# Brass Corporation: business model and financials

> Latest period: FY ending Jul 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第22期(2024/08/01－2025/07/31) (S100WX02)
> Page: https://vizora.meequs.com/en/company/brass
> Retrieved: 2026-09-30T21:32:52.025Z

## Company

Brass, founded in 1998, is a company in Weddings listed on TSE Standard. It has 581 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Brass Corporation |
| Ticker | 2424 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2424.T) |
| Listing | TSE Standard |
| Head office | 愛知県名古屋市中村区名駅二丁目36番20号 |
| Representative (per filing) | 代表取締役社長 河合 達明 |
| Founded | Apr 1998 |
| Share capital | ¥100M |
| Employees (consolidated) | 581 |
| Average salary (parent only) | ¥4.4M |
| Fiscal year end | July |
| Website | www.brass.ne.jp (https://www.brass.ne.jp/) |
| Corporate number | 5180001085084 |
| EDINET | E32119 |
| Industries (Vizora) | Weddings |

> Profile source: annual securities report (S100WX02, filed 2025-10-28). As of filing

## Five-axis industry profile

Primary industry: Weddings (2025-07-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 38.9 | 9 |
| Cash conversion | 83.3 | 9 |
| Efficiency | 83.3 | 9 |

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)

- Brass brought in ¥13.6B in revenue.
- Out of every ¥100 of sales, about ¥6 is left as operating profit.
- Revenue changed +6.6% from the prior year, operating profit +65.5%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥13562102000 → ¥412428000
- Net income → operating cash flow: ¥412428000 → ¥1908894000（difference ¥1496466000）
- Main uses of operating cash flow: CapEx ¥672900000 / dividends ¥42393000 / buybacks —
- Change in cash: ¥638773000
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 | ¥13.6B |  |
| Operating income | ¥752M | Margin 5.5% |
| Net income | ¥412.4M | Margin 3.0% |
| Free cash flow | ¥1.24B |  |
| Employees (consolidated) | 581 |  |
| EPS | ¥74.14 |  |
| Book value per share | ¥811.53 |  |
| Equity ratio | 36.4% |  |
| Shares outstanding | 5,709,300 |  |
| Treasury shares | 390,600 |  |
| Shareholders | 4,269 |  |
| Average salary (parent only) | ¥4.4M | Filing company only |
| Cash ratio | 19.6% | Cash ÷ revenue 16.5% |
| Vs. industry median margin | -2.6 pp | Weddings |
| ROE | 10.4% | Derived from disclosed figures |
| ROA | 3.7% | Derived from disclosed figures |

## Notable figures

- FY2025, operating cash flow is 4.6× net income

## What changed in 5 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Jul 2020 | FY ending Jul 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥7987918000 | ¥13562102000 | — |
| Operating income | ¥-989951000 | ¥751976000 | — |
| Operating margin | -12.4% | 5.5% | +17.9 pp |
| Employees | 454 people | 581 people | — |
| Cash and equivalents | ¥1941818000 | ¥2234187000 | — |

