# eco's 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61期(2025/03/01－2026/02/28) (S100Y4BQ)
> Page: https://vizora.meequs.com/en/company/eco-s
> Retrieved: 2026-09-30T20:25:21.468Z

## Company

eco's, founded in 1965, is a company in Supermarkets listed on TSE Prime. It has 1,574 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Eco's Co.,Ltd. |
| Ticker | 7520 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7520.T) |
| Listing | TSE Prime |
| Head office | 東京都昭島市中神町1160番地1 |
| Representative (per filing) | 代表取締役社長執行役員 平 邦雄 |
| Founded | Dec 1965 |
| Share capital | ¥3.32B |
| Employees (consolidated) | 1,574 |
| Average salary (parent only) | ¥5M |
| Fiscal year end | February |
| Website | www.eco-s.co.jp (https://www.eco-s.co.jp/) |
| Corporate number | 8012801001936 |
| EDINET | E03274 |
| Industries (Vizora) | Supermarkets |

> Profile source: annual securities report (S100Y4BQ, filed 2026-05-19). As of filing

## Five-axis industry profile

Primary industry: Supermarkets (2026-02-28)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 18.9 | 45 |
| Profitability | 74.5 | 49 |
| Cash conversion | 13.8 | 47 |
| Efficiency | 64.3 | 49 |

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)

- eco's brought in ¥134.2B in revenue.
- Out of every ¥100 of sales, about ¥4 is left as operating profit.
- Revenue changed +0.5% from the prior year, operating profit -4.8%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥134198000000 → ¥2645000000
- Net income → operating cash flow: ¥2645000000 → ¥5267000000（difference ¥2622000000）
- Main uses of operating cash flow: CapEx ¥4840000000 / dividends ¥728000000 / buybacks ¥0
- Change in cash: ¥-3286000000
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 | ¥134.2B |  |
| Operating income | ¥5.73B | Margin 4.3% |
| Net income | ¥2.65B | Margin 2.0% |
| Free cash flow | ¥427M |  |
| Employees (consolidated) | 1,574 |  |
| EPS | ¥234.86 |  |
| Book value per share | ¥2298.87 |  |
| Equity ratio | 51.8% |  |
| Shares outstanding | 11,648,917 |  |
| Treasury shares | 413,900 |  |
| Shareholders | 21,982 |  |
| Average salary (parent only) | ¥5M | Filing company only |
| Cash ratio | 18.0% | Cash ÷ revenue 7.6% |
| Vs. industry median margin | +1.4 pp | Supermarkets |
| ROE | 9.2% | Derived from disclosed figures |
| ROA | 4.6% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Feb 2021 | FY ending Feb 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥133326000000 | ¥134198000000 | +0.7% |
| Operating income | ¥5738000000 | ¥5729000000 | -0.2% |
| Operating margin | 4.3% | 4.3% | 0 pp |
| Employees | 1,434 people | 1,574 people | +9.8% |
| Cash and equivalents | ¥10600000000 | ¥10150000000 | -4.2% |

### 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 | 134,198 | 100.0% | S100Y4BQ |
| Cost of revenue | 97,334 | 72.5% | S100Y4BQ |
| Gross profit | 36,863 | 27.5% | S100Y4BQ |
| SG&A | 34,920 | 26.0% | S100Y4BQ |
| Operating income | 5,729 | 4.3% | S100Y4BQ |
| Ordinary income | 5,891 | 4.4% | S100Y4BQ |
| Pretax income | 3,891 | 2.9% | S100Y4BQ |
| Income tax | 1,245 | 0.9% | S100Y4BQ |
| Net income | 2,645 | 2.0% | S100Y4BQ |
| Net income attributable to owners | 2,645 | 2.0% | S100Y4BQ |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 73 |
| SG&A | 26 |
| Other operating | -3 |
| Operating income | 4 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 27.5% → Operating margin 4.3% → Net margin 2.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +0.5%; Core profit growth: -4.8%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -9.53×
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 | 133,521 | 134,198 | 677 | +0.5% |
| Gross profit | 36,067 | 36,863 | 796 | +2.2% |
| Operating income | 6,020 | 5,729 | -291 | -4.8% |
| Net income attributable to owners | 4,131 | 2,645 | -1,486 | -36.0% |
| Operating cash flow | 5,266 | 5,267 | 1 | +0.0% |
| Free cash flow | 1,637 | 427 | -1,210 | -73.9% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Feb 2020 | 124,005 | 4,288 | 3.5% | 2,411 | 4,108 | 2,613 | S100LE6G |
| FY ending Feb 2021 | 133,326 | 5,738 | 4.3% | 1,554 | 6,800 | 4,784 | S100PSRF |
| FY ending Feb 2022 | 134,775 | 5,901 | 4.4% | 3,898 | 6,132 | 2,977 | S100QT64 |
| FY ending Feb 2023 | 119,057 | 4,375 | 3.7% | 1,610 | 3,334 | -557 | S100TH6K |
| FY ending Feb 2024 | 126,377 | 5,714 | 4.5% | 3,578 | 7,362 | 3,697 | S100VRXF |
| FY ending Feb 2025 | 133,521 | 6,020 | 4.5% | 4,131 | 5,266 | 1,637 | S100Y4BQ |
| FY ending Feb 2026 | 134,198 | 5,729 | 4.3% | 2,645 | 5,267 | 427 | S100Y4BQ |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥85.3M |
| Operating income per employee (consolidated) | ¥3.6M |
| Net income per employee (consolidated) | ¥1.7M |

