# EnBio Holdings,Inc: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第27期(2025/04/01－2026/03/31) (S100YKUO)
> Page: https://vizora.meequs.com/en/company/enbio-holdings
> Retrieved: 2026-09-30T21:47:14.323Z

## Company

EnBio Holdings, founded in 1999, is a company in Electric Power & Gas listed on TSE Standard. It has 113 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | EnBio Holdings, Inc |
| Ticker | 6092 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6092.T) |
| Listing | TSE Standard |
| Head office | 東京都千代田区鍛冶町二丁目2番2号 |
| Representative (per filing) | 代表取締役社長 中村 賀一 |
| Founded | Jun 1999 |
| Share capital | ¥2.33B |
| Employees (consolidated) | 113 |
| Average salary (parent only) | ¥6.7M |
| Fiscal year end | March |
| Website | enbio-holdings.com (https://enbio-holdings.com/) |
| Corporate number | 9010001095930 |
| EDINET | E30445 |
| Industries (Vizora) | Electric Power & Gas, Real Estate Development & Leasing, Waste Management & Recycling |

> Profile source: annual securities report (S100YKUO, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: Waste Management & Recycling (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 77.1 | 24 |
| Profitability | 74 | 25 |
| Cash conversion | 26 | 25 |
| Efficiency | 10 | 25 |

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 55% of EnBio Holdings's sales come from Soil and groundwater remediation, with Development and management of Brownfield and Natural energy making up much of the rest.
- Out of every ¥100 of sales, about ¥13 is left as operating profit.
- Revenue changed +18.4% from the prior year, operating profit +93.0%.

## Company structure

- Segment revenue mix: Soil and groundwater remediation 54.7%、Development and management of Brownfield 25.7%、Natural energy 19.5%
- Revenue → net income: ¥12630000000 → ¥252000000
- Net income → operating cash flow: ¥252000000 → ¥1167000000（difference ¥915000000）
- Main uses of operating cash flow: CapEx ¥1053000000 / dividends ¥72000000 / buybacks —
- Change in cash: ¥743000000
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 | ¥12.6B |  |
| Operating income | ¥1.62B | Margin 12.8% |
| Net income | ¥265M | Margin 2.1% |
| Free cash flow | ¥114M |  |
| Largest business | Soil and groundwater remediation | of segment revenue 54.7% |
| Employees (consolidated) | 113 |  |
| EPS | ¥7.79 |  |
| Book value per share | ¥690.98 |  |
| Equity ratio | 40.5% |  |
| Shares outstanding | 8,175,200 |  |
| Treasury shares | 57,600 |  |
| Shareholders | 2,970 |  |
| Average salary (parent only) | ¥6.7M | Filing company only |
| Cash ratio | 17.5% | Cash ÷ revenue 31.7% |
| Vs. industry median margin | +5.6 pp | Waste Management & Recycling |
| ROE | 3.0% | Derived from disclosed figures |
| ROA | 1.2% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 4.4× net income

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥6840611000 | ¥12630000000 | +84.6% |
| Operating income | ¥617904000 | ¥1619000000 | +162.0% |
| Operating margin | 9.0% | 12.8% | +3.8 pp |
| Employees | 81 people | 113 people | +39.5% |
| Cash and equivalents | ¥1985292000 | ¥4006000000 | +101.8% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| 土壌汚染対策事業 → 土壌汚染対策事業 | 47.8% |
| ブラウンフィールド活用事業 → ブラウンフィールド活用事業 | 25.7% |
| ブラウンフィールド活用事業 → 事業再編・廃止 | 8.0% |
| 自然エネルギー事業 → 自然エネルギー事業 | 18.4% |
| 新設・再編 → 土壌汚染対策事業 | 6.9% |
| 新設・再編 → 自然エネルギー事業 | 1.1% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Soil and groundwater remediation | 5 years | +16.1% | ¥6913000000 | 10.4% | 2 |
| Development and management of Brownfield | 5 years | +7.1% | ¥3248000000 | 26.9% | 2 |
| Natural energy | 5 years | +14.4% | ¥2468000000 | 1.2% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 12,630 | 100.0% | S100YKUO |
| Cost of revenue | 8,942 | 70.8% | S100YKUO |
| Gross profit | 3,688 | 29.2% | S100YKUO |
| SG&A | 2,069 | 16.4% | S100YKUO |
| Operating income | 1,619 | 12.8% | S100YKUO |
| Ordinary income | 1,598 | 12.7% | S100YKUO |
| Pretax income | 915 | 7.2% | S100YKUO |
| Income tax | 663 | 5.2% | S100YKUO |
| Net income | 252 | 2.0% | S100YKUO |
| Net income attributable to owners | 265 | 2.1% | S100YKUO |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 71 |
| SG&A | 16 |
| Operating income | 13 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 29.2% → Operating margin 12.8% → Net margin 2.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +18.4%; Core profit growth: +93.0%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 5.05×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 10,668 | 12,630 | 1,962 | +18.4% |
| Gross profit | 2,653 | 3,688 | 1,035 | +39.0% |
| Operating income | 839 | 1,619 | 780 | +93.0% |
| Net income attributable to owners | 452 | 265 | -187 | -41.4% |
| Operating cash flow | 21 | 1,167 | 1,146 | +5457.1% |
| Free cash flow | -1,446 | 114 | 1,560 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 7,408 | 674 | 9.1% | 555 | 952 | 593 | S100LRGQ |
| FY ending Mar 2021 | 6,841 | 618 | 9.0% | 304 | 297 | -1,434 | S100OG4H |
| FY ending Mar 2022 | 8,988 | 1,229 | 13.7% | 654 | 2,413 | 1,248 | S100R88U |
| FY ending Mar 2023 | 8,120 | 1,357 | 16.7% | 812 | 1,989 | 824 | S100TWXI |
| FY ending Mar 2024 | 9,576 | 815 | 8.5% | 709 | 1,663 | 584 | S100W6WO |
| FY ending Mar 2025 | 10,668 | 839 | 7.9% | 452 | 21 | -1,446 | S100YKUO |
| FY ending Mar 2026 | 12,630 | 1,619 | 12.8% | 265 | 1,167 | 114 | S100YKUO |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥111.8M |
| Operating income per employee (consolidated) | ¥14.3M |
| Net income per employee (consolidated) | ¥2.3M |

