# ArtGreen Co.,Ltd: business model and financials

> Latest period: FY ending Oct 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第34期(2024/11/01－2025/10/31) (S100XHYM)
> Page: https://vizora.meequs.com/en/company/artgreen
> Retrieved: 2026-09-30T20:25:50.663Z

## Company

ArtGreen, founded in 1991, is a company in Specialty Trading & Wholesale listed on Nagoya. It has 87 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | ARTGREEN.CO.,LTD. |
| Ticker | 3419 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3419.T) |
| Listing | Nagoya |
| Head office | 東京都江東区福住一丁目8番8号福住ビル |
| Representative (per filing) | 代表取締役社長 田中 豊 |
| Founded | Dec 1991 |
| Share capital | ¥143M |
| Employees (consolidated) | 87 |
| Average salary (parent only) | ¥4M |
| Fiscal year end | October |
| Website | www.artgreen.co.jp (https://www.artgreen.co.jp/) |
| Corporate number | 7010401048812 |
| EDINET | E31918 |
| Industries (Vizora) | Specialty Trading & Wholesale |

> Profile source: annual securities report (S100XHYM, filed 2026-01-29). As of filing

## Five-axis industry profile

Primary industry: Specialty Trading & Wholesale (2025-10-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 58.9 | 179 |
| Profitability | 6.2 | 185 |
| Cash conversion | 2 | 179 |
| Efficiency | 64.1 | 185 |

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)

- ArtGreen brought in ¥2.51B in revenue.
- Out of every ¥100 of sales, about ¥1 is left as operating profit.
- Revenue changed -0.1% from the prior year, operating profit -61.5%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥2.51B |  |
| Operating income | ¥15M | Margin 0.6% |
| Net income | ¥3.4M | Margin 0.1% |
| Free cash flow | -¥58M |  |
| Employees (consolidated) | 87 |  |
| EPS | ¥3.02 |  |
| Book value per share | ¥450.13 |  |
| Equity ratio | 37.0% |  |
| Shares outstanding | 1,171,600 |  |
| Treasury shares | 200 |  |
| Shareholders | 2,080 |  |
| Average salary (parent only) | ¥4M | Filing company only |
| Cash ratio | 22.0% | Cash ÷ revenue 12.4% |
| Vs. industry median margin | -2.3 pp | Specialty Trading & Wholesale |
| ROE | 0.7% | Derived from disclosed figures |
| ROA | 0.2% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Oct 2020 | FY ending Oct 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥1853127000 | ¥2513960000 | +35.7% |
| Operating income | ¥19927000 | ¥14968000 | -24.9% |
| Operating margin | 1.1% | 0.6% | -0.5 pp |
| Employees | 62 people | 87 people | +40.3% |
| Cash and equivalents | ¥281731000 | ¥312042000 | +10.8% |

### Change in segment revenue mix

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

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 2,514 | 100.0% | S100XHYM |
| Cost of revenue | 1,471 | 58.5% | S100XHYM |
| Gross profit | 1,043 | 41.5% | S100XHYM |
| SG&A | 1,028 | 40.9% | S100XHYM |
| Operating income | 15 | 0.6% | S100XHYM |
| Ordinary income | 12 | 0.5% | S100XHYM |
| Pretax income | 12 | 0.5% | S100XHYM |
| Income tax | 9 | 0.4% | S100XHYM |
| Net income | 3 | 0.1% | S100XHYM |
| Net income attributable to owners | 3 | 0.1% | S100XHYM |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 58 |
| SG&A | 41 |
| Operating income | 1 |
| (Ref.) Net income | 0 |

