# GreenEnergy & Company Inc.: 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18期(2025/05/01－2026/04/30) (S100YRWH)
> Page: https://vizora.meequs.com/en/company/greenenergy-and
> Retrieved: 2026-09-30T22:47:55.271Z

## Company

GreenEnergy & Company, founded in 2009, is a company in Plant Engineering & Building Services listed on TSE Growth. It has 159 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | GreenEnergy & Company Inc. |
| Ticker | 1436 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/1436.T) |
| Listing | TSE Growth |
| Head office | 徳島県板野郡松茂町中喜来字群恵39番地1 |
| Representative (per filing) | 代表取締役社長 鈴江 崇文 |
| Founded | Apr 2009 |
| Share capital | ¥20.4M |
| Employees (consolidated) | 159 |
| Average salary (parent only) | ¥6.5M |
| Fiscal year end | April |
| Website | green-energy.co.jp (https://green-energy.co.jp/) |
| Corporate number | 6480001006042 |
| EDINET | E32163 |
| Industries (Vizora) | Plant Engineering & Building Services |

> Profile source: annual securities report (S100YRWH, filed 2026-07-23). As of filing

## Five-axis industry profile

Primary industry: Plant Engineering & Building Services (2026-04-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 96.5 | 72 |
| Profitability | 27 | 76 |
| Cash conversion | 77.7 | 74 |
| Efficiency | 83.6 | 76 |
| Financial strength | 16.7 | 9 |

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)

- GreenEnergy & Company brought in ¥18.4B in revenue.
- Out of every ¥100 of sales, about ¥6 is left as operating profit.
- Revenue changed +58.0% from the prior year, operating profit +119.3%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥18358123000 → ¥505867000
- Net income → operating cash flow: ¥505867000 → ¥1318864000（difference ¥812997000）
- Main uses of operating cash flow: CapEx ¥691298000 / dividends ¥53459000 / buybacks —
- Change in cash: ¥1174055000
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 | ¥18.4B |  |
| Operating income | ¥1.19B | Margin 6.5% |
| Net income | ¥500.3M | Margin 2.7% |
| Free cash flow | ¥627.6M |  |
| Employees (consolidated) | 159 |  |
| EPS | ¥6.28 |  |
| Diluted EPS | ¥6.02 |  |
| Book value per share | ¥397.68 |  |
| Equity ratio | 34.3% |  |
| Shares outstanding | 4,285,800 |  |
| Treasury shares | 163,400 |  |
| Shareholders | 2,933 |  |
| Average salary (parent only) | ¥6.5M | Filing company only |
| Cash ratio | 12.3% | Net cash -¥2.8B · Cash ÷ revenue 11.0% |
| Vs. industry median margin | -2.6 pp | Plant Engineering & Building Services |
| ROE | 9.1% | Derived from disclosed figures |
| ROA | 3.3% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.6× net income
- FY2026, revenue is 2.6× its level five years ago
- FY2026, employees -1% while operating income rose 119%

## What changed in 5 years

| Metric | FY ending Apr 2021 | FY ending Apr 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥5990829000 | ¥18358123000 | +206.4% |
| Operating income | ¥261546000 | ¥1191710000 | +355.6% |
| Operating margin | 4.4% | 6.5% | +2.1 pp |
| Employees | 80 people | 159 people | +98.8% |
| Cash and equivalents | ¥2462718000 | ¥2028160000 | -17.6% |

### Change in segment revenue mix

Span: FY ending Apr 2021 → FY ending Apr 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| クリーンエネルギー事業 → 事業再編・廃止 | 44.5% |
| スマートホーム事業 → 事業再編・廃止 | 41.3% |
| ストック事業 → 事業再編・廃止 | 14.3% |

