# GREEN CROSS HOLDINGS CO.,LTD.: business model and financials

> Latest period: FY ending Apr 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第2期(2025/05/01－2026/04/30) (S100YSCR)
> Page: https://vizora.meequs.com/en/company/green-cross-hd
> Retrieved: 2026-09-30T21:38:50.802Z

## Company

Green Cross Holdings is a company in Specialty Trading & Wholesale listed on Fukuoka. It has 1,000 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | GREEN CROSS HOLDINGS CO.,LTD. |
| Ticker | 272A |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/272A.T) |
| Listing | Fukuoka |
| Head office | 福岡市中央区笹丘一丁目17番29号 |
| Representative (per filing) | 代表取締役社長 久保 孝二 |
| Share capital | ¥697.3M |
| Employees (consolidated) | 1,000 |
| Average salary (parent only) | ¥5.8M |
| Fiscal year end | April |
| Website | green-cross-hd.co.jp (https://green-cross-hd.co.jp/) |
| Corporate number | 9290001107872 |
| EDINET | E39812 |
| Industries (Vizora) | Specialty Trading & Wholesale |

> Profile source: annual securities report (S100YSCR, filed 2026-07-27). As of filing

## Five-axis industry profile

Primary industry: Specialty Trading & Wholesale (2026-04-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 65.1 | 179 |
| Profitability | 87.8 | 185 |
| Cash conversion | 52.8 | 179 |
| Efficiency | 17 | 185 |

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)

- Green Cross Holdings brought in ¥29.9B in revenue.
- Out of every ¥100 of sales, about ¥7 is left as operating profit.
- Revenue changed +7.1% from the prior year, operating profit +2.6%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥29857236000 → ¥1358873000
- Net income → operating cash flow: ¥1358873000 → ¥2088375000（difference ¥729502000）
- Main uses of operating cash flow: CapEx ¥2641758000 / dividends ¥329730000 / buybacks ¥903298000
- Change in cash: ¥-17438000
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 | ¥29.9B |  |
| Operating income | ¥2.04B | Margin 6.8% |
| Net income | ¥1.36B | Margin 4.5% |
| Free cash flow | -¥553.4M |  |
| Employees (consolidated) | 1,000 |  |
| EPS | ¥84.59 |  |
| Book value per share | ¥1268.76 |  |
| Equity ratio | 42.1% |  |
| Shares outstanding | 9,025,280 |  |
| Treasury shares | 700,800 |  |
| Shareholders | 2,236 |  |
| Average salary (parent only) | ¥5.8M | Filing company only |
| Cash ratio | 16.2% | Cash ÷ revenue 15.8% |
| Vs. industry median margin | +3.9 pp | Specialty Trading & Wholesale |
| ROE | 11.4% | Derived from disclosed figures |
| ROA | 4.9% | Derived from disclosed figures |

## Notable figures

- FY2026, buybacks were 2.7× dividends

## What changed in 1 years

| Metric | FY ending Apr 2025 | FY ending Apr 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥27878846000 | ¥29857236000 | +7.1% |
| Operating income | ¥1983853000 | ¥2036040000 | +2.6% |
| Operating margin | 7.1% | 6.8% | -0.3 pp |
| Employees | 901 people | 1,000 people | +11.0% |
| Cash and equivalents | ¥4733752000 | ¥4716314000 | -0.4% |

### Change in segment revenue mix

Span: FY ending Apr 2025 → FY ending Apr 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 29,857 | 100.0% | S100YSCR |
| Cost of revenue | 19,071 | 63.9% | S100YSCR |
| Gross profit | 10,786 | 36.1% | S100YSCR |
| SG&A | 8,750 | 29.3% | S100YSCR |
| Operating income | 2,036 | 6.8% | S100YSCR |
| Ordinary income | 2,024 | 6.8% | S100YSCR |
| Pretax income | 2,024 | 6.8% | S100YSCR |
| Income tax | 665 | 2.2% | S100YSCR |
| Net income | 1,359 | 4.6% | S100YSCR |
| Net income attributable to owners | 1,357 | 4.5% | S100YSCR |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 64 |
| SG&A | 29 |
| Operating income | 7 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 36.1% → Operating margin 6.8% → Net margin 4.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +7.1%; Core profit growth: +2.6%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.37×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 27,879 | 29,857 | 1,978 | +7.1% |
| Gross profit | 10,068 | 10,786 | 718 | +7.1% |
| Operating income | 1,984 | 2,036 | 52 | +2.6% |
| Net income attributable to owners | 1,213 | 1,357 | 144 | +11.9% |
| Operating cash flow | 3,256 | 2,088 | -1,168 | -35.9% |
| Free cash flow | 1,532 | -553 | -2,085 | -136.1% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Apr 2025 | 27,879 | 1,984 | 7.1% | 1,213 | 3,256 | 1,532 | S100YSCR |
| FY ending Apr 2026 | 29,857 | 2,036 | 6.8% | 1,357 | 2,088 | -553 | S100YSCR |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥29.9M |
| Operating income per employee (consolidated) | ¥2M |
| Net income per employee (consolidated) | ¥1.4M |

