# Pacific Net 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38期(2025/06/01－2026/05/31) (S100YYIV)
> Page: https://vizora.meequs.com/en/company/pacific-net
> Retrieved: 2026-09-30T21:33:21.037Z

## Company

Pacific Net, founded in 1988, is a company in Smartphones & Communications Equipment listed on TSE Standard. It has 259 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Pacific Net Co.,Ltd. |
| Ticker | 3021 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3021.T) |
| Listing | TSE Standard |
| Head office | 東京都港区芝五丁目34番7号 |
| Representative (per filing) | 代表取締役社長 上田雄太 |
| Founded | Jul 1988 |
| Share capital | ¥535.4M |
| Employees (consolidated) | 259 |
| Average salary (parent only) | ¥5.6M |
| Fiscal year end | May |
| Corporate number | 5010401054564 |
| EDINET | E03465 |
| Industries (Vizora) | Smartphones & Communications Equipment, Leasing, Secondhand Retail, Waste Management & Recycling |

> Profile source: annual securities report (S100YYIV, filed 2026-08-25). As of filing

## Key points (generated from figures)

- About 65% of Pacific Net's sales come from IT Subscription Disposition, with IT Asset Disposition and Communication Device making up much of the rest.
- Out of every ¥100 of sales, about ¥13 is left as operating profit.
- Revenue changed +29.1% from the prior year, operating profit +65.2%.

## Company structure

- Segment revenue mix: IT Subscription Disposition 65.0%、IT Asset Disposition 31.5%、Communication Device 3.4%
- Revenue → net income: ¥10457406000 → ¥865650000
- Net income → operating cash flow: ¥865650000 → ¥4800225000（difference ¥3934575000）
- Main uses of operating cash flow: CapEx ¥6015334000 / dividends ¥251981000 / buybacks —
- Change in cash: ¥507098000
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 | ¥10.5B |  |
| Operating income | ¥1.39B | Margin 13.3% |
| Net income | ¥865.6M | Margin 8.3% |
| Free cash flow | -¥1.22B |  |
| Largest business | IT Subscription Disposition | of segment revenue 65.0% |
| Employees (consolidated) | 259 |  |
| EPS | ¥157.25 |  |
| Diluted EPS | ¥156.89 |  |
| Book value per share | ¥753.84 |  |
| Equity ratio | 25.5% |  |
| Shares outstanding | 5,396,600 |  |
| Treasury shares | 137,300 |  |
| Shareholders | 2,108 |  |
| Average salary (parent only) | ¥5.6M | Filing company only |
| Cash ratio | 11.0% | Cash ÷ revenue 16.5% |
| Vs. industry median margin | +6.2 pp | Leasing |
| ROE | 23.5% | Derived from disclosed figures |
| ROA | 6.2% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 5.5× net income
- FY2026, one segment accounts for 62% of positive segment profit
- FY2026, segment profit share differs by -32 points

## What changed in 5 years

| Metric | FY ending May 2021 | FY ending May 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥5224412000 | ¥10457406000 | +100.2% |
| Operating income | ¥767788000 | ¥1391643000 | +81.3% |
| Operating margin | 14.7% | 13.3% | -1.4 pp |
| Employees | 173 people | 259 people | +49.7% |
| Cash and equivalents | ¥1810893000 | ¥1722368000 | -4.9% |

### 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 |
| --- | ---: |
| ITサブスクリプション事業 → ITサブスクリプション事業 | 56.1% |
| ITAD事業 → ITAD事業 | 31.5% |
| ITAD事業 → 事業再編・廃止 | 9.9% |
| コミュニケーション・デバイス事業 → コミュニケーション・デバイス事業 | 2.4% |
| その他 → 事業再編・廃止 | 0.1% |
| 新設・再編 → ITサブスクリプション事業 | 8.9% |
| 新設・再編 → コミュニケーション・デバイス事業 | 1.1% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| IT Subscription Disposition | 5 years | +18.3% | ¥6800127000 | 10.8% | 2 |
| IT Asset Disposition | 5 years | +8.8% | ¥3297078000 | 41.3% | 2 |
| Communication Device | 5 years | +23.9% | ¥360199000 | 31.0% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 10,457 | 100.0% | S100YYIV |
| Cost of revenue | 6,245 | 59.7% | S100YYIV |
| Gross profit | 4,212 | 40.3% | S100YYIV |
| SG&A | 2,821 | 27.0% | S100YYIV |
| Operating income | 1,392 | 13.3% | S100YYIV |
| Ordinary income | 1,293 | 12.4% | S100YYIV |
| Pretax income | 1,291 | 12.3% | S100YYIV |
| Income tax | 426 | 4.1% | S100YYIV |
| Net income | 866 | 8.3% | S100YYIV |
| Net income attributable to owners | 866 | 8.3% | S100YYIV |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 60 |
| SG&A | 27 |
| Operating income | 13 |
| (Ref.) Net income | 8 |

