# Puequ Co., LTD.: business model and financials

> Latest period: FY ending Aug 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第37期(2024/09/01－2025/08/31) (S100X5TH)
> Page: https://vizora.meequs.com/en/company/puequ
> Retrieved: 2026-09-30T20:25:48.751Z

## Company

Puequ, founded in 1989, is a company in Disaster Prevention & Infrastructure Maintenance listed on TSE Standard. It has 275 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Puequ CO.,LTD. |
| Ticker | 9264 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9264.T) |
| Listing | TSE Standard |
| Head office | 広島県福山市南蔵王町二丁目1番12号 |
| Representative (per filing) | 代表取締役社長 松村 俊宏 |
| Founded | Jan 1989 |
| Share capital | ¥1.69B |
| Employees (consolidated) | 275 |
| Average salary (parent only) | ¥5.2M |
| Fiscal year end | August |
| Website | www.puequ.co.jp (https://www.puequ.co.jp/) |
| Corporate number | 5240001032096 |
| EDINET | E33514 |
| Industries (Vizora) | Disaster Prevention & Infrastructure Maintenance, Waste Management & Recycling, Industrial Machinery |

> Profile source: annual securities report (S100X5TH, filed 2025-11-25). As of filing

## Five-axis industry profile

Primary industry: Industrial Machinery (2025-08-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 81.4 | 110 |
| Profitability | 59.4 | 122 |
| Cash conversion | 53 | 116 |
| Efficiency | 58.6 | 122 |

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)

- About 52% of Puequ's sales come from Environment and energy, with Power and heavy machine and Disaster prevention and safety making up much of the rest.
- Out of every ¥100 of sales, about ¥9 is left as operating profit.
- Revenue changed +20.8% from the prior year, operating profit +64.2%.

## Company structure

- Segment revenue mix: Environment and energy 51.7%、Power and heavy machine 38.7%、Disaster prevention and safety 9.6%
- Revenue → net income: ¥10114295000 → ¥573543000
- Net income → operating cash flow: ¥573543000 → ¥1062060000（difference ¥488517000）
- Main uses of operating cash flow: CapEx ¥1310009000 / dividends ¥246534000 / buybacks ¥253509000
- Change in cash: ¥2403401000
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 | ¥10.1B |  |
| Operating income | ¥911.9M | Margin 9.0% |
| Net income | ¥573.5M | Margin 5.7% |
| Free cash flow | -¥247.9M |  |
| Largest business | Environment and energy | of segment revenue 51.7% |
| Employees (consolidated) | 275 |  |
| EPS | ¥131.49 |  |
| Diluted EPS | ¥98.34 |  |
| Book value per share | ¥824.76 |  |
| Equity ratio | 28.2% |  |
| Shares outstanding | 4,700,826 |  |
| Treasury shares | 176,100 |  |
| Shareholders | 3,311 |  |
| Average salary (parent only) | ¥5.2M | Filing company only |
| Cash ratio | 26.7% | Cash ÷ revenue 39.8% |
| Vs. industry median margin | +1.8 pp | Waste Management & Recycling |
| ROE | 13.7% | Derived from disclosed figures |
| ROA | 4.3% | Derived from disclosed figures |

## Notable figures

- FY2025, buybacks were 1.0× dividends
- FY2025, one segment accounts for 65% of positive segment profit
- FY2025, segment profit share differs by -29 points

## What changed in 5 years

| Metric | FY ending Aug 2020 | FY ending Aug 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥6104774000 | ¥10114295000 | +65.7% |
| Operating income | ¥219853000 | ¥911908000 | +314.8% |
| Operating margin | 3.6% | 9.0% | +5.4 pp |
| Employees | 229 people | 275 people | +20.1% |
| Cash and equivalents | ¥1731415000 | ¥4030081000 | +132.8% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| 環境・エネルギー → 環境・エネルギー | 48.5% |
| 動力・重機等 → 動力・重機等 | 38.7% |
| 動力・重機等 → 事業再編・廃止 | 0.8% |
| 防災・安全 → 防災・安全 | 9.6% |
| 防災・安全 → 事業再編・廃止 | 2.4% |
| 新設・再編 → 環境・エネルギー | 3.2% |

