# Casa Inc.: business model and financials

> Latest period: FY ending Jan 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 訂正有価証券報告書－第13期(2025/02/01－2026/01/31) (S100Z13L)
> Page: https://vizora.meequs.com/en/company/casa
> Retrieved: 2026-09-30T19:42:02.995Z

## Company

Casa, founded in 2008, is a company in Credit Cards & Consumer Credit listed on TSE Standard. It has 276 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Casa Inc. |
| Ticker | 7196 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7196.T) |
| Listing | TSE Standard |
| Head office | 東京都新宿区西新宿二丁目6番1号 |
| Representative (per filing) | 代表取締役社長 宮地 正剛 |
| Founded | Oct 2008 |
| Share capital | ¥1.62B |
| Employees (consolidated) | 276 |
| Average salary (parent only) | ¥5.1M |
| Fiscal year end | January |
| Website | www.casa-inc.co.jp (https://www.casa-inc.co.jp/) |
| Corporate number | 4010001155540 |
| EDINET | E33485 |
| Industries (Vizora) | Credit Cards & Consumer Credit |

> Profile source: annual securities report (S100Z13L, filed 2026-09-10). As of filing

## Key points (generated from figures)

- Casa brought in ¥12.8B in revenue.
- Operating profit was close to zero, a slight loss per ¥100 of sales.
- Revenue changed +4.9% from the prior year, operating profit -104.8%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥12.8B |  |
| Operating income | -¥63.2M | Margin -0.5% |
| Net income | ¥123.5M | Margin 1.0% |
| Free cash flow | ¥356.5M |  |
| Employees (consolidated) | 276 |  |
| EPS | ¥-5.51 |  |
| Diluted EPS | ¥12.33 |  |
| Book value per share | ¥741.04 |  |
| Equity ratio | 43.5% |  |
| Shares outstanding | 11,522,500 |  |
| Treasury shares | 2,440,300 |  |
| Shareholders | 32,000 |  |
| Average salary (parent only) | ¥5.1M | Filing company only |
| Cash ratio | 18.6% | Cash ÷ revenue 22.1% |
| Vs. industry median margin | -18.6 pp | Credit Cards & Consumer Credit |
| ROE | 1.8% | Derived from disclosed figures |
| ROA | 0.8% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 4.4× net income
- FY2026, buybacks were 2.4× dividends

## What changed in 5 years

| Metric | FY ending Jan 2021 | FY ending Jan 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥10226855000 | ¥12753987000 | +24.7% |
| Operating income | ¥1031670000 | ¥-63203000 | -106.1% |
| Operating margin | 10.1% | -0.5% | -10.6 pp |
| Employees | 305 people | 276 people | -9.5% |
| Cash and equivalents | ¥3177530000 | ¥2819149000 | -11.3% |

### Change in segment revenue mix

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

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 12,754 | 100.0% | S100Z13L |
| Cost of revenue | 6,663 | 52.2% | S100Z13L |
| Gross profit | 6,091 | 47.8% | S100Z13L |
| SG&A | 6,154 | 48.3% | S100Z13L |
| Operating income | -63 | -0.5% | S100Z13L |
| Ordinary income | 45 | 0.4% | S100Z13L |
| Pretax income | 244 | 1.9% | S100Z13L |
| Income tax | 120 | 0.9% | S100Z13L |
| Net income | 123 | 1.0% | S100Z13L |
| Net income attributable to owners | 123 | 1.0% | S100Z13L |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 52 |
| SG&A | 48 |
| Operating income | 0 |
| (Ref.) Net income | 1 |

