# ENVIPRO HOLDINGS 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17期(2025/07/01－2026/06/30) (S100Z2QT)
> Page: https://vizora.meequs.com/en/company/envipro-holdings
> Retrieved: 2026-09-30T22:10:26.071Z

## Company

Envipro Holdings, founded in 1978, is a company in Consulting listed on TSE Standard. It has 620 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | ENVIPRO HOLDINGS Inc. |
| Ticker | 5698 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5698.T) |
| Listing | TSE Standard |
| Head office | 静岡県富士宮市山宮3507番地の19(上記は登記上の本店所在地であり、実際の業務は下記の場所で行っております。) |
| Representative (per filing) | 代表取締役社長 佐野 文勝 |
| Founded | Jul 1978 |
| Share capital | ¥1.58B |
| Employees (consolidated) | 620 |
| Average salary (parent only) | ¥7.9M |
| Fiscal year end | June |
| Website | www.envipro.jp (https://www.envipro.jp/) |
| Corporate number | 4080101012395 |
| EDINET | E27868 |
| Industries (Vizora) | Consulting, Specialty Trading & Wholesale, Waste Management & Recycling |

> Profile source: annual securities report (S100Z2QT, filed 2026-09-18). As of filing

## Five-axis industry profile

Primary industry: Specialty Trading & Wholesale (2026-06-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 19.8 | 179 |
| Profitability | 90.5 | 185 |
| Cash conversion | 48.3 | 179 |
| Efficiency | 38.1 | 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)

- About 55% of Envipro Holdings's sales come from Global Trading Business, with Resource Circulation Business and Lithium-ion Batteries Recycling Business making up much of the rest.
- Out of every ¥100 of sales, about ¥7 is left as operating profit.
- Revenue changed -9.5% from the prior year, operating profit +231.6%.

## Company structure

- Segment revenue mix: Global Trading Business 54.8%、Resource Circulation Business 40.4%、Lithium-ion Batteries Recycling Business 3.9%、Other 1.0%
- Revenue → net income: ¥44430241000 → ¥2382030000
- Net income → operating cash flow: ¥2382030000 → ¥3071677000（difference ¥689647000）
- Main uses of operating cash flow: CapEx ¥999592000 / dividends ¥429843000 / buybacks ¥173014000
- Change in cash: ¥522034000
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 | ¥44.4B |  |
| Operating income | ¥3.22B | Margin 7.3% |
| Net income | ¥2.42B | Margin 5.5% |
| Free cash flow | ¥2.07B |  |
| Largest business | Global Trading Business | of segment revenue 54.8% |
| Employees (consolidated) | 620 |  |
| EPS | ¥41.11 |  |
| Diluted EPS | ¥39.52 |  |
| Book value per share | ¥251.3 |  |
| Equity ratio | 54.1% |  |
| Shares outstanding | 30,317,388 |  |
| Treasury shares | 1,811,600 |  |
| Shareholders | 14,194 |  |
| Average salary (parent only) | ¥7.9M | Filing company only |
| Cash ratio | 21.3% | Cash ÷ revenue 16.6% |
| Vs. industry median margin | +4.4 pp | Specialty Trading & Wholesale |
| ROE | 13.6% | Derived from disclosed figures |
| ROA | 7.3% | Derived from disclosed figures |

## Notable figures

- FY2026, employees -2% while operating income rose 232%

## What changed in 5 years

| Metric | FY ending Jun 2021 | FY ending Jun 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥40933769000 | ¥44430241000 | +8.5% |
| Operating income | ¥2130495000 | ¥3224558000 | +51.4% |
| Operating margin | 5.2% | 7.3% | +2.1 pp |
| Employees | 472 people | 620 people | +31.4% |
| Cash and equivalents | ¥7117207000 | ¥7386212000 | +3.8% |

