# Emimen Co., Ltd.: business model and financials

> Latest period: FY ending Oct 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第16期(2024/11/01－2025/10/31) (S100XIJD)
> Page: https://vizora.meequs.com/en/company/emimen
> Retrieved: 2026-09-30T19:41:58.071Z

## Company

Emimen, founded in 2010, is a company in Consulting listed on TSE Growth. It has 188 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Emimen Co., Ltd. |
| Ticker | 9237 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9237.T) |
| Listing | TSE Growth |
| Head office | 大阪府大阪市西区京町堀一丁目8番33号 |
| Representative (per filing) | 代表取締役社長 榎並 将志 |
| Founded | Sep 2010 |
| Share capital | ¥270.4M |
| Employees (consolidated) | 188 |
| Average salary (parent only) | ¥4.9M |
| Fiscal year end | October |
| Website | emimen.co.jp (https://emimen.co.jp/) |
| Corporate number | 9120001146301 |
| EDINET | E38969 |
| Industries (Vizora) | Consulting, Nursing Care |

> Profile source: annual securities report (S100XIJD, filed 2026-01-30). As of filing

## Five-axis industry profile

Primary industry: Nursing Care (2025-10-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 50 | 21 |
| Cash conversion | 13.2 | 19 |
| Efficiency | 78.6 | 21 |

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 83% of Emimen's sales come from Senior life support service, with Senior home consulting service making up much of the rest.
- Out of every ¥100 of sales, about ¥6 is left as operating profit.
- Revenue changed +43.9% from the prior year, operating profit -47.1%.

## Company structure

- Segment revenue mix: Senior life support service 82.7%、Senior home consulting service 17.3%
- Revenue → net income: ¥1872987000 → ¥89670000
- Net income → operating cash flow: ¥89670000 → ¥76765000（difference ¥-12905000）
- Main uses of operating cash flow: CapEx ¥33016000 / dividends — / buybacks ¥103000
- Change in cash: ¥-110959000
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 | ¥1.87B |  |
| Operating income | ¥114.6M | Margin 6.1% |
| Net income | ¥89.7M | Margin 4.8% |
| Free cash flow | ¥43.7M |  |
| Largest business | Senior life support service | of segment revenue 82.7% |
| Employees (consolidated) | 188 |  |
| EPS | ¥-0.28 |  |
| Diluted EPS | ¥21.79 |  |
| Book value per share | ¥178.41 |  |
| Equity ratio | 59.0% |  |
| Shares outstanding | 2,029,540 |  |
| Treasury shares | 100 |  |
| Shareholders | 1,745 |  |
| Average salary (parent only) | ¥4.9M | Filing company only |
| Cash ratio | 47.7% | Cash ÷ revenue 35.1% |
| Vs. industry median margin | 0 pp | Nursing Care |
| ROE | 11.0% | Derived from disclosed figures |
| ROA | 6.5% | Derived from disclosed figures |

## Notable figures

- FY2025, one segment accounts for 100% of positive segment profit
- FY2025, segment profit share differs by 83 points
- FY2025, cash is 48% of total assets

## What changed in 3 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Oct 2022 | FY ending Oct 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥609702000 | ¥1872987000 | — |
| Operating income | ¥24838000 | ¥114647000 | — |
| Operating margin | 4.1% | 6.1% | +2 pp |
| Employees | 75 people | 188 people | — |
| Cash and equivalents | ¥191984000 | ¥657258000 | — |

### Change in segment revenue mix

Span: FY ending Oct 2022 → FY ending Oct 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 新設・再編 → シニアライフサポートサービス | 82.7% |
| 新設・再編 → シニアホームコンサルティングサービス | 17.3% |

Segment revenue source references: 2 (derived)

## Income statement（FY ending Oct 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 1,873 | 100.0% | S100XIJD |
| Operating income | 115 | 6.1% | S100XIJD |
| Ordinary income | 117 | 6.2% | S100XIJD |
| Pretax income | 114 | 6.1% | S100XIJD |
| Income tax | 24 | 1.3% | S100XIJD |
| Net income | 90 | 4.8% | S100XIJD |
| Net income attributable to owners | 90 | 4.8% | S100XIJD |

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

| Part | JPY |
| --- | ---: |
| Operating expenses | 94 |
| Operating income | 6 |
| (Ref.) Net income | 5 |

### Margin funnel

Operating margin 6.1% → Net margin 4.8%
Derived from reported figures (DERIVED).

