# Fund Creation Group Co.,Ltd: 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17期(2024/12/01－2025/11/30) (S100XMVL)
> Page: https://vizora.meequs.com/en/company/fund-creation-group
> Retrieved: 2026-09-30T18:31:48.794Z

## Company

Fund Creation Group, founded in 2009, is a company in Securities & Asset Management listed on TSE Standard. It has 23 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Fund Creation Group Co.,Ltd. |
| Ticker | 3266 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3266.T) |
| Listing | TSE Standard |
| Head office | 東京都千代田区麹町一丁目4番地 |
| Representative (per filing) | 代表取締役社長 田島 克洋 |
| Founded | May 2009 |
| Share capital | ¥1.18B |
| Employees (consolidated) | 23 |
| Average salary (parent only) | ¥10.6M |
| Fiscal year end | November |
| Website | www.fc-group.co.jp (https://www.fc-group.co.jp/) |
| Corporate number | 8010001145769 |
| EDINET | E22612 |
| Industries (Vizora) | Securities & Asset Management, Investment Funds, Real Estate Development & Leasing |

> Profile source: annual securities report (S100XMVL, filed 2026-02-25). As of filing

## Key points (generated from figures)

- About 84% of Fund Creation Group's sales come from Investment banking, with Asset management making up much of the rest.
- Out of every ¥100 of sales, about ¥10 is left as operating profit.
- Revenue changed +3.1% from the prior year, operating profit +33.9%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥5.84B |  |
| Operating income | ¥581M | Margin 9.9% |
| Net income | ¥327M | Margin 5.6% |
| Free cash flow | -¥1.17B |  |
| Largest business | Investment banking | of segment revenue 84.3% |
| Employees (consolidated) | 23 |  |
| EPS | ¥2.47 |  |
| Book value per share | ¥60.8 |  |
| Equity ratio | 45.2% |  |
| Shares outstanding | 37,686,371 |  |
| Treasury shares | 54,100 |  |
| Shareholders | 5,478 |  |
| Average salary (parent only) | ¥10.6M | Filing company only |
| Cash ratio | 23.5% | Net cash -¥1.38B · Cash ÷ revenue 29.4% |
| Vs. industry median margin | +0.2 pp | Investment Funds |
| ROE | 10.6% | Derived from disclosed figures |
| ROA | 5.0% | Derived from disclosed figures |

## Notable figures

- FY2025, parent-company salary changed +256% over five years
- FY2025, revenue is 2.7× its level five years ago
- FY2025, employees -8% while operating income rose 34%

## What changed in 5 years

| Metric | FY ending Nov 2020 | FY ending Nov 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥1533000000 | ¥5842000000 | +281.1% |
| Operating income | ¥71000000 | ¥581000000 | +718.3% |
| Operating margin | 4.6% | 9.9% | +5.3 pp |
| Employees | 26 people | 23 people | -11.5% |
| Cash and equivalents | ¥821000000 | ¥1717000000 | +109.1% |

### 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 |
| --- | ---: |
| アセットマネジメント事業 → アセットマネジメント事業 | 15.7% |
| アセットマネジメント事業 → 事業再編・廃止 | 10.3% |
| 不動産投資等部門 → 事業再編・廃止 | 72.0% |
| 証券投資等部門 → 事業再編・廃止 | 2.0% |
| 新設・再編 → インベストメントバンク事業 | 84.3% |

Segment revenue source references: 5 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 5,842 | 100.0% | S100XMVL |
| Cost of revenue | 4,559 | 78.0% | S100XMVL |
| Gross profit | 1,282 | 21.9% | S100XMVL |
| SG&A | 700 | 12.0% | S100XMVL |
| Operating income | 581 | 9.9% | S100XMVL |
| Ordinary income | 501 | 8.6% | S100XMVL |
| Pretax income | 497 | 8.5% | S100XMVL |
| Income tax | 164 | 2.8% | S100XMVL |
| Net income | 332 | 5.7% | S100XMVL |
| Net income attributable to owners | 327 | 5.6% | S100XMVL |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 78 |
| SG&A | 12 |
| Operating income | 10 |
| (Ref.) Net income | 6 |

