# ERI HOLDINGS CO.,LTD.: business model and financials

> Latest period: FY ending May 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第13期(2025/06/01－2026/05/31) (S100YYGU)
> Page: https://vizora.meequs.com/en/company/h-eri
> Retrieved: 2026-09-30T20:24:41.529Z

## Company

ERI Holdings, founded in 2013, is a company in Disaster Prevention & Infrastructure Maintenance listed on TSE Standard. It has 1,768 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | ERI HOLDINGS CO.,LTD. |
| Ticker | 6083 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6083.T) |
| Listing | TSE Standard |
| Head office | 東京都港区赤坂八丁目10番24号 |
| Representative (per filing) | 代表取締役社長 馬野 俊彦 |
| Founded | Dec 2013 |
| Share capital | ¥992.8M |
| Employees (consolidated) | 1,768 |
| Average salary (parent only) | ¥7.8M |
| Fiscal year end | May |
| Website | www.h-eri.co.jp (https://www.h-eri.co.jp/) |
| Corporate number | 4010401109146 |
| EDINET | E27855 |
| Industries (Vizora) | Disaster Prevention & Infrastructure Maintenance |

> Profile source: annual securities report (S100YYGU, filed 2026-08-26). As of filing

## Five-axis industry profile

Primary industry: Disaster Prevention & Infrastructure Maintenance (2026-05-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 92.9 | 35 |
| Profitability | 96.3 | 40 |
| Cash conversion | 67.1 | 38 |
| Efficiency | 93.8 | 40 |

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)

- About 76% of ERI Holdings's sales come from Building Confirmation and Inspection,Housing Performance Evaluation and related services, with Infrastructure/Stock Consulting,Environmental Assessment and related services and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥20 is left as operating profit.
- Revenue changed +25.0% from the prior year, operating profit +141.7%.

## Company structure

- Segment revenue mix: Building Confirmation and Inspection,Housing Performance Evaluation and related services 76.1%、Infrastructure/Stock Consulting,Environmental Assessment and related services 22.7%、Other 1.2%
- Revenue → net income: ¥24704390000 → ¥3155723000
- Net income → operating cash flow: ¥3155723000 → ¥4945178000（difference ¥1789455000）
- Main uses of operating cash flow: CapEx ¥760455000 / dividends ¥638990000 / buybacks ¥354984000
- Change in cash: ¥2435110000
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 | ¥24.7B |  |
| Operating income | ¥4.94B | Margin 20.0% |
| Net income | ¥3.15B | Margin 12.7% |
| Free cash flow | ¥4.18B |  |
| Largest business | Building Confirmation and Inspection,Housing Performance Evaluation and related services | of segment revenue 76.1% |
| Employees (consolidated) | 1,768 |  |
| EPS | ¥47.56 |  |
| Book value per share | ¥222.05 |  |
| Equity ratio | 49.3% |  |
| Shares outstanding | 7,832,400 |  |
| Treasury shares | 349,700 |  |
| Shareholders | 2,985 |  |
| Average salary (parent only) | ¥7.8M | Filing company only |
| Cash ratio | 47.4% | Cash ÷ revenue 33.0% |
| Vs. industry median margin | +11.3 pp | Disaster Prevention & Infrastructure Maintenance |
| ROE | 42.4% | Derived from disclosed figures |
| ROA | 20.5% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 87% of positive segment profit
- FY2026, cash is 47% of total assets

## What changed in 5 years

| Metric | FY ending May 2021 | FY ending May 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥14397766000 | ¥24704390000 | +71.6% |
| Operating income | ¥402844000 | ¥4943790000 | +1127.2% |
| Operating margin | 2.8% | 20.0% | +17.2 pp |
| Employees | 1,357 people | 1,768 people | +30.3% |
| Cash and equivalents | ¥2626384000 | ¥8154699000 | +210.5% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| 確認検査及び関連事業 → 事業再編・廃止 | 54.5% |
| 住宅性能評価及び関連事業 → 事業再編・廃止 | 24.2% |
| その他 → その他 | 1.2% |
| その他 → 事業再編・廃止 | 10.1% |
| ソリューション事業 → 事業再編・廃止 | 10.0% |
| 新設・再編 → 確認検査及び住宅性能評価関連事業 | 76.1% |
| 新設・再編 → インフラストック及び環境関連事業 | 22.7% |

