# Copa Corpotation Inc.: business model and financials

> Latest period: FY ending Feb 2026, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第28期(2025/03/01－2026/02/28) (S100Y7HW)
> Page: https://vizora.meequs.com/en/company/copa-corpotation
> Retrieved: 2026-09-30T18:13:19.912Z

## Company

Copa Corpotation, founded in 1998, is a company in Specialty Trading & Wholesale listed on TSE Growth. It has 37 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Copa Corporation Inc. |
| Ticker | 7689 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7689.T) |
| Listing | TSE Growth |
| Head office | 東京都渋谷区恵比寿南二丁目23番7号 |
| Representative (per filing) | 代表取締役社長 吉村 泰助 |
| Founded | Oct 1998 |
| Share capital | ¥401.2M |
| Employees (consolidated) | 37 |
| Average salary (parent only) | ¥4.9M |
| Fiscal year end | February |
| Website | www.copa.co.jp (https://www.copa.co.jp/) |
| Corporate number | 9011001050405 |
| EDINET | E35554 |
| Industries (Vizora) | Specialty Trading & Wholesale |

> Profile source: annual securities report (S100Y7HW, filed 2026-05-29). As of filing

## Five-axis industry profile

Primary industry: Specialty Trading & Wholesale (2026-02-28)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 0.8 | 179 |
| Profitability | 0.8 | 185 |
| Efficiency | 44.1 | 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)

- Copa Corpotation brought in ¥1.78B in revenue.
- It lost about ¥15 for every ¥100 of sales at the operating level.
- Revenue changed -13.3% from the prior year.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥1.78B |  |
| Operating income | -¥271.1M | Margin -15.2% |
| Net income | -¥272.1M | Margin -15.3% |
| Free cash flow | -¥292.1M |  |
| Employees (consolidated) | 37 |  |
| EPS | ¥-91.85 |  |
| Book value per share | ¥259.05 |  |
| Equity ratio | 66.6% |  |
| Shares outstanding | 2,963,000 |  |
| Treasury shares | 100 |  |
| Shareholders | 1,233 |  |
| Average salary (parent only) | ¥4.9M | Filing company only |
| Cash ratio | 48.5% | Cash ÷ revenue 31.4% |
| Vs. industry median margin | -18.1 pp | Specialty Trading & Wholesale |
| ROA | -22.4% | Derived from disclosed figures |

## Notable figures

- FY2026, revenue is 0.5× its level five years ago
- FY2026, cash is 49% of total assets
- FY2026, operating loss is 15 per ¥100 of revenue

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Feb 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥6750241000 | ¥1779529000 | -73.6% |
| Operating income | ¥934425000 | ¥-271138000 | -129.0% |
| Operating margin | 13.8% | -15.2% | -29.1 pp |
| Employees | 33 people | 37 people | +12.1% |
| Cash and equivalents | ¥1617756000 | ¥559134000 | -65.4% |

### Change in segment revenue mix

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

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 1,780 | 100.0% | S100Y7HW |
| Cost of revenue | 1,122 | 63.0% | S100Y7HW |
| Gross profit | 658 | 37.0% | S100Y7HW |
| SG&A | 929 | 52.2% | S100Y7HW |
| Operating income | -271 | -15.2% | S100Y7HW |
| Ordinary income | -271 | -15.2% | S100Y7HW |
| Pretax income | -272 | -15.3% | S100Y7HW |
| Income tax | 0 | 0.0% | S100Y7HW |
| Net income | -272 | -15.3% | S100Y7HW |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 63 |
| SG&A | 52 |
| Operating income | -15 |
| (Ref.) Net income | -15 |

### Margin funnel

Gross margin 37.0% → Operating margin -15.2% → Net margin -15.3%
Derived from reported figures (DERIVED).

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 2,052 | 1,780 | -273 | -13.3% |
| Gross profit | 889 | 658 | -232 | -26.0% |
| Operating income | -282 | -271 | 11 | — |
| Operating cash flow | -209 | -290 | -81 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2021 | 6,750 | 934 | 13.8% | 576 | 48 | 30 | S100O55Z |
| FY ending Feb 2022 | 3,866 | 135 | 3.5% | 90 | -672 | -680 | S100QUUB |
| FY ending Feb 2023 | 2,573 | -117 | -4.5% | -133 | 536 | 459 | S100TJ2B |
| FY ending Feb 2024 | 2,205 | -371 | -16.8% | -1,282 | -398 | -515 | S100VUGE |
| FY ending Feb 2025 | 2,052 | -282 | -13.7% | -438 | -209 | — | S100Y7HW |
| FY ending Feb 2026 | 1,780 | -271 | -15.2% | -272 | -290 | -292 | S100Y7HW |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥48.1M |
| Operating income per employee (consolidated) | -¥7.3M |
| Net income per employee (consolidated) | -¥7.4M |

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) | 42 | 47 | 43 | 45 | 37 |
| Average salary (parent company) | ¥5.5M | ¥5.4M | ¥5.5M | ¥5.4M | ¥4.9M |
| Average age (parent company) | 37.0 years | 41.0 years | 39.1 years | 38.3 years | 40.3 years |
| Average tenure (parent company) | 3.9 years | 4.1 years | 3.4 years | 4.0 years | 5.2 years |

