# FUJI UNITED HOLDINGS COMPANY,LTD.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第1期(2025/10/01－2026/03/31) (S100YGHU)
> Page: https://vizora.meequs.com/en/company/fujiunited
> Retrieved: 2026-09-30T22:22:10.682Z

## Company

Fuji United Holdings Company, founded in 2025, is a company in Electric Power & Gas listed on TSE Standard. It has 284 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | FUJI UNITED HOLDINGS COMPANY,LTD. |
| Ticker | 416A |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/416A.T) |
| Listing | TSE Standard |
| Head office | 東京都千代田区神田駿河台4丁目3番地 |
| Representative (per filing) | 代表取締役社長 兼 CEO 川崎 靖弘 |
| Founded | Oct 2025 |
| Share capital | ¥5.5B |
| Employees (consolidated) | 284 |
| Average salary (parent only) | ¥7.7M |
| Fiscal year end | March |
| Website | www.fujiunited.com (https://www.fujiunited.com/) |
| Corporate number | 2010001259038 |
| EDINET | E40727 |
| Industries (Vizora) | Electric Power & Gas, Oil Refining & Fuels, Leasing, Specialty Trading & Wholesale, Waste Management & Recycling |

> Profile source: annual securities report (S100YGHU, filed 2026-06-22). As of filing

## Five-axis industry profile

Primary industry: Oil Refining & Fuels (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 26.9 | 13 |
| Cash conversion | 50 | 11 |
| Efficiency | 96.2 | 13 |
| Financial strength | 87.5 | 4 |

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 90% of Fuji United Holdings Company's sales come from Sale Business of Oil Products, with Retail Business of the Home Fuel Oil and Rental Business of the Construction Machine making up much of the rest.
- Out of every ¥100 of sales, about ¥2 is left as operating profit.

## Company structure

- Segment revenue mix: Sale Business of Oil Products 90.5%、Retail Business of the Home Fuel Oil 3.5%、Rental Business of the Construction Machine 3.1%、Recycle Business 2.1%、Renewable energy business 0.7%
- Revenue → net income: ¥75057000000 → ¥726000000
- Net income → operating cash flow: ¥726000000 → ¥2028000000（difference ¥1302000000）
- Main uses of operating cash flow: CapEx ¥1272000000 / dividends ¥586000000 / buybacks ¥0
- Change in cash: ¥-736000000
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 | ¥75.1B |  |
| Operating income | ¥1.18B | Margin 1.6% |
| Net income | ¥726M | Margin 1.0% |
| Free cash flow | ¥756M |  |
| Largest business | Sale Business of Oil Products | of segment revenue 90.5% |
| Employees (consolidated) | 284 |  |
| EPS | ¥109.95 |  |
| Book value per share | ¥1064.74 |  |
| Equity ratio | 43.8% |  |
| Shares outstanding | 6,620,000 |  |
| Treasury shares | 20,700 |  |
| Shareholders | 8,544 |  |
| Average salary (parent only) | ¥7.7M | Filing company only |
| Cash ratio | 22.1% | Net cash ¥2.56B · Cash ÷ revenue 6.6% |
| Vs. industry median margin | -0.8 pp | Oil Refining & Fuels |
| ROE | 7.4% | Derived from disclosed figures |
| ROA | 3.2% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.8× net income
- FY2026, segment profit share differs by -46 points

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Sale Business of Oil Products | — | — | ¥67914000000 | 1.0% | 2 |
| Retail Business of the Home Fuel Oil | — | — | ¥2631000000 | 10.3% | 2 |
| Rental Business of the Construction Machine | — | — | ¥2345000000 | 14.0% | 2 |
| Recycle Business | — | — | ¥1605000000 | 16.5% | 2 |
| Renewable energy business | — | — | ¥561000000 | -31.6% | 2 |

## Income statement（FY ending Mar 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 75,057 | 100.0% | S100YGHU |
| Cost of revenue | 69,000 | 91.9% | S100YGHU |
| Gross profit | 6,057 | 8.1% | S100YGHU |
| SG&A | 4,872 | 6.5% | S100YGHU |
| Operating income | 1,184 | 1.6% | S100YGHU |
| Ordinary income | 1,187 | 1.6% | S100YGHU |
| Pretax income | 1,268 | 1.7% | S100YGHU |
| Income tax | 542 | 0.7% | S100YGHU |
| Net income | 726 | 1.0% | S100YGHU |
| Net income attributable to owners | 726 | 1.0% | S100YGHU |

## Per ¥100 of revenue（FY ending Mar 2026）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 92 |
| SG&A | 6 |
| Operating income | 2 |
| (Ref.) Net income | 1 |

### Margin funnel

Gross margin 8.1% → Operating margin 1.6% → Net margin 1.0%
Derived from reported figures (DERIVED).

