# ETS Group Co.,Ltd.: business model and financials

> Latest period: FY ending Sep 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第1期(2024/10/01－2025/09/30) (S100XCCN)
> Page: https://vizora.meequs.com/en/company/ets-group
> Retrieved: 2026-09-30T20:48:14.865Z

## Company

ETS Group, founded in 2024, is a company in Plant Engineering & Building Services listed on TSE Standard. It has 241 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | ETS Group Co., Ltd. |
| Ticker | 253A |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/253A.T) |
| Listing | TSE Standard |
| Head office | 東京都豊島区南池袋一丁目10番13号 |
| Representative (per filing) | 代表取締役社長 上江洲 剛 |
| Founded | Oct 2024 |
| Share capital | ¥50M |
| Employees (consolidated) | 241 |
| Fiscal year end | September |
| Website | ets-group.co.jp (https://ets-group.co.jp/) |
| Corporate number | 4013301053182 |
| EDINET | E39677 |
| Industries (Vizora) | Plant Engineering & Building Services, Real Estate Brokerage & Management |

> Profile source: annual securities report (S100XCCN, filed 2025-12-26). As of filing

## Five-axis industry profile

Primary industry: Plant Engineering & Building Services (2025-09-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 23 | 76 |
| Cash conversion | 2 | 74 |
| Efficiency | 80.9 | 76 |
| Financial strength | 27.8 | 9 |

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 85% of ETS Group's sales come from Electrical construction, with Real estate-related segment and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥6 is left as operating profit.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥11.3B |  |
| Operating income | ¥717.5M | Margin 6.4% |
| Net income | ¥466.4M | Margin 4.1% |
| Free cash flow | -¥1.17B |  |
| Largest business | Electrical construction | of segment revenue 84.8% |
| Employees (consolidated) | 241 |  |
| EPS | ¥15.11 |  |
| Book value per share | ¥480 |  |
| Equity ratio | 37.2% |  |
| Shares outstanding | 6,368,000 |  |
| Shareholders | 4,675 |  |
| Cash ratio | 17.4% | Net cash -¥1.1B · Cash ÷ revenue 14.3% |
| Vs. industry median margin | -2.7 pp | Plant Engineering & Building Services |
| ROE | 12.9% | Derived from disclosed figures |
| ROA | 5.0% | Derived from disclosed figures |

## Notable figures

- FY2025, one segment accounts for 77% of positive segment profit

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Electrical construction | — | — | ¥9548950000 | 5.4% | 2 |
| Real estate-related segment | — | — | ¥1685675000 | 9.2% | 2 |
| Other | — | — | ¥26552000 | -55.9% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 11,261 | 100.0% | S100XCCN |
| Cost of revenue | 9,538 | 84.7% | S100XCCN |
| Gross profit | 1,723 | 15.3% | S100XCCN |
| SG&A | 1,005 | 8.9% | S100XCCN |
| Operating income | 717 | 6.4% | S100XCCN |
| Ordinary income | 691 | 6.1% | S100XCCN |
| Pretax income | 689 | 6.1% | S100XCCN |
| Income tax | 223 | 2.0% | S100XCCN |
| Net income | 466 | 4.1% | S100XCCN |
| Net income attributable to owners | 466 | 4.1% | S100XCCN |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 85 |
| SG&A | 9 |
| Operating income | 6 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 15.3% → Operating margin 6.4% → Net margin 4.1%
Derived from reported figures (DERIVED).

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥46.7M |
| Operating income per employee (consolidated) | ¥3M |
| Net income per employee (consolidated) | ¥1.9M |

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

| History | FY ending Sep 2025 |
| --- | ---: |
| Employees (consolidated) | 241 |
| Average salary (parent company) | — |
| Average age (parent company) | — |
| Average tenure (parent company) | — |

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Electrical construction | 9,549 | 84.8% | 515 | 5.4% |
| Real estate-related segment | 1,686 | 15.0% | 156 | 9.2% |
| Other | 27 | 0.2% | -15 | -55.9% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Electrical construction | 84.8% | 76.8% | -8.0 | 5.4% |
| Real estate-related segment | 15.0% | 23.2% | 8.2 | 9.2% |
| Other | 0.2% | — | — | -55.9% |

