# CUBE CO., LTD.: business model and financials

> Latest period: FY ending Dec 2025, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第32期(2025/01/01－2025/12/31) (S100XTL6)
> Page: https://vizora.meequs.com/en/company/cube
> Retrieved: 2026-09-30T20:23:15.996Z

## Company

Cube, founded in 1994, is a company in Apparel listed on TSE Growth. It has 87 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | CUBE CO., LTD. |
| Ticker | 7112 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7112.T) |
| Listing | TSE Growth |
| Head office | 東京都港区赤坂二丁目17番7号赤坂溜池タワー |
| Representative (per filing) | 代表取締役社長CEO 橋本 和武 |
| Founded | Dec 1994 |
| Share capital | ¥841.3M |
| Employees (consolidated) | 87 |
| Average salary (parent only) | ¥5.5M |
| Fiscal year end | December |
| Website | www.cube-co.com (https://www.cube-co.com/) |
| Corporate number | 4011001045995 |
| EDINET | E37960 |
| Industries (Vizora) | Apparel |

> Profile source: annual securities report (S100XTL6, filed 2026-03-25). As of filing

## Five-axis industry profile

Primary industry: Apparel (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 55.5 | 55 |
| Profitability | 32 | 61 |
| Cash conversion | 5.3 | 47 |
| Efficiency | 46.7 | 61 |

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)

- Cube brought in ¥4.86B in revenue.
- Out of every ¥100 of sales, about ¥1 is left as operating profit.
- Revenue changed -0.0% from the prior year, operating profit -64.3%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥4.86B |  |
| Operating income | ¥59.3M | Margin 1.2% |
| Net income | ¥34.8M | Margin 0.7% |
| Free cash flow | -¥413.2M |  |
| Employees (consolidated) | 87 |  |
| EPS | ¥5.7 |  |
| Book value per share | ¥658.42 |  |
| Equity ratio | 87.7% |  |
| Shares outstanding | 6,139,647 |  |
| Shareholders | 1,619 |  |
| Average salary (parent only) | ¥5.5M | Filing company only |
| Cash ratio | 20.2% | Cash ÷ revenue 19.1% |
| Vs. industry median margin | -1.8 pp | Apparel |
| ROE | 0.9% | Derived from disclosed figures |
| ROA | 0.7% | Derived from disclosed figures |

## What changed in 4 years

| Metric | FY ending Dec 2021 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥3900744000 | ¥4863553000 | +24.7% |
| Operating income | ¥687663000 | ¥59324000 | -91.4% |
| Operating margin | 17.6% | 1.2% | -16.4 pp |
| Employees | 57 people | 87 people | +52.6% |
| Cash and equivalents | ¥1096425000 | ¥930062000 | -15.2% |

### 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, non-consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 4,864 | 100.0% | S100XTL6 |
| Cost of revenue | 1,922 | 39.5% | S100XTL6 |
| Gross profit | 2,941 | 60.5% | S100XTL6 |
| SG&A | 2,882 | 59.3% | S100XTL6 |
| Operating income | 59 | 1.2% | S100XTL6 |
| Ordinary income | 64 | 1.3% | S100XTL6 |
| Pretax income | 64 | 1.3% | S100XTL6 |
| Income tax | 29 | 0.6% | S100XTL6 |
| Net income | 35 | 0.7% | S100XTL6 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 40 |
| SG&A | 59 |
| Operating income | 1 |
| (Ref.) Net income | 1 |

### Margin funnel

Gross margin 60.5% → Operating margin 1.2% → Net margin 0.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -0.0%; Core profit growth: -64.3%
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 | 4,864 | 4,864 | -0 | -0.0% |
| Gross profit | 2,807 | 2,941 | 134 | +4.8% |
| Operating income | 166 | 59 | -107 | -64.3% |
| Operating cash flow | 238 | -254 | -492 | -206.8% |
| Free cash flow | 84 | -413 | -497 | -593.9% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2021 | 3,901 | 688 | 17.6% | 682 | 1,024 | 1,001 | S100QHMN |
| FY ending Dec 2022 | 5,560 | 908 | 16.3% | 610 | 394 | 360 | S100T5DX |
| FY ending Dec 2023 | 4,858 | 289 | 6.0% | 191 | -178 | -375 | S100VIFE |
| FY ending Dec 2024 | 4,864 | 166 | 3.4% | 109 | 238 | 84 | S100XTL6 |
| FY ending Dec 2025 | 4,864 | 59 | 1.2% | 35 | -254 | -413 | S100XTL6 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥55.9M |
| Operating income per employee (consolidated) | ¥681.9K |
| Net income per employee (consolidated) | ¥400.5K |

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) | 57 | 63 | 81 | 85 | 87 |
| Average salary (parent company) | — | ¥6.3M | ¥5.3M | ¥5.5M | ¥5.5M |
| Average age (parent company) | — | 36.9 years | 36.6 years | 38.3 years | 38.3 years |
| Average tenure (parent company) | — | 3.2 years | 2.9 years | 3.5 years | 3.6 years |