### 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 |
| --- | ---: |
| 資源循環事業 → 資源循環事業 | 23.3% |
| グローバルトレーディング事業 → グローバルトレーディング事業 | 54.8% |
| グローバルトレーディング事業 → 事業再編・廃止 | 20.6% |
| リチウムイオン電池リサイクル事業 → リチウムイオン電池リサイクル事業 | 0.5% |
| その他 → その他 | 0.8% |
| 新設・再編 → 資源循環事業 | 17.1% |
| 新設・再編 → リチウムイオン電池リサイクル事業 | 3.4% |
| 新設・再編 → その他 | 0.2% |

Segment revenue source references: 8 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Global Trading Business | 5 years | -4.6% | ¥24328662000 | 2.9% | 2 |
| Resource Circulation Business | 5 years | +13.5% | ¥17942223000 | 14.6% | 2 |
| Lithium-ion Batteries Recycling Business | 5 years | +52.7% | ¥1728001000 | 40.8% | 2 |
| Other | 5 years | +5.7% | ¥431353000 | 9.4% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 44,430 | 100.0% | S100Z2QT |
| Cost of revenue | 34,433 | 77.5% | S100Z2QT |
| Gross profit | 9,997 | 22.5% | S100Z2QT |
| SG&A | 6,773 | 15.2% | S100Z2QT |
| Operating income | 3,225 | 7.3% | S100Z2QT |
| Ordinary income | 3,582 | 8.1% | S100Z2QT |
| Pretax income | 3,367 | 7.6% | S100Z2QT |
| Income tax | 985 | 2.2% | S100Z2QT |
| Net income | 2,382 | 5.4% | S100Z2QT |
| Net income attributable to owners | 2,424 | 5.5% | S100Z2QT |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 78 |
| SG&A | 15 |
| Operating income | 7 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 22.5% → Operating margin 7.3% → Net margin 5.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue down, profit up
Revenue growth: -9.5%; Core profit growth: +231.6%
Operating leverage (core profit growth ÷ revenue growth): -24.39×
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 | 49,091 | 44,430 | -4,661 | -9.5% |
| Gross profit | 8,451 | 9,997 | 1,546 | +18.3% |
| Operating income | 972 | 3,225 | 2,252 | +231.6% |
| Net income attributable to owners | 1,176 | 2,424 | 1,248 | +106.2% |
| Operating cash flow | 3,470 | 3,072 | -398 | -11.5% |
| Free cash flow | 1,903 | 2,072 | 169 | +8.9% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Jun 2020 | 33,879 | 790 | 2.3% | 602 | 2,632 | 1,381 | S100MHJY |
| FY ending Jun 2021 | 40,934 | 2,130 | 5.2% | 1,492 | -252 | -869 | S100P8NW |
| FY ending Jun 2022 | 57,319 | 3,343 | 5.8% | 3,111 | 3,873 | 2,474 | S100RVCA |
| FY ending Jun 2023 | 49,190 | 1,543 | 3.1% | 1,236 | 2,332 | -335 | S100UFT0 |
| FY ending Jun 2024 | 52,214 | 1,410 | 2.7% | 537 | 2,940 | 1,297 | S100WR6T |
| FY ending Jun 2025 | 49,091 | 972 | 2.0% | 1,176 | 3,470 | 1,903 | S100Z2QT |
| FY ending Jun 2026 | 44,430 | 3,225 | 7.3% | 2,424 | 3,072 | 2,072 | S100Z2QT |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥71.7M |
| Operating income per employee (consolidated) | ¥5.2M |
| Net income per employee (consolidated) | ¥3.9M |

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) | 498 | 632 | 640 | 632 | 620 |
| Average salary (parent company) | ¥7M | ¥7.2M | ¥7.3M | ¥7.8M | ¥7.9M |
| Average age (parent company) | 38.0 years | 38.0 years | 38.0 years | 39.0 years | 39.0 years |
| Average tenure (parent company) | 3.0 years | 4.0 years | 5.0 years | 6.0 years | 7.0 years |

