# PAPANETS CO.,Ltd.: business model and financials

> Latest period: FY ending Feb 2026, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第31期(2025/03/01－2026/02/28) (S100Y5VD)
> Page: https://vizora.meequs.com/en/company/papanets
> Retrieved: 2026-09-30T21:00:43.767Z

## Company

Papanets, founded in 1995, is a company in Real Estate Brokerage & Management listed on Fukuoka. It has 106 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | PAPANETS CO.,Ltd. |
| Ticker | 9388 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9388.T) |
| Listing | Fukuoka |
| Head office | 埼玉県越谷市越ヶ谷一丁目5番17号9階 |
| Representative (per filing) | 代表取締役社長 伊藤 裕昭 |
| Founded | Dec 1995 |
| Share capital | ¥102.9M |
| Employees (consolidated) | 106 |
| Average salary (parent only) | ¥5.3M |
| Fiscal year end | February |
| Website | papanets.co.jp (https://papanets.co.jp/) |
| Corporate number | 9030001067804 |
| EDINET | E33610 |
| Industries (Vizora) | Real Estate Brokerage & Management |

> Profile source: annual securities report (S100Y5VD, filed 2026-05-22). As of filing

## Five-axis industry profile

Primary industry: Real Estate Brokerage & Management (2026-02-28)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 78 | 25 |
| Profitability | 40.4 | 26 |
| Cash conversion | 28.8 | 26 |
| Efficiency | 90.4 | 26 |

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)

- Papanets brought in ¥5.77B in revenue.
- Out of every ¥100 of sales, about ¥8 is left as operating profit.
- Revenue changed +7.5% from the prior year, operating profit +25.9%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥5771133000 → ¥305992000
- Net income → operating cash flow: ¥305992000 → ¥193182000（difference ¥-112810000）
- Main uses of operating cash flow: CapEx ¥227735000 / dividends ¥86208000 / buybacks —
- Change in cash: ¥-188390000
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 | ¥5.77B |  |
| Operating income | ¥464.9M | Margin 8.1% |
| Net income | ¥306M | Margin 5.3% |
| Free cash flow | -¥34.6M |  |
| Employees (consolidated) | 106 |  |
| EPS | ¥166.4 |  |
| Book value per share | ¥842.49 |  |
| Equity ratio | 62.4% |  |
| Shares outstanding | 2,032,000 |  |
| Treasury shares | 115,000 |  |
| Shareholders | 977 |  |
| Average salary (parent only) | ¥5.3M | Filing company only |
| Cash ratio | 28.9% | Cash ÷ revenue 12.9% |
| Vs. industry median margin | -0.9 pp | Real Estate Brokerage & Management |
| ROE | 21.2% | Derived from disclosed figures |
| ROA | 12.4% | Derived from disclosed figures |

## Notable figures

- FY2026, parent-company salary changed +25% over five years
- FY2026, cash is 29% of total assets

## What changed in 5 years

| Metric | FY ending Feb 2021 | FY ending Feb 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥3541515000 | ¥5771133000 | +63.0% |
| Operating income | ¥161906000 | ¥464877000 | +187.1% |
| Operating margin | 4.6% | 8.1% | +3.5 pp |
| Employees | 96 people | 106 people | +10.4% |
| Cash and equivalents | ¥1030825000 | ¥747339000 | -27.5% |

