# Frontier Inc.: business model and financials

> Latest period: FY ending Nov 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第22期(2024/12/01－2025/11/30) (S100XMWH)
> Page: https://vizora.meequs.com/en/company/frontier
> Retrieved: 2026-09-30T18:04:24.806Z

## Company

Frontier, founded in 2002, is a company in Auto Parts listed on Fukuoka. It has 24 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Frontier Inc. |
| Ticker | 4250 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4250.T) |
| Listing | Fukuoka |
| Head office | 福岡市中央区天神二丁目3番36号ibbfukuoka |
| Representative (per filing) | 代表取締役社長 山田 紀之 |
| Founded | Jan 2002 |
| Share capital | ¥57.6M |
| Employees (consolidated) | 24 |
| Average salary (parent only) | ¥3.4M |
| Fiscal year end | November |
| Website | all-frontier.com (https://all-frontier.com/) |
| Corporate number | 8250001010775 |
| EDINET | E34221 |
| Industries (Vizora) | Auto Parts, Car Accessories |

> Profile source: annual securities report (S100XMWH, filed 2026-02-25). As of filing

## Five-axis industry profile

Primary industry: Car Accessories (2025-11-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 23.3 | 15 |
| Profitability | 63.3 | 15 |
| Cash conversion | 50 | 15 |
| Efficiency | 96.7 | 15 |

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 87% of Frontier's sales come from Sales of private label products, with OEM/ODM making up much of the rest.
- Out of every ¥100 of sales, about ¥7 is left as operating profit.
- Revenue changed +3.2% from the prior year, operating profit +425.0%.

## Company structure

- Segment revenue mix: Sales of private label products 86.5%、OEM/ODM 13.5%
- Revenue → net income: ¥1686930000 → ¥81966000
- Net income → operating cash flow: ¥81966000 → ¥159165000（difference ¥77199000）
- Main uses of operating cash flow: CapEx ¥15446000 / dividends ¥16281000 / buybacks —
- Change in cash: ¥-23647000
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 | ¥1.69B |  |
| Operating income | ¥123.9M | Margin 7.3% |
| Net income | ¥82M | Margin 4.9% |
| Free cash flow | ¥143.7M |  |
| Largest business | Sales of private label products | of segment revenue 86.5% |
| Employees (consolidated) | 24 |  |
| EPS | ¥56.23 |  |
| Book value per share | ¥291.7 |  |
| Equity ratio | 56.4% |  |
| Shares outstanding | 694,600 |  |
| Shareholders | 230 |  |
| Average salary (parent only) | ¥3.4M | Filing company only |
| Cash ratio | 41.4% | Cash ÷ revenue 23.4% |
| Vs. industry median margin | +1.6 pp | Car Accessories |
| ROE | 18.5% | Derived from disclosed figures |
| ROA | 8.4% | Derived from disclosed figures |

## Notable figures

- FY2025, one segment accounts for 93% of positive segment profit
- FY2025, cash is 41% of total assets

