# Phil Company,Inc.: business model and financials

> Latest period: FY ending Nov 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第21期(2024/12/01－2025/11/30) (S100XMZE)
> Page: https://vizora.meequs.com/en/company/phil
> Retrieved: 2026-09-30T18:07:27.258Z

## Company

Phil Company, founded in 2005, is a company in Real Estate Development & Leasing listed on TSE Standard. It has 126 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Phil Company,Inc. |
| Ticker | 3267 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3267.T) |
| Listing | TSE Standard |
| Head office | 東京都中央区築地3丁目1番12号 |
| Representative (per filing) | 代表取締役社長 外山 晋吾 |
| Founded | Jun 2005 |
| Share capital | ¥789.6M |
| Employees (consolidated) | 126 |
| Average salary (parent only) | ¥7M |
| Fiscal year end | November |
| Website | philcompany.jp (https://philcompany.jp/) |
| Corporate number | 6010001141308 |
| EDINET | E32571 |
| Industries (Vizora) | Real Estate Development & Leasing |

> Profile source: annual securities report (S100XMZE, filed 2026-02-25). As of filing

## Five-axis industry profile

Primary industry: Real Estate Development & Leasing (2025-11-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 60.7 | 75 |
| Profitability | 23.8 | 86 |
| Cash conversion | 17.7 | 82 |
| Efficiency | 70.3 | 86 |

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)

- Phil Company brought in ¥8.23B in revenue.
- Out of every ¥100 of sales, about ¥7 is left as operating profit.
- Revenue changed +14.6% from the prior year, operating profit +38.8%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥8.23B |  |
| Operating income | ¥588.7M | Margin 7.2% |
| Net income | ¥398.1M | Margin 4.8% |
| Free cash flow | -¥480.7M |  |
| Employees (consolidated) | 126 |  |
| EPS | ¥84.56 |  |
| Book value per share | ¥623.11 |  |
| Equity ratio | 33.3% |  |
| Shares outstanding | 5,778,000 |  |
| Treasury shares | 372,700 |  |
| Shareholders | 3,226 |  |
| Average salary (parent only) | ¥7M | Filing company only |
| Cash ratio | 49.6% | Cash ÷ revenue 59.9% |
| Vs. industry median margin | -3.4 pp | Real Estate Development & Leasing |
| ROE | 12.7% | Derived from disclosed figures |
| ROA | 4.6% | Derived from disclosed figures |

## Notable figures

- FY2025, cash is 50% of total assets

## What changed in 5 years

| Metric | FY ending Nov 2020 | FY ending Nov 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥3970760000 | ¥8233505000 | +107.4% |
| Operating income | ¥130256000 | ¥588705000 | +352.0% |
| Operating margin | 3.3% | 7.2% | +3.9 pp |
| Employees | 45 people | 126 people | +180.0% |
| Cash and equivalents | ¥2066266000 | ¥4934657000 | +138.8% |

### Change in segment revenue mix

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

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 8,234 | 100.0% | S100XMZE |
| Cost of revenue | 6,009 | 73.0% | S100XMZE |
| Gross profit | 2,224 | 27.0% | S100XMZE |
| SG&A | 1,635 | 19.9% | S100XMZE |
| Operating income | 589 | 7.2% | S100XMZE |
| Ordinary income | 569 | 6.9% | S100XMZE |
| Pretax income | 569 | 6.9% | S100XMZE |
| Income tax | 171 | 2.1% | S100XMZE |
| Net income | 398 | 4.8% | S100XMZE |
| Net income attributable to owners | 398 | 4.8% | S100XMZE |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 73 |
| SG&A | 20 |
| Operating income | 7 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 27.0% → Operating margin 7.2% → Net margin 4.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +14.6%; Core profit growth: +38.8%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.66×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 7,185 | 8,234 | 1,049 | +14.6% |
| Gross profit | 1,810 | 2,224 | 414 | +22.8% |
| Operating income | 424 | 589 | 165 | +38.8% |
| Net income attributable to owners | 262 | 398 | 136 | +52.0% |
| Operating cash flow | 2,076 | -441 | -2,517 | -121.2% |
| Free cash flow | 2,058 | -481 | -2,539 | -123.4% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Nov 2019 | 7,025 | 1,096 | 15.6% | 601 | 1,696 | 1,658 | S100KU9I |
| FY ending Nov 2020 | 3,971 | 130 | 3.3% | 20 | -2,439 | -2,482 | S100NJY7 |
| FY ending Nov 2021 | 5,432 | 725 | 13.3% | 407 | 3,291 | 3,283 | S100Q9YN |
| FY ending Nov 2022 | 4,379 | 170 | 3.9% | 142 | -1,663 | -1,671 | S100SXN6 |
| FY ending Nov 2023 | 5,964 | 215 | 3.6% | 38 | -541 | -673 | S100V9R1 |
| FY ending Nov 2024 | 7,185 | 424 | 5.9% | 262 | 2,076 | 2,058 | S100XMZE |
| FY ending Nov 2025 | 8,234 | 589 | 7.2% | 398 | -441 | -481 | S100XMZE |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥65.3M |
| Operating income per employee (consolidated) | ¥4.7M |
| Net income per employee (consolidated) | ¥3.2M |

