# Fitcrew Inc.: business model and financials

> Latest period: FY ending Nov 2025, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第11期(2024/12/01－2025/11/30) (S100XO08)
> Page: https://vizora.meequs.com/en/company/fitcrew
> Retrieved: 2026-09-30T21:00:29.940Z

## Company

Fitcrew, founded in 2015, is a company in Sporting Goods & Fitness listed on TSE Growth. It has 277 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Fitcrew Inc. |
| Ticker | 469A |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/469A.T) |
| Listing | TSE Growth |
| Head office | 大阪市西区靱本町一丁目13番9号 |
| Representative (per filing) | 代表取締役社長 鹿島 紘樹 |
| Founded | Jan 2015 |
| Share capital | ¥48M |
| Employees (consolidated) | 277 |
| Average salary (parent only) | ¥3.8M |
| Fiscal year end | November |
| Website | fitcrew.co.jp (https://fitcrew.co.jp/) |
| Corporate number | 6120901034938 |
| EDINET | E41055 |
| Industries (Vizora) | Sporting Goods & Fitness |

> Profile source: annual securities report (S100XO08, filed 2026-02-27). As of filing

## Five-axis industry profile

Primary industry: Sporting Goods & Fitness (2025-11-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 75 | 18 |
| Profitability | 67.5 | 20 |
| Cash conversion | 14.7 | 17 |
| Efficiency | 87.5 | 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)

- Fitcrew brought in ¥2.92B in revenue.
- Out of every ¥100 of sales, about ¥10 is left as operating profit.
- Revenue changed +19.0% from the prior year, operating profit +143.2%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥2.92B |  |
| Operating income | ¥274.7M | Margin 9.4% |
| Net income | ¥249.2M | Margin 8.5% |
| Free cash flow | -¥99.1M |  |
| Employees (consolidated) | 277 |  |
| EPS | ¥263.59 |  |
| Book value per share | ¥633.99 |  |
| Equity ratio | 32.1% |  |
| Shares outstanding | 965,487 |  |
| Treasury shares | 20,000 |  |
| Shareholders | 5 |  |
| Average salary (parent only) | ¥3.8M | Filing company only |
| Cash ratio | 30.5% | Cash ÷ revenue 19.5% |
| Vs. industry median margin | +3.8 pp | Sporting Goods & Fitness |
| ROE | 52.5% | Derived from disclosed figures |
| ROA | 13.5% | Derived from disclosed figures |

## Notable figures

- FY2025, cash is 31% of total assets

## What changed in 1 years

| Metric | FY ending Nov 2024 | FY ending Nov 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥2454420000 | ¥2920951000 | +19.0% |
| Operating income | ¥112922000 | ¥274652000 | +143.2% |
| Operating margin | 4.6% | 9.4% | +4.8 pp |
| Employees | 250 people | 277 people | +10.8% |
| Cash and equivalents | ¥816384000 | ¥570435000 | -30.1% |

### Change in segment revenue mix

Span: FY ending Nov 2024 → FY ending Nov 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 2,921 | 100.0% | S100XO08 |
| Cost of revenue | 1,760 | 60.2% | S100XO08 |
| Gross profit | 1,161 | 39.8% | S100XO08 |
| SG&A | 887 | 30.4% | S100XO08 |
| Operating income | 275 | 9.4% | S100XO08 |
| Ordinary income | 267 | 9.1% | S100XO08 |
| Pretax income | 254 | 8.7% | S100XO08 |
| Income tax | 5 | 0.2% | S100XO08 |
| Net income | 249 | 8.5% | S100XO08 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 60 |
| SG&A | 30 |
| Operating income | 10 |
| (Ref.) Net income | 9 |

### Margin funnel

Gross margin 39.8% → Operating margin 9.4% → Net margin 8.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +19.0%; Core profit growth: +143.2%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 7.53×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 2,454 | 2,921 | 467 | +19.0% |
| Gross profit | 908 | 1,161 | 253 | +27.9% |
| Operating income | 113 | 275 | 162 | +143.2% |
| Operating cash flow | 349 | -15 | -364 | -104.3% |
| Free cash flow | 217 | -99 | -316 | -145.7% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Nov 2024 | 2,454 | 113 | 4.6% | 44 | 349 | 217 | S100XO08 |
| FY ending Nov 2025 | 2,921 | 275 | 9.4% | 249 | -15 | -99 | S100XO08 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥10.5M |
| Operating income per employee (consolidated) | ¥991.5K |
| Net income per employee (consolidated) | ¥899.7K |