## What changed in 5 years

| Metric | FY ending Nov 2020 | FY ending Nov 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥1480873000 | ¥1686930000 | +13.9% |
| Operating income | ¥76505000 | ¥123866000 | +61.9% |
| Operating margin | 5.2% | 7.3% | +2.2 pp |
| Employees | 17 people | 24 people | +41.2% |
| Cash and equivalents | ¥448263000 | ¥394565000 | -12.0% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| PB販売 → PB販売 | 62.0% |
| OEM／ODM → OEM／ODM | 13.5% |
| OEM／ODM → 事業再編・廃止 | 24.5% |
| 新設・再編 → PB販売 | 24.5% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 1,687 | 100.0% | S100XMWH |
| Cost of revenue | 965 | 57.2% | S100XMWH |
| Gross profit | 722 | 42.8% | S100XMWH |
| SG&A | 598 | 35.4% | S100XMWH |
| Operating income | 124 | 7.3% | S100XMWH |
| Ordinary income | 119 | 7.0% | S100XMWH |
| Pretax income | 122 | 7.2% | S100XMWH |
| Income tax | 40 | 2.4% | S100XMWH |
| Net income | 82 | 4.9% | S100XMWH |
| Net income attributable to owners | 82 | 4.9% | S100XMWH |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 57 |
| SG&A | 36 |
| Operating income | 7 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 42.8% → Operating margin 7.3% → Net margin 4.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +3.2%; Core profit growth: +425.0%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 133.64×
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 | 1,635 | 1,687 | 52 | +3.2% |
| Gross profit | 617 | 722 | 105 | +17.0% |
| Operating income | 24 | 124 | 100 | +425.0% |
| Net income attributable to owners | 27 | 82 | 55 | +200.4% |
| Operating cash flow | 144 | 159 | 15 | +10.4% |
| Free cash flow | 136 | 144 | 8 | +5.9% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Nov 2020 | 1,481 | 77 | 5.2% | 61 | 114 | 113 | S100NL3V |
| FY ending Nov 2021 | 1,677 | 86 | 5.1% | 66 | -20 | -40 | S100QB2E |
| FY ending Nov 2022 | 1,918 | 61 | 3.2% | 39 | -36 | -96 | S100SXZG |
| FY ending Nov 2023 | 2,161 | 113 | 5.2% | 82 | 49 | 18 | S100VBMP |
| FY ending Nov 2024 | 1,635 | 24 | 1.4% | 27 | 144 | 136 | S100XMWH |
| FY ending Nov 2025 | 1,687 | 124 | 7.3% | 82 | 159 | 144 | S100XMWH |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥70.3M |
| Operating income per employee (consolidated) | ¥5.2M |
| Net income per employee (consolidated) | ¥3.4M |

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) | 17 | 19 | 25 | 23 | 24 |
| Average salary (parent company) | ¥3.9M | ¥4.1M | ¥3.6M | ¥3.5M | ¥3.4M |
| Average age (parent company) | 42.8 years | 42.0 years | 41.0 years | 41.9 years | 42.0 years |
| Average tenure (parent company) | 5.9 years | 6.1 years | 5.2 years | 5.2 years | 5.7 years |

Year over year: Employees (consolidated) +4.3% · Revenue (consolidated) +3.2%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Sales of private label products | 1,460 | 86.5% | 239 | 16.4% |
| OEM/ODM | 227 | 13.5% | 17 | 7.4% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Sales of private label products | 86.5% | 93.4% | 6.9 | 16.4% |
| OEM/ODM | 13.5% | 6.6% | -6.9 | 7.4% |

Segment → industry: OEM/ODM → Auto Parts / OEM/ODM → Car Accessories / Sales of private label products → Car Accessories

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 159 | 9.4% | S100XMWH |
| Capital expenditure | 15 | 0.9% | S100XMWH |
| Free cash flow | 144 | 8.5% | 算出 |
| Investing cash flow | -8 | -0.5% | S100XMWH |
| Financing cash flow | -178 | -10.6% | S100XMWH |
| Dividends paid | 16 | 1.0% | S100XMWH |
| Change in cash | -24 | -1.4% | S100XMWH |
| Cash and equivalents | 395 | 23.4% | S100XMWH |

