# Cypress Holdings Co., Ltd.: business model and financials

> Latest period: FY ending Aug 2025, consolidated, IFRS
> Unit: JPY millions
> Sources: 有価証券報告書－第7期(2024/09/01－2025/08/31) (S100X7KP)
> Page: https://vizora.meequs.com/en/company/cypress-holdings
> Retrieved: 2026-09-30T21:09:58.598Z

## Company

Cypress Holdings, founded in 2012, is a company in Restaurants & Pubs listed on TSE Standard. It has 411 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Cypress Holdings Co., Ltd. |
| Ticker | 428A |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/428A.T) |
| Listing | TSE Standard |
| Head office | 東京都港区六本木一丁目9番10号 |
| Representative (per filing) | 代表取締役社長 東 稔哉 |
| Founded | Feb 2012 |
| Share capital | ¥45M |
| Employees (consolidated) | 411 |
| Average salary (parent only) | ¥8.3M |
| Fiscal year end | August |
| Website | www.cypress-holdings.co.jp (https://www.cypress-holdings.co.jp/) |
| Corporate number | 2010001202872 |
| EDINET | E40917 |
| Industries (Vizora) | Restaurants & Pubs |

> Profile source: annual securities report (S100X7KP, filed 2025-11-28). As of filing

## Five-axis industry profile

Primary industry: Restaurants & Pubs (2025-08-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 36.6 | 56 |
| Profitability | 85.6 | 66 |
| Cash conversion | 64.5 | 55 |
| Efficiency | 12.9 | 66 |

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)

- Cypress Holdings brought in ¥11.3B in revenue.
- Out of every ¥100 of sales, about ¥7 is left as operating profit.
- Revenue changed +10.1% from the prior year, operating profit +72.2%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥11288362000 → ¥436732000
- Net income → operating cash flow: ¥436732000 → ¥1310050000（difference ¥873318000）
- Main uses of operating cash flow: CapEx ¥447634000 / dividends — / buybacks —
- Change in cash: ¥334289000
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 | ¥11.3B |  |
| Operating income | ¥765M | Margin 6.8% |
| Net income | ¥436.7M | Margin 3.9% |
| Free cash flow | ¥862.4M |  |
| Employees (consolidated) | 411 |  |
| EPS | ¥34.27 |  |
| Diluted EPS | ¥34.27 |  |
| Book value per share | ¥671.44 |  |
| Equity ratio | 20.3% | Derived from disclosed figures |
| Shares outstanding | 12,744,600 |  |
| Shareholders | 4 |  |
| Average salary (parent only) | ¥8.3M | Filing company only |
| Cash ratio | 7.8% | Cash ÷ revenue 7.9% |
| Vs. industry median margin | +2.8 pp | Restaurants & Pubs |
| ROE | 20.6% | Derived from disclosed figures |
| ROA | 3.9% | Derived from disclosed figures |

## Notable figures

- FY2025, operating cash flow is 3.0× net income

## What changed in 1 years

| Metric | FY ending Aug 2024 | FY ending Aug 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥10256796000 | ¥11288362000 | +10.1% |
| Operating income | ¥444322000 | ¥765031000 | +72.2% |
| Operating margin | 4.3% | 6.8% | +2.4 pp |
| Employees | 393 people | 411 people | +4.6% |
| Cash and equivalents | ¥559469000 | ¥893759000 | +59.8% |

### Change in segment revenue mix

Span: FY ending Aug 2024 → FY ending Aug 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

## Income statement（FY ending Aug 2025, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 11,288 | 100.0% | S100X7KP |
| Cost of revenue | 3,893 | 34.5% | S100X7KP |
| Gross profit | 7,395 | 65.5% | S100X7KP |
| SG&A | 6,584 | 58.3% | S100X7KP |
| Operating income | 765 | 6.8% | S100X7KP |
| Pretax income | 648 | 5.7% | S100X7KP |
| Income tax | 211 | 1.9% | S100X7KP |
| Net income | 437 | 3.9% | S100X7KP |
| Net income attributable to owners | 437 | 3.9% | S100X7KP |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 35 |
| SG&A | 58 |
| Operating income | 7 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 65.5% → Operating margin 6.8% → Net margin 3.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +10.1%; Core profit growth: +72.2%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 7.18×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 10,257 | 11,288 | 1,032 | +10.1% |
| Gross profit | 6,844 | 7,395 | 551 | +8.1% |
| Operating income | 444 | 765 | 321 | +72.2% |
| Net income attributable to owners | 170 | 437 | 267 | +157.7% |
| Operating cash flow | 1,331 | 1,310 | -21 | -1.6% |
| Free cash flow | 1,080 | 862 | -217 | -20.1% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Aug 2024 | 10,257 | 444 | 4.3% | 170 | 1,331 | 1,080 | S100X7KP |
| FY ending Aug 2025 | 11,288 | 765 | 6.8% | 437 | 1,310 | 862 | S100X7KP |

