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

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第39期(2025/04/01－2026/03/31) (S100YKCQ)
> Page: https://vizora.meequs.com/en/company/ledax
> Retrieved: 2026-09-30T22:08:15.208Z

## Company

Ledax, founded in 1987, is a company in Leasing listed on TSE Standard. It has 198 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Ledax Co.,Ltd. |
| Ticker | 7602 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7602.T) |
| Listing | TSE Standard |
| Head office | 東京都千代田区紀尾井町4番1号 新紀尾井町ビル2F |
| Representative (per filing) | 取締役兼代表執行役社長 長倉 統己 |
| Founded | Dec 1987 |
| Share capital | ¥2.82B |
| Employees (consolidated) | 198 |
| Average salary (parent only) | ¥4.2M |
| Fiscal year end | March |
| Website | www.ledax.co.jp (https://www.ledax.co.jp/) |
| Corporate number | 2010601039038 |
| EDINET | E02895 |
| Industries (Vizora) | Leasing, Car Dealers & Used Cars |

> Profile source: annual securities report (S100YKCQ, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: Car Dealers & Used Cars (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 19.4 | 18 |
| Profitability | 6.8 | 22 |
| Efficiency | 88.6 | 22 |

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 99% of Ledax's sales come from element001, with element002 making up much of the rest.
- It lost about ¥1 for every ¥100 of sales at the operating level.
- Revenue changed -0.9% from the prior year.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥19.8B |  |
| Operating income | -¥121.4M | Margin -0.6% |
| Net income | ¥113.9M | Margin 0.6% |
| Free cash flow | -¥257.9M |  |
| Largest business | element001 | of segment revenue 99.3% |
| Employees (consolidated) | 198 |  |
| EPS | ¥7.96 |  |
| Book value per share | ¥204.86 |  |
| Equity ratio | 66.0% |  |
| Shares outstanding | 24,106,009 |  |
| Treasury shares | 3,377,200 |  |
| Shareholders | 5,775 |  |
| Average salary (parent only) | ¥4.2M | Filing company only |
| Cash ratio | 30.0% | Cash ÷ revenue 10.8% |
| Vs. industry median margin | -3.8 pp | Car Dealers & Used Cars |
| ROE | 2.4% | Derived from disclosed figures |
| ROA | 1.6% | Derived from disclosed figures |

## Notable figures

- FY2026, buybacks were 6.3× dividends
- FY2026, cash is 30% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥16031491000 | ¥19846885000 | +23.8% |
| Operating income | ¥236935000 | ¥-121430000 | -151.3% |
| Operating margin | 1.5% | -0.6% | -2.1 pp |
| Employees | 248 people | 198 people | -20.2% |
| Cash and equivalents | ¥2227632000 | ¥2149258000 | -3.5% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| 新設・再編 → 自動車流通事業 | 99.3% |
| 新設・再編 → リースバック関連事業 | 0.7% |

Segment revenue source references: 2 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 19,847 | 100.0% | S100YKCQ |
| Cost of revenue | 16,848 | 84.9% | S100YKCQ |
| Gross profit | 2,999 | 15.1% | S100YKCQ |
| SG&A | 3,120 | 15.7% | S100YKCQ |
| Operating income | -121 | -0.6% | S100YKCQ |
| Ordinary income | -114 | -0.6% | S100YKCQ |
| Pretax income | 207 | 1.0% | S100YKCQ |
| Income tax | 78 | 0.4% | S100YKCQ |
| Net income | 129 | 0.6% | S100YKCQ |
| Net income attributable to owners | 114 | 0.6% | S100YKCQ |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 85 |
| SG&A | 16 |
| Operating income | -1 |
| (Ref.) Net income | 1 |

### Margin funnel

Gross margin 15.1% → Operating margin -0.6% → Net margin 0.6%
Derived from reported figures (DERIVED).