## 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 | 436 | 418 | 466 | 418 | 395 | S100SXZG, S100VBMP, S100XMWH |
| Total assets | 946 | 1,005 | 1,155 | 1,006 | 954 | S100QB2E, S100SXZG, S100VBMP, S100XMWH |
| Net assets | 302 | 367 | 438 | 465 | 538 | S100SXZG, S100VBMP, S100XMWH |
| Share capital | 51 | 58 | 58 | 58 | 58 | S100QB2E, S100SXZG, S100VBMP, S100XMWH |
| Property, plant and equipment | 34 | 77 | 88 | 81 | 75 | S100QB2E, S100SXZG, S100VBMP, S100XMWH |
| Intangible assets excluding goodwill | 1 | 1 | 2 | 1 | 1 | S100QB2E, S100SXZG, S100VBMP, S100XMWH |
| Current assets | 905 | 919 | 1,060 | 914 | 866 | S100QB2E, S100SXZG, S100VBMP, S100XMWH |
| Current liabilities | 475 | 440 | 501 | 363 | 280 | S100QB2E, S100SXZG, S100VBMP, S100XMWH |
| Short-term borrowings | 305 | 350 | 374 | 221 | 100 | S100QB2E, S100SXZG, S100VBMP, S100XMWH |
| Long-term borrowings | 164 | 194 | 210 | 171 | 128 | S100QB2E, S100SXZG, S100VBMP, S100XMWH |
| Total liabilities | 644 | 638 | 717 | 542 | 416 | S100QB2E, S100SXZG, S100VBMP, S100XMWH |
| Equity attributable to owners of parent | 292 | 330 | 394 | 411 | 476 | S100QB2E, S100SXZG, S100VBMP, S100XMWH |
| Retained earnings | 209 | 235 | 299 | 316 | 381 | S100QB2E, S100SXZG, S100VBMP, S100XMWH |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 41% | S100XMWH |
| Property, plant and equipment | 8% | S100XMWH |
| Intangibles and goodwill | 0% | S100XMWH |
| Other assets | 51% | S100XMWH |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 44% | S100XMWH |
| Equity | 56% | S100XMWH |
| Other liabilities | 0% | S100XMWH |

### 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 | 946 | 1,005 | 1,155 | 1,006 | 954 |
| Equity | 302 | 367 | 438 | 465 | 538 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 436 | 418 | 466 | 418 | 395 |

## 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) | 4.4% | S100XMWH |
| Fixed assets ÷ total assets | 7.8% | S100XMWH |
| Goodwill ÷ parent equity | — | —, S100XMWH |

### 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) | 41.4% |
| Cash ÷ revenue | 23.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 128.5% |
| Cash vs. profit gap | 77 JPY mn (of net income 94.2%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 19.9% |
| Shareholder payments — dividends / FCF | 11.3% |
| CapEx intensity (capex ÷ revenue) | 0.9% |
| Investing CF relative to operating CF | 5.0% |

## 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 | 3.9% | 1.77× | 7.0% | 3.24× | 22.6% | S100QB2E |
| 2022 | 2.0% | 1.97× | 4.0% | 3.14× | 12.6% | S100SXZG |
| 2023 | 3.8% | 2.00× | 7.6% | 2.98× | 22.5% | S100VBMP |
| 2024 | 1.7% | 1.51× | 2.5% | 2.69× | 6.8% | S100XMWH |
| 2025 | 4.9% | 1.72× | 8.4% | 2.21× | 18.5% | S100XMWH |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 山田 紀之 | Major shareholder | 49.1% | 2025-11-30 |
| 立石 直孝 | Major shareholder | 15.0% | 2025-11-30 |
| 若杉 精三郎 | Major shareholder | 4.9% | 2025-11-30 |
| 伊藤 一三 | Major shareholder | 3.5% | 2025-11-30 |
| 加賀電子株式会社 | Major shareholder | 2.9% | 2025-11-30 |
| 長弘 めぐみ | Major shareholder | 2.9% | 2025-11-30 |
| 高橋株式会社 | Major shareholder | 2.3% | 2025-11-30 |
| 佐々木 健次 | Major shareholder | 1.8% | 2025-11-30 |
| 牧野 史朗 | Major shareholder | 1.1% | 2025-11-30 |
| 津秋 浩二 | Major shareholder | 1.0% | 2025-11-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第22期(2024/12/01－2025/11/30) | S100XMWH | 2026-02-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XMWH,, |
| 有価証券報告書－第21期(2023/12/01－2024/11/30) | S100VBMP | 2025-02-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VBMP,, |
| 有価証券報告書－第20期(2022/12/01－2023/11/30) | S100SXZG | 2024-02-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SXZG,, |
| 有価証券報告書－第19期(2021/12/01－2022/11/30) | S100QB2E | 2023-02-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QB2E,, |
| 有価証券報告書－第18期(令和2年12月1日－令和3年11月30日) | S100NL3V | 2022-02-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NL3V,, |

## 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).