# CENTRAL SECURITY PATROLS CO.,LTD.: business model and financials

> Latest period: FY ending Feb 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第54期(2025/03/01－2026/02/28) (S100Y6FE)
> Page: https://vizora.meequs.com/en/company/central-security-patrols
> Retrieved: 2026-09-30T18:33:08.735Z

## Company

Central Security Patrols, founded in 1966, is a company in Real Estate Development & Leasing listed on TSE Prime. It has 7,150 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | CENTRAL SECURITY PATROLS CO.,LTD. |
| Ticker | 9740 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9740.T) |
| Listing | TSE Prime |
| Head office | 東京都新宿区西新宿二丁目4番1号 新宿NSビル |
| Representative (per filing) | 代表取締役執行役員社長 市川東太郎 |
| Founded | Mar 1966 |
| Share capital | ¥2.92B |
| Employees (consolidated) | 7,150 |
| Average salary (parent only) | ¥5.1M |
| Fiscal year end | February |
| Website | www.we-are-csp.co.jp (https://www.we-are-csp.co.jp/) |
| Corporate number | 9011101011216 |
| EDINET | E04799 |
| Industries (Vizora) | Real Estate Development & Leasing, Real Estate Brokerage & Management, Security Services |

> Profile source: annual securities report (S100Y6FE, filed 2026-05-26). As of filing

## Five-axis industry profile

Primary industry: Security Services (2026-02-28)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 7.1 | 7 |
| Profitability | 35.7 | 7 |
| Cash conversion | 64.3 | 7 |
| Efficiency | 64.3 | 7 |
| Financial strength | 87.5 | 4 |

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 98% of Central Security Patrols's sales come from Security, with Building management and real estate making up much of the rest.
- Out of every ¥100 of sales, about ¥6 is left as operating profit.
- Revenue changed +10.3% from the prior year, operating profit +3.9%.

## Company structure

- Segment revenue mix: Security 97.5%、Building management and real estate 2.5%
- Revenue → net income: ¥78745171000 → ¥2869026000
- Net income → operating cash flow: ¥2869026000 → ¥5583854000（difference ¥2714828000）
- Main uses of operating cash flow: CapEx ¥5249343000 / dividends ¥869831000 / buybacks ¥1329805000
- Change in cash: ¥-1337278000
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 | ¥78.7B |  |
| Operating income | ¥4.5B | Margin 5.7% |
| Net income | ¥2.5B | Margin 3.2% |
| Free cash flow | ¥334.5M |  |
| Largest business | Security | of segment revenue 97.5% |
| Employees (consolidated) | 7,150 |  |
| EPS | ¥118.79 |  |
| Book value per share | ¥2342.65 |  |
| Equity ratio | 57.6% |  |
| Shares outstanding | 14,816,692 |  |
| Treasury shares | 784,000 |  |
| Shareholders | 4,205 |  |
| Average salary (parent only) | ¥5.1M | Filing company only |
| Cash ratio | 22.6% | Net cash ¥12.1B · Cash ÷ revenue 20.6% |
| Vs. industry median margin | -1 pp | Security Services |
| ROE | 6.8% | Derived from disclosed figures |
| ROA | 3.7% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.2× net income
- FY2026, buybacks were 1.5× dividends
- FY2026, one segment accounts for 93% of positive segment profit

## What changed in 5 years

| Metric | FY ending Feb 2021 | FY ending Feb 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥67443224000 | ¥78745171000 | +16.8% |
| Operating income | ¥4584771000 | ¥4499638000 | -1.9% |
| Operating margin | 6.8% | 5.7% | -1.1 pp |
| Employees | 6,514 people | 7,150 people | +9.8% |
| Cash and equivalents | ¥9740844000 | ¥16211071000 | +66.4% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| セキュリティ事業 → セキュリティ事業 | 97.5% |
| ビル管理 ・ 不動産事業 → ビル管理 ・ 不動産事業 | 2.5% |
| ビル管理 ・ 不動産事業 → 事業再編・廃止 | 0.0% |
| 新設・再編 → セキュリティ事業 | 0.0% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 78,745 | 100.0% | S100Y6FE |
| Cost of revenue | 61,772 | 78.4% | S100Y6FE |
| Gross profit | 16,974 | 21.6% | S100Y6FE |
| SG&A | 12,474 | 15.8% | S100Y6FE |
| Operating income | 4,500 | 5.7% | S100Y6FE |
| Ordinary income | 4,702 | 6.0% | S100Y6FE |
| Pretax income | 4,639 | 5.9% | S100Y6FE |
| Income tax | 1,770 | 2.2% | S100Y6FE |
| Net income | 2,869 | 3.6% | S100Y6FE |
| Net income attributable to owners | 2,504 | 3.2% | S100Y6FE |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 78 |
| SG&A | 16 |
| Operating income | 6 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 21.6% → Operating margin 5.7% → Net margin 3.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +10.3%; Core profit growth: +3.9%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.38×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 71,418 | 78,745 | 7,328 | +10.3% |
| Gross profit | 15,739 | 16,974 | 1,235 | +7.8% |
| Operating income | 4,331 | 4,500 | 168 | +3.9% |
| Net income attributable to owners | 3,230 | 2,504 | -727 | -22.5% |
| Operating cash flow | 2,939 | 5,584 | 2,645 | +90.0% |
| Free cash flow | 58 | 335 | 276 | +475.1% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Feb 2020 | 67,814 | 4,261 | 6.3% | 2,872 | 5,045 | 2,195 | S100LFIC |
| FY ending Feb 2021 | 67,443 | 4,585 | 6.8% | 3,128 | 6,844 | 1,999 | S100O534 |
| FY ending Feb 2022 | 69,071 | 5,176 | 7.5% | 3,668 | 6,835 | 5,208 | S100QU25 |
| FY ending Feb 2023 | 64,824 | 3,977 | 6.1% | 2,586 | 4,991 | 3,396 | S100TJGO |
| FY ending Feb 2024 | 68,011 | 4,317 | 6.3% | 5,381 | 5,312 | 2,977 | S100VURL |
| FY ending Feb 2025 | 71,418 | 4,331 | 6.1% | 3,230 | 2,939 | 58 | S100Y6FE |
| FY ending Feb 2026 | 78,745 | 4,500 | 5.7% | 2,504 | 5,584 | 335 | S100Y6FE |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥11M |
| Operating income per employee (consolidated) | ¥629.3K |
| Net income per employee (consolidated) | ¥350.2K |

