# Financial Partners 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24期(2024/10/01－2025/09/30) (S100XBXT)
> Page: https://vizora.meequs.com/en/company/financial-partners-group
> Retrieved: 2026-09-30T21:46:03.645Z

## Company

Financial Partners Group, founded in 2001, is a company in Leasing listed on TSE Prime. It has 383 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Financial Partners Group Co.,Ltd. |
| Ticker | 7148 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7148.T) |
| Listing | TSE Prime |
| Head office | 東京都千代田区丸の内二丁目7番2号 |
| Representative (per filing) | 代表取締役社長 谷村 尚永 |
| Founded | Nov 2001 |
| Share capital | ¥3.1B |
| Employees (consolidated) | 383 |
| Average salary (parent only) | ¥10.2M |
| Fiscal year end | September |
| Website | www.fpg.jp (https://www.fpg.jp/) |
| Corporate number | 3010001086522 |
| EDINET | E24651 |
| Industries (Vizora) | Leasing, M&A Advisory, Real Estate Development & Leasing |

> Profile source: annual securities report (S100XBXT, filed 2025-12-19). As of filing

## Five-axis industry profile

Primary industry: Real Estate Development & Leasing (2025-09-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 96.7 | 75 |
| Profitability | 80.8 | 86 |
| Cash conversion | 94.5 | 82 |
| Efficiency | 59.9 | 86 |
| Financial strength | 77 | 37 |

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 74% of Financial Partners Group's sales come from Domestic Real Estate Fund Business, with Leasing Fund Business and International Real Estate Fund Business making up much of the rest.
- Out of every ¥100 of sales, about ¥20 is left as operating profit.
- Revenue changed +20.4% from the prior year, operating profit -11.2%.

## Company structure

- Segment revenue mix: Domestic Real Estate Fund Business 74.0%、Leasing Fund Business 23.0%、International Real Estate Fund Business 2.7%、Other 0.3%
- Revenue → net income: ¥129764000000 → ¥18148000000
- Net income → operating cash flow: ¥18148000000 → ¥108246000000（difference ¥90098000000）
- Main uses of operating cash flow: CapEx ¥231000000 / dividends ¥12361000000 / buybacks ¥2100000000
- Change in cash: ¥-1719000000
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 | ¥129.8B |  |
| Operating income | ¥25.4B | Margin 19.6% |
| Net income | ¥18.2B | Margin 14.0% |
| Free cash flow | ¥108B |  |
| Largest business | Domestic Real Estate Fund Business | of segment revenue 74.0% |
| Employees (consolidated) | 383 |  |
| EPS | ¥217.95 |  |
| Book value per share | ¥694.64 |  |
| Equity ratio | 45.0% |  |
| Shares outstanding | 83,803,600 |  |
| Treasury shares | 70,200 |  |
| Shareholders | 36,019 |  |
| Average salary (parent only) | ¥10.2M | Filing company only |
| Cash ratio | 11.3% | Net cash -¥33.7B · Cash ÷ revenue 11.0% |
| Vs. industry median margin | +9.1 pp | Real Estate Development & Leasing |
| ROE | 33.1% | Derived from disclosed figures |
| ROA | 10.2% | Derived from disclosed figures |

## Notable figures

- FY2025, operating cash flow is 6.0× net income
- FY2025, revenue is 8.7× its level five years ago

