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

> Latest period: FY ending Jan 2026, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第49期(2025/01/21－2026/01/20) (S100XYGD)
> Page: https://vizora.meequs.com/en/company/people
> Retrieved: 2026-09-30T21:37:04.479Z

## Company

People, founded in 1977, is a company in Toys & Hobbies listed on TSE Standard. It has 40 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | People Co., Ltd. |
| Ticker | 7865 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7865.T) |
| Listing | TSE Standard |
| Head office | 東京都中央区東日本橋二丁目15番5号 |
| Representative (per filing) | 取締役兼代表執行役 桐渕 真人 |
| Founded | Oct 1977 |
| Share capital | ¥238.8M |
| Employees (consolidated) | 40 |
| Average salary (parent only) | ¥6M |
| Fiscal year end | January |
| Website | www.people-kk.co.jp (https://www.people-kk.co.jp/) |
| Corporate number | 8010001055217 |
| EDINET | E02882 |
| Industries (Vizora) | Toys & Hobbies |

> Profile source: annual securities report (S100XYGD, filed 2026-04-15). As of filing

## Five-axis industry profile

Primary industry: Toys & Hobbies (2026-01-20)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 7.1 | 7 |
| Profitability | 4.5 | 11 |
| Efficiency | 4.5 | 11 |

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)

- People brought in ¥1.61B in revenue.
- It lost about ¥11 for every ¥100 of sales at the operating level.
- Revenue changed -15.8% from the prior year.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥1.61B |  |
| Operating income | -¥173.8M | Margin -10.8% |
| Net income | -¥61.1M | Margin -3.8% |
| Free cash flow | -¥203.3M |  |
| Employees (consolidated) | 40 |  |
| EPS | ¥-15.61 |  |
| Book value per share | ¥439.03 |  |
| Equity ratio | 92.8% |  |
| Shares outstanding | 4,437,500 |  |
| Treasury shares | 611,300 |  |
| Shareholders | 3,846 |  |
| Average salary (parent only) | ¥6M | Filing company only |
| Cash ratio | 63.8% | Cash ÷ revenue 71.6% |
| Vs. industry median margin | -18.2 pp | Toys & Hobbies |
| ROA | -3.0% | Derived from disclosed figures |

## Notable figures

- FY2026, buybacks were 1573.0× dividends
- FY2026, revenue is 0.3× its level five years ago
- FY2026, cash is 64% of total assets

## What changed in 5 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Jan 2021 | FY ending Jan 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥4490081000 | ¥1612901000 | — |
| Operating income | ¥491899000 | ¥-173756000 | — |
| Operating margin | 11.0% | -10.8% | -21.7 pp |
| Employees | 48 people | 40 people | — |
| Cash and equivalents | ¥1417853000 | ¥1154464000 | — |

### Change in segment revenue mix

Span: FY ending Jan 2021 → FY ending Jan 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 1,613 | 100.0% | S100XYGD |
| Cost of revenue | 897 | 55.6% | S100XYGD |
| Gross profit | 716 | 44.4% | S100XYGD |
| SG&A | 889 | 55.1% | S100XYGD |
| Operating income | -174 | -10.8% | S100XYGD |
| Ordinary income | -175 | -10.8% | S100XYGD |
| Pretax income | -54 | -3.4% | S100XYGD |
| Income tax | 7 | 0.4% | S100XYGD |
| Net income | -61 | -3.8% | S100XYGD |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 56 |
| SG&A | 55 |
| Operating income | -11 |
| (Ref.) Net income | -4 |

### Margin funnel

Gross margin 44.4% → Operating margin -10.8% → Net margin -3.8%
Derived from reported figures (DERIVED).

