# EPCO Co.,Ltd.: 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36期(2025/01/01－2025/12/31) (S100XSPG)
> Page: https://vizora.meequs.com/en/company/epco
> Retrieved: 2026-09-30T19:05:58.152Z

## Company

Epco, founded in 1990, is a company in Business Process Outsourcing listed on TSE Standard. It has 600 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | EPCO Co.,Ltd. |
| Ticker | 2311 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2311.T) |
| Listing | TSE Standard |
| Head office | 東京都墨田区太平四丁目1番3号 オリナスタワー12階 |
| Representative (per filing) | 代表取締役グループCEO 岩崎 辰之 |
| Founded | Apr 1990 |
| Share capital | ¥87.2M |
| Employees (consolidated) | 600 |
| Average salary (parent only) | ¥4.5M |
| Fiscal year end | December |
| Website | www.epco.co.jp (https://www.epco.co.jp/) |
| Corporate number | 4011801000662 |
| EDINET | E05293 |
| Industries (Vizora) | Business Process Outsourcing, Plant Engineering & Building Services |

> Profile source: annual securities report (S100XSPG, filed 2026-03-24). As of filing

## Five-axis industry profile

Primary industry: Plant Engineering & Building Services (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 66 | 72 |
| Profitability | 21.7 | 76 |
| Cash conversion | 68.2 | 74 |
| Efficiency | 57.2 | 76 |

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 35% of Epco's sales come from Design Service, with RenewableEnergyService and Maintenance service making up much of the rest.
- Out of every ¥100 of sales, about ¥6 is left as operating profit.
- Revenue changed +11.5% from the prior year, operating profit +12.6%.

## Company structure

- Segment revenue mix: Design Service 35.4%、RenewableEnergyService 33.7%、Maintenance service 30.9%
- Revenue → net income: ¥6252070000 → ¥424869000
- Net income → operating cash flow: ¥424869000 → ¥370029000（difference ¥-54840000）
- Main uses of operating cash flow: CapEx ¥83337000 / dividends ¥286388000 / buybacks —
- Change in cash: ¥652232000
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 | ¥6.25B |  |
| Operating income | ¥376.7M | Margin 6.0% |
| Net income | ¥424.9M | Margin 6.8% |
| Free cash flow | ¥286.7M |  |
| Largest business | Design Service | of segment revenue 35.4% |
| Employees (consolidated) | 600 |  |
| EPS | ¥14.67 |  |
| Book value per share | ¥364.12 |  |
| Equity ratio | 80.0% |  |
| Shares outstanding | 9,316,000 |  |
| Treasury shares | 363,200 |  |
| Shareholders | 11,597 |  |
| Average salary (parent only) | ¥4.5M | Filing company only |
| Cash ratio | 40.3% | Cash ÷ revenue 37.6% |
| Vs. industry median margin | -3 pp | Plant Engineering & Building Services |
| ROE | 10.4% | Derived from disclosed figures |
| ROA | 7.3% | Derived from disclosed figures |

## Notable figures

- FY2025, cash is 40% of total assets

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥4380607000 | ¥6252070000 | +42.7% |
| Operating income | ¥441989000 | ¥376653000 | -14.8% |
| Operating margin | 10.1% | 6.0% | -4.1 pp |
| Employees | 590 people | 600 people | +1.7% |
| Cash and equivalents | ¥1321127000 | ¥2351929000 | +78.0% |

### 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 |
| --- | ---: |
| D-TECH → 事業再編・廃止 | 50.9% |
| H-M → 事業再編・廃止 | 28.0% |
| E-Saving → 事業再編・廃止 | 12.1% |
| システム開発 → 事業再編・廃止 | 9.0% |
| 新設・再編 → 再エネサービス | 33.7% |
| 新設・再編 → メンテナンスサービス | 30.9% |
| 新設・再編 → 設計サービス | 35.4% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Design Service | 4 years | -0.5% | ¥2214344000 | 15.6% | 2 |
| RenewableEnergyService | 3 years | +30.2% | ¥2103924000 | 12.3% | 2 |
| Maintenance service | 4 years | +4.2% | ¥1933801000 | 15.1% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 6,252 | 100.0% | S100XSPG |
| Cost of revenue | 4,409 | 70.5% | S100XSPG |
| Gross profit | 1,843 | 29.5% | S100XSPG |
| SG&A | 1,466 | 23.5% | S100XSPG |
| Operating income | 377 | 6.0% | S100XSPG |
| Ordinary income | 481 | 7.7% | S100XSPG |
| Pretax income | 559 | 8.9% | S100XSPG |
| Income tax | 134 | 2.1% | S100XSPG |
| Net income | 425 | 6.8% | S100XSPG |
| Net income attributable to owners | 425 | 6.8% | S100XSPG |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 71 |
| SG&A | 23 |
| Operating income | 6 |
| (Ref.) Net income | 7 |