Segment revenue source references: 7 (derived)

## Business growth × margin

X-axis: segment revenue CAGR. Y-axis: latest operating margin. Bubble size: latest revenue. CAGR requires at least two comparable years.

| Segment | CAGR span | Revenue CAGR | Latest revenue | Operating margin | Source refs |
| --- | ---: | ---: | ---: | ---: | ---: |
| Building Confirmation and Inspection,Housing Performance Evaluation and related services | — | — | ¥18792056000 | 22.8% | 2 |
| Infrastructure/Stock Consulting,Environmental Assessment and related services | — | — | ¥5609196000 | 11.8% | 2 |
| Other | 5 years | -28.5% | ¥303137000 | -2.9% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 24,704 | 100.0% | S100YYGU |
| Cost of revenue | 15,434 | 62.5% | S100YYGU |
| Gross profit | 9,270 | 37.5% | S100YYGU |
| SG&A | 4,326 | 17.5% | S100YYGU |
| Operating income | 4,944 | 20.0% | S100YYGU |
| Ordinary income | 4,974 | 20.1% | S100YYGU |
| Pretax income | 4,788 | 19.4% | S100YYGU |
| Income tax | 1,632 | 6.6% | S100YYGU |
| Net income | 3,156 | 12.8% | S100YYGU |
| Net income attributable to owners | 3,147 | 12.7% | S100YYGU |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 62 |
| SG&A | 18 |
| Operating income | 20 |
| (Ref.) Net income | 13 |

### Margin funnel

Gross margin 37.5% → Operating margin 20.0% → Net margin 12.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +25.0%; Core profit growth: +141.7%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 5.67×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 19,765 | 24,704 | 4,939 | +25.0% |
| Gross profit | 6,410 | 9,270 | 2,859 | +44.6% |
| Operating income | 2,046 | 4,944 | 2,898 | +141.7% |
| Net income attributable to owners | 1,294 | 3,147 | 1,853 | +143.2% |
| Operating cash flow | 785 | 4,945 | 4,161 | +530.3% |
| Free cash flow | 403 | 4,185 | 3,781 | +937.7% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending May 2020 | 14,843 | 518 | 3.5% | 258 | 371 | 173 | S100MC4T |
| FY ending May 2021 | 14,398 | 403 | 2.8% | 265 | 209 | 116 | S100P3QQ |
| FY ending May 2022 | 16,148 | 1,925 | 11.9% | 1,228 | 2,415 | 2,332 | S100RRZP |
| FY ending May 2023 | 17,411 | 2,326 | 13.4% | 1,534 | 1,395 | 1,276 | S100UAN7 |
| FY ending May 2024 | 18,022 | 1,991 | 11.0% | 1,233 | 1,506 | 1,173 | S100WLGA |
| FY ending May 2025 | 19,765 | 2,046 | 10.4% | 1,294 | 785 | 403 | S100YYGU |
| FY ending May 2026 | 24,704 | 4,944 | 20.0% | 3,147 | 4,945 | 4,185 | S100YYGU |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥14M |
| Operating income per employee (consolidated) | ¥2.8M |
| Net income per employee (consolidated) | ¥1.8M |

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

| History | FY ending May 2022 | FY ending May 2023 | FY ending May 2024 | FY ending May 2025 | FY ending May 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 1,328 | 1,445 | 1,512 | 1,662 | 1,768 |
| Average salary (parent company) | ¥6.7M | ¥7.3M | ¥6.9M | ¥6.9M | ¥7.8M |
| Average age (parent company) | 48.0 years | 49.0 years | 50.0 years | 50.0 years | 52.0 years |
| Average tenure (parent company) | 9.0 years | 11.0 years | 10.0 years | 9.0 years | 10.0 years |

