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

> Latest period: FY ending Mar 2026, consolidated, IFRS
> Unit: JPY millions
> Sources: 訂正有価証券報告書－第28期(2025/04/01－2026/03/31) (S100Z1YQ)
> Page: https://vizora.meequs.com/en/company/erex
> Retrieved: 2026-09-30T18:34:49.471Z

## Company

eREX, founded in 2003, is a company in Electric Power & Gas listed on TSE Prime. It has 302 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | erex Co.,Ltd. |
| Ticker | 9517 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9517.T) |
| Listing | TSE Prime |
| Head office | 東京都中央区京橋二丁目2番1号 |
| Representative (per filing) | 代表取締役社長 本名 均 |
| Founded | Mar 2003 |
| Share capital | ¥18.4B |
| Employees (consolidated) | 302 |
| Average salary (parent only) | ¥8.9M |
| Fiscal year end | March |
| Website | www.erex.co.jp (https://www.erex.co.jp/) |
| Corporate number | 2010001066839 |
| EDINET | E31065 |
| Industries (Vizora) | Electric Power & Gas |

> Profile source: annual securities report (S100Z1YQ, filed 2026-09-14). As of filing

## Five-axis industry profile

Primary industry: Electric Power & Gas (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 23.9 | 44 |
| Cash conversion | 3.6 | 42 |
| Efficiency | 71.6 | 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)

- eREX brought in ¥169.2B in revenue.
- Out of every ¥100 of sales, about ¥4 is left as operating profit.
- Revenue changed -1.2% from the prior year, operating profit +5.3%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥169170000000 → ¥5186000000
- Net income → operating cash flow: ¥5186000000 → ¥2218000000（difference ¥-2968000000）
- Main uses of operating cash flow: CapEx ¥13835000000 / dividends ¥858000000 / buybacks —
- Change in cash: ¥-6043000000
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 | ¥169.2B |  |
| Operating income | ¥7.52B | Margin 4.4% |
| Net income | ¥5.33B | Margin 3.2% |
| Free cash flow | -¥11.6B |  |
| Employees (consolidated) | 302 |  |
| EPS | ¥68.36 |  |
| Book value per share | ¥688.76 |  |
| Equity ratio | 41.4% | Derived from disclosed figures |
| Shares outstanding | 78,161,608 |  |
| Treasury shares | 8,600 |  |
| Shareholders | 16,077 |  |
| Average salary (parent only) | ¥8.9M | Filing company only |
| Cash ratio | 16.2% | Cash ÷ revenue 16.3% |
| Vs. industry median margin | -2.5 pp | Electric Power & Gas |
| ROE | 7.9% | Derived from disclosed figures |
| ROA | 3.3% | Derived from disclosed figures |

## What changed in 5 years

Accounting standard changed in FY2023; percentage changes are omitted.

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥141885000000 | ¥169170000000 | — |
| Operating income | ¥15720000000 | ¥7518000000 | — |
| Operating margin | 11.1% | 4.4% | -6.6 pp |
| Employees | 213 people | 302 people | — |
| Cash and equivalents | ¥31700000000 | ¥27569000000 | — |