Loss-making segment (excluded from profit shares): Other -15 JPY mn

Segment → industry: Electrical construction → Plant Engineering & Building Services / Real estate-related segment → Real Estate Brokerage & Management

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -1,061 | -9.4% | S100XCCN |
| Capital expenditure | 110 | 1.0% | S100XCCN |
| Free cash flow | -1,171 | -10.4% | 算出 |
| Investing cash flow | 235 | 2.1% | S100XCCN |
| Financing cash flow | 791 | 7.0% | S100XCCN |
| Dividends paid | 51 | 0.5% | S100XCCN |
| Share buyback | 0 | 0.0% | S100XCCN |
| Change in cash | -35 | -0.3% | S100XCCN |
| Cash and equivalents | 1,611 | 14.3% | S100XCCN |

## 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 Sep 2025 | Source |
| --- | ---: | ---: |
| Cash and equivalents | 1,611 | S100XCCN |
| Total assets | 9,269 | S100XCCN |
| Net assets | 3,445 | S100XCCN |
| Share capital | 50 | S100XCCN |
| Property, plant and equipment | 1,957 | S100XCCN |
| Intangible assets excluding goodwill | 4 | S100XCCN |
| Investment securities | 22 | S100XCCN |
| Current assets | 6,894 | S100XCCN |
| Current liabilities | 4,294 | S100XCCN |
| Short-term borrowings | 1,600 | S100XCCN |
| Long-term borrowings | 278 | S100XCCN |
| Bonds | 830 | S100XCCN |
| Interest-bearing debt | 2,708 | 算出 |
| Total liabilities | 5,825 | S100XCCN |
| Equity attributable to owners of parent | 3,612 | S100XCCN |
| Retained earnings | 1,860 | S100XCCN |
| Treasury stock | 0 | S100XCCN |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 18% | S100XCCN |
| Property, plant and equipment | 21% | S100XCCN |
| Intangibles and goodwill | 0% | S100XCCN |
| Investment securities | 0% | S100XCCN |
| Other assets | 61% | S100XCCN |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Interest-bearing debt | 29% | 算出 |
| Other liabilities | 34% | S100XCCN |
| Equity | 37% | S100XCCN |
| Other liabilities | 0% | S100XCCN |

## 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) | 17.4% | S100XCCN |
| Fixed assets ÷ total assets | 21.1% | S100XCCN |
| Goodwill ÷ parent equity | — | —, S100XCCN |

### 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) | 17.4% |
| Cash ÷ revenue | 14.3% |
| Net cash (cash − interest-bearing debt) | -¥1.1B |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -147.9% |
| Cash vs. profit gap | -1,528 JPY mn (of net income -327.6%) |
| Shareholder returns / net income | 10.9% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 10.9% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 1.0% |
| Investing CF relative to operating CF | — |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2025 | 4.1% | 1.21× | 5.0% | 2.57× | 12.9% | S100XCCN |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| アムス・インターナショナル株式会社 | Major shareholder | 29.2% | 2025-09-30 |
| 德原 榮輔 | Major shareholder | 14.1% | 2025-09-30 |
| アムス・エステート株式会社 | Major shareholder | 4.7% | 2025-09-30 |
| ハウス建装株式会社 | Major shareholder | 4.7% | 2025-09-30 |
| アムスホテル館山株式会社 | Major shareholder | 4.7% | 2025-09-30 |
| アムスグループホールディングス株式会社 | Major shareholder | 4.7% | 2025-09-30 |
| 株式会社ＳＢＩ証券 | Major shareholder | 1.7% | 2025-09-30 |
| 片山 善博 | Major shareholder | 0.8% | 2025-09-30 |
| 阿曽 康弘 | Major shareholder | 0.7% | 2025-09-30 |
| ＭＳＩＰ ＣＬＩＥＮＴ ＳＥＣＵＲＩＴＩＥＳ （常任代理人：モルガン・スタンレーＭＵＦＧ証券株式会社） | Major shareholder | 0.6% | 2025-09-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第1期(2024/10/01－2025/09/30) | S100XCCN | 2025-12-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XCCN,, |

## 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).