# EF-ON INC.: business model and financials

> Latest period: FY ending Jun 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第30期(2025/07/01－2026/06/30) (S100Z45A)
> Page: https://vizora.meequs.com/en/company/ef-on
> Retrieved: 2026-09-30T20:24:10.928Z

## Company

Ef-On, founded in 1997, is a company in Electric Power & Gas listed on TSE Standard. It has 297 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | EF-ON INC. |
| Ticker | 9514 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9514.T) |
| Listing | TSE Standard |
| Head office | 東京都千代田区丸の内一丁目9番2号 |
| Representative (per filing) | 代表取締役社長 島﨑 知格 |
| Founded | May 1997 |
| Share capital | ¥2.29B |
| Employees (consolidated) | 297 |
| Average salary (parent only) | ¥6.3M |
| Fiscal year end | June |
| Corporate number | 9010001028064 |
| EDINET | E05470 |
| Industries (Vizora) | Electric Power & Gas, Plant Engineering & Building Services |

> Profile source: annual securities report (S100Z45A, filed 2026-09-25). As of filing

## Five-axis industry profile

Primary industry: Electric Power & Gas (2026-06-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 75 | 42 |
| Profitability | 8 | 44 |
| Cash conversion | 96.4 | 42 |
| Efficiency | 35.2 | 44 |

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 63% of Ef-On's sales come from Green energy, with electricity retail business and Saving energy support service making up much of the rest.
- Out of every ¥100 of sales, about ¥2 is left as operating profit.
- Revenue changed +17.8% from the prior year, operating profit -68.3%.

## Company structure

- Segment revenue mix: Green energy 63.3%、electricity retail business 35.4%、Saving energy support service 1.3%
- Revenue → net income: ¥20737000000 → ¥1198000000
- Net income → operating cash flow: ¥1198000000 → ¥2824000000（difference ¥1626000000）
- Main uses of operating cash flow: CapEx ¥1706000000 / dividends ¥172000000 / buybacks ¥0
- Change in cash: ¥-757000000
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 | ¥20.7B |  |
| Operating income | ¥419M | Margin 2.0% |
| Net income | ¥1.2B | Margin 5.8% |
| Free cash flow | ¥1.12B |  |
| Largest business | Green energy | of segment revenue 63.3% |
| Employees (consolidated) | 297 |  |
| EPS | ¥77.48 |  |
| Book value per share | ¥606.31 |  |
| Equity ratio | 44.2% |  |
| Shares outstanding | 21,635,024 |  |
| Treasury shares | 479,540 |  |
| Shareholders | 7,428 |  |
| Average salary (parent only) | ¥6.3M | Filing company only |
| Cash ratio | 10.4% | Cash ÷ revenue 22.4% |
| Vs. industry median margin | -5 pp | Electric Power & Gas |
| ROE | 6.2% | Derived from disclosed figures |
| ROA | 2.7% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.4× net income
- FY2026, one segment accounts for 91% of positive segment profit
- FY2026, segment profit share differs by 28 points

## What changed in 5 years

| Metric | FY ending Jun 2021 | FY ending Jun 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥13144000000 | ¥20737000000 | +57.8% |
| Operating income | ¥2584000000 | ¥419000000 | -83.8% |
| Operating margin | 19.7% | 2.0% | -17.6 pp |
| Employees | 248 people | 297 people | +19.8% |
| Cash and equivalents | ¥4931000000 | ¥4644000000 | -5.8% |

### Change in segment revenue mix

Span: FY ending Jun 2021 → FY ending Jun 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 省エネルギー支援サービス事業 → 省エネルギー支援サービス事業 | 1.3% |
| 省エネルギー支援サービス事業 → 事業再編・廃止 | 2.3% |
| グリーンエナジー事業 → グリーンエナジー事業 | 63.3% |
| グリーンエナジー事業 → 事業再編・廃止 | 32.3% |
| その他 → 事業再編・廃止 | 0.7% |
| 新設・再編 → 電力小売事業 | 35.4% |

Segment revenue source references: 6 (derived)

## Business growth × margin

X-axis: segment revenue CAGR. Y-axis: latest operating margin. Bubble size: latest revenue. CAGR requires at least two comparable years.

| Segment | CAGR span | Revenue CAGR | Latest revenue | Operating margin | Source refs |
| --- | ---: | ---: | ---: | ---: | ---: |
| Green energy | 5 years | +0.9% | ¥13125000000 | 5.5% | 2 |
| electricity retail business | 2 years | +84.3% | ¥7332000000 | -3.9% | 2 |
| Saving energy support service | 5 years | -10.4% | ¥278000000 | 24.8% | 2 |

