# RenetJapanGroup,Inc.: business model and financials

> Latest period: FY ending Sep 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第26期(2024/10/01－2025/09/30) (S100XCQX)
> Page: https://vizora.meequs.com/en/company/renetjapangroup
> Retrieved: 2026-09-30T21:05:50.894Z

## Company

RenetJapanGroup, founded in 2000, is a company in Nursing Care listed on TSE Growth. It has 254 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | RenetJapanGroup,Inc. |
| Ticker | 3556 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3556.T) |
| Listing | TSE Growth |
| Head office | 愛知県大府市柊山町三丁目33番地 |
| Representative (per filing) | 代表取締役社長 黒田 武志 |
| Founded | Jul 2000 |
| Share capital | ¥1.25B |
| Employees (consolidated) | 254 |
| Average salary (parent only) | ¥6M |
| Fiscal year end | September |
| Website | corp.renet.jp (https://corp.renet.jp/) |
| Corporate number | 8180001093877 |
| EDINET | E31751 |
| Industries (Vizora) | Nursing Care, Secondhand Retail, Waste Management & Recycling |

> Profile source: annual securities report (S100XCQX, filed 2025-12-26). As of filing

## Five-axis industry profile

Primary industry: Waste Management & Recycling (2025-09-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 64.6 | 24 |
| Profitability | 18 | 25 |
| Cash conversion | 14 | 25 |
| Efficiency | 78 | 25 |
| Financial strength | 4.5 | 11 |

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 81% of RenetJapanGroup's sales come from Reuse and Recycle, with Social Care and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed -2.9% from the prior year, and it swung back to an operating profit.

## Company structure

- Segment revenue mix: Reuse and Recycle 81.2%、Social Care 18.8%、Other 0.0%
- Revenue → net income: ¥10412149000 → ¥531053000
- Net income → operating cash flow: ¥531053000 → ¥116618000（difference ¥-414435000）
- Main uses of operating cash flow: CapEx ¥370549000 / dividends — / buybacks —
- Change in cash: ¥-343286000
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 | ¥10.4B |  |
| Operating income | ¥301.2M | Margin 2.9% |
| Net income | ¥497.4M | Margin 4.8% |
| Free cash flow | -¥253.9M |  |
| Largest business | Reuse and Recycle | of segment revenue 81.2% |
| Employees (consolidated) | 254 |  |
| EPS | ¥59.16 |  |
| Diluted EPS | ¥57.63 |  |
| Book value per share | ¥90.93 |  |
| Equity ratio | 13.9% |  |
| Shares outstanding | 14,604,600 |  |
| Treasury shares | 100 |  |
| Shareholders | 6,385 |  |
| Average salary (parent only) | ¥6M | Filing company only |
| Cash ratio | 4.4% | Net cash -¥2.24B · Cash ÷ revenue 2.9% |
| Vs. industry median margin | -0.4 pp | Secondhand Retail |
| ROE | 60.8% | Derived from disclosed figures |
| ROA | 6.4% | Derived from disclosed figures |

## Notable figures

- FY2025, one segment accounts for 92% of positive segment profit
- FY2025, cash is 4% of total assets

## What changed in 5 years

| Metric | FY ending Sep 2020 | FY ending Sep 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥6124238000 | ¥10412149000 | +70.0% |
| Operating income | ¥214061000 | ¥301213000 | +40.7% |
| Operating margin | 3.5% | 2.9% | -0.6 pp |
| Employees | 509 people | 254 people | -50.1% |
| Cash and equivalents | ¥2878810000 | ¥306422000 | -89.4% |

### 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.

| Flow | Revenue share |
| --- | ---: |
| 海外事業 → 事業再編・廃止 | 12.9% |
| 国内Re事業 → 事業再編・廃止 | 37.1% |
| 小型家電リサイクル事業 → 事業再編・廃止 | 8.5% |
| 海外金融・HR事業 → 事業再編・廃止 | 12.9% |
| リユース事業 → 事業再編・廃止 | 28.6% |
| 新設・再編 → リユース・リサイクル事業 | 81.2% |
| 新設・再編 → ソーシャルケア事業 | 18.8% |
| 新設・再編 → その他 | 0.0% |

