# FP Partner 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16期(2024/12/01－2025/11/30) (S100XN8S)
> Page: https://vizora.meequs.com/en/company/fp-partner
> Retrieved: 2026-09-30T20:24:13.193Z

## Company

FP Partner, founded in 2009, is a company in Non-life Insurance listed on TSE Prime. It has 2,601 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | FP Partner Inc. |
| Ticker | 7388 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7388.T) |
| Listing | TSE Prime |
| Head office | 東京都文京区後楽一丁目5番3号 |
| Representative (per filing) | 代表取締役社長 黒木 勉 |
| Founded | Dec 2009 |
| Share capital | ¥1.96B |
| Employees (consolidated) | 2,601 |
| Average salary (parent only) | ¥7.7M |
| Fiscal year end | November |
| Website | fpp.jp (https://fpp.jp/) |
| Corporate number | 8010001129227 |
| EDINET | E37913 |
| Industries (Vizora) | Non-life Insurance |

> Profile source: annual securities report (S100XN8S, filed 2026-02-26). As of filing

## Key points (generated from figures)

- FP Partner brought in ¥32.1B in revenue.
- Out of every ¥100 of sales, about ¥9 is left as operating profit.
- Revenue changed -9.9% from the prior year, operating profit -44.0%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥32104060000 → ¥2042386000
- Net income → operating cash flow: ¥2042386000 → ¥2260252000（difference ¥217866000）
- Main uses of operating cash flow: CapEx ¥1306442000 / dividends ¥2149762000 / buybacks —
- Change in cash: ¥-1242129000
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 | ¥32.1B |  |
| Operating income | ¥2.98B | Margin 9.3% |
| Net income | ¥2.04B | Margin 6.4% |
| Free cash flow | ¥953.8M |  |
| Employees (consolidated) | 2,601 |  |
| EPS | ¥88.79 |  |
| Diluted EPS | ¥85.67 |  |
| Book value per share | ¥508.6 |  |
| Equity ratio | 64.2% |  |
| Shares outstanding | 23,267,600 |  |
| Treasury shares | 31,100 |  |
| Shareholders | 40,572 |  |
| Average salary (parent only) | ¥7.7M | Filing company only |
| Cash ratio | 40.9% | Cash ÷ revenue 23.4% |
| Vs. industry median margin | 0 pp | Non-life Insurance |
| ROE | 17.3% | Derived from disclosed figures |
| ROA | 11.1% | Derived from disclosed figures |

## Notable figures

- FY2025, cash is 41% of total assets

## What changed in 4 years

| Metric | FY ending Nov 2021 | FY ending Nov 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥20919827000 | ¥32104060000 | +53.5% |
| Operating income | ¥1735159000 | ¥2984185000 | +72.0% |
| Operating margin | 8.3% | 9.3% | +1 pp |
| Employees | 2,076 people | 2,601 people | +25.3% |
| Cash and equivalents | ¥3086367000 | ¥7519355000 | +143.6% |

### Change in segment revenue mix

Span: FY ending Nov 2021 → 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 | 32,104 | 100.0% | S100XN8S |
| Cost of revenue | 21,431 | 66.8% | S100XN8S |
| Gross profit | 10,674 | 33.2% | S100XN8S |
| SG&A | 7,689 | 24.0% | S100XN8S |
| Operating income | 2,984 | 9.3% | S100XN8S |
| Ordinary income | 3,154 | 9.8% | S100XN8S |
| Pretax income | 3,101 | 9.7% | S100XN8S |
| Income tax | 1,059 | 3.3% | S100XN8S |
| Net income | 2,042 | 6.4% | S100XN8S |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 67 |
| SG&A | 24 |
| Operating income | 9 |
| (Ref.) Net income | 6 |