## Income statement（FY ending Jun 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 20,737 | 100.0% | S100Z45A |
| Cost of revenue | 19,375 | 93.4% | S100Z45A |
| Gross profit | 1,361 | 6.6% | S100Z45A |
| SG&A | 941 | 4.5% | S100Z45A |
| Operating income | 419 | 2.0% | S100Z45A |
| Ordinary income | 1,672 | 8.1% | S100Z45A |
| Pretax income | 1,672 | 8.1% | S100Z45A |
| Income tax | 474 | 2.3% | S100Z45A |
| Net income | 1,198 | 5.8% | S100Z45A |
| Net income attributable to owners | 1,198 | 5.8% | S100Z45A |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 93 |
| SG&A | 5 |
| Operating income | 2 |
| (Ref.) Net income | 6 |

### Margin funnel

Gross margin 6.6% → Operating margin 2.0% → Net margin 5.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +17.8%; Core profit growth: -68.3%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -3.83×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 17,599 | 20,737 | 3,138 | +17.8% |
| Gross profit | 2,223 | 1,361 | -862 | -38.8% |
| Operating income | 1,320 | 419 | -901 | -68.3% |
| Net income attributable to owners | 706 | 1,198 | 492 | +69.7% |
| Operating cash flow | 2,985 | 2,824 | -161 | -5.4% |
| Free cash flow | 2,295 | 1,118 | -1,177 | -51.3% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Jun 2020 | 12,218 | 2,927 | 24.0% | 1,757 | 2,829 | -4,969 | S100MHLU |
| FY ending Jun 2021 | 13,144 | 2,584 | 19.7% | 1,673 | 4,079 | -2,066 | S100P8JR |
| FY ending Jun 2022 | 13,258 | 1,299 | 9.8% | 893 | 2,775 | -1,362 | S100RWG0 |
| FY ending Jun 2023 | 16,949 | 1,397 | 8.2% | 824 | 3,673 | 2,141 | S100UHL8 |
| FY ending Jun 2024 | 17,473 | 600 | 3.4% | 281 | 2,578 | 1,931 | S100WSTO |
| FY ending Jun 2025 | 17,599 | 1,320 | 7.5% | 706 | 2,985 | 2,295 | S100Z45A |
| FY ending Jun 2026 | 20,737 | 419 | 2.0% | 1,198 | 2,824 | 1,118 | S100Z45A |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥69.8M |
| Operating income per employee (consolidated) | ¥1.4M |
| Net income per employee (consolidated) | ¥4M |

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

| History | FY ending Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 | FY ending Jun 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 261 | 267 | 271 | 284 | 297 |
| Average salary (parent company) | ¥5.9M | ¥5.8M | ¥5.9M | ¥6.6M | ¥6.3M |
| Average age (parent company) | 43.4 years | 44.7 years | 45.6 years | 46.0 years | 48.0 years |
| Average tenure (parent company) | 5.8 years | 6.6 years | 6.6 years | 6.6 years | 7.6 years |

Year over year: Employees (consolidated) +4.6% · Revenue (consolidated) +17.8%

## Segments（FY ending Jun 2026, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Saving energy support service | 278 | 1.3% | 69 | 24.8% |
| Green energy | 13,125 | 63.3% | 722 | 5.5% |
| electricity retail business | 7,332 | 35.4% | -289 | -3.9% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Saving energy support service | 1.3% | 8.7% | 7.4 | 24.8% |
| Green energy | 63.3% | 91.3% | 28.0 | 5.5% |
| electricity retail business | 35.4% | — | — | -3.9% |

Loss-making segment (excluded from profit shares): electricity retail business -289 JPY mn

Segment → industry: electricity retail business → Electric Power & Gas / Green energy → Electric Power & Gas / Saving energy support service → Plant Engineering & Building Services

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 2,824 | 13.6% | S100Z45A |
| Capital expenditure | 1,706 | 8.2% | S100Z45A |
| Free cash flow | 1,118 | 5.4% | 算出 |
| Investing cash flow | -1,766 | -8.5% | S100Z45A |
| Financing cash flow | -1,814 | -8.7% | S100Z45A |
| Dividends paid | 172 | 0.8% | S100Z45A |
| Share buyback | 0 | 0.0% | S100Z45A |
| Change in cash | -757 | -3.7% | S100Z45A |
| Cash and equivalents | 4,644 | 22.4% | S100Z45A |

