# Environment Friendly Holdings Corp.: business model and financials

> Latest period: FY ending Dec 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第32期(2025/01/01－2025/12/31) (S100XV28)
> Page: https://vizora.meequs.com/en/company/environment-friendly-holdings
> Retrieved: 2026-09-30T21:39:04.338Z

## Company

Environment Friendly Holdings, founded in 1995, is a company in Electric Power & Gas listed on TSE Growth. It has 36 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Environment Friendly Holdings Corp. |
| Ticker | 3777 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3777.T) |
| Listing | TSE Growth |
| Head office | 東京都港区西新橋三丁目24番9号 |
| Representative (per filing) | 代表取締役社長 車 陸昭 |
| Founded | Jul 1995 |
| Share capital | ¥237.7M |
| Employees (consolidated) | 36 |
| Average salary (parent only) | ¥8.3M |
| Fiscal year end | December |
| Website | www.ef-hd.com (https://www.ef-hd.com/) |
| Corporate number | 9010501033506 |
| EDINET | E05510 |
| Industries (Vizora) | Electric Power & Gas, Secondhand Retail |

> Profile source: annual securities report (S100XV28, filed 2026-03-27). As of filing

## Five-axis industry profile

Primary industry: Electric Power & Gas (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 1.2 | 42 |
| Profitability | 58 | 44 |
| Cash conversion | 94 | 42 |
| Efficiency | 3.4 | 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 43% of Environment Friendly Holdings's sales come from Resources and energy business, with Environment business and Reuse business making up much of the rest.
- Out of every ¥100 of sales, about ¥8 is left as operating profit.
- Revenue changed -92.0% from the prior year, and it swung back to an operating profit.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥1.37B |  |
| Operating income | ¥110.2M | Margin 8.0% |
| Net income | -¥3.6M | Margin -0.3% |
| Free cash flow | ¥259.6M |  |
| Largest business | Resources and energy business | of segment revenue 42.9% |
| Employees (consolidated) | 36 |  |
| EPS | ¥0.07 |  |
| Diluted EPS | ¥0.06 |  |
| Book value per share | ¥11.29 |  |
| Equity ratio | 57.8% |  |
| Shares outstanding | 304,456,980 |  |
| Treasury shares | 7,900 |  |
| Shareholders | 21,614 |  |
| Average salary (parent only) | ¥8.3M | Filing company only |
| Cash ratio | 19.6% | Cash ÷ revenue 91.1% |
| Vs. industry median margin | +1.1 pp | Electric Power & Gas |
| ROA | -0.1% | Derived from disclosed figures |

## Notable figures

- FY2025, revenue is 5.2× its level five years ago
- FY2025, parent-company salary changed +52% over five years
- FY2025, segment profit share differs by -31 points

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥354314000 | ¥1371110000 | +287.0% |
| Operating income | ¥-269035000 | ¥110184000 | — |
| Operating margin | -75.9% | 8.0% | +84 pp |
| Employees | 24 people | 36 people | +50.0% |
| Cash and equivalents | ¥120809000 | ¥1249573000 | +934.3% |

### Change in segment revenue mix

Span: FY ending Dec 2020 → FY ending Dec 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 環境事業 → 環境事業 | 26.1% |
| IT関連事業 → 事業再編・廃止 | 20.8% |
| 再生可能エネルギー事業 → 事業再編・廃止 | 43.7% |
| ヘルスケア事業 → 事業再編・廃止 | 9.4% |
| 新設・再編 → 資源エネルギー事業 | 42.9% |
| 新設・再編 → リユース事業 | 24.1% |
| 新設・再編 → 環境事業 | 7.0% |

Segment revenue source references: 7 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Resources and energy business | 4 years | +60.3% | ¥588065000 | 25.6% | 2 |
| Environment business | 5 years | +37.4% | ¥453127000 | 1.0% | 2 |
| Reuse business | 2 years | -85.3% | ¥329916000 | 36.4% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 1,371 | 100.0% | S100XV28 |
| Cost of revenue | 588 | 42.9% | S100XV28 |
| Gross profit | 783 | 57.1% | S100XV28 |
| SG&A | 673 | 49.1% | S100XV28 |
| Operating income | 110 | 8.0% | S100XV28 |
| Ordinary income | 109 | 8.0% | S100XV28 |
| Pretax income | 37 | 2.7% | S100XV28 |
| Income tax | 41 | 3.0% | S100XV28 |
| Net income | -4 | -0.3% | S100XV28 |
| Net income attributable to owners | -4 | -0.3% | S100XV28 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 43 |
| SG&A | 49 |
| Operating income | 8 |
| (Ref.) Net income | 0 |