## People and productivity（FY ending Aug 2025, consolidated, IFRS）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥27.5M |
| Operating income per employee (consolidated) | ¥1.9M |
| Net income per employee (consolidated) | ¥1.1M |

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

| History | FY ending Aug 2024 | FY ending Aug 2025 |
| --- | ---: | ---: |
| Employees (consolidated) | 393 | 411 |
| Average salary (parent company) | — | ¥8.3M |
| Average age (parent company) | — | 48.2 years |
| Average tenure (parent company) | — | 1.3 years |

Year over year: Employees (consolidated) +4.6% · Revenue (consolidated) +10.1%

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Aug 2025, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 1,310 | 11.6% | S100X7KP |
| Capital expenditure | 448 | 4.0% | S100X7KP |
| Free cash flow | 862 | 7.6% | 算出 |
| Investing cash flow | -491 | -4.4% | S100X7KP |
| Financing cash flow | -484 | -4.3% | S100X7KP |
| Change in cash | 334 | 3.0% | S100X7KP |
| Cash and equivalents | 894 | 7.9% | S100X7KP |

## 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 Aug 2024 | FY ending Aug 2025 | Source |
| --- | ---: | ---: | ---: |
| Cash and equivalents | 559 | 894 | S100X7KP |
| Total assets | 10,779 | 11,515 | S100X7KP |
| Net assets | 1,895 | 2,337 | S100X7KP |
| Share capital | 45 | 45 | S100X7KP |
| Property, plant and equipment | 3,012 | 3,212 | S100X7KP |
| Goodwill | 5,366 | 5,366 | S100X7KP |
| Current assets | 1,496 | 2,003 | S100X7KP |
| Total liabilities | 8,883 | 9,178 | S100X7KP |
| Equity attributable to owners of parent | 1,895 | 2,337 | S100X7KP |
| Retained earnings | -7,392 | -6,205 | S100X7KP |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 8% | S100X7KP |
| Property, plant and equipment | 28% | S100X7KP |
| Intangibles and goodwill | 46% | — |
| Other assets | 18% | S100X7KP |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 80% | S100X7KP |
| Equity | 20% | S100X7KP |

### Balance sheet history

| Metric | FY ending Aug 2024 | FY ending Aug 2025 |
| --- | ---: | ---: |
| Total assets | 10,779 | 11,515 |
| Equity | 1,895 | 2,337 |
| Interest-bearing debt | — | — |
| Cash | 559 | 894 |

## 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) | 28.5% | S100X7KP |
| Fixed assets ÷ total assets | 27.9% | S100X7KP |
| Goodwill ÷ parent equity | 229.7% | S100X7KP |

### 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) | 7.8% |
| Cash ÷ revenue | 7.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 171.2% |
| Cash vs. profit gap | 873 JPY mn (of net income 200.0%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 4.0% |
| Investing CF relative to operating CF | 37.5% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2024 | 1.7% | 0.95× | 1.6% | 5.69× | 8.9% | S100X7KP |
| 2025 | 3.9% | 1.01× | 3.9% | 5.27× | 20.6% | S100X7KP |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 丸の内キャピタル第二号投資事業有限責任組合 | Major shareholder | 49.3% | 2025-08-31 |
| 株式会社EAM | Major shareholder | 44.9% | 2025-08-31 |
| 東稔哉 | Major shareholder | 4.9% | 2025-08-31 |
| Marunouchi Global Fund Ⅱ L.P. （常任代理人 株式会社丸の内キャピタル） | Major shareholder | 0.8% | 2025-08-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第7期(2024/09/01－2025/08/31) | S100X7KP | 2025-11-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100X7KP,, |

## 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).