### 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.

## Income statement（FY ending Mar 2026, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 169,170 | 100.0% | S100Z1YQ |
| Cost of revenue | 149,686 | 88.5% | S100Z1YQ |
| Gross profit | 19,484 | 11.5% | S100Z1YQ |
| SG&A | 13,453 | 8.0% | S100Z1YQ |
| Operating income | 7,518 | 4.4% | S100Z1YQ |
| Pretax income | 8,974 | 5.3% | S100Z1YQ |
| Income tax | 3,788 | 2.2% | S100Z1YQ |
| Net income | 5,186 | 3.1% | S100Z1YQ |
| Net income attributable to owners | 5,332 | 3.2% | S100Z1YQ |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 89 |
| SG&A | 8 |
| Other operating | -1 |
| Operating income | 4 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 11.5% → Operating margin 4.4% → Net margin 3.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue down, profit up
Revenue growth: -1.2%; Core profit growth: +5.3%
Operating leverage (core profit growth ÷ revenue growth): -4.47×
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 | 171,217 | 169,170 | -2,047 | -1.2% |
| Gross profit | 20,504 | 19,484 | -1,020 | -5.0% |
| Operating income | 7,137 | 7,518 | 381 | +5.3% |
| Net income attributable to owners | 2,118 | 5,332 | 3,214 | +151.7% |
| Operating cash flow | 19,495 | 2,218 | -17,277 | -88.6% |
| Free cash flow | 13,094 | -11,617 | -24,711 | -188.7% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 88,639 | 9,246 | 10.4% | 4,515 | 6,511 | -8,962 | S100LMOX |
| FY ending Mar 2021 | 141,885 | 15,720 | 11.1% | 6,285 | 18,704 | 16,088 | S100OHPV |
| FY ending Mar 2022 | 230,502 | 12,498 | 5.4% | 9,653 | 13,312 | -595 | S100R41H |
| FY ending Mar 2023 | 296,312 | 14,823 | 5.0% | 9,131 | 21,489 | 20,122 | S100TT84 |
| FY ending Mar 2024 | 244,977 | -21,949 | -9.0% | -21,347 | -22,701 | -25,768 | S100W4K8 |
| FY ending Mar 2025 | 171,217 | 7,137 | 4.2% | 2,118 | 19,495 | 13,094 | S100Z1YQ |
| FY ending Mar 2026 | 169,170 | 7,518 | 4.4% | 5,332 | 2,218 | -11,617 | S100Z1YQ |

## People and productivity（FY ending Mar 2026, consolidated, IFRS）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥560.2M |
| Operating income per employee (consolidated) | ¥24.9M |
| Net income per employee (consolidated) | ¥17.7M |

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) | 214 | 263 | 269 | 284 | 302 |
| Average salary (parent company) | ¥10.4M | ¥8.7M | ¥9.1M | ¥8.4M | ¥8.9M |
| Average age (parent company) | 42.4 years | 41.5 years | 42.0 years | 37.6 years | 38.9 years |
| Average tenure (parent company) | 4.7 years | 4.5 years | 4.7 years | 4.2 years | 4.9 years |

Year over year: Employees (consolidated) +6.3% · Revenue (consolidated) -1.2%

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 2,218 | 1.3% | S100Z1YQ |
| Capital expenditure | 13,835 | 8.2% | S100Z1YQ |
| Free cash flow | -11,617 | -6.9% | 算出 |
| Investing cash flow | -15,855 | -9.4% | S100Z1YQ |
| Financing cash flow | 7,164 | 4.2% | S100Z1YQ |
| Dividends paid | 858 | 0.5% | S100Z1YQ |
| Change in cash | -6,043 | -3.6% | S100Z1YQ |
| Cash and equivalents | 27,569 | 16.3% | S100Z1YQ |

## 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 | 26,799 | 33,488 | 19,670 | 33,613 | 27,569 | S100TT84, S100W4K8, S100Z1YQ |
| Total assets | 157,159 | 176,356 | 148,611 | 153,382 | 170,095 | S100R41H, S100W4K8, S100Z1YQ |
| Net assets | 66,820 | 72,232 | 55,601 | 72,480 | 77,663 | S100TT84, S100W4K8, S100Z1YQ |
| Share capital | 11,242 | 11,313 | 11,362 | 18,346 | 18,381 | S100R41H, S100W4K8, S100Z1YQ |
| Property, plant and equipment | 60,832 | 57,373 | 34,618 | 35,255 | 43,551 | S100R41H, S100W4K8, S100Z1YQ |
| Intangible assets excluding goodwill | 4,656 | 5,701 | 4,428 | — | — | S100R41H, S100TT84 |
| Goodwill | 2,934 | 3,943 | 3,078 | 708 | 708 | S100R41H, S100W4K8, S100Z1YQ |
| Investment securities | 2,554 | 2,681 | 3,666 | — | — | S100R41H, S100TT84 |
| Current assets | 69,450 | 79,320 | 66,848 | 65,521 | 63,824 | S100R41H, S100W4K8, S100Z1YQ |
| Current liabilities | 42,955 | 48,400 | 41,411 | — | — | S100R41H, S100TT84 |
| Short-term borrowings | 8,840 | 9,440 | 14,830 | — | — | S100R41H, S100TT84 |
| Long-term borrowings | 39,426 | 35,345 | 26,913 | — | — | S100R41H, S100TT84 |
| Bonds | — | 5,000 | 11,000 | — | — | S100TT84 |
| Interest-bearing debt | — | 49,785 | 52,743 | — | — | 算出 |
| Total liabilities | 90,338 | 104,124 | 93,009 | 80,901 | 92,431 | S100R41H, S100W4K8, S100Z1YQ |
| Non-controlling interests | 11,104 | 11,939 | 7,728 | — | — | S100R41H, S100TT84 |
| Equity attributable to owners of parent | 49,844 | 60,620 | 48,104 | 64,144 | 70,388 | S100R41H, S100W4K8, S100Z1YQ |
| Retained earnings | 28,487 | 35,797 | 13,283 | 15,381 | 20,517 | S100R41H, S100W4K8, S100Z1YQ |
| Treasury stock | -124 | -124 | -124 | -124 | -113 | S100R41H, S100W4K8, S100Z1YQ |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 16% | S100Z1YQ |
| Property, plant and equipment | 26% | S100Z1YQ |
| Intangibles and goodwill | 0% | — |
| Other assets | 58% | S100Z1YQ |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 54% | S100Z1YQ |
| Equity | 46% | S100Z1YQ |
| Other liabilities | 0% | S100Z1YQ |