Segment revenue source references: 6 (derived)

## Business growth × margin

X-axis: segment revenue CAGR. Y-axis: latest operating margin. Bubble size: latest revenue. CAGR requires at least two comparable years.

| Segment | CAGR span | Revenue CAGR | Latest revenue | Operating margin | Source refs |
| --- | ---: | ---: | ---: | ---: | ---: |
| Environment and energy | 5 years | +12.0% | ¥5228018000 | 4.8% | 2 |
| Power and heavy machine | 5 years | +10.2% | ¥3915083000 | 18.6% | 2 |
| Disaster prevention and safety | 5 years | +5.8% | ¥971193000 | 14.5% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 10,114 | 100.0% | S100X5TH |
| Cost of revenue | 7,451 | 73.7% | S100X5TH |
| Gross profit | 2,664 | 26.3% | S100X5TH |
| SG&A | 1,752 | 17.3% | S100X5TH |
| Operating income | 912 | 9.0% | S100X5TH |
| Ordinary income | 987 | 9.8% | S100X5TH |
| Pretax income | 949 | 9.4% | S100X5TH |
| Income tax | 375 | 3.7% | S100X5TH |
| Net income | 574 | 5.7% | S100X5TH |
| Net income attributable to owners | 574 | 5.7% | S100X5TH |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 74 |
| SG&A | 17 |
| Operating income | 9 |
| (Ref.) Net income | 6 |

### Margin funnel

Gross margin 26.3% → Operating margin 9.0% → Net margin 5.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +20.8%; Core profit growth: +64.2%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 3.09×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 8,372 | 10,114 | 1,742 | +20.8% |
| Gross profit | 1,992 | 2,664 | 672 | +33.7% |
| Operating income | 555 | 912 | 357 | +64.2% |
| Net income attributable to owners | 196 | 574 | 378 | +193.0% |
| Operating cash flow | 33 | 1,062 | 1,029 | +3082.7% |
| Free cash flow | -264 | -248 | 16 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Aug 2019 | 5,642 | 208 | 3.7% | 144 | 152 | -8 | S100K9AE |
| FY ending Aug 2020 | 6,105 | 220 | 3.6% | 223 | 105 | -66 | S100MY4V |
| FY ending Aug 2021 | 6,256 | 277 | 4.4% | 193 | 576 | 422 | S100PPDP |
| FY ending Aug 2022 | 5,806 | 275 | 4.7% | -24 | 314 | 32 | S100SDNT |
| FY ending Aug 2023 | 7,052 | 403 | 5.7% | 265 | 252 | -77 | S100V6GY |
| FY ending Aug 2024 | 8,372 | 555 | 6.6% | 196 | 33 | -264 | S100X5TH |
| FY ending Aug 2025 | 10,114 | 912 | 9.0% | 574 | 1,062 | -248 | S100X5TH |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥36.8M |
| Operating income per employee (consolidated) | ¥3.3M |
| 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 Aug 2021 | FY ending Aug 2022 | FY ending Aug 2023 | FY ending Aug 2024 | FY ending Aug 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 222 | 228 | 240 | 263 | 275 |
| Average salary (parent company) | ¥4.7M | ¥4.8M | ¥5M | ¥4.8M | ¥5.2M |
| Average age (parent company) | 37.5 years | 39.0 years | 39.9 years | 39.2 years | 39.8 years |
| Average tenure (parent company) | 9.9 years | 10.6 years | 11.2 years | 10.9 years | 11.1 years |

Year over year: Employees (consolidated) +4.6% · Revenue (consolidated) +20.8%

## Segments（FY ending Aug 2025, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Environment and energy | 5,228 | 51.7% | 251 | 4.8% |
| Power and heavy machine | 3,915 | 38.7% | 726 | 18.6% |
| Disaster prevention and safety | 971 | 9.6% | 141 | 14.5% |

