# Fuyo General Lease Co., 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57期(2025/04/01－2026/03/31) (S100YF6A)
> Page: https://vizora.meequs.com/en/company/fuyo-general-lease
> Retrieved: 2026-09-30T22:16:54.083Z

## Company

Fuyo General Lease, founded in 1969, is a company in Leasing listed on TSE Prime. It has 4,410 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Fuyo General Lease Co., Ltd. |
| Ticker | 8424 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8424.T) |
| Listing | TSE Prime |
| Head office | 東京都千代田区麹町五丁目1番地1 |
| Representative (per filing) | 代表取締役社長 織田 寛明 |
| Founded | May 1969 |
| Share capital | ¥10.5B |
| Employees (consolidated) | 4,410 |
| Average salary (parent only) | ¥9.8M |
| Fiscal year end | March |
| Website | www.fgl.co.jp (https://www.fgl.co.jp/) |
| Corporate number | 3010001028689 |
| EDINET | E05438 |
| Industries (Vizora) | Leasing |

> Profile source: annual securities report (S100YF6A, filed 2026-06-19). As of filing

## Key points (generated from figures)

- About 94% of Fuyo General Lease's sales come from Lease and Installment Sales, with Finance making up much of the rest.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed +16.3% from the prior year, operating profit -37.4%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥788.7B |  |
| Operating income | ¥40.5B | Margin 5.1% |
| Net income | ¥21.6B | Margin 2.7% |
| Free cash flow | — |  |
| Largest business | Lease and Installment Sales | of segment revenue 93.7% |
| Employees (consolidated) | 4,410 |  |
| EPS | ¥109.25 |  |
| Diluted EPS | ¥109.13 |  |
| Book value per share | ¥3738.01 |  |
| Equity ratio | 13.1% |  |
| Shares outstanding | 90,863,430 |  |
| Treasury shares | 102,300 |  |
| Shareholders | 24,707 |  |
| Average salary (parent only) | ¥9.8M | Filing company only |
| Cash ratio | 2.1% | Net cash -¥2T · Cash ÷ revenue 10.1% |
| Vs. industry median margin | -1.9 pp | Leasing |
| ROE | 5.6% | Derived from disclosed figures |
| ROA | 0.6% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 98% of positive segment profit
- FY2026, cash is 2% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥740263000000 | ¥788669000000 | +6.5% |
| Operating income | ¥44555000000 | ¥40542000000 | -9.0% |
| Operating margin | 6.0% | 5.1% | -0.9 pp |
| Employees | 2,637 people | 4,410 people | +67.2% |
| Cash and equivalents | ¥98753000000 | ¥79911000000 | -19.1% |

### 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 |
| --- | ---: |
| リース及び割賦 → リース及び割賦 | 93.7% |
| リース及び割賦 → 事業再編・廃止 | 2.6% |
| ファイナンス → ファイナンス | 3.7% |
| 新設・再編 → ファイナンス | 2.6% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 788,669 | 100.0% | S100YF6A |
| Cost of revenue | 685,445 | 86.9% | S100YF6A |
| Gross profit | 103,223 | 13.1% | S100YF6A |
| SG&A | 62,680 | 7.9% | S100YF6A |
| Operating income | 40,542 | 5.1% | S100YF6A |
| Ordinary income | 38,249 | 4.8% | S100YF6A |
| Pretax income | 39,970 | 5.1% | S100YF6A |
| Income tax | 15,120 | 1.9% | S100YF6A |
| Net income | 24,849 | 3.2% | S100YF6A |
| Net income attributable to owners | 21,565 | 2.7% | S100YF6A |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 87 |
| SG&A | 8 |
| Operating income | 5 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 13.1% → Operating margin 5.1% → Net margin 2.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +16.3%; Core profit growth: -37.4%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -2.30×
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 | 678,395 | 788,669 | 110,274 | +16.3% |
| Gross profit | 119,630 | 103,223 | -16,407 | -13.7% |
| Operating income | 64,760 | 40,542 | -24,218 | -37.4% |
| Net income attributable to owners | 45,277 | 21,565 | -23,712 | -52.4% |
| Operating cash flow | -136,377 | -164,915 | -28,538 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 712,330 | 41,423 | 5.8% | 26,187 | -108,804 | — | S100M6B1 |
| FY ending Mar 2021 | 740,263 | 44,555 | 6.0% | 29,566 | -35,080 | — | S100QGDB |
| FY ending Mar 2022 | 657,847 | 46,034 | 7.0% | 33,886 | 88,974 | — | S100SK6L |
| FY ending Mar 2023 | 688,655 | 51,561 | 7.5% | 38,939 | -24,149 | — | S100TQ74 |
| FY ending Mar 2024 | 708,538 | 60,046 | 8.5% | 47,219 | -112,098 | — | S100W1AT |
| FY ending Mar 2025 | 678,395 | 64,760 | 9.5% | 45,277 | -136,377 | — | S100YF6A |
| FY ending Mar 2026 | 788,669 | 40,542 | 5.1% | 21,565 | -164,915 | — | S100YF6A |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥178.8M |
| Operating income per employee (consolidated) | ¥9.2M |
| Net income per employee (consolidated) | ¥4.9M |