### Margin funnel

Gross margin 57.1% → Operating margin 8.0% → Net margin -0.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Turned profitable
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 17,237 | 1,371 | -15,866 | -92.0% |
| Gross profit | 527 | 783 | 256 | +48.7% |
| Operating income | -54 | 110 | 164 | — |
| Net income attributable to owners | -155 | -4 | 151 | — |
| Operating cash flow | -93 | 688 | 781 | — |
| Free cash flow | -121 | 260 | 381 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 670 | -446 | -66.5% | -1,138 | 271 | 271 | S100L1F6 |
| FY ending Dec 2020 | 354 | -269 | -75.9% | -1,762 | -145 | — | S100PVPS |
| FY ending Dec 2021 | 264 | -153 | -58.0% | 261 | -566 | — | S100QH43 |
| FY ending Dec 2022 | 754 | -109 | -14.5% | -171 | -276 | -277 | S100V0QV |
| FY ending Dec 2023 | 16,999 | 206 | 1.2% | 153 | -66 | -73 | S100VIIM |
| FY ending Dec 2024 | 17,237 | -54 | -0.3% | -155 | -93 | -121 | S100XV28 |
| FY ending Dec 2025 | 1,371 | 110 | 8.0% | -4 | 688 | 260 | S100XV28 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥38.1M |
| Operating income per employee (consolidated) | ¥3.1M |
| Net income per employee (consolidated) | -¥101.4K |

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

| History | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 20 | 27 | 37 | 33 | 36 |
| Average salary (parent company) | ¥5.5M | ¥3.3M | ¥5.7M | ¥8M | ¥8.3M |
| Average age (parent company) | 47.2 years | 44.5 years | 46.6 years | 46.8 years | 47.8 years |
| Average tenure (parent company) | 9.7 years | 4.5 years | 6.8 years | 9.0 years | 10.0 years |

Year over year: Employees (consolidated) +9.1% · Revenue (consolidated) -92.0%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Resources and energy business | 588 | 42.9% | 151 | 25.6% |
| Reuse business | 330 | 24.1% | 120 | 36.4% |
| Environment business | 453 | 33.0% | 4 | 1.0% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Resources and energy business | 42.9% | 54.8% | 11.9 | 25.6% |
| Reuse business | 24.1% | 43.6% | 19.5 | 36.4% |
| Environment business | 33.0% | 1.6% | -31.4 | 1.0% |

Segment → industry: Resources and energy business → Electric Power & Gas / Reuse business → Secondhand Retail

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 688 | 50.1% | S100XV28 |
| Capital expenditure | 428 | 31.2% | S100XV28 |
| Free cash flow | 260 | 18.9% | 算出 |
| Investing cash flow | -728 | -53.1% | S100XV28 |
| Financing cash flow | -2 | -0.2% | S100XV28 |
| Share buyback | 0 | 0.0% | S100XV28 |
| Change in cash | -42 | -3.0% | S100XV28 |
| Cash and equivalents | 1,250 | 91.1% | S100XV28 |