Segment revenue source references: 8 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Reuse and Recycle | 2 years | +4.2% | ¥8450864000 | 12.8% | 2 |
| Social Care | 2 years | +2.3% | ¥1958138000 | 5.0% | 2 |
| Other | 2 years | -95.3% | ¥3145000 | -1049.9% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 10,412 | 100.0% | S100XCQX |
| Cost of revenue | 2,581 | 24.8% | S100XCQX |
| Gross profit | 7,831 | 75.2% | S100XCQX |
| SG&A | 7,530 | 72.3% | S100XCQX |
| Operating income | 301 | 2.9% | S100XCQX |
| Ordinary income | 497 | 4.8% | S100XCQX |
| Pretax income | 464 | 4.5% | S100XCQX |
| Income tax | -67 | -0.6% | S100XCQX |
| Net income | 531 | 5.1% | S100XCQX |
| Net income attributable to owners | 497 | 4.8% | S100XCQX |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 25 |
| SG&A | 72 |
| Operating income | 3 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 75.2% → Operating margin 2.9% → Net margin 4.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Turned profitable
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 | 10,725 | 10,412 | -313 | -2.9% |
| Gross profit | 8,113 | 7,831 | -282 | -3.5% |
| Operating income | -1,263 | 301 | 1,565 | — |
| Net income attributable to owners | -1,883 | 497 | 2,380 | — |
| Operating cash flow | 654 | 117 | -538 | -82.2% |
| Free cash flow | 333 | -254 | -587 | -176.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Sep 2019 | 7,931 | 430 | 5.4% | 247 | -2,615 | -2,780 | S100KFC1 |
| FY ending Sep 2020 | 6,124 | 214 | 3.5% | -1,603 | -898 | -1,043 | S100N4YS |
| FY ending Sep 2021 | 6,939 | 518 | 7.5% | 200 | 554 | 399 | S100PUP7 |
| FY ending Sep 2022 | 7,550 | 501 | 6.6% | 501 | -16 | -226 | S100T0TC |
| FY ending Sep 2023 | 9,768 | 74 | 0.8% | -352 | -712 | -1,053 | S100UZQY |
| FY ending Sep 2024 | 10,725 | -1,263 | -11.8% | -1,883 | 654 | 333 | S100XCQX |
| FY ending Sep 2025 | 10,412 | 301 | 2.9% | 497 | 117 | -254 | S100XCQX |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥41M |
| Operating income per employee (consolidated) | ¥1.2M |
| Net income per employee (consolidated) | ¥2M |

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) | 575 | 604 | 811 | 369 | 254 |
| Average salary (parent company) | ¥6.4M | ¥5.9M | ¥5.9M | ¥5.7M | ¥6M |
| Average age (parent company) | 37.8 years | 39.5 years | 38.5 years | 40.1 years | 40.5 years |
| Average tenure (parent company) | 5.1 years | 3.4 years | 3.4 years | 3.4 years | 3.1 years |

Year over year: Employees (consolidated) -31.2% · Revenue (consolidated) -2.9%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Reuse and Recycle | 8,451 | 81.2% | 1,083 | 12.8% |
| Social Care | 1,958 | 18.8% | 97 | 5.0% |
| Other | 3 | 0.0% | -33 | -1049.9% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Reuse and Recycle | 81.2% | 91.8% | 10.6 | 12.8% |
| Social Care | 18.8% | 8.2% | -10.6 | 5.0% |
| Other | 0.0% | — | — | -1049.9% |

Loss-making segment (excluded from profit shares): Other -33 JPY mn

Segment → industry: Social Care → Nursing Care / Reuse and Recycle → Secondhand Retail / Reuse and Recycle → Waste Management & Recycling

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 117 | 1.1% | S100XCQX |
| Capital expenditure | 371 | 3.6% | S100XCQX |
| Free cash flow | -254 | -2.4% | 算出 |
| Investing cash flow | -200 | -1.9% | S100XCQX |
| Financing cash flow | -244 | -2.3% | S100XCQX |
| Change in cash | -343 | -3.3% | S100XCQX |
| Cash and equivalents | 306 | 2.9% | S100XCQX |

## 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 | 1,767 | 1,389 | 2,121 | 650 | 306 | S100T0TC, S100UZQY, S100XCQX |
| Total assets | 8,458 | 9,624 | 14,785 | 8,450 | 7,043 | S100PUP7, S100T0TC, S100UZQY, S100XCQX |
| Net assets | 1,784 | 2,217 | 2,048 | 332 | 1,094 | S100T0TC, S100UZQY, S100XCQX |
| Share capital | 1,637 | 1,644 | 1,719 | 1,250 | 1,251 | S100PUP7, S100T0TC, S100UZQY, S100XCQX |
| Property, plant and equipment | 402 | 338 | 1,372 | 2,433 | 1,789 | S100PUP7, S100T0TC, S100UZQY, S100XCQX |
| Intangible assets excluding goodwill | 175 | 255 | 1,066 | 1,084 | 826 | S100PUP7, S100T0TC, S100UZQY, S100XCQX |
| Goodwill | 54 | 18 | 498 | 396 | 271 | S100PUP7, S100T0TC, S100UZQY, S100XCQX |
| Investment securities | 25 | 15 | 19 | 104 | 145 | S100PUP7, S100T0TC, S100UZQY, S100XCQX |
| Current assets | 7,341 | 8,167 | 10,843 | 4,051 | 2,504 | S100PUP7, S100T0TC, S100UZQY, S100XCQX |
| Current liabilities | 3,431 | 4,059 | 5,772 | 3,913 | 3,355 | S100PUP7, S100T0TC, S100UZQY, S100XCQX |
| Short-term borrowings | 591 | 597 | 1,752 | 2,011 | 1,942 | S100PUP7, S100T0TC, S100UZQY, S100XCQX |
| Long-term borrowings | 2,999 | 3,185 | 4,870 | 429 | 588 | S100PUP7, S100T0TC, S100UZQY, S100XCQX |
| Bonds | 150 | 70 | 79 | 32 | 15 | S100PUP7, S100T0TC, S100UZQY, S100XCQX |
| Interest-bearing debt | 3,740 | 3,852 | 6,701 | 2,472 | 2,545 | 算出 |
| Total liabilities | 6,675 | 7,407 | 12,737 | 8,117 | 5,949 | S100PUP7, S100T0TC, S100UZQY, S100XCQX |
| Non-controlling interests | 2 | 3 | 36 | 42 | 78 | S100PUP7, S100T0TC, S100UZQY, S100XCQX |
| Equity attributable to owners of parent | 1,800 | 2,341 | 2,139 | 756 | 879 | S100PUP7, S100T0TC, S100UZQY, S100XCQX |
| Retained earnings | -1,158 | -631 | -72 | -829 | -707 | S100PUP7, S100T0TC, S100UZQY, S100XCQX |
| Treasury stock | -0 | -0 | -0 | -0 | -0 | S100PUP7, S100T0TC, S100UZQY, S100XCQX |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 4% | S100XCQX |
| Property, plant and equipment | 25% | S100XCQX |
| Intangibles and goodwill | 16% | S100XCQX |
| Investment securities | 2% | S100XCQX |
| Other assets | 53% | S100XCQX |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Interest-bearing debt | 36% | 算出 |
| Other liabilities | 48% | S100XCQX |
| Equity | 16% | S100XCQX |
| Other liabilities | 0% | S100XCQX |