## People and productivity（FY ending Mar 2026, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥264.3M |
| Operating income per employee (consolidated) | ¥4.2M |
| Net income per employee (consolidated) | ¥2.6M |

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

| History | FY ending Mar 2026 |
| --- | ---: |
| Employees (consolidated) | 284 |
| Average salary (parent company) | ¥7.7M |
| Average age (parent company) | 44.3 years |
| Average tenure (parent company) | — |

## Segments（FY ending Mar 2026, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Recycle Business | 1,605 | 2.1% | 265 | 16.5% |
| Retail Business of the Home Fuel Oil | 2,631 | 3.5% | 271 | 10.3% |
| Renewable energy business | 561 | 0.7% | -177 | -31.6% |
| Sale Business of Oil Products | 67,914 | 90.5% | 684 | 1.0% |
| Rental Business of the Construction Machine | 2,345 | 3.1% | 329 | 14.0% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Recycle Business | 2.1% | 17.1% | 15.0 | 16.5% |
| Retail Business of the Home Fuel Oil | 3.5% | 17.5% | 14.0 | 10.3% |
| Renewable energy business | 0.7% | — | — | -31.6% |
| Sale Business of Oil Products | 90.5% | 44.2% | -46.3 | 1.0% |
| Rental Business of the Construction Machine | 3.1% | 21.2% | 18.1 | 14.0% |

Loss-making segment (excluded from profit shares): Renewable energy business -177 JPY mn

Segment → industry: Renewable energy business → Electric Power & Gas / Sale Business of Oil Products → Oil Refining & Fuels / Retail Business of the Home Fuel Oil → Oil Refining & Fuels / Rental Business of the Construction Machine → Leasing / Sale Business of Oil Products → Specialty Trading & Wholesale / Recycle Business → Waste Management & Recycling

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 2,028 | 2.7% | S100YGHU |
| Capital expenditure | 1,272 | 1.7% | S100YGHU |
| Free cash flow | 756 | 1.0% | 算出 |
| Investing cash flow | -2,120 | -2.8% | S100YGHU |
| Financing cash flow | -643 | -0.9% | S100YGHU |
| Dividends paid | 586 | 0.8% | S100YGHU |
| Share buyback | 0 | 0.0% | S100YGHU |
| Change in cash | -736 | -1.0% | S100YGHU |
| Cash and equivalents | 4,944 | 6.6% | S100YGHU |

## 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 Mar 2026 | Source |
| --- | ---: | ---: |
| Cash and equivalents | 4,944 | S100YGHU |
| Total assets | 22,353 | S100YGHU |
| Net assets | 9,780 | S100YGHU |
| Share capital | 5,500 | S100YGHU |
| Property, plant and equipment | 5,743 | S100YGHU |
| Intangible assets excluding goodwill | 2,250 | S100YGHU |
| Goodwill | 553 | S100YGHU |
| Investment securities | 107 | S100YGHU |
| Current assets | 13,842 | S100YGHU |
| Current liabilities | 8,302 | S100YGHU |
| Trade payables | 6,586 | S100YGHU |
| Short-term borrowings | 30 | S100YGHU |
| Long-term borrowings | 2,299 | S100YGHU |
| Bonds | 50 | S100YGHU |
| Interest-bearing debt | 2,379 | 算出 |
| Total liabilities | 12,573 | S100YGHU |
| Equity attributable to owners of parent | 9,750 | S100YGHU |
| Retained earnings | 4,278 | S100YGHU |
| Treasury stock | -28 | S100YGHU |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 22% | S100YGHU |
| Property, plant and equipment | 26% | S100YGHU |
| Intangibles and goodwill | 13% | S100YGHU |
| Investment securities | 0% | S100YGHU |
| Other assets | 39% | S100YGHU |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 29% | S100YGHU |
| Interest-bearing debt | 11% | 算出 |
| Other liabilities | 16% | S100YGHU |
| Equity | 44% | S100YGHU |

## 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) | 7.7% | S100YGHU |
| Fixed assets ÷ total assets | 25.7% | S100YGHU |
| Goodwill ÷ parent equity | 5.7% | S100YGHU |

### 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) | 22.1% |
| Cash ÷ revenue | 6.6% |
| Net cash (cash − interest-bearing debt) | ¥2.56B |
| Net debt ÷ operating cash flow | -1.26× |
| Cash conversion (operating CF ÷ operating income) | 171.3% |
| Cash vs. profit gap | 1,302 JPY mn (of net income 179.3%) |
| Shareholder returns / net income | 80.7% |
| Shareholder returns / FCF | 77.5% |
| Shareholder payments — dividends / net income | 80.7% |
| Shareholder payments — dividends / FCF | 77.5% |
| CapEx intensity (capex ÷ revenue) | 1.7% |
| Investing CF relative to operating CF | 104.5% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2026 | 1.0% | 3.36× | 3.2% | 2.29× | 7.4% | S100YGHU |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ＥＮＥＯＳホールディングス株式会社 | Major shareholder | 15.2% | 2026-03-31 |
| 重田光時 （常任代理人 株式会社スノーボールキャピタル） | Major shareholder | 10.7% | 2026-03-31 |
| あいおいニッセイ同和損害保険株式会社 （常任代理人 日本マスタートラスト信託銀行株式会社） | Major shareholder | 2.6% | 2026-03-31 |
| 株式会社スノーボールキャピタル | Major shareholder | 2.4% | 2026-03-31 |
| 横田石油株式会社 | Major shareholder | 1.6% | 2026-03-31 |
| 株式会社アミックス | Major shareholder | 1.5% | 2026-03-31 |
| 株式会社長尾製缶所 | Major shareholder | 1.5% | 2026-03-31 |
| 有限会社福田商事 | Major shareholder | 0.9% | 2026-03-31 |
| 久保田貴幸 | Major shareholder | 0.7% | 2026-03-31 |
| 堀井隆 | Major shareholder | 0.6% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第1期(2025/10/01－2026/03/31) | S100YGHU | 2026-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YGHU,, |

## 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).