証券株式会社 | Major shareholder | 1.9% | 2026-02-28 |
| ＪＰモルガン証券株式会社 | Major shareholder | 1.6% | 2026-02-28 |
| 中瀬 浩一 | Major shareholder | 1.3% | 2026-02-28 |
| 桑名 林 | Major shareholder | 1.2% | 2026-02-28 |
| 望月 見一 | Major shareholder | 1.2% | 2026-02-28 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第27期(2025/03/01－2026/02/28) | S100Y7HH | 2026-05-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y7HH,, |
| 有価証券報告書－第26期(2024/03/01－2025/02/28) | S100VUTU | 2025-05-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VUTU,, |
| 有価証券報告書－第25期(2023/03/01－2024/02/29) | S100TJGS | 2024-05-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TJGS,, |
| 有価証券報告書－第24期(2022/03/01－2023/02/28) | S100QV31 | 2023-05-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QV31,, |
| 有価証券報告書－第23期(令和3年3月1日－令和4年2月28日) | S100O5EJ | 2022-05-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O5EJ,, |
| 有価証券報告書－第22期(令和2年3月1日－令和3年2月28日) | S100LFMC | 2021-05-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LFMC,, |

## 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).