# BANNERS CO.,LTD.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第77期(2025/04/01－2026/03/31) (S100YHFW)
> Page: https://vizora.meequs.com/en/company/banners
> Retrieved: 2026-09-30T18:28:24.791Z

## Company

Banners, founded in 1950, is a company in TVs, Audio & Musical Instruments listed on TSE Standard. It has 98 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | BANNERS CO.,LTD. |
| Ticker | 3011 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3011.T) |
| Listing | TSE Standard |
| Head office | 埼玉県熊谷市石原一丁目102番地 |
| Representative (per filing) | 代表取締役社長 小林 由佳 |
| Founded | Aug 1950 |
| Share capital | ¥307.4M |
| Employees (consolidated) | 98 |
| Average salary (parent only) | ¥4.1M |
| Fiscal year end | March |
| Website | www.banners.jp (https://www.banners.jp/) |
| Corporate number | 6030001085230 |
| EDINET | E00585 |
| Industries (Vizora) | TVs, Audio & Musical Instruments, Real Estate Development & Leasing, Car Dealers & Used Cars |

> Profile source: annual securities report (S100YHFW, filed 2026-06-29). As of filing

## Five-axis industry profile

Primary industry: Car Dealers & Used Cars (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 63.9 | 18 |
| Profitability | 70.5 | 22 |
| Cash conversion | 17.5 | 20 |
| Efficiency | 11.4 | 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 81% of Banners's sales come from CAR SALES, with MUSICAL INSTRUMENT SALES and REAL ESTATE USE making up much of the rest.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed +0.9% from the prior year, operating profit -18.6%.

## Company structure

- Segment revenue mix: CAR SALES 80.6%、MUSICAL INSTRUMENT SALES 11.7%、REAL ESTATE USE 7.7%
- Revenue → net income: ¥5653524000 → ¥210173000
- Net income → operating cash flow: ¥210173000 → ¥97856000（difference ¥-112317000）
- Main uses of operating cash flow: CapEx ¥438701000 / dividends ¥76019000 / buybacks ¥95000
- Change in cash: ¥-24342000
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 | ¥5.65B |  |
| Operating income | ¥280M | Margin 5.0% |
| Net income | ¥207.9M | Margin 3.7% |
| Free cash flow | -¥340.8M |  |
| Largest business | CAR SALES | of segment revenue 80.6% |
| Employees (consolidated) | 98 |  |
| EPS | ¥10.47 |  |
| Book value per share | ¥151.86 |  |
| Equity ratio | 29.3% |  |
| Shares outstanding | 20,236,086 |  |
| Treasury shares | 4,924,100 |  |
| Shareholders | 3,338 |  |
| Average salary (parent only) | ¥4.1M | Filing company only |
| Cash ratio | 10.2% | Cash ÷ revenue 17.1% |
| Vs. industry median margin | +1.8 pp | Car Dealers & Used Cars |
| ROE | 19.2% | Derived from disclosed figures |
| ROA | 2.3% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 77% of positive segment profit
- FY2026, segment profit share differs by 70 points
- FY2026, parent-company salary changed +26% over five years

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥3547259000 | ¥5653524000 | +59.4% |
| Operating income | ¥43608000 | ¥279958000 | +542.0% |
| Operating margin | 1.2% | 5.0% | +3.7 pp |
| Employees | 77 people | 98 people | +27.3% |
| Cash and equivalents | ¥1424006000 | ¥965563000 | -32.2% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| 不動産利用 → 不動産利用 | 7.7% |
| 不動産利用 → 事業再編・廃止 | 0.6% |
| 自動車販売 → 自動車販売 | 80.6% |
| 自動車販売 → 事業再編・廃止 | 2.6% |
| 楽器販売 → 楽器販売 | 8.5% |
| 新設・再編 → 楽器販売 | 3.2% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| CAR SALES | 5 years | +9.1% | ¥4557937000 | 1.0% | 2 |
| MUSICAL INSTRUMENT SALES | 5 years | +17.1% | ¥661489000 | 6.9% | 2 |
| REAL ESTATE USE | 5 years | +8.2% | ¥434098000 | 72.1% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 5,654 | 100.0% | S100YHFW |
| Cost of revenue | 4,327 | 76.5% | S100YHFW |
| Gross profit | 1,327 | 23.5% | S100YHFW |
| SG&A | 1,047 | 18.5% | S100YHFW |
| Operating income | 280 | 5.0% | S100YHFW |
| Ordinary income | 262 | 4.6% | S100YHFW |
| Pretax income | 262 | 4.6% | S100YHFW |
| Income tax | 52 | 0.9% | S100YHFW |
| Net income | 210 | 3.7% | S100YHFW |
| Net income attributable to owners | 208 | 3.7% | S100YHFW |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 77 |
| SG&A | 18 |
| Operating income | 5 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 23.5% → Operating margin 5.0% → Net margin 3.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +0.9%; Core profit growth: -18.6%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -19.93×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 5,601 | 5,654 | 52 | +0.9% |
| Gross profit | 1,298 | 1,327 | 29 | +2.3% |
| Operating income | 344 | 280 | -64 | -18.6% |
| Net income attributable to owners | 250 | 208 | -42 | -16.9% |
| Operating cash flow | 514 | 98 | -416 | -81.0% |
| Free cash flow | 498 | -341 | -838 | -168.5% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 3,954 | -41 | -1.0% | -243 | 146 | -929 | S100LNQT |
| FY ending Mar 2021 | 3,547 | 44 | 1.2% | 27 | 484 | -452 | S100OCFK |
| FY ending Mar 2022 | 3,924 | 174 | 4.4% | 141 | 301 | 219 | S100R5J3 |
| FY ending Mar 2023 | 4,335 | 213 | 4.9% | 156 | 335 | 166 | S100TPTC |
| FY ending Mar 2024 | 4,685 | 272 | 5.8% | 184 | 66 | -172 | S100VXS4 |
| FY ending Mar 2025 | 5,601 | 344 | 6.1% | 250 | 514 | 498 | S100YHFW |
| FY ending Mar 2026 | 5,654 | 280 | 5.0% | 208 | 98 | -341 | S100YHFW |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥57.7M |
| Operating income per employee (consolidated) | ¥2.9M |
| Net income per employee (consolidated) | ¥2.1M |