### Margin funnel

Gross margin 40.3% → Operating margin 13.3% → Net margin 8.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +29.1%; Core profit growth: +65.2%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.24×
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 | 8,100 | 10,457 | 2,358 | +29.1% |
| Gross profit | 3,227 | 4,212 | 986 | +30.5% |
| Operating income | 842 | 1,392 | 549 | +65.2% |
| Net income attributable to owners | 530 | 866 | 336 | +63.4% |
| Operating cash flow | 3,570 | 4,800 | 1,230 | +34.5% |
| Free cash flow | -1,070 | -1,215 | -145 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending May 2020 | 4,567 | 414 | 9.1% | 289 | 1,290 | -801 | S100MD1T |
| FY ending May 2021 | 5,224 | 768 | 14.7% | 497 | 2,384 | 958 | S100P3WG |
| FY ending May 2022 | 5,507 | 342 | 6.2% | 210 | 1,361 | -1,669 | S100RS3Z |
| FY ending May 2023 | 6,404 | 530 | 8.3% | 336 | 2,738 | -502 | S100UALO |
| FY ending May 2024 | 6,921 | 658 | 9.5% | 432 | 2,521 | -1,801 | S100WLNQ |
| FY ending May 2025 | 8,100 | 842 | 10.4% | 530 | 3,570 | -1,070 | S100YYIV |
| FY ending May 2026 | 10,457 | 1,392 | 13.3% | 866 | 4,800 | -1,215 | S100YYIV |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥40.4M |
| Operating income per employee (consolidated) | ¥5.4M |
| Net income per employee (consolidated) | ¥3.3M |

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) | 200 | 222 | 234 | 232 | 259 |
| Average salary (parent company) | ¥5.4M | ¥5.1M | ¥5.2M | ¥5.3M | ¥5.6M |
| Average age (parent company) | 39.2 years | 38.3 years | 37.9 years | 38.2 years | 37.2 years |
| Average tenure (parent company) | 7.0 years | 7.0 years | 7.0 years | 7.0 years | 7.0 years |

Year over year: Employees (consolidated) +11.6% · Revenue (consolidated) +29.1%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| IT Subscription Disposition | 6,800 | 65.0% | 732 | 10.8% |
| IT Asset Disposition | 3,297 | 31.5% | 1,362 | 41.3% |
| Communication Device | 360 | 3.4% | 112 | 31.0% |

### 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 | Profit share | Difference (pt) | Margin |
| --- | ---: | ---: | ---: | ---: |
| IT Subscription Disposition | 65.0% | 33.2% | -31.8 | 10.8% |
| IT Asset Disposition | 31.5% | 61.7% | 30.2 | 41.3% |
| Communication Device | 3.4% | 5.1% | 1.6 | 31.0% |

Segment → industry: Communication Device → Smartphones & Communications Equipment / IT Subscription Disposition → Leasing / IT Asset Disposition → Secondhand Retail / IT Asset Disposition → Waste Management & Recycling

## 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 | 4,800 | 45.9% | S100YYIV |
| Capital expenditure | 6,015 | 57.5% | S100YYIV |
| Free cash flow | -1,215 | -11.6% | 算出 |
| Investing cash flow | -6,046 | -57.8% | S100YYIV |
| Financing cash flow | 1,752 | 16.8% | S100YYIV |
| Dividends paid | 252 | 2.4% | S100YYIV |
| Change in cash | 507 | 4.8% | S100YYIV |
| Cash and equivalents | 1,722 | 16.5% | S100YYIV |

