# PLANT 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44期(2024/09/21－2025/09/20) (S100XAET)
> Page: https://vizora.meequs.com/en/company/plant
> Retrieved: 2026-09-30T20:48:37.009Z

## Company

Plant, founded in 1982, is a company in Supermarkets listed on TSE Standard. It has 651 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | PLANT Co.,Ltd. |
| Ticker | 7646 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7646.T) |
| Listing | TSE Standard |
| Head office | 福井県坂井市坂井町下新庄15号8番地の1 |
| Representative (per filing) | 代表取締役社長 三ッ田 泰二 |
| Founded | Jan 1982 |
| Share capital | ¥1.43B |
| Employees (consolidated) | 651 |
| Average salary (parent only) | ¥6.3M |
| Fiscal year end | September |
| Website | www.plant-co.jp (https://www.plant-co.jp/) |
| Corporate number | 5210001007068 |
| EDINET | E03343 |
| Industries (Vizora) | Supermarkets |

> Profile source: annual securities report (S100XAET, filed 2025-12-17). As of filing

## Five-axis industry profile

Primary industry: Supermarkets (2025-09-20)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 23.3 | 45 |
| Profitability | 27.6 | 49 |
| Cash conversion | 24.5 | 47 |
| Efficiency | 80.6 | 49 |

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)

- Plant brought in ¥97.8B in revenue.
- Out of every ¥100 of sales, about ¥2 is left as operating profit.
- Revenue changed -0.8% from the prior year, operating profit -5.7%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥97764000000 → ¥1345000000
- Net income → operating cash flow: ¥1345000000 → ¥2272000000（difference ¥927000000）
- Main uses of operating cash flow: CapEx ¥3203000000 / dividends ¥414000000 / buybacks ¥0
- Change in cash: ¥-1917000000
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 | ¥97.8B |  |
| Operating income | ¥2.01B | Margin 2.1% |
| Net income | ¥1.34B | Margin 1.4% |
| Free cash flow | -¥931M |  |
| Employees (consolidated) | 651 |  |
| EPS | ¥194.91 |  |
| Book value per share | ¥2219.17 |  |
| Equity ratio | 41.4% |  |
| Shares outstanding | 7,729,000 |  |
| Treasury shares | 825,700 |  |
| Shareholders | 8,363 |  |
| Average salary (parent only) | ¥6.3M | Filing company only |
| Cash ratio | 10.0% | Cash ÷ revenue 3.8% |
| Vs. industry median margin | -0.8 pp | Supermarkets |
| ROE | 9.1% | Derived from disclosed figures |
| ROA | 3.6% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Sep 2020 | FY ending Sep 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥96110000000 | ¥97764000000 | +1.7% |
| Operating income | ¥1376000000 | ¥2006000000 | +45.8% |
| Operating margin | 1.4% | 2.1% | +0.6 pp |
| Employees | 716 people | 651 people | -9.1% |
| Cash and equivalents | ¥7704000000 | ¥3699000000 | -52.0% |

### 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, non-consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 97,764 | 100.0% | S100XAET |
| Cost of revenue | 75,450 | 77.2% | S100XAET |
| Gross profit | 22,313 | 22.8% | S100XAET |
| SG&A | 20,307 | 20.8% | S100XAET |
| Operating income | 2,006 | 2.1% | S100XAET |
| Ordinary income | 2,131 | 2.2% | S100XAET |
| Pretax income | 2,103 | 2.2% | S100XAET |
| Income tax | 758 | 0.8% | S100XAET |
| Net income | 1,345 | 1.4% | S100XAET |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 77 |
| SG&A | 21 |
| Operating income | 2 |
| (Ref.) Net income | 1 |

