# FULUHASHI EPO CORPORATION: 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79期(2025/04/01－2026/03/31) (S100YBWO)
> Page: https://vizora.meequs.com/en/company/fuluhashi
> Retrieved: 2026-09-30T19:08:40.077Z

## Company

Fuluhashi EPO, founded in 1948, is a company in Waste Management & Recycling listed on TSE Standard. It has 487 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | FULUHASHI EPO CORPORATION |
| Ticker | 9221 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9221.T) |
| Listing | TSE Standard |
| Head office | 名古屋市中区金山一丁目13番13号 |
| Representative (per filing) | 代表取締役社長 山口 直彦 |
| Founded | Feb 1948 |
| Share capital | ¥1.51B |
| Employees (consolidated) | 487 |
| Average salary (parent only) | ¥5.6M |
| Fiscal year end | March |
| Website | www.fuluhashi.co.jp (https://www.fuluhashi.co.jp/) |
| Corporate number | 3180001022733 |
| EDINET | E37560 |
| Industries (Vizora) | Waste Management & Recycling |

> Profile source: annual securities report (S100YBWO, filed 2026-06-16). As of filing

## Five-axis industry profile

Primary industry: Waste Management & Recycling (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 27.1 | 24 |
| Profitability | 70 | 25 |
| Cash conversion | 78 | 25 |
| Efficiency | 42 | 25 |

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 73% of Fuluhashi EPO's sales come from Biomaterial business, with Resource circulation business and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥12 is left as operating profit.
- Revenue changed +6.7% from the prior year, operating profit +1.9%.

## Company structure

- Segment revenue mix: Biomaterial business 72.8%、Resource circulation business 17.0%、Other 10.3%
- Revenue → net income: ¥10007983000 → ¥890695000
- Net income → operating cash flow: ¥890695000 → ¥1503929000（difference ¥613234000）
- Main uses of operating cash flow: CapEx ¥2035979000 / dividends ¥335947000 / buybacks —
- Change in cash: ¥17108000
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 | ¥10B |  |
| Operating income | ¥1.17B | Margin 11.7% |
| Net income | ¥890.7M | Margin 8.9% |
| Free cash flow | -¥532M |  |
| Largest business | Biomaterial business | of segment revenue 72.8% |
| Employees (consolidated) | 487 |  |
| EPS | ¥75.42 |  |
| Book value per share | ¥501.33 |  |
| Equity ratio | 44.8% |  |
| Shares outstanding | 11,779,600 |  |
| Treasury shares | 186,600 |  |
| Shareholders | 6,813 |  |
| Average salary (parent only) | ¥5.6M | Filing company only |
| Cash ratio | 7.3% | Cash ÷ revenue 10.1% |
| Vs. industry median margin | +4.6 pp | Waste Management & Recycling |
| ROE | 15.2% | Derived from disclosed figures |
| ROA | 6.8% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 89% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥7694241000 | ¥10007983000 | +30.1% |
| Operating income | ¥605995000 | ¥1174771000 | +93.9% |
| Operating margin | 7.9% | 11.7% | +3.9 pp |
| Employees | 400 people | 487 people | +21.8% |
| Cash and equivalents | ¥546537000 | ¥1009972000 | +84.8% |

### Change in segment revenue mix

Span: FY ending Mar 2021 → FY ending Mar 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| バイオマテリアル事業 → バイオマテリアル事業 | 70.9% |
| 資源循環事業 → 資源循環事業 | 17.0% |
| 資源循環事業 → 事業再編・廃止 | 1.8% |
| その他 → その他 | 2.2% |
| 環境物流事業 → 事業再編・廃止 | 8.2% |
| 新設・再編 → バイオマテリアル事業 | 1.9% |
| 新設・再編 → その他 | 8.1% |

Segment revenue source references: 7 (derived)

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Biomaterial business | 5 years | +6.0% | ¥7282273000 | 14.5% | 2 |
| Resource circulation business | 5 years | +3.3% | ¥1698175000 | 5.3% | 2 |
| Other | 5 years | +43.9% | ¥1027534000 | 3.4% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 10,008 | 100.0% | S100YBWO |
| Cost of revenue | 5,577 | 55.7% | S100YBWO |
| Gross profit | 4,431 | 44.3% | S100YBWO |
| SG&A | 3,256 | 32.5% | S100YBWO |
| Operating income | 1,175 | 11.7% | S100YBWO |
| Ordinary income | 1,175 | 11.7% | S100YBWO |
| Pretax income | 1,253 | 12.5% | S100YBWO |
| Income tax | 362 | 3.6% | S100YBWO |
| Net income | 891 | 8.9% | S100YBWO |
| Net income attributable to owners | 891 | 8.9% | S100YBWO |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 56 |
| SG&A | 32 |
| Operating income | 12 |
| (Ref.) Net income | 9 |