### Margin funnel

Gross margin 21.9% → Operating margin 9.9% → Net margin 5.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +3.1%; Core profit growth: +33.9%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 11.10×
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 | 5,669 | 5,842 | 173 | +3.1% |
| Gross profit | 1,135 | 1,282 | 147 | +13.0% |
| Operating income | 434 | 581 | 147 | +33.9% |
| Net income attributable to owners | 200 | 327 | 127 | +63.5% |
| Operating cash flow | 180 | -646 | -826 | -458.9% |
| Free cash flow | 176 | -1,167 | -1,343 | -763.1% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Nov 2019 | 1,588 | 119 | 7.5% | 82 | -517 | -524 | S100KV8V |
| FY ending Nov 2020 | 1,533 | 71 | 4.6% | 25 | 350 | 346 | S100NKPS |
| FY ending Nov 2021 | 2,195 | 216 | 9.8% | 152 | 1,138 | 1,121 | S100QB4E |
| FY ending Nov 2022 | 1,686 | 283 | 16.8% | 227 | -1,403 | -1,406 | S100SYZH |
| FY ending Nov 2023 | 4,136 | 350 | 8.5% | 183 | 524 | 523 | S100VBEN |
| FY ending Nov 2024 | 5,669 | 434 | 7.7% | 200 | 180 | 176 | S100XMVL |
| FY ending Nov 2025 | 5,842 | 581 | 9.9% | 327 | -646 | -1,167 | S100XMVL |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥254M |
| Operating income per employee (consolidated) | ¥25.3M |
| Net income per employee (consolidated) | ¥14.2M |

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) | 26 | 24 | 23 | 25 | 23 |
| Average salary (parent company) | ¥3M | ¥2.9M | ¥10.4M | ¥10.3M | ¥10.6M |
| Average age (parent company) | 46.0 years | 49.0 years | 50.0 years | 44.0 years | 47.0 years |
| Average tenure (parent company) | 5.0 years | 4.0 years | 4.0 years | 5.0 years | 2.0 years |

Year over year: Employees (consolidated) -8.0% · Revenue (consolidated) +3.1%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Asset management | 919 | 15.7% | 384 | 41.8% |
| Investment banking | 4,922 | 84.3% | 531 | 10.8% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Asset management | 15.7% | 42.0% | 26.2 | 41.8% |
| Investment banking | 84.3% | 58.0% | -26.2 | 10.8% |

Segment → industry: Asset management → Securities & Asset Management / Investment banking → Investment Funds / Asset management → Real Estate Development & Leasing

## 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 | -646 | -11.1% | S100XMVL |
| Capital expenditure | 521 | 8.9% | S100XMVL |
| Free cash flow | -1,167 | -20.0% | 算出 |
| Investing cash flow | -643 | -11.0% | S100XMVL |
| Financing cash flow | 1,167 | 20.0% | S100XMVL |
| Dividends paid | 38 | 0.7% | S100XMVL |
| Change in cash | -120 | -2.1% | S100XMVL |
| Cash and equivalents | 1,717 | 29.4% | S100XMVL |

## 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 | 1,126 | 828 | 1,535 | 1,837 | 1,717 | S100SYZH, S100VBEN, S100XMVL |
| Total assets | 3,276 | 4,584 | 5,670 | 5,806 | 7,315 | S100QB4E, S100SYZH, S100VBEN, S100XMVL |
| Net assets | 2,497 | 2,662 | 2,844 | 3,054 | 3,311 | S100SYZH, S100VBEN, S100XMVL |
| Share capital | 1,179 | 1,179 | 1,180 | 1,180 | 1,180 | S100QB4E, S100SYZH, S100VBEN, S100XMVL |
| Inventories | — | 771 | 2,100 | 2,154 | 2,614 | S100SYZH, S100VBEN, S100XMVL |
| Property, plant and equipment | 426 | 422 | 419 | 420 | 917 | S100QB4E, S100SYZH, S100VBEN, S100XMVL |
| Intangible assets excluding goodwill | 3 | 4 | 3 | 2 | 1 | S100QB4E, S100SYZH, S100VBEN, S100XMVL |
| Investment securities | 133 | 103 | 172 | 222 | 183 | S100QB4E, S100SYZH, S100VBEN, S100XMVL |
| Current assets | 2,494 | 3,793 | 4,796 | 4,909 | 5,970 | S100QB4E, S100SYZH, S100VBEN, S100XMVL |
| Current liabilities | 737 | 1,420 | 1,597 | 1,297 | 2,019 | S100QB4E, S100SYZH, S100VBEN, S100XMVL |
| Short-term borrowings | 153 | 1,130 | 519 | 563 | 1,123 | S100QB4E, S100SYZH, S100VBEN, S100XMVL |
| Long-term borrowings | 15 | 492 | 1,217 | 1,415 | 1,751 | S100QB4E, S100SYZH, S100VBEN, S100XMVL |
| Bonds | — | — | — | — | 226 | S100XMVL |
| Interest-bearing debt | — | — | — | — | 3,100 | 算出 |
| Total liabilities | 778 | 1,922 | 2,826 | 2,752 | 4,003 | S100QB4E, S100SYZH, S100VBEN, S100XMVL |
| Non-controlling interests | 0 | 0 | 0 | 0 | 5 | S100QB4E, S100SYZH, S100VBEN, S100XMVL |
| Equity attributable to owners of parent | 2,433 | 2,623 | 2,772 | 2,935 | 3,225 | S100QB4E, S100SYZH, S100VBEN, S100XMVL |
| Retained earnings | 581 | 770 | 915 | 1,078 | 1,368 | S100QB4E, S100SYZH, S100VBEN, S100XMVL |
| Treasury stock | -1 | -1 | -1 | -1 | -1 | S100QB4E, S100SYZH, S100VBEN, S100XMVL |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 23% | S100XMVL |
| Inventories | 36% | S100XMVL |
| Property, plant and equipment | 13% | S100XMVL |
| Intangibles and goodwill | 0% | S100XMVL |
| Investment securities | 2% | S100XMVL |
| Other assets | 26% | S100XMVL |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Interest-bearing debt | 43% | 算出 |
| Other liabilities | 12% | S100XMVL |
| Equity | 45% | S100XMVL |
| Other liabilities | 0% | S100XMVL |

