# COACH A Co.,Ltd.: business model and financials

> Latest period: FY ending Dec 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 訂正有価証券報告書－第25期(2025/01/01－2025/12/31) (S100XVLX)
> Page: https://vizora.meequs.com/en/company/coach-a
> Retrieved: 2026-09-30T21:33:20.225Z

## Company

Coach A, founded in 2001, is a company in Consulting listed on TSE Standard. It has 140 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | COACH A Co., Ltd. |
| Ticker | 9339 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9339.T) |
| Listing | TSE Standard |
| Head office | 東京都千代田区九段南二丁目1番30号 |
| Representative (per filing) | 代表取締役 社長執行役員 纐纈 順史 |
| Founded | Aug 2001 |
| Share capital | ¥617M |
| Employees (consolidated) | 140 |
| Average salary (parent only) | ¥8.7M |
| Fiscal year end | December |
| Website | www.coacha.com (https://www.coacha.com/) |
| Corporate number | 6010001075555 |
| EDINET | E38178 |
| Industries (Vizora) | Consulting |

> Profile source: annual securities report (S100XVLX, filed 2026-04-02). As of filing

## Five-axis industry profile

Primary industry: Consulting (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 4.8 | 31 |
| Profitability | 19.3 | 44 |
| Cash conversion | 80.7 | 44 |
| Efficiency | 17 | 44 |

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)

- Coach A brought in ¥3.5B in revenue.
- Out of every ¥100 of sales, about ¥6 is left as operating profit.
- Revenue changed -3.9% from the prior year, operating profit +36.4%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥3501884000 → ¥98819000
- Net income → operating cash flow: ¥98819000 → ¥286087000（difference ¥187268000）
- Main uses of operating cash flow: CapEx ¥205701000 / dividends ¥46534000 / buybacks ¥34000
- Change in cash: ¥64416000
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 | ¥3.5B |  |
| Operating income | ¥211.8M | Margin 6.0% |
| Net income | ¥98.8M | Margin 2.8% |
| Free cash flow | ¥80.4M |  |
| Employees (consolidated) | 140 |  |
| EPS | ¥34.07 |  |
| Book value per share | ¥1195.39 |  |
| Equity ratio | 71.1% |  |
| Shares outstanding | 2,366,722 |  |
| Treasury shares | 3,300 |  |
| Shareholders | 4,293 |  |
| Average salary (parent only) | ¥8.7M | Filing company only |
| Cash ratio | 76.6% | Cash ÷ revenue 97.7% |
| Vs. industry median margin | -3.5 pp | Consulting |
| ROE | 3.2% | Derived from disclosed figures |
| ROA | 2.2% | Derived from disclosed figures |

## Notable figures

- FY2025, operating cash flow is 2.9× net income
- FY2025, cash is 77% of total assets
- FY2025, employees -13% while operating income rose 36%

## What changed in 4 years

| Metric | FY ending Dec 2021 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥3306541000 | ¥3501884000 | +5.9% |
| Operating income | ¥361938000 | ¥211816000 | -41.5% |
| Operating margin | 10.9% | 6.0% | -4.9 pp |
| Employees | 145 people | 140 people | -3.4% |
| Cash and equivalents | ¥2146734000 | ¥3422473000 | +59.4% |

