# REFINVERSE Group, Inc.: business model and financials

> Latest period: FY ending Jun 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第5期(2025/07/01－2026/06/30) (S100Z3S0)
> Page: https://vizora.meequs.com/en/company/refinverse-group
> Retrieved: 2026-09-30T21:33:20.776Z

## Company

REFINVERSE Group, founded in 1983, is a company in Waste Management & Recycling listed on TSE Growth. It has 227 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | REFINVERSE Group, Inc. |
| Ticker | 7375 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7375.T) |
| Listing | TSE Growth |
| Head office | 東京都千代田区丸の内三丁目4番1号 |
| Representative (per filing) | 代表取締役社長 越智 晶 |
| Founded | Jul 1983 |
| Share capital | ¥163.3M |
| Employees (consolidated) | 227 |
| Average salary (parent only) | ¥5.2M |
| Fiscal year end | June |
| Website | www.r-inverse.com (https://www.r-inverse.com/) |
| Corporate number | 8010001219556 |
| EDINET | E36478 |
| Industries (Vizora) | Waste Management & Recycling |

> Profile source: annual securities report (S100Z3S0, filed 2026-09-25). As of filing

## Five-axis industry profile

Primary industry: Waste Management & Recycling (2026-06-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 22.9 | 24 |
| Profitability | 50 | 25 |
| Cash conversion | 54 | 25 |
| Efficiency | 70 | 25 |

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 72% of REFINVERSE Group's sales come from Resource business, with Material business making up much of the rest.
- Out of every ¥100 of sales, about ¥7 is left as operating profit.
- Revenue changed +9.7% from the prior year, operating profit +75.9%.

## Company structure

- Segment revenue mix: Resource business 71.5%、Material business 28.5%
- Revenue → net income: ¥4464428000 → ¥255523000
- Net income → operating cash flow: ¥255523000 → ¥322599000（difference ¥67076000）
- Main uses of operating cash flow: CapEx ¥255467000 / dividends — / buybacks —
- Change in cash: ¥-417537000
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 | ¥4.46B |  |
| Operating income | ¥320.5M | Margin 7.2% |
| Net income | ¥255.5M | Margin 5.7% |
| Free cash flow | ¥67.1M |  |
| Largest business | Resource business | of segment revenue 71.5% |
| Employees (consolidated) | 227 |  |
| EPS | ¥7.78 |  |
| Book value per share | ¥11.7 |  |
| Equity ratio | 12.9% |  |
| Shares outstanding | 3,348,821 |  |
| Treasury shares | 100 |  |
| Shareholders | 2,652 |  |
| Average salary (parent only) | ¥5.2M | Filing company only |
| Cash ratio | 7.2% | Cash ÷ revenue 5.9% |
| Vs. industry median margin | 0 pp | Waste Management & Recycling |
| ROE | 75.2% | Derived from disclosed figures |
| ROA | 7.2% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 78% of positive segment profit
- FY2026, parent-company salary changed -22% over five years

## What changed in 4 years

| Metric | FY ending Jun 2022 | FY ending Jun 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥3732902000 | ¥4464428000 | +19.6% |
| Operating income | ¥263043000 | ¥320459000 | +21.8% |
| Operating margin | 7.0% | 7.2% | +0.1 pp |
| Employees | 165 people | 227 people | +37.6% |
| Cash and equivalents | ¥912518000 | ¥261239000 | -71.4% |

### Change in segment revenue mix

Span: FY ending Jun 2022 → FY ending Jun 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 再生樹脂製造販売事業 → 事業再編・廃止 | 20.4% |
| 素材ビジネス → 事業再編・廃止 | 20.4% |
| 産業廃棄物処理事業 → 事業再編・廃止 | 29.6% |
| 資源ビジネス → 事業再編・廃止 | 29.6% |
| 新設・再編 → 素材ビジネス | 28.5% |
| 新設・再編 → 資源ビジネス | 71.5% |

Segment revenue source references: 6 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 4,464 | 100.0% | S100Z3S0 |
| Cost of revenue | 2,838 | 63.6% | S100Z3S0 |
| Gross profit | 1,627 | 36.4% | S100Z3S0 |
| SG&A | 1,306 | 29.3% | S100Z3S0 |
| Operating income | 320 | 7.2% | S100Z3S0 |
| Ordinary income | 283 | 6.3% | S100Z3S0 |
| Pretax income | 204 | 4.6% | S100Z3S0 |
| Income tax | -51 | -1.2% | S100Z3S0 |
| Net income | 256 | 5.7% | S100Z3S0 |
| Net income attributable to owners | 256 | 5.7% | S100Z3S0 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 64 |
| SG&A | 29 |
| Operating income | 7 |
| (Ref.) Net income | 6 |