### 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, non-consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 5,771 | 100.0% | S100Y5VD |
| Cost of revenue | 3,822 | 66.2% | S100Y5VD |
| Gross profit | 1,949 | 33.8% | S100Y5VD |
| SG&A | 1,484 | 25.7% | S100Y5VD |
| Operating income | 465 | 8.1% | S100Y5VD |
| Ordinary income | 461 | 8.0% | S100Y5VD |
| Pretax income | 461 | 8.0% | S100Y5VD |
| Income tax | 155 | 2.7% | S100Y5VD |
| Net income | 306 | 5.3% | S100Y5VD |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 66 |
| SG&A | 26 |
| Operating income | 8 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 33.8% → Operating margin 8.1% → Net margin 5.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +7.5%; Core profit growth: +25.9%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 3.44×
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 | 5,367 | 5,771 | 404 | +7.5% |
| Gross profit | 1,722 | 1,949 | 227 | +13.2% |
| Operating income | 369 | 465 | 96 | +25.9% |
| Operating cash flow | 337 | 193 | -144 | -42.7% |
| Free cash flow | 237 | -35 | -271 | -114.6% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Feb 2020 | 3,644 | 256 | 7.0% | 174 | 230 | 215 | S100LECN |
| FY ending Feb 2021 | 3,542 | 162 | 4.6% | 111 | 84 | 62 | S100O5O0 |
| FY ending Feb 2022 | 3,629 | 242 | 6.7% | 157 | 131 | 105 | S100RHUU |
| FY ending Feb 2023 | 4,008 | 294 | 7.3% | 202 | 351 | 217 | S100TIUT |
| FY ending Feb 2024 | 4,492 | 338 | 7.5% | 235 | 308 | 244 | S100VUUB |
| FY ending Feb 2025 | 5,367 | 369 | 6.9% | 256 | 337 | 237 | S100Y5VD |
| FY ending Feb 2026 | 5,771 | 465 | 8.1% | 306 | 193 | -35 | S100Y5VD |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥54.4M |
| Operating income per employee (consolidated) | ¥4.4M |
| Net income per employee (consolidated) | ¥2.9M |

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) | 80 | 85 | 94 | 102 | 106 |
| Average salary (parent company) | ¥4.3M | ¥4.5M | ¥4.7M | ¥5.7M | ¥5.3M |
| Average age (parent company) | 43.1 years | 43.3 years | 42.5 years | 41.4 years | 43.5 years |
| Average tenure (parent company) | 4.3 years | 4.7 years | 4.6 years | 4.5 years | 5.8 years |

Year over year: Employees (consolidated) +3.9% · Revenue (consolidated) +7.5%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 193 | 3.3% | S100Y5VD |
| Capital expenditure | 228 | 3.9% | S100Y5VD |
| Free cash flow | -35 | -0.6% | 算出 |
| Investing cash flow | -281 | -4.9% | S100Y5VD |
| Financing cash flow | -101 | -1.7% | S100Y5VD |
| Dividends paid | 86 | 1.5% | S100Y5VD |
| Change in cash | -188 | -3.3% | S100Y5VD |
| Cash and equivalents | 747 | 12.9% | S100Y5VD |

## 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 | 923 | 985 | 885 | 936 | 747 | S100TIUT, S100VUUB, S100Y5VD |
| Total assets | 1,987 | 2,092 | 2,130 | 2,366 | 2,586 | S100RHUU, S100TIUT, S100VUUB, S100Y5VD |
| Net assets | 756 | 950 | 1,048 | 1,269 | 1,615 | S100TIUT, S100VUUB, S100Y5VD |
| Share capital | 50 | 50 | 50 | 50 | 103 | S100RHUU, S100TIUT, S100VUUB, S100Y5VD |
| Property, plant and equipment | 275 | 370 | 360 | 359 | 434 | S100RHUU, S100TIUT, S100VUUB, S100Y5VD |
| Intangible assets excluding goodwill | 75 | 73 | 102 | 156 | 250 | S100RHUU, S100TIUT, S100VUUB, S100Y5VD |
| Investment securities | — | — | 52 | 52 | 102 | S100VUUB, S100Y5VD |
| Current assets | 1,585 | 1,596 | 1,545 | 1,707 | 1,737 | S100RHUU, S100TIUT, S100VUUB, S100Y5VD |
| Current liabilities | 551 | 605 | 669 | 761 | 834 | S100RHUU, S100TIUT, S100VUUB, S100Y5VD |
| Long-term borrowings | 635 | 483 | 332 | 223 | 134 | S100RHUU, S100TIUT, S100VUUB, S100Y5VD |
| Total liabilities | 1,231 | 1,141 | 1,081 | 1,097 | 971 | S100RHUU, S100TIUT, S100VUUB, S100Y5VD |
| Equity attributable to owners of parent | 756 | 950 | 1,048 | 1,269 | 1,615 | S100RHUU, S100TIUT, S100VUUB, S100Y5VD |
| Retained earnings | 592 | 786 | 992 | 1,213 | 1,432 | S100RHUU, S100TIUT, S100VUUB, S100Y5VD |
| Treasury stock | — | — | -108 | -108 | -95 | S100VUUB, S100Y5VD |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 29% | S100Y5VD |
| Property, plant and equipment | 17% | S100Y5VD |
| Intangibles and goodwill | 9% | S100Y5VD |
| Investment securities | 4% | S100Y5VD |
| Other assets | 41% | S100Y5VD |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 38% | S100Y5VD |
| Equity | 62% | S100Y5VD |
| Other liabilities | 0% | S100Y5VD |