### Margin funnel

Gross margin 44.3% → Operating margin 11.7% → Net margin 8.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +6.7%; Core profit growth: +1.9%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.29×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Mar 2025 → FY ending Mar 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 9,384 | 10,008 | 624 | +6.7% |
| Gross profit | 4,295 | 4,431 | 136 | +3.2% |
| Operating income | 1,153 | 1,175 | 22 | +1.9% |
| Net income attributable to owners | 1,033 | 891 | -143 | -13.8% |
| Operating cash flow | 1,319 | 1,504 | 185 | +14.0% |
| Free cash flow | -1,075 | -532 | 543 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2021 | 7,694 | 606 | 7.9% | 411 | 1,047 | 859 | S100OK4G |
| FY ending Mar 2022 | 7,716 | 787 | 10.2% | 570 | 817 | 228 | S100RDOE |
| FY ending Mar 2023 | 8,077 | 839 | 10.4% | 744 | 1,283 | 813 | S100TWBZ |
| FY ending Mar 2024 | 8,754 | 1,040 | 11.9% | 263 | 1,743 | 1,038 | S100W46Y |
| FY ending Mar 2025 | 9,384 | 1,153 | 12.3% | 1,033 | 1,319 | -1,075 | S100YBWO |
| FY ending Mar 2026 | 10,008 | 1,175 | 11.7% | 891 | 1,504 | -532 | S100YBWO |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥20.6M |
| Operating income per employee (consolidated) | ¥2.4M |
| Net income per employee (consolidated) | ¥1.8M |

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

| History | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 422 | 437 | 452 | 443 | 487 |
| Average salary (parent company) | ¥5.2M | ¥5.1M | ¥5.1M | ¥5.2M | ¥5.6M |
| Average age (parent company) | 40.5 years | 40.8 years | 40.0 years | 40.0 years | 41.0 years |
| Average tenure (parent company) | 8.1 years | 8.7 years | 8.4 years | 8.4 years | 8.4 years |

Year over year: Employees (consolidated) +9.9% · Revenue (consolidated) +6.7%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Biomaterial business | 7,282 | 72.8% | 1,058 | 14.5% |
| Resource circulation business | 1,698 | 17.0% | 90 | 5.3% |
| Other | 1,028 | 10.3% | 35 | 3.4% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Biomaterial business | 72.8% | 89.4% | 16.7 | 14.5% |
| Resource circulation business | 17.0% | 7.6% | -9.4 | 5.3% |
| Other | 10.3% | 3.0% | -7.3 | 3.4% |

Segment → industry: Resource circulation business → Waste Management & Recycling / Biomaterial 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 | 1,504 | 15.0% | S100YBWO |
| Capital expenditure | 2,036 | 20.3% | S100YBWO |
| Free cash flow | -532 | -5.3% | 算出 |
| Investing cash flow | -1,935 | -19.3% | S100YBWO |
| Financing cash flow | 448 | 4.5% | S100YBWO |
| Dividends paid | 336 | 3.4% | S100YBWO |
| Change in cash | 17 | 0.2% | S100YBWO |
| Cash and equivalents | 1,010 | 10.1% | S100YBWO |