### Margin funnel

Gross margin 36.4% → Operating margin 7.2% → Net margin 5.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +9.7%; Core profit growth: +75.9%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 7.84×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 4,070 | 4,464 | 394 | +9.7% |
| Gross profit | 1,324 | 1,627 | 303 | +22.8% |
| Operating income | 182 | 320 | 138 | +75.9% |
| Net income attributable to owners | 146 | 256 | 109 | +74.9% |
| Operating cash flow | 460 | 323 | -137 | -29.8% |
| Free cash flow | 275 | 67 | -208 | -75.6% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Jun 2022 | 3,733 | 263 | 7.0% | 183 | 476 | 368 | S100RXXX |
| FY ending Jun 2023 | 4,472 | 211 | 4.7% | -505 | 531 | 403 | S100UF20 |
| FY ending Jun 2024 | 3,853 | 33 | 0.8% | 5 | 175 | 79 | S100WS5X |
| FY ending Jun 2025 | 4,070 | 182 | 4.5% | 146 | 460 | 275 | S100Z3S0 |
| FY ending Jun 2026 | 4,464 | 320 | 7.2% | 256 | 323 | 67 | S100Z3S0 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥19.7M |
| Operating income per employee (consolidated) | ¥1.4M |
| Net income per employee (consolidated) | ¥1.1M |

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

| History | FY ending Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 | FY ending Jun 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 165 | 192 | 201 | 199 | 227 |
| Average salary (parent company) | ¥6.7M | ¥6.7M | ¥6.8M | ¥7.2M | ¥5.2M |
| Average age (parent company) | 42.5 years | 37.4 years | 36.1 years | 38.7 years | 38.4 years |
| Average tenure (parent company) | 4.7 years | 4.0 years | 3.7 years | 5.3 years | 5.1 years |

Year over year: Employees (consolidated) +14.1% · Revenue (consolidated) +9.7%

## Segments（FY ending Jun 2026, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Material business | 1,271 | 28.5% | 213 | 16.8% |
| Resource business | 3,193 | 71.5% | 753 | 23.6% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Material business | 28.5% | 22.0% | -6.4 | 16.8% |
| Resource business | 71.5% | 78.0% | 6.4 | 23.6% |

Segment → industry: Resource business → Waste Management & Recycling / Material business → Waste Management & Recycling

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 323 | 7.2% | S100Z3S0 |
| Capital expenditure | 255 | 5.7% | S100Z3S0 |
| Free cash flow | 67 | 1.5% | 算出 |
| Investing cash flow | -284 | -6.4% | S100Z3S0 |
| Financing cash flow | -456 | -10.2% | S100Z3S0 |
| Change in cash | -418 | -9.4% | S100Z3S0 |
| Cash and equivalents | 261 | 5.9% | S100Z3S0 |

