# Karula Co.,LTD.: business model and financials

> Latest period: FY ending Feb 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第54期(2025/03/01－2026/02/28) (S100Y72L)
> Page: https://vizora.meequs.com/en/company/karula
> Retrieved: 2026-09-30T19:49:30.482Z

## Company

Karula is a company in Restaurants & Pubs listed on TSE Standard. It has 250 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Karula Co.,LTD. |
| Ticker | 2789 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2789.T) |
| Listing | TSE Standard |
| Head office | 宮城県富谷市成田九丁目2番地9 |
| Representative (per filing) | 代表取締役社長 井上 純子 |
| Share capital | ¥50M |
| Employees (consolidated) | 250 |
| Average salary (parent only) | ¥4.2M |
| Fiscal year end | February |
| Website | www.re-marumatu.co.jp (https://www.re-marumatu.co.jp/) |
| Corporate number | 9370001017691 |
| EDINET | E03422 |
| Industries (Vizora) | Restaurants & Pubs |

> Profile source: annual securities report (S100Y72L, filed 2026-05-29). As of filing

## Five-axis industry profile

Primary industry: Restaurants & Pubs (2026-02-28)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 17 | 56 |
| Profitability | 52.3 | 66 |
| Cash conversion | 44.5 | 55 |
| Efficiency | 49.2 | 66 |

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)

- Karula brought in ¥7.54B in revenue.
- Out of every ¥100 of sales, about ¥4 is left as operating profit.
- Revenue changed +3.9% from the prior year, operating profit -16.2%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥7544571000 → ¥239981000
- Net income → operating cash flow: ¥239981000 → ¥440620000（difference ¥200639000）
- Main uses of operating cash flow: CapEx ¥353117000 / dividends ¥28814000 / buybacks —
- Change in cash: ¥192493000
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 | ¥7.54B |  |
| Operating income | ¥306.8M | Margin 4.1% |
| Net income | ¥240M | Margin 3.2% |
| Free cash flow | ¥87.5M |  |
| Employees (consolidated) | 250 |  |
| EPS | ¥40.58 |  |
| Book value per share | ¥380.25 |  |
| Equity ratio | 40.3% |  |
| Shares outstanding | 6,021,112 |  |
| Treasury shares | 256,700 |  |
| Shareholders | 6,041 |  |
| Average salary (parent only) | ¥4.2M | Filing company only |
| Cash ratio | 20.2% | Cash ÷ revenue 14.6% |
| Vs. industry median margin | +0.1 pp | Restaurants & Pubs |
| ROE | 11.5% | Derived from disclosed figures |
| ROA | 4.6% | Derived from disclosed figures |

## Notable figures

- FY2026, parent-company salary changed +38% over five years

## What changed in 5 years

| Metric | FY ending Feb 2021 | FY ending Feb 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥5294844000 | ¥7544571000 | +42.5% |
| Operating income | ¥-566112000 | ¥306809000 | — |
| Operating margin | -10.7% | 4.1% | +14.8 pp |
| Employees | 263 people | 250 people | -4.9% |
| Cash and equivalents | ¥911608000 | ¥1098694000 | +20.5% |

