# HOB Co.,Ltd.: business model and financials

> Latest period: FY ending Jun 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第39期(2024/07/01－2025/06/30) (S100WPAF)
> Page: https://vizora.meequs.com/en/company/hob
> Retrieved: 2026-09-30T22:08:09.862Z

## Company

HOB, founded in 1987, is a company in Agriculture & Seeds listed on TSE Standard. It has 44 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | HOB Co.,Ltd. |
| Ticker | 1382 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/1382.T) |
| Listing | TSE Standard |
| Head office | 北海道上川郡東神楽町14号北1番地 |
| Representative (per filing) | 代表取締役社長 政場 秀 |
| Founded | Jun 1987 |
| Share capital | ¥421.3M |
| Employees (consolidated) | 44 |
| Average salary (parent only) | ¥4.5M |
| Fiscal year end | June |
| Website | hob.co.jp (https://hob.co.jp/) |
| Corporate number | 9450001002677 |
| EDINET | E00010 |
| Industries (Vizora) | Agriculture & Seeds, Trucking & Parcel Delivery |

> Profile source: annual securities report (S100WPAF, filed 2025-09-24). As of filing

## Five-axis industry profile

Primary industry: Agriculture & Seeds (2025-06-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 12.5 | 4 |
| Profitability | 37.5 | 4 |
| Cash conversion | 16.7 | 3 |
| Efficiency | 87.5 | 4 |

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 89% of HOB's sales come from Strawberry and fruit business, with Transportation business and Seed potato business making up much of the rest.
- Out of every ¥100 of sales, about ¥2 is left as operating profit.
- Revenue changed -4.2% from the prior year, operating profit +16.4%.

## Company structure

- Segment revenue mix: Strawberry and fruit business 89.3%、Transportation business 5.5%、Seed potato business 3.1%、Seeds and seedlings business 2.2%
- Revenue → net income: ¥2412711000 → ¥24712000
- Net income → operating cash flow: ¥24712000 → ¥16111000（difference ¥-8601000）
- Main uses of operating cash flow: CapEx ¥21081000 / dividends ¥37993000 / buybacks —
- Change in cash: ¥-45411000
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 | ¥2.41B |  |
| Operating income | ¥38.1M | Margin 1.6% |
| Net income | ¥24.7M | Margin 1.0% |
| Free cash flow | -¥5M |  |
| Largest business | Strawberry and fruit business | of segment revenue 89.3% |
| Employees (consolidated) | 44 |  |
| EPS | ¥19.42 |  |
| Book value per share | ¥890.52 |  |
| Equity ratio | 70.7% |  |
| Shares outstanding | 762,000 |  |
| Treasury shares | 300 |  |
| Shareholders | 904 |  |
| Average salary (parent only) | ¥4.5M | Filing company only |
| Cash ratio | 28.6% | Cash ÷ revenue 12.7% |
| Vs. industry median margin | -3.3 pp | Agriculture & Seeds |
| ROE | 3.2% | Derived from disclosed figures |
| ROA | 2.3% | Derived from disclosed figures |

## Notable figures

- FY2025, one segment accounts for 79% of positive segment profit
- FY2025, cash is 29% of total assets

## What changed in 5 years

| Metric | FY ending Jun 2020 | FY ending Jun 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥3230299000 | ¥2412711000 | -25.3% |
| Operating income | ¥24429000 | ¥38066000 | +55.8% |
| Operating margin | 0.8% | 1.6% | +0.8 pp |
| Employees | 44 people | 44 people | 0.0% |
| Cash and equivalents | ¥264460000 | ¥306105000 | +15.7% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| いちご果実・青果 → いちご果実・青果 | 89.3% |
| いちご果実・青果 → 事業再編・廃止 | 2.6% |
| 種苗 → 種苗 | 1.6% |
| 馬鈴薯 → 馬鈴薯 | 3.1% |
| 馬鈴薯 → 事業再編・廃止 | 0.7% |
| 運送 → 運送 | 2.8% |
| 新設・再編 → 種苗 | 0.6% |
| 新設・再編 → 運送 | 2.7% |

Segment revenue source references: 8 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Strawberry and fruit business | 5 years | -6.2% | ¥2153986000 | 7.3% | 2 |
| Transportation business | 5 years | +8.1% | ¥131943000 | 16.3% | 2 |
| Seed potato business | 5 years | -9.2% | ¥74657000 | 5.6% | 2 |
| Seeds and seedlings business | 5 years | +0.1% | ¥52124000 | 29.7% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 2,413 | 100.0% | S100WPAF |
| Cost of revenue | 1,863 | 77.2% | S100WPAF |
| Gross profit | 550 | 22.8% | S100WPAF |
| SG&A | 512 | 21.2% | S100WPAF |
| Operating income | 38 | 1.6% | S100WPAF |
| Ordinary income | 39 | 1.6% | S100WPAF |
| Pretax income | 41 | 1.7% | S100WPAF |
| Income tax | 16 | 0.7% | S100WPAF |
| Net income | 25 | 1.0% | S100WPAF |
| Net income attributable to owners | 25 | 1.0% | S100WPAF |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 77 |
| SG&A | 21 |
| Operating income | 2 |
| (Ref.) Net income | 1 |