### segmentMix — Revenue and profit mix

Calculated from disclosed figures (DERIVED). Shares use total segment revenue and total positive segment profit respectively. Difference = profit share − revenue share (pt). Inter-segment sales may prevent reconciliation to company revenue.

| Segment | Revenue share | Profit share | Difference (pt) | Margin |
| --- | ---: | ---: | ---: | ---: |
| Environment and energy | 51.7% | 22.4% | -29.3 | 4.8% |
| Power and heavy machine | 38.7% | 65.0% | 26.3 | 18.6% |
| Disaster prevention and safety | 9.6% | 12.6% | 3.0 | 14.5% |

Segment → industry: Disaster prevention and safety → Disaster Prevention & Infrastructure Maintenance / Environment and energy → Waste Management & Recycling / Power and heavy machine → Industrial Machinery / Environment and energy → Industrial Machinery

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 1,062 | 10.5% | S100X5TH |
| Capital expenditure | 1,310 | 13.0% | S100X5TH |
| Free cash flow | -248 | -2.5% | 算出 |
| Investing cash flow | -1,076 | -10.6% | S100X5TH |
| Financing cash flow | 2,416 | 23.9% | S100X5TH |
| Dividends paid | 247 | 2.4% | S100X5TH |
| Share buyback | 254 | 2.5% | S100X5TH |
| Change in cash | 2,403 | 23.8% | S100X5TH |
| Cash and equivalents | 4,030 | 39.8% | S100X5TH |

## 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 Aug 2021 | FY ending Aug 2022 | FY ending Aug 2023 | FY ending Aug 2024 | FY ending Aug 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,540 | 1,167 | 2,274 | 1,627 | 4,030 | S100SDNT, S100V6GY, S100X5TH |
| Total assets | 8,535 | 8,141 | 9,778 | 11,351 | 15,085 | S100PPDP, S100SDNT, S100V6GY, S100X5TH |
| Net assets | 2,797 | 2,676 | 3,964 | 4,114 | 4,256 | S100SDNT, S100V6GY, S100X5TH |
| Share capital | 1,062 | 1,062 | 1,616 | 1,665 | 1,695 | S100PPDP, S100SDNT, S100V6GY, S100X5TH |
| Trade receivables | 1,460 | — | — | — | — | S100PPDP |
| Property, plant and equipment | 3,241 | 3,479 | 3,598 | 4,046 | 5,325 | S100PPDP, S100SDNT, S100V6GY, S100X5TH |
| Intangible assets excluding goodwill | 12 | 11 | 24 | 580 | 523 | S100PPDP, S100SDNT, S100V6GY, S100X5TH |
| Goodwill | 7 | 6 | 5 | 548 | 492 | S100PPDP, S100SDNT, S100V6GY, S100X5TH |
| Investment securities | 455 | 309 | 314 | 273 | 258 | S100PPDP, S100SDNT, S100V6GY, S100X5TH |
| Current assets | 4,266 | 3,730 | 5,196 | 5,632 | 8,089 | S100PPDP, S100SDNT, S100V6GY, S100X5TH |
| Current liabilities | 3,109 | 3,123 | 3,536 | 4,692 | 6,279 | S100PPDP, S100SDNT, S100V6GY, S100X5TH |
| Trade payables | 350 | 349 | 450 | 540 | 554 | S100PPDP, S100SDNT, S100V6GY, S100X5TH |
| Short-term borrowings | 1,570 | 1,570 | 1,820 | 2,588 | 3,631 | S100PPDP, S100SDNT, S100V6GY, S100X5TH |
| Long-term borrowings | 2,345 | 2,028 | 1,965 | 2,196 | 2,104 | S100PPDP, S100SDNT, S100V6GY, S100X5TH |
| Total liabilities | 5,738 | 5,465 | 5,814 | 7,236 | 10,829 | S100PPDP, S100SDNT, S100V6GY, S100X5TH |
| Equity attributable to owners of parent | 2,797 | 2,684 | 3,966 | 4,109 | 4,243 | S100PPDP, S100SDNT, S100V6GY, S100X5TH |
| Retained earnings | 815 | 701 | 877 | 922 | 1,250 | S100PPDP, S100SDNT, S100V6GY, S100X5TH |
| Treasury stock | -0 | -0 | -0 | -0 | -254 | S100PPDP, S100SDNT, S100V6GY, S100X5TH |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 27% | S100X5TH |
| Property, plant and equipment | 35% | S100X5TH |
| Intangibles and goodwill | 7% | S100X5TH |
| Investment securities | 2% | S100X5TH |
| Other assets | 29% | S100X5TH |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 4% | S100X5TH |
| Other liabilities | 68% | S100X5TH |
| Equity | 28% | S100X5TH |
| Other liabilities | 0% | S100X5TH |