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) | 3,189 | 3,437 | 3,503 | 4,095 | 4,410 |
| Average salary (parent company) | ¥8.8M | ¥8.7M | ¥8.9M | ¥9.4M | ¥9.8M |
| Average age (parent company) | 41.4 years | 41.3 years | 41.3 years | 41.2 years | 40.9 years |
| Average tenure (parent company) | 14.2 years | 14.1 years | 14.1 years | 13.9 years | 13.8 years |

Year over year: Employees (consolidated) +7.7% · Revenue (consolidated) +16.3%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Lease and Installment Sales | 677,005 | 93.7% | 44,627 | 6.6% |
| Finance | 45,571 | 6.3% | 1,086 | 2.4% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Lease and Installment Sales | 93.7% | 97.6% | 3.9 | 6.6% |
| Finance | 6.3% | 2.4% | -3.9 | 2.4% |

Segment → industry: Finance → Leasing / Lease and Installment Sales → Leasing

## 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 | -164,915 | -20.9% | S100YF6A |
| Investing cash flow | 1,170 | 0.1% | S100YF6A |
| Financing cash flow | 171,763 | 21.8% | S100YF6A |
| Dividends paid | 14,123 | 1.8% | S100YF6A |
| Share buyback | 1 | 0.0% | S100YF6A |
| Change in cash | 13,346 | 1.7% | S100YF6A |
| Cash and equivalents | 79,911 | 10.1% | S100YF6A |

## 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 | 71,957 | 121,192 | 140,674 | 66,565 | 79,911 | S100TQ74, S100W1AT, S100YF6A |
| Total assets | 2,949,704 | 3,151,624 | 3,390,324 | 3,580,361 | 3,843,725 | S100SK6L, S100TQ74, S100W1AT, S100YF6A |
| Net assets | 374,239 | 410,197 | 477,326 | 538,054 | 568,309 | S100TQ74, S100W1AT, S100YF6A |
| Share capital | 10,532 | 10,532 | 10,532 | 10,532 | 10,532 | S100SK6L, S100TQ74, S100W1AT, S100YF6A |
| Property, plant and equipment | 726,984 | 842,070 | 978,579 | 1,088,031 | 1,120,948 | S100SK6L, S100TQ74, S100W1AT, S100YF6A |
| Intangible assets excluding goodwill | 30,797 | 41,124 | 37,634 | 73,506 | 69,503 | S100SK6L, S100TQ74, S100W1AT, S100YF6A |
| Goodwill | 21,234 | 25,707 | 23,256 | 39,184 | 36,948 | S100SK6L, S100TQ74, S100W1AT, S100YF6A |
| Investment securities | 120,259 | 125,286 | 158,182 | 155,675 | 193,030 | S100SK6L, S100TQ74, S100W1AT, S100YF6A |
| Current assets | 2,024,888 | 2,097,123 | 2,166,425 | 2,215,183 | 2,412,466 | S100SK6L, S100TQ74, S100W1AT, S100YF6A |
| Current liabilities | 1,451,473 | 1,479,030 | 1,421,313 | 1,476,083 | 1,654,323 | S100SK6L, S100TQ74, S100W1AT, S100YF6A |
| Trade payables | 35,441 | 33,916 | 36,467 | 36,454 | 46,457 | S100SK6L, S100TQ74, S100W1AT, S100YF6A |
| Short-term borrowings | 568,563 | 584,811 | 558,104 | 608,320 | 598,425 | S100SK6L, S100TQ74, S100W1AT, S100YF6A |
| Long-term borrowings | 779,458 | 829,614 | 976,080 | 1,034,488 | 1,071,126 | S100SK6L, S100TQ74, S100W1AT, S100YF6A |
| Bonds | 227,137 | 316,397 | 393,495 | 407,470 | 414,323 | S100SK6L, S100TQ74, S100W1AT, S100YF6A |
| Interest-bearing debt | 1,575,158 | 1,730,822 | 1,927,679 | 2,050,278 | 2,083,874 | 算出 |
| Total liabilities | 2,575,464 | 2,741,426 | 2,912,998 | 3,042,307 | 3,275,416 | S100SK6L, S100TQ74, S100W1AT, S100YF6A |
| Non-controlling interests | 40,754 | 43,012 | 45,362 | 62,491 | 65,295 | S100SK6L, S100TQ74, S100W1AT, S100YF6A |
| Equity attributable to owners of parent | 292,709 | 317,149 | 353,171 | 383,991 | 391,259 | S100SK6L, S100TQ74, S100W1AT, S100YF6A |
| Retained earnings | 277,361 | 306,782 | 342,268 | 373,265 | 380,676 | S100SK6L, S100TQ74, S100W1AT, S100YF6A |
| Treasury stock | -2,463 | -2,067 | -1,532 | -1,709 | -1,836 | S100SK6L, S100TQ74, S100W1AT, S100YF6A |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 2% | S100YF6A |
| Property, plant and equipment | 29% | S100YF6A |
| Intangibles and goodwill | 3% | S100YF6A |
| Investment securities | 5% | S100YF6A |
| Other assets | 61% | S100YF6A |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 1% | S100YF6A |
| Interest-bearing debt | 54% | 算出 |
| Other liabilities | 30% | S100YF6A |
| Equity | 15% | S100YF6A |