## 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 Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 | FY ending Jun 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 913 | 860 | 499 | 679 | 261 | S100UF20, S100WS5X, S100Z3S0 |
| Total assets | 3,253 | 3,783 | 3,366 | 3,462 | 3,634 | S100RXXX, S100UF20, S100WS5X, S100Z3S0 |
| Net assets | 570 | 100 | 130 | 274 | 535 | S100UF20, S100WS5X, S100Z3S0 |
| Share capital | 153 | 160 | 163 | 163 | 163 | S100RXXX, S100UF20, S100WS5X, S100Z3S0 |
| Property, plant and equipment | 1,378 | 1,904 | 1,795 | 1,753 | 2,029 | S100RXXX, S100UF20, S100WS5X, S100Z3S0 |
| Intangible assets excluding goodwill | 19 | 15 | 12 | 29 | 60 | S100RXXX, S100UF20, S100WS5X, S100Z3S0 |
| Investment securities | 20 | 20 | 20 | 20 | — | S100RXXX, S100UF20, S100WS5X |
| Current assets | 1,695 | 1,677 | 1,309 | 1,433 | 1,188 | S100RXXX, S100UF20, S100WS5X, S100Z3S0 |
| Current liabilities | 911 | 1,169 | 1,010 | 1,108 | 1,267 | S100RXXX, S100UF20, S100WS5X, S100Z3S0 |
| Trade payables | 108 | 189 | 152 | 178 | — | S100RXXX, S100UF20, S100WS5X |
| Short-term borrowings | — | 100 | 50 | 80 | 30 | S100UF20, S100WS5X, S100Z3S0 |
| Long-term borrowings | 1,536 | 2,204 | 1,959 | 1,783 | 1,463 | S100RXXX, S100UF20, S100WS5X, S100Z3S0 |
| Total liabilities | 2,683 | 3,683 | 3,236 | 3,188 | 3,100 | S100RXXX, S100UF20, S100WS5X, S100Z3S0 |
| Equity attributable to owners of parent | 546 | 55 | 66 | 212 | 468 | S100RXXX, S100UF20, S100WS5X, S100Z3S0 |
| Retained earnings | 199 | -306 | -301 | -155 | 101 | S100RXXX, S100UF20, S100WS5X, S100Z3S0 |
| Treasury stock | -0 | -0 | -0 | -0 | -0 | S100RXXX, S100UF20, S100WS5X, S100Z3S0 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 7% | S100Z3S0 |
| Property, plant and equipment | 56% | S100Z3S0 |
| Intangibles and goodwill | 2% | S100Z3S0 |
| Other assets | 35% | S100Z3S0 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 85% | S100Z3S0 |
| Equity | 15% | S100Z3S0 |

### Balance sheet history

| Metric | FY ending Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 | FY ending Jun 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 3,253 | 3,783 | 3,366 | 3,462 | 3,634 |
| Equity | 570 | 100 | 130 | 274 | 535 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 913 | 860 | 499 | 679 | 261 |

## 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) | 45.4% | S100Z3S0 |
| Fixed assets ÷ total assets | 55.8% | S100Z3S0 |
| Goodwill ÷ parent equity | — | —, S100Z3S0 |

### 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) | 7.2% |
| Cash ÷ revenue | 5.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 100.7% |
| Cash vs. profit gap | 67 JPY mn (of net income 26.3%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 5.7% |
| Investing CF relative to operating CF | 87.9% |

## 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 | 4.9% | 1.15× | 5.6% | 5.96× | 33.5% | S100RXXX |
| 2023 | — | —× | -14.4% | —× | — | S100UF20 |
| 2024 | 0.1% | 1.08× | 0.1% | 59.21× | 8.2% | S100WS5X |
| 2025 | 3.6% | 1.19× | 4.3% | 24.64× | 105.4% | S100Z3S0 |
| 2026 | 5.7% | 1.26× | 7.2% | 10.44× | 75.2% | S100Z3S0 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 三菱ケミカル株式会社 | Major shareholder | 10.4% | 2026-06-30 |
| 越智 晶 | Major shareholder | 9.8% | 2026-06-30 |
| SUMINOE株式会社 | Major shareholder | 7.4% | 2026-06-30 |
| モルガン・スタンレーMUFG証券株式会社 | Major shareholder | 4.3% | 2026-06-30 |
| 越智 敏裕 | Major shareholder | 3.6% | 2026-06-30 |
| 稲畑産業株式会社 | Major shareholder | 3.0% | 2026-06-30 |
| 越智源株式会社 | Major shareholder | 2.8% | 2026-06-30 |
| NOMURA INTERNATIONAL PLC A/C JAPAN FLOW（常任代理人野村証券株式会社） | Major shareholder | 2.7% | 2026-06-30 |
| 徳山 教助 | Major shareholder | 2.7% | 2026-06-30 |
| J.P. MORGAN SECURITIES PLC（常任代理人JPモルガン証券株式会社） | Major shareholder | 1.7% | 2026-06-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第5期(2025/07/01－2026/06/30) | S100Z3S0 | 2026-09-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Z3S0,, |
| 有価証券報告書－第4期(2024/07/01－2025/06/30) | S100WS5X | 2025-09-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WS5X,, |
| 有価証券報告書－第3期(2023/07/01－2024/06/30) | S100UF20 | 2024-09-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UF20,, |
| 有価証券報告書－第2期(2022/07/01－2023/06/30) | S100RXXX | 2023-09-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RXXX,, |
| 有価証券報告書－第1期(令和3年7月1日－令和4年6月30日) | S100P8TI | 2022-09-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100P8TI,, |

## 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).