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

| History | FY ending Nov 2024 | FY ending Nov 2025 |
| --- | ---: | ---: |
| Employees (consolidated) | 250 | 277 |
| Average salary (parent company) | — | ¥3.8M |
| Average age (parent company) | — | 27.8 years |
| Average tenure (parent company) | — | 2.0 years |

Year over year: Employees (consolidated) +10.8% · Revenue (consolidated) +19.0%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -15 | -0.5% | S100XO08 |
| Capital expenditure | 84 | 2.9% | S100XO08 |
| Free cash flow | -99 | -3.4% | 算出 |
| Investing cash flow | -102 | -3.5% | S100XO08 |
| Financing cash flow | -129 | -4.4% | S100XO08 |
| Change in cash | -246 | -8.4% | S100XO08 |
| Cash and equivalents | 570 | 19.5% | S100XO08 |

## 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 Nov 2024 | FY ending Nov 2025 | Source |
| --- | ---: | ---: | ---: |
| Cash and equivalents | 816 | 570 | S100XO08 |
| Total assets | 1,821 | 1,869 | S100XO08 |
| Net assets | 350 | 599 | S100XO08 |
| Share capital | 48 | 48 | S100XO08 |
| Property, plant and equipment | 544 | 555 | S100XO08 |
| Intangible assets excluding goodwill | 1 | 2 | S100XO08 |
| Current assets | 1,063 | 1,013 | S100XO08 |
| Current liabilities | 856 | 744 | S100XO08 |
| Short-term borrowings | 16 | — | S100XO08 |
| Long-term borrowings | 444 | 351 | S100XO08 |
| Total liabilities | 1,470 | 1,269 | S100XO08 |
| Equity attributable to owners of parent | 350 | 599 | S100XO08 |
| Retained earnings | 78 | 327 | S100XO08 |
| Treasury stock | -24 | -24 | S100XO08 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 30% | S100XO08 |
| Property, plant and equipment | 30% | S100XO08 |
| Intangibles and goodwill | 0% | S100XO08 |
| Other assets | 40% | S100XO08 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 68% | S100XO08 |
| Equity | 32% | S100XO08 |
| Other liabilities | 0% | S100XO08 |

### Balance sheet history

| Metric | FY ending Nov 2024 | FY ending Nov 2025 |
| --- | ---: | ---: |
| Total assets | 1,821 | 1,869 |
| Equity | 350 | 599 |
| Interest-bearing debt | — | — |
| Cash | 816 | 570 |

## 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) | 19.0% | S100XO08 |
| Fixed assets ÷ total assets | 29.7% | S100XO08 |
| Goodwill ÷ parent equity | — | —, S100XO08 |

### 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) | 30.5% |
| Cash ÷ revenue | 19.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -5.4% |
| Cash vs. profit gap | -264 JPY mn (of net income -106.0%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 2.9% |
| 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2024 | 1.8% | 1.35× | 2.4% | 5.20× | 12.6% | S100XO08 |
| 2025 | 8.5% | 1.58× | 13.5% | 3.89× | 52.5% | S100XO08 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 鹿島 紘樹 | Major shareholder | 62.7% | 2025-11-30 |
| サファイア第一号投資事業有限責任組合 無限責任組合員 サファイア・キャピタル株式会社 | Major shareholder | 28.1% | 2025-11-30 |
| Social Entrepreneur３投資事業有限責任組合 無限責任組合員 PE＆HR株式会社 | Major shareholder | 7.9% | 2025-11-30 |
| 株式会社ベルパーク | Major shareholder | 1.3% | 2025-11-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第11期(2024/12/01－2025/11/30) | S100XO08 | 2026-02-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XO08,, |

## 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).