# CROPS CORPORATION: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第49期(2025/04/01－2026/03/31) (S100YDQV)
> Page: https://vizora.meequs.com/en/company/crops
> Retrieved: 2026-09-30T18:10:36.867Z

## Company

Crops, founded in 1977, is a company in HR & Staffing listed on TSE Standard. It has 1,364 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | CROPS CORPORATION |
| Ticker | 9428 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9428.T) |
| Listing | TSE Standard |
| Head office | 名古屋市中村区名駅三丁目26番8号 |
| Representative (per filing) | 代表取締役 社長執行役員 前田 有幾 |
| Founded | Nov 1977 |
| Share capital | ¥255M |
| Employees (consolidated) | 1,364 |
| Average salary (parent only) | ¥4.6M |
| Fiscal year end | March |
| Website | www.crops.co.jp (https://www.crops.co.jp/) |
| Corporate number | 6180001029354 |
| EDINET | E05504 |
| Industries (Vizora) | HR & Staffing, Business Process Outsourcing, Real Estate Development & Leasing, Real Estate Brokerage & Management, Specialty Trading & Wholesale, Electronics Retailers |

> Profile source: annual securities report (S100YDQV, filed 2026-06-18). As of filing

## Five-axis industry profile

Primary industry: Electronics Retailers (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 88.5 | 13 |
| Profitability | 75 | 14 |
| Cash conversion | 46.4 | 14 |
| Efficiency | 46.4 | 14 |

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 44% of Crops's sales come from Mobile communication, with Leasing business and Wholesale business making up much of the rest.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed +9.6% from the prior year, operating profit +50.6%.

## Company structure

- Segment revenue mix: Mobile communication 43.8%、Leasing business 26.4%、Wholesale business 10.9%、Building maintenance 10.0%、Temporary employee placement 4.6%
- Revenue → net income: ¥67497000000 → ¥1562000000
- Net income → operating cash flow: ¥1562000000 → ¥3786000000（difference ¥2224000000）
- Main uses of operating cash flow: CapEx ¥867000000 / dividends ¥189000000 / buybacks —
- Change in cash: ¥2338000000
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 | ¥67.5B |  |
| Operating income | ¥3.6B | Margin 5.3% |
| Net income | ¥926M | Margin 1.4% |
| Free cash flow | ¥2.92B |  |
| Largest business | Mobile communication | of segment revenue 43.8% |
| Employees (consolidated) | 1,364 |  |
| EPS | ¥2.83 |  |
| Book value per share | ¥917.39 |  |
| Equity ratio | 32.7% |  |
| Shares outstanding | 9,597,400 |  |
| Treasury shares | 141,200 |  |
| Shareholders | 3,695 |  |
| Average salary (parent only) | ¥4.6M | Filing company only |
| Cash ratio | 26.1% | Cash ÷ revenue 15.8% |
| Vs. industry median margin | +1.9 pp | Electronics Retailers |
| ROE | 7.7% | Derived from disclosed figures |
| ROA | 2.4% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 4.1× net income
- FY2026, parent-company salary changed +25% over five years
- FY2026, segment profit share differs by -21 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥41041000000 | ¥67497000000 | +64.5% |
| Operating income | ¥2061000000 | ¥3601000000 | +74.7% |
| Operating margin | 5.0% | 5.3% | +0.3 pp |
| Employees | 854 people | 1,364 people | +59.7% |
| Cash and equivalents | ¥6598000000 | ¥10639000000 | +61.2% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| 移動体通信事業 → 移動体通信事業 | 35.9% |
| 人材派遣事業 → 人材派遣事業 | 4.6% |
| 人材派遣事業 → 事業再編・廃止 | 0.8% |
| ビルメンテナンス事業 → ビルメンテナンス事業 | 10.0% |
| ビルメンテナンス事業 → 事業再編・廃止 | 4.3% |
| 店舗転貸借事業 → 店舗転貸借事業 | 23.3% |
| 不動産売買事業 → 不動産売買事業 | 1.9% |
| 卸事業 → 卸事業 | 10.9% |
| 卸事業 → 事業再編・廃止 | 7.6% |
| 海外事業 → 海外事業 | 0.7% |
| 新設・再編 → 移動体通信事業 | 8.0% |
| 新設・再編 → 店舗転貸借事業 | 3.1% |
| 新設・再編 → 不動産売買事業 | 1.4% |
| 新設・再編 → 海外事業 | 0.3% |