Year over year: Employees (consolidated) -1.9% · Revenue (consolidated) -9.5%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Resource Circulation Business | 17,942 | 40.4% | 2,628 | 14.6% |
| Global Trading Business | 24,329 | 54.8% | 704 | 2.9% |
| Lithium-ion Batteries Recycling Business | 1,728 | 3.9% | 705 | 40.8% |
| Other | 431 | 1.0% | 41 | 9.4% |

### 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 |
| --- | ---: |
| Resource Circulation Business | 40.4% |
| Global Trading Business | 54.8% |
| Lithium-ion Batteries Recycling Business | 3.9% |
| Other | 1.0% |

Segment → industry: Other → Consulting / Global Trading Business → Specialty Trading & Wholesale / Lithium-ion Batteries Recycling Business → Waste Management & Recycling / Resource Circulation Business → Waste Management & Recycling

## 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 | 3,072 | 6.9% | S100Z2QT |
| Capital expenditure | 1,000 | 2.2% | S100Z2QT |
| Free cash flow | 2,072 | 4.7% | 算出 |
| Investing cash flow | -910 | -2.0% | S100Z2QT |
| Financing cash flow | -1,669 | -3.8% | S100Z2QT |
| Dividends paid | 430 | 1.0% | S100Z2QT |
| Share buyback | 173 | 0.4% | S100Z2QT |
| Change in cash | 522 | 1.2% | S100Z2QT |
| Cash and equivalents | 7,386 | 16.6% | S100Z2QT |

## 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 | 8,913 | 7,245 | 6,771 | 6,864 | 7,386 | S100UFT0, S100WR6T, S100Z2QT |
| Total assets | 28,963 | 33,687 | 33,787 | 31,299 | 34,713 | S100RVCA, S100UFT0, S100WR6T, S100Z2QT |
| Net assets | 16,219 | 16,826 | 17,039 | 17,310 | 19,130 | S100UFT0, S100WR6T, S100Z2QT |
| Share capital | 1,525 | 1,525 | 1,553 | 1,580 | 1,580 | S100RVCA, S100UFT0, S100WR6T, S100Z2QT |
| Property, plant and equipment | 7,161 | 10,845 | 11,176 | 10,976 | 10,774 | S100RVCA, S100UFT0, S100WR6T, S100Z2QT |
| Intangible assets excluding goodwill | 97 | 149 | 189 | 186 | 197 | S100RVCA, S100UFT0, S100WR6T, S100Z2QT |
| Goodwill | 30 | 27 | 24 | 20 | 17 | S100RVCA, S100UFT0, S100WR6T, S100Z2QT |
| Investment securities | 2,683 | 3,173 | 3,500 | 3,706 | 4,072 | S100RVCA, S100UFT0, S100WR6T, S100Z2QT |
| Current assets | 18,448 | 19,088 | 18,367 | 15,875 | 19,066 | S100RVCA, S100UFT0, S100WR6T, S100Z2QT |
| Current liabilities | 9,968 | 10,415 | 11,090 | 8,729 | 10,862 | S100RVCA, S100UFT0, S100WR6T, S100Z2QT |
| Trade payables | 1,744 | 2,816 | 3,496 | — | — | S100RVCA, S100UFT0 |
| Short-term borrowings | 5,340 | 4,230 | 3,570 | 2,890 | 2,430 | S100RVCA, S100UFT0, S100WR6T, S100Z2QT |
| Long-term borrowings | 1,766 | 4,823 | 4,096 | 3,649 | 3,068 | S100RVCA, S100UFT0, S100WR6T, S100Z2QT |
| Total liabilities | 12,744 | 16,861 | 16,748 | 13,990 | 15,583 | S100RVCA, S100UFT0, S100WR6T, S100Z2QT |
| Non-controlling interests | 84 | 113 | — | 92 | 51 | S100RVCA, S100UFT0, S100Z2QT |
| Equity attributable to owners of parent | 15,739 | 16,265 | 16,560 | 16,819 | 18,705 | S100RVCA, S100UFT0, S100WR6T, S100Z2QT |
| Retained earnings | 12,395 | 12,889 | 13,011 | 14,005 | 15,999 | S100RVCA, S100UFT0, S100WR6T, S100Z2QT |
| Treasury stock | -146 | -132 | — | -789 | -871 | S100RVCA, S100UFT0, S100Z2QT |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 21% | S100Z2QT |
| Property, plant and equipment | 31% | S100Z2QT |
| Intangibles and goodwill | 1% | S100Z2QT |
| Investment securities | 12% | S100Z2QT |
| Other assets | 35% | S100Z2QT |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 45% | S100Z2QT |
| Equity | 55% | S100Z2QT |