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

| History | FY ending Apr 2025 | FY ending Apr 2026 |
| --- | ---: | ---: |
| Employees (consolidated) | 901 | 1,000 |
| Average salary (parent company) | ¥5.4M | ¥5.8M |
| Average age (parent company) | 45.1 years | 42.3 years |
| Average tenure (parent company) | 13.2 years | 13.3 years |

Year over year: Employees (consolidated) +11.0% · Revenue (consolidated) +7.1%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 2,088 | 7.0% | S100YSCR |
| Capital expenditure | 2,642 | 8.8% | S100YSCR |
| Free cash flow | -553 | -1.9% | 算出 |
| Investing cash flow | -2,973 | -10.0% | S100YSCR |
| Financing cash flow | 867 | 2.9% | S100YSCR |
| Dividends paid | 330 | 1.1% | S100YSCR |
| Share buyback | 903 | 3.0% | S100YSCR |
| Change in cash | -17 | -0.1% | S100YSCR |
| Cash and equivalents | 4,716 | 15.8% | S100YSCR |

## 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 Apr 2025 | FY ending Apr 2026 | Source |
| --- | ---: | ---: | ---: |
| Cash and equivalents | 4,734 | 4,716 | S100YSCR |
| Total assets | 26,167 | 29,053 | S100YSCR |
| Net assets | 12,006 | 12,276 | S100YSCR |
| Share capital | 697 | 697 | S100YSCR |
| Property, plant and equipment | 10,902 | 12,548 | S100YSCR |
| Intangible assets excluding goodwill | 419 | 446 | S100YSCR |
| Goodwill | 208 | 241 | S100YSCR |
| Investment securities | 596 | 663 | S100YSCR |
| Current assets | 13,683 | 14,628 | S100YSCR |
| Current liabilities | 8,050 | 9,431 | S100YSCR |
| Trade payables | 2,928 | 3,139 | S100YSCR |
| Short-term borrowings | — | 960 | S100YSCR |
| Long-term borrowings | 5,225 | 6,384 | S100YSCR |
| Total liabilities | 14,161 | 16,777 | S100YSCR |
| Non-controlling interests | 54 | 56 | S100YSCR |
| Equity attributable to owners of parent | 11,743 | 11,965 | S100YSCR |
| Retained earnings | 10,226 | 11,583 | S100YSCR |
| Treasury stock | -152 | -952 | S100YSCR |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 16% | S100YSCR |
| Property, plant and equipment | 43% | S100YSCR |
| Intangibles and goodwill | 3% | S100YSCR |
| Investment securities | 2% | S100YSCR |
| Other assets | 36% | S100YSCR |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 11% | S100YSCR |
| Other liabilities | 47% | S100YSCR |
| Equity | 42% | S100YSCR |

### Balance sheet history

| Metric | FY ending Apr 2025 | FY ending Apr 2026 |
| --- | ---: | ---: |
| Total assets | 26,167 | 29,053 |
| Equity | 12,006 | 12,276 |
| Interest-bearing debt | — | — |
| Cash | 4,734 | 4,716 |

## 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) | 42.0% | S100YSCR |
| Fixed assets ÷ total assets | 43.2% | S100YSCR |
| Goodwill ÷ parent equity | 2.0% | S100YSCR |

### 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) | 16.2% |
| Cash ÷ revenue | 15.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 102.6% |
| Cash vs. profit gap | 732 JPY mn (of net income 53.9%) |
| Shareholder returns / net income | 90.9% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 24.3% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 8.8% |
| Investing CF relative to operating CF | 142.4% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2025 | 4.4% | 1.07× | 4.6% | 2.23× | 10.3% | S100YSCR |
| 2026 | 4.5% | 1.08× | 4.9% | 2.33× | 11.4% | S100YSCR |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| グリーンクロスホールディングス社員持株会 | Major shareholder | 14.9% | 2026-04-30 |
| 柴田 泰三 | Major shareholder | 6.2% | 2026-04-30 |
| 青山 悦子 | Major shareholder | 4.9% | 2026-04-30 |
| 中野 淑 | Major shareholder | 4.4% | 2026-04-30 |
| 井上 愛 | Major shareholder | 4.4% | 2026-04-30 |
| 東條 優 | Major shareholder | 4.4% | 2026-04-30 |
| 新海 秀治 | Major shareholder | 3.2% | 2026-04-30 |
| 株式会社西日本シティ銀行 | Major shareholder | 3.1% | 2026-04-30 |
| 椛田 法義 | Major shareholder | 2.4% | 2026-04-30 |
| リックス株式会社 | Major shareholder | 2.3% | 2026-04-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第2期(2025/05/01－2026/04/30) | S100YSCR | 2026-07-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YSCR,, |
| 有価証券報告書－第1期(2024/11/01－2025/04/30) | S100WF2M | 2025-07-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WF2M,, |

## 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).