## 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 Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 897 | 935 | 1,131 | 1,041 | 1,250 | S100V0QV, S100VIIM, S100XV28 |
| Total assets | 1,638 | 1,829 | 3,375 | 3,509 | 6,389 | S100QH43, S100V0QV, S100VIIM, S100XV28 |
| Net assets | 1,518 | 1,669 | 3,125 | 3,199 | 3,731 | S100V0QV, S100VIIM, S100XV28 |
| Share capital | 1,941 | 2,106 | 30 | 30 | 238 | S100QH43, S100V0QV, S100VIIM, S100XV28 |
| Trade receivables | 35 | 60 | 533 | 133 | 1,455 | S100QH43, S100V0QV, S100VIIM, S100XV28 |
| Property, plant and equipment | 44 | 38 | 47 | 125 | 1,351 | S100QH43, S100V0QV, S100VIIM, S100XV28 |
| Intangible assets excluding goodwill | 55 | 1 | 110 | 182 | 860 | S100QH43, S100V0QV, S100VIIM, S100XV28 |
| Goodwill | 55 | — | 106 | 163 | 147 | S100QH43, S100VIIM, S100XV28 |
| Current assets | 1,526 | 1,781 | 3,203 | 3,168 | 3,602 | S100QH43, S100V0QV, S100VIIM, S100XV28 |
| Current liabilities | 85 | 131 | 230 | 298 | 1,193 | S100QH43, S100V0QV, S100VIIM, S100XV28 |
| Short-term borrowings | — | — | — | 20 | — | S100XV28 |
| Long-term borrowings | 25 | 19 | 13 | 7 | 1,463 | S100QH43, S100V0QV, S100VIIM, S100XV28 |
| Total liabilities | 121 | 160 | 250 | 309 | 2,658 | S100QH43, S100V0QV, S100VIIM, S100XV28 |
| Equity attributable to owners of parent | 1,512 | 1,670 | 3,124 | 3,169 | 3,581 | S100QH43, S100V0QV, S100VIIM, S100XV28 |
| Retained earnings | -2,673 | -2,845 | 193 | 38 | 34 | S100QH43, S100V0QV, S100VIIM, S100XV28 |
| Treasury stock | -1 | -1 | -1 | -1 | -1 | S100QH43, S100V0QV, S100VIIM, S100XV28 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 19% | S100XV28 |
| Receivables | 23% | S100XV28 |
| Property, plant and equipment | 21% | S100XV28 |
| Intangibles and goodwill | 16% | S100XV28 |
| Other assets | 21% | S100XV28 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 42% | S100XV28 |
| Equity | 58% | S100XV28 |

### Balance sheet history

| Metric | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 1,638 | 1,829 | 3,375 | 3,509 | 6,389 |
| Equity | 1,518 | 1,669 | 3,125 | 3,199 | 3,731 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 897 | 935 | 1,131 | 1,041 | 1,250 |

## 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) | 98.5% | S100XV28 |
| Fixed assets ÷ total assets | 21.1% | S100XV28 |
| Goodwill ÷ parent equity | 4.1% | S100XV28 |

Goodwill over 4 years: 55 → 147 JPY; total investing cash flow: -509 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) | 19.6% |
| Cash ÷ revenue | 91.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 624.0% |
| Cash vs. profit gap | 691 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 31.2% |
| Investing CF relative to operating CF | 105.8% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 98.9% | 0.16× | 15.9% | 1.08× | 17.3% | S100QH43 |
| 2022 | — | —× | -9.9% | —× | — | S100V0QV |
| 2023 | 0.9% | 6.53× | 5.9% | 1.09× | 6.4% | S100VIIM |
| 2024 | — | —× | -4.5% | —× | — | S100XV28 |
| 2025 | — | —× | -0.1% | —× | — | S100XV28 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社ＭＣ | Major shareholder | 26.3% | 2025-12-31 |
| ORCHID PLUS PTE.LTD. (常任代理人 福和 明子) | Major shareholder | 21.2% | 2025-12-31 |
| GOLDEN STONE GROWTH CORPORATION LIMITED (常任代理人 東海東京証券株式会社) | Major shareholder | 2.6% | 2025-12-31 |
| 古月 程子 | Major shareholder | 2.3% | 2025-12-31 |
| 株式会社グハギ | Major shareholder | 2.3% | 2025-12-31 |
| 江川 麗子 | Major shareholder | 1.5% | 2025-12-31 |
| RIHUAXING INVESTMENT LTD (常任代理人 東海東京証券株式会社) | Major shareholder | 0.8% | 2025-12-31 |
| BNP PARIBAS SINGAPORE/2S/JASDEC/UOB KAY HIAN PRIVATE LIMITED (常任代理人 香港上海銀行東京支店) | Major shareholder | 0.7% | 2025-12-31 |
| 西川 龍文 | Major shareholder | 0.6% | 2025-12-31 |
| 楽天証券株式会社共有口 | Major shareholder | 0.5% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第32期(2025/01/01－2025/12/31) | S100XV28 | 2026-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XV28,, |
| 有価証券報告書－第31期(2024/01/01－2024/12/31) | S100VIIM | 2025-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VIIM,, |
| 訂正有価証券報告書－第30期(2023/01/01－2023/12/31) | S100V0QV | 2024-12-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100V0QV,, |
| 有価証券報告書－第29期(2022/01/01－2022/12/31) | S100QH43 | 2023-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QH43,, |
| 訂正有価証券報告書－第28期(令和3年1月1日－令和3年12月31日) | S100PVPS | 2022-12-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PVPS,, |
| 有価証券報告書－第27期(令和2年1月1日－令和2年12月31日) | S100L1F6 | 2021-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L1F6,, |

## 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).