### 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 | 157,159 | 176,356 | 148,611 | 153,382 | 170,095 |
| Equity | 66,820 | 72,232 | 55,601 | 72,480 | 77,663 |
| Interest-bearing debt | — | 49,785 | 52,743 | — | — |
| Cash | 26,799 | 33,488 | 19,670 | 33,613 | 27,569 |

## 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) | 25.7% | S100Z1YQ |
| Fixed assets ÷ total assets | 25.6% | S100Z1YQ |
| Goodwill ÷ parent equity | 1.0% | S100Z1YQ |

Goodwill over 4 years: 2,934 → 708 JPY; total investing cash flow: -65,497 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) | 16.2% |
| Cash ÷ revenue | 16.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 29.5% |
| Cash vs. profit gap | -3,114 JPY mn (of net income -58.4%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 16.1% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 8.2% |
| Investing CF relative to operating CF | 714.8% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 4.2% | 1.47× | 6.1% | 3.15× | 19.4% | S100R41H |
| 2023 | 3.1% | 1.78× | 5.5% | 3.02× | 16.5% | S100TT84, S100W4K8 |
| 2024 | — | —× | -13.1% | —× | — | S100W4K8 |
| 2025 | 1.2% | 1.13× | 1.4% | 2.69× | 3.8% | S100Z1YQ |
| 2026 | 3.2% | 1.05× | 3.3% | 2.40× | 7.9% | S100Z1YQ |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| UH Partners ３投資事業有限責任組合 | Major shareholder | 8.5% | 2026-03-31 |
| DAIWA CM SINGAPORE LTDーNOMINEE HIKARI TSUSHIN INVESTMENTS ASIA PTE LTD （常任代理人 大和証券株式会社） | Major shareholder | 6.8% | 2026-03-31 |
| JFEエンジニアリング株式会社 | Major shareholder | 5.6% | 2026-03-31 |
| 戸田建設株式会社 | Major shareholder | 5.6% | 2026-03-31 |
| KISCO株式会社 | Major shareholder | 5.1% | 2026-03-31 |
| 東日本旅客鉄道株式会社 | Major shareholder | 4.7% | 2026-03-31 |
| 株式会社クラフティア | Major shareholder | 4.6% | 2026-03-31 |
| 株式会社UH６ | Major shareholder | 4.5% | 2026-03-31 |
| 上田八木短資株式会社 | Major shareholder | 4.2% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 4.1% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 訂正有価証券報告書－第28期(2025/04/01－2026/03/31) | S100Z1YQ | 2026-09-14 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Z1YQ,, |
| 有価証券報告書－第27期(2024/04/01－2025/03/31) | S100W4K8 | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W4K8,, |
| 有価証券報告書－第26期(2023/04/01－2024/03/31) | S100TT84 | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TT84,, |
| 有価証券報告書－第25期(2022/04/01－2023/03/31) | S100R41H | 2023-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R41H,, |
| 有価証券報告書－第24期(令和3年4月1日－令和4年3月31日) | S100OHPV | 2022-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OHPV,, |
| 有価証券報告書－第23期(令和2年4月1日－令和3年3月31日) | S100LMOX | 2021-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LMOX,, |

## 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).