### Margin funnel

Gross margin 29.5% → Operating margin 6.0% → Net margin 6.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +11.5%; Core profit growth: +12.6%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.09×
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 | 5,607 | 6,252 | 645 | +11.5% |
| Gross profit | 1,744 | 1,843 | 99 | +5.7% |
| Operating income | 335 | 377 | 42 | +12.6% |
| Net income attributable to owners | 327 | 425 | 98 | +29.9% |
| Operating cash flow | 322 | 370 | 48 | +15.0% |
| Free cash flow | 248 | 287 | 39 | +15.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 4,151 | 560 | 13.5% | 428 | 463 | 9 | S100L0FQ |
| FY ending Dec 2020 | 4,381 | 442 | 10.1% | 438 | 513 | 347 | S100NQ2Z |
| FY ending Dec 2021 | 4,696 | 438 | 9.3% | 658 | 230 | 192 | S100QFC1 |
| FY ending Dec 2022 | 4,818 | 66 | 1.4% | 359 | -168 | -401 | S100T4B4 |
| FY ending Dec 2023 | 5,060 | 162 | 3.2% | 627 | 466 | 437 | S100VG6T |
| FY ending Dec 2024 | 5,607 | 335 | 6.0% | 327 | 322 | 248 | S100XSPG |
| FY ending Dec 2025 | 6,252 | 377 | 6.0% | 425 | 370 | 287 | S100XSPG |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥10.4M |
| Operating income per employee (consolidated) | ¥627.8K |
| Net income per employee (consolidated) | ¥708.1K |

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) | 613 | 629 | 540 | 543 | 600 |
| Average salary (parent company) | ¥4.2M | ¥4.3M | ¥4.3M | ¥4.5M | ¥4.5M |
| Average age (parent company) | 40.7 years | 40.8 years | 41.4 years | 41.6 years | 42.4 years |
| Average tenure (parent company) | 8.0 years | 8.1 years | 8.2 years | 8.5 years | 8.7 years |

Year over year: Employees (consolidated) +10.5% · Revenue (consolidated) +11.5%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| RenewableEnergyService | 2,104 | 33.7% | 258 | 12.3% |
| Maintenance service | 1,934 | 30.9% | 291 | 15.1% |
| Design Service | 2,214 | 35.4% | 345 | 15.6% |

### 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 |
| --- | ---: |
| RenewableEnergyService | 33.7% |
| Maintenance service | 30.9% |
| Design Service | 35.4% |

Segment → industry: Maintenance service → Business Process Outsourcing / Design Service → Plant Engineering & Building Services / RenewableEnergyService → Plant Engineering & Building Services

## 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 | 370 | 5.9% | S100XSPG |
| Capital expenditure | 83 | 1.3% | S100XSPG |
| Free cash flow | 287 | 4.6% | 算出 |
| Investing cash flow | 572 | 9.1% | S100XSPG |
| Financing cash flow | -286 | -4.6% | S100XSPG |
| Dividends paid | 286 | 4.6% | S100XSPG |
| Change in cash | 652 | 10.4% | S100XSPG |
| Cash and equivalents | 2,352 | 37.6% | S100XSPG |