Year over year: Employees (consolidated) -17.8% · Revenue (consolidated) -13.3%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -290 | -16.3% | S100Y7HW |
| Capital expenditure | 2 | 0.1% | S100Y7HW |
| Free cash flow | -292 | -16.4% | 算出 |
| Investing cash flow | -2 | -0.1% | S100Y7HW |
| Financing cash flow | 192 | 10.8% | S100Y7HW |
| Change in cash | -100 | -5.6% | S100Y7HW |
| Cash and equivalents | 559 | 31.4% | S100Y7HW |

## 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 | 1,094 | 1,647 | 883 | 659 | 559 | S100TJ2B, S100VUGE, S100Y7HW |
| Total assets | 3,303 | 3,364 | 1,647 | 1,272 | 1,152 | S100QUUB, S100TJ2B, S100VUGE, S100Y7HW |
| Net assets | 2,893 | 2,759 | 1,477 | 1,040 | 768 | S100TJ2B, S100VUGE, S100Y7HW |
| Share capital | 401 | 401 | 401 | 401 | 401 | S100QUUB, S100TJ2B, S100VUGE, S100Y7HW |
| Inventories | 1,600 | 1,384 | 362 | 410 | 462 | S100QUUB, S100TJ2B, S100VUGE, S100Y7HW |
| Property, plant and equipment | 25 | 22 | 21 | — | — | S100QUUB, S100TJ2B, S100VUGE |
| Intangible assets excluding goodwill | 27 | 106 | 174 | — | — | S100QUUB, S100TJ2B, S100VUGE |
| Current assets | 3,229 | 3,229 | 1,446 | 1,266 | 1,145 | S100QUUB, S100TJ2B, S100VUGE, S100Y7HW |
| Current liabilities | 386 | 581 | 152 | 216 | 188 | S100QUUB, S100TJ2B, S100VUGE, S100Y7HW |
| Short-term borrowings | 158 | 250 | — | — | — | S100QUUB, S100TJ2B |
| Long-term borrowings | — | — | — | — | 174 | S100Y7HW |
| Total liabilities | 411 | 605 | 169 | 233 | 385 | S100QUUB, S100TJ2B, S100VUGE, S100Y7HW |
| Equity attributable to owners of parent | 2,893 | 2,759 | 1,477 | 1,040 | 768 | S100QUUB, S100TJ2B, S100VUGE, S100Y7HW |
| Retained earnings | 2,103 | 1,969 | 687 | 250 | -22 | S100QUUB, S100TJ2B, S100VUGE, S100Y7HW |
| Treasury stock | -0 | -0 | -0 | -0 | -0 | S100QUUB, S100TJ2B, S100VUGE, S100Y7HW |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 49% | S100Y7HW |
| Inventories | 40% | S100Y7HW |
| Other assets | 11% | S100Y7HW |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 33% | S100Y7HW |
| Equity | 67% | S100Y7HW |
| Other liabilities | 0% | S100Y7HW |

### 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 | 3,303 | 3,364 | 1,647 | 1,272 | 1,152 |
| Equity | 2,893 | 2,759 | 1,477 | 1,040 | 768 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,094 | 1,647 | 883 | 659 | 559 |

### 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) | 48.5% |
| Cash ÷ revenue | 31.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | -18 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.1% |
| Investing CF relative to operating CF | — |

## 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 | 2.3% | 1.17× | 2.7% | 1.14× | 3.1% | S100QUUB |
| 2023 | — | —× | -4.0% | —× | — | S100TJ2B |
| 2024 | — | —× | -51.2% | —× | — | S100VUGE |
| 2025 | — | —× | -30.0% | —× | — | S100Y7HW |
| 2026 | — | —× | -22.4% | —× | — | S100Y7HW |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 吉村 泰助 | Major shareholder | 38.5% | 2026-02-28 |
| 株式会社ミロク | Major shareholder | 23.6% | 2026-02-28 |
| 株式会社チョイズ | Major shareholder | 6.8% | 2026-02-28 |
| 株式会社SBI証券 | Major shareholder | 2.2% | 2026-02-28 |
| 佐藤 友亮 | Major shareholder | 2.0% | 2026-02-28 |
| 清板 大亮 | Major shareholder | 1.2% | 2026-02-28 |
| 山下 敬弘 | Major shareholder | 1.0% | 2026-02-28 |
| 楽天証券株式会社 | Major shareholder | 0.9% | 2026-02-28 |
| 関口 貴士 | Major shareholder | 0.6% | 2026-02-28 |
| コパ・コーポレーション従業員持株会 | Major shareholder | 0.6% | 2026-02-28 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第28期(2025/03/01－2026/02/28) | S100Y7HW | 2026-05-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y7HW,, |
| 有価証券報告書－第27期(2024/03/01－2025/02/28) | S100VUGE | 2025-05-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VUGE,, |
| 有価証券報告書－第26期(2023/03/01－2024/02/29) | S100TJ2B | 2024-05-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TJ2B,, |
| 有価証券報告書－第25期(2022/03/01－2023/02/28) | S100QUUB | 2023-05-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QUUB,, |
| 有価証券報告書－第24期(令和3年4月1日－令和4年2月28日) | S100O55Z | 2022-05-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O55Z,, |

## 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).