## 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 Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 | FY ending Jun 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 4,169 | 4,008 | 5,210 | 5,402 | 4,644 | S100UHL8, S100WSTO, S100Z45A |
| Total assets | 47,241 | 45,718 | 45,262 | 44,576 | 44,621 | S100RWG0, S100UHL8, S100WSTO, S100Z45A |
| Net assets | 17,539 | 18,190 | 18,234 | 18,684 | 19,710 | S100UHL8, S100WSTO, S100Z45A |
| Share capital | 2,292 | 2,292 | 2,292 | 2,292 | 2,292 | S100RWG0, S100UHL8, S100WSTO, S100Z45A |
| Property, plant and equipment | 38,607 | 36,919 | 35,451 | 33,982 | 33,082 | S100RWG0, S100UHL8, S100WSTO, S100Z45A |
| Intangible assets excluding goodwill | 317 | 911 | 821 | 759 | 703 | S100RWG0, S100UHL8, S100WSTO, S100Z45A |
| Current assets | 8,031 | 7,598 | 8,743 | 9,616 | 10,576 | S100RWG0, S100UHL8, S100WSTO, S100Z45A |
| Current liabilities | 5,368 | 5,036 | 4,802 | 5,340 | 5,733 | S100RWG0, S100UHL8, S100WSTO, S100Z45A |
| Trade payables | 1,543 | 1,287 | 1,379 | — | — | S100RWG0, S100UHL8 |
| Long-term borrowings | 24,099 | 22,168 | 21,782 | 19,926 | 18,434 | S100RWG0, S100UHL8, S100WSTO, S100Z45A |
| Total liabilities | 29,702 | 27,528 | 27,028 | 25,891 | 24,911 | S100RWG0, S100UHL8, S100WSTO, S100Z45A |
| Equity attributable to owners of parent | 17,539 | 18,190 | 18,234 | 18,684 | 19,710 | S100RWG0, S100UHL8, S100WSTO, S100Z45A |
| Retained earnings | 14,058 | 14,709 | 14,817 | 15,351 | 16,377 | S100RWG0, S100UHL8, S100WSTO, S100Z45A |
| Treasury stock | -104 | -104 | -168 | -251 | -251 | S100RWG0, S100UHL8, S100WSTO, S100Z45A |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 10% | S100Z45A |
| Property, plant and equipment | 74% | S100Z45A |
| Intangibles and goodwill | 2% | S100Z45A |
| Other assets | 14% | S100Z45A |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 56% | S100Z45A |
| Equity | 44% | S100Z45A |

### Balance sheet history

| Metric | FY ending Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 | FY ending Jun 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 47,241 | 45,718 | 45,262 | 44,576 | 44,621 |
| Equity | 17,539 | 18,190 | 18,234 | 18,684 | 19,710 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 4,169 | 4,008 | 5,210 | 5,402 | 4,644 |

## 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) | 159.5% | S100Z45A |
| Fixed assets ÷ total assets | 74.1% | S100Z45A |
| Goodwill ÷ parent equity | — | —, S100Z45A |

### 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) | 10.4% |
| Cash ÷ revenue | 22.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 674.0% |
| Cash vs. profit gap | 1,626 JPY mn (of net income 135.7%) |
| Shareholder returns / net income | 14.4% |
| Shareholder returns / FCF | 15.4% |
| Shareholder payments — dividends / net income | 14.4% |
| Shareholder payments — dividends / FCF | 15.4% |
| CapEx intensity (capex ÷ revenue) | 8.2% |
| Investing CF relative to operating CF | 62.5% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 6.7% | 0.28× | 1.9% | 2.69× | 5.1% | S100RWG0 |
| 2023 | 4.9% | 0.36× | 1.8% | 2.60× | 4.6% | S100UHL8 |
| 2024 | 1.6% | 0.38× | 0.6% | 2.50× | 1.5% | S100WSTO |
| 2025 | 4.0% | 0.39× | 1.6% | 2.43× | 3.8% | S100Z45A |
| 2026 | 5.8% | 0.46× | 2.7% | 2.32× | 6.2% | S100Z45A |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本テクノ株式会社 | Major shareholder | 32.6% | 2026-06-30 |
| 株式会社ＵＨ６ | Major shareholder | 7.4% | 2026-06-30 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 5.9% | 2026-06-30 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 3.7% | 2026-06-30 |
| 株式会社ＳＢＩ証券 | Major shareholder | 1.3% | 2026-06-30 |
| ＵＨ Ｐａｒｔｎｅｒｓ２投資事業有限責任組合 | Major shareholder | 1.2% | 2026-06-30 |
| 光通信ＫＫ投資事業有限責任組合 | Major shareholder | 1.1% | 2026-06-30 |
| 楽天証券株式会社共有口 | Major shareholder | 1.1% | 2026-06-30 |
| 光通信株式会社 | Major shareholder | 1.0% | 2026-06-30 |
| ＣＡＣＥＩＳ ＢＡＮＫ，ＬＵＸＥＭＢＯＵＲＧ ＢＲＡＮＣＨ／ＵＣＩＴＳ－ＦＵＬＬ ＴＡＸ （常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 1.0% | 2026-06-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第30期(2025/07/01－2026/06/30) | S100Z45A | 2026-09-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Z45A,, |
| 訂正有価証券報告書－第29期(2024/07/01－2025/06/30) | S100WSTO | 2025-10-02 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WSTO,, |
| 訂正有価証券報告書－第28期(2023/07/01－2024/06/30) | S100UHL8 | 2024-10-04 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UHL8,, |
| 有価証券報告書－第27期(2022/07/01－2023/06/30) | S100RWG0 | 2023-09-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RWG0,, |
| 有価証券報告書－第26期(令和3年7月1日－令和4年6月30日) | S100P8JR | 2022-09-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100P8JR,, |
| 有価証券報告書－第25期(令和2年7月1日－令和3年6月30日) | S100MHLU | 2021-09-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MHLU,, |

## 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).