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

| History | FY ending Nov 2021 | FY ending Nov 2022 | FY ending Nov 2023 | FY ending Nov 2024 | FY ending Nov 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 48 | 52 | 69 | 84 | 126 |
| Average salary (parent company) | ¥6.7M | ¥5.9M | ¥6.5M | ¥7M | ¥7M |
| Average age (parent company) | 29.4 years | 30.8 years | 34.3 years | 35.3 years | 35.5 years |
| Average tenure (parent company) | 2.3 years | 2.4 years | 2.3 years | 2.4 years | 2.4 years |

Year over year: Employees (consolidated) +50.0% · Revenue (consolidated) +14.6%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -441 | -5.4% | S100XMZE |
| Capital expenditure | 40 | 0.5% | S100XMZE |
| Free cash flow | -481 | -5.8% | 算出 |
| Investing cash flow | -862 | -10.5% | S100XMZE |
| Financing cash flow | 1,416 | 17.2% | S100XMZE |
| Dividends paid | 54 | 0.7% | S100XMZE |
| Share buyback | 0 | 0.0% | S100XMZE |
| Change in cash | 112 | 1.4% | S100XMZE |
| Cash and equivalents | 4,935 | 59.9% | S100XMZE |

## 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 Nov 2021 | FY ending Nov 2022 | FY ending Nov 2023 | FY ending Nov 2024 | FY ending Nov 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 4,193 | 2,251 | 2,149 | 4,822 | 4,935 | S100SXN6, S100V9R1, S100XMZE |
| Total assets | 5,450 | 4,750 | 5,451 | 7,496 | 9,940 | S100Q9YN, S100SXN6, S100V9R1, S100XMZE |
| Net assets | 2,774 | 2,444 | 2,730 | 2,981 | 3,345 | S100SXN6, S100V9R1, S100XMZE |
| Share capital | 790 | 790 | 790 | 790 | 790 | S100Q9YN, S100SXN6, S100V9R1, S100XMZE |
| Property, plant and equipment | 330 | 301 | 505 | 482 | 478 | S100Q9YN, S100SXN6, S100V9R1, S100XMZE |
| Intangible assets excluding goodwill | 169 | 144 | 142 | 107 | 73 | S100Q9YN, S100SXN6, S100V9R1, S100XMZE |
| Goodwill | 161 | 135 | 109 | 83 | 57 | S100Q9YN, S100SXN6, S100V9R1, S100XMZE |
| Investment securities | 91 | 103 | 106 | 16 | 312 | S100Q9YN, S100SXN6, S100V9R1, S100XMZE |
| Current assets | 4,576 | 3,887 | 4,434 | 6,616 | 8,728 | S100Q9YN, S100SXN6, S100V9R1, S100XMZE |
| Current liabilities | 2,128 | 1,529 | 1,621 | 3,268 | 4,794 | S100Q9YN, S100SXN6, S100V9R1, S100XMZE |
| Short-term borrowings | — | — | 438 | 424 | 920 | S100V9R1, S100XMZE |
| Long-term borrowings | 203 | 439 | 684 | 826 | 1,343 | S100Q9YN, S100SXN6, S100V9R1, S100XMZE |
| Total liabilities | 2,676 | 2,306 | 2,720 | 4,515 | 6,596 | S100Q9YN, S100SXN6, S100V9R1, S100XMZE |
| Non-controlling interests | 1 | 1 | — | — | — | S100Q9YN, S100SXN6 |
| Equity attributable to owners of parent | 2,771 | 2,439 | 2,726 | 2,961 | 3,305 | S100Q9YN, S100SXN6, S100V9R1, S100XMZE |
| Retained earnings | 1,801 | 1,936 | 1,848 | 2,083 | 2,427 | S100Q9YN, S100SXN6, S100V9R1, S100XMZE |
| Treasury stock | -610 | -1,077 | -701 | -701 | -701 | S100Q9YN, S100SXN6, S100V9R1, S100XMZE |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 50% | S100XMZE |
| Property, plant and equipment | 5% | S100XMZE |
| Intangibles and goodwill | 1% | S100XMZE |
| Investment securities | 3% | S100XMZE |
| Other assets | 41% | S100XMZE |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 66% | S100XMZE |
| Equity | 34% | S100XMZE |
| Other liabilities | 0% | S100XMZE |