### 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 | 1,987 | 2,092 | 2,130 | 2,366 | 2,586 |
| Equity | 756 | 950 | 1,048 | 1,269 | 1,615 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 923 | 985 | 885 | 936 | 747 |

## 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) | 7.5% | S100Y5VD |
| Fixed assets ÷ total assets | 16.8% | S100Y5VD |
| Goodwill ÷ parent equity | — | —, S100Y5VD |

### 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) | 28.9% |
| Cash ÷ revenue | 12.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 41.6% |
| Cash vs. profit gap | -113 JPY mn (of net income -36.9%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 28.2% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 3.9% |
| Investing CF relative to operating CF | 145.5% |

## 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 | 4.3% | 1.83× | 7.9% | 2.63× | 20.8% | S100RHUU |
| 2023 | 5.0% | 1.97× | 9.9% | 2.39× | 23.7% | S100TIUT |
| 2024 | 5.2% | 2.13× | 11.1% | 2.11× | 23.5% | S100VUUB |
| 2025 | 4.8% | 2.39× | 11.4% | 1.94× | 22.1% | S100Y5VD |
| 2026 | 5.3% | 2.33× | 12.4% | 1.72× | 21.2% | S100Y5VD |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社花明 | Major shareholder | 28.7% | 2026-02-28 |
| 伊藤裕昭 | Major shareholder | 9.6% | 2026-02-28 |
| 二田泰久 | Major shareholder | 8.7% | 2026-02-28 |
| 宮﨑恵子 | Major shareholder | 7.8% | 2026-02-28 |
| 柳澤謙介 | Major shareholder | 6.9% | 2026-02-28 |
| 早坂貴幸 | Major shareholder | 6.1% | 2026-02-28 |
| 中本久富 | Major shareholder | 3.6% | 2026-02-28 |
| 佐々木透 | Major shareholder | 2.0% | 2026-02-28 |
| 松本寝具株式会社 | Major shareholder | 1.5% | 2026-02-28 |
| 双栄興業株式会社 | Major shareholder | 1.4% | 2026-02-28 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第31期(2025/03/01－2026/02/28) | S100Y5VD | 2026-05-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y5VD,, |
| 有価証券報告書－第30期(2024/03/01－2025/02/28) | S100VUUB | 2025-05-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VUUB,, |
| 訂正有価証券報告書－第29期(2023/03/01－2024/02/29) | S100TIUT | 2024-05-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TIUT,, |
| 訂正有価証券報告書－第28期(2022/03/01－2023/02/28) | S100RHUU | 2023-07-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RHUU,, |
| 有価証券報告書－第27期(令和3年3月1日－令和4年2月28日) | S100O5O0 | 2022-05-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O5O0,, |
| 有価証券報告書－第26期(令和2年3月1日－令和3年2月28日) | S100LECN | 2021-05-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LECN,, |

## 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).