# RENOVA,Inc.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, IFRS
> Unit: JPY millions
> Sources: 有価証券報告書－第27期(2025/04/01－2026/03/31) (S100YD7F)
> Page: https://vizora.meequs.com/en/company/renovainc
> Retrieved: 2026-09-30T22:40:23.841Z

## Company

Renova, founded in 2000, is a company in Electric Power & Gas listed on TSE Prime. It has 314 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | RENOVA,Inc. |
| Ticker | 9519 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9519.T) |
| Listing | TSE Prime |
| Head office | 東京都中央区京橋二丁目2番1号 |
| Representative (per filing) | 代表取締役社長CEO 木南 陽介 |
| Founded | May 2000 |
| Share capital | ¥11.3B |
| Employees (consolidated) | 314 |
| Average salary (parent only) | ¥10.9M |
| Fiscal year end | March |
| Website | www.renovainc.com (https://www.renovainc.com/) |
| Corporate number | 7011001037180 |
| EDINET | E32967 |
| Industries (Vizora) | Electric Power & Gas |

> Profile source: annual securities report (S100YD7F, filed 2026-06-17). As of filing

## Five-axis industry profile

Primary industry: Electric Power & Gas (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 98.8 | 42 |
| Profitability | 71.6 | 44 |
| Cash conversion | 89.3 | 42 |
| Efficiency | 1.1 | 44 |

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 99% of Renova's sales come from Renewable energy power generation etc. business, with Development and operation business making up much of the rest.
- Out of every ¥100 of sales, about ¥9 is left as operating profit.
- Revenue changed +24.7% from the prior year, operating profit +103.7%.

## Company structure

- Segment revenue mix: Renewable energy power generation etc. business 98.6%、Development and operation business 1.4%
- Revenue → net income: ¥87622000000 → ¥4619000000
- Net income → operating cash flow: ¥4619000000 → ¥28273000000（difference ¥23654000000）
- Main uses of operating cash flow: CapEx ¥5925000000 / dividends — / buybacks ¥78000000
- Change in cash: ¥-939000000
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 | ¥87.6B |  |
| Operating income | ¥8.28B | Margin 9.5% |
| Net income | ¥3.31B | Margin 3.8% |
| Free cash flow | ¥22.3B |  |
| Largest business | Renewable energy power generation etc. business | of segment revenue 98.6% |
| Employees (consolidated) | 314 |  |
| EPS | ¥36.59 |  |
| Diluted EPS | ¥36.57 |  |
| Book value per share | ¥320.48 |  |
| Equity ratio | 20.1% | Derived from disclosed figures |
| Shares outstanding | 91,252,300 |  |
| Shareholders | 28,463 |  |
| Average salary (parent only) | ¥10.9M | Filing company only |
| Cash ratio | 3.8% | Cash ÷ revenue 26.3% |
| Vs. industry median margin | +2.5 pp | Electric Power & Gas |
| ROE | 3.1% | Derived from disclosed figures |
| ROA | 0.6% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 8.5× net income
- FY2026, revenue is 3.0× its level five years ago
- FY2026, employees -6% while operating income rose 104%

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥20553000000 | ¥87622000000 | +326.3% |
| Operating income | ¥4605000000 | ¥8283000000 | +79.9% |
| Operating margin | 22.4% | 9.5% | -13 pp |
| Employees | 238 people | 314 people | +31.9% |
| Cash and equivalents | ¥19406000000 | ¥23081000000 | +18.9% |

### Change in segment revenue mix

Span: FY ending Mar 2021 → FY ending Mar 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 再生可能エネルギー発電事業 → 事業再編・廃止 | 85.9% |
| 再生可能エネルギー開発・運営事業 → 事業再編・廃止 | 14.1% |
| 新設・再編 → 再生可能エネルギー発電等事業 | 98.6% |
| 新設・再編 → 開発・運営事業 | 1.4% |

Segment revenue source references: 4 (derived)

## Income statement（FY ending Mar 2026, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 87,622 | 100.0% | S100YD7F |
| Operating income | 8,283 | 9.5% | S100YD7F |
| Pretax income | 5,863 | 6.7% | S100YD7F |
| Income tax | 1,244 | 1.4% | S100YD7F |
| Net income | 4,619 | 5.3% | S100YD7F |
| Net income attributable to owners | 3,308 | 3.8% | S100YD7F |