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 1,302 | 1,873 | 571 | +43.9% |
| Operating income | 217 | 115 | -102 | -47.1% |
| Operating cash flow | 158 | 77 | -81 | -51.5% |
| Free cash flow | 141 | 44 | -97 | -68.9% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Oct 2022 | 610 | 25 | 4.1% | 35 | 38 | 37 | S100SP21 |
| FY ending Oct 2023 | 814 | 115 | 14.1% | 106 | 105 | 94 | S100V5QR |
| FY ending Oct 2024 | 1,302 | 217 | 16.7% | 180 | 158 | 141 | S100V5QR |
| FY ending Oct 2025 | 1,873 | 115 | 6.1% | 90 | 77 | 44 | S100XIJD |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥10M |
| Operating income per employee (consolidated) | ¥609.8K |
| Net income per employee (consolidated) | ¥477K |

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

| History | FY ending Oct 2022 | FY ending Oct 2023 | FY ending Oct 2024 | FY ending Oct 2025 |
| --- | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 75 | 79 | 122 | 188 |
| Average salary (parent company) | — | ¥4.2M | ¥4.3M | ¥4.9M |
| Average age (parent company) | — | 36.1 years | 35.6 years | 34.7 years |
| Average tenure (parent company) | — | 2.2 years | 2.1 years | 2.1 years |

## Segments（FY ending Oct 2025, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Senior life support service | 1,549 | 82.7% | -20 | -1.3% |
| Senior home consulting service | 324 | 17.3% | 134 | 41.5% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Senior life support service | 82.7% | — | — | -1.3% |
| Senior home consulting service | 17.3% | 100.0% | 82.7 | 41.5% |

Loss-making segment (excluded from profit shares): Senior life support service -20 JPY mn

Segment → industry: Senior home consulting service → Consulting / Senior home consulting service → Nursing Care / Senior life support service → Nursing Care

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 77 | 4.1% | S100XIJD |
| Capital expenditure | 33 | 1.8% | S100XIJD |
| Free cash flow | 44 | 2.3% | 算出 |
| Investing cash flow | -202 | -10.8% | S100XIJD |
| Financing cash flow | 14 | 0.7% | S100XIJD |
| Share buyback | 0 | 0.0% | S100XIJD |
| Change in cash | -111 | -5.9% | S100XIJD |
| Cash and equivalents | 657 | 35.1% | S100XIJD |

## 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 Oct 2022 | FY ending Oct 2023 | FY ending Oct 2024 | FY ending Oct 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 192 | 591 | 761 | 657 | S100V5QR, S100XIJD |
| Total assets | 312 | 789 | 1,129 | 1,378 | S100SP21, S100V5QR, S100XIJD |
| Net assets | 39 | 464 | 721 | 813 | S100V5QR, S100XIJD |
| Share capital | 70 | 230 | 268 | 270 | S100SP21, S100V5QR, S100XIJD |
| Property, plant and equipment | 7 | 6 | 18 | 73 | S100SP21, S100V5QR, S100XIJD |
| Intangible assets excluding goodwill | 8 | 10 | 13 | 22 | S100SP21, S100V5QR, S100XIJD |
| Current assets | 269 | 716 | 1,013 | 1,006 | S100SP21, S100V5QR, S100XIJD |
| Current liabilities | 137 | 203 | 304 | 430 | S100SP21, S100V5QR, S100XIJD |
| Long-term borrowings | 130 | 113 | 91 | 97 | S100SP21, S100V5QR, S100XIJD |
| Total liabilities | 273 | 324 | 408 | 564 | S100SP21, S100V5QR, S100XIJD |
| Equity attributable to owners of parent | 39 | 464 | 721 | 813 | S100SP21, S100V5QR, S100XIJD |
| Retained earnings | -51 | 55 | 235 | 323 | S100SP21, S100V5QR, S100XIJD |
| Treasury stock | — | — | -0 | -0 | S100V5QR, S100XIJD |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 48% | S100XIJD |
| Property, plant and equipment | 5% | S100XIJD |
| Intangibles and goodwill | 2% | S100XIJD |
| Other assets | 45% | S100XIJD |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 41% | S100XIJD |
| Equity | 59% | S100XIJD |
| Other liabilities | 0% | S100XIJD |

