# GECOSS 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59期(2025/04/01－2026/03/31) (S100YD7I)
> Page: https://vizora.meequs.com/en/company/gecoss
> Retrieved: 2026-09-30T19:03:18.466Z

## Company

Gecoss, founded in 1946, is a company in Leasing listed on TSE Prime. It has 1,762 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | GECOSS CORPORATION |
| Ticker | 9991 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9991.T) |
| Listing | TSE Prime |
| Head office | 東京都文京区後楽二丁目5番1号 |
| Representative (per filing) | 代表取締役社長 野房喜幸 |
| Founded | Aug 1946 |
| Share capital | ¥4.4B |
| Employees (consolidated) | 1,762 |
| Average salary (parent only) | ¥8.3M |
| Fiscal year end | March |
| Website | www.gecoss.co.jp (https://www.gecoss.co.jp/) |
| Corporate number | 2010001069981 |
| EDINET | E02782 |
| Industries (Vizora) | Leasing, General Contractors, Specialty Trading & Wholesale |

> Profile source: annual securities report (S100YD7I, filed 2026-06-18). As of filing

## Key points (generated from figures)

- About 88% of Gecoss's sales come from Heavy temporary construction, with Construction machines making up much of the rest.
- Out of every ¥100 of sales, about ¥7 is left as operating profit.
- Revenue changed +3.7% from the prior year, operating profit +16.9%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥115.7B |  |
| Operating income | ¥8.01B | Margin 6.9% |
| Net income | ¥5.85B | Margin 5.1% |
| Free cash flow | — |  |
| Largest business | Heavy temporary construction | of segment revenue 88.3% |
| Employees (consolidated) | 1,762 |  |
| EPS | ¥272.58 |  |
| Book value per share | ¥1963.26 |  |
| Equity ratio | 58.2% |  |
| Shares outstanding | 33,795,746 |  |
| Treasury shares | 2,000 |  |
| Shareholders | 9,410 |  |
| Average salary (parent only) | ¥8.3M | Filing company only |
| Cash ratio | 8.6% | Cash ÷ revenue 9.1% |
| Vs. industry median margin | -0.1 pp | Leasing |
| ROE | 8.9% | Derived from disclosed figures |
| ROA | 5.1% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥110206000000 | ¥115680000000 | +5.0% |
| Operating income | ¥6072000000 | ¥8012000000 | +31.9% |
| Operating margin | 5.5% | 6.9% | +1.4 pp |
| Employees | 1,269 people | 1,762 people | +38.8% |
| Cash and equivalents | ¥7017000000 | ¥10492000000 | +49.5% |

### 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 |
| --- | ---: |
| 重仮設 → 重仮設 | 47.1% |
| 仮設鋼材 → 事業再編・廃止 | 47.1% |
| 建設機械 → 建設機械 | 5.8% |
| 新設・再編 → 重仮設 | 41.2% |
| 新設・再編 → 建設機械 | 5.9% |

Segment revenue source references: 5 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 115,680 | 100.0% | S100YD7I |
| Cost of revenue | 89,217 | 77.1% | S100YD7I |
| Gross profit | 26,463 | 22.9% | S100YD7I |
| SG&A | 18,451 | 16.0% | S100YD7I |
| Operating income | 8,012 | 6.9% | S100YD7I |
| Ordinary income | 8,709 | 7.5% | S100YD7I |
| Pretax income | 8,912 | 7.7% | S100YD7I |
| Income tax | 2,952 | 2.6% | S100YD7I |
| Net income | 5,960 | 5.2% | S100YD7I |
| Net income attributable to owners | 5,853 | 5.1% | S100YD7I |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 77 |
| SG&A | 16 |
| Operating income | 7 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 22.9% → Operating margin 6.9% → Net margin 5.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +3.7%; Core profit growth: +16.9%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 4.58×
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 | 111,550 | 115,680 | 4,130 | +3.7% |
| Gross profit | 23,310 | 26,463 | 3,153 | +13.5% |
| Operating income | 6,851 | 8,012 | 1,161 | +16.9% |
| Net income attributable to owners | 4,543 | 5,853 | 1,310 | +28.8% |
| Operating cash flow | 8,781 | 10,661 | 1,880 | +21.4% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 114,327 | 6,316 | 5.5% | 4,406 | 11,315 | — | S100LIZW |
| FY ending Mar 2021 | 110,206 | 6,072 | 5.5% | 4,549 | 8,504 | — | S100OCAN |
| FY ending Mar 2022 | 113,997 | 4,705 | 4.1% | 3,326 | 9,097 | — | S100S00K |
| FY ending Mar 2023 | 120,521 | 4,503 | 3.7% | 3,428 | 2,952 | — | S100TNRD |
| FY ending Mar 2024 | 128,194 | 6,244 | 4.9% | 4,455 | 2,062 | — | S100VZLE |
| FY ending Mar 2025 | 111,550 | 6,851 | 6.1% | 4,543 | 8,781 | — | S100YD7I |
| FY ending Mar 2026 | 115,680 | 8,012 | 6.9% | 5,853 | 10,661 | — | S100YD7I |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥65.7M |
| Operating income per employee (consolidated) | ¥4.5M |
| Net income per employee (consolidated) | ¥3.3M |