Segment revenue source references: 3 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 18,358 | 100.0% | S100YRWH |
| Cost of revenue | 14,465 | 78.8% | S100YRWH |
| Gross profit | 3,893 | 21.2% | S100YRWH |
| SG&A | 2,702 | 14.7% | S100YRWH |
| Operating income | 1,192 | 6.5% | S100YRWH |
| Ordinary income | 1,030 | 5.6% | S100YRWH |
| Pretax income | 833 | 4.5% | S100YRWH |
| Income tax | 327 | 1.8% | S100YRWH |
| Net income | 506 | 2.8% | S100YRWH |
| Net income attributable to owners | 500 | 2.7% | S100YRWH |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 79 |
| SG&A | 15 |
| Operating income | 6 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 21.2% → Operating margin 6.5% → Net margin 2.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +58.0%; Core profit growth: +119.3%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.05×
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 | 11,617 | 18,358 | 6,741 | +58.0% |
| Gross profit | 2,803 | 3,893 | 1,091 | +38.9% |
| Operating income | 544 | 1,192 | 648 | +119.3% |
| Net income attributable to owners | 276 | 500 | 225 | +81.6% |
| Operating cash flow | -961 | 1,319 | 2,280 | — |
| Free cash flow | -1,111 | 628 | 1,738 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Apr 2021 | 5,991 | 262 | 4.4% | 159 | 1,284 | 1,118 | S100OT7R |
| FY ending Apr 2022 | 7,187 | 478 | 6.7% | 282 | -1,639 | -1,682 | S100RH1N |
| FY ending Apr 2023 | 8,854 | 531 | 6.0% | 324 | 383 | 344 | S100U42S |
| FY ending Apr 2024 | 9,676 | 514 | 5.3% | 330 | 570 | 458 | S100WEBB |
| FY ending Apr 2025 | 11,617 | 544 | 4.7% | 276 | -961 | -1,111 | S100YRWH |
| FY ending Apr 2026 | 18,358 | 1,192 | 6.5% | 500 | 1,319 | 628 | S100YRWH |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥115.5M |
| Operating income per employee (consolidated) | ¥7.5M |
| Net income per employee (consolidated) | ¥3.1M |

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

| History | FY ending Apr 2022 | FY ending Apr 2023 | FY ending Apr 2024 | FY ending Apr 2025 | FY ending Apr 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 110 | 136 | 152 | 160 | 159 |
| Average salary (parent company) | ¥5.1M | ¥4.4M | ¥5.2M | ¥5.7M | ¥6.5M |
| Average age (parent company) | 39.2 years | 38.8 years | 39.0 years | 38.9 years | 41.2 years |
| Average tenure (parent company) | 3.3 years | 3.4 years | 3.8 years | 3.9 years | 5.2 years |

Year over year: Employees (consolidated) -0.6% · Revenue (consolidated) +58.0%

## 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 | 1,319 | 7.2% | S100YRWH |
| Capital expenditure | 691 | 3.8% | S100YRWH |
| Free cash flow | 628 | 3.4% | 算出 |
| Investing cash flow | -271 | -1.5% | S100YRWH |
| Financing cash flow | 126 | 0.7% | S100YRWH |
| Dividends paid | 53 | 0.3% | S100YRWH |
| Change in cash | 1,174 | 6.4% | S100YRWH |
| Cash and equivalents | 2,028 | 11.0% | S100YRWH |

## 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 2022 | FY ending Apr 2023 | FY ending Apr 2024 | FY ending Apr 2025 | FY ending Apr 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 2,024 | 1,943 | 1,503 | 911 | 2,028 | S100U42S, S100WEBB, S100YRWH |
| Total assets | 10,716 | 10,303 | 12,123 | 13,557 | 16,541 | S100RH1N, S100U42S, S100WEBB, S100YRWH |
| Net assets | 4,472 | 4,751 | 5,033 | 5,303 | 5,694 | S100U42S, S100WEBB, S100YRWH |
| Share capital | 980 | 980 | 20 | 20 | 20 | S100RH1N, S100U42S, S100WEBB, S100YRWH |
| Property, plant and equipment | 1,322 | 1,187 | 1,010 | 1,028 | 2,160 | S100RH1N, S100U42S, S100WEBB, S100YRWH |
| Intangible assets excluding goodwill | 216 | 180 | 381 | 300 | 172 | S100RH1N, S100U42S, S100WEBB, S100YRWH |
| Goodwill | 196 | 161 | 370 | 271 | 144 | S100RH1N, S100U42S, S100WEBB, S100YRWH |
| Investment securities | 85 | 70 | 70 | 234 | 303 | S100RH1N, S100U42S, S100WEBB, S100YRWH |
| Current assets | 8,692 | 8,433 | 10,249 | 11,250 | 13,318 | S100RH1N, S100U42S, S100WEBB, S100YRWH |
| Current liabilities | 3,634 | 3,410 | 3,194 | 4,267 | 6,916 | S100RH1N, S100U42S, S100WEBB, S100YRWH |
| Short-term borrowings | 1,170 | 1,298 | 355 | 1,433 | 1,143 | S100RH1N, S100U42S, S100WEBB, S100YRWH |
| Long-term borrowings | 2,001 | 1,542 | 3,136 | 2,968 | 2,487 | S100RH1N, S100U42S, S100WEBB, S100YRWH |
| Bonds | 300 | 300 | 440 | 720 | 1,200 | S100RH1N, S100U42S, S100WEBB, S100YRWH |
| Interest-bearing debt | 3,471 | 3,139 | 3,931 | 5,122 | 4,830 | 算出 |
| Total liabilities | 6,244 | 5,551 | 7,090 | 8,255 | 10,847 | S100RH1N, S100U42S, S100WEBB, S100YRWH |
| Non-controlling interests | 4 | — | — | 9 | 9 | S100RH1N, S100YRWH |
| Equity attributable to owners of parent | 4,468 | 4,751 | 5,033 | 5,293 | 5,682 | S100RH1N, S100U42S, S100WEBB, S100YRWH |
| Retained earnings | 2,713 | 2,996 | 3,277 | 3,499 | 3,881 | S100RH1N, S100U42S, S100WEBB, S100YRWH |
| Treasury stock | -175 | -175 | -175 | -144 | -137 | S100RH1N, S100U42S, S100WEBB, S100YRWH |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 12% | S100YRWH |
| Property, plant and equipment | 13% | S100YRWH |
| Intangibles and goodwill | 2% | S100YRWH |
| Investment securities | 2% | S100YRWH |
| Other assets | 71% | S100YRWH |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Interest-bearing debt | 29% | 算出 |
| Other liabilities | 36% | S100YRWH |
| Equity | 35% | S100YRWH |