### Balance sheet history

| Metric | FY ending Oct 2022 | FY ending Oct 2023 | FY ending Oct 2024 | FY ending Oct 2025 |
| --- | ---: | ---: | ---: | ---: |
| Total assets | 312 | 789 | 1,129 | 1,378 |
| Equity | 39 | 464 | 721 | 813 |
| Interest-bearing debt | — | — | — | — |
| Cash | 192 | 591 | 761 | 657 |

## 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) | 3.9% | S100XIJD |
| Fixed assets ÷ total assets | 5.3% | S100XIJD |
| Goodwill ÷ parent equity | — | —, S100XIJD |

### 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) | 47.7% |
| Cash ÷ revenue | 35.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 67.0% |
| Cash vs. profit gap | -13 JPY mn (of net income -14.4%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 1.8% |
| Investing CF relative to operating CF | 262.7% |

## 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 | 5.7% | 1.95× | 11.2% | 8.00× | 89.8% | S100SP21 |
| 2023 | 13.0% | 1.48× | 19.3% | 2.19× | 42.1% | S100V5QR |
| 2024 | 13.8% | 1.36× | 18.7% | 1.62× | 30.3% | S100V5QR |
| 2025 | 4.8% | 1.36× | 6.5% | 1.69× | 11.0% | S100XIJD |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 榎並 将志 | Major shareholder | 39.9% | 2025-10-31 |
| 楽天証券株式会社 | Major shareholder | 3.7% | 2025-10-31 |
| 金田 喜人 | Major shareholder | 2.9% | 2025-10-31 |
| ＧＯＬＤＭＡＮ ＳＡＣＨＳ ＩＮＴＥＲＮＡＴＩＯＮＡＬ （常任代理人 ゴールドマン・サックス証券株式会社） | Major shareholder | 2.5% | 2025-10-31 |
| 丸谷 和徳 | Major shareholder | 2.5% | 2025-10-31 |
| 株式会社ＦＤＳ | Major shareholder | 2.3% | 2025-10-31 |
| アクサ生命保険株式会社 | Major shareholder | 2.2% | 2025-10-31 |
| 住友生命保険相互会社 | Major shareholder | 2.2% | 2025-10-31 |
| 日本マスタートラスト信託銀行株式会社（信託口Ｔ６Ｋ１５７００１） | Major shareholder | 1.9% | 2025-10-31 |
| ＮＯＭＵＲＡ ＰＢ ＮＯＭＩＮＥＥＳ ＬＩＭＩＴＥＤ ＯＭＮＩＢＵＳ－ＭＡＲＧＩＮ （ＣＡＳＨＰＢ）（常任代理人 野村證券株式会社） | Major shareholder | 1.8% | 2025-10-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第16期(2024/11/01－2025/10/31) | S100XIJD | 2026-01-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XIJD,, |
| 有価証券報告書－第15期(2023/11/01－2024/10/31) | S100V5QR | 2025-01-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100V5QR,, |
| 有価証券報告書－第14期(2022/11/01－2023/10/31) | S100SP21 | 2024-01-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SP21,, |

## 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).