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

> Latest period: FY ending Sep 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第24期(2024/10/01－2025/09/30) (S100XD95)
> Page: https://vizora.meequs.com/en/company/peers
> Retrieved: 2026-09-30T20:18:03.495Z

## Company

Peers, founded in 2002, is a company in Consulting listed on TSE Growth. It has 413 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Peers Co.,Ltd. |
| Ticker | 7066 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7066.T) |
| Listing | TSE Growth |
| Head office | 東京都港区港南二丁目16番4号 品川グランドセントラルタワー15階 |
| Representative (per filing) | 代表取締役社長 桑野 隆司 |
| Founded | Jun 2002 |
| Share capital | ¥78.6M |
| Employees (consolidated) | 413 |
| Average salary (parent only) | ¥3.7M |
| Fiscal year end | September |
| Website | peers.jp (https://peers.jp/) |
| Corporate number | 8180001056958 |
| EDINET | E34954 |
| Industries (Vizora) | Consulting |

> Profile source: annual securities report (S100XD95, filed 2025-12-25). As of filing

## Five-axis industry profile

Primary industry: Consulting (2025-09-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 50 | 31 |
| Profitability | 44.3 | 44 |
| Cash conversion | 73.9 | 44 |
| Efficiency | 67 | 44 |

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)

- Peers brought in ¥6.1B in revenue.
- Out of every ¥100 of sales, about ¥9 is left as operating profit.
- Revenue changed -1.7% from the prior year, operating profit +16.4%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥6103869000 → ¥432354000
- Net income → operating cash flow: ¥432354000 → ¥703484000（difference ¥271130000）
- Main uses of operating cash flow: CapEx ¥38890000 / dividends ¥151597000 / buybacks ¥400031000
- Change in cash: ¥-195306000
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 | ¥6.1B |  |
| Operating income | ¥559.1M | Margin 9.2% |
| Net income | ¥432.4M | Margin 7.1% |
| Free cash flow | ¥664.6M |  |
| Employees (consolidated) | 413 |  |
| EPS | ¥55.38 |  |
| Diluted EPS | ¥52.84 |  |
| Book value per share | ¥304.02 |  |
| Equity ratio | 61.9% |  |
| Shares outstanding | 10,025,600 |  |
| Treasury shares | 1,002,900 |  |
| Shareholders | 4,022 |  |
| Average salary (parent only) | ¥3.7M | Filing company only |
| Cash ratio | 39.6% | Cash ÷ revenue 28.9% |
| Vs. industry median margin | -0.4 pp | Consulting |
| ROE | 15.4% | Derived from disclosed figures |
| ROA | 9.6% | Derived from disclosed figures |

## Notable figures

- FY2025, buybacks were 2.6× dividends
- FY2025, employees -23% while operating income rose 16%
- FY2025, parent-company salary changed -31% over five years

## What changed in 5 years

| Metric | FY ending Sep 2020 | FY ending Sep 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥3484669000 | ¥6103869000 | +75.2% |
| Operating income | ¥331559000 | ¥559086000 | +68.6% |
| Operating margin | 9.5% | 9.2% | -0.4 pp |
| Employees | 86 people | 413 people | +380.2% |
| Cash and equivalents | ¥2526229000 | ¥1763206000 | -30.2% |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 6,104 | 100.0% | S100XD95 |
| Cost of revenue | 4,365 | 71.5% | S100XD95 |
| Gross profit | 1,739 | 28.5% | S100XD95 |
| SG&A | 1,180 | 19.3% | S100XD95 |
| Operating income | 559 | 9.2% | S100XD95 |
| Ordinary income | 497 | 8.1% | S100XD95 |
| Pretax income | 525 | 8.6% | S100XD95 |
| Income tax | 93 | 1.5% | S100XD95 |
| Net income | 432 | 7.1% | S100XD95 |
| Net income attributable to owners | 432 | 7.1% | S100XD95 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 72 |
| SG&A | 19 |
| Operating income | 9 |
| (Ref.) Net income | 7 |