### 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 | 2,949,704 | 3,151,624 | 3,390,324 | 3,580,361 | 3,843,725 |
| Equity | 374,239 | 410,197 | 477,326 | 538,054 | 568,309 |
| Interest-bearing debt | 1,575,158 | 1,730,822 | 1,927,679 | 2,050,278 | 2,083,874 |
| Cash | 71,957 | 121,192 | 140,674 | 66,565 | 79,911 |

## 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) | 142.1% | S100YF6A |
| Fixed assets ÷ total assets | 29.2% | S100YF6A |
| Goodwill ÷ parent equity | 9.4% | S100YF6A |

Goodwill over 4 years: 21,234 → 36,948 JPY; total investing cash flow: -65,611 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) | 2.1% |
| Cash ÷ revenue | 10.1% |
| Net cash (cash − interest-bearing debt) | -¥2T |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -406.8% |
| Cash vs. profit gap | -186,480 JPY mn (of net income -864.7%) |
| Shareholder returns / net income | 65.5% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 65.5% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | — |
| 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 5.2% | 0.22× | 1.1% | 10.08× | 11.6% | S100SK6L |
| 2023 | 5.7% | 0.23× | 1.3% | 10.00× | 12.8% | S100TQ74 |
| 2024 | 6.7% | 0.22× | 1.4% | 9.76× | 14.1% | S100W1AT |
| 2025 | 6.7% | 0.19× | 1.3% | 9.46× | 12.3% | S100YF6A |
| 2026 | 2.7% | 0.21× | 0.6% | 9.58× | 5.6% | S100YF6A |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ヒューリック株式会社 | Major shareholder | 13.9% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 8.9% | 2026-03-31 |
| 明治安田生命保険相互会社 | Major shareholder | 8.5% | 2026-03-31 |
| みずほ信託銀行株式会社 退職給付信託 丸紅口 再信託受託者 株式会社日本カストディ銀行 | Major shareholder | 5.0% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 3.5% | 2026-03-31 |
| 株式会社みずほ銀行 | Major shareholder | 3.0% | 2026-03-31 |
| 損害保険ジャパン株式会社 | Major shareholder | 3.0% | 2026-03-31 |
| アズビル株式会社 | Major shareholder | 2.7% | 2026-03-31 |
| 株式会社ニチレイ | Major shareholder | 1.4% | 2026-03-31 |
| ステート ストリート バンク アンド トラスト カンパニー 505223 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.4% | 2026-03-31 |

## AI commentary（text by AI; the tables above are authoritative、claude-code）

- Revenue for the FY ending Mar 2026 grew 16.3%, from ¥678.4B to ¥788.7B.
- Profits moved the other way: gross profit fell 13.7% to ¥103.2B, operating income fell 37.4% to ¥40.5B, and net income attributable to owners dropped 52.4% to ¥21.6B.
- Operating cash flow was -¥164.9B, after -¥136.4B the year before. For a leasing company this is normal: buying lease assets and making new loans count as operating outflows.

### Drivers

- A borrower that funds renewable energy projects in Europe ran into trouble when some projects in Spain stalled for lack of money. The company booked a loss on those receivables, hitting the Finance segment hardest.
- In Lease and Installment Sales, growth in mobility and logistics leasing plus gains on selling leased real estate lifted revenue.
- Rising interest rates in Japan pushed up funding costs, and continued investment in people raised personnel and other expenses.

### Risks

- If customers' credit weakens, lease payments may become hard to collect and new bad debts could appear.
- Swings in interest rates and exchange rates, or a credit rating downgrade, could make borrowing more expensive.
- In renewable energy development financing, a project that never reaches commercial operation can force write-downs or extra funding.

Cited: Annual securities report (経営者による財政状態、経営成績及びキャッシュ・フローの状況の分析); Annual securities report (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第57期(2025/04/01－2026/03/31) | S100YF6A | 2026-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YF6A,, |
| 有価証券報告書－第56期(2024/04/01－2025/03/31) | S100W1AT | 2025-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W1AT,, |
| 有価証券報告書－第55期(2023/04/01－2024/03/31) | S100TQ74 | 2024-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TQ74,, |
| 訂正有価証券報告書－第54期(2022/04/01－2023/03/31) | S100SK6L | 2024-01-09 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SK6L,, |
| 訂正有価証券報告書－第53期(2021/04/01－2022/03/31) | S100QGDB | 2023-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QGDB,, |
| 訂正有価証券報告書－第52期(令和2年4月1日－令和3年3月31日) | S100M6B1 | 2021-08-16 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100M6B1,, |

## 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).