# ECHO TRADING CO.,LTD.: business model and financials

> Latest period: FY ending Feb 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第55期(2025/03/01－2026/02/28) (S100Y67Z)
> Page: https://vizora.meequs.com/en/company/echo-trading
> Retrieved: 2026-09-30T18:07:16.904Z

## Company

Echo Trading, founded in 1971, is a company in Specialty Trading & Wholesale listed on TSE Standard. It has 300 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | ECHO TRADING CO.,LTD. |
| Ticker | 7427 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7427.T) |
| Listing | TSE Standard |
| Head office | 大阪市淀川区宮原1丁目2番4号 |
| Representative (per filing) | 代表取締役社長 豊田 実 |
| Founded | Jun 1971 |
| Share capital | ¥2.03B |
| Employees (consolidated) | 300 |
| Average salary (parent only) | ¥5.6M |
| Fiscal year end | February |
| Website | www.echotd.co.jp (https://www.echotd.co.jp/) |
| Corporate number | 4140001068093 |
| EDINET | E02801 |
| Industries (Vizora) | Specialty Trading & Wholesale |

> Profile source: annual securities report (S100Y67Z, filed 2026-05-26). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 40.5 | 179 |
| Profitability | 12.2 | 185 |
| Cash conversion | 95.3 | 179 |
| Efficiency | 91.6 | 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)

- Echo Trading brought in ¥105.8B in revenue.
- Out of every ¥100 of sales, about ¥1 is left as operating profit.
- Revenue changed -0.5% from the prior year, operating profit -18.4%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥105811956000 → ¥768279000
- Net income → operating cash flow: ¥768279000 → ¥3980462000（difference ¥3212183000）
- Main uses of operating cash flow: CapEx ¥227327000 / dividends ¥181071000 / buybacks —
- Change in cash: ¥2009398000
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 | ¥105.8B |  |
| Operating income | ¥1.11B | Margin 1.0% |
| Net income | ¥778.3M | Margin 0.7% |
| Free cash flow | ¥3.75B |  |
| Employees (consolidated) | 300 |  |
| EPS | ¥98.02 |  |
| Book value per share | ¥1844.63 |  |
| Equity ratio | 31.3% |  |
| Shares outstanding | 6,114,546 |  |
| Treasury shares | 41,500 |  |
| Shareholders | 3,698 |  |
| Average salary (parent only) | ¥5.6M | Filing company only |
| Cash ratio | 16.0% | Cash ÷ revenue 5.9% |
| Vs. industry median margin | -1.8 pp | Specialty Trading & Wholesale |
| ROE | 6.8% | Derived from disclosed figures |
| ROA | 2.1% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 5.1× net income

## What changed in 5 years

| Metric | FY ending Feb 2021 | FY ending Feb 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥85654524000 | ¥105811956000 | +23.5% |
| Operating income | ¥316083000 | ¥1110026000 | +251.2% |
| Operating margin | 0.4% | 1.0% | +0.7 pp |
| Employees | 341 people | 300 people | -12.0% |
| Cash and equivalents | ¥4446681000 | ¥6230654000 | +40.1% |

### Change in segment revenue mix

Span: FY ending Feb 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, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 105,812 | 100.0% | S100Y67Z |
| Cost of revenue | 94,026 | 88.9% | S100Y67Z |
| Gross profit | 11,786 | 11.1% | S100Y67Z |
| SG&A | 10,676 | 10.1% | S100Y67Z |
| Operating income | 1,110 | 1.0% | S100Y67Z |
| Ordinary income | 1,108 | 1.0% | S100Y67Z |
| Pretax income | 1,167 | 1.1% | S100Y67Z |
| Income tax | 398 | 0.4% | S100Y67Z |
| Net income | 768 | 0.7% | S100Y67Z |
| Net income attributable to owners | 778 | 0.7% | S100Y67Z |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 89 |
| SG&A | 10 |
| Operating income | 1 |
| (Ref.) Net income | 1 |