## 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 | 916 | 1,172 | 1,382 | 1,215 | 1,722 | S100UALO, S100WLNQ, S100YYIV |
| Total assets | 6,835 | 8,008 | 10,494 | 12,365 | 15,669 | S100RS3Z, S100UALO, S100WLNQ, S100YYIV |
| Net assets | 2,536 | 2,740 | 3,062 | 3,378 | 3,995 | S100UALO, S100WLNQ, S100YYIV |
| Share capital | 458 | 484 | 532 | 533 | 535 | S100RS3Z, S100UALO, S100WLNQ, S100YYIV |
| Property, plant and equipment | 4,603 | 5,573 | 7,541 | 9,351 | 11,818 | S100RS3Z, S100UALO, S100WLNQ, S100YYIV |
| Intangible assets excluding goodwill | 158 | 129 | 107 | 100 | 73 | S100RS3Z, S100UALO, S100WLNQ, S100YYIV |
| Goodwill | 35 | 3 | — | — | — | S100RS3Z, S100UALO |
| Current assets | 1,736 | 1,894 | 2,351 | 2,360 | 3,105 | S100RS3Z, S100UALO, S100WLNQ, S100YYIV |
| Current liabilities | 2,365 | 2,723 | 3,186 | 4,130 | 6,083 | S100RS3Z, S100UALO, S100WLNQ, S100YYIV |
| Long-term borrowings | 1,767 | 2,392 | 4,080 | 4,673 | 5,439 | S100RS3Z, S100UALO, S100WLNQ, S100YYIV |
| Total liabilities | 4,299 | 5,268 | 7,431 | 8,987 | 11,674 | S100RS3Z, S100UALO, S100WLNQ, S100YYIV |
| Equity attributable to owners of parent | 2,535 | 2,739 | 3,062 | 3,378 | 3,995 | S100RS3Z, S100UALO, S100WLNQ, S100YYIV |
| Retained earnings | 1,644 | 1,797 | 2,023 | 2,337 | 2,951 | S100RS3Z, S100UALO, S100WLNQ, S100YYIV |
| Treasury stock | -119 | -119 | -119 | -119 | -119 | S100RS3Z, S100UALO, S100WLNQ, S100YYIV |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 11% | S100YYIV |
| Property, plant and equipment | 75% | S100YYIV |
| Intangibles and goodwill | 1% | S100YYIV |
| Other assets | 13% | S100YYIV |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 75% | S100YYIV |
| Equity | 25% | S100YYIV |
| Other liabilities | 0% | S100YYIV |

### 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 | 6,835 | 8,008 | 10,494 | 12,365 | 15,669 |
| Equity | 2,536 | 2,740 | 3,062 | 3,378 | 3,995 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 916 | 1,172 | 1,382 | 1,215 | 1,722 |

## 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) | 113.0% | S100YYIV |
| Fixed assets ÷ total assets | 75.4% | S100YYIV |
| Goodwill ÷ parent equity | — | —, S100YYIV |

### 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) | 11.0% |
| Cash ÷ revenue | 16.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 344.9% |
| Cash vs. profit gap | 3,935 JPY mn (of net income 454.5%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 29.1% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 57.5% |
| Investing CF relative to operating CF | 125.9% |

## 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% | 0.81× | 3.1% | 2.70× | 8.3% | S100RS3Z |
| 2023 | 5.3% | 0.86× | 4.5% | 2.81× | 12.8% | S100UALO |
| 2024 | 6.2% | 0.75× | 4.7% | 3.19× | 14.9% | S100WLNQ |
| 2025 | 6.5% | 0.71× | 4.6% | 3.55× | 16.5% | S100YYIV |
| 2026 | 8.3% | 0.75× | 6.2% | 3.80× | 23.5% | S100YYIV |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社リッチモンド （注）２ | Major shareholder | 39.9% | 2026-05-31 |
| 上田満弘 | Major shareholder | 5.9% | 2026-05-31 |
| 上田雄太 | Major shareholder | 5.8% | 2026-05-31 |
| 上田修平 | Major shareholder | 5.7% | 2026-05-31 |
| 上田トモ子 | Major shareholder | 5.7% | 2026-05-31 |
| MSIP CLIENT SECURITIES（常任代理人 モルガン・スタンレーＭＵＦＧ証券株式会社） | Major shareholder | 4.5% | 2026-05-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 2.7% | 2026-05-31 |
| RE FUND 107-CLIENT AC（常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 1.3% | 2026-05-31 |
| 大和証券株式会社 | Major shareholder | 1.3% | 2026-05-31 |
| 楽天証券株式会社 | Major shareholder | 0.9% | 2026-05-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第38期(2025/06/01－2026/05/31) | S100YYIV | 2026-08-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YYIV,, |
| 訂正有価証券報告書－第37期(2024/06/01－2025/05/31) | S100WLNQ | 2025-08-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WLNQ,, |
| 有価証券報告書－第36期(2023/06/01－2024/05/31) | S100UALO | 2024-08-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UALO,, |
| 有価証券報告書－第35期(2022/06/01－2023/05/31) | S100RS3Z | 2023-08-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RS3Z,, |
| 有価証券報告書－第34期(令和3年6月1日－令和4年5月31日) | S100P3WG | 2022-08-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100P3WG,, |
| 有価証券報告書－第33期(令和2年6月1日－令和3年5月31日) | S100MD1T | 2021-08-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MD1T,, |

## 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).