### Margin funnel

Gross margin 33.2% → Operating margin 9.3% → Net margin 6.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -9.9%; Core profit growth: -44.0%
Operating leverage (core profit growth ÷ revenue growth): 4.46×
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 | 35,618 | 32,104 | -3,513 | -9.9% |
| Gross profit | 12,150 | 10,674 | -1,476 | -12.1% |
| Operating income | 5,330 | 2,984 | -2,346 | -44.0% |
| Operating cash flow | 4,390 | 2,260 | -2,130 | -48.5% |
| Free cash flow | 2,269 | 954 | -1,315 | -58.0% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Nov 2021 | 20,920 | 1,735 | 8.3% | 1,225 | 1,940 | 1,703 | S100QAJ6 |
| FY ending Nov 2022 | 25,606 | 3,825 | 14.9% | 2,367 | 3,562 | 3,305 | S100SYXE |
| FY ending Nov 2023 | 30,560 | 5,554 | 18.2% | 3,954 | 3,915 | 3,191 | S100V7R5 |
| FY ending Nov 2024 | 35,618 | 5,330 | 15.0% | 3,903 | 4,390 | 2,269 | S100XN8S |
| FY ending Nov 2025 | 32,104 | 2,984 | 9.3% | 2,042 | 2,260 | 954 | S100XN8S |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥12.3M |
| Operating income per employee (consolidated) | ¥1.1M |
| Net income per employee (consolidated) | ¥785.2K |

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

| History | FY ending Nov 2021 | FY ending Nov 2022 | FY ending Nov 2023 | FY ending Nov 2024 | FY ending Nov 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 2,076 | 2,252 | 2,578 | 2,781 | 2,601 |
| Average salary (parent company) | — | ¥7.2M | ¥7.6M | ¥8.2M | ¥7.7M |
| Average age (parent company) | — | 45.3 years | 45.2 years | 45.6 years | 46.4 years |
| Average tenure (parent company) | — | 3.5 years | 3.6 years | 3.8 years | 4.4 years |

Year over year: Employees (consolidated) -6.5% · Revenue (consolidated) -9.9%

## 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 | 2,260 | 7.0% | S100XN8S |
| Capital expenditure | 1,306 | 4.1% | S100XN8S |
| Free cash flow | 954 | 3.0% | 算出 |
| Investing cash flow | -1,945 | -6.1% | S100XN8S |
| Financing cash flow | -1,558 | -4.9% | S100XN8S |
| Dividends paid | 2,150 | 6.7% | S100XN8S |
| Change in cash | -1,242 | -3.9% | S100XN8S |
| Cash and equivalents | 7,519 | 23.4% | S100XN8S |

## 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 2021 | FY ending Nov 2022 | FY ending Nov 2023 | FY ending Nov 2024 | FY ending Nov 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 3,086 | 8,849 | 11,960 | 8,755 | 7,519 | S100SYXE, S100V7R5, S100XN8S |
| Total assets | 7,879 | 14,266 | 19,150 | 18,526 | 18,402 | S100QAJ6, S100SYXE, S100V7R5, S100XN8S |
| Net assets | 2,702 | 8,657 | 12,647 | 11,833 | 11,821 | S100SYXE, S100V7R5, S100XN8S |
| Share capital | 100 | 1,894 | 1,913 | 1,922 | 1,955 | S100QAJ6, S100SYXE, S100V7R5, S100XN8S |
| Property, plant and equipment | 2,780 | 2,901 | 3,081 | 4,778 | 5,428 | S100QAJ6, S100SYXE, S100V7R5, S100XN8S |
| Intangible assets excluding goodwill | 266 | 228 | 527 | 575 | 791 | S100QAJ6, S100SYXE, S100V7R5, S100XN8S |
| Goodwill | 52 | — | — | — | 58 | S100QAJ6, S100XN8S |
| Investment securities | 1 | 1 | 1 | 1 | 1 | S100QAJ6, S100SYXE, S100V7R5, S100XN8S |
| Current assets | 4,058 | 10,151 | 14,311 | 11,369 | 9,905 | S100QAJ6, S100SYXE, S100V7R5, S100XN8S |
| Current liabilities | 3,439 | 4,743 | 5,666 | 5,892 | 5,359 | S100QAJ6, S100SYXE, S100V7R5, S100XN8S |
| Long-term borrowings | 1,529 | 645 | 591 | 537 | 944 | S100QAJ6, S100SYXE, S100V7R5, S100XN8S |
| Total liabilities | 5,177 | 5,609 | 6,503 | 6,693 | 6,580 | S100QAJ6, S100SYXE, S100V7R5, S100XN8S |
| Equity attributable to owners of parent | 2,695 | 8,650 | 12,642 | 11,828 | 11,818 | S100QAJ6, S100SYXE, S100V7R5, S100XN8S |
| Retained earnings | 2,592 | 4,959 | 8,913 | 8,247 | 8,123 | S100QAJ6, S100SYXE, S100V7R5, S100XN8S |
| Treasury stock | — | -0 | -0 | -163 | -116 | S100SYXE, S100V7R5, S100XN8S |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 41% | S100XN8S |
| Property, plant and equipment | 29% | S100XN8S |
| Intangibles and goodwill | 5% | S100XN8S |
| Investment securities | 0% | S100XN8S |
| Other assets | 25% | S100XN8S |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 36% | S100XN8S |
| Equity | 64% | S100XN8S |

