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

> Latest period: FY ending Sep 2025, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第58期(2024/10/01－2025/09/30) (S100XAEN)
> Page: https://vizora.meequs.com/en/company/palma
> Retrieved: 2026-09-30T22:08:10.034Z

## Company

Palma, founded in 1969, is a company in Credit Cards & Consumer Credit listed on TSE Standard. It has 33 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Palma Co.,Ltd. |
| Ticker | 3461 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3461.T) |
| Listing | TSE Standard |
| Head office | 東京都千代田区麹町四丁目5番地20 |
| Representative (per filing) | 代表取締役社長 木村 純一 |
| Founded | Dec 1969 |
| Share capital | ¥600.3M |
| Employees (consolidated) | 33 |
| Average salary (parent only) | ¥4.2M |
| Fiscal year end | September |
| Website | www.palma.jp (https://www.palma.jp/) |
| Corporate number | 6010001082675 |
| EDINET | E31681 |
| Industries (Vizora) | Credit Cards & Consumer Credit, Business Process Outsourcing, Real Estate Development & Leasing |

> Profile source: annual securities report (S100XAEN, filed 2025-12-16). As of filing

## Key points (generated from figures)

- About 63% of Palma's sales come from Business Solution Service, with Turnkey solution Service making up much of the rest.
- Out of every ¥100 of sales, about ¥6 is left as operating profit.
- Revenue changed -17.7% from the prior year, operating profit +19.3%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥2.31B |  |
| Operating income | ¥147.6M | Margin 6.4% |
| Net income | ¥122.5M | Margin 5.3% |
| Free cash flow | -¥433.9M |  |
| Largest business | Business Solution Service | of segment revenue 63.1% |
| Employees (consolidated) | 33 |  |
| EPS | ¥18.1 |  |
| Diluted EPS | ¥18.1 |  |
| Book value per share | ¥357.83 |  |
| Equity ratio | 63.8% |  |
| Shares outstanding | 6,765,489 |  |
| Treasury shares | 300 |  |
| Shareholders | 10,595 |  |
| Average salary (parent only) | ¥4.2M | Filing company only |
| Cash ratio | 58.0% | Cash ÷ revenue 95.1% |
| Vs. industry median margin | -11.8 pp | Credit Cards & Consumer Credit |
| ROE | 5.1% | Derived from disclosed figures |
| ROA | 3.3% | Derived from disclosed figures |

## Notable figures

- FY2025, one segment accounts for 100% of positive segment profit
- FY2025, cash is 58% of total assets
- FY2025, segment profit share differs by 37 points

## What changed in 5 years

| Metric | FY ending Sep 2020 | FY ending Sep 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥4547082000 | ¥2312413000 | -49.1% |
| Operating income | ¥322018000 | ¥147583000 | -54.2% |
| Operating margin | 7.1% | 6.4% | -0.7 pp |
| Employees | 40 people | 33 people | -17.5% |
| Cash and equivalents | ¥3267296000 | ¥2198670000 | -32.7% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| ビジネスソリューションサービス → ビジネスソリューションサービス | 19.7% |
| ターンキーソリューションサービス → ターンキーソリューションサービス | 36.9% |
| ターンキーソリューションサービス → 事業再編・廃止 | 43.4% |
| 新設・再編 → ビジネスソリューションサービス | 43.4% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 2,312 | 100.0% | S100XAEN |
| Cost of revenue | 1,296 | 56.1% | S100XAEN |
| Gross profit | 1,016 | 43.9% | S100XAEN |
| SG&A | 869 | 37.6% | S100XAEN |
| Operating income | 148 | 6.4% | S100XAEN |
| Ordinary income | 187 | 8.1% | S100XAEN |
| Pretax income | 187 | 8.1% | S100XAEN |
| Income tax | 65 | 2.8% | S100XAEN |
| Net income | 122 | 5.3% | S100XAEN |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 56 |
| SG&A | 38 |
| Operating income | 6 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 43.9% → Operating margin 6.4% → Net margin 5.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue down, profit up
Revenue growth: -17.7%; Core profit growth: +19.3%
Operating leverage (core profit growth ÷ revenue growth): -1.09×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 2,811 | 2,312 | -498 | -17.7% |
| Gross profit | 898 | 1,016 | 119 | +13.2% |
| Operating income | 124 | 148 | 24 | +19.3% |
| Operating cash flow | 94 | -417 | -511 | -543.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Sep 2019 | 4,392 | 505 | 11.5% | 338 | -504 | -520 | S100KEY0 |
| FY ending Sep 2020 | 4,547 | 322 | 7.1% | 214 | 556 | 496 | S100N3OQ |
| FY ending Sep 2021 | 3,637 | 134 | 3.7% | 81 | 247 | 233 | S100PU5D |
| FY ending Sep 2022 | 2,778 | 7 | 0.3% | 29 | 908 | 896 | S100SHLE |
| FY ending Sep 2023 | 2,354 | 168 | 7.1% | 112 | -194 | — | S100UYNQ |
| FY ending Sep 2024 | 2,811 | 124 | 4.4% | 81 | 94 | — | S100XAEN |
| FY ending Sep 2025 | 2,312 | 148 | 6.4% | 122 | -417 | -434 | S100XAEN |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥70.1M |
| Operating income per employee (consolidated) | ¥4.5M |
| Net income per employee (consolidated) | ¥3.7M |