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) | 1,284 | 1,363 | 1,385 | 1,379 | 1,762 |
| Average salary (parent company) | ¥7.4M | ¥7.2M | ¥7.4M | ¥7.9M | ¥8.3M |
| Average age (parent company) | 42.6 years | 42.5 years | 42.1 years | 42.4 years | 42.7 years |
| Average tenure (parent company) | 16.9 years | 17.0 years | 16.7 years | 17.0 years | 17.1 years |

Year over year: Employees (consolidated) +27.8% · Revenue (consolidated) +3.7%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Heavy temporary construction | 102,116 | 88.3% | 8,604 | 8.4% |
| Construction machines | 13,564 | 11.7% | 391 | 2.9% |

### 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 |
| --- | ---: |
| Heavy temporary construction | 88.3% |
| Construction machines | 11.7% |

Segment → industry: Construction machines → Leasing / Heavy temporary construction → Leasing / Heavy temporary construction → General Contractors / Construction machines → Specialty Trading & Wholesale

## 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 | 10,661 | 9.2% | S100YD7I |
| Investing cash flow | -2,069 | -1.8% | S100YD7I |
| Financing cash flow | -1,244 | -1.1% | S100YD7I |
| Dividends paid | 1,994 | 1.7% | S100YD7I |
| Share buyback | 0 | 0.0% | S100YD7I |
| Change in cash | 7,431 | 6.4% | S100YD7I |
| Cash and equivalents | 10,492 | 9.1% | S100YD7I |

## 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 | 10,286 | 4,767 | 1,135 | 3,061 | 10,492 | S100TNRD, S100VZLE, S100YD7I |
| Total assets | 107,748 | 108,980 | 107,044 | 107,073 | 122,537 | S100S00K, S100TNRD, S100VZLE, S100YD7I |
| Net assets | 59,429 | 59,104 | 62,979 | 66,287 | 75,683 | S100TNRD, S100VZLE, S100YD7I |
| Share capital | 4,398 | 4,398 | 4,398 | 4,398 | 4,398 | S100S00K, S100TNRD, S100VZLE, S100YD7I |
| Property, plant and equipment | 23,279 | 24,460 | 24,595 | 24,412 | 26,388 | S100S00K, S100TNRD, S100VZLE, S100YD7I |
| Intangible assets excluding goodwill | 786 | 2,382 | 2,122 | 1,904 | 1,696 | S100S00K, S100TNRD, S100VZLE, S100YD7I |
| Goodwill | 0 | 1,192 | 1,063 | 934 | 806 | S100S00K, S100TNRD, S100VZLE, S100YD7I |
| Investment securities | 3,368 | 3,719 | 5,660 | 5,447 | 5,558 | S100S00K, S100TNRD, S100VZLE, S100YD7I |
| Current assets | 76,127 | 73,892 | 68,724 | 68,613 | 81,096 | S100S00K, S100TNRD, S100VZLE, S100YD7I |
| Current liabilities | 43,664 | 44,937 | 39,922 | 36,328 | 40,126 | S100S00K, S100TNRD, S100VZLE, S100YD7I |
| Trade payables | 22,485 | 21,266 | 20,399 | 17,288 | 15,921 | S100S00K, S100TNRD, S100VZLE, S100YD7I |
| Short-term borrowings | — | 520 | 1,970 | 15 | 1,101 | S100TNRD, S100VZLE, S100YD7I |
| Long-term borrowings | 2,110 | 1,725 | 632 | 617 | 1,808 | S100S00K, S100TNRD, S100VZLE, S100YD7I |
| Total liabilities | 48,319 | 49,876 | 44,066 | 40,786 | 46,854 | S100S00K, S100TNRD, S100VZLE, S100YD7I |
| Non-controlling interests | 4 | 3 | 4 | 5 | 4,403 | S100S00K, S100TNRD, S100VZLE, S100YD7I |
| Equity attributable to owners of parent | 58,586 | 58,449 | 61,673 | 64,621 | 67,603 | S100S00K, S100TNRD, S100VZLE, S100YD7I |
| Retained earnings | 49,621 | 49,460 | 52,684 | 55,774 | 59,633 | S100S00K, S100TNRD, S100VZLE, S100YD7I |
| Treasury stock | -25 | 0 | -1 | -142 | -140 | S100S00K, S100TNRD, S100VZLE, S100YD7I |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 9% | S100YD7I |
| Property, plant and equipment | 21% | S100YD7I |
| Intangibles and goodwill | 2% | S100YD7I |
| Investment securities | 5% | S100YD7I |
| Other assets | 63% | S100YD7I |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 13% | S100YD7I |
| Other liabilities | 25% | S100YD7I |
| Equity | 62% | S100YD7I |