### Balance sheet history

| Metric | FY ending Nov 2021 | FY ending Nov 2022 | FY ending Nov 2023 | FY ending Nov 2024 | FY ending Nov 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 7,879 | 14,266 | 19,150 | 18,526 | 18,402 |
| Equity | 2,702 | 8,657 | 12,647 | 11,833 | 11,821 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 3,086 | 8,849 | 11,960 | 8,755 | 7,519 |

## 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) | 16.9% | S100XN8S |
| Fixed assets ÷ total assets | 29.5% | S100XN8S |
| Goodwill ÷ parent equity | 0.5% | S100XN8S |

Goodwill over 4 years: 52 → 58 JPY; total investing cash flow: -5,806 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) | 40.9% |
| Cash ÷ revenue | 23.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 75.7% |
| Cash vs. profit gap | 218 JPY mn (of net income 10.7%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 105.3% |
| Shareholder payments — dividends / FCF | 225.4% |
| CapEx intensity (capex ÷ revenue) | 4.1% |
| Investing CF relative to operating CF | 86.0% |

## 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 | 5.9% | 2.66× | 15.5% | 2.92× | 45.4% | S100QAJ6 |
| 2022 | 9.2% | 2.31× | 21.4% | 1.95× | 41.7% | S100SYXE |
| 2023 | 12.9% | 1.83× | 23.7% | 1.57× | 37.1% | S100V7R5 |
| 2024 | 11.0% | 1.89× | 20.7% | 1.54× | 31.9% | S100XN8S |
| 2025 | 6.4% | 1.74× | 11.1% | 1.56× | 17.3% | S100XN8S |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 合同会社ＦＰコンサルティング | Major shareholder | 43.0% | 2025-11-30 |
| 黒木 勉 | Major shareholder | 17.5% | 2025-11-30 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 3.8% | 2025-11-30 |
| 黒木 真澄 | Major shareholder | 2.6% | 2025-11-30 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 1.6% | 2025-11-30 |
| ＦＰパートナー従業員持株会 | Major shareholder | 0.9% | 2025-11-30 |
| 野村證券株式会社 | Major shareholder | 0.5% | 2025-11-30 |
| 米山 信之 | Major shareholder | 0.2% | 2025-11-30 |
| 株式会社日本カストディ銀行（信託口４） | Major shareholder | 0.1% | 2025-11-30 |
| 緒方 延泰 | Major shareholder | 0.1% | 2025-11-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第16期(2024/12/01－2025/11/30) | S100XN8S | 2026-02-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XN8S,, |
| 有価証券報告書－第15期(2023/12/01－2024/11/30) | S100V7R5 | 2025-02-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100V7R5,, |
| 有価証券報告書－第14期(2022/12/01－2023/11/30) | S100SYXE | 2024-02-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SYXE,, |
| 有価証券報告書－第13期(2021/12/01－2022/11/30) | S100QAJ6 | 2023-02-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QAJ6,, |

## 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).