# LIHIT LAB.,INC.: 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78期(2025/03/01－2026/02/28) (S100Y4MZ)
> Page: https://vizora.meequs.com/en/company/lihit-lab
> Retrieved: 2026-09-30T17:49:10.653Z

## Company

Lihit LAB., founded in 1948, is a company in Real Estate Development & Leasing listed on TSE Standard. It has 591 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | LIHIT LAB.,INC. |
| Ticker | 7975 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7975.T) |
| Listing | TSE Standard |
| Head office | 大阪市中央区農人橋1丁目1番22号 |
| Representative (per filing) | 代表取締役社長 田中宏和 |
| Founded | May 1948 |
| Share capital | ¥1.83B |
| Employees (consolidated) | 591 |
| Average salary (parent only) | ¥5.4M |
| Fiscal year end | February |
| Website | www.lihit-lab.com (https://www.lihit-lab.com/) |
| Corporate number | 1120001077594 |
| EDINET | E00667 |
| Industries (Vizora) | Real Estate Development & Leasing, Stationery & Office Supplies |

> Profile source: annual securities report (S100Y4MZ, filed 2026-05-20). As of filing

## Five-axis industry profile

Primary industry: Stationery & Office Supplies (2026-02-28)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 21.9 | 16 |
| Profitability | 21.9 | 16 |
| Cash conversion | 88.5 | 13 |
| Efficiency | 21.9 | 16 |

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 95% of Lihit LAB.'s sales come from Office Supplies business, with Real estate leasing business making up much of the rest.
- Operating profit was close to zero, a slight profit per ¥100 of sales.
- Revenue changed -1.0% from the prior year, operating profit -79.8%.

## Company structure

- Segment revenue mix: Office Supplies business 95.1%、Real estate leasing business 4.9%
- Revenue → net income: ¥9124181000 → ¥67066000
- Net income → operating cash flow: ¥67066000 → ¥47728000（difference ¥-19338000）
- Main uses of operating cash flow: CapEx ¥1423414000 / dividends ¥84609000 / buybacks ¥41000
- Change in cash: ¥-1603608000
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 | ¥9.12B |  |
| Operating income | ¥36M | Margin 0.4% |
| Net income | ¥67.1M | Margin 0.7% |
| Free cash flow | -¥1.38B |  |
| Largest business | Office Supplies business | of segment revenue 95.1% |
| Employees (consolidated) | 591 |  |
| EPS | ¥-3.75 |  |
| Book value per share | ¥2947.01 |  |
| Equity ratio | 81.2% |  |
| Shares outstanding | 3,815,700 |  |
| Treasury shares | 422,700 |  |
| Shareholders | 3,782 |  |
| Average salary (parent only) | ¥5.4M | Filing company only |
| Cash ratio | 5.4% | Cash ÷ revenue 8.0% |
| Vs. industry median margin | -4.2 pp | Stationery & Office Supplies |
| ROE | 0.7% | Derived from disclosed figures |
| ROA | 0.5% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 80% of positive segment profit

## What changed in 5 years

| Metric | FY ending Feb 2021 | FY ending Feb 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥8564585000 | ¥9124181000 | +6.5% |
| Operating income | ¥499747000 | ¥36028000 | -92.8% |
| Operating margin | 5.8% | 0.4% | -5.4 pp |
| Employees | 623 people | 591 people | -5.1% |
| Cash and equivalents | ¥1797520000 | ¥728513000 | -59.5% |

### 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.

| Flow | Revenue share |
| --- | ---: |
| 事務用品等事業 → 事務用品等事業 | 94.6% |
| 不動産賃貸事業 → 不動産賃貸事業 | 4.9% |
| 不動産賃貸事業 → 事業再編・廃止 | 0.5% |
| 新設・再編 → 事務用品等事業 | 0.5% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 9,124 | 100.0% | S100Y4MZ |
| Cost of revenue | 6,021 | 66.0% | S100Y4MZ |
| Gross profit | 3,103 | 34.0% | S100Y4MZ |
| SG&A | 3,067 | 33.6% | S100Y4MZ |
| Operating income | 36 | 0.4% | S100Y4MZ |
| Ordinary income | 114 | 1.3% | S100Y4MZ |
| Pretax income | 110 | 1.2% | S100Y4MZ |
| Income tax | 43 | 0.5% | S100Y4MZ |
| Net income | 67 | 0.7% | S100Y4MZ |
| Net income attributable to owners | 67 | 0.7% | S100Y4MZ |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 66 |
| SG&A | 34 |
| Operating income | 0 |
| (Ref.) Net income | 1 |