Year over year: Employees (consolidated) +2.4% · Revenue (consolidated) -0.0%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -254 | -5.2% | S100XTL6 |
| Capital expenditure | 159 | 3.3% | S100XTL6 |
| Free cash flow | -413 | -8.5% | 算出 |
| Investing cash flow | -1,239 | -25.5% | S100XTL6 |
| Change in cash | -1,494 | -30.7% | S100XTL6 |
| Cash and equivalents | 930 | 19.1% | S100XTL6 |

## 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 | 1,096 | 2,783 | 2,356 | 2,424 | 930 | S100T5DX, S100VIFE, S100XTL6 |
| Total assets | 2,592 | 4,619 | 4,508 | 4,792 | 4,611 | S100QHMN, S100T5DX, S100VIFE, S100XTL6 |
| Net assets | 1,628 | 3,670 | 3,861 | 3,983 | 4,042 | S100T5DX, S100VIFE, S100XTL6 |
| Share capital | 100 | 823 | 823 | 829 | 841 | S100QHMN, S100T5DX, S100VIFE, S100XTL6 |
| Trade receivables | 364 | 354 | 351 | 404 | 464 | S100QHMN, S100T5DX, S100VIFE, S100XTL6 |
| Property, plant and equipment | 128 | 130 | 315 | 386 | 410 | S100QHMN, S100T5DX, S100VIFE, S100XTL6 |
| Intangible assets excluding goodwill | 10 | 13 | 10 | 18 | 59 | S100QHMN, S100T5DX, S100VIFE, S100XTL6 |
| Current assets | 2,189 | 4,079 | 3,719 | 3,882 | 3,259 | S100QHMN, S100T5DX, S100VIFE, S100XTL6 |
| Current liabilities | 908 | 881 | 531 | 667 | 405 | S100QHMN, S100T5DX, S100VIFE, S100XTL6 |
| Total liabilities | 964 | 949 | 647 | 809 | 569 | S100QHMN, S100T5DX, S100VIFE, S100XTL6 |
| Equity attributable to owners of parent | 1,628 | 3,670 | 3,861 | 3,983 | 4,042 | S100QHMN, S100T5DX, S100VIFE, S100XTL6 |
| Retained earnings | 708 | 1,305 | 1,496 | 1,605 | 1,640 | S100QHMN, S100T5DX, S100VIFE, S100XTL6 |
| Treasury stock | — | — | — | -0 | -0 | S100XTL6 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 20% | S100XTL6 |
| Receivables | 10% | S100XTL6 |
| Property, plant and equipment | 9% | S100XTL6 |
| Intangibles and goodwill | 1% | S100XTL6 |
| Other assets | 60% | S100XTL6 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 12% | S100XTL6 |
| Equity | 88% | S100XTL6 |
| Other liabilities | 0% | S100XTL6 |

### 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 | 2,592 | 4,619 | 4,508 | 4,792 | 4,611 |
| Equity | 1,628 | 3,670 | 3,861 | 3,983 | 4,042 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,096 | 2,783 | 2,356 | 2,424 | 930 |

## 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) | 8.4% | S100XTL6 |
| Fixed assets ÷ total assets | 8.9% | S100XTL6 |
| Goodwill ÷ parent equity | — | —, S100XTL6 |

### 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) | 20.2% |
| Cash ÷ revenue | 19.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -428.8% |
| Cash vs. profit gap | -289 JPY mn (of net income -830.0%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 3.3% |
| 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 17.5% | 1.50× | 26.3% | 1.59× | 41.9% | S100QHMN |
| 2022 | 11.0% | 1.54× | 16.9% | 1.36× | 23.0% | S100T5DX |
| 2023 | 3.9% | 1.06× | 4.2% | 1.21× | 5.1% | S100VIFE |
| 2024 | 2.2% | 1.05× | 2.3% | 1.19× | 2.8% | S100XTL6 |
| 2025 | 0.7% | 1.03× | 0.7% | 1.17× | 0.9% | S100XTL6 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| エヌエックスシー・ジャパン合同会社 | Major shareholder | 35.4% | 2025-12-31 |
| 松村 智明 | Major shareholder | 20.2% | 2025-12-31 |
| 松村 里恵 | Major shareholder | 16.5% | 2025-12-31 |
| 長谷川 和美 | Major shareholder | 2.3% | 2025-12-31 |
| 松井証券株式会社 | Major shareholder | 1.8% | 2025-12-31 |
| 楽天証券株式会社共有口 | Major shareholder | 1.6% | 2025-12-31 |
| 氣田 信夫 | Major shareholder | 1.2% | 2025-12-31 |
| 山崎 陽介 | Major shareholder | 1.0% | 2025-12-31 |
| 天長食品工業株式会社 | Major shareholder | 1.0% | 2025-12-31 |
| 岩本 樹明 | Major shareholder | 0.8% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第32期(2025/01/01－2025/12/31) | S100XTL6 | 2026-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XTL6,, |
| 有価証券報告書－第31期(2024/01/01－2024/12/31) | S100VIFE | 2025-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VIFE,, |
| 有価証券報告書－第30期(2023/01/01－2023/12/31) | S100T5DX | 2024-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T5DX,, |
| 有価証券報告書－第29期(2022/01/01－2022/12/31) | S100QHMN | 2023-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QHMN,, |

## 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).