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

| History | FY ending Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 6,653 | 6,554 | 6,539 | 6,916 | 7,150 |
| Average salary (parent company) | ¥4.7M | ¥4.7M | ¥4.8M | ¥4.9M | ¥5.1M |
| Average age (parent company) | 43.4 years | 43.7 years | 44.5 years | 45.1 years | 45.6 years |
| Average tenure (parent company) | 14.3 years | 15.2 years | 15.7 years | 16.2 years | 15.3 years |

Year over year: Employees (consolidated) +3.4% · Revenue (consolidated) +10.3%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Security | 76,781 | 97.5% | 4,167 | 5.4% |
| Building management and real estate | 1,964 | 2.5% | 325 | 16.6% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Security | 97.5% | 92.8% | -4.7 | 5.4% |
| Building management and real estate | 2.5% | 7.2% | 4.7 | 16.6% |

Segment → industry: Building management and real estate → Real Estate Development & Leasing / Building management and real estate → Real Estate Brokerage & Management / Security → Security Services

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 5,584 | 7.1% | S100Y6FE |
| Capital expenditure | 5,249 | 6.7% | S100Y6FE |
| Free cash flow | 335 | 0.4% | 算出 |
| Investing cash flow | -5,186 | -6.6% | S100Y6FE |
| Financing cash flow | -1,735 | -2.2% | S100Y6FE |
| Dividends paid | 870 | 1.1% | S100Y6FE |
| Share buyback | 1,330 | 1.7% | S100Y6FE |
| Change in cash | -1,337 | -1.7% | S100Y6FE |
| Cash and equivalents | 16,211 | 20.6% | S100Y6FE |

## 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 Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 10,965 | 11,895 | 20,665 | 17,548 | 16,211 | S100TJGO, S100VURL, S100Y6FE |
| Total assets | 59,792 | 61,619 | 64,443 | 63,522 | 71,737 | S100QU25, S100TJGO, S100VURL, S100Y6FE |
| Net assets | 33,432 | 37,357 | 39,774 | 42,032 | 44,189 | S100TJGO, S100VURL, S100Y6FE |
| Share capital | 2,924 | 2,924 | 2,924 | 2,924 | 2,924 | S100QU25, S100TJGO, S100VURL, S100Y6FE |
| Trade receivables | 921 | — | — | — | — | S100QU25 |
| Property, plant and equipment | 14,845 | 13,805 | 13,786 | 13,819 | 15,741 | S100QU25, S100TJGO, S100VURL, S100Y6FE |
| Intangible assets excluding goodwill | 1,302 | 1,250 | 1,729 | 3,018 | 4,218 | S100QU25, S100TJGO, S100VURL, S100Y6FE |
| Goodwill | — | — | — | 560 | 871 | S100Y6FE |
| Investment securities | 9,861 | 12,480 | 4,139 | 3,743 | 5,765 | S100QU25, S100TJGO, S100VURL, S100Y6FE |
| Current assets | 31,354 | 31,412 | 40,607 | 38,079 | 39,519 | S100QU25, S100TJGO, S100VURL, S100Y6FE |
| Current liabilities | 19,013 | 17,351 | 21,269 | 18,000 | 21,636 | S100QU25, S100TJGO, S100VURL, S100Y6FE |
| Short-term borrowings | 2,982 | 2,299 | 2,252 | 1,516 | 1,989 | S100QU25, S100TJGO, S100VURL, S100Y6FE |
| Long-term borrowings | 2,687 | 1,638 | 749 | 441 | 2,114 | S100QU25, S100TJGO, S100VURL, S100Y6FE |
| Bonds | 100 | 100 | — | — | 50 | S100QU25, S100TJGO, S100Y6FE |
| Interest-bearing debt | 5,769 | 4,037 | — | — | 4,153 | 算出 |
| Total liabilities | 26,360 | 24,262 | 24,669 | 21,491 | 27,547 | S100QU25, S100TJGO, S100VURL, S100Y6FE |
| Non-controlling interests | 2,243 | 2,381 | 2,489 | 2,624 | 2,862 | S100QU25, S100TJGO, S100VURL, S100Y6FE |
| Equity attributable to owners of parent | 28,278 | 30,193 | 34,801 | 36,885 | 37,215 | S100QU25, S100TJGO, S100VURL, S100Y6FE |
| Retained earnings | 22,710 | 24,637 | 29,214 | 31,567 | 33,201 | S100QU25, S100TJGO, S100VURL, S100Y6FE |
| Treasury stock | -362 | -363 | -336 | -620 | -1,925 | S100QU25, S100TJGO, S100VURL, S100Y6FE |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 23% | S100Y6FE |
| Property, plant and equipment | 22% | S100Y6FE |
| Intangibles and goodwill | 7% | S100Y6FE |
| Investment securities | 8% | S100Y6FE |
| Other assets | 40% | S100Y6FE |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Interest-bearing debt | 6% | 算出 |
| Other liabilities | 33% | S100Y6FE |
| Equity | 61% | S100Y6FE |

