# QPS Holdings Inc.: business model and financials

> Latest period: FY ending May 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 訂正有価証券報告書－第1期(2025/12/01－2026/05/31) (S100Z3CZ)
> Page: https://vizora.meequs.com/en/company/qpshd
> Retrieved: 2026-09-30T19:42:01.749Z

## Company

QPS Holdings, founded in 2025, is a company in Aerospace listed on TSE Growth. It has 72 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | QPS Holdings Inc. |
| Ticker | 464A |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/464A.T) |
| Listing | TSE Growth |
| Head office | 福岡県福岡市中央区長浜一丁目1番1号 (2026年6月1日から本店所在地 福岡県福岡市中央区天神一丁目15番35号が上記のように移転しております。) |
| Representative (per filing) | 代表取締役社長 CEO 大西 俊輔 |
| Founded | Dec 2025 |
| Share capital | ¥7.75B |
| Employees (consolidated) | 72 |
| Fiscal year end | May |
| Website | qpshd.com (https://qpshd.com/) |
| Corporate number | 2290001112391 |
| EDINET | E40854 |
| Industries (Vizora) | Aerospace |

> Profile source: annual securities report (S100Z3CZ, filed 2026-09-18). As of filing

## Five-axis industry profile

Primary industry: Aerospace (2026-05-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 50 | 11 |
| Efficiency | 19.2 | 13 |

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)

- QPS Holdings brought in ¥3.8B in revenue.
- It lost about ¥22 for every ¥100 of sales at the operating level.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥3.8B |  |
| Operating income | -¥833M | Margin -21.9% |
| Net income | ¥1.15B | Margin 30.3% |
| Free cash flow | -¥10.1B |  |
| Employees (consolidated) | 72 |  |
| EPS | ¥23.24 |  |
| Diluted EPS | ¥22.89 |  |
| Book value per share | ¥541.15 |  |
| Equity ratio | 74.6% |  |
| Shares outstanding | 55,860,500 |  |
| Shareholders | 48,456 |  |
| Cash ratio | 19.4% | Cash ÷ revenue 216.9% |
| Vs. industry median margin | 0 pp | Aerospace |
| ROE | 3.6% | Derived from disclosed figures |
| ROA | 2.7% | Derived from disclosed figures |

## Notable figures

- FY2026, operating loss is 22 per ¥100 of revenue

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 3,803 | 100.0% | S100Z3CZ |
| Cost of revenue | 3,473 | 91.3% | S100Z3CZ |
| Gross profit | 330 | 8.7% | S100Z3CZ |
| SG&A | 1,163 | 30.6% | S100Z3CZ |
| Operating income | -833 | -21.9% | S100Z3CZ |
| Ordinary income | 1,166 | 30.7% | S100Z3CZ |
| Pretax income | 1,166 | 30.7% | S100Z3CZ |
| Income tax | 14 | 0.4% | S100Z3CZ |
| Net income | 1,152 | 30.3% | S100Z3CZ |
| Net income attributable to owners | 1,152 | 30.3% | S100Z3CZ |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 91 |
| SG&A | 31 |
| Operating income | -22 |
| (Ref.) Net income | 30 |

### Margin funnel

Gross margin 8.7% → Operating margin -21.9% → Net margin 30.3%
Derived from reported figures (DERIVED).

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥52.8M |
| Operating income per employee (consolidated) | -¥11.6M |
| Net income per employee (consolidated) | ¥16M |

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

| History | FY ending May 2026 |
| --- | ---: |
| Employees (consolidated) | 72 |
| Average salary (parent company) | — |
| Average age (parent company) | — |
| Average tenure (parent company) | — |

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -526 | -13.8% | S100Z3CZ |
| Capital expenditure | 9,555 | 251.2% | S100Z3CZ |
| Free cash flow | -10,081 | -265.1% | 算出 |
| Investing cash flow | -19,497 | -512.7% | S100Z3CZ |
| Financing cash flow | 16,438 | 432.2% | S100Z3CZ |
| Share buyback | 0 | 0.0% | S100Z3CZ |
| Change in cash | -3,585 | -94.3% | S100Z3CZ |
| Cash and equivalents | 8,248 | 216.9% | S100Z3CZ |

## 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 May 2026 | Source |
| --- | ---: | ---: |
| Cash and equivalents | 8,248 | S100Z3CZ |
| Total assets | 42,463 | S100Z3CZ |
| Net assets | 31,680 | S100Z3CZ |
| Share capital | 7,753 | S100Z3CZ |
| Property, plant and equipment | 18,712 | S100Z3CZ |
| Intangible assets excluding goodwill | 94 | S100Z3CZ |
| Current assets | 23,443 | S100Z3CZ |
| Current liabilities | 5,706 | S100Z3CZ |
| Long-term borrowings | 5,050 | S100Z3CZ |
| Total liabilities | 10,782 | S100Z3CZ |
| Equity attributable to owners of parent | 31,669 | S100Z3CZ |
| Retained earnings | -1,123 | S100Z3CZ |
| Treasury stock | -1 | S100Z3CZ |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 20% | S100Z3CZ |
| Property, plant and equipment | 44% | S100Z3CZ |
| Intangibles and goodwill | 0% | S100Z3CZ |
| Other assets | 36% | S100Z3CZ |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 25% | S100Z3CZ |
| Equity | 75% | S100Z3CZ |
| Other liabilities | 0% | S100Z3CZ |

## 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) | 492.0% | S100Z3CZ |
| Fixed assets ÷ total assets | 44.1% | S100Z3CZ |
| Goodwill ÷ parent equity | — | —, S100Z3CZ |

### 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) | 19.4% |
| Cash ÷ revenue | 216.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | -1,678 JPY mn (of net income -145.7%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 251.2% |
| 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2026 | 30.3% | 0.09× | 2.7% | 1.34× | 3.6% | S100Z3CZ |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| スカパーＪＳＡＴ株式会社 | Major shareholder | 13.2% | 2026-05-31 |
| 大西 俊輔 | Major shareholder | 7.2% | 2026-05-31 |
| US BANK NATIONAL ASSOCIATION JP ACCTS TS （常任代理人 株式会社三菱ＵＦＪ銀行） | Major shareholder | 4.3% | 2026-05-31 |
| 八坂 哲雄 | Major shareholder | 3.8% | 2026-05-31 |
| STATE STREET BANK AND TRUST COMPANY 505019 （常任代理人 株式会社みずほ銀行） | Major shareholder | 2.9% | 2026-05-31 |
| JP JPMSE LUX RE UBSAG LONDON BRANCH EQCO （常任代理人 株式会社三菱ＵＦＪ銀行） | Major shareholder | 2.6% | 2026-05-31 |
| 三井住友海上火災保険株式会社 | Major shareholder | 2.5% | 2026-05-31 |
| 株式会社ミツウロコグループホールディングス | Major shareholder | 2.5% | 2026-05-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 2.4% | 2026-05-31 |
| 日本工営株式会社 | Major shareholder | 2.0% | 2026-05-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 訂正有価証券報告書－第1期(2025/12/01－2026/05/31) | S100Z3CZ | 2026-09-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Z3CZ,, |

## 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).