Segment revenue source references: 14 (derived)

## Business growth × margin

X-axis: segment revenue CAGR. Y-axis: latest operating margin. Bubble size: latest revenue. CAGR requires at least two comparable years.

| Segment | CAGR span | Revenue CAGR | Latest revenue | Operating margin | Source refs |
| --- | ---: | ---: | ---: | ---: | ---: |
| Mobile communication | 5 years | +15.0% | ¥29585000000 | 2.8% | 2 |
| Leasing business | 5 years | +13.2% | ¥17803000000 | 8.7% | 2 |
| Wholesale business | 5 years | -0.6% | ¥7379000000 | 4.2% | 2 |
| Building maintenance | 5 years | +2.9% | ¥6770000000 | 5.1% | 2 |
| Temporary employee placement | 5 years | +7.0% | ¥3083000000 | 2.5% | 2 |
| Real estate trading business | 5 years | +23.3% | ¥2209000000 | 22.3% | 2 |
| Overseas business | 5 years | +17.5% | ¥665000000 | -0.2% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 67,497 | 100.0% | S100YDQV |
| Cost of revenue | 49,805 | 73.8% | S100YDQV |
| Gross profit | 17,691 | 26.2% | S100YDQV |
| SG&A | 14,090 | 20.9% | S100YDQV |
| Operating income | 3,601 | 5.3% | S100YDQV |
| Ordinary income | 3,723 | 5.5% | S100YDQV |
| Pretax income | 2,945 | 4.4% | S100YDQV |
| Income tax | 1,383 | 2.0% | S100YDQV |
| Net income | 1,562 | 2.3% | S100YDQV |
| Net income attributable to owners | 926 | 1.4% | S100YDQV |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 74 |
| SG&A | 21 |
| Operating income | 5 |
| (Ref.) Net income | 1 |

### Margin funnel

Gross margin 26.2% → Operating margin 5.3% → Net margin 1.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +9.6%; Core profit growth: +50.6%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 5.26×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 61,568 | 67,497 | 5,929 | +9.6% |
| Gross profit | 15,179 | 17,691 | 2,512 | +16.5% |
| Operating income | 2,391 | 3,601 | 1,210 | +50.6% |
| Net income attributable to owners | 991 | 926 | -65 | -6.6% |
| Operating cash flow | 1,416 | 3,786 | 2,370 | +167.4% |
| Free cash flow | 1,247 | 2,919 | 1,672 | +134.1% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 42,934 | 2,021 | 4.7% | 769 | 3,094 | 2,961 | S100LKFA |
| FY ending Mar 2021 | 41,041 | 2,061 | 5.0% | 852 | 1,918 | 1,653 | S100O9IA |
| FY ending Mar 2022 | 45,318 | 2,508 | 5.5% | 1,477 | 2,228 | 1,752 | S100QZ45 |
| FY ending Mar 2023 | 48,380 | 2,272 | 4.7% | 1,175 | 1,590 | 1,342 | S100TR4F |
| FY ending Mar 2024 | 54,487 | 2,127 | 3.9% | 1,206 | 1,519 | 1,363 | S100W23S |
| FY ending Mar 2025 | 61,568 | 2,391 | 3.9% | 991 | 1,416 | 1,247 | S100YDQV |
| FY ending Mar 2026 | 67,497 | 3,601 | 5.3% | 926 | 3,786 | 2,919 | S100YDQV |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥49.5M |
| Operating income per employee (consolidated) | ¥2.6M |
| Net income per employee (consolidated) | ¥678.9K |

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

| History | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 1,057 | 1,161 | 1,200 | 1,259 | 1,364 |
| Average salary (parent company) | ¥3.7M | ¥3.9M | ¥4.3M | ¥4.3M | ¥4.6M |
| Average age (parent company) | 28.7 years | 29.0 years | 30.7 years | 30.7 years | 31.4 years |
| Average tenure (parent company) | 3.1 years | 3.5 years | 3.5 years | 3.5 years | 3.5 years |

