# Cross E Holdings Corporation Limited: business model and financials

> Latest period: FY ending Sep 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第3期(2024/10/01－2025/09/30) (S100XCGP)
> Page: https://vizora.meequs.com/en/company/cross-e-hd
> Retrieved: 2026-09-30T19:48:34.430Z

## Company

Cross E Holdings, founded in 2022, is a company in Plant Engineering & Building Services listed on Fukuoka. It has 93 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Cross E Holdings Corporation Limited |
| Ticker | 231A |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/231A.T) |
| Listing | Fukuoka |
| Head office | 長崎県佐世保市ハウステンボス町5番地3 |
| Representative (per filing) | 代表取締役 松尾 貴 |
| Founded | Nov 2022 |
| Share capital | ¥280.7M |
| Employees (consolidated) | 93 |
| Average salary (parent only) | ¥5.4M |
| Fiscal year end | September |
| Website | cross-e-hd.co.jp (https://cross-e-hd.co.jp/) |
| Corporate number | 3310001018107 |
| EDINET | E39864 |
| Industries (Vizora) | Plant Engineering & Building Services, Real Estate Brokerage & Management |

> Profile source: annual securities report (S100XCGP, filed 2025-12-23). As of filing

## Five-axis industry profile

Primary industry: Plant Engineering & Building Services (2025-09-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 97.9 | 72 |
| Profitability | 78.3 | 76 |
| Cash conversion | 46.6 | 74 |
| Efficiency | 75.7 | 76 |

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 83% of Cross E Holdings's sales come from Construction Business Reportable Segments Member, with Facility business making up much of the rest.
- Out of every ¥100 of sales, about ¥12 is left as operating profit.
- Revenue changed +6.2% from the prior year, operating profit +15.2%.

## Company structure

- Segment revenue mix: Construction Business Reportable Segments Member 82.7%、Facility business 17.3%
- Revenue → net income: ¥4582851000 → ¥385711000
- Net income → operating cash flow: ¥385711000 → ¥406310000（difference ¥20599000）
- Main uses of operating cash flow: CapEx ¥27486000 / dividends ¥124257000 / buybacks —
- Change in cash: ¥257930000
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 | ¥4.58B |  |
| Operating income | ¥563M | Margin 12.3% |
| Net income | ¥385.7M | Margin 8.4% |
| Free cash flow | ¥378.8M |  |
| Largest business | Construction Business Reportable Segments Member | of segment revenue 82.7% |
| Employees (consolidated) | 93 |  |
| EPS | ¥116.69 |  |
| Diluted EPS | ¥115.41 |  |
| Book value per share | ¥916.7 |  |
| Equity ratio | 74.1% |  |
| Shares outstanding | 2,487,200 |  |
| Shareholders | 1,293 |  |
| Average salary (parent only) | ¥5.4M | Filing company only |
| Cash ratio | 63.3% | Cash ÷ revenue 54.2% |
| Vs. industry median margin | +3.2 pp | Plant Engineering & Building Services |
| ROE | 13.9% | Derived from disclosed figures |
| ROA | 9.9% | Derived from disclosed figures |

## Notable figures

- FY2025, one segment accounts for 82% of positive segment profit
- FY2025, cash is 63% of total assets

## What changed in 2 years

| Metric | FY ending Sep 2023 | FY ending Sep 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥2814274000 | ¥4582851000 | +62.8% |
| Operating income | ¥337890000 | ¥563038000 | +66.6% |
| Operating margin | 12.0% | 12.3% | +0.3 pp |
| Employees | 69 people | 93 people | +34.8% |
| Cash and equivalents | ¥1249064000 | ¥2484593000 | +98.9% |

### Change in segment revenue mix

Span: FY ending Sep 2023 → FY ending Sep 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 建設及び機械設置工事事業 → 建設及び機械設置工事事業 | 74.3% |
| ファシリティ・マネジメント事業 → ファシリティ・マネジメント事業 | 17.3% |
| ファシリティ・マネジメント事業 → 事業再編・廃止 | 8.5% |
| 新設・再編 → 建設及び機械設置工事事業 | 8.5% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 4,583 | 100.0% | S100XCGP |
| Cost of revenue | 3,502 | 76.4% | S100XCGP |
| Gross profit | 1,081 | 23.6% | S100XCGP |
| SG&A | 518 | 11.3% | S100XCGP |
| Operating income | 563 | 12.3% | S100XCGP |
| Ordinary income | 566 | 12.4% | S100XCGP |
| Pretax income | 567 | 12.4% | S100XCGP |
| Income tax | 181 | 4.0% | S100XCGP |
| Net income | 386 | 8.4% | S100XCGP |
| Net income attributable to owners | 386 | 8.4% | S100XCGP |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 77 |
| SG&A | 11 |
| Operating income | 12 |
| (Ref.) Net income | 8 |

### Margin funnel

Gross margin 23.6% → Operating margin 12.3% → Net margin 8.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +6.2%; Core profit growth: +15.2%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.44×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 4,313 | 4,583 | 270 | +6.2% |
| Gross profit | 1,004 | 1,081 | 76 | +7.6% |
| Operating income | 489 | 563 | 74 | +15.2% |
| Net income attributable to owners | 325 | 386 | 60 | +18.5% |
| Operating cash flow | 639 | 406 | -233 | -36.5% |
| Free cash flow | 617 | 379 | -238 | -38.6% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Sep 2023 | 2,814 | 338 | 12.0% | 248 | 195 | 126 | S100VUDS |
| FY ending Sep 2024 | 4,313 | 489 | 11.3% | 325 | 639 | 617 | S100XCGP |
| FY ending Sep 2025 | 4,583 | 563 | 12.3% | 386 | 406 | 379 | S100XCGP |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥49.3M |
| Operating income per employee (consolidated) | ¥6.1M |
| Net income per employee (consolidated) | ¥4.1M |