Year over year: Employees (consolidated) +6.4% · Revenue (consolidated) +25.0%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Building Confirmation and Inspection,Housing Performance Evaluation and related services | 18,792 | 76.1% | 4,290 | 22.8% |
| Infrastructure/Stock Consulting,Environmental Assessment and related services | 5,609 | 22.7% | 664 | 11.8% |
| Other | 303 | 1.2% | -9 | -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 | Profit share | Difference (pt) | Margin |
| --- | ---: | ---: | ---: | ---: |
| Building Confirmation and Inspection,Housing Performance Evaluation and related services | 76.1% | 86.6% | 10.5 | 22.8% |
| Infrastructure/Stock Consulting,Environmental Assessment and related services | 22.7% | 13.4% | -9.3 | 11.8% |
| Other | 1.2% | — | — | -2.9% |

Loss-making segment (excluded from profit shares): Other -9 JPY mn

Segment → industry: Infrastructure/Stock Consulting,Environmental Assessment and related services → Disaster Prevention & Infrastructure Maintenance / Building Confirmation and Inspection,Housing Performance Evaluation and related services → Disaster Prevention & Infrastructure Maintenance

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 4,945 | 20.0% | S100YYGU |
| Capital expenditure | 760 | 3.1% | S100YYGU |
| Free cash flow | 4,185 | 16.9% | 算出 |
| Investing cash flow | -1,313 | -5.3% | S100YYGU |
| Financing cash flow | -1,197 | -4.8% | S100YYGU |
| Dividends paid | 639 | 2.6% | S100YYGU |
| Share buyback | 355 | 1.4% | S100YYGU |
| Change in cash | 2,435 | 9.9% | S100YYGU |
| Cash and equivalents | 8,155 | 33.0% | S100YYGU |

## 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 May 2022 | FY ending May 2023 | FY ending May 2024 | FY ending May 2025 | FY ending May 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 4,883 | 6,279 | 6,653 | 5,720 | 8,155 | S100UAN7, S100WLGA, S100YYGU |
| Total assets | 8,575 | 10,861 | 11,469 | 13,435 | 17,220 | S100RRZP, S100UAN7, S100WLGA, S100YYGU |
| Net assets | 4,025 | 5,078 | 5,776 | 6,384 | 8,550 | S100UAN7, S100WLGA, S100YYGU |
| Share capital | 993 | 993 | 993 | 993 | 993 | S100RRZP, S100UAN7, S100WLGA, S100YYGU |
| Property, plant and equipment | 479 | 770 | 946 | 1,593 | 2,420 | S100RRZP, S100UAN7, S100WLGA, S100YYGU |
| Intangible assets excluding goodwill | 655 | 642 | 610 | 1,163 | 1,115 | S100RRZP, S100UAN7, S100WLGA, S100YYGU |
| Goodwill | 357 | 369 | 320 | 820 | 731 | S100RRZP, S100UAN7, S100WLGA, S100YYGU |
| Investment securities | 1 | 125 | 98 | 96 | 108 | S100RRZP, S100UAN7, S100WLGA, S100YYGU |
| Current assets | 6,484 | 8,327 | 8,889 | 9,579 | 12,318 | S100RRZP, S100UAN7, S100WLGA, S100YYGU |
| Current liabilities | 3,355 | 3,353 | 3,638 | 4,841 | 6,264 | S100RRZP, S100UAN7, S100WLGA, S100YYGU |
| Short-term borrowings | — | 84 | — | 250 | 251 | S100UAN7, S100YYGU |
| Long-term borrowings | 851 | 1,962 | 1,646 | 1,323 | 1,520 | S100RRZP, S100UAN7, S100WLGA, S100YYGU |
| Total liabilities | 4,550 | 5,783 | 5,693 | 7,051 | 8,670 | S100RRZP, S100UAN7, S100WLGA, S100YYGU |
| Non-controlling interests | 41 | 41 | 42 | 42 | 52 | S100RRZP, S100UAN7, S100WLGA, S100YYGU |
| Equity attributable to owners of parent | 3,984 | 5,036 | 5,729 | 6,347 | 8,499 | S100RRZP, S100UAN7, S100WLGA, S100YYGU |
| Retained earnings | 2,949 | 4,130 | 4,823 | 5,657 | 8,164 | S100RRZP, S100UAN7, S100WLGA, S100YYGU |
| Treasury stock | -0 | -129 | -129 | -345 | -700 | S100RRZP, S100UAN7, S100WLGA, S100YYGU |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 47% | S100YYGU |
| Property, plant and equipment | 14% | S100YYGU |
| Intangibles and goodwill | 11% | S100YYGU |
| Investment securities | 1% | S100YYGU |
| Other assets | 27% | S100YYGU |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 50% | S100YYGU |
| Equity | 50% | S100YYGU |