### Margin funnel

Gross margin 47.8% → Operating margin -0.5% → Net margin 1.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Turned to a loss
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 12,157 | 12,754 | 597 | +4.9% |
| Gross profit | 7,387 | 6,091 | -1,297 | -17.6% |
| Operating income | 1,303 | -63 | -1,366 | -104.8% |
| Net income attributable to owners | 602 | 123 | -479 | -79.5% |
| Operating cash flow | 14 | 545 | 531 | +3886.7% |
| Free cash flow | -64 | 356 | 420 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Jan 2020 | 9,436 | 1,523 | 16.1% | 927 | 1,194 | 1,095 | S100L7YN |
| FY ending Jan 2021 | 10,227 | 1,032 | 10.1% | 611 | 1,077 | 599 | S100NX16 |
| FY ending Jan 2022 | 10,341 | 1,037 | 10.0% | 647 | 729 | 277 | S100SZZE |
| FY ending Jan 2023 | 10,286 | 786 | 7.6% | 255 | 1,165 | 963 | S100TCDI |
| FY ending Jan 2024 | 11,224 | 787 | 7.0% | 605 | 1,141 | 933 | S100VOF5 |
| FY ending Jan 2025 | 12,157 | 1,303 | 10.7% | 602 | 14 | -64 | S100Z13L |
| FY ending Jan 2026 | 12,754 | -63 | -0.5% | 123 | 545 | 356 | S100Z13L |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥46.2M |
| Operating income per employee (consolidated) | -¥229K |
| Net income per employee (consolidated) | ¥447.3K |

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

| History | FY ending Jan 2022 | FY ending Jan 2023 | FY ending Jan 2024 | FY ending Jan 2025 | FY ending Jan 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 304 | 295 | 291 | 290 | 276 |
| Average salary (parent company) | ¥5.3M | ¥5.5M | ¥5.3M | ¥5.3M | ¥5.1M |
| Average age (parent company) | 43.0 years | 44.1 years | 43.5 years | 43.2 years | 42.6 years |
| Average tenure (parent company) | 8.7 years | 9.8 years | 10.0 years | 9.7 years | 10.3 years |

Year over year: Employees (consolidated) -4.8% · Revenue (consolidated) +4.9%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 545 | 4.3% | S100Z13L |
| Capital expenditure | 188 | 1.5% | S100Z13L |
| Free cash flow | 356 | 2.8% | 算出 |
| Investing cash flow | -185 | -1.4% | S100Z13L |
| Financing cash flow | -523 | -4.1% | S100Z13L |
| Dividends paid | 324 | 2.5% | S100Z13L |
| Share buyback | 791 | 6.2% | S100Z13L |
| Change in cash | -163 | -1.3% | S100Z13L |
| Cash and equivalents | 2,819 | 22.1% | S100Z13L |

## 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 Jan 2022 | FY ending Jan 2023 | FY ending Jan 2024 | FY ending Jan 2025 | FY ending Jan 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 2,416 | 2,889 | 3,704 | 2,982 | 2,819 | S100TCDI, S100VOF5, S100Z13L |
| Total assets | 12,907 | 13,225 | 14,777 | 15,774 | 15,177 | S100SZZE, S100TCDI, S100VOF5, S100Z13L |
| Net assets | 6,984 | 6,842 | 7,235 | 7,517 | 6,598 | S100TCDI, S100VOF5, S100Z13L |
| Share capital | 1,582 | 1,595 | 1,603 | 1,625 | 1,625 | S100SZZE, S100TCDI, S100VOF5, S100Z13L |
| Property, plant and equipment | 67 | 47 | 40 | 42 | 88 | S100SZZE, S100TCDI, S100VOF5, S100Z13L |
| Intangible assets excluding goodwill | 4,047 | 3,819 | 4,090 | 3,359 | 2,966 | S100SZZE, S100TCDI, S100VOF5, S100Z13L |
| Goodwill | 3,180 | 2,794 | 2,917 | 2,518 | 2,231 | S100SZZE, S100TCDI, S100VOF5, S100Z13L |
| Investment securities | 584 | 473 | 170 | 167 | 266 | S100SZZE, S100TCDI, S100VOF5, S100Z13L |
| Current assets | 5,608 | 6,335 | 7,645 | 9,155 | 8,757 | S100SZZE, S100TCDI, S100VOF5, S100Z13L |
| Current liabilities | 5,876 | 6,349 | 7,370 | 8,053 | 8,575 | S100SZZE, S100TCDI, S100VOF5, S100Z13L |
| Short-term borrowings | — | — | — | — | 600 | S100Z13L |
| Long-term borrowings | 45 | 33 | 171 | 150 | — | S100SZZE, S100TCDI, S100VOF5, S100Z13L |
| Total liabilities | 5,923 | 6,383 | 7,542 | 8,257 | 8,579 | S100SZZE, S100TCDI, S100VOF5, S100Z13L |
| Equity attributable to owners of parent | 7,015 | 6,902 | 7,222 | 7,489 | 6,503 | S100SZZE, S100TCDI, S100VOF5, S100Z13L |
| Retained earnings | 5,201 | 5,151 | 5,456 | 5,757 | 5,554 | S100SZZE, S100TCDI, S100VOF5, S100Z13L |
| Treasury stock | -1,350 | -1,439 | -1,439 | -1,517 | -2,301 | S100SZZE, S100TCDI, S100VOF5, S100Z13L |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 18% | S100Z13L |
| Property, plant and equipment | 1% | S100Z13L |
| Intangibles and goodwill | 34% | S100Z13L |
| Investment securities | 2% | S100Z13L |
| Other assets | 45% | S100Z13L |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 57% | S100Z13L |
| Equity | 43% | S100Z13L |
| Other liabilities | 0% | S100Z13L |