## What changed in 5 years

| Metric | FY ending Sep 2020 | FY ending Sep 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥12708322000 | ¥129764000000 | +921.1% |
| Operating income | ¥1879317000 | ¥25417000000 | +1252.5% |
| Operating margin | 14.8% | 19.6% | +4.8 pp |
| Employees | 338 people | 383 people | +13.3% |
| Cash and equivalents | ¥25758000000 | ¥14321000000 | -44.4% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| ＦＰＧ → 事業再編・廃止 | 85.6% |
| ＦＰＧ ＡＭＥＮＴＵＭ → 事業再編・廃止 | 9.6% |
| ＦＰＧ信託 → 事業再編・廃止 | 0.8% |
| その他 → その他 | 0.3% |
| その他 → 事業再編・廃止 | 3.6% |
| 新設・再編 → リースファンド事業 | 23.0% |
| 新設・再編 → 国内不動産ファンド事業 | 74.0% |
| 新設・再編 → 海外不動産ファンド事業 | 2.7% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Domestic Real Estate Fund Business | 2 years | +45.9% | ¥95988000000 | — | 2 |
| Leasing Fund Business | 2 years | +16.0% | ¥29842000000 | — | 2 |
| International Real Estate Fund Business | 2 years | +11.6% | ¥3516000000 | — | 2 |
| Other | 5 years | -3.6% | ¥417000000 | — | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 129,764 | 100.0% | S100XBXT |
| Cost of revenue | 93,717 | 72.2% | S100XBXT |
| Gross profit | 36,046 | 27.8% | S100XBXT |
| SG&A | 10,628 | 8.2% | S100XBXT |
| Operating income | 25,417 | 19.6% | S100XBXT |
| Ordinary income | 26,493 | 20.4% | S100XBXT |
| Pretax income | 26,316 | 20.3% | S100XBXT |
| Income tax | 8,167 | 6.3% | S100XBXT |
| Net income | 18,148 | 14.0% | S100XBXT |
| Net income attributable to owners | 18,156 | 14.0% | S100XBXT |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 72 |
| SG&A | 8 |
| Operating income | 20 |
| (Ref.) Net income | 14 |

### Margin funnel

Gross margin 27.8% → Operating margin 19.6% → Net margin 14.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +20.4%; Core profit growth: -11.2%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -0.55×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 107,781 | 129,764 | 21,983 | +20.4% |
| Gross profit | 38,346 | 36,046 | -2,300 | -6.0% |
| Operating income | 28,633 | 25,417 | -3,216 | -11.2% |
| Net income attributable to owners | 20,457 | 18,156 | -2,301 | -11.2% |
| Operating cash flow | -29,266 | 108,246 | 137,512 | — |
| Free cash flow | -30,318 | 108,015 | 138,333 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Sep 2019 | 26,596 | 14,433 | 54.3% | 10,035 | -24,841 | -24,907 | S100KFEA |
| FY ending Sep 2020 | 12,708 | 1,879 | 14.8% | 1,136 | 12,195 | 12,127 | S100N5ES |
| FY ending Sep 2021 | 14,924 | 5,233 | 35.1% | 2,946 | 26,658 | 26,531 | S100PURU |
| FY ending Sep 2022 | 59,193 | 11,744 | 19.8% | 8,475 | -50,872 | -51,159 | S100SJ1U |
| FY ending Sep 2023 | 71,149 | 18,265 | 25.7% | 12,466 | 4,774 | -4,593 | S100UZOM |
| FY ending Sep 2024 | 107,781 | 28,633 | 26.6% | 20,457 | -29,266 | -30,318 | S100XBXT |
| FY ending Sep 2025 | 129,764 | 25,417 | 19.6% | 18,156 | 108,246 | 108,015 | S100XBXT |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥338.8M |
| Operating income per employee (consolidated) | ¥66.4M |
| Net income per employee (consolidated) | ¥47.4M |

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

| History | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 336 | 337 | 307 | 355 | 383 |
| Average salary (parent company) | ¥8.9M | ¥9.2M | ¥10.1M | ¥10.9M | ¥10.2M |
| Average age (parent company) | 41.5 years | 41.5 years | 41.5 years | 41.2 years | 41.4 years |
| Average tenure (parent company) | 4.5 years | 4.7 years | 4.9 years | 5.1 years | 4.9 years |

Year over year: Employees (consolidated) +7.9% · Revenue (consolidated) +20.4%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Leasing Fund Business | 29,842 | 23.0% | — | — |
| Domestic Real Estate Fund Business | 95,988 | 74.0% | — | — |
| International Real Estate Fund Business | 3,516 | 2.7% | — | — |
| Other | 417 | 0.3% | — | — |