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

| History | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 87 | 79 | 86 | 89 | 98 |
| Average salary (parent company) | ¥3.3M | ¥3.2M | ¥4.1M | ¥4M | ¥4.1M |
| Average age (parent company) | 47.9 years | 48.9 years | 41.8 years | 46.6 years | 47.6 years |
| Average tenure (parent company) | 5.3 years | 6.3 years | 5.9 years | 7.8 years | 8.8 years |

Year over year: Employees (consolidated) +10.1% · Revenue (consolidated) +0.9%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| REAL ESTATE USE | 434 | 7.7% | 313 | 72.1% |
| CAR SALES | 4,558 | 80.6% | 45 | 1.0% |
| MUSICAL INSTRUMENT SALES | 661 | 11.7% | 46 | 6.9% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| REAL ESTATE USE | 7.7% | 77.4% | 69.7 | 72.1% |
| CAR SALES | 80.6% | 11.3% | -69.4 | 1.0% |
| MUSICAL INSTRUMENT SALES | 11.7% | 11.3% | -0.4 | 6.9% |

Segment → industry: MUSICAL INSTRUMENT SALES → TVs, Audio & Musical Instruments / REAL ESTATE USE → Real Estate Development & Leasing / CAR SALES → Car Dealers & Used Cars

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 98 | 1.7% | S100YHFW |
| Capital expenditure | 439 | 7.8% | S100YHFW |
| Free cash flow | -341 | -6.0% | 算出 |
| Investing cash flow | -441 | -7.8% | S100YHFW |
| Financing cash flow | 319 | 5.6% | S100YHFW |
| Dividends paid | 76 | 1.3% | S100YHFW |
| Share buyback | 0 | 0.0% | S100YHFW |
| Change in cash | -24 | -0.4% | S100YHFW |
| Cash and equivalents | 966 | 17.1% | S100YHFW |