### Balance sheet history

| Metric | FY ending Jan 2022 | FY ending Jan 2023 | FY ending Jan 2024 | FY ending Jan 2025 | FY ending Jan 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 12,907 | 13,225 | 14,777 | 15,774 | 15,177 |
| Equity | 6,984 | 6,842 | 7,235 | 7,517 | 6,598 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 2,416 | 2,889 | 3,704 | 2,982 | 2,819 |

## 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) | 0.7% | S100Z13L |
| Fixed assets ÷ total assets | 0.6% | S100Z13L |
| Goodwill ÷ parent equity | 34.3% | S100Z13L |

Goodwill over 4 years: 3,180 → 2,231 JPY; total investing cash flow: -1,841 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) | 18.6% |
| Cash ÷ revenue | 22.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | 421 JPY mn (of net income 341.1%) |
| Shareholder returns / net income | 903.7% |
| Shareholder returns / FCF | 312.9% |
| Shareholder payments — dividends / net income | 262.8% |
| Shareholder payments — dividends / FCF | 91.0% |
| CapEx intensity (capex ÷ revenue) | 1.5% |
| Investing CF relative to operating CF | 33.9% |

## 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 | 6.3% | 0.80× | 5.0% | 1.84× | 9.2% | S100SZZE |
| 2023 | 2.5% | 0.79× | 1.9% | 1.88× | 3.7% | S100TCDI |
| 2024 | 5.4% | 0.80× | 4.3% | 1.98× | 8.6% | S100VOF5 |
| 2025 | 5.0% | 0.80× | 3.9% | 2.08× | 8.2% | S100Z13L |
| 2026 | 1.0% | 0.82× | 0.8% | 2.21× | 1.8% | S100Z13L |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| リコーリース株式会社 | Major shareholder | 15.3% | 2026-01-31 |
| 宮地 正剛 | Major shareholder | 10.3% | 2026-01-31 |
| 光通信ＫＫ投資事業有限責任組合 | Major shareholder | 4.5% | 2026-01-31 |
| 住友不動産株式会社 | Major shareholder | 2.0% | 2026-01-31 |
| Casa従業員持株会 | Major shareholder | 1.5% | 2026-01-31 |
| 内藤 征吾 | Major shareholder | 0.7% | 2026-01-31 |
| 堀内 宣治 | Major shareholder | 0.6% | 2026-01-31 |
| ＮＣＳ＆Ａ株式会社 | Major shareholder | 0.5% | 2026-01-31 |
| 楽天証券株式会社共有口 | Major shareholder | 0.3% | 2026-01-31 |
| 野村證券株式会社 | Major shareholder | 0.2% | 2026-01-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 訂正有価証券報告書－第13期(2025/02/01－2026/01/31) | S100Z13L | 2026-09-10 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Z13L,, |
| 有価証券報告書－第12期(2024/02/01－2025/01/31) | S100VOF5 | 2025-04-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VOF5,, |
| 有価証券報告書－第11期(2023/02/01－2024/01/31) | S100TCDI | 2024-04-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TCDI,, |
| 訂正有価証券報告書－第10期(2022/02/01－2023/01/31) | S100SZZE | 2024-03-06 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SZZE,, |
| 有価証券報告書－第9期(令和3年2月1日－令和4年1月31日) | S100NX16 | 2022-04-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NX16,, |
| 有価証券報告書－第8期(令和2年2月1日－令和3年1月31日) | S100L7YN | 2021-04-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L7YN,, |

## 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).