### Balance sheet history

| Metric | FY ending May 2022 | FY ending May 2023 | FY ending May 2024 | FY ending May 2025 | FY ending May 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 8,575 | 10,861 | 11,469 | 13,435 | 17,220 |
| Equity | 4,025 | 5,078 | 5,776 | 6,384 | 8,550 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 4,883 | 6,279 | 6,653 | 5,720 | 8,155 |

## 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) | 9.8% | S100YYGU |
| Fixed assets ÷ total assets | 14.1% | S100YYGU |
| Goodwill ÷ parent equity | 8.6% | S100YYGU |

Goodwill over 4 years: 357 → 731 JPY; total investing cash flow: -3,067 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) | 47.4% |
| Cash ÷ revenue | 33.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 100.0% |
| Cash vs. profit gap | 1,799 JPY mn (of net income 57.2%) |
| Shareholder returns / net income | 31.6% |
| Shareholder returns / FCF | 23.8% |
| Shareholder payments — dividends / net income | 20.3% |
| Shareholder payments — dividends / FCF | 15.3% |
| CapEx intensity (capex ÷ revenue) | 3.1% |
| Investing CF relative to operating CF | 26.5% |

## 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 | 7.6% | 1.88× | 14.3% | 2.15× | 30.8% | S100RRZP |
| 2023 | 8.8% | 1.79× | 15.8% | 2.15× | 34.0% | S100UAN7 |
| 2024 | 6.8% | 1.61× | 11.0% | 2.07× | 22.9% | S100WLGA |
| 2025 | 6.5% | 1.59× | 10.4% | 2.06× | 21.4% | S100YYGU |
| 2026 | 12.7% | 1.61× | 20.5% | 2.06× | 42.4% | S100YYGU |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ＥＲＩホールディングス従業員持株会 | Major shareholder | 8.2% | 2026-05-31 |
| ＵＨ Ｐａｒｔｎｅｒｓ ２投資事業有限責任組合 | Major shareholder | 7.8% | 2026-05-31 |
| ＵＨ Ｐａｒｔｎｅｒｓ ３投資事業有限責任組合 | Major shareholder | 7.5% | 2026-05-31 |
| 光通信ＫＫ投資事業有限責任組合 | Major shareholder | 6.9% | 2026-05-31 |
| 鈴 木 崇 英 | Major shareholder | 5.6% | 2026-05-31 |
| ミサワホーム株式会社 | Major shareholder | 4.7% | 2026-05-31 |
| 三井ホーム株式会社 | Major shareholder | 4.7% | 2026-05-31 |
| 大和ハウス工業株式会社 | Major shareholder | 4.7% | 2026-05-31 |
| 積水化学工業株式会社 | Major shareholder | 4.7% | 2026-05-31 |
| 中 澤 芳 樹 | Major shareholder | 3.0% | 2026-05-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第13期(2025/06/01－2026/05/31) | S100YYGU | 2026-08-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YYGU,, |
| 有価証券報告書－第12期(2024/06/01－2025/05/31) | S100WLGA | 2025-08-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WLGA,, |
| 有価証券報告書－第11期(2023/06/01－2024/05/31) | S100UAN7 | 2024-08-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UAN7,, |
| 有価証券報告書－第10期(2022/06/01－2023/05/31) | S100RRZP | 2023-08-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RRZP,, |
| 有価証券報告書－第9期(令和3年6月1日－令和4年5月31日) | S100P3QQ | 2022-08-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100P3QQ,, |
| 有価証券報告書－第8期(令和2年6月1日－令和3年5月31日) | S100MC4T | 2021-08-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MC4T,, |

## 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).