### Margin funnel

Gross margin 22.8% → Operating margin 1.6% → Net margin 1.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue down, profit up
Revenue growth: -4.2%; Core profit growth: +16.4%
Operating leverage (core profit growth ÷ revenue growth): -3.89×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 2,519 | 2,413 | -106 | -4.2% |
| Gross profit | 552 | 550 | -2 | -0.3% |
| Operating income | 33 | 38 | 5 | +16.4% |
| Net income attributable to owners | 20 | 25 | 5 | +23.5% |
| Operating cash flow | -160 | 16 | 176 | — |
| Free cash flow | -187 | -5 | 182 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Jun 2019 | 3,591 | 46 | 1.3% | 45 | 13 | 4 | S100JR14 |
| FY ending Jun 2020 | 3,230 | 24 | 0.8% | 29 | -97 | -114 | S100MGVY |
| FY ending Jun 2021 | 3,039 | 106 | 3.5% | 108 | 352 | 330 | S100P9D2 |
| FY ending Jun 2022 | 2,605 | 148 | 5.7% | 142 | 129 | 103 | S100RYBU |
| FY ending Jun 2023 | 2,489 | 135 | 5.4% | 110 | 123 | 117 | S100UCNU |
| FY ending Jun 2024 | 2,519 | 33 | 1.3% | 20 | -160 | -187 | S100WPAF |
| FY ending Jun 2025 | 2,413 | 38 | 1.6% | 25 | 16 | -5 | S100WPAF |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥54.8M |
| Operating income per employee (consolidated) | ¥865.1K |
| Net income per employee (consolidated) | ¥561.6K |

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

| History | FY ending Jun 2021 | FY ending Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 42 | 42 | 43 | 42 | 44 |
| Average salary (parent company) | ¥4.2M | ¥4.2M | ¥4.2M | ¥4.4M | ¥4.5M |
| Average age (parent company) | 38.9 years | 40.1 years | 41.5 years | 42.8 years | 42.9 years |
| Average tenure (parent company) | 12.0 years | 12.5 years | 12.5 years | 14.2 years | 13.4 years |

Year over year: Employees (consolidated) +4.8% · Revenue (consolidated) -4.2%

## Segments（FY ending Jun 2025, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Strawberry and fruit business | 2,154 | 89.3% | 158 | 7.3% |
| Seeds and seedlings business | 52 | 2.2% | 15 | 29.7% |
| Seed potato business | 75 | 3.1% | 4 | 5.6% |
| Transportation business | 132 | 5.5% | 22 | 16.3% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Strawberry and fruit business | 89.3% | 79.3% | -10.0 | 7.3% |
| Seeds and seedlings business | 2.2% | 7.8% | 5.6 | 29.7% |
| Seed potato business | 3.1% | 2.1% | -1.0 | 5.6% |
| Transportation business | 5.5% | 10.8% | 5.3 | 16.3% |

Segment → industry: Seed potato business → Agriculture & Seeds / Seeds and seedlings business → Agriculture & Seeds / Strawberry and fruit business → Agriculture & Seeds / Transportation business → Trucking & Parcel Delivery

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 16 | 0.7% | S100WPAF |
| Capital expenditure | 21 | 0.9% | S100WPAF |
| Free cash flow | -5 | -0.2% | 算出 |
| Investing cash flow | -20 | -0.8% | S100WPAF |
| Financing cash flow | -42 | -1.7% | S100WPAF |
| Dividends paid | 38 | 1.6% | S100WPAF |
| Change in cash | -45 | -1.9% | S100WPAF |
| Cash and equivalents | 306 | 12.7% | S100WPAF |