### Balance sheet history

| Metric | FY ending Apr 2022 | FY ending Apr 2023 | FY ending Apr 2024 | FY ending Apr 2025 | FY ending Apr 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 10,716 | 10,303 | 12,123 | 13,557 | 16,541 |
| Equity | 4,472 | 4,751 | 5,033 | 5,303 | 5,694 |
| Interest-bearing debt | 3,471 | 3,139 | 3,931 | 5,122 | 4,830 |
| Cash | 2,024 | 1,943 | 1,503 | 911 | 2,028 |

## 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) | 11.8% | S100YRWH |
| Fixed assets ÷ total assets | 13.1% | S100YRWH |
| Goodwill ÷ parent equity | 2.5% | S100YRWH |

Goodwill over 4 years: 196 → 144 JPY; total investing cash flow: -1,515 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) | 12.3% |
| Cash ÷ revenue | 11.0% |
| Net cash (cash − interest-bearing debt) | -¥2.8B |
| Net debt ÷ operating cash flow | 2.12× |
| Cash conversion (operating CF ÷ operating income) | 110.7% |
| Cash vs. profit gap | 819 JPY mn (of net income 163.6%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 10.7% |
| Shareholder payments — dividends / FCF | 8.5% |
| CapEx intensity (capex ÷ revenue) | 3.8% |
| Investing CF relative to operating CF | 20.5% |

## 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 | 3.9% | 0.67× | 2.6% | 2.40× | 6.3% | S100RH1N |
| 2023 | 3.7% | 0.84× | 3.1% | 2.28× | 7.0% | S100U42S |
| 2024 | 3.4% | 0.86× | 2.9% | 2.29× | 6.8% | S100WEBB |
| 2025 | 2.4% | 0.90× | 2.1% | 2.49× | 5.3% | S100YRWH |
| 2026 | 2.7% | 1.22× | 3.3% | 2.74× | 9.1% | S100YRWH |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社エフピーライフ | Major shareholder | 58.7% | 2026-04-30 |
| 鈴江 崇文 | Major shareholder | 10.3% | 2026-04-30 |
| 日本証券金融株式会社 | Major shareholder | 2.2% | 2026-04-30 |
| ＴＯＦＵ合同会社 | Major shareholder | 2.1% | 2026-04-30 |
| 佐久間 淳一 | Major shareholder | 0.9% | 2026-04-30 |
| グリーンエナジー従業員持株会 | Major shareholder | 0.6% | 2026-04-30 |
| むさし証券株式会社 | Major shareholder | 0.5% | 2026-04-30 |
| 顧 曄 | Major shareholder | 0.3% | 2026-04-30 |
| ＳＯＣＩＥＴＥ ＧＥＮＥＲＡＬＥ ＰＡＲＩＳ (常任代理人 ソシエテ・ジェネラル証券株式会社) | Major shareholder | 0.3% | 2026-04-30 |
| 三菱ＵＦＪｅスマート証券株式会社 | Major shareholder | 0.3% | 2026-04-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第18期(2025/05/01－2026/04/30) | S100YRWH | 2026-07-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YRWH,, |
| 有価証券報告書－第17期(2024/05/01－2025/04/30) | S100WEBB | 2025-07-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WEBB,, |
| 有価証券報告書－第16期(2023/05/01－2024/04/30) | S100U42S | 2024-07-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100U42S,, |
| 有価証券報告書－第15期(2022/05/01－2023/04/30) | S100RH1N | 2023-07-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RH1N,, |
| 有価証券報告書－第14期(令和3年5月1日－令和4年4月30日) | S100OT7R | 2022-07-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OT7R,, |
| 有価証券報告書－第13期(令和2年5月1日－令和3年4月30日) | S100M2WB | 2021-07-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100M2WB,, |

## 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).