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

| History | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 39 | 32 | 30 | 31 | 33 |
| Average salary (parent company) | ¥4.4M | ¥4.8M | ¥5.4M | ¥4.6M | ¥4.2M |
| Average age (parent company) | 37.5 years | 37.4 years | 37.1 years | 37.9 years | 39.9 years |
| Average tenure (parent company) | 5.0 years | 5.8 years | 6.7 years | 7.2 years | 7.2 years |

Year over year: Employees (consolidated) +6.5% · Revenue (consolidated) -17.7%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Business Solution Service | 1,458 | 63.1% | 481 | 33.0% |
| Turnkey solution Service | 854 | 36.9% | -144 | -16.9% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Business Solution Service | 63.1% | 100.0% | 36.9 | 33.0% |
| Turnkey solution Service | 36.9% | — | — | -16.9% |

Loss-making segment (excluded from profit shares): Turnkey solution Service -144 JPY mn

Segment → industry: Business Solution Service → Credit Cards & Consumer Credit / Business Solution Service → Business Process Outsourcing / Turnkey solution Service → Real Estate Development & Leasing

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -417 | -18.0% | S100XAEN |
| Capital expenditure | 17 | 0.7% | S100XAEN |
| Free cash flow | -434 | -18.8% | 算出 |
| Investing cash flow | 29 | 1.3% | S100XAEN |
| Financing cash flow | 142 | 6.1% | S100XAEN |
| Dividends paid | 41 | 1.8% | S100XAEN |
| Change in cash | -246 | -10.6% | S100XAEN |
| Cash and equivalents | 2,199 | 95.1% | S100XAEN |

## 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 Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 2,678 | 2,977 | 2,660 | 2,444 | 2,199 | S100SHLE, S100UYNQ, S100XAEN |
| Total assets | 4,301 | 3,632 | 3,644 | 3,545 | 3,791 | S100PU5D, S100SHLE, S100UYNQ, S100XAEN |
| Net assets | 2,180 | 2,189 | 2,291 | 2,339 | 2,421 | S100SHLE, S100UYNQ, S100XAEN |
| Share capital | 597 | 600 | 600 | 600 | 600 | S100PU5D, S100SHLE, S100UYNQ, S100XAEN |
| Property, plant and equipment | 49 | 50 | 43 | 38 | 39 | S100PU5D, S100SHLE, S100UYNQ, S100XAEN |
| Intangible assets excluding goodwill | 28 | 20 | 16 | 20 | 17 | S100PU5D, S100SHLE, S100UYNQ, S100XAEN |
| Investment securities | 11 | 11 | 5 | 5 | 5 | S100PU5D, S100SHLE, S100UYNQ, S100XAEN |
| Current assets | 4,058 | 3,415 | 3,445 | 3,323 | 3,552 | S100PU5D, S100SHLE, S100UYNQ, S100XAEN |
| Current liabilities | 1,364 | 844 | 667 | 607 | 814 | S100PU5D, S100SHLE, S100UYNQ, S100XAEN |
| Short-term borrowings | 270 | 150 | 27 | — | 205 | S100PU5D, S100SHLE, S100UYNQ, S100XAEN |
| Long-term borrowings | 747 | 589 | 676 | 525 | 452 | S100PU5D, S100SHLE, S100UYNQ, S100XAEN |
| Total liabilities | 2,121 | 1,443 | 1,353 | 1,206 | 1,370 | S100PU5D, S100SHLE, S100UYNQ, S100XAEN |
| Equity attributable to owners of parent | 2,179 | 2,188 | 2,290 | 2,338 | 2,420 | S100PU5D, S100SHLE, S100UYNQ, S100XAEN |
| Retained earnings | 1,075 | 1,078 | 1,180 | 1,227 | 1,309 | S100PU5D, S100SHLE, S100UYNQ, S100XAEN |
| Treasury stock | -0 | -0 | -0 | -0 | -0 | S100PU5D, S100SHLE, S100UYNQ, S100XAEN |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 58% | S100XAEN |
| Property, plant and equipment | 1% | S100XAEN |
| Intangibles and goodwill | 1% | S100XAEN |
| Investment securities | 0% | S100XAEN |
| Other assets | 40% | S100XAEN |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 36% | S100XAEN |
| Equity | 64% | S100XAEN |