### Margin funnel

Gross margin 41.5% → Operating margin 0.6% → Net margin 0.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -0.1%; Core profit growth: -61.5%
Operating leverage (core profit growth ÷ revenue growth): 545.32×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 2,517 | 2,514 | -3 | -0.1% |
| Gross profit | 1,067 | 1,043 | -25 | -2.3% |
| Operating income | 39 | 15 | -24 | -61.5% |
| Net income attributable to owners | 14 | 3 | -11 | -75.9% |
| Operating cash flow | 44 | -32 | -76 | -173.3% |
| Free cash flow | 28 | -58 | -86 | -305.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Oct 2019 | 2,023 | 43 | 2.1% | 17 | 23 | 15 | S100KLH4 |
| FY ending Oct 2020 | 1,853 | 20 | 1.1% | 2 | -27 | -37 | S100NAPQ |
| FY ending Oct 2021 | 2,073 | 22 | 1.1% | 15 | 28 | -4 | S100Q1JL |
| FY ending Oct 2022 | 2,296 | 59 | 2.5% | 40 | 60 | 34 | S100SOKR |
| FY ending Oct 2023 | 2,485 | 16 | 0.6% | 0 | 6 | -5 | S100V5A9 |
| FY ending Oct 2024 | 2,517 | 39 | 1.5% | 14 | 44 | 28 | S100XHYM |
| FY ending Oct 2025 | 2,514 | 15 | 0.6% | 3 | -32 | -58 | S100XHYM |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥28.9M |
| Operating income per employee (consolidated) | ¥172K |
| Net income per employee (consolidated) | ¥39K |

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

| History | FY ending Oct 2021 | FY ending Oct 2022 | FY ending Oct 2023 | FY ending Oct 2024 | FY ending Oct 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 64 | 71 | 87 | 89 | 87 |
| Average salary (parent company) | ¥3.8M | ¥4.2M | ¥3.8M | ¥3.9M | ¥4M |
| Average age (parent company) | 35.3 years | 35.8 years | 36.7 years | 35.9 years | 35.8 years |
| Average tenure (parent company) | 5.5 years | 5.2 years | 4.9 years | 5.0 years | 5.6 years |

Year over year: Employees (consolidated) -2.2% · Revenue (consolidated) -0.1%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -32 | -1.3% | S100XHYM |
| Capital expenditure | 26 | 1.0% | S100XHYM |
| Free cash flow | -58 | -2.3% | 算出 |
| Investing cash flow | -48 | -1.9% | S100XHYM |
| Financing cash flow | 54 | 2.1% | S100XHYM |
| Share buyback | 0 | 0.0% | S100XHYM |
| Change in cash | -27 | -1.1% | S100XHYM |
| Cash and equivalents | 312 | 12.4% | S100XHYM |

## 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 Oct 2021 | FY ending Oct 2022 | FY ending Oct 2023 | FY ending Oct 2024 | FY ending Oct 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 191 | 322 | 259 | 339 | 312 | S100SOKR, S100V5A9, S100XHYM |
| Total assets | 1,147 | 1,298 | 1,250 | 1,354 | 1,419 | S100Q1JL, S100SOKR, S100V5A9, S100XHYM |
| Net assets | 463 | 502 | 507 | 522 | 526 | S100SOKR, S100V5A9, S100XHYM |
| Share capital | 140 | 140 | 143 | 143 | 143 | S100Q1JL, S100SOKR, S100V5A9, S100XHYM |
| Trade receivables | 273 | 277 | 317 | 309 | 335 | S100Q1JL, S100SOKR, S100V5A9, S100XHYM |
| Property, plant and equipment | 20 | 17 | 13 | 16 | 34 | S100Q1JL, S100SOKR, S100V5A9, S100XHYM |
| Intangible assets excluding goodwill | 55 | 58 | 54 | 48 | 64 | S100Q1JL, S100SOKR, S100V5A9, S100XHYM |
| Goodwill | 22 | 19 | 16 | 13 | 21 | S100Q1JL, S100SOKR, S100V5A9, S100XHYM |
| Investment securities | 15 | 11 | 12 | 16 | 18 | S100Q1JL, S100SOKR, S100V5A9, S100XHYM |
| Current assets | 980 | 1,127 | 1,081 | 1,168 | 1,197 | S100Q1JL, S100SOKR, S100V5A9, S100XHYM |
| Current liabilities | 377 | 427 | 429 | 481 | 456 | S100Q1JL, S100SOKR, S100V5A9, S100XHYM |
| Long-term borrowings | 305 | 367 | 313 | 345 | 422 | S100Q1JL, S100SOKR, S100V5A9, S100XHYM |
| Total liabilities | 684 | 796 | 743 | 832 | 893 | S100Q1JL, S100SOKR, S100V5A9, S100XHYM |
| Equity attributable to owners of parent | 461 | 501 | 506 | 520 | 523 | S100Q1JL, S100SOKR, S100V5A9, S100XHYM |
| Retained earnings | 229 | 268 | 268 | 282 | 286 | S100Q1JL, S100SOKR, S100V5A9, S100XHYM |
| Treasury stock | -0 | -0 | -0 | -0 | -1 | S100Q1JL, S100SOKR, S100V5A9, S100XHYM |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 22% | S100XHYM |
| Receivables | 24% | S100XHYM |
| Property, plant and equipment | 2% | S100XHYM |
| Intangibles and goodwill | 6% | S100XHYM |
| Investment securities | 1% | S100XHYM |
| Other assets | 45% | S100XHYM |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 63% | S100XHYM |
| Equity | 37% | S100XHYM |
| Other liabilities | 0% | S100XHYM |