### 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 | 3,276 | 4,584 | 5,670 | 5,806 | 7,315 |
| Equity | 2,497 | 2,662 | 2,844 | 3,054 | 3,311 |
| Interest-bearing debt | — | — | — | — | 3,100 |
| Cash | 1,126 | 828 | 1,535 | 1,837 | 1,717 |

## 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) | 15.7% | S100XMVL |
| Fixed assets ÷ total assets | 12.5% | S100XMVL |
| Goodwill ÷ parent equity | — | —, S100XMVL |

### 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) | 23.5% |
| Cash ÷ revenue | 29.4% |
| Net cash (cash − interest-bearing debt) | -¥1.38B |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -111.2% |
| Cash vs. profit gap | -973 JPY mn (of net income -297.6%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 11.6% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 8.9% |
| 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 6.9% | 0.67× | 4.6% | 1.35× | 6.2% | S100QB4E |
| 2022 | 13.5% | 0.43× | 5.8% | 1.55× | 9.0% | S100SYZH |
| 2023 | 4.4% | 0.81× | 3.6% | 1.90× | 6.8% | S100VBEN |
| 2024 | 3.5% | 0.99× | 3.5% | 2.01× | 7.0% | S100XMVL |
| 2025 | 5.6% | 0.89× | 5.0% | 2.13× | 10.6% | S100XMVL |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 田 島 克 洋 | Major shareholder | 37.2% | 2025-11-30 |
| 有限会社T's Holdings | Major shareholder | 12.8% | 2025-11-30 |
| アイザワ証券グループ株式会社 | Major shareholder | 5.3% | 2025-11-30 |
| 桑 原 幸 治 | Major shareholder | 1.8% | 2025-11-30 |
| 北 村 宗 生 | Major shareholder | 1.5% | 2025-11-30 |
| 稲 田 幹 弘 | Major shareholder | 1.2% | 2025-11-30 |
| 楽天証券株式会社 | Major shareholder | 1.2% | 2025-11-30 |
| ＪＰモルガン証券株式会社 | Major shareholder | 1.0% | 2025-11-30 |
| 清 水 優 也 | Major shareholder | 0.8% | 2025-11-30 |
| 井 上 光 子 | Major shareholder | 0.8% | 2025-11-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第17期(2024/12/01－2025/11/30) | S100XMVL | 2026-02-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XMVL,, |
| 有価証券報告書－第16期(2023/12/01－2024/11/30) | S100VBEN | 2025-02-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VBEN,, |
| 有価証券報告書－第15期(2022/12/01－2023/11/30) | S100SYZH | 2024-02-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SYZH,, |
| 有価証券報告書－第14期(2021/12/01－2022/11/30) | S100QB4E | 2023-02-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QB4E,, |
| 有価証券報告書－第13期(令和2年12月1日－令和3年11月30日) | S100NKPS | 2022-02-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NKPS,, |
| 有価証券報告書－第12期(令和1年12月1日－令和2年11月30日) | S100KV8V | 2021-02-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KV8V,, |

## 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).