### Margin funnel

Gross margin 22.8% → Operating margin 2.1% → Net margin 1.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -0.8%; Core profit growth: -5.7%
Operating leverage (core profit growth ÷ revenue growth): 6.88×
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 | 98,585 | 97,764 | -821 | -0.8% |
| Gross profit | 22,711 | 22,313 | -398 | -1.8% |
| Operating income | 2,128 | 2,006 | -122 | -5.7% |
| Operating cash flow | 2,502 | 2,272 | -230 | -9.2% |
| Free cash flow | 1,592 | -931 | -2,523 | -158.5% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Sep 2019 | 92,146 | 7 | 0.0% | -3,903 | -1,492 | -7,087 | S100KE6X |
| FY ending Sep 2020 | 96,110 | 1,376 | 1.4% | 1,044 | 5,335 | 4,327 | S100N2CM |
| FY ending Sep 2021 | 96,241 | 1,543 | 1.6% | 1,155 | 472 | 55 | S100PT38 |
| FY ending Sep 2022 | 95,331 | 1,448 | 1.5% | 324 | 2,319 | 476 | S100SHF0 |
| FY ending Sep 2023 | 97,548 | 1,569 | 1.6% | 183 | 2,927 | 1,709 | S100UYQ5 |
| FY ending Sep 2024 | 98,585 | 2,128 | 2.2% | 365 | 2,502 | 1,592 | S100XAET |
| FY ending Sep 2025 | 97,764 | 2,006 | 2.1% | 1,345 | 2,272 | -931 | S100XAET |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥150.2M |
| Operating income per employee (consolidated) | ¥3.1M |
| Net income per employee (consolidated) | ¥2.1M |

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) | 725 | 710 | 697 | 685 | 651 |
| Average salary (parent company) | ¥5.5M | ¥5.5M | ¥5.6M | ¥5.9M | ¥6.3M |
| Average age (parent company) | 43.7 years | 44.9 years | 44.1 years | 45.5 years | 45.9 years |
| Average tenure (parent company) | 12.6 years | 13.4 years | 13.0 years | 14.0 years | 14.7 years |

Year over year: Employees (consolidated) -5.0% · Revenue (consolidated) -0.8%

## 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 | 2,272 | 2.3% | S100XAET |
| Capital expenditure | 3,203 | 3.3% | S100XAET |
| Free cash flow | -931 | -1.0% | 算出 |
| Investing cash flow | -3,163 | -3.2% | S100XAET |
| Financing cash flow | -1,027 | -1.1% | S100XAET |
| Dividends paid | 414 | 0.4% | S100XAET |
| Share buyback | 0 | 0.0% | S100XAET |
| Change in cash | -1,917 | -2.0% | S100XAET |
| Cash and equivalents | 3,699 | 3.8% | S100XAET |

## 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 | 7,781 | 6,200 | 6,383 | 5,617 | 3,699 | S100SHF0, S100UYQ5, S100XAET |
| Total assets | 41,710 | 40,292 | 41,049 | 38,385 | 37,009 | S100PT38, S100SHF0, S100UYQ5, S100XAET |
| Net assets | 15,662 | 15,813 | 15,674 | 14,388 | 15,321 | S100SHF0, S100UYQ5, S100XAET |
| Share capital | 1,425 | 1,425 | 1,425 | 1,425 | 1,425 | S100PT38, S100SHF0, S100UYQ5, S100XAET |
| Property, plant and equipment | 19,266 | 18,600 | 18,536 | 16,420 | 16,924 | S100PT38, S100SHF0, S100UYQ5, S100XAET |
| Intangible assets excluding goodwill | 1,441 | 1,532 | 1,472 | 1,473 | 1,462 | S100PT38, S100SHF0, S100UYQ5, S100XAET |
| Investment securities | 28 | 24 | 27 | 32 | 33 | S100PT38, S100SHF0, S100UYQ5, S100XAET |
| Current assets | 17,733 | 16,877 | 17,856 | 17,385 | 15,800 | S100PT38, S100SHF0, S100UYQ5, S100XAET |
| Current liabilities | 10,856 | 11,225 | 12,272 | 13,688 | 11,620 | S100PT38, S100SHF0, S100UYQ5, S100XAET |
| Long-term borrowings | 8,274 | 6,683 | 6,000 | 5,520 | 5,040 | S100PT38, S100SHF0, S100UYQ5, S100XAET |
| Total liabilities | 26,048 | 24,478 | 25,374 | 23,997 | 21,688 | S100PT38, S100SHF0, S100UYQ5, S100XAET |
| Equity attributable to owners of parent | 15,674 | 15,830 | 15,674 | 14,383 | 15,314 | S100PT38, S100SHF0, S100UYQ5, S100XAET |
| Retained earnings | 12,663 | 12,820 | 12,828 | 12,674 | 13,605 | S100PT38, S100SHF0, S100UYQ5, S100XAET |
| Treasury stock | 0 | 0 | -164 | -1,301 | -1,301 | S100PT38, S100SHF0, S100UYQ5, S100XAET |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 10% | S100XAET |
| Property, plant and equipment | 46% | S100XAET |
| Intangibles and goodwill | 4% | S100XAET |
| Investment securities | 0% | S100XAET |
| Other assets | 40% | S100XAET |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 59% | S100XAET |
| Equity | 41% | S100XAET |