### Balance sheet history

| Metric | FY ending Aug 2021 | FY ending Aug 2022 | FY ending Aug 2023 | FY ending Aug 2024 | FY ending Aug 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 8,535 | 8,141 | 9,778 | 11,351 | 15,085 |
| Equity | 2,797 | 2,676 | 3,964 | 4,114 | 4,256 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,540 | 1,167 | 2,274 | 1,627 | 4,030 |

## 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) | 52.6% | S100X5TH |
| Fixed assets ÷ total assets | 35.3% | S100X5TH |
| Goodwill ÷ parent equity | 11.6% | S100X5TH |

Goodwill over 4 years: 7 → 492 JPY; total investing cash flow: -3,296 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) | 26.7% |
| Cash ÷ revenue | 39.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 116.5% |
| Cash vs. profit gap | 489 JPY mn (of net income 85.2%) |
| Shareholder returns / net income | 87.2% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 43.0% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 13.0% |
| Investing CF relative to operating CF | 101.3% |

## 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 | 3.1% | 0.73× | 2.3% | 3.05× | 6.9% | S100PPDP |
| 2022 | — | —× | -0.3% | —× | — | S100SDNT |
| 2023 | 3.8% | 0.79× | 3.0% | 2.69× | 8.0% | S100V6GY |
| 2024 | 2.3% | 0.79× | 1.9% | 2.62× | 4.8% | S100X5TH |
| 2025 | 5.7% | 0.77× | 4.3% | 3.17× | 13.7% | S100X5TH |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 来山 哲二 | Major shareholder | 13.8% | 2025-08-31 |
| 東洋額装株式会社 | Major shareholder | 4.4% | 2025-08-31 |
| 来山 美佐子 | Major shareholder | 3.0% | 2025-08-31 |
| 宮地 治夫 | Major shareholder | 2.4% | 2025-08-31 |
| 小林 正明 | Major shareholder | 1.8% | 2025-08-31 |
| ポエック従業員持株会 | Major shareholder | 1.5% | 2025-08-31 |
| 岡部 寛 | Major shareholder | 1.4% | 2025-08-31 |
| 山内 義光 | Major shareholder | 1.1% | 2025-08-31 |
| 藤田 砂智 | Major shareholder | 1.1% | 2025-08-31 |
| 株式会社ケンセイ舎 | Major shareholder | 1.1% | 2025-08-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第37期(2024/09/01－2025/08/31) | S100X5TH | 2025-11-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100X5TH,, |
| 訂正有価証券報告書－第36期(2023/09/01－2024/08/31) | S100V6GY | 2025-02-04 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100V6GY,, |
| 有価証券報告書－第35期(2022/09/01－2023/08/31) | S100SDNT | 2023-11-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SDNT,, |
| 有価証券報告書－第34期(令和3年9月1日－令和4年8月31日) | S100PPDP | 2022-11-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PPDP,, |
| 有価証券報告書－第33期(令和2年9月1日－令和3年8月31日) | S100MY4V | 2021-11-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MY4V,, |
| 有価証券報告書－第32期(令和1年9月1日－令和2年8月31日) | S100K9AE | 2020-11-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100K9AE,, |

## 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).