## Year over year（FY ending Jan 2025 → FY ending Jan 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 1,916 | 1,613 | -303 | -15.8% |
| Gross profit | 908 | 716 | -192 | -21.2% |
| Operating income | -50 | -174 | -124 | — |
| Operating cash flow | -93 | -156 | -63 | — |
| Free cash flow | -174 | -203 | -30 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Jan 2020 | 3,748 | 293 | 7.8% | 222 | 227 | 117 | S100L650 |
| FY ending Jan 2021 | 4,478 | 490 | 10.9% | 332 | 259 | — | S100NWOV |
| FY ending Jan 2021 | 4,490 | 492 | 11.0% | 332 | 259 | 187 | S100L650 |
| FY ending Jan 2022 | 5,481 | 510 | 9.3% | 343 | 265 | 148 | S100QLA5 |
| FY ending Jan 2023 | 7,444 | 518 | 7.0% | 356 | 479 | 346 | S100T9S0 |
| FY ending Jan 2024 | 5,353 | 431 | 8.0% | 313 | 774 | 755 | S100VM8S |
| FY ending Jan 2025 | 1,916 | -50 | -2.6% | -72 | -93 | -174 | S100XYGD |
| FY ending Jan 2026 | 1,613 | -174 | -10.8% | -61 | -156 | -203 | S100XYGD |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥40.3M |
| Operating income per employee (consolidated) | -¥4.3M |
| Net income per employee (consolidated) | -¥1.5M |

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

| History | FY ending Jan 2022 | FY ending Jan 2023 | FY ending Jan 2024 | FY ending Jan 2025 | FY ending Jan 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 55 | 54 | 51 | 45 | 40 |
| Average salary (parent company) | ¥5.9M | ¥5.2M | ¥5.8M | ¥6.4M | ¥6M |
| Average age (parent company) | 37.0 years | 37.0 years | 39.0 years | 40.0 years | 42.0 years |
| Average tenure (parent company) | 10.0 years | 10.0 years | 12.0 years | 13.0 years | 14.0 years |

Year over year: Employees (consolidated) -11.1% · Revenue (consolidated) -15.8%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -156 | -9.7% | S100XYGD |
| Capital expenditure | 47 | 2.9% | S100XYGD |
| Free cash flow | -203 | -12.6% | 算出 |
| Investing cash flow | 173 | 10.7% | S100XYGD |
| Financing cash flow | -304 | -18.8% | S100XYGD |
| Dividends paid | 0 | 0.0% | S100XYGD |
| Share buyback | 304 | 18.8% | S100XYGD |
| Change in cash | -286 | -17.8% | S100XYGD |
| Cash and equivalents | 1,154 | 71.6% | S100XYGD |

## 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 Jan 2022 | FY ending Jan 2023 | FY ending Jan 2024 | FY ending Jan 2025 | FY ending Jan 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,305 | 1,313 | 1,823 | 1,441 | 1,154 | S100T9S0, S100VM8S, S100XYGD |
| Total assets | 2,785 | 3,014 | 2,768 | 2,300 | 1,810 | S100QLA5, S100T9S0, S100VM8S, S100XYGD |
| Net assets | 2,311 | 2,329 | 2,395 | 2,128 | 1,680 | S100T9S0, S100VM8S, S100XYGD |
| Share capital | 239 | 239 | 239 | 239 | 239 | S100QLA5, S100T9S0, S100VM8S, S100XYGD |
| Property, plant and equipment | 105 | 62 | 23 | 53 | 0 | S100QLA5, S100T9S0, S100VM8S, S100XYGD |
| Intangible assets excluding goodwill | 33 | 26 | 18 | 36 | 0 | S100QLA5, S100T9S0, S100VM8S, S100XYGD |
| Investment securities | 0 | 0 | 0 | 0 | 33 | S100QLA5, S100T9S0, S100VM8S, S100XYGD |
| Current assets | 2,422 | 2,686 | 2,488 | 1,969 | 1,697 | S100QLA5, S100T9S0, S100VM8S, S100XYGD |
| Current liabilities | 474 | 685 | 373 | 133 | 121 | S100QLA5, S100T9S0, S100VM8S, S100XYGD |
| Total liabilities | 474 | 685 | 373 | 172 | 130 | S100QLA5, S100T9S0, S100VM8S, S100XYGD |
| Equity attributable to owners of parent | 2,231 | 2,246 | 2,305 | 2,023 | 1,658 | S100QLA5, S100T9S0, S100VM8S, S100XYGD |
| Retained earnings | 1,864 | 1,879 | 1,938 | 1,656 | 1,595 | S100QLA5, S100T9S0, S100VM8S, S100XYGD |
| Treasury stock | -34 | -34 | -34 | -34 | -338 | S100QLA5, S100T9S0, S100VM8S, S100XYGD |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 64% | S100XYGD |
| Investment securities | 2% | S100XYGD |
| Other assets | 34% | S100XYGD |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 7% | S100XYGD |
| Equity | 93% | S100XYGD |