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

| History | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 80 | 95 | 104 | 101 | 113 |
| Average salary (parent company) | ¥5.9M | ¥6.1M | ¥5.4M | ¥6.4M | ¥6.7M |
| Average age (parent company) | 42.5 years | 39.1 years | 40.6 years | 40.4 years | 41.4 years |
| Average tenure (parent company) | 5.0 years | 4.9 years | 4.3 years | 5.3 years | 5.0 years |

Year over year: Employees (consolidated) +11.9% · Revenue (consolidated) +18.4%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Soil and groundwater remediation | 6,913 | 54.7% | 721 | 10.4% |
| Development and management of Brownfield | 3,248 | 25.7% | 873 | 26.9% |
| Natural energy | 2,468 | 19.5% | 29 | 1.2% |

### 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 |
| --- | ---: |
| Soil and groundwater remediation | 54.7% |
| Development and management of Brownfield | 25.7% |
| Natural energy | 19.5% |

Segment → industry: Natural energy → Electric Power & Gas / Development and management of Brownfield → Real Estate Development & Leasing / Soil and groundwater remediation → Waste Management & Recycling

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 1,167 | 9.2% | S100YKUO |
| Capital expenditure | 1,053 | 8.3% | S100YKUO |
| Free cash flow | 114 | 0.9% | 算出 |
| Investing cash flow | -895 | -7.1% | S100YKUO |
| Financing cash flow | 464 | 3.7% | S100YKUO |
| Dividends paid | 72 | 0.6% | S100YKUO |
| Change in cash | 743 | 5.9% | S100YKUO |
| Cash and equivalents | 4,006 | 31.7% | S100YKUO |

## 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 Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 2,342 | 2,799 | 3,574 | 3,263 | 4,006 | S100TWXI, S100W6WO, S100YKUO |
| Total assets | 16,370 | 17,350 | 19,311 | 21,195 | 22,848 | S100R88U, S100TWXI, S100W6WO, S100YKUO |
| Net assets | 5,974 | 6,857 | 8,591 | 9,230 | 9,326 | S100TWXI, S100W6WO, S100YKUO |
| Share capital | 1,797 | 1,797 | 2,325 | 2,325 | 2,325 | S100R88U, S100TWXI, S100W6WO, S100YKUO |
| Inventories | 1,849 | 3,373 | 2,889 | 2,952 | 4,445 | S100R88U, S100TWXI, S100W6WO, S100YKUO |
| Property, plant and equipment | 7,914 | 7,017 | 7,918 | 8,827 | 8,771 | S100R88U, S100TWXI, S100W6WO, S100YKUO |
| Intangible assets excluding goodwill | 546 | 510 | 476 | 445 | 417 | S100R88U, S100TWXI, S100W6WO, S100YKUO |
| Goodwill | 118 | 110 | 102 | 94 | 86 | S100R88U, S100TWXI, S100W6WO, S100YKUO |
| Investment securities | 573 | 585 | 652 | 836 | 368 | S100R88U, S100TWXI, S100W6WO, S100YKUO |
| Current assets | 6,459 | 7,318 | 8,246 | 8,957 | 11,409 | S100R88U, S100TWXI, S100W6WO, S100YKUO |
| Current liabilities | 3,446 | 4,471 | 4,144 | 4,818 | 5,182 | S100R88U, S100TWXI, S100W6WO, S100YKUO |
| Short-term borrowings | 645 | 854 | 1,089 | 1,788 | 972 | S100R88U, S100TWXI, S100W6WO, S100YKUO |
| Long-term borrowings | 6,624 | 5,749 | 6,231 | 6,643 | 7,766 | S100R88U, S100TWXI, S100W6WO, S100YKUO |
| Bonds | 37 | — | — | — | — | S100R88U |
| Interest-bearing debt | 7,306 | — | — | — | — | 算出 |
| Total liabilities | 10,396 | 10,493 | 10,719 | 11,964 | 13,521 | S100R88U, S100TWXI, S100W6WO, S100YKUO |
| Non-controlling interests | 86 | 69 | 97 | 89 | 78 | S100R88U, S100TWXI, S100W6WO, S100YKUO |
| Equity attributable to owners of parent | 6,011 | 6,770 | 8,477 | 8,840 | 9,043 | S100R88U, S100TWXI, S100W6WO, S100YKUO |
| Retained earnings | 2,353 | 3,112 | 3,762 | 4,149 | 4,341 | S100R88U, S100TWXI, S100W6WO, S100YKUO |
| Treasury stock | -15 | -15 | -15 | -38 | -35 | S100R88U, S100TWXI, S100W6WO, S100YKUO |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 18% | S100YKUO |
| Inventories | 19% | S100YKUO |
| Property, plant and equipment | 38% | S100YKUO |
| Intangibles and goodwill | 2% | S100YKUO |
| Investment securities | 2% | S100YKUO |
| Other assets | 21% | S100YKUO |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 59% | S100YKUO |
| Equity | 41% | S100YKUO |
| Other liabilities | 0% | S100YKUO |