## 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 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 507 | 2,458 | 2,313 | 993 | 1,010 | S100TWBZ, S100W46Y, S100YBWO |
| Total assets | 9,258 | 11,312 | 11,326 | 12,169 | 13,869 | S100RDOE, S100TWBZ, S100W46Y, S100YBWO |
| Net assets | 2,116 | 5,052 | 5,024 | 5,592 | 6,213 | S100TWBZ, S100W46Y, S100YBWO |
| Share capital | 310 | 1,498 | 1,498 | 1,508 | 1,508 | S100RDOE, S100TWBZ, S100W46Y, S100YBWO |
| Property, plant and equipment | 5,908 | 6,013 | 6,393 | 8,481 | 10,071 | S100RDOE, S100TWBZ, S100W46Y, S100YBWO |
| Intangible assets excluding goodwill | 59 | 50 | 47 | 78 | 74 | S100RDOE, S100TWBZ, S100W46Y, S100YBWO |
| Investment securities | 370 | 365 | 272 | 282 | 301 | S100RDOE, S100TWBZ, S100W46Y, S100YBWO |
| Current assets | 1,903 | 3,964 | 3,759 | 2,581 | 2,614 | S100RDOE, S100TWBZ, S100W46Y, S100YBWO |
| Current liabilities | 3,516 | 3,109 | 2,913 | 3,456 | 4,767 | S100RDOE, S100TWBZ, S100W46Y, S100YBWO |
| Trade payables | 209 | 176 | 195 | 139 | 144 | S100RDOE, S100TWBZ, S100W46Y, S100YBWO |
| Short-term borrowings | 839 | 510 | 310 | 1,252 | 2,644 | S100RDOE, S100TWBZ, S100W46Y, S100YBWO |
| Long-term borrowings | 2,614 | 2,203 | 1,722 | 1,324 | 984 | S100RDOE, S100TWBZ, S100W46Y, S100YBWO |
| Total liabilities | 7,143 | 6,259 | 6,302 | 6,578 | 7,656 | S100RDOE, S100TWBZ, S100W46Y, S100YBWO |
| Equity attributable to owners of parent | 2,106 | 5,036 | 4,991 | 5,566 | 6,141 | S100RDOE, S100TWBZ, S100W46Y, S100YBWO |
| Retained earnings | 1,741 | 2,296 | 2,231 | 2,946 | 3,501 | S100RDOE, S100TWBZ, S100W46Y, S100YBWO |
| Treasury stock | -4 | -4 | -1 | -161 | -147 | S100RDOE, S100TWBZ, S100W46Y, S100YBWO |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 7% | S100YBWO |
| Property, plant and equipment | 73% | S100YBWO |
| Intangibles and goodwill | 1% | S100YBWO |
| Investment securities | 2% | S100YBWO |
| Other assets | 17% | S100YBWO |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 1% | S100YBWO |
| Other liabilities | 54% | S100YBWO |
| Equity | 45% | S100YBWO |

### Balance sheet history

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 9,258 | 11,312 | 11,326 | 12,169 | 13,869 |
| Equity | 2,116 | 5,052 | 5,024 | 5,592 | 6,213 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 507 | 2,458 | 2,313 | 993 | 1,010 |

## 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) | 100.6% | S100YBWO |
| Fixed assets ÷ total assets | 72.6% | S100YBWO |
| Goodwill ÷ parent equity | — | —, S100YBWO |

### 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) | 7.3% |
| Cash ÷ revenue | 10.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 128.0% |
| Cash vs. profit gap | 613 JPY mn (of net income 68.8%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 37.7% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 20.3% |
| Investing CF relative to operating CF | 128.7% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 7.4% | 0.83× | 6.2% | 4.40× | 27.1% | S100RDOE |
| 2023 | 9.2% | 0.79× | 7.2% | 2.88× | 20.8% | S100TWBZ |
| 2024 | 3.0% | 0.77× | 2.3% | 2.26× | 5.3% | S100W46Y |
| 2025 | 11.0% | 0.80× | 8.8% | 2.23× | 19.6% | S100YBWO |
| 2026 | 8.9% | 0.77× | 6.8% | 2.22× | 15.2% | S100YBWO |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社ヤマグチ | Major shareholder | 39.3% | 2026-03-31 |
| フルハシＥＰＯ従業員持株会 | Major shareholder | 5.2% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社 | Major shareholder | 4.1% | 2026-03-31 |
| 高取 陽子 | Major shareholder | 3.5% | 2026-03-31 |
| 山口 郁子 | Major shareholder | 2.9% | 2026-03-31 |
| 清板 大亮 | Major shareholder | 2.1% | 2026-03-31 |
| 山口 まどか | Major shareholder | 2.1% | 2026-03-31 |
| 野村信託銀行株式会社 | Major shareholder | 2.0% | 2026-03-31 |
| 山口 直彦 | Major shareholder | 1.6% | 2026-03-31 |
| 野口 まさこ | Major shareholder | 1.5% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第79期(2025/04/01－2026/03/31) | S100YBWO | 2026-06-16 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YBWO,, |
| 有価証券報告書－第78期(2024/04/01－2025/03/31) | S100W46Y | 2025-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W46Y,, |
| 有価証券報告書－第77期(2023/04/01－2024/03/31) | S100TWBZ | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TWBZ,, |
| 訂正有価証券報告書－第76期(2022/04/01－2023/03/31) | S100RDOE | 2023-07-12 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RDOE,, |
| 有価証券報告書－第75期(令和3年4月1日－令和4年3月31日) | S100OK4G | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OK4G,, |

## 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).