## 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 Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,389 | 1,294 | 751 | 990 | 966 | S100TPTC, S100VXS4, S100YHFW |
| Total assets | 9,136 | 9,044 | 8,703 | 8,871 | 9,461 | S100R5J3, S100TPTC, S100VXS4, S100YHFW |
| Net assets | 2,337 | 2,448 | 2,491 | 2,661 | 2,794 | S100TPTC, S100VXS4, S100YHFW |
| Share capital | 307 | 307 | 307 | 307 | 307 | S100R5J3, S100TPTC, S100VXS4, S100YHFW |
| Trade receivables | 82 | 99 | 78 | 114 | 172 | S100R5J3, S100TPTC, S100VXS4, S100YHFW |
| Property, plant and equipment | 6,372 | 6,390 | 6,540 | 6,411 | 6,781 | S100R5J3, S100TPTC, S100VXS4, S100YHFW |
| Intangible assets excluding goodwill | 3 | 3 | 3 | 2 | 2 | S100R5J3, S100TPTC, S100VXS4, S100YHFW |
| Investment securities | 2 | 2 | 2 | 2 | 2 | S100R5J3, S100TPTC, S100VXS4, S100YHFW |
| Current assets | 2,291 | 2,552 | 1,758 | 2,047 | 2,549 | S100R5J3, S100TPTC, S100VXS4, S100YHFW |
| Current liabilities | 1,588 | 1,592 | 1,262 | 1,467 | 1,725 | S100R5J3, S100TPTC, S100VXS4, S100YHFW |
| Trade payables | 240 | 261 | 271 | 357 | 439 | S100R5J3, S100TPTC, S100VXS4, S100YHFW |
| Short-term borrowings | 600 | 600 | 300 | 312 | 500 | S100R5J3, S100TPTC, S100VXS4, S100YHFW |
| Long-term borrowings | 2,962 | 2,801 | 2,792 | 2,610 | 2,805 | S100R5J3, S100TPTC, S100VXS4, S100YHFW |
| Total liabilities | 6,800 | 6,596 | 6,212 | 6,210 | 6,667 | S100R5J3, S100TPTC, S100VXS4, S100YHFW |
| Non-controlling interests | 14 | 17 | 20 | 23 | 25 | S100R5J3, S100TPTC, S100VXS4, S100YHFW |
| Equity attributable to owners of parent | 683 | 791 | 831 | 1,019 | 1,150 | S100R5J3, S100TPTC, S100VXS4, S100YHFW |
| Retained earnings | 549 | 657 | 777 | 966 | 1,097 | S100R5J3, S100TPTC, S100VXS4, S100YHFW |
| Treasury stock | -749 | -749 | -830 | -830 | -830 | S100R5J3, S100TPTC, S100VXS4, S100YHFW |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 10% | S100YHFW |
| Receivables | 2% | S100YHFW |
| Property, plant and equipment | 72% | S100YHFW |
| Intangibles and goodwill | 0% | S100YHFW |
| Investment securities | 0% | S100YHFW |
| Other assets | 16% | S100YHFW |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 5% | S100YHFW |
| Other liabilities | 66% | S100YHFW |
| Equity | 29% | S100YHFW |
| Other liabilities | 0% | S100YHFW |

### Balance sheet history

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 9,136 | 9,044 | 8,703 | 8,871 | 9,461 |
| Equity | 2,337 | 2,448 | 2,491 | 2,661 | 2,794 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,389 | 1,294 | 751 | 990 | 966 |

## 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) | 119.9% | S100YHFW |
| Fixed assets ÷ total assets | 71.7% | S100YHFW |
| Goodwill ÷ parent equity | — | —, S100YHFW |

### 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) | 10.2% |
| Cash ÷ revenue | 17.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 35.0% |
| Cash vs. profit gap | -110 JPY mn (of net income -52.9%) |
| Shareholder returns / net income | 36.6% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 36.6% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 7.8% |
| Investing CF relative to operating CF | 451.1% |

## 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 | 3.6% | 0.43× | 1.5% | 13.37× | 20.6% | S100R5J3 |
| 2023 | 3.6% | 0.48× | 1.7% | 12.33× | 21.1% | S100TPTC |
| 2024 | 3.9% | 0.53× | 2.1% | 10.94× | 22.7% | S100VXS4 |
| 2025 | 4.5% | 0.64× | 2.8% | 9.50× | 27.0% | S100YHFW |
| 2026 | 3.7% | 0.62× | 2.3% | 8.45× | 19.2% | S100YHFW |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社エルガみらい研究所 | Major shareholder | 19.8% | 2026-03-31 |
| みよし建設株式会社 | Major shareholder | 6.5% | 2026-03-31 |
| 株式会社ハイタッチ | Major shareholder | 6.0% | 2026-03-31 |
| 有限会社昭和建材 | Major shareholder | 4.9% | 2026-03-31 |
| 小山 嵩夫 | Major shareholder | 4.0% | 2026-03-31 |
| 合同会社ゼンクーサ | Major shareholder | 3.1% | 2026-03-31 |
| 川口 文三郎 | Major shareholder | 2.8% | 2026-03-31 |
| 鈴木 義雄 | Major shareholder | 2.6% | 2026-03-31 |
| 石原 勝 | Major shareholder | 2.6% | 2026-03-31 |
| シニア開発株式会社 | Major shareholder | 2.2% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第77期(2025/04/01－2026/03/31) | S100YHFW | 2026-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YHFW,, |
| 有価証券報告書－第76期(2024/04/01－2025/03/31) | S100VXS4 | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VXS4,, |
| 有価証券報告書－第75期(2023/04/01－2024/03/31) | S100TPTC | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TPTC,, |
| 有価証券報告書－第74期(2022/04/01－2023/03/31) | S100R5J3 | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R5J3,, |
| 有価証券報告書－第73期(令和3年4月1日－令和4年3月31日) | S100OCFK | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OCFK,, |
| 有価証券報告書－第72期(令和2年4月1日－令和3年3月31日) | S100LNQT | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LNQT,, |

## 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).