### Change in segment revenue mix

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

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 7,545 | 100.0% | S100Y72L |
| Cost of revenue | 2,316 | 30.7% | S100Y72L |
| Gross profit | 5,229 | 69.3% | S100Y72L |
| SG&A | 4,922 | 65.2% | S100Y72L |
| Operating income | 307 | 4.1% | S100Y72L |
| Ordinary income | 300 | 4.0% | S100Y72L |
| Pretax income | 250 | 3.3% | S100Y72L |
| Income tax | 10 | 0.1% | S100Y72L |
| Net income | 240 | 3.2% | S100Y72L |
| Net income attributable to owners | 240 | 3.2% | S100Y72L |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 31 |
| SG&A | 65 |
| Operating income | 4 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 69.3% → Operating margin 4.1% → Net margin 3.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +3.9%; Core profit growth: -16.2%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -4.18×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 7,264 | 7,545 | 281 | +3.9% |
| Gross profit | 5,106 | 5,229 | 122 | +2.4% |
| Operating income | 366 | 307 | -59 | -16.2% |
| Net income attributable to owners | 363 | 240 | -123 | -33.9% |
| Operating cash flow | 382 | 441 | 59 | +15.3% |
| Free cash flow | 299 | 88 | -212 | -70.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Feb 2020 | 7,736 | 58 | 0.7% | -16 | 432 | 157 | S100LF3U |
| FY ending Feb 2021 | 5,295 | -566 | -10.7% | -978 | -682 | -789 | S100O4SR |
| FY ending Feb 2022 | 5,200 | -410 | -7.9% | -449 | 127 | 45 | S100QTZ7 |
| FY ending Feb 2023 | 6,041 | -7 | -0.1% | -61 | 186 | 108 | S100THNN |
| FY ending Feb 2024 | 6,841 | 349 | 5.1% | 437 | 504 | 415 | S100VSOQ |
| FY ending Feb 2025 | 7,264 | 366 | 5.0% | 363 | 382 | 299 | S100Y72L |
| FY ending Feb 2026 | 7,545 | 307 | 4.1% | 240 | 441 | 88 | S100Y72L |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥30.2M |
| Operating income per employee (consolidated) | ¥1.2M |
| Net income per employee (consolidated) | ¥959.9K |

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

| History | FY ending Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 262 | 249 | 249 | 258 | 250 |
| Average salary (parent company) | ¥3.1M | ¥3.6M | ¥3.9M | ¥4.1M | ¥4.2M |
| Average age (parent company) | 45.5 years | 45.0 years | 45.1 years | 45.5 years | 45.5 years |
| Average tenure (parent company) | 11.1 years | 12.0 years | 12.0 years | 12.0 years | 13.0 years |

Year over year: Employees (consolidated) -3.1% · Revenue (consolidated) +3.9%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 441 | 5.8% | S100Y72L |
| Capital expenditure | 353 | 4.7% | S100Y72L |
| Free cash flow | 88 | 1.2% | 算出 |
| Investing cash flow | -347 | -4.6% | S100Y72L |
| Financing cash flow | 98 | 1.3% | S100Y72L |
| Dividends paid | 29 | 0.4% | S100Y72L |
| Change in cash | 192 | 2.6% | S100Y72L |
| Cash and equivalents | 1,099 | 14.6% | S100Y72L |

## 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 Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,304 | 1,166 | 1,449 | 906 | 1,099 | S100THNN, S100VSOQ, S100Y72L |
| Total assets | 5,621 | 5,301 | 5,576 | 5,021 | 5,429 | S100QTZ7, S100THNN, S100VSOQ, S100Y72L |
| Net assets | 1,408 | 1,335 | 1,650 | 1,977 | 2,188 | S100THNN, S100VSOQ, S100Y72L |
| Share capital | 50 | 50 | 50 | 50 | 50 | S100QTZ7, S100THNN, S100VSOQ, S100Y72L |
| Property, plant and equipment | 3,181 | 2,937 | 2,852 | 2,809 | 2,966 | S100QTZ7, S100THNN, S100VSOQ, S100Y72L |
| Intangible assets excluding goodwill | 119 | 113 | 112 | 106 | 101 | S100QTZ7, S100THNN, S100VSOQ, S100Y72L |
| Investment securities | 0 | 0 | 0 | 0 | 0 | S100QTZ7, S100THNN, S100VSOQ, S100Y72L |
| Current assets | 1,687 | 1,673 | 1,947 | 1,445 | 1,675 | S100QTZ7, S100THNN, S100VSOQ, S100Y72L |
| Current liabilities | 1,408 | 1,491 | 1,518 | 1,245 | 1,311 | S100QTZ7, S100THNN, S100VSOQ, S100Y72L |
| Short-term borrowings | — | 88 | 75 | — | — | S100THNN, S100VSOQ |
| Long-term borrowings | 2,546 | 2,222 | 2,160 | 1,539 | 1,644 | S100QTZ7, S100THNN, S100VSOQ, S100Y72L |
| Total liabilities | 4,213 | 3,966 | 3,926 | 3,044 | 3,241 | S100QTZ7, S100THNN, S100VSOQ, S100Y72L |
| Equity attributable to owners of parent | 1,399 | 1,327 | 1,642 | 1,977 | 2,188 | S100QTZ7, S100THNN, S100VSOQ, S100Y72L |
| Retained earnings | -787 | -64 | 373 | 708 | 919 | S100QTZ7, S100THNN, S100VSOQ, S100Y72L |
| Treasury stock | -30 | -30 | -151 | -151 | -151 | S100QTZ7, S100THNN, S100VSOQ, S100Y72L |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 20% | S100Y72L |
| Property, plant and equipment | 55% | S100Y72L |
| Intangibles and goodwill | 2% | S100Y72L |
| Investment securities | 0% | S100Y72L |
| Other assets | 23% | S100Y72L |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 60% | S100Y72L |
| Equity | 40% | S100Y72L |

