# Central Forest Group, Inc.: business model and financials

> Latest period: FY ending Dec 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第7期(2025/01/01－2025/12/31) (S100XQSG)
> Page: https://vizora.meequs.com/en/company/central-forest-group
> Retrieved: 2026-09-30T21:00:48.068Z

## Company

Central Forest Group, founded in 2019, is a company in Specialty Trading & Wholesale listed on Nagoya. It has 798 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Central Forest Group, Inc. |
| Ticker | 7675 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7675.T) |
| Listing | Nagoya |
| Head office | 名古屋市熱田区川並町4番8号 |
| Representative (per filing) | 代表取締役社長 永津 嘉人 |
| Founded | Apr 2019 |
| Share capital | ¥1.6B |
| Employees (consolidated) | 798 |
| Average salary (parent only) | ¥7.6M |
| Fiscal year end | December |
| Website | www.centralforestgroup.co.jp (https://www.centralforestgroup.co.jp/) |
| Corporate number | 2180001135998 |
| EDINET | E34565 |
| Industries (Vizora) | Specialty Trading & Wholesale |

> Profile source: annual securities report (S100XQSG, filed 2026-03-25). As of filing

## Five-axis industry profile

Primary industry: Specialty Trading & Wholesale (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 47.8 | 179 |
| Profitability | 8.9 | 185 |
| Cash conversion | 45.5 | 179 |
| Efficiency | 92.2 | 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)

- Central Forest Group brought in ¥366.1B in revenue.
- Out of every ¥100 of sales, about ¥1 is left as operating profit.
- Revenue changed +5.2% from the prior year, operating profit +8.0%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥366060000000 → ¥2448000000
- Net income → operating cash flow: ¥2448000000 → ¥2781000000（difference ¥333000000）
- Main uses of operating cash flow: CapEx ¥669000000 / dividends ¥490000000 / buybacks ¥0
- Change in cash: ¥1037000000
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 | ¥366.1B |  |
| Operating income | ¥3.04B | Margin 0.8% |
| Net income | ¥2.45B | Margin 0.7% |
| Free cash flow | ¥2.11B |  |
| Employees (consolidated) | 798 |  |
| EPS | ¥131.91 |  |
| Book value per share | ¥2848.41 |  |
| Equity ratio | 27.1% |  |
| Shares outstanding | 8,781,749 |  |
| Treasury shares | 603,100 |  |
| Shareholders | 518 |  |
| Average salary (parent only) | ¥7.6M | Filing company only |
| Cash ratio | 17.6% | Cash ÷ revenue 6.2% |
| Vs. industry median margin | -2 pp | Specialty Trading & Wholesale |
| ROE | 8.3% | Derived from disclosed figures |
| ROA | 2.0% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥284793000000 | ¥366060000000 | +28.5% |
| Operating income | ¥848000000 | ¥3043000000 | +258.8% |
| Operating margin | 0.3% | 0.8% | +0.5 pp |
| Employees | 570 people | 798 people | +40.0% |
| Cash and equivalents | ¥16953000000 | ¥22598000000 | +33.3% |

### Change in segment revenue mix

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

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 366,060 | 100.0% | S100XQSG |
| Cost of revenue | 331,381 | 90.5% | S100XQSG |
| Gross profit | 34,679 | 9.5% | S100XQSG |
| SG&A | 31,636 | 8.6% | S100XQSG |
| Operating income | 3,043 | 0.8% | S100XQSG |
| Ordinary income | 3,428 | 0.9% | S100XQSG |
| Pretax income | 3,582 | 1.0% | S100XQSG |
| Income tax | 1,133 | 0.3% | S100XQSG |
| Net income | 2,448 | 0.7% | S100XQSG |
| Net income attributable to owners | 2,448 | 0.7% | S100XQSG |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 90 |
| SG&A | 9 |
| Operating income | 1 |
| (Ref.) Net income | 1 |