### Change in segment revenue mix

Span: FY ending Dec 2021 → 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 | 3,502 | 100.0% | S100XVLX |
| Cost of revenue | 1,976 | 56.4% | S100XVLX |
| Gross profit | 1,526 | 43.6% | S100XVLX |
| SG&A | 1,314 | 37.5% | S100XVLX |
| Operating income | 212 | 6.0% | S100XVLX |
| Ordinary income | 202 | 5.8% | S100XVLX |
| Pretax income | 174 | 5.0% | S100XVLX |
| Income tax | 75 | 2.2% | S100XVLX |
| Net income | 99 | 2.8% | S100XVLX |
| Net income attributable to owners | 99 | 2.8% | S100XVLX |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 56 |
| SG&A | 38 |
| Operating income | 6 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 43.6% → Operating margin 6.0% → Net margin 2.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue down, profit up
Revenue growth: -3.9%; Core profit growth: +36.4%
Operating leverage (core profit growth ÷ revenue growth): -9.43×
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 | 3,643 | 3,502 | -141 | -3.9% |
| Gross profit | 1,686 | 1,526 | -160 | -9.5% |
| Operating income | 155 | 212 | 57 | +36.4% |
| Net income attributable to owners | 111 | 99 | -12 | -11.1% |
| Operating cash flow | 133 | 286 | 153 | +115.7% |
| Free cash flow | -65 | 80 | 145 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2021 | 3,307 | 362 | 10.9% | 245 | 957 | 852 | S100QIX7 |
| FY ending Dec 2022 | 3,601 | 473 | 13.1% | 419 | 470 | 413 | S100T6GG |
| FY ending Dec 2023 | 3,649 | 290 | 7.9% | 76 | 63 | -99 | S100VI3R |
| FY ending Dec 2024 | 3,643 | 155 | 4.3% | 111 | 133 | -65 | S100XVLX |
| FY ending Dec 2025 | 3,502 | 212 | 6.0% | 99 | 286 | 80 | S100XVLX |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥25M |
| Operating income per employee (consolidated) | ¥1.5M |
| Net income per employee (consolidated) | ¥705.9K |

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) | 145 | 147 | 158 | 161 | 140 |
| Average salary (parent company) | — | ¥8.8M | ¥8.6M | ¥8.2M | ¥8.7M |
| Average age (parent company) | — | 38.7 years | 38.7 years | 39.0 years | 39.9 years |
| Average tenure (parent company) | — | 6.8 years | 6.6 years | 6.9 years | 7.6 years |

Year over year: Employees (consolidated) -13.0% · Revenue (consolidated) -3.9%

## 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 | 286 | 8.2% | S100XVLX |
| Capital expenditure | 206 | 5.9% | S100XVLX |
| Free cash flow | 80 | 2.3% | 算出 |
| Investing cash flow | -203 | -5.8% | S100XVLX |
| Financing cash flow | -47 | -1.3% | S100XVLX |
| Dividends paid | 47 | 1.3% | S100XVLX |
| Share buyback | 0 | 0.0% | S100XVLX |
| Change in cash | 64 | 1.8% | S100XVLX |
| Cash and equivalents | 3,422 | 97.7% | S100XVLX |

## 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 | 2,147 | 3,261 | 3,403 | 3,358 | 3,422 | S100T6GG, S100VI3R, S100XVLX |
| Total assets | 3,121 | 4,400 | 4,305 | 4,346 | 4,468 | S100QIX7, S100T6GG, S100VI3R, S100XVLX |
| Net assets | 1,643 | 2,873 | 2,942 | 3,066 | 3,179 | S100T6GG, S100VI3R, S100XVLX |
| Share capital | 100 | 481 | 590 | 605 | 617 | S100QIX7, S100T6GG, S100VI3R, S100XVLX |
| Inventories | 3 | 3 | 43 | 9 | 2 | S100QIX7, S100T6GG, S100VI3R, S100XVLX |
| Property, plant and equipment | 83 | 75 | 99 | 86 | 72 | S100QIX7, S100T6GG, S100VI3R, S100XVLX |
| Intangible assets excluding goodwill | 352 | 362 | 275 | 369 | 497 | S100QIX7, S100T6GG, S100VI3R, S100XVLX |
| Goodwill | 178 | 180 | — | — | — | S100QIX7, S100T6GG |
| Investment securities | 182 | 327 | 39 | 35 | 36 | S100QIX7, S100T6GG, S100VI3R, S100XVLX |
| Current assets | 2,341 | 3,467 | 3,719 | 3,660 | 3,648 | S100QIX7, S100T6GG, S100VI3R, S100XVLX |
| Current liabilities | 1,450 | 1,497 | 1,322 | 1,237 | 1,250 | S100QIX7, S100T6GG, S100VI3R, S100XVLX |
| Total liabilities | 1,478 | 1,527 | 1,363 | 1,280 | 1,290 | S100QIX7, S100T6GG, S100VI3R, S100XVLX |
| Equity attributable to owners of parent | 1,547 | 2,701 | 2,951 | 3,047 | 3,122 | S100QIX7, S100T6GG, S100VI3R, S100XVLX |
| Retained earnings | 1,358 | 1,751 | 1,783 | 1,848 | 1,900 | S100QIX7, S100T6GG, S100VI3R, S100XVLX |
| Treasury stock | — | — | -0 | -0 | -0 | S100VI3R, S100XVLX |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 76% | S100XVLX |
| Inventories | 0% | S100XVLX |
| Property, plant and equipment | 2% | S100XVLX |
| Intangibles and goodwill | 11% | S100XVLX |
| Investment securities | 1% | S100XVLX |
| Other assets | 10% | S100XVLX |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 29% | S100XVLX |
| Equity | 71% | S100XVLX |