## 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 Jun 2021 | FY ending Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 408 | 505 | 578 | 352 | 306 | S100RYBU, S100UCNU, S100WPAF |
| Total assets | 975 | 1,081 | 1,108 | 1,124 | 1,070 | S100P9D2, S100RYBU, S100UCNU, S100WPAF |
| Net assets | 577 | 719 | 788 | 770 | 756 | S100RYBU, S100UCNU, S100WPAF |
| Share capital | 421 | 421 | 421 | 421 | 421 | S100P9D2, S100RYBU, S100UCNU, S100WPAF |
| Inventories | 46 | 41 | 42 | 37 | 45 | S100P9D2, S100RYBU, S100UCNU, S100WPAF |
| Property, plant and equipment | 76 | 90 | 87 | 92 | 93 | S100P9D2, S100RYBU, S100UCNU, S100WPAF |
| Investment securities | 1 | — | — | — | — | S100P9D2 |
| Current assets | 842 | 924 | 962 | 985 | 937 | S100P9D2, S100RYBU, S100UCNU, S100WPAF |
| Current liabilities | 254 | 217 | 174 | 205 | 159 | S100P9D2, S100RYBU, S100UCNU, S100WPAF |
| Long-term borrowings | 16 | 12 | 8 | 4 | — | S100P9D2, S100RYBU, S100UCNU, S100WPAF |
| Total liabilities | 398 | 362 | 320 | 354 | 313 | S100P9D2, S100RYBU, S100UCNU, S100WPAF |
| Equity attributable to owners of parent | 577 | 719 | 788 | 770 | 756 | S100P9D2, S100RYBU, S100UCNU, S100WPAF |
| Retained earnings | -276 | 188 | 256 | 238 | 225 | S100P9D2, S100RYBU, S100UCNU, S100WPAF |
| Treasury stock | -0 | -0 | -0 | -0 | -0 | S100P9D2, S100RYBU, S100UCNU, S100WPAF |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 29% | S100WPAF |
| Inventories | 4% | S100WPAF |
| Property, plant and equipment | 9% | S100WPAF |
| Other assets | 58% | S100WPAF |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 29% | S100WPAF |
| Equity | 71% | S100WPAF |
| Other liabilities | 0% | S100WPAF |

### Balance sheet history

| Metric | FY ending Jun 2021 | FY ending Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 975 | 1,081 | 1,108 | 1,124 | 1,070 |
| Equity | 577 | 719 | 788 | 770 | 756 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 408 | 505 | 578 | 352 | 306 |

## 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) | 3.9% | S100WPAF |
| Fixed assets ÷ total assets | 8.7% | S100WPAF |
| Goodwill ÷ parent equity | — | —, S100WPAF |

### 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) | 28.6% |
| Cash ÷ revenue | 12.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 42.3% |
| Cash vs. profit gap | -9 JPY mn (of net income -34.8%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 153.7% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.9% |
| Investing CF relative to operating CF | 121.2% |

## 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 | 3.6% | 3.12× | 11.1% | 1.69× | 18.8% | S100P9D2 |
| 2022 | 5.5% | 2.53× | 13.8% | 1.59× | 21.9% | S100RYBU |
| 2023 | 4.4% | 2.27× | 10.1% | 1.45× | 14.6% | S100UCNU |
| 2024 | 0.8% | 2.26× | 1.8% | 1.43× | 2.6% | S100WPAF |
| 2025 | 1.0% | 2.20× | 2.3% | 1.44× | 3.2% | S100WPAF |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 髙橋 巖 | Major shareholder | 40.0% | 2025-06-30 |
| 大辻 英弘 | Major shareholder | 3.7% | 2025-06-30 |
| 髙橋 ゆかり | Major shareholder | 2.9% | 2025-06-30 |
| 奥津 大輔 | Major shareholder | 2.6% | 2025-06-30 |
| 酒井 直行 | Major shareholder | 2.3% | 2025-06-30 |
| ㈱北海道銀行 | Major shareholder | 2.1% | 2025-06-30 |
| 鈴木 直則 | Major shareholder | 2.1% | 2025-06-30 |
| JPモルガン証券㈱ | Major shareholder | 1.5% | 2025-06-30 |
| 加藤 久美子 | Major shareholder | 1.3% | 2025-06-30 |
| 稲葉 邦彦 | Major shareholder | 0.8% | 2025-06-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第39期(2024/07/01－2025/06/30) | S100WPAF | 2025-09-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WPAF,, |
| 有価証券報告書－第38期(2023/07/01－2024/06/30) | S100UCNU | 2024-09-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UCNU,, |
| 訂正有価証券報告書－第37期(2022/07/01－2023/06/30) | S100RYBU | 2023-10-06 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RYBU,, |
| 有価証券報告書－第36期(令和3年7月1日－令和4年6月30日) | S100P9D2 | 2022-09-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100P9D2,, |
| 有価証券報告書－第35期(令和2年7月1日－令和3年6月30日) | S100MGVY | 2021-09-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MGVY,, |
| 有価証券報告書－第34期(令和1年7月1日－令和2年6月30日) | S100JR14 | 2020-09-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100JR14,, |

## 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).