### 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 | 28,963 | 33,687 | 33,787 | 31,299 | 34,713 |
| Equity | 16,219 | 16,826 | 17,039 | 17,310 | 19,130 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 8,913 | 7,245 | 6,771 | 6,864 | 7,386 |

## 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) | 24.2% | S100Z2QT |
| Fixed assets ÷ total assets | 31.0% | S100Z2QT |
| Goodwill ÷ parent equity | 0.1% | S100Z2QT |

Goodwill over 4 years: 30 → 17 JPY; total investing cash flow: -9,041 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) | 21.3% |
| Cash ÷ revenue | 16.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 95.3% |
| Cash vs. profit gap | 648 JPY mn (of net income 26.7%) |
| Shareholder returns / net income | 24.9% |
| Shareholder returns / FCF | 29.1% |
| Shareholder payments — dividends / net income | 17.7% |
| Shareholder payments — dividends / FCF | 20.7% |
| CapEx intensity (capex ÷ revenue) | 2.2% |
| Investing CF relative to operating CF | 29.6% |

## 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 | 5.4% | 1.98× | 10.7% | 1.84× | 19.8% | S100RVCA |
| 2023 | 2.5% | 1.57× | 3.9% | 1.96× | 7.7% | S100UFT0 |
| 2024 | 1.0% | 1.55× | 1.6% | 2.06× | 3.3% | S100WR6T |
| 2025 | 2.4% | 1.51× | 3.6% | 1.95× | 7.0% | S100Z2QT |
| 2026 | 5.5% | 1.35× | 7.3% | 1.86× | 13.6% | S100Z2QT |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社ウィンデライト | Major shareholder | 38.0% | 2026-06-30 |
| 株式会社佐野まるか | Major shareholder | 7.0% | 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 | 4.6% | 2026-06-30 |
| 佐野 文勝 | Major shareholder | 2.4% | 2026-06-30 |
| 中作 憲展 | Major shareholder | 1.6% | 2026-06-30 |
| 石井 明子 | Major shareholder | 1.2% | 2026-06-30 |
| 石井 裕高 | Major shareholder | 1.1% | 2026-06-30 |
| 野村證券株式会社 | Major shareholder | 0.8% | 2026-06-30 |
| エンビプログループ従業員持株会 | Major shareholder | 0.6% | 2026-06-30 |
| モルガン・スタンレーＭＵＦＧ証券株式会社 | Major shareholder | 0.6% | 2026-06-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第17期(2025/07/01－2026/06/30) | S100Z2QT | 2026-09-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Z2QT,, |
| 有価証券報告書－第16期(2024/07/01－2025/06/30) | S100WR6T | 2025-09-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WR6T,, |
| 有価証券報告書－第15期(2023/07/01－2024/06/30) | S100UFT0 | 2024-09-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UFT0,, |
| 有価証券報告書－第14期(2022/07/01－2023/06/30) | S100RVCA | 2023-09-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RVCA,, |
| 有価証券報告書－第13期(令和3年7月1日－令和4年6月30日) | S100P8NW | 2022-09-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100P8NW,, |
| 有価証券報告書－第12期(令和2年7月1日－令和3年6月30日) | S100MHJY | 2021-09-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MHJY,, |

## 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).