Year over year: Employees (consolidated) +8.3% · Revenue (consolidated) +9.6%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Mobile communication | 29,585 | 43.8% | 826 | 2.8% |
| Temporary employee placement | 3,083 | 4.6% | 76 | 2.5% |
| Building maintenance | 6,770 | 10.0% | 346 | 5.1% |
| Leasing business | 17,803 | 26.4% | 1,548 | 8.7% |
| Real estate trading business | 2,209 | 3.3% | 492 | 22.3% |
| Wholesale business | 7,379 | 10.9% | 311 | 4.2% |
| Overseas business | 665 | 1.0% | -1 | -0.2% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Mobile communication | 43.8% | 23.0% | -20.9 | 2.8% |
| Temporary employee placement | 4.6% | 2.1% | -2.5 | 2.5% |
| Building maintenance | 10.0% | 9.6% | -0.4 | 5.1% |
| Leasing business | 26.4% | 43.0% | 16.6 | 8.7% |
| Real estate trading business | 3.3% | 13.7% | 10.4 | 22.3% |
| Wholesale business | 10.9% | 8.6% | -2.3 | 4.2% |
| Overseas business | 1.0% | — | — | -0.2% |

Loss-making segment (excluded from profit shares): Overseas business -1 JPY mn

Segment → industry: Temporary employee placement → HR & Staffing / Overseas business → Business Process Outsourcing / Real estate trading business → Real Estate Development & Leasing / Leasing business → Real Estate Brokerage & Management / Building maintenance → Real Estate Brokerage & Management / Wholesale business → Specialty Trading & Wholesale / Mobile communication → Electronics Retailers

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 3,786 | 5.6% | S100YDQV |
| Capital expenditure | 867 | 1.3% | S100YDQV |
| Free cash flow | 2,919 | 4.3% | 算出 |
| Investing cash flow | -1,762 | -2.6% | S100YDQV |
| Financing cash flow | 264 | 0.4% | S100YDQV |
| Dividends paid | 189 | 0.3% | S100YDQV |
| Change in cash | 2,338 | 3.5% | S100YDQV |
| Cash and equivalents | 10,639 | 15.8% | S100YDQV |

## 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 Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 7,285 | 7,008 | 7,472 | 8,301 | 10,639 | S100TR4F, S100W23S, S100YDQV |
| Total assets | 27,502 | 30,719 | 33,380 | 36,107 | 40,747 | S100QZ45, S100TR4F, S100W23S, S100YDQV |
| Net assets | 11,390 | 12,489 | 13,219 | 14,346 | 15,877 | S100TR4F, S100W23S, S100YDQV |
| Share capital | 255 | 255 | 255 | 255 | 255 | S100QZ45, S100TR4F, S100W23S, S100YDQV |
| Trade receivables | — | — | — | 6,294 | 6,949 | S100YDQV |
| Property, plant and equipment | 3,628 | 3,700 | 3,777 | 3,393 | 3,939 | S100QZ45, S100TR4F, S100W23S, S100YDQV |
| Intangible assets excluding goodwill | 113 | 322 | 1,228 | 1,076 | 859 | S100QZ45, S100TR4F, S100W23S, S100YDQV |
| Goodwill | 22 | 231 | 1,059 | 899 | 721 | S100QZ45, S100TR4F, S100W23S, S100YDQV |
| Investment securities | 813 | 857 | 1,077 | 1,074 | 1,428 | S100QZ45, S100TR4F, S100W23S, S100YDQV |
| Current assets | 15,476 | 16,385 | 18,518 | 21,067 | 24,290 | S100QZ45, S100TR4F, S100W23S, S100YDQV |
| Current liabilities | 8,556 | 10,026 | 11,197 | 11,729 | 14,084 | S100QZ45, S100TR4F, S100W23S, S100YDQV |
| Short-term borrowings | 1,400 | 2,350 | 2,650 | 1,900 | 2,360 | S100QZ45, S100TR4F, S100W23S, S100YDQV |
| Long-term borrowings | 376 | 214 | 122 | 656 | 887 | S100QZ45, S100TR4F, S100W23S, S100YDQV |
| Total liabilities | 16,112 | 18,229 | 20,161 | 21,761 | 24,870 | S100QZ45, S100TR4F, S100W23S, S100YDQV |
| Non-controlling interests | 1,951 | 1,952 | 1,810 | 2,109 | 2,561 | S100QZ45, S100TR4F, S100W23S, S100YDQV |
| Equity attributable to owners of parent | 9,140 | 10,157 | 10,901 | 11,703 | 12,461 | S100QZ45, S100TR4F, S100W23S, S100YDQV |
| Retained earnings | 7,844 | 8,839 | 9,856 | 10,658 | 11,395 | S100QZ45, S100TR4F, S100W23S, S100YDQV |
| Treasury stock | -414 | -104 | -104 | -104 | -104 | S100QZ45, S100TR4F, S100W23S, S100YDQV |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 26% | S100YDQV |
| Receivables | 17% | S100YDQV |
| Property, plant and equipment | 10% | S100YDQV |
| Intangibles and goodwill | 4% | S100YDQV |
| Investment securities | 3% | S100YDQV |
| Other assets | 40% | S100YDQV |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 61% | S100YDQV |
| Equity | 39% | S100YDQV |