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) | 1,480 | 1,488 | 1,485 | 1,609 | 1,574 |
| Average salary (parent company) | ¥4.8M | ¥4.8M | ¥4.9M | ¥4.9M | ¥5M |
| Average age (parent company) | 40.3 years | 40.2 years | 40.4 years | 40.1 years | 40.1 years |
| Average tenure (parent company) | 13.0 years | 13.0 years | 13.2 years | 12.6 years | 12.6 years |

Year over year: Employees (consolidated) -2.2% · 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 | 5,267 | 3.9% | S100Y4BQ |
| Capital expenditure | 4,840 | 3.6% | S100Y4BQ |
| Free cash flow | 427 | 0.3% | 算出 |
| Investing cash flow | -5,003 | -3.7% | S100Y4BQ |
| Financing cash flow | -3,550 | -2.6% | S100Y4BQ |
| Dividends paid | 728 | 0.5% | S100Y4BQ |
| Share buyback | 0 | 0.0% | S100Y4BQ |
| Change in cash | -3,286 | -2.4% | S100Y4BQ |
| Cash and equivalents | 10,150 | 7.6% | S100Y4BQ |

## 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 | 11,563 | 9,021 | 12,669 | 13,437 | 10,150 | S100TH6K, S100VRXF, S100Y4BQ |
| Total assets | 48,687 | 47,343 | 52,179 | 57,703 | 56,480 | S100QT64, S100TH6K, S100VRXF, S100Y4BQ |
| Net assets | 19,544 | 20,065 | 23,274 | 26,864 | 29,229 | S100TH6K, S100VRXF, S100Y4BQ |
| Share capital | 3,318 | 3,318 | 3,318 | 3,318 | 3,318 | S100QT64, S100TH6K, S100VRXF, S100Y4BQ |
| Inventories | — | — | 3,847 | 4,057 | 4,487 | S100VRXF, S100Y4BQ |
| Property, plant and equipment | 18,567 | 19,148 | 21,039 | 23,278 | 24,153 | S100QT64, S100TH6K, S100VRXF, S100Y4BQ |
| Intangible assets excluding goodwill | 1,040 | 938 | 853 | 1,406 | 1,216 | S100QT64, S100TH6K, S100VRXF, S100Y4BQ |
| Goodwill | — | — | — | 498 | 387 | S100Y4BQ |
| Investment securities | 986 | 986 | 425 | 527 | 1,065 | S100QT64, S100TH6K, S100VRXF, S100Y4BQ |
| Current assets | 20,510 | 18,330 | 22,149 | 23,984 | 21,340 | S100QT64, S100TH6K, S100VRXF, S100Y4BQ |
| Current liabilities | 19,400 | 17,688 | 20,417 | 21,245 | 19,348 | S100QT64, S100TH6K, S100VRXF, S100Y4BQ |
| Long-term borrowings | 6,582 | 6,699 | 6,648 | 7,235 | 5,424 | S100QT64, S100TH6K, S100VRXF, S100Y4BQ |
| Bonds | 150 | — | — | — | — | S100QT64 |
| Total liabilities | 29,143 | 27,278 | 28,905 | 30,839 | 27,250 | S100QT64, S100TH6K, S100VRXF, S100Y4BQ |
| Equity attributable to owners of parent | 20,761 | 21,267 | 24,313 | 27,779 | 29,739 | S100QT64, S100TH6K, S100VRXF, S100Y4BQ |
| Retained earnings | 14,301 | 15,303 | 18,241 | 21,671 | 23,588 | S100QT64, S100TH6K, S100VRXF, S100Y4BQ |
| Treasury stock | -449 | -946 | -837 | -809 | -774 | S100QT64, S100TH6K, S100VRXF, S100Y4BQ |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 18% | S100Y4BQ |
| Inventories | 8% | S100Y4BQ |
| Property, plant and equipment | 43% | S100Y4BQ |
| Intangibles and goodwill | 3% | S100Y4BQ |
| Investment securities | 2% | S100Y4BQ |
| Other assets | 26% | S100Y4BQ |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 48% | S100Y4BQ |
| Equity | 52% | S100Y4BQ |
| Other liabilities | 0% | S100Y4BQ |