### Balance sheet history

| Metric | FY ending Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 59,792 | 61,619 | 64,443 | 63,522 | 71,737 |
| Equity | 33,432 | 37,357 | 39,774 | 42,032 | 44,189 |
| Interest-bearing debt | 5,769 | 4,037 | — | — | 4,153 |
| Cash | 10,965 | 11,895 | 20,665 | 17,548 | 16,211 |

## 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) | 20.0% | S100Y6FE |
| Fixed assets ÷ total assets | 21.9% | S100Y6FE |
| Goodwill ÷ parent equity | 2.3% | S100Y6FE |

### 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) | 22.6% |
| Cash ÷ revenue | 20.6% |
| Net cash (cash − interest-bearing debt) | ¥12.1B |
| Net debt ÷ operating cash flow | -2.16× |
| Cash conversion (operating CF ÷ operating income) | 124.1% |
| Cash vs. profit gap | 3,080 JPY mn (of net income 123.0%) |
| Shareholder returns / net income | 87.9% |
| Shareholder returns / FCF | 657.6% |
| Shareholder payments — dividends / net income | 34.7% |
| Shareholder payments — dividends / FCF | 260.0% |
| CapEx intensity (capex ÷ revenue) | 6.7% |
| Investing CF relative to operating CF | 92.9% |

## 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 | 5.3% | 1.16× | 6.1% | 2.11× | 13.0% | S100QU25 |
| 2023 | 4.0% | 1.07× | 4.3% | 2.08× | 8.8% | S100TJGO |
| 2024 | 7.9% | 1.08× | 8.5% | 1.94× | 16.6% | S100VURL |
| 2025 | 4.5% | 1.12× | 5.0% | 1.79× | 9.0% | S100Y6FE |
| 2026 | 3.2% | 1.16× | 3.7% | 1.83× | 6.8% | S100Y6FE |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 東日本旅客鉄道株式会社 | Major shareholder | 26.4% | 2026-02-28 |
| 日本マスタートラスト信託銀行株式会社(信託口) | Major shareholder | 8.4% | 2026-02-28 |
| 光通信ＫＫ投資事業有限責任組合 | Major shareholder | 4.5% | 2026-02-28 |
| セントラル警備保障社員持株会 | Major shareholder | 4.1% | 2026-02-28 |
| セントラルセキュリティリーグ持株会 | Major shareholder | 3.6% | 2026-02-28 |
| BNYMSANV RE BNYMIL RE WS ZENNOR JAPAN EQUITY INCOME FUND（常任代理人 株式会社三菱ＵＦＪ銀行） | Major shareholder | 3.2% | 2026-02-28 |
| 株式会社日本カストディ銀行(信託口) | Major shareholder | 3.2% | 2026-02-28 |
| 竹花 長雅 | Major shareholder | 1.6% | 2026-02-28 |
| 徳田 伸子 | Major shareholder | 1.6% | 2026-02-28 |
| STATE STREET BANK AND TRUST COMPANY 505025（常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.6% | 2026-02-28 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第54期(2025/03/01－2026/02/28) | S100Y6FE | 2026-05-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y6FE,, |
| 有価証券報告書－第53期(2024/03/01－2025/02/28) | S100VURL | 2025-05-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VURL,, |
| 有価証券報告書－第52期(2023/03/01－2024/02/29) | S100TJGO | 2024-05-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TJGO,, |
| 有価証券報告書－第51期(2022/03/01－2023/02/28) | S100QU25 | 2023-05-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QU25,, |
| 有価証券報告書－第50期(令和3年3月1日－令和4年2月28日) | S100O534 | 2022-05-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O534,, |
| 有価証券報告書－第49期(令和2年3月1日－令和3年2月28日) | S100LFIC | 2021-05-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LFIC,, |

## 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).