## 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 | 1,795 | 1,025 | 1,502 | 1,700 | 2,352 | S100T4B4, S100VG6T, S100XSPG |
| Total assets | 6,377 | 5,078 | 5,602 | 5,822 | 5,842 | S100QFC1, S100T4B4, S100VG6T, S100XSPG |
| Net assets | 5,051 | 4,391 | 4,678 | 4,645 | 4,675 | S100T4B4, S100VG6T, S100XSPG |
| Share capital | 87 | 87 | 87 | 87 | 87 | S100QFC1, S100T4B4, S100VG6T, S100XSPG |
| Trade receivables | 653 | 627 | 658 | 650 | 717 | S100QFC1, S100T4B4, S100VG6T, S100XSPG |
| Property, plant and equipment | 475 | 617 | 523 | 499 | 477 | S100QFC1, S100T4B4, S100VG6T, S100XSPG |
| Intangible assets excluding goodwill | 149 | 108 | 53 | 29 | 28 | S100QFC1, S100T4B4, S100VG6T, S100XSPG |
| Investment securities | 2,012 | 775 | 597 | 291 | 240 | S100QFC1, S100T4B4, S100VG6T, S100XSPG |
| Current assets | 3,061 | 2,408 | 2,509 | 3,105 | 3,796 | S100QFC1, S100T4B4, S100VG6T, S100XSPG |
| Current liabilities | 666 | 423 | 670 | 1,049 | 1,063 | S100QFC1, S100T4B4, S100VG6T, S100XSPG |
| Short-term borrowings | — | — | — | 500 | 500 | S100XSPG |
| Total liabilities | 1,326 | 686 | 925 | 1,177 | 1,168 | S100QFC1, S100T4B4, S100VG6T, S100XSPG |
| Equity attributable to owners of parent | 3,582 | 3,651 | 4,000 | 4,050 | 4,155 | S100QFC1, S100T4B4, S100VG6T, S100XSPG |
| Retained earnings | 3,580 | 3,640 | 3,981 | 4,022 | 4,123 | S100QFC1, S100T4B4, S100VG6T, S100XSPG |
| Treasury stock | -203 | -197 | -191 | -185 | -182 | S100QFC1, S100T4B4, S100VG6T, S100XSPG |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 40% | S100XSPG |
| Receivables | 12% | S100XSPG |
| Property, plant and equipment | 8% | S100XSPG |
| Intangibles and goodwill | 1% | S100XSPG |
| Investment securities | 4% | S100XSPG |
| Other assets | 35% | S100XSPG |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 20% | S100XSPG |
| Equity | 80% | S100XSPG |

### 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 | 6,377 | 5,078 | 5,602 | 5,822 | 5,842 |
| Equity | 5,051 | 4,391 | 4,678 | 4,645 | 4,675 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,795 | 1,025 | 1,502 | 1,700 | 2,352 |

## 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) | 7.6% | S100XSPG |
| Fixed assets ÷ total assets | 8.2% | S100XSPG |
| Goodwill ÷ parent equity | — | —, S100XSPG |

### 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) | 40.3% |
| Cash ÷ revenue | 37.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 98.2% |
| Cash vs. profit gap | -55 JPY mn (of net income -12.9%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 67.4% |
| Shareholder payments — dividends / FCF | 99.9% |
| CapEx intensity (capex ÷ revenue) | 1.3% |
| Investing CF relative to operating CF | 154.5% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 14.0% | 0.74× | 10.3% | 1.78× | 18.4% | S100QFC1 |
| 2022 | 7.5% | 0.84× | 6.3% | 1.58× | 9.9% | S100T4B4 |
| 2023 | 12.4% | 0.95× | 11.7% | 1.40× | 16.4% | S100VG6T |
| 2024 | 5.8% | 0.98× | 5.7% | 1.42× | 8.1% | S100XSPG |
| 2025 | 6.8% | 1.07× | 7.3% | 1.42× | 10.4% | S100XSPG |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 岩崎 辰之(常任代理人 株式会社三菱UFJ銀行) | Major shareholder | 27.7% | 2025-12-31 |
| パナソニックホールディングス株式会社 | Major shareholder | 11.2% | 2025-12-31 |
| 株式会社LIXIL | Major shareholder | 5.2% | 2025-12-31 |
| 株式会社ＳＢＩ証券 | Major shareholder | 2.4% | 2025-12-31 |
| 和田 祐宏 | Major shareholder | 1.7% | 2025-12-31 |
| エプコ社員持株会 | Major shareholder | 1.5% | 2025-12-31 |
| 恒川 拓也 | Major shareholder | 1.0% | 2025-12-31 |
| 土門 尚三 | Major shareholder | 0.9% | 2025-12-31 |
| 倉盛 義彦 | Major shareholder | 0.8% | 2025-12-31 |
| 吉原 信一郎 | Major shareholder | 0.6% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第36期(2025/01/01－2025/12/31) | S100XSPG | 2026-03-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XSPG,, |
| 有価証券報告書－第35期(2024/01/01－2024/12/31) | S100VG6T | 2025-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VG6T,, |
| 有価証券報告書－第34期(2023/01/01－2023/12/31) | S100T4B4 | 2024-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T4B4,, |
| 有価証券報告書－第33期(2022/01/01－2022/12/31) | S100QFC1 | 2023-03-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QFC1,, |
| 有価証券報告書－第32期(令和3年1月1日－令和3年12月31日) | S100NQ2Z | 2022-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NQ2Z,, |
| 有価証券報告書－第31期(令和2年1月1日－令和2年12月31日) | S100L0FQ | 2021-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L0FQ,, |

## 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).