### 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 | 48,687 | 47,343 | 52,179 | 57,703 | 56,480 |
| Equity | 19,544 | 20,065 | 23,274 | 26,864 | 29,229 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 11,563 | 9,021 | 12,669 | 13,437 | 10,150 |

## 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) | 18.0% | S100Y4BQ |
| Fixed assets ÷ total assets | 42.8% | S100Y4BQ |
| Goodwill ÷ parent equity | 1.3% | S100Y4BQ |

### 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) | 18.0% |
| Cash ÷ revenue | 7.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 91.9% |
| Cash vs. profit gap | 2,622 JPY mn (of net income 99.1%) |
| Shareholder returns / net income | 27.5% |
| Shareholder returns / FCF | 170.5% |
| Shareholder payments — dividends / net income | 27.5% |
| Shareholder payments — dividends / FCF | 170.5% |
| CapEx intensity (capex ÷ revenue) | 3.6% |
| Investing CF relative to operating CF | 95.0% |

## 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 | 2.9% | 2.77× | 8.0% | 2.35× | 18.8% | S100QT64 |
| 2023 | 1.4% | 2.48× | 3.4% | 2.28× | 7.7% | S100TH6K |
| 2024 | 2.8% | 2.54× | 7.2% | 2.18× | 15.7% | S100VRXF |
| 2025 | 3.1% | 2.43× | 7.5% | 2.11× | 15.9% | S100Y4BQ |
| 2026 | 2.0% | 2.35× | 4.6% | 1.99× | 9.2% | S100Y4BQ |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社琢磨 | Major shareholder | 17.9% | 2026-02-28 |
| 株式会社タイラコーポレーション | Major shareholder | 17.8% | 2026-02-28 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 5.6% | 2026-02-28 |
| 平 富 郎 | Major shareholder | 2.7% | 2026-02-28 |
| エコス従業員持株会 | Major shareholder | 2.7% | 2026-02-28 |
| 株式会社ママダ | Major shareholder | 2.6% | 2026-02-28 |
| 平 典 子 | Major shareholder | 2.5% | 2026-02-28 |
| 有限会社ナカジマ | Major shareholder | 0.8% | 2026-02-28 |
| 株式会社日本カストディ銀行(信託口） | Major shareholder | 0.8% | 2026-02-28 |
| 平 邦 雄 | Major shareholder | 0.8% | 2026-02-28 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第61期(2025/03/01－2026/02/28) | S100Y4BQ | 2026-05-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y4BQ,, |
| 有価証券報告書－第60期(2024/03/01－2025/02/28) | S100VRXF | 2025-05-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VRXF,, |
| 有価証券報告書－第59期(2023/03/01－2024/02/29) | S100TH6K | 2024-05-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TH6K,, |
| 有価証券報告書－第58期(2022/03/01－2023/02/28) | S100QT64 | 2023-05-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QT64,, |
| 訂正有価証券報告書－第57期(令和3年3月1日－令和4年2月28日) | S100PSRF | 2022-12-16 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PSRF,, |
| 有価証券報告書－第56期(令和2年3月1日－令和3年2月28日) | S100LE6G | 2021-05-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LE6G,, |

## 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).