### Margin funnel

Gross margin 34.0% → Operating margin 0.4% → Net margin 0.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -1.0%; Core profit growth: -79.8%
Operating leverage (core profit growth ÷ revenue growth): 76.42×
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 | 9,221 | 9,124 | -96 | -1.0% |
| Gross profit | 2,980 | 3,103 | 123 | +4.1% |
| Operating income | 179 | 36 | -143 | -79.8% |
| Net income attributable to owners | 412 | 67 | -345 | -83.7% |
| Operating cash flow | 290 | 48 | -243 | -83.6% |
| Free cash flow | -8 | -1,376 | -1,368 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Feb 2020 | 9,816 | 493 | 5.0% | 337 | 859 | 552 | S100LEE6 |
| FY ending Feb 2021 | 8,565 | 500 | 5.8% | 353 | 726 | 615 | S100O41C |
| FY ending Feb 2022 | 8,693 | 345 | 4.0% | 263 | 721 | 609 | S100QTDI |
| FY ending Feb 2023 | 8,514 | -153 | -1.8% | -24 | -746 | -826 | S100TH9O |
| FY ending Feb 2024 | 8,803 | -279 | -3.2% | -94 | 663 | -197 | S100VSKV |
| FY ending Feb 2025 | 9,221 | 179 | 1.9% | 412 | 290 | -8 | S100Y4MZ |
| FY ending Feb 2026 | 9,124 | 36 | 0.4% | 67 | 48 | -1,376 | S100Y4MZ |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥15.4M |
| Operating income per employee (consolidated) | ¥61K |
| Net income per employee (consolidated) | ¥113.5K |

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) | 606 | 596 | 592 | 590 | 591 |
| Average salary (parent company) | ¥5.2M | ¥5M | ¥5.1M | ¥5.1M | ¥5.4M |
| Average age (parent company) | 41.2 years | 40.1 years | 39.5 years | 39.1 years | 38.9 years |
| Average tenure (parent company) | 16.4 years | 16.2 years | 15.5 years | 15.2 years | 14.0 years |

Year over year: Employees (consolidated) +0.2% · Revenue (consolidated) -1.0%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Office Supplies business | 8,680 | 95.1% | 203 | 2.3% |
| Real estate leasing business | 444 | 4.9% | 51 | 11.6% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Office Supplies business | 95.1% | 79.8% | -15.3 | 2.3% |
| Real estate leasing business | 4.9% | 20.2% | 15.3 | 11.6% |

Segment → industry: Real estate leasing business → Real Estate Development & Leasing / Office Supplies business → Stationery & Office Supplies

## 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 | 48 | 0.5% | S100Y4MZ |
| Capital expenditure | 1,423 | 15.6% | S100Y4MZ |
| Free cash flow | -1,376 | -15.1% | 算出 |
| Investing cash flow | -1,405 | -15.4% | S100Y4MZ |
| Financing cash flow | -242 | -2.6% | S100Y4MZ |
| Dividends paid | 85 | 0.9% | S100Y4MZ |
| Share buyback | 0 | 0.0% | S100Y4MZ |
| Change in cash | -1,604 | -17.6% | S100Y4MZ |
| Cash and equivalents | 729 | 8.0% | S100Y4MZ |