### 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 | 8,458 | 9,624 | 14,785 | 8,450 | 7,043 |
| Equity | 1,784 | 2,217 | 2,048 | 332 | 1,094 |
| Interest-bearing debt | 3,740 | 3,852 | 6,701 | 2,472 | 2,545 |
| Cash | 1,767 | 1,389 | 2,121 | 650 | 306 |

## 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) | 17.2% | S100XCQX |
| Fixed assets ÷ total assets | 25.4% | S100XCQX |
| Goodwill ÷ parent equity | 30.8% | S100XCQX |

Goodwill over 4 years: 54 → 271 JPY; total investing cash flow: -2,669 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) | 4.4% |
| Cash ÷ revenue | 2.9% |
| Net cash (cash − interest-bearing debt) | -¥2.24B |
| Net debt ÷ operating cash flow | 19.20× |
| Cash conversion (operating CF ÷ operating income) | 38.7% |
| Cash vs. profit gap | -381 JPY mn (of net income -76.6%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 3.6% |
| Investing CF relative to operating CF | 171.8% |

## 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 | 2.9% | 0.82× | 2.4% | 4.70× | 11.1% | S100PUP7 |
| 2022 | 6.6% | 0.84× | 5.5% | 4.37× | 24.2% | S100T0TC |
| 2023 | — | —× | -2.9% | —× | — | S100UZQY |
| 2024 | — | —× | -16.2% | —× | — | S100XCQX |
| 2025 | 4.8% | 1.34× | 6.4% | 9.47× | 60.8% | S100XCQX |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 黒田 武志 | Major shareholder | 21.4% | 2025-09-30 |
| 合同会社TKコーポレーション | Major shareholder | 9.6% | 2025-09-30 |
| 引字 圭祐 | Major shareholder | 4.2% | 2025-09-30 |
| 株式会社Mコーポレーション | Major shareholder | 4.2% | 2025-09-30 |
| 株式会社SBI証券 | Major shareholder | 3.5% | 2025-09-30 |
| BNP PARIBAS LONDON BRANCH FOR PRIME BROKERAGE CLEARANCE ACC FOR THIRD PARTY （常任代理人 香港上海銀行東京支店） | Major shareholder | 3.4% | 2025-09-30 |
| 渥美 裕人 | Major shareholder | 3.1% | 2025-09-30 |
| 株式会社新東通信 | Major shareholder | 2.8% | 2025-09-30 |
| ステッチ株式会社 | Major shareholder | 1.9% | 2025-09-30 |
| 鈴木 春美 | Major shareholder | 1.4% | 2025-09-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第26期(2024/10/01－2025/09/30) | S100XCQX | 2025-12-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XCQX,, |
| 有価証券報告書－第25期(2023/10/01－2024/09/30) | S100UZQY | 2024-12-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UZQY,, |
| 有価証券報告書－第24期(2022/10/01－2023/09/30) | S100T0TC | 2024-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T0TC,, |
| 有価証券報告書－第23期(令和3年10月1日－令和4年9月30日) | S100PUP7 | 2022-12-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PUP7,, |
| 有価証券報告書－第22期(令和2年10月1日－令和3年9月30日) | S100N4YS | 2021-12-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100N4YS,, |
| 有価証券報告書－第21期(令和1年10月1日－令和2年9月30日) | S100KFC1 | 2020-12-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KFC1,, |

## 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).