### Margin funnel

Gross margin 28.5% → Operating margin 9.2% → Net margin 7.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue down, profit up
Revenue growth: -1.7%; Core profit growth: +16.4%
Operating leverage (core profit growth ÷ revenue growth): -9.67×
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 | 6,209 | 6,104 | -105 | -1.7% |
| Gross profit | 1,642 | 1,739 | 97 | +5.9% |
| Operating income | 480 | 559 | 79 | +16.4% |
| Net income attributable to owners | 585 | 432 | -153 | -26.1% |
| Operating cash flow | 473 | 703 | 231 | +48.8% |
| Free cash flow | -231 | 665 | 895 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Sep 2020 | 3,485 | 332 | 9.5% | 239 | 330 | 295 | S100N537 |
| FY ending Sep 2021 | 3,130 | 101 | 3.2% | 52 | -158 | -396 | S100PWCK |
| FY ending Sep 2022 | 3,794 | 58 | 1.5% | -98 | 213 | -194 | S100SJBU |
| FY ending Sep 2023 | 5,628 | 426 | 7.6% | 319 | 773 | 620 | S100V12Q |
| FY ending Sep 2024 | 6,209 | 480 | 7.7% | 585 | 473 | -231 | S100XD95 |
| FY ending Sep 2025 | 6,104 | 559 | 9.2% | 432 | 703 | 665 | S100XD95 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥14.8M |
| Operating income per employee (consolidated) | ¥1.4M |
| Net income per employee (consolidated) | ¥1M |

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) | 89 | 476 | 445 | 537 | 413 |
| Average salary (parent company) | ¥5.4M | ¥6.7M | ¥5.8M | ¥4.1M | ¥3.7M |
| Average age (parent company) | 31.7 years | 35.4 years | 34.8 years | 30.8 years | 31.7 years |
| Average tenure (parent company) | 4.4 years | 4.4 years | 4.4 years | 3.3 years | 2.2 years |

Year over year: Employees (consolidated) -23.1% · Revenue (consolidated) -1.7%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 703 | 11.5% | S100XD95 |
| Capital expenditure | 39 | 0.6% | S100XD95 |
| Free cash flow | 665 | 10.9% | 算出 |
| Investing cash flow | -51 | -0.8% | S100XD95 |
| Financing cash flow | -848 | -13.9% | S100XD95 |
| Dividends paid | 152 | 2.5% | S100XD95 |
| Share buyback | 400 | 6.6% | S100XD95 |
| Change in cash | -195 | -3.2% | S100XD95 |
| Cash and equivalents | 1,763 | 28.9% | S100XD95 |

## 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 | 1,866 | 1,846 | 2,272 | 1,959 | 1,763 | S100SJBU, S100V12Q, S100XD95 |
| Total assets | 3,018 | 4,400 | 4,750 | 4,514 | 4,456 | S100PWCK, S100SJBU, S100V12Q, S100XD95 |
| Net assets | 2,186 | 1,921 | 2,355 | 2,873 | 2,759 | S100SJBU, S100V12Q, S100XD95 |
| Share capital | 472 | 100 | 68 | 76 | 79 | S100PWCK, S100SJBU, S100V12Q, S100XD95 |
| Property, plant and equipment | 77 | 320 | 140 | 156 | 94 | S100PWCK, S100SJBU, S100V12Q, S100XD95 |
| Intangible assets excluding goodwill | 205 | 478 | 419 | 857 | 980 | S100PWCK, S100SJBU, S100V12Q, S100XD95 |
| Goodwill | 18 | 234 | 191 | 496 | 669 | S100PWCK, S100SJBU, S100V12Q, S100XD95 |
| Investment securities | 52 | 84 | 213 | 375 | 339 | S100PWCK, S100SJBU, S100V12Q, S100XD95 |
| Current assets | 2,579 | 3,335 | 3,665 | 2,883 | 2,821 | S100PWCK, S100SJBU, S100V12Q, S100XD95 |
| Current liabilities | 332 | 1,355 | 1,130 | 859 | 1,282 | S100PWCK, S100SJBU, S100V12Q, S100XD95 |
| Long-term borrowings | 500 | 935 | 1,137 | 767 | 400 | S100PWCK, S100SJBU, S100V12Q, S100XD95 |
| Total liabilities | 832 | 2,479 | 2,394 | 1,641 | 1,697 | S100PWCK, S100SJBU, S100V12Q, S100XD95 |
| Equity attributable to owners of parent | 2,186 | 1,921 | 2,355 | 2,872 | 2,758 | S100PWCK, S100SJBU, S100V12Q, S100XD95 |
| Retained earnings | 1,277 | 1,169 | 1,476 | 1,982 | 2,261 | S100PWCK, S100SJBU, S100V12Q, S100XD95 |
| Treasury stock | -0 | -179 | -179 | -179 | -579 | S100PWCK, S100SJBU, S100V12Q, S100XD95 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 39% | S100XD95 |
| Property, plant and equipment | 2% | S100XD95 |
| Intangibles and goodwill | 37% | S100XD95 |
| Investment securities | 8% | S100XD95 |
| Other assets | 14% | S100XD95 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 38% | S100XD95 |
| Equity | 62% | S100XD95 |