## 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 | 2,260 | 1,077 | 1,243 | 2,332 | 729 | S100TH9O, S100VSKV, S100Y4MZ |
| Total assets | 13,330 | 12,732 | 13,118 | 13,432 | 13,516 | S100QTDI, S100TH9O, S100VSKV, S100Y4MZ |
| Net assets | 10,110 | 10,220 | 10,242 | 10,637 | 10,979 | S100TH9O, S100VSKV, S100Y4MZ |
| Share capital | 1,830 | 1,830 | 1,830 | 1,830 | 1,830 | S100QTDI, S100TH9O, S100VSKV, S100Y4MZ |
| Trade receivables | 1,392 | — | — | — | — | S100QTDI |
| Property, plant and equipment | 5,360 | 5,208 | 5,810 | 4,659 | 5,806 | S100QTDI, S100TH9O, S100VSKV, S100Y4MZ |
| Intangible assets excluding goodwill | 19 | 16 | 41 | 44 | 43 | S100QTDI, S100TH9O, S100VSKV, S100Y4MZ |
| Investment securities | 1,036 | 1,097 | 1,078 | 1,110 | 1,506 | S100QTDI, S100TH9O, S100VSKV, S100Y4MZ |
| Current assets | 6,550 | 6,025 | 5,746 | 7,206 | 5,724 | S100QTDI, S100TH9O, S100VSKV, S100Y4MZ |
| Current liabilities | 1,311 | 785 | 1,081 | 1,302 | 1,054 | S100QTDI, S100TH9O, S100VSKV, S100Y4MZ |
| Trade payables | 300 | 186 | 192 | 316 | 329 | S100QTDI, S100TH9O, S100VSKV, S100Y4MZ |
| Short-term borrowings | 253 | 130 | — | — | — | S100QTDI |
| Long-term borrowings | 445 | 315 | 438 | 195 | 170 | S100QTDI, S100TH9O, S100VSKV, S100Y4MZ |
| Total liabilities | 3,219 | 2,512 | 2,875 | 2,795 | 2,537 | S100QTDI, S100TH9O, S100VSKV, S100Y4MZ |
| Equity attributable to owners of parent | 9,465 | 9,362 | 9,183 | 9,510 | 9,492 | S100QTDI, S100TH9O, S100VSKV, S100Y4MZ |
| Retained earnings | 6,624 | 6,521 | 6,343 | 6,669 | 6,652 | S100QTDI, S100TH9O, S100VSKV, S100Y4MZ |
| Treasury stock | -401 | -401 | -402 | -402 | -402 | S100QTDI, S100TH9O, S100VSKV, S100Y4MZ |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 6% | S100Y4MZ |
| Property, plant and equipment | 43% | S100Y4MZ |
| Intangibles and goodwill | 0% | S100Y4MZ |
| Investment securities | 11% | S100Y4MZ |
| Other assets | 40% | S100Y4MZ |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 3% | S100Y4MZ |
| Other liabilities | 16% | S100Y4MZ |
| Equity | 81% | S100Y4MZ |

### 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 | 13,330 | 12,732 | 13,118 | 13,432 | 13,516 |
| Equity | 10,110 | 10,220 | 10,242 | 10,637 | 10,979 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 2,260 | 1,077 | 1,243 | 2,332 | 729 |

## 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) | 63.6% | S100Y4MZ |
| Fixed assets ÷ total assets | 43.0% | S100Y4MZ |
| Goodwill ÷ parent equity | — | —, S100Y4MZ |

### 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) | 5.4% |
| Cash ÷ revenue | 8.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 132.5% |
| Cash vs. profit gap | -19 JPY mn (of net income -28.8%) |
| Shareholder returns / net income | 126.2% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 126.2% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 15.6% |
| Investing CF relative to operating CF | 2943.7% |

## 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 | 3.0% | 0.65× | 2.0% | 1.41× | 2.8% | S100QTDI |
| 2023 | — | —× | -0.2% | —× | — | S100TH9O |
| 2024 | — | —× | -0.7% | —× | — | S100VSKV |
| 2025 | 4.5% | 0.69× | 3.1% | 1.42× | 4.4% | S100Y4MZ |
| 2026 | 0.7% | 0.68× | 0.5% | 1.42× | 0.7% | S100Y4MZ |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| リヒトラブ共栄会 | Major shareholder | 12.5% | 2026-02-28 |
| 有限会社新居浜ビジネスセンター | Major shareholder | 7.1% | 2026-02-28 |
| 田中 経久 | Major shareholder | 5.3% | 2026-02-28 |
| 株式会社三井住友銀行 | Major shareholder | 4.3% | 2026-02-28 |
| 株式会社三菱ＵＦＪ銀行 | Major shareholder | 3.9% | 2026-02-28 |
| 日本生命保険相互会社 | Major shareholder | 3.2% | 2026-02-28 |
| 明治安田生命保険相互会社 | Major shareholder | 3.1% | 2026-02-28 |
| リヒト精光株式会社 | Major shareholder | 2.9% | 2026-02-28 |
| 株式会社アケボノクラウン | Major shareholder | 1.7% | 2026-02-28 |
| 田中 宏和 | Major shareholder | 1.4% | 2026-02-28 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第78期(2025/03/01－2026/02/28) | S100Y4MZ | 2026-05-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y4MZ,, |
| 有価証券報告書－第77期(2024/03/01－2025/02/28) | S100VSKV | 2025-05-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VSKV,, |
| 有価証券報告書－第76期(2023/03/01－2024/02/29) | S100TH9O | 2024-05-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TH9O,, |
| 有価証券報告書－第75期(2022/03/01－2023/02/28) | S100QTDI | 2023-05-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QTDI,, |
| 有価証券報告書－第74期(令和3年3月1日－令和4年2月28日) | S100O41C | 2022-05-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O41C,, |
| 有価証券報告書－第73期(令和2年3月1日－令和3年2月28日) | S100LEE6 | 2021-05-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LEE6,, |

## 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).