### Balance sheet history

| Metric | FY ending Nov 2021 | FY ending Nov 2022 | FY ending Nov 2023 | FY ending Nov 2024 | FY ending Nov 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 5,450 | 4,750 | 5,451 | 7,496 | 9,940 |
| Equity | 2,774 | 2,444 | 2,730 | 2,981 | 3,345 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 4,193 | 2,251 | 2,149 | 4,822 | 4,935 |

## 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) | 5.8% | S100XMZE |
| Fixed assets ÷ total assets | 4.8% | S100XMZE |
| Goodwill ÷ parent equity | 1.7% | S100XMZE |

Goodwill over 4 years: 161 → 57 JPY; total investing cash flow: -989 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) | 49.6% |
| Cash ÷ revenue | 59.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -74.9% |
| Cash vs. profit gap | -839 JPY mn (of net income -210.8%) |
| Shareholder returns / net income | 13.5% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 13.5% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.5% |
| 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 | 7.5% | 1.00× | 7.5% | 1.97× | 14.7% | S100Q9YN |
| 2022 | 3.2% | 0.86× | 2.8% | 1.96× | 5.5% | S100SXN6 |
| 2023 | 0.6% | 1.17× | 0.7% | 1.97× | 1.5% | S100V9R1 |
| 2024 | 3.6% | 1.11× | 4.0% | 2.28× | 9.2% | S100XMZE |
| 2025 | 4.8% | 0.94× | 4.6% | 2.78× | 12.7% | S100XMZE |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 髙橋 伸彰 | Major shareholder | 20.8% | 2025-11-30 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 12.4% | 2025-11-30 |
| 合同会社NOB | Major shareholder | 6.5% | 2025-11-30 |
| ONGAESHIキャピタル投資事業有限責任組合１号無限責任組合株式会社TRYFUNDS | Major shareholder | 3.4% | 2025-11-30 |
| 日本郵政キャピタル株式会社 | Major shareholder | 3.3% | 2025-11-30 |
| 髙野 隆 | Major shareholder | 2.6% | 2025-11-30 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 1.9% | 2025-11-30 |
| 楽天証券株式会社共有口 | Major shareholder | 1.4% | 2025-11-30 |
| 能美 裕一 | Major shareholder | 1.1% | 2025-11-30 |
| 肥塚 昌隆 | Major shareholder | 1.1% | 2025-11-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第21期(2024/12/01－2025/11/30) | S100XMZE | 2026-02-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XMZE,, |
| 有価証券報告書－第20期(2023/12/01－2024/11/30) | S100V9R1 | 2025-02-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100V9R1,, |
| 有価証券報告書－第19期(2022/12/01－2023/11/30) | S100SXN6 | 2024-02-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SXN6,, |
| 有価証券報告書－第18期(2021/12/01－2022/11/30) | S100Q9YN | 2023-02-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Q9YN,, |
| 有価証券報告書－第17期(令和2年12月1日－令和3年11月30日) | S100NJY7 | 2022-02-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NJY7,, |
| 有価証券報告書－第16期(令和1年12月1日－令和2年11月30日) | S100KU9I | 2021-02-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KU9I,, |

## 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).