### 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 |
| --- | ---: |
| Leasing Fund Business | 23.0% |
| Domestic Real Estate Fund Business | 74.0% |
| International Real Estate Fund Business | 2.7% |
| Other | 0.3% |

Segment → industry: Leasing Fund Business → Leasing / Other → M&A Advisory / International Real Estate Fund Business → Real Estate Development & Leasing / Domestic Real Estate Fund Business → Real Estate Development & Leasing

## 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 | 108,246 | 83.4% | S100XBXT |
| Capital expenditure | 231 | 0.2% | S100XBXT |
| Free cash flow | 108,015 | 83.2% | 算出 |
| Investing cash flow | 806 | 0.6% | S100XBXT |
| Financing cash flow | -110,874 | -85.4% | S100XBXT |
| Dividends paid | 12,361 | 9.5% | S100XBXT |
| Share buyback | 2,100 | 1.6% | S100XBXT |
| Change in cash | -1,719 | -1.3% | S100XBXT |
| Cash and equivalents | 14,321 | 11.0% | S100XBXT |

## 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 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 19,414 | 11,719 | 14,584 | 16,041 | 14,321 | S100SJ1U, S100UZOM, S100XBXT |
| Total assets | 91,899 | 158,052 | 183,675 | 230,619 | 126,857 | S100PURU, S100SJ1U, S100UZOM, S100XBXT |
| Net assets | 29,391 | 36,159 | 44,298 | 53,329 | 57,186 | S100SJ1U, S100UZOM, S100XBXT |
| Share capital | 3,095 | 3,095 | 3,095 | 3,095 | 3,095 | S100PURU, S100SJ1U, S100UZOM, S100XBXT |
| Property, plant and equipment | 416 | 557 | 9,502 | 2,373 | 2,228 | S100PURU, S100SJ1U, S100UZOM, S100XBXT |
| Intangible assets excluding goodwill | 958 | 747 | 403 | 399 | 401 | S100PURU, S100SJ1U, S100UZOM, S100XBXT |
| Goodwill | 908 | 693 | 367 | 334 | 301 | S100PURU, S100SJ1U, S100UZOM, S100XBXT |
| Investment securities | 0 | 0 | 0 | 37 | 84 | S100PURU, S100SJ1U, S100UZOM, S100XBXT |
| Current assets | 85,782 | 152,737 | 168,290 | 221,673 | 119,535 | S100PURU, S100SJ1U, S100UZOM, S100XBXT |
| Current liabilities | 47,279 | 107,859 | 120,997 | 131,746 | 41,000 | S100PURU, S100SJ1U, S100UZOM, S100XBXT |
| Short-term borrowings | 28,998 | 72,842 | 75,372 | 89,145 | 19,866 | S100PURU, S100SJ1U, S100UZOM, S100XBXT |
| Long-term borrowings | 13,734 | 12,389 | 11,531 | 44,021 | 27,145 | S100PURU, S100SJ1U, S100UZOM, S100XBXT |
| Bonds | 1,000 | 1,100 | 1,100 | 1,000 | 1,000 | S100PURU, S100SJ1U, S100UZOM, S100XBXT |
| Interest-bearing debt | 43,732 | 86,331 | 88,003 | 134,166 | 48,011 | 算出 |
| Total liabilities | 62,508 | 121,892 | 139,377 | 177,290 | 69,671 | S100PURU, S100SJ1U, S100UZOM, S100XBXT |
| Non-controlling interests | 147 | 88 | 106 | 122 | 125 | S100PURU, S100SJ1U, S100UZOM, S100XBXT |
| Equity attributable to owners of parent | 29,277 | 35,970 | 44,033 | 53,047 | 56,789 | S100PURU, S100SJ1U, S100UZOM, S100XBXT |
| Retained earnings | 25,638 | 32,526 | 40,723 | 49,151 | 51,200 | S100PURU, S100SJ1U, S100UZOM, S100XBXT |
| Treasury stock | -2,457 | -2,457 | -2,457 | -1,871 | -177 | S100PURU, S100SJ1U, S100UZOM, S100XBXT |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 11% | S100XBXT |
| Property, plant and equipment | 2% | S100XBXT |
| Intangibles and goodwill | 1% | S100XBXT |
| Investment securities | 0% | S100XBXT |
| Other assets | 86% | S100XBXT |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Interest-bearing debt | 38% | 算出 |
| Other liabilities | 17% | S100XBXT |
| Equity | 45% | S100XBXT |

