# Green Earth Institute Co., Ltd.: business model and financials

> Latest period: FY ending Sep 2025, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第15期(2024/10/01－2025/09/30) (S100XC32)
> Page: https://vizora.meequs.com/en/company/green-earth-institute
> Retrieved: 2026-09-30T21:56:57.763Z

## Company

Green Earth Institute, founded in 2011, is a company in Chemicals listed on TSE Growth. It has 50 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Green Earth Institute Co., Ltd. |
| Ticker | 9212 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9212.T) |
| Listing | TSE Growth |
| Head office | 東京都新宿区新宿三丁目5番6号 |
| Representative (per filing) | 代表取締役CEO 伊原 智人 |
| Founded | Sep 2011 |
| Share capital | ¥1.6B |
| Employees (consolidated) | 50 |
| Average salary (parent only) | ¥6.8M |
| Fiscal year end | September |
| Website | gei.co.jp (https://gei.co.jp/) |
| Corporate number | 4010001142142 |
| EDINET | E37153 |
| Industries (Vizora) | Chemicals |

> Profile source: annual securities report (S100XC32, filed 2025-12-23). As of filing

## Five-axis industry profile

Primary industry: Chemicals (2025-09-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 67.2 | 96 |
| Profitability | 3.5 | 100 |
| Efficiency | 0.5 | 100 |

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 Earth Institute brought in ¥1.08B in revenue.
- Operating profit was close to zero, a slight loss per ¥100 of sales.
- Revenue changed +7.3% from the prior year.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥1.08B |  |
| Operating income | -¥4.2M | Margin -0.4% |
| Net income | ¥127.3M | Margin 11.8% |
| Free cash flow | -¥200.4M |  |
| Employees (consolidated) | 50 |  |
| EPS | ¥11.27 |  |
| Diluted EPS | ¥10.81 |  |
| Book value per share | ¥185.46 |  |
| Equity ratio | 71.0% |  |
| Shares outstanding | 11,355,100 |  |
| Shareholders | 4,110 |  |
| Average salary (parent only) | ¥6.8M | Filing company only |
| Cash ratio | 69.4% | Cash ÷ revenue 191.5% |
| Vs. industry median margin | -7.9 pp | Chemicals |
| ROE | 6.2% | Derived from disclosed figures |
| ROA | 4.5% | Derived from disclosed figures |

## Notable figures

- FY2025, revenue is 2.1× its level five years ago
- FY2025, cash is 69% of total assets

## What changed in 5 years

| Metric | FY ending Sep 2020 | FY ending Sep 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥334338000 | ¥1075413000 | +221.7% |
| Operating income | ¥-114531000 | ¥-4202000 | — |
| Operating margin | -34.3% | -0.4% | +33.9 pp |
| Employees | 30 people | 50 people | +66.7% |
| Cash and equivalents | ¥424116000 | ¥2059541000 | +385.6% |

### Change in segment revenue mix

Span: FY ending Sep 2020 → FY ending Sep 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 1,075 | 100.0% | S100XC32 |
| Cost of revenue | 433 | 40.3% | S100XC32 |
| Gross profit | 642 | 59.7% | S100XC32 |
| SG&A | 647 | 60.1% | S100XC32 |
| Operating income | -4 | -0.4% | S100XC32 |
| Ordinary income | 157 | 14.6% | S100XC32 |
| Pretax income | 157 | 14.6% | S100XC32 |
| Income tax | 30 | 2.8% | S100XC32 |
| Net income | 127 | 11.8% | S100XC32 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 40 |
| SG&A | 60 |
| Operating income | 0 |
| (Ref.) Net income | 12 |

### Margin funnel

Gross margin 59.7% → Operating margin -0.4% → Net margin 11.8%
Derived from reported figures (DERIVED).

## Year over year（FY ending Sep 2024 → FY ending Sep 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 1,003 | 1,075 | 73 | +7.3% |
| Gross profit | 442 | 642 | 201 | +45.4% |
| Operating income | -149 | -4 | 145 | — |
| Operating cash flow | 3 | -49 | -53 | -1562.1% |
| Free cash flow | -78 | -200 | -123 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Sep 2020 | 334 | -115 | -34.3% | -116 | -171 | -194 | S100N4XM |
| FY ending Sep 2021 | 503 | -63 | -12.6% | -74 | -205 | -246 | S100PV1K |
| FY ending Sep 2022 | 585 | -99 | -16.9% | -234 | 338 | 284 | S100SIIL |
| FY ending Sep 2023 | 897 | -107 | -11.9% | -112 | -321 | -335 | S100V01I |
| FY ending Sep 2024 | 1,003 | -149 | -14.8% | -134 | 3 | -78 | S100XC32 |
| FY ending Sep 2025 | 1,075 | -4 | -0.4% | 127 | -49 | -200 | S100XC32 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥21.5M |
| Operating income per employee (consolidated) | -¥84K |
| Net income per employee (consolidated) | ¥2.5M |

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

| History | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 30 | 35 | 43 | 47 | 50 |
| Average salary (parent company) | ¥5.9M | ¥6.5M | ¥7M | ¥6.8M | ¥6.8M |
| Average age (parent company) | 46.0 years | 46.6 years | 47.0 years | 48.1 years | 47.7 years |
| Average tenure (parent company) | 3.7 years | 3.8 years | 3.9 years | 4.3 years | 3.8 years |