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

| History | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: |
| Employees (consolidated) | 69 | 73 | 93 |
| Average salary (parent company) | — | ¥4.7M | ¥5.4M |
| Average age (parent company) | — | 46.0 years | 44.8 years |
| Average tenure (parent company) | — | 5.0 years | 5.0 years |

Year over year: Employees (consolidated) +27.4% · Revenue (consolidated) +6.2%

## Segments（FY ending Sep 2025, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Construction Business Reportable Segments Member | 3,791 | 82.7% | 639 | 16.9% |
| Facility business | 792 | 17.3% | 136 | 17.2% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Construction Business Reportable Segments Member | 82.7% | 82.4% | -0.3 | 16.9% |
| Facility business | 17.3% | 17.6% | 0.3 | 17.2% |

Segment → industry: Construction Business Reportable Segments Member → Plant Engineering & Building Services / Facility business → Real Estate Brokerage & Management

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 406 | 8.9% | S100XCGP |
| Capital expenditure | 27 | 0.6% | S100XCGP |
| Free cash flow | 379 | 8.3% | 算出 |
| Investing cash flow | -29 | -0.6% | S100XCGP |
| Financing cash flow | -120 | -2.6% | S100XCGP |
| Dividends paid | 124 | 2.7% | S100XCGP |
| Change in cash | 258 | 5.6% | S100XCGP |
| Cash and equivalents | 2,485 | 54.2% | S100XCGP |

## 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 Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 | Source |
| --- | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,249 | 2,227 | 2,485 | S100XCGP |
| Total assets | 2,739 | 3,868 | 3,925 | S100VUDS, S100XCGP |
| Net assets | 1,937 | 2,643 | 2,909 | S100XCGP |
| Share capital | 88 | 278 | 281 | S100VUDS, S100XCGP |
| Property, plant and equipment | 185 | 193 | 211 | S100VUDS, S100XCGP |
| Intangible assets excluding goodwill | 50 | 38 | 26 | S100VUDS, S100XCGP |
| Goodwill | 49 | 38 | 26 | S100VUDS, S100XCGP |
| Current assets | 2,371 | 3,485 | 3,332 | S100VUDS, S100XCGP |
| Current liabilities | 672 | 1,099 | 883 | S100VUDS, S100XCGP |
| Total liabilities | 802 | 1,226 | 1,016 | S100VUDS, S100XCGP |
| Equity attributable to owners of parent | 1,937 | 2,643 | 2,909 | S100VUDS, S100XCGP |
| Retained earnings | 1,797 | 2,122 | 2,383 | S100VUDS, S100XCGP |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 63% | S100XCGP |
| Property, plant and equipment | 6% | S100XCGP |
| Intangibles and goodwill | 1% | S100XCGP |
| Other assets | 30% | S100XCGP |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 26% | S100XCGP |
| Equity | 74% | S100XCGP |

### Balance sheet history

| Metric | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: |
| Total assets | 2,739 | 3,868 | 3,925 |
| Equity | 1,937 | 2,643 | 2,909 |
| Interest-bearing debt | — | — | — |
| Cash | 1,249 | 2,227 | 2,485 |

## 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) | 4.6% | S100XCGP |
| Fixed assets ÷ total assets | 5.4% | S100XCGP |
| Goodwill ÷ parent equity | 0.9% | S100XCGP |

### 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) | 63.3% |
| Cash ÷ revenue | 54.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 72.2% |
| Cash vs. profit gap | 21 JPY mn (of net income 5.3%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 32.2% |
| Shareholder payments — dividends / FCF | 32.8% |
| CapEx intensity (capex ÷ revenue) | 0.6% |
| Investing CF relative to operating CF | 7.1% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2023 | 8.8% | 1.03× | 9.0% | 1.41× | 12.8% | S100VUDS |
| 2024 | 7.5% | 1.31× | 9.9% | 1.44× | 14.2% | S100XCGP |
| 2025 | 8.4% | 1.18× | 9.9% | 1.40× | 13.9% | S100XCGP |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社エイチ・アイ・エス | Major shareholder | 70.4% | 2025-09-30 |
| 乾 峻輔 | Major shareholder | 1.6% | 2025-09-30 |
| 吉田 昭彦 | Major shareholder | 1.4% | 2025-09-30 |
| 中西 英俊 | Major shareholder | 1.1% | 2025-09-30 |
| 横江 直人 | Major shareholder | 1.0% | 2025-09-30 |
| 奥野 貴一 | Major shareholder | 0.8% | 2025-09-30 |
| Ｃｒｏｓｓ Ｅホールディングス従業員持株会 | Major shareholder | 0.7% | 2025-09-30 |
| 三菱ＵＦＪｅスマート証券 株式会社 | Major shareholder | 0.5% | 2025-09-30 |
| 山口 勝美 | Major shareholder | 0.4% | 2025-09-30 |
| 宮谷 英樹 | Major shareholder | 0.4% | 2025-09-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第3期(2024/10/01－2025/09/30) | S100XCGP | 2025-12-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XCGP,, |
| 訂正有価証券報告書－第2期(2023/10/01－2024/09/30) | S100VUDS | 2025-05-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VUDS,, |

## 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).