### Balance sheet history

| Metric | FY ending Oct 2021 | FY ending Oct 2022 | FY ending Oct 2023 | FY ending Oct 2024 | FY ending Oct 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 1,147 | 1,298 | 1,250 | 1,354 | 1,419 |
| Equity | 463 | 502 | 507 | 522 | 526 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 191 | 322 | 259 | 339 | 312 |

## 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) | 1.3% | S100XHYM |
| Fixed assets ÷ total assets | 2.4% | S100XHYM |
| Goodwill ÷ parent equity | 4.0% | S100XHYM |

Goodwill over 4 years: 22 → 21 JPY; total investing cash flow: -167 JPY. This does not imply causation.

### 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) | 22.0% |
| Cash ÷ revenue | 12.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -215.5% |
| Cash vs. profit gap | -36 JPY mn (of net income -1050.5%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 1.0% |
| 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 | 0.7% | 1.81× | 1.3% | 2.49× | 3.3% | S100Q1JL |
| 2022 | 1.8% | 1.88× | 3.3% | 2.54× | 8.4% | S100SOKR |
| 2023 | 0.0% | 1.95× | 0.0% | 2.53× | 0.0% | S100V5A9 |
| 2024 | 0.6% | 1.93× | 1.1% | 2.54× | 2.7% | S100XHYM |
| 2025 | 0.1% | 1.81× | 0.2% | 2.66× | 0.7% | S100XHYM |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 田中 豊 | Major shareholder | 60.3% | 2025-10-31 |
| 根本 和典 | Major shareholder | 8.0% | 2025-10-31 |
| 花キューピット株式会社 | Major shareholder | 4.1% | 2025-10-31 |
| 芝田 新一郎 | Major shareholder | 2.8% | 2025-10-31 |
| 堀 威夫 | Major shareholder | 1.1% | 2025-10-31 |
| 川本 昌寛 | Major shareholder | 0.8% | 2025-10-31 |
| 佐藤 顕勝 | Major shareholder | 0.6% | 2025-10-31 |
| 山村 浩二 | Major shareholder | 0.4% | 2025-10-31 |
| 学校法人国際総合学園 | Major shareholder | 0.4% | 2025-10-31 |
| 山口 洋 | Major shareholder | 0.4% | 2025-10-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第34期(2024/11/01－2025/10/31) | S100XHYM | 2026-01-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XHYM,, |
| 有価証券報告書－第33期(2023/11/01－2024/10/31) | S100V5A9 | 2025-01-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100V5A9,, |
| 有価証券報告書－第32期(2022/11/01－2023/10/31) | S100SOKR | 2024-01-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SOKR,, |
| 有価証券報告書－第31期(2021/11/01－2022/10/31) | S100Q1JL | 2023-01-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Q1JL,, |
| 有価証券報告書－第30期(令和2年11月1日－令和3年10月31日) | S100NAPQ | 2022-01-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NAPQ,, |
| 有価証券報告書－第29期(令和1年11月1日－令和2年10月31日) | S100KLH4 | 2021-01-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KLH4,, |

## 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).