### Balance sheet history

| Metric | FY ending Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 5,621 | 5,301 | 5,576 | 5,021 | 5,429 |
| Equity | 1,408 | 1,335 | 1,650 | 1,977 | 2,188 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,304 | 1,166 | 1,449 | 906 | 1,099 |

## 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) | 39.3% | S100Y72L |
| Fixed assets ÷ total assets | 54.6% | S100Y72L |
| Goodwill ÷ parent equity | — | —, S100Y72L |

### 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) | 20.2% |
| Cash ÷ revenue | 14.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 143.6% |
| Cash vs. profit gap | 201 JPY mn (of net income 83.6%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 12.0% |
| Shareholder payments — dividends / FCF | 32.9% |
| CapEx intensity (capex ÷ revenue) | 4.7% |
| Investing CF relative to operating CF | 78.7% |

## 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 | — | —× | -8.0% | —× | — | S100QTZ7 |
| 2023 | — | —× | -1.1% | —× | — | S100THNN |
| 2024 | 6.4% | 1.26× | 8.0% | 3.66× | 29.4% | S100VSOQ |
| 2025 | 5.0% | 1.37× | 6.9% | 2.93× | 20.1% | S100Y72L |
| 2026 | 3.2% | 1.44× | 4.6% | 2.51× | 11.5% | S100Y72L |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社アセットシステム | Major shareholder | 37.0% | 2026-02-28 |
| 井 上 純 子 | Major shareholder | 6.2% | 2026-02-28 |
| カルラ従業員持株会 | Major shareholder | 3.3% | 2026-02-28 |
| 井 上 善 行 | Major shareholder | 1.7% | 2026-02-28 |
| 斎 藤 京 子 | Major shareholder | 1.2% | 2026-02-28 |
| 菊 池 公 利 | Major shareholder | 0.7% | 2026-02-28 |
| 井 上 奈 奈 美 | Major shareholder | 0.7% | 2026-02-28 |
| 櫻 井 昌 彦 | Major shareholder | 0.5% | 2026-02-28 |
| イシイ株式会社 | Major shareholder | 0.4% | 2026-02-28 |
| 伊 藤 真 市 | Major shareholder | 0.4% | 2026-02-28 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第54期(2025/03/01－2026/02/28) | S100Y72L | 2026-05-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y72L,, |
| 有価証券報告書－第53期(2024/03/01－2025/02/28) | S100VSOQ | 2025-05-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VSOQ,, |
| 有価証券報告書－第52期(2023/03/01－2024/02/29) | S100THNN | 2024-05-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100THNN,, |
| 有価証券報告書－第51期(2022/03/01－2023/02/28) | S100QTZ7 | 2023-05-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QTZ7,, |
| 有価証券報告書－第50期(令和3年3月1日－令和4年2月28日) | S100O4SR | 2022-05-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O4SR,, |
| 有価証券報告書－第49期(令和2年3月1日－令和3年2月28日) | S100LF3U | 2021-05-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LF3U,, |

## 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).