### Balance sheet history

| Metric | FY ending Jan 2022 | FY ending Jan 2023 | FY ending Jan 2024 | FY ending Jan 2025 | FY ending Jan 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 2,785 | 3,014 | 2,768 | 2,300 | 1,810 |
| Equity | 2,311 | 2,329 | 2,395 | 2,128 | 1,680 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,305 | 1,313 | 1,823 | 1,441 | 1,154 |

## 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) | 0.0% | S100XYGD |
| Fixed assets ÷ total assets | 0.0% | S100XYGD |
| Goodwill ÷ parent equity | — | —, S100XYGD |

### 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) | 63.8% |
| Cash ÷ revenue | 71.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | -95 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 2.9% |
| 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 6.3% | 1.97× | 12.3% | 1.25× | 15.4% | S100QLA5 |
| 2023 | 4.8% | 2.57× | 12.3% | 1.30× | 15.9% | S100T9S0 |
| 2024 | 5.8% | 1.85× | 10.8% | 1.27× | 13.8% | S100VM8S |
| 2025 | — | —× | -2.8% | —× | — | S100XYGD |
| 2026 | — | —× | -3.0% | —× | — | S100XYGD |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 桐 渕 真 人 | Major shareholder | 7.8% | 2026-01-20 |
| 萩 原 雄 二 | Major shareholder | 5.2% | 2026-01-20 |
| 株式会社バンダイナムコホールディングス | Major shareholder | 3.9% | 2026-01-20 |
| 株式会社ＳＢＩ証券 | Major shareholder | 3.7% | 2026-01-20 |
| 阪 田 和 弘 | Major shareholder | 3.2% | 2026-01-20 |
| 楽天証券株式会社 | Major shareholder | 2.9% | 2026-01-20 |
| 桐 渕 千鶴子 | Major shareholder | 2.6% | 2026-01-20 |
| 株式会社三菱ＵＦＪ銀行 | Major shareholder | 2.4% | 2026-01-20 |
| 齊 藤 昌 志 | Major shareholder | 2.1% | 2026-01-20 |
| 桐 渕 英 人 | Major shareholder | 2.1% | 2026-01-20 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第49期(2025/01/21－2026/01/20) | S100XYGD | 2026-04-15 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XYGD,, |
| 有価証券報告書－第48期(2024/01/21－2025/01/20) | S100VM8S | 2025-04-16 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VM8S,, |
| 有価証券報告書－第47期(2023/01/21－2024/01/20) | S100T9S0 | 2024-04-15 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T9S0,, |
| 有価証券報告書－第46期(2022/01/21－2023/01/20) | S100QLA5 | 2023-04-14 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QLA5,, |
| 訂正有価証券報告書－第45期(令和3年1月21日－令和4年1月20日) | S100NWOV | 2022-04-15 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NWOV,, |
| 有価証券報告書－第44期(令和2年1月21日－令和3年1月20日) | S100L650 | 2021-04-14 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L650,, |

## 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).