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 20,034 | 19,847 | -187 | -0.9% |
| Gross profit | 2,903 | 2,999 | 96 | +3.3% |
| Operating income | -200 | -121 | 78 | — |
| Net income attributable to owners | -187 | 114 | 301 | — |
| Operating cash flow | -861 | -241 | 620 | — |
| Free cash flow | -891 | -258 | 633 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 15,974 | 56 | 0.4% | 156 | 763 | 519 | S100LQGA |
| FY ending Mar 2021 | 16,031 | 237 | 1.5% | 158 | -320 | -482 | S100OF9F |
| FY ending Mar 2022 | 18,383 | 201 | 1.1% | -293 | -1,046 | -1,268 | S100RKDV |
| FY ending Mar 2023 | 19,059 | -499 | -2.6% | -515 | -311 | -411 | S100TWJ4 |
| FY ending Mar 2024 | 19,072 | 99 | 0.5% | 73 | 875 | 782 | S100W85T |
| FY ending Mar 2025 | 20,034 | -200 | -1.0% | -187 | -861 | -891 | S100YKCQ |
| FY ending Mar 2026 | 19,847 | -121 | -0.6% | 114 | -241 | -258 | S100YKCQ |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥100.2M |
| Operating income per employee (consolidated) | -¥613.3K |
| Net income per employee (consolidated) | ¥575.3K |

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

| History | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 235 | 241 | 211 | 195 | 198 |
| Average salary (parent company) | ¥4.2M | ¥3.8M | ¥3.8M | ¥3.8M | ¥4.2M |
| Average age (parent company) | 41.2 years | 40.6 years | 44.8 years | 45.8 years | 47.1 years |
| Average tenure (parent company) | 8.8 years | 9.1 years | 10.5 years | 10.2 years | 9.7 years |

Year over year: Employees (consolidated) +1.5% · Revenue (consolidated) -0.9%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| element001 | 19,716 | 99.3% | -116 | -0.6% |
| element002 | 131 | 0.7% | -5 | -4.0% |

### 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 | Margin |
| --- | ---: | ---: |
| element001 | 99.3% | -0.6% |
| element002 | 0.7% | -4.0% |

Loss-making segment (excluded from profit shares): element001 -116 JPY mn

Loss-making segment (excluded from profit shares): element002 -5 JPY mn

Segment → industry: element002 → Leasing / element001 → Car Dealers & Used Cars

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -241 | -1.2% | S100YKCQ |
| Capital expenditure | 17 | 0.1% | S100YKCQ |
| Free cash flow | -258 | -1.3% | 算出 |
| Investing cash flow | 771 | 3.9% | S100YKCQ |
| Financing cash flow | -32 | -0.2% | S100YKCQ |
| Dividends paid | 0 | 0.0% | S100YKCQ |
| Share buyback | 0 | 0.0% | S100YKCQ |
| Change in cash | 522 | 2.6% | S100YKCQ |
| Cash and equivalents | 2,149 | 10.8% | S100YKCQ |

## 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 Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,597 | 1,731 | 2,321 | 1,654 | 2,149 | S100TWJ4, S100W85T, S100YKCQ |
| Total assets | 7,626 | 6,733 | 7,258 | 7,073 | 7,164 | S100RKDV, S100TWJ4, S100W85T, S100YKCQ |
| Net assets | 5,446 | 4,912 | 5,034 | 4,858 | 4,989 | S100TWJ4, S100W85T, S100YKCQ |
| Share capital | 2,816 | 2,816 | 2,821 | 2,821 | 2,821 | S100RKDV, S100TWJ4, S100W85T, S100YKCQ |
| Property, plant and equipment | 993 | 923 | 894 | 1,060 | 596 | S100RKDV, S100TWJ4, S100W85T, S100YKCQ |
| Intangible assets excluding goodwill | 69 | 144 | 202 | 173 | 139 | S100RKDV, S100TWJ4, S100W85T, S100YKCQ |
| Investment securities | 59 | 59 | 61 | 63 | 101 | S100RKDV, S100TWJ4, S100W85T, S100YKCQ |
| Current assets | 6,155 | 5,253 | 5,765 | 5,432 | 5,967 | S100RKDV, S100TWJ4, S100W85T, S100YKCQ |
| Current liabilities | 1,892 | 1,561 | 1,984 | 1,864 | 1,892 | S100RKDV, S100TWJ4, S100W85T, S100YKCQ |
| Short-term borrowings | 560 | 560 | 350 | 500 | 631 | S100RKDV, S100TWJ4, S100W85T, S100YKCQ |
| Long-term borrowings | — | — | — | 135 | 1 | S100YKCQ |
| Total liabilities | 2,181 | 1,821 | 2,224 | 2,215 | 2,175 | S100RKDV, S100TWJ4, S100W85T, S100YKCQ |
| Non-controlling interests | 169 | 179 | 220 | 250 | 264 | S100RKDV, S100TWJ4, S100W85T, S100YKCQ |
| Equity attributable to owners of parent | 5,268 | 4,722 | 4,804 | 4,596 | 4,709 | S100RKDV, S100TWJ4, S100W85T, S100YKCQ |
| Retained earnings | 2,695 | 2,135 | 2,208 | 2,000 | 2,114 | S100RKDV, S100TWJ4, S100W85T, S100YKCQ |
| Treasury stock | -1,090 | -1,076 | -1,076 | -1,077 | -1,077 | S100RKDV, S100TWJ4, S100W85T, S100YKCQ |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 30% | S100YKCQ |
| Property, plant and equipment | 8% | S100YKCQ |
| Intangibles and goodwill | 2% | S100YKCQ |
| Investment securities | 2% | S100YKCQ |
| Other assets | 58% | S100YKCQ |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 30% | S100YKCQ |
| Equity | 70% | S100YKCQ |