### Margin funnel

Gross margin 9.5% → Operating margin 0.8% → Net margin 0.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +5.2%; Core profit growth: +8.0%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.55×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 348,074 | 366,060 | 17,986 | +5.2% |
| Gross profit | 33,254 | 34,679 | 1,425 | +4.3% |
| Operating income | 2,817 | 3,043 | 226 | +8.0% |
| Net income attributable to owners | 2,250 | 2,448 | 198 | +8.8% |
| Operating cash flow | 2,698 | 2,781 | 83 | +3.1% |
| Free cash flow | 2,191 | 2,112 | -79 | -3.6% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2020 | 284,793 | 848 | 0.3% | 649 | 2,044 | 1,724 | S100NPEL |
| FY ending Dec 2021 | 298,237 | 1,153 | 0.4% | 1,052 | 3,175 | 2,654 | S100QEW5 |
| FY ending Dec 2022 | 312,649 | 1,622 | 0.5% | 1,268 | 1,337 | 1,015 | S100T1XZ |
| FY ending Dec 2023 | 328,838 | 2,528 | 0.8% | 1,959 | 2,520 | 1,802 | S100VFZX |
| FY ending Dec 2024 | 348,074 | 2,817 | 0.8% | 2,250 | 2,698 | 2,191 | S100XQSG |
| FY ending Dec 2025 | 366,060 | 3,043 | 0.8% | 2,448 | 2,781 | 2,112 | S100XQSG |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥458.7M |
| Operating income per employee (consolidated) | ¥3.8M |
| Net income per employee (consolidated) | ¥3.1M |

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

| History | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 710 | 704 | 742 | 781 | 798 |
| Average salary (parent company) | ¥7.3M | ¥7.2M | ¥7.6M | ¥8.1M | ¥7.6M |
| Average age (parent company) | 37.2 years | 39.0 years | 40.2 years | 40.2 years | 39.8 years |
| Average tenure (parent company) | 12.1 years | 14.0 years | 15.2 years | 13.7 years | 12.6 years |

Year over year: Employees (consolidated) +2.2% · Revenue (consolidated) +5.2%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 2,781 | 0.8% | S100XQSG |
| Capital expenditure | 669 | 0.2% | S100XQSG |
| Free cash flow | 2,112 | 0.6% | 算出 |
| Investing cash flow | -1,010 | -0.3% | S100XQSG |
| Financing cash flow | -733 | -0.2% | S100XQSG |
| Dividends paid | 490 | 0.1% | S100XQSG |
| Share buyback | 0 | 0.0% | S100XQSG |
| Change in cash | 1,037 | 0.3% | S100XQSG |
| Cash and equivalents | 22,598 | 6.2% | S100XQSG |

## 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 Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 18,999 | 19,362 | 19,872 | 21,561 | 22,598 | S100T1XZ, S100VFZX, S100XQSG |
| Total assets | 111,054 | 111,594 | 117,679 | 122,523 | 128,130 | S100QEW5, S100T1XZ, S100VFZX, S100XQSG |
| Net assets | 28,545 | 29,332 | 31,408 | 32,699 | 34,766 | S100T1XZ, S100VFZX, S100XQSG |
| Share capital | 1,600 | 1,600 | 1,600 | 1,600 | 1,600 | S100QEW5, S100T1XZ, S100VFZX, S100XQSG |
| Trade receivables | 48,806 | 48,706 | 50,519 | 53,172 | 55,225 | S100QEW5, S100T1XZ, S100VFZX, S100XQSG |
| Property, plant and equipment | 8,452 | 8,255 | 8,437 | 8,508 | 9,001 | S100QEW5, S100T1XZ, S100VFZX, S100XQSG |
| Intangible assets excluding goodwill | 1,319 | 1,223 | 1,155 | 942 | 754 | S100QEW5, S100T1XZ, S100VFZX, S100XQSG |
| Investment securities | 7,920 | 7,868 | 9,295 | 9,616 | 10,173 | S100QEW5, S100T1XZ, S100VFZX, S100XQSG |
| Current assets | 90,163 | 91,178 | 94,703 | 100,160 | 104,914 | S100QEW5, S100T1XZ, S100VFZX, S100XQSG |
| Current liabilities | 79,295 | 79,325 | 82,837 | 86,284 | 89,690 | S100QEW5, S100T1XZ, S100VFZX, S100XQSG |
| Trade payables | 72,980 | 72,878 | 76,107 | 79,108 | 82,361 | S100QEW5, S100T1XZ, S100VFZX, S100XQSG |
| Total liabilities | 82,508 | 82,262 | 86,270 | 89,823 | 93,363 | S100QEW5, S100T1XZ, S100VFZX, S100XQSG |
| Equity attributable to owners of parent | 25,142 | 26,130 | 27,396 | 28,418 | 30,376 | S100QEW5, S100T1XZ, S100VFZX, S100XQSG |
| Retained earnings | 17,489 | 18,477 | 20,133 | 21,956 | 23,914 | S100QEW5, S100T1XZ, S100VFZX, S100XQSG |
| Treasury stock | — | — | -390 | -1,191 | -1,191 | S100VFZX, S100XQSG |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 18% | S100XQSG |
| Receivables | 43% | S100XQSG |
| Property, plant and equipment | 7% | S100XQSG |
| Intangibles and goodwill | 0% | S100XQSG |
| Investment securities | 8% | S100XQSG |
| Other assets | 24% | S100XQSG |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 64% | S100XQSG |
| Other liabilities | 9% | S100XQSG |
| Equity | 27% | S100XQSG |
| Other liabilities | 0% | S100XQSG |