### 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 | 41,710 | 40,292 | 41,049 | 38,385 | 37,009 |
| Equity | 15,662 | 15,813 | 15,674 | 14,388 | 15,321 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 7,781 | 6,200 | 6,383 | 5,617 | 3,699 |

## 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) | 17.3% | S100XAET |
| Fixed assets ÷ total assets | 45.7% | S100XAET |
| Goodwill ÷ parent equity | — | —, S100XAET |

### 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) | 10.0% |
| Cash ÷ revenue | 3.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 113.3% |
| Cash vs. profit gap | 927 JPY mn (of net income 68.9%) |
| Shareholder returns / net income | 30.8% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 30.8% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 3.3% |
| Investing CF relative to operating CF | 139.2% |

## 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 | 1.2% | 2.31× | 2.8% | 2.66× | 7.4% | S100PT38 |
| 2022 | 0.3% | 2.33× | 0.8% | 2.60× | 2.1% | S100SHF0 |
| 2023 | 0.2% | 2.40× | 0.4% | 2.58× | 1.2% | S100UYQ5 |
| 2024 | 0.4% | 2.48× | 0.9% | 2.64× | 2.4% | S100XAET |
| 2025 | 1.4% | 2.59× | 3.6% | 2.54× | 9.1% | S100XAET |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 有限会社ワイ・ティ・エー | Major shareholder | 29.3% | 2025-09-20 |
| 三ッ田 勝規 | Major shareholder | 4.8% | 2025-09-20 |
| ＰＬＡＮＴ従業員持株会 | Major shareholder | 4.1% | 2025-09-20 |
| ＩＮＴＥＲＡＣＴＩＶＥ ＢＲＯＫＥＲＳ ＬＬＣ （常任代理人インタラクティブ・ブローカーズ証券株式会社） | Major shareholder | 3.5% | 2025-09-20 |
| 三ッ田 美代子 | Major shareholder | 3.3% | 2025-09-20 |
| 伊藤 昭 | Major shareholder | 3.0% | 2025-09-20 |
| 三ッ田 佳史 | Major shareholder | 2.9% | 2025-09-20 |
| 三ッ田 泰二 | Major shareholder | 2.9% | 2025-09-20 |
| 浅野 守太郎 | Major shareholder | 2.1% | 2025-09-20 |
| 畭 明代 | Major shareholder | 2.1% | 2025-09-20 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第44期(2024/09/21－2025/09/20) | S100XAET | 2025-12-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XAET,, |
| 有価証券報告書－第43期(2023/09/21－2024/09/20) | S100UYQ5 | 2024-12-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UYQ5,, |
| 有価証券報告書－第42期(2022/09/21－2023/09/20) | S100SHF0 | 2023-12-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SHF0,, |
| 有価証券報告書－第41期(令和3年9月21日－令和4年9月20日) | S100PT38 | 2022-12-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PT38,, |
| 有価証券報告書－第40期(令和2年9月21日－令和3年9月20日) | S100N2CM | 2021-12-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100N2CM,, |
| 有価証券報告書－第39期(令和1年9月21日－令和2年9月20日) | S100KE6X | 2020-12-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KE6X,, |

## 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).