### Balance sheet history

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 7,626 | 6,733 | 7,258 | 7,073 | 7,164 |
| Equity | 5,446 | 4,912 | 5,034 | 4,858 | 4,989 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,597 | 1,731 | 2,321 | 1,654 | 2,149 |

## 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) | 3.0% | S100YKCQ |
| Fixed assets ÷ total assets | 8.3% | S100YKCQ |
| Goodwill ÷ parent equity | — | —, S100YKCQ |

### 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) | 30.0% |
| Cash ÷ revenue | 10.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | -355 JPY mn (of net income -311.9%) |
| Shareholder returns / net income | 0.1% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 0.0% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.1% |
| 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | — | —× | -3.8% | —× | — | S100RKDV |
| 2023 | — | —× | -7.2% | —× | — | S100TWJ4 |
| 2024 | 0.4% | 2.73× | 1.0% | 1.47× | 1.5% | S100W85T |
| 2025 | — | —× | -2.6% | —× | — | S100YKCQ |
| 2026 | 0.6% | 2.79× | 1.6% | 1.53× | 2.4% | S100YKCQ |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社レダグループホールディングス | Major shareholder | 54.5% | 2026-03-31 |
| ＥＭＭＩＮＥＮＣＥ，ＬＬＣ （常任代理人：SMBC日興証券株式会社） | Major shareholder | 4.2% | 2026-03-31 |
| 加畑 雅之 | Major shareholder | 4.0% | 2026-03-31 |
| レダックス取引先持株会 | Major shareholder | 3.2% | 2026-03-31 |
| 山田 祥美 | Major shareholder | 1.2% | 2026-03-31 |
| モルガン・スタンレーＭＵＦＧ証券株式会社 | Major shareholder | 1.1% | 2026-03-31 |
| 守田 稔 | Major shareholder | 1.0% | 2026-03-31 |
| レダックス従業員持株会 | Major shareholder | 0.8% | 2026-03-31 |
| 株式会社ＳＢＩ証券 | Major shareholder | 0.6% | 2026-03-31 |
| ＢＮＹＭ ＳＡ／ＮＶ ＦＯＲ ＢＮＹＭ ＦＯＲ ＢＮＹ ＧＣＭ ＣＬＩＥＮＴ ＡＣＣＯＵＮＴＳ Ｍ ＬＳＣＢ ＲＤ （常任代理人：株式会社三菱ＵＦＪ銀行） | Major shareholder | 0.6% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第39期(2025/04/01－2026/03/31) | S100YKCQ | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YKCQ,, |
| 有価証券報告書－第38期(2024/04/01－2025/03/31) | S100W85T | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W85T,, |
| 有価証券報告書－第37期(2023/04/01－2024/03/31) | S100TWJ4 | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TWJ4,, |
| 訂正有価証券報告書－第36期(2022/04/01－2023/03/31) | S100RKDV | 2023-08-07 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RKDV,, |
| 有価証券報告書－第35期(令和3年4月1日－令和4年3月31日) | S100OF9F | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OF9F,, |
| 有価証券報告書－第34期(令和2年4月1日－令和3年3月31日) | S100LQGA | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LQGA,, |

## 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).