### Balance sheet history

| Metric | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 111,054 | 111,594 | 117,679 | 122,523 | 128,130 |
| Equity | 28,545 | 29,332 | 31,408 | 32,699 | 34,766 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 18,999 | 19,362 | 19,872 | 21,561 | 22,598 |

## 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) | 2.5% | S100XQSG |
| Fixed assets ÷ total assets | 7.0% | S100XQSG |
| Goodwill ÷ parent equity | — | —, S100XQSG |

### 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) | 17.6% |
| Cash ÷ revenue | 6.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 91.4% |
| Cash vs. profit gap | 333 JPY mn (of net income 13.6%) |
| Shareholder returns / net income | 20.0% |
| Shareholder returns / FCF | 23.2% |
| Shareholder payments — dividends / net income | 20.0% |
| Shareholder payments — dividends / FCF | 23.2% |
| CapEx intensity (capex ÷ revenue) | 0.2% |
| Investing CF relative to operating CF | 36.3% |

## 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 | 0.4% | 2.69× | 0.9% | 4.42× | 4.2% | S100QEW5 |
| 2022 | 0.4% | 2.81× | 1.1% | 4.34× | 4.9% | S100T1XZ |
| 2023 | 0.6% | 2.87× | 1.7% | 4.28× | 7.3% | S100VFZX |
| 2024 | 0.6% | 2.90× | 1.9% | 4.30× | 8.1% | S100XQSG |
| 2025 | 0.7% | 2.92× | 2.0% | 4.26× | 8.3% | S100XQSG |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 国分グループ本社株式会社 | Major shareholder | 41.1% | 2025-12-31 |
| 永津邦彦 | Major shareholder | 7.2% | 2025-12-31 |
| セントラルフォレストグループ取引先持株会 | Major shareholder | 5.5% | 2025-12-31 |
| 株式会社三菱ＵＦＪ銀行 | Major shareholder | 3.3% | 2025-12-31 |
| 永津眞紀子 | Major shareholder | 3.1% | 2025-12-31 |
| セントラルフォレストグループ社員持株会 | Major shareholder | 2.6% | 2025-12-31 |
| 株式会社壱番屋 | Major shareholder | 2.6% | 2025-12-31 |
| 永津嘉人 | Major shareholder | 2.6% | 2025-12-31 |
| 株式会社大垣共立銀行 | Major shareholder | 2.0% | 2025-12-31 |
| 日本生命保険相互会社 | Major shareholder | 1.5% | 2025-12-31 |
| 明治安田生命保険相互会社 | Major shareholder | 1.5% | 2025-12-31 |

## AI commentary（text by AI; the tables above are authoritative、claude-code）

- Revenue for the FY ending Dec 2025 was ¥366.1B, up +5.2% from ¥348.1B.
- Profit grew faster than sales: operating income rose +8.0% to ¥3.04B and net income rose +8.8% to ¥2.45B.
- Free cash flow slipped -3.6% to ¥2.11B.

### Drivers

- Sales to key customers grew in supermarkets, restaurants and caterers, and drugstores
- Sales to e-commerce operators and other customers also increased
- Improvement work, including keeping logistics costs down, lifted profit

### Risks

- Most sites and customers are in the Tokai region, so a major earthquake could halt deliveries and sales
- FamilyMart is a large customer, and a change in that relationship would affect results
- Truck driver shortages and new logistics laws could push delivery costs up sharply

Cited: Annual Securities Report (7th fiscal period) (経営者による財政状態、経営成績及びキャッシュ・フローの状況の分析); Annual Securities Report (7th fiscal period) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第7期(2025/01/01－2025/12/31) | S100XQSG | 2026-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XQSG,, |
| 有価証券報告書－第6期(2024/01/01－2024/12/31) | S100VFZX | 2025-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VFZX,, |
| 有価証券報告書－第5期(2023/01/01－2023/12/31) | S100T1XZ | 2024-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T1XZ,, |
| 有価証券報告書－第4期(2022/01/01－2022/12/31) | S100QEW5 | 2023-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QEW5,, |
| 有価証券報告書－第3期(令和3年1月1日－令和3年12月31日) | S100NPEL | 2022-03-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NPEL,, |
| 有価証券報告書－第2期(令和2年1月1日－令和2年12月31日) | S100KZW7 | 2021-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KZW7,, |

## 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).