Year over year: Employees (consolidated) +6.4% · Revenue (consolidated) +7.3%

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Sep 2025, non-consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -49 | -4.6% | S100XC32 |
| Capital expenditure | 151 | 14.0% | S100XC32 |
| Free cash flow | -200 | -18.6% | 算出 |
| Investing cash flow | -156 | -14.5% | S100XC32 |
| Financing cash flow | -9 | -0.9% | S100XC32 |
| Change in cash | -215 | -20.0% | S100XC32 |
| Cash and equivalents | 2,060 | 191.5% | S100XC32 |

## 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 Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 827 | 2,741 | 2,401 | 2,274 | 2,060 | S100SIIL, S100V01I, S100XC32 |
| Total assets | 1,126 | 3,384 | 2,672 | 2,736 | 2,967 | S100PV1K, S100SIIL, S100V01I, S100XC32 |
| Net assets | 801 | 2,218 | 2,110 | 1,975 | 2,106 | S100SIIL, S100V01I, S100XC32 |
| Share capital | 773 | 1,596 | 1,600 | 1,601 | 1,602 | S100PV1K, S100SIIL, S100V01I, S100XC32 |
| Trade receivables | 165 | 88 | — | — | — | S100PV1K |
| Property, plant and equipment | 75 | 0 | 34 | 99 | 223 | S100PV1K, S100SIIL, S100V01I, S100XC32 |
| Intangible assets excluding goodwill | 6 | 0 | 0 | 1 | 3 | S100PV1K, S100SIIL, S100V01I, S100XC32 |
| Current assets | 1,045 | 3,384 | 2,637 | 2,636 | 2,737 | S100PV1K, S100SIIL, S100V01I, S100XC32 |
| Current liabilities | 127 | 975 | 396 | 609 | 819 | S100PV1K, S100SIIL, S100V01I, S100XC32 |
| Long-term borrowings | 196 | 191 | 147 | 139 | 31 | S100PV1K, S100SIIL, S100V01I, S100XC32 |
| Total liabilities | 325 | 1,167 | 562 | 761 | 861 | S100PV1K, S100SIIL, S100V01I, S100XC32 |
| Equity attributable to owners of parent | 801 | 2,218 | 2,108 | 1,975 | 2,106 | S100PV1K, S100SIIL, S100V01I, S100XC32 |
| Retained earnings | -736 | -970 | -1,082 | -1,216 | -1,089 | S100PV1K, S100SIIL, S100V01I, S100XC32 |
| Treasury stock | — | — | -0 | -0 | -0 | S100V01I, S100XC32 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 69% | S100XC32 |
| Property, plant and equipment | 8% | S100XC32 |
| Intangibles and goodwill | 0% | S100XC32 |
| Other assets | 23% | S100XC32 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 29% | S100XC32 |
| Equity | 71% | S100XC32 |

### Balance sheet history

| Metric | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 1,126 | 3,384 | 2,672 | 2,736 | 2,967 |
| Equity | 801 | 2,218 | 2,110 | 1,975 | 2,106 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 827 | 2,741 | 2,401 | 2,274 | 2,060 |

## 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) | 20.7% | S100XC32 |
| Fixed assets ÷ total assets | 7.5% | S100XC32 |
| Goodwill ÷ parent equity | — | —, S100XC32 |

### 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) | 69.4% |
| Cash ÷ revenue | 191.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | -177 JPY mn (of net income -138.8%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 14.0% |
| 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 | — | —× | -6.6% | —× | — | S100PV1K |
| 2022 | — | —× | -10.4% | —× | — | S100SIIL |
| 2023 | — | —× | -3.7% | —× | — | S100V01I |
| 2024 | — | —× | -5.0% | —× | — | S100XC32 |
| 2025 | 11.8% | 0.38× | 4.5% | 1.40× | 6.2% | S100XC32 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社SBI証券 | Major shareholder | 10.6% | 2025-09-30 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 10.0% | 2025-09-30 |
| 公益財団法人地球環境産業技術研究機構 | Major shareholder | 7.9% | 2025-09-30 |
| 住友林業株式会社 | Major shareholder | 7.9% | 2025-09-30 |
| 大田 誠 | Major shareholder | 4.6% | 2025-09-30 |
| 伊原 智人 | Major shareholder | 4.0% | 2025-09-30 |
| DIC株式会社 | Major shareholder | 3.7% | 2025-09-30 |
| エア・ウォーター株式会社 | Major shareholder | 2.6% | 2025-09-30 |
| 電源開発株式会社 | Major shareholder | 2.1% | 2025-09-30 |
| 川嶋 浩司 | Major shareholder | 1.7% | 2025-09-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第15期(2024/10/01－2025/09/30) | S100XC32 | 2025-12-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XC32,, |
| 有価証券報告書－第14期(2023/10/01－2024/09/30) | S100V01I | 2024-12-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100V01I,, |
| 有価証券報告書－第13期(2022/10/01－2023/09/30) | S100SIIL | 2023-12-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SIIL,, |
| 有価証券報告書－第12期(令和3年10月1日－令和4年9月30日) | S100PV1K | 2022-12-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PV1K,, |
| 有価証券報告書－第11期(令和2年10月1日－令和3年9月30日) | S100N4XM | 2021-12-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100N4XM,, |

## 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).