### Balance sheet history

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 27,502 | 30,719 | 33,380 | 36,107 | 40,747 |
| Equity | 11,390 | 12,489 | 13,219 | 14,346 | 15,877 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 7,285 | 7,008 | 7,472 | 8,301 | 10,639 |

## 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) | 5.8% | S100YDQV |
| Fixed assets ÷ total assets | 9.7% | S100YDQV |
| Goodwill ÷ parent equity | 5.8% | S100YDQV |

Goodwill over 4 years: 22 → 721 JPY; total investing cash flow: -5,026 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) | 26.1% |
| Cash ÷ revenue | 15.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 105.1% |
| Cash vs. profit gap | 2,860 JPY mn (of net income 308.9%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 20.4% |
| Shareholder payments — dividends / FCF | 6.5% |
| CapEx intensity (capex ÷ revenue) | 1.3% |
| Investing CF relative to operating CF | 46.5% |

## 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 | 3.3% | 1.65× | 5.4% | 3.01× | 16.2% | S100QZ45 |
| 2023 | 2.4% | 1.66× | 4.0% | 3.02× | 12.2% | S100TR4F |
| 2024 | 2.2% | 1.70× | 3.8% | 3.04× | 11.5% | S100W23S |
| 2025 | 1.6% | 1.77× | 2.9% | 3.07× | 8.8% | S100YDQV |
| 2026 | 1.4% | 1.76× | 2.4% | 3.18× | 7.7% | S100YDQV |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社アイ・エー・エイチ | Major shareholder | 34.1% | 2026-03-31 |
| ＫＤＤＩ株式会社 | Major shareholder | 20.3% | 2026-03-31 |
| 前田 有幾 | Major shareholder | 9.0% | 2026-03-31 |
| 光通信ＫＫ投資事業有限責任組合 | Major shareholder | 6.6% | 2026-03-31 |
| ＵＨＰａｒｔｎｅｒｓ２投資事業有限責任組合 | Major shareholder | 4.6% | 2026-03-31 |
| 株式会社商工組合中央金庫 | Major shareholder | 2.3% | 2026-03-31 |
| 名古屋鉄道株式会社 | Major shareholder | 2.1% | 2026-03-31 |
| クロップス従業員持株会 | Major shareholder | 1.2% | 2026-03-31 |
| いすゞ自動車株式会社 | Major shareholder | 1.1% | 2026-03-31 |
| 光通信株式会社 | Major shareholder | 1.0% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第49期(2025/04/01－2026/03/31) | S100YDQV | 2026-06-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YDQV,, |
| 有価証券報告書－第48期(2024/04/01－2025/03/31) | S100W23S | 2025-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W23S,, |
| 有価証券報告書－第47期(2023/04/01－2024/03/31) | S100TR4F | 2024-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TR4F,, |
| 有価証券報告書－第46期(2022/04/01－2023/03/31) | S100QZ45 | 2023-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QZ45,, |
| 有価証券報告書－第45期(令和3年4月1日－令和4年3月31日) | S100O9IA | 2022-06-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O9IA,, |
| 有価証券報告書－第44期(令和2年4月1日－令和3年3月31日) | S100LKFA | 2021-06-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LKFA,, |

## 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).