### 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 | 3,121 | 4,400 | 4,305 | 4,346 | 4,468 |
| Equity | 1,643 | 2,873 | 2,942 | 3,066 | 3,179 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 2,147 | 3,261 | 3,403 | 3,358 | 3,422 |

## 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) | 2.1% | S100XVLX |
| Fixed assets ÷ total assets | 1.6% | S100XVLX |
| Goodwill ÷ parent equity | — | —, S100XVLX |

### 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) | 76.6% |
| Cash ÷ revenue | 97.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 135.1% |
| Cash vs. profit gap | 187 JPY mn (of net income 189.5%) |
| Shareholder returns / net income | 47.1% |
| Shareholder returns / FCF | 57.9% |
| Shareholder payments — dividends / net income | 47.1% |
| Shareholder payments — dividends / FCF | 57.9% |
| CapEx intensity (capex ÷ revenue) | 5.9% |
| Investing CF relative to operating CF | 71.0% |

## 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 | 7.4% | 1.06× | 7.9% | 2.02× | 15.9% | S100QIX7 |
| 2022 | 11.6% | 0.96× | 11.1% | 1.77× | 19.7% | S100T6GG |
| 2023 | 2.1% | 0.84× | 1.7% | 1.54× | 2.7% | S100VI3R |
| 2024 | 3.1% | 0.84× | 2.6% | 1.44× | 3.7% | S100XVLX |
| 2025 | 2.8% | 0.79× | 2.2% | 1.43× | 3.2% | S100XVLX |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社伊藤ホールディングス | Major shareholder | 48.9% | 2025-12-31 |
| 伊藤 守 | Major shareholder | 4.0% | 2025-12-31 |
| コーチ・エィ社員持株会 | Major shareholder | 3.7% | 2025-12-31 |
| 伊藤 光太郎 | Major shareholder | 2.7% | 2025-12-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 1.9% | 2025-12-31 |
| 鈴木 義幸 | Major shareholder | 1.3% | 2025-12-31 |
| 纐纈 順史 | Major shareholder | 0.8% | 2025-12-31 |
| ベル投資事業有限責任組合 | Major shareholder | 0.7% | 2025-12-31 |
| 栗本 渉 | Major shareholder | 0.7% | 2025-12-31 |
| 片岡 詳子 | Major shareholder | 0.5% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 訂正有価証券報告書－第25期(2025/01/01－2025/12/31) | S100XVLX | 2026-04-02 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XVLX,, |
| 有価証券報告書－第24期(2024/01/01－2024/12/31) | S100VI3R | 2025-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VI3R,, |
| 有価証券報告書－第23期(2023/01/01－2023/12/31) | S100T6GG | 2024-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T6GG,, |
| 有価証券報告書－第22期(2022/01/01－2022/12/31) | S100QIX7 | 2023-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QIX7,, |

## 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).