### 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 | 107,748 | 108,980 | 107,044 | 107,073 | 122,537 |
| Equity | 59,429 | 59,104 | 62,979 | 66,287 | 75,683 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 10,286 | 4,767 | 1,135 | 3,061 | 10,492 |

## 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) | 22.8% | S100YD7I |
| Fixed assets ÷ total assets | 21.5% | S100YD7I |
| Goodwill ÷ parent equity | 1.2% | S100YD7I |

Goodwill over 4 years: 0 → 806 JPY; total investing cash flow: -17,507 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) | 8.6% |
| Cash ÷ revenue | 9.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 133.1% |
| Cash vs. profit gap | 4,808 JPY mn (of net income 82.1%) |
| Shareholder returns / net income | 34.1% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 34.1% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | — |
| Investing CF relative to operating CF | 19.4% |

## 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 | 2.9% | 1.06× | 3.1% | 1.84× | 5.7% | S100S00K |
| 2023 | 2.8% | 1.11× | 3.2% | 1.85× | 5.9% | S100TNRD |
| 2024 | 3.5% | 1.19× | 4.1% | 1.80× | 7.4% | S100VZLE |
| 2025 | 4.1% | 1.04× | 4.2% | 1.70× | 7.2% | S100YD7I |
| 2026 | 5.1% | 1.01× | 5.1% | 1.74× | 8.9% | S100YD7I |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ＪＦＥスチール㈱ | Major shareholder | 27.6% | 2026-03-31 |
| みずほリース㈱ | Major shareholder | 20.0% | 2026-03-31 |
| ＪＦＥ商事㈱ | Major shareholder | 8.8% | 2026-03-31 |
| 日本マスタートラスト信託銀行㈱（信託口） | Major shareholder | 5.1% | 2026-03-31 |
| ジェコス取引先持株会 | Major shareholder | 3.2% | 2026-03-31 |
| ㈱日本カストディ銀行(信託口) | Major shareholder | 2.1% | 2026-03-31 |
| ジェコス社員持株会 | Major shareholder | 2.0% | 2026-03-31 |
| ＪＦＥ商事資機材販売㈱ | Major shareholder | 1.6% | 2026-03-31 |
| ＪＦＥ商事コイルセンター㈱ | Major shareholder | 1.5% | 2026-03-31 |
| MSIP CLIENT SECURITIES （常任代理人 モルガン・スタンレーMUFG証券㈱） | Major shareholder | 1.4% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第59期(2025/04/01－2026/03/31) | S100YD7I | 2026-06-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YD7I,, |
| 有価証券報告書－第58期(2024/04/01－2025/03/31) | S100VZLE | 2025-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VZLE,, |
| 有価証券報告書－第57期(2023/04/01－2024/03/31) | S100TNRD | 2024-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TNRD,, |
| 訂正有価証券報告書－第56期(2022/04/01－2023/03/31) | S100S00K | 2023-10-12 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100S00K,, |
| 有価証券報告書－第55期(令和3年4月1日－令和4年3月31日) | S100OCAN | 2022-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OCAN,, |
| 有価証券報告書－第54期(令和2年4月1日－令和3年3月31日) | S100LIZW | 2021-06-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LIZW,, |

## 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).