### Change in segment revenue mix

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

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 13,562 | 100.0% | S100WX02 |
| Cost of revenue | 4,397 | 32.4% | S100WX02 |
| Gross profit | 9,166 | 67.6% | S100WX02 |
| SG&A | 8,414 | 62.0% | S100WX02 |
| Operating income | 752 | 5.5% | S100WX02 |
| Ordinary income | 765 | 5.6% | S100WX02 |
| Pretax income | 544 | 4.0% | S100WX02 |
| Income tax | 132 | 1.0% | S100WX02 |
| Net income | 412 | 3.0% | S100WX02 |
| Net income attributable to owners | 412 | 3.0% | S100WX02 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 32 |
| SG&A | 62 |
| Operating income | 6 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 67.6% → Operating margin 5.5% → Net margin 3.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +6.6%; Core profit growth: +65.5%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 9.98×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 12,727 | 13,562 | 836 | +6.6% |
| Gross profit | 8,520 | 9,166 | 645 | +7.6% |
| Operating income | 454 | 752 | 298 | +65.5% |
| Net income attributable to owners | 275 | 412 | 137 | +49.9% |
| Operating cash flow | 537 | 1,909 | 1,372 | +255.6% |
| Free cash flow | -628 | 1,236 | 1,864 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Jul 2019 | 10,390 | 559 | 5.4% | 369 | 929 | -950 | S100JYFI |
| FY ending Jul 2020 | 7,988 | -990 | -12.4% | -1,183 | 791 | -174 | S100MMZY |
| FY ending Jul 2021 | 9,344 | 328 | 3.5% | 170 | 1,458 | 1,300 | S100PCQJ |
| FY ending Jul 2022 | 11,416 | 875 | 7.7% | 735 | 1,214 | 750 | S100PCQJ |
| FY ending Jul 2023 | 13,261 | 1,173 | 8.8% | 722 | 1,328 | 921 | S100UKXP |
| FY ending Jul 2024 | 12,727 | 454 | 3.6% | 275 | 537 | -628 | S100WX02 |
| FY ending Jul 2025 | 13,562 | 752 | 5.5% | 412 | 1,909 | 1,236 | S100WX02 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥23.3M |
| Operating income per employee (consolidated) | ¥1.3M |
| Net income per employee (consolidated) | ¥709.9K |

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

| History | FY ending Jul 2021 | FY ending Jul 2022 | FY ending Jul 2023 | FY ending Jul 2024 | FY ending Jul 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 450 | 464 | 542 | 563 | 581 |
| Average salary (parent company) | ¥3.8M | ¥4.3M | ¥4.1M | ¥4.1M | ¥4.4M |
| Average age (parent company) | 27.7 years | 27.9 years | 28.1 years | 28.4 years | 28.4 years |
| Average tenure (parent company) | 4.8 years | 5.3 years | 5.3 years | 5.6 years | 5.7 years |

Year over year: Employees (consolidated) +3.2% · Revenue (consolidated) +6.6%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 1,909 | 14.1% | S100WX02 |
| Capital expenditure | 673 | 5.0% | S100WX02 |
| Free cash flow | 1,236 | 9.1% | 算出 |
| Investing cash flow | -834 | -6.1% | S100WX02 |
| Financing cash flow | -436 | -3.2% | S100WX02 |
| Dividends paid | 42 | 0.3% | S100WX02 |
| Change in cash | 639 | 4.7% | S100WX02 |
| Cash and equivalents | 2,234 | 16.5% | S100WX02 |

## 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 Jul 2021 | FY ending Jul 2022 | FY ending Jul 2023 | FY ending Jul 2024 | FY ending Jul 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 2,347 | 2,553 | 2,307 | 1,595 | 2,234 | S100PCQJ, S100WX02 |
| Total assets | 11,682 | 11,765 | 11,140 | 10,815 | 11,412 | S100PCQJ, S100UKXP, S100WX02 |
| Net assets | 2,491 | 2,984 | 3,629 | 3,788 | 4,155 | S100PCQJ, S100WX02 |
| Share capital | 100 | 100 | 100 | 100 | 100 | S100PCQJ, S100UKXP, S100WX02 |
| Property, plant and equipment | 7,729 | 7,429 | 6,669 | 7,023 | 6,683 | S100PCQJ, S100UKXP, S100WX02 |
| Intangible assets excluding goodwill | 71 | 64 | 97 | 72 | 49 | S100PCQJ, S100UKXP, S100WX02 |
| Goodwill | 10 | — | — | — | — | S100PCQJ |
| Current assets | 2,718 | 3,029 | 2,779 | 2,122 | 2,769 | S100PCQJ, S100UKXP, S100WX02 |
| Current liabilities | 4,081 | 4,014 | 4,456 | 3,233 | 3,529 | S100PCQJ, S100UKXP, S100WX02 |
| Short-term borrowings | — | — | — | 200 | — | S100WX02 |
| Long-term borrowings | 3,833 | 3,637 | 2,067 | 2,793 | 2,743 | S100PCQJ, S100UKXP, S100WX02 |
| Bonds | 204 | 108 | — | — | — | S100PCQJ |
| Total liabilities | 9,191 | 8,781 | 7,512 | 7,026 | 7,257 | S100PCQJ, S100UKXP, S100WX02 |
| Equity attributable to owners of parent | 2,491 | 2,984 | 3,627 | 3,785 | 4,155 | S100PCQJ, S100UKXP, S100WX02 |
| Retained earnings | 1,431 | 2,104 | 2,747 | 2,985 | 3,355 | S100PCQJ, S100UKXP, S100WX02 |
| Treasury stock | -50 | -230 | -230 | -310 | -310 | S100PCQJ, S100UKXP, S100WX02 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 20% | S100WX02 |
| Property, plant and equipment | 59% | S100WX02 |
| Intangibles and goodwill | 0% | S100WX02 |
| Other assets | 21% | S100WX02 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 64% | S100WX02 |
| Equity | 36% | S100WX02 |
| Other liabilities | 0% | S100WX02 |