### Margin funnel

Gross margin 11.1% → Operating margin 1.0% → Net margin 0.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -0.5%; Core profit growth: -18.4%
Operating leverage (core profit growth ÷ revenue growth): 33.88×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 106,389 | 105,812 | -577 | -0.5% |
| Gross profit | 12,045 | 11,786 | -259 | -2.1% |
| Operating income | 1,360 | 1,110 | -250 | -18.4% |
| Net income attributable to owners | 1,002 | 778 | -223 | -22.3% |
| Operating cash flow | -47 | 3,980 | 4,027 | — |
| Free cash flow | -97 | 3,753 | 3,850 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Feb 2020 | 81,387 | 93 | 0.1% | 48 | 3,557 | 3,530 | S100LENL |
| FY ending Feb 2021 | 85,655 | 316 | 0.4% | 243 | 536 | 510 | S100O3TF |
| FY ending Feb 2022 | 91,930 | 467 | 0.5% | 288 | -2,311 | -2,367 | S100QTKV |
| FY ending Feb 2023 | 96,955 | 858 | 0.9% | 590 | 756 | 720 | S100TH4W |
| FY ending Feb 2024 | 107,407 | 1,720 | 1.6% | 1,214 | 1,195 | 1,154 | S100VTNS |
| FY ending Feb 2025 | 106,389 | 1,360 | 1.3% | 1,002 | -47 | -97 | S100Y67Z |
| FY ending Feb 2026 | 105,812 | 1,110 | 1.0% | 778 | 3,980 | 3,753 | S100Y67Z |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥352.7M |
| Operating income per employee (consolidated) | ¥3.7M |
| Net income per employee (consolidated) | ¥2.6M |

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) | 340 | 332 | 323 | 312 | 300 |
| Average salary (parent company) | ¥5.1M | ¥5M | ¥5.8M | ¥5.6M | ¥5.6M |
| Average age (parent company) | 42.9 years | 43.1 years | 42.4 years | 42.0 years | 42.0 years |
| Average tenure (parent company) | 12.6 years | 13.0 years | 12.8 years | 12.8 years | 12.7 years |

Year over year: Employees (consolidated) -3.8% · Revenue (consolidated) -0.5%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 3,980 | 3.8% | S100Y67Z |
| Capital expenditure | 227 | 0.2% | S100Y67Z |
| Free cash flow | 3,753 | 3.5% | 算出 |
| Investing cash flow | -150 | -0.1% | S100Y67Z |
| Financing cash flow | -1,821 | -1.7% | S100Y67Z |
| Dividends paid | 181 | 0.2% | S100Y67Z |
| Change in cash | 2,009 | 1.9% | S100Y67Z |
| Cash and equivalents | 6,231 | 5.9% | S100Y67Z |

## 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 | 3,633 | 3,689 | 4,060 | 4,221 | 6,231 | S100TH4W, S100VTNS, S100Y67Z |
| Total assets | 29,379 | 31,668 | 33,524 | 34,065 | 38,899 | S100QTKV, S100TH4W, S100VTNS, S100Y67Z |
| Net assets | 9,135 | 9,584 | 10,642 | 11,480 | 12,178 | S100TH4W, S100VTNS, S100Y67Z |
| Share capital | 1,988 | 1,988 | 1,988 | 2,013 | 2,031 | S100QTKV, S100TH4W, S100VTNS, S100Y67Z |
| Trade receivables | 17,961 | 20,105 | 21,362 | 21,822 | 24,056 | S100QTKV, S100TH4W, S100VTNS, S100Y67Z |
| Property, plant and equipment | 1,168 | 1,191 | 1,220 | 962 | 957 | S100QTKV, S100TH4W, S100VTNS, S100Y67Z |
| Intangible assets excluding goodwill | 64 | 56 | 81 | 134 | 252 | S100QTKV, S100TH4W, S100VTNS, S100Y67Z |
| Investment securities | 691 | 696 | 807 | 728 | 851 | S100QTKV, S100TH4W, S100VTNS, S100Y67Z |
| Current assets | 27,183 | 29,402 | 31,155 | 31,990 | 36,601 | S100QTKV, S100TH4W, S100VTNS, S100Y67Z |
| Current liabilities | 19,927 | 21,801 | 22,586 | 22,206 | 26,288 | S100QTKV, S100TH4W, S100VTNS, S100Y67Z |
| Trade payables | 12,356 | 13,992 | 15,168 | 15,101 | 20,306 | S100QTKV, S100TH4W, S100VTNS, S100Y67Z |
| Short-term borrowings | 4,200 | 3,700 | 3,200 | 3,250 | 1,650 | S100QTKV, S100TH4W, S100VTNS, S100Y67Z |
| Total liabilities | 20,245 | 22,084 | 22,881 | 22,586 | 26,721 | S100QTKV, S100TH4W, S100VTNS, S100Y67Z |
| Non-controlling interests | 32 | 31 | 22 | 19 | — | S100QTKV, S100TH4W, S100VTNS, S100Y67Z |
| Equity attributable to owners of parent | 8,879 | 9,331 | 10,299 | 11,192 | 11,818 | S100QTKV, S100TH4W, S100VTNS, S100Y67Z |
| Retained earnings | 4,946 | 5,398 | 6,449 | 7,247 | 7,844 | S100QTKV, S100TH4W, S100VTNS, S100Y67Z |
| Treasury stock | -0 | -0 | -83 | -45 | -45 | S100QTKV, S100TH4W, S100VTNS, S100Y67Z |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 16% | S100Y67Z |
| Receivables | 62% | S100Y67Z |
| Property, plant and equipment | 2% | S100Y67Z |
| Intangibles and goodwill | 1% | S100Y67Z |
| Investment securities | 2% | S100Y67Z |
| Other assets | 17% | S100Y67Z |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 52% | S100Y67Z |
| Other liabilities | 17% | S100Y67Z |
| Equity | 31% | S100Y67Z |
| Other liabilities | 0% | S100Y67Z |