### 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 | 3,018 | 4,400 | 4,750 | 4,514 | 4,456 |
| Equity | 2,186 | 1,921 | 2,355 | 2,873 | 2,759 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,866 | 1,846 | 2,272 | 1,959 | 1,763 |

## 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) | 1.5% | S100XD95 |
| Fixed assets ÷ total assets | 2.1% | S100XD95 |
| Goodwill ÷ parent equity | 24.2% | S100XD95 |

Goodwill over 4 years: 18 → 669 JPY; total investing cash flow: -2,025 JPY. This does not imply causation.

### 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) | 39.6% |
| Cash ÷ revenue | 28.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 125.8% |
| Cash vs. profit gap | 271 JPY mn (of net income 62.7%) |
| Shareholder returns / net income | 127.6% |
| Shareholder returns / FCF | 83.0% |
| Shareholder payments — dividends / net income | 35.1% |
| Shareholder payments — dividends / FCF | 22.8% |
| CapEx intensity (capex ÷ revenue) | 0.6% |
| Investing CF relative to operating CF | 7.3% |

## 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 | 1.7% | 1.04× | 1.7% | 1.38× | 2.4% | S100PWCK |
| 2022 | — | —× | -2.7% | —× | — | S100SJBU |
| 2023 | 5.7% | 1.23× | 7.0% | 2.14× | 14.9% | S100V12Q |
| 2024 | 9.4% | 1.34× | 12.6% | 1.77× | 22.4% | S100XD95 |
| 2025 | 7.1% | 1.36× | 9.6% | 1.59× | 15.4% | S100XD95 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社３－ＳＨＩＮＥ | Major shareholder | 45.4% | 2025-09-30 |
| 桑野 隆司 | Major shareholder | 2.7% | 2025-09-30 |
| 吉井 雅己 | Major shareholder | 2.6% | 2025-09-30 |
| 植村 亮仁 | Major shareholder | 1.8% | 2025-09-30 |
| 楽天証券株式会社 | Major shareholder | 1.7% | 2025-09-30 |
| 立石 公彦 | Major shareholder | 1.6% | 2025-09-30 |
| 各務 正人 | Major shareholder | 1.5% | 2025-09-30 |
| 下澤 晃紀 | Major shareholder | 1.4% | 2025-09-30 |
| 細木 祐孝 | Major shareholder | 1.4% | 2025-09-30 |
| 若松 正樹 | Major shareholder | 1.2% | 2025-09-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第24期(2024/10/01－2025/09/30) | S100XD95 | 2025-12-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XD95,, |
| 有価証券報告書－第23期(2023/10/01－2024/09/30) | S100V12Q | 2024-12-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100V12Q,, |
| 有価証券報告書－第22期(2022/10/01－2023/09/30) | S100SJBU | 2023-12-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SJBU,, |
| 有価証券報告書－第21期(令和3年10月1日－令和4年9月30日) | S100PWCK | 2022-12-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PWCK,, |
| 有価証券報告書－第20期(令和2年10月1日－令和3年9月30日) | S100N537 | 2021-12-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100N537,, |
| 有価証券報告書－第19期(令和1年10月1日－令和2年9月30日) | S100KGJX | 2020-12-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KGJX,, |

## 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).