# FIT-EASY: business model and financials

> Latest period: FY ending Oct 2025, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第8期(2024/11/01－2025/10/31) (S100XHWN)
> Page: https://vizora.meequs.com/en/company/fit-easy
> Retrieved: 2026-09-30T21:01:56.889Z

## Company

Fit-Easy, founded in 2018, is a company in Sporting Goods & Fitness listed on TSE Prime. It has 65 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | FIT EASY Inc. |
| Ticker | 212A |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/212A.T) |
| Listing | TSE Prime |
| Head office | 岐阜県岐阜市本町三丁目2番地1 |
| Representative (per filing) | 代表取締役社長 國江 仙嗣 |
| Founded | Jul 2018 |
| Share capital | ¥1.36B |
| Employees (consolidated) | 65 |
| Average salary (parent only) | ¥5.7M |
| Fiscal year end | October |
| Website | fiteasy.co.jp (https://fiteasy.co.jp/) |
| Corporate number | 3200001035344 |
| EDINET | E39732 |
| Industries (Vizora) | Sporting Goods & Fitness |

> Profile source: annual securities report (S100XHWN, filed 2026-01-29). As of filing

## Five-axis industry profile

Primary industry: Sporting Goods & Fitness (2025-10-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 97.2 | 18 |
| Profitability | 92.5 | 20 |
| Cash conversion | 32.4 | 17 |
| Efficiency | 62.5 | 20 |

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)

- Fit-Easy brought in ¥9.73B in revenue.
- Out of every ¥100 of sales, about ¥24 is left as operating profit.
- Revenue changed +45.8% from the prior year, operating profit +41.7%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥9731508000 → ¥1528819000
- Net income → operating cash flow: ¥1528819000 → ¥1354668000（difference ¥-174151000）
- Main uses of operating cash flow: CapEx ¥888238000 / dividends ¥316800000 / buybacks —
- Change in cash: ¥773449000
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 | ¥9.73B |  |
| Operating income | ¥2.31B | Margin 23.8% |
| Net income | ¥1.53B | Margin 15.7% |
| Free cash flow | ¥466.4M |  |
| Employees (consolidated) | 65 |  |
| EPS | ¥96.11 |  |
| Diluted EPS | ¥93.26 |  |
| Book value per share | ¥355.94 |  |
| Equity ratio | 58.4% |  |
| Shares outstanding | 16,520,250 |  |
| Shareholders | 9,983 |  |
| Average salary (parent only) | ¥5.7M | Filing company only |
| Cash ratio | 32.5% | Cash ÷ revenue 33.6% |
| Vs. industry median margin | +18.1 pp | Sporting Goods & Fitness |
| ROE | 34.5% | Derived from disclosed figures |
| ROA | 19.2% | Derived from disclosed figures |

## Notable figures

- FY2025, cash is 33% of total assets

## What changed in 2 years

| Metric | FY ending Oct 2023 | FY ending Oct 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥4481348000 | ¥9731508000 | +117.2% |
| Operating income | ¥1113356000 | ¥2311797000 | +107.6% |
| Operating margin | 24.8% | 23.8% | -1.1 pp |
| Employees | 32 people | 65 people | +103.1% |
| Cash and equivalents | ¥1346168000 | ¥3274133000 | +143.2% |

### Change in segment revenue mix

Span: FY ending Oct 2023 → FY ending Oct 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 9,732 | 100.0% | S100XHWN |
| Cost of revenue | 6,278 | 64.5% | S100XHWN |
| Gross profit | 3,454 | 35.5% | S100XHWN |
| SG&A | 1,142 | 11.7% | S100XHWN |
| Operating income | 2,312 | 23.8% | S100XHWN |
| Ordinary income | 2,318 | 23.8% | S100XHWN |
| Pretax income | 2,318 | 23.8% | S100XHWN |
| Income tax | 789 | 8.1% | S100XHWN |
| Net income | 1,529 | 15.7% | S100XHWN |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 64 |
| SG&A | 12 |
| Operating income | 24 |
| (Ref.) Net income | 16 |

### Margin funnel

Gross margin 35.5% → Operating margin 23.8% → Net margin 15.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +45.8%; Core profit growth: +41.7%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.91×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 6,673 | 9,732 | 3,058 | +45.8% |
| Gross profit | 2,333 | 3,454 | 1,121 | +48.0% |
| Operating income | 1,632 | 2,312 | 680 | +41.7% |
| Operating cash flow | 1,758 | 1,355 | -403 | -22.9% |
| Free cash flow | 1,310 | 466 | -843 | -64.4% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Oct 2023 | 4,481 | 1,113 | 24.8% | 722 | 1,145 | 658 | S100WRFT |
| FY ending Oct 2024 | 6,673 | 1,632 | 24.5% | 1,082 | 1,758 | 1,310 | S100XHWN |
| FY ending Oct 2025 | 9,732 | 2,312 | 23.8% | 1,529 | 1,355 | 466 | S100XHWN |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥149.7M |
| Operating income per employee (consolidated) | ¥35.6M |
| Net income per employee (consolidated) | ¥23.5M |