### 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 | 29,379 | 31,668 | 33,524 | 34,065 | 38,899 |
| Equity | 9,135 | 9,584 | 10,642 | 11,480 | 12,178 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 3,633 | 3,689 | 4,060 | 4,221 | 6,231 |

## 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) | 0.9% | S100Y67Z |
| Fixed assets ÷ total assets | 2.5% | S100Y67Z |
| Goodwill ÷ parent equity | — | —, S100Y67Z |

### 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) | 16.0% |
| Cash ÷ revenue | 5.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 358.6% |
| Cash vs. profit gap | 3,202 JPY mn (of net income 411.4%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 23.3% |
| Shareholder payments — dividends / FCF | 4.8% |
| CapEx intensity (capex ÷ revenue) | 0.2% |
| Investing CF relative to operating CF | 3.8% |

## 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 | 0.3% | 3.13× | 1.0% | 3.31× | 3.2% | S100QTKV |
| 2023 | 0.6% | 3.18× | 1.9% | 3.35× | 6.5% | S100TH4W |
| 2024 | 1.1% | 3.30× | 3.7% | 3.32× | 12.4% | S100VTNS |
| 2025 | 0.9% | 3.15× | 3.0% | 3.14× | 9.3% | S100Y67Z |
| 2026 | 0.7% | 2.90× | 2.1% | 3.17× | 6.8% | S100Y67Z |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 国分グループ本社株式会社 | Major shareholder | 18.2% | 2026-02-28 |
| 高橋 一彦 | Major shareholder | 6.3% | 2026-02-28 |
| エコートレーディング共栄会 | Major shareholder | 5.6% | 2026-02-28 |
| 伊藤忠商事株式会社 | Major shareholder | 3.6% | 2026-02-28 |
| 石見 健太 | Major shareholder | 2.4% | 2026-02-28 |
| ティーアール株式会社 | Major shareholder | 2.1% | 2026-02-28 |
| エコートレーディング従業員持株会 | Major shareholder | 1.9% | 2026-02-28 |
| 高橋 明裕 | Major shareholder | 1.7% | 2026-02-28 |
| 豊田 実 | Major shareholder | 1.6% | 2026-02-28 |
| 笠原 朗 | Major shareholder | 1.3% | 2026-02-28 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第55期(2025/03/01－2026/02/28) | S100Y67Z | 2026-05-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y67Z,, |
| 有価証券報告書－第54期(2024/03/01－2025/02/28) | S100VTNS | 2025-05-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VTNS,, |
| 有価証券報告書－第53期(2023/03/01－2024/02/29) | S100TH4W | 2024-05-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TH4W,, |
| 有価証券報告書－第52期(2022/03/01－2023/02/28) | S100QTKV | 2023-05-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QTKV,, |
| 有価証券報告書－第51期(令和3年3月1日－令和4年2月28日) | S100O3TF | 2022-05-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O3TF,, |
| 有価証券報告書－第50期(令和2年3月1日－令和3年2月28日) | S100LENL | 2021-05-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LENL,, |

## 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).