### Balance sheet history

| Metric | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 91,899 | 158,052 | 183,675 | 230,619 | 126,857 |
| Equity | 29,391 | 36,159 | 44,298 | 53,329 | 57,186 |
| Interest-bearing debt | 43,732 | 86,331 | 88,003 | 134,166 | 48,011 |
| Cash | 19,414 | 11,719 | 14,584 | 16,041 | 14,321 |

## 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) | 1.7% | S100XBXT |
| Fixed assets ÷ total assets | 1.8% | S100XBXT |
| Goodwill ÷ parent equity | 0.5% | S100XBXT |

Goodwill over 4 years: 908 → 301 JPY; total investing cash flow: -3,681 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) | 11.3% |
| Cash ÷ revenue | 11.0% |
| Net cash (cash − interest-bearing debt) | -¥33.7B |
| Net debt ÷ operating cash flow | 0.31× |
| Cash conversion (operating CF ÷ operating income) | 425.9% |
| Cash vs. profit gap | 90,090 JPY mn (of net income 496.2%) |
| Shareholder returns / net income | 79.6% |
| Shareholder returns / FCF | 13.4% |
| Shareholder payments — dividends / net income | 68.1% |
| Shareholder payments — dividends / FCF | 11.4% |
| CapEx intensity (capex ÷ revenue) | 0.2% |
| Investing CF relative to operating CF | 0.7% |

## 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 | 19.7% | 0.16× | 3.2% | 3.14× | 10.1% | S100PURU |
| 2022 | 14.3% | 0.47× | 6.8% | 3.83× | 26.0% | S100SJ1U |
| 2023 | 17.5% | 0.42× | 7.3% | 4.27× | 31.2% | S100UZOM |
| 2024 | 19.0% | 0.52× | 9.9% | 4.27× | 42.1% | S100XBXT |
| 2025 | 14.0% | 0.73× | 10.2% | 3.25× | 33.1% | S100XBXT |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ＨＴホールディングス株式会社 | Major shareholder | 29.0% | 2025-09-30 |
| 日本マスタートラスト信託銀行株式会社（信託口) | Major shareholder | 11.4% | 2025-09-30 |
| 株式会社日本カストディ銀行（信託口) | Major shareholder | 3.5% | 2025-09-30 |
| 谷村 尚永 | Major shareholder | 2.6% | 2025-09-30 |
| STATE STREET BANK WEST CLIENT - TREATY 505234 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.1% | 2025-09-30 |
| JP MORGAN CHASE BANK 385781 (常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 1.0% | 2025-09-30 |
| STATE STREET BANK AND TRUST COMPANY 505001 (常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 1.0% | 2025-09-30 |
| セントラル短資株式会社 | Major shareholder | 0.8% | 2025-09-30 |
| STATE STREET BANK AND TRUST COMPANY 505103 (常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 0.7% | 2025-09-30 |
| ゴールドマン・サックス証券株式会社 BNYM | Major shareholder | 0.7% | 2025-09-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第24期(2024/10/01－2025/09/30) | S100XBXT | 2025-12-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XBXT,, |
| 有価証券報告書－第23期(2023/10/01－2024/09/30) | S100UZOM | 2024-12-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UZOM,, |
| 有価証券報告書－第22期(2022/10/01－2023/09/30) | S100SJ1U | 2023-12-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SJ1U,, |
| 有価証券報告書－第21期(令和3年10月1日－令和4年9月30日) | S100PURU | 2022-12-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PURU,, |
| 訂正有価証券報告書－第20期(令和2年10月1日－令和3年9月30日) | S100N5ES | 2021-12-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100N5ES,, |
| 有価証券報告書－第19期(令和1年10月1日－令和2年9月30日) | S100KFEA | 2020-12-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KFEA,, |

## 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).