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

| History | FY ending Oct 2023 | FY ending Oct 2024 | FY ending Oct 2025 |
| --- | ---: | ---: | ---: |
| Employees (consolidated) | 32 | 47 | 65 |
| Average salary (parent company) | — | ¥5.3M | ¥5.7M |
| Average age (parent company) | — | 35.6 years | 34.7 years |
| Average tenure (parent company) | — | 2.2 years | 2.3 years |

Year over year: Employees (consolidated) +38.3% · Revenue (consolidated) +45.8%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 1,355 | 13.9% | S100XHWN |
| Capital expenditure | 888 | 9.1% | S100XHWN |
| Free cash flow | 466 | 4.8% | 算出 |
| Investing cash flow | -1,671 | -17.2% | S100XHWN |
| Financing cash flow | 1,090 | 11.2% | S100XHWN |
| Dividends paid | 317 | 3.3% | S100XHWN |
| Change in cash | 773 | 7.9% | S100XHWN |
| Cash and equivalents | 3,274 | 33.6% | S100XHWN |

## 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 Oct 2023 | FY ending Oct 2024 | FY ending Oct 2025 | Source |
| --- | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,346 | 2,501 | 3,274 | S100XHWN |
| Total assets | 4,107 | 5,867 | 10,064 | S100WRFT, S100XHWN |
| Net assets | 1,074 | 2,976 | 5,880 | S100XHWN |
| Share capital | 100 | 510 | 1,356 | S100WRFT, S100XHWN |
| Property, plant and equipment | 1,164 | 1,220 | 1,937 | S100WRFT, S100XHWN |
| Intangible assets excluding goodwill | 4 | 8 | 156 | S100WRFT, S100XHWN |
| Current assets | 2,184 | 3,772 | 6,022 | S100WRFT, S100XHWN |
| Current liabilities | 1,398 | 1,764 | 2,872 | S100WRFT, S100XHWN |
| Long-term borrowings | 720 | 157 | 83 | S100WRFT, S100XHWN |
| Bonds | 385 | 270 | 155 | S100WRFT, S100XHWN |
| Total liabilities | 3,033 | 2,891 | 4,183 | S100WRFT, S100XHWN |
| Equity attributable to owners of parent | 1,074 | 2,976 | 5,880 | S100WRFT, S100XHWN |
| Retained earnings | 924 | 2,006 | 3,218 | S100WRFT, S100XHWN |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 32% | S100XHWN |
| Property, plant and equipment | 19% | S100XHWN |
| Intangibles and goodwill | 2% | S100XHWN |
| Other assets | 47% | S100XHWN |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 42% | S100XHWN |
| Equity | 58% | S100XHWN |
| Other liabilities | 0% | S100XHWN |

### Balance sheet history

| Metric | FY ending Oct 2023 | FY ending Oct 2024 | FY ending Oct 2025 |
| --- | ---: | ---: | ---: |
| Total assets | 4,107 | 5,867 | 10,064 |
| Equity | 1,074 | 2,976 | 5,880 |
| Interest-bearing debt | — | — | — |
| Cash | 1,346 | 2,501 | 3,274 |

## 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) | 19.9% | S100XHWN |
| Fixed assets ÷ total assets | 19.2% | S100XHWN |
| Goodwill ÷ parent equity | — | —, S100XHWN |

### 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) | 32.5% |
| Cash ÷ revenue | 33.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 58.6% |
| Cash vs. profit gap | -174 JPY mn (of net income -11.4%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 20.7% |
| Shareholder payments — dividends / FCF | 67.9% |
| CapEx intensity (capex ÷ revenue) | 9.1% |
| Investing CF relative to operating CF | 123.4% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2023 | 16.1% | 1.09× | 17.6% | 3.82× | 67.3% | S100WRFT |
| 2024 | 16.2% | 1.34× | 21.7% | 2.46× | 53.4% | S100XHWN |
| 2025 | 15.7% | 1.22× | 19.2% | 1.80× | 34.5% | S100XHWN |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社オリーブ | Major shareholder | 45.4% | 2025-10-31 |
| 國江 仙嗣 | Major shareholder | 8.6% | 2025-10-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 2.4% | 2025-10-31 |
| 中森 勇樹 | Major shareholder | 1.3% | 2025-10-31 |
| 國江 紀久 | Major shareholder | 1.2% | 2025-10-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 0.9% | 2025-10-31 |
| 野村信託銀行株式会社（投信口） | Major shareholder | 0.9% | 2025-10-31 |
| ＢＮＹ ＧＣＭ ＣＬＩＥＮＴ ＡＣＣＯＵＮＴ ＪＰＲＤ ＡＣ ＩＳＧ （ＦＥ－ＡＣ） （常任代理人 株式会社三菱ＵＦＪ銀行） | Major shareholder | 0.9% | 2025-10-31 |
| セントラル短資株式会社 | Major shareholder | 0.9% | 2025-10-31 |
| 深井 大 | Major shareholder | 0.8% | 2025-10-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第8期(2024/11/01－2025/10/31) | S100XHWN | 2026-01-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XHWN,, |
| 訂正有価証券報告書－第7期(2023/11/01－2024/10/31) | S100WRFT | 2025-09-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WRFT,, |

## 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).