### Balance sheet history

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 16,370 | 17,350 | 19,311 | 21,195 | 22,848 |
| Equity | 5,974 | 6,857 | 8,591 | 9,230 | 9,326 |
| Interest-bearing debt | 7,306 | — | — | — | — |
| Cash | 2,342 | 2,799 | 3,574 | 3,263 | 4,006 |

## 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) | 69.4% | S100YKUO |
| Fixed assets ÷ total assets | 38.4% | S100YKUO |
| Goodwill ÷ parent equity | 1.0% | S100YKUO |

Goodwill over 4 years: 118 → 86 JPY; total investing cash flow: -7,333 JPY. This does not imply causation.

### 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) | 17.5% |
| Cash ÷ revenue | 31.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 72.1% |
| Cash vs. profit gap | 902 JPY mn (of net income 340.4%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 27.2% |
| Shareholder payments — dividends / FCF | 63.2% |
| CapEx intensity (capex ÷ revenue) | 8.3% |
| Investing CF relative to operating CF | 76.7% |

## 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 | 7.3% | 0.55× | 4.0% | 2.72× | 10.9% | S100R88U |
| 2023 | 10.0% | 0.48× | 4.8% | 2.64× | 12.7% | S100TWXI |
| 2024 | 7.4% | 0.52× | 3.9% | 2.40× | 9.3% | S100W6WO |
| 2025 | 4.2% | 0.53× | 2.2% | 2.34× | 5.2% | S100YKUO |
| 2026 | 2.1% | 0.57× | 1.2% | 2.46× | 3.0% | S100YKUO |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社シーアールイー | Major shareholder | 34.3% | 2026-03-31 |
| 西村実 | Major shareholder | 5.9% | 2026-03-31 |
| 中村賀一 | Major shareholder | 5.3% | 2026-03-31 |
| 株式会社SBI証券 | Major shareholder | 4.1% | 2026-03-31 |
| 平田幸一郎 | Major shareholder | 2.5% | 2026-03-31 |
| 根本昌明 | Major shareholder | 2.3% | 2026-03-31 |
| 大和証券株式会社 | Major shareholder | 1.7% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 1.4% | 2026-03-31 |
| 中間哲志 | Major shareholder | 1.0% | 2026-03-31 |
| BBH LUX/BROWN BROTHERS HARRIMAN (LUXEMBOURG) SCA CUSTODIAN FOR SMD-AM FUNDS - DSBI JAPAN EQUITY SMALL CAP ABSOLUTE VALUE （常任代理人 株式会社三井住友銀行） | Major shareholder | 0.8% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第27期(2025/04/01－2026/03/31) | S100YKUO | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YKUO,, |
| 有価証券報告書－第26期(2024/04/01－2025/03/31) | S100W6WO | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W6WO,, |
| 有価証券報告書－第25期(2023/04/01－2024/03/31) | S100TWXI | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TWXI,, |
| 有価証券報告書－第24期(2022/04/01－2023/03/31) | S100R88U | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R88U,, |
| 有価証券報告書－第23期(令和3年4月1日－令和4年3月31日) | S100OG4H | 2022-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OG4H,, |
| 有価証券報告書－第22期(令和2年4月1日－令和3年3月31日) | S100LRGQ | 2021-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LRGQ,, |

## 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).