### Balance sheet history

| Metric | FY ending Jul 2021 | FY ending Jul 2022 | FY ending Jul 2023 | FY ending Jul 2024 | FY ending Jul 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 11,682 | 11,765 | 11,140 | 10,815 | 11,412 |
| Equity | 2,491 | 2,984 | 3,629 | 3,788 | 4,155 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 2,347 | 2,553 | 2,307 | 1,595 | 2,234 |

## 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) | 49.3% | S100WX02 |
| Fixed assets ÷ total assets | 58.6% | S100WX02 |
| Goodwill ÷ parent equity | — | —, S100WX02 |

### 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) | 19.6% |
| Cash ÷ revenue | 16.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 253.9% |
| Cash vs. profit gap | 1,496 JPY mn (of net income 362.8%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 10.3% |
| Shareholder payments — dividends / FCF | 3.4% |
| CapEx intensity (capex ÷ revenue) | 5.0% |
| Investing CF relative to operating CF | 43.7% |

## 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 | 1.8% | 0.80× | 1.5% | 4.69× | 6.8% | S100PCQJ |
| 2022 | 6.4% | 0.97× | 6.3% | 4.28× | 26.8% | S100PCQJ |
| 2023 | 5.4% | 1.19× | 6.5% | 3.07× | 19.9% | S100UKXP |
| 2024 | 2.2% | 1.16× | 2.5% | 2.96× | 7.4% | S100WX02 |
| 2025 | 3.0% | 1.22× | 3.7% | 2.80× | 10.4% | S100WX02 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 河合 達明 | Major shareholder | 50.2% | 2025-07-31 |
| 河合 智行 | Major shareholder | 5.8% | 2025-07-31 |
| ブラス社員持株会 | Major shareholder | 3.5% | 2025-07-31 |
| 吉岡 裕之 | Major shareholder | 2.8% | 2025-07-31 |
| 金室 貴久 | Major shareholder | 1.8% | 2025-07-31 |
| 高木 眞之介 | Major shareholder | 1.4% | 2025-07-31 |
| 牧 秀光 | Major shareholder | 0.8% | 2025-07-31 |
| 山本 文彦 | Major shareholder | 0.7% | 2025-07-31 |
| 上田八木短資株式会社 | Major shareholder | 0.6% | 2025-07-31 |
| 細川 和豊 | Major shareholder | 0.6% | 2025-07-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第22期(2024/08/01－2025/07/31) | S100WX02 | 2025-10-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WX02,, |
| 有価証券報告書－第21期(2023/08/01－2024/07/31) | S100UKXP | 2024-10-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UKXP,, |
| 有価証券報告書－第20期(2022/08/01－2023/07/31) | S100RZLE | 2023-10-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RZLE,, |
| 有価証券報告書－第19期(令和3年8月1日－令和4年7月31日) | S100PCQJ | 2022-10-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PCQJ,, |
| 有価証券報告書－第18期(令和2年8月1日－令和3年7月31日) | S100MMZY | 2021-10-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MMZY,, |
| 有価証券報告書－第17期(令和1年8月1日－令和2年7月31日) | S100JYFI | 2020-10-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100JYFI,, |

## 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).