### Balance sheet history

| Metric | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 4,301 | 3,632 | 3,644 | 3,545 | 3,791 |
| Equity | 2,180 | 2,189 | 2,291 | 2,339 | 2,421 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 2,678 | 2,977 | 2,660 | 2,444 | 2,199 |

## 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) | 1.7% | S100XAEN |
| Fixed assets ÷ total assets | 1.0% | S100XAEN |
| Goodwill ÷ parent equity | — | —, S100XAEN |

### 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) | 58.0% |
| Cash ÷ revenue | 95.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -282.4% |
| Cash vs. profit gap | -539 JPY mn (of net income -440.3%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 33.1% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.7% |
| 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 2.2% | 0.85× | 1.9% | 1.97× | 3.7% | S100PU5D |
| 2022 | 1.1% | 0.70× | 0.7% | 1.82× | 1.4% | S100SHLE |
| 2023 | 4.8% | 0.65× | 3.1% | 1.62× | 5.0% | S100UYNQ |
| 2024 | 2.9% | 0.78× | 2.2% | 1.55× | 3.5% | S100XAEN |
| 2025 | 5.3% | 0.63× | 3.3% | 1.54× | 5.1% | S100XAEN |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社ディア・ライフ | Major shareholder | 39.3% | 2025-09-30 |
| 日本郵政キャピタル株式会社 | Major shareholder | 18.9% | 2025-09-30 |
| 阿部 幸広 | Major shareholder | 3.1% | 2025-09-30 |
| 山田 直樹 | Major shareholder | 1.8% | 2025-09-30 |
| 株式会社加瀬資産管理 | Major shareholder | 1.8% | 2025-09-30 |
| 松下 祐士 | Major shareholder | 1.4% | 2025-09-30 |
| 株式会社ストレージ王 | Major shareholder | 1.0% | 2025-09-30 |
| 小泉 洋二朗 | Major shareholder | 0.4% | 2025-09-30 |
| 小林 奨 | Major shareholder | 0.3% | 2025-09-30 |
| 向井 真次 | Major shareholder | 0.3% | 2025-09-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第58期(2024/10/01－2025/09/30) | S100XAEN | 2025-12-16 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XAEN,, |
| 有価証券報告書－第57期(2023/10/01－2024/09/30) | S100UYNQ | 2024-12-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UYNQ,, |
| 有価証券報告書－第56期(2022/10/01－2023/09/30) | S100SHLE | 2023-12-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SHLE,, |
| 有価証券報告書－第55期(令和3年10月1日－令和4年9月30日) | S100PU5D | 2022-12-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PU5D,, |
| 有価証券報告書－第54期(令和2年10月1日－令和3年9月30日) | S100N3OQ | 2021-12-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100N3OQ,, |
| 有価証券報告書－第53期(令和1年10月1日－令和2年9月30日) | S100KEY0 | 2020-12-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KEY0,, |

## 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).