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

| Part | JPY |
| --- | ---: |
| Operating expenses | 91 |
| Operating income | 9 |
| (Ref.) Net income | 4 |

### Margin funnel

Operating margin 9.5% → Net margin 3.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +24.7%; Core profit growth: +103.7%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 4.19×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 70,246 | 87,622 | 17,376 | +24.7% |
| Operating income | 4,066 | 8,283 | 4,217 | +103.7% |
| Net income attributable to owners | 2,687 | 3,308 | 621 | +23.1% |
| Operating cash flow | 31,499 | 28,273 | -3,226 | -10.2% |
| Free cash flow | 22,765 | 22,348 | -417 | -1.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 19,167 | 5,884 | 30.7% | 3,536 | 4,882 | -10,655 | S100LJD5 |
| FY ending Mar 2021 | 20,553 | 4,605 | 22.4% | 11,507 | 12,469 | 6,848 | S100O9MP |
| FY ending Mar 2022 | 29,207 | 874 | 3.0% | 1,581 | 12,154 | -3,347 | S100QZ6W |
| FY ending Mar 2023 | 33,581 | 8,870 | 26.4% | 2,678 | 10,132 | -804 | S100TNIO |
| FY ending Mar 2024 | 44,748 | 5,018 | 11.2% | 8,857 | 18,732 | 2,821 | S100VZPK |
| FY ending Mar 2025 | 70,246 | 4,066 | 5.8% | 2,687 | 31,499 | 22,765 | S100YD7F |
| FY ending Mar 2026 | 87,622 | 8,283 | 9.5% | 3,308 | 28,273 | 22,348 | S100YD7F |

## People and productivity（FY ending Mar 2026, consolidated, IFRS）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥279.1M |
| Operating income per employee (consolidated) | ¥26.4M |
| Net income per employee (consolidated) | ¥10.5M |

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

| History | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 302 | 280 | 287 | 335 | 314 |
| Average salary (parent company) | ¥9.8M | ¥9.5M | ¥9.9M | ¥10.5M | ¥10.9M |
| Average age (parent company) | 41.4 years | 41.1 years | 42.2 years | 42.1 years | 42.1 years |
| Average tenure (parent company) | 3.4 years | 3.7 years | 4.3 years | 4.2 years | 4.6 years |

Year over year: Employees (consolidated) -6.3% · Revenue (consolidated) +24.7%

## Segments（FY ending Mar 2026, consolidated, IFRS、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Renewable energy power generation etc. business | 86,429 | 98.6% | — | — |
| Development and operation business | 1,193 | 1.4% | — | — |

### 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 |
| --- | ---: |
| Renewable energy power generation etc. business | 98.6% |
| Development and operation business | 1.4% |

Segment → industry: Development and operation business → Electric Power & Gas / Renewable energy power generation etc. business → Electric Power & Gas

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 28,273 | 32.3% | S100YD7F |
| Capital expenditure | 5,925 | 6.8% | S100YD7F |
| Free cash flow | 22,348 | 25.5% | 算出 |
| Investing cash flow | -11,715 | -13.4% | S100YD7F |
| Financing cash flow | -17,438 | -19.9% | S100YD7F |
| Share buyback | 78 | 0.1% | S100YD7F |
| Change in cash | -939 | -1.1% | S100YD7F |
| Cash and equivalents | 23,081 | 26.3% | S100YD7F |

## 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 Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 16,514 | 21,370 | 17,327 | 23,927 | 23,081 | S100TNIO, S100VZPK, S100YD7F |
| Total assets | 296,223 | 303,377 | 465,399 | 530,051 | 611,464 | S100QZ6W, S100TNIO, S100VZPK, S100YD7F |
| Net assets | 52,441 | 64,731 | 105,698 | 133,424 | 185,879 | S100TNIO, S100VZPK, S100YD7F |
| Share capital | 2,340 | 2,356 | 2,405 | 11,329 | 11,342 | S100QZ6W, S100TNIO, S100VZPK, S100YD7F |
| Property, plant and equipment | 147,480 | 144,458 | 220,332 | 224,963 | 232,206 | S100QZ6W, S100TNIO, S100VZPK, S100YD7F |
| Goodwill | 237 | 237 | 237 | 237 | 237 | S100QZ6W, S100TNIO, S100VZPK, S100YD7F |
| Current assets | 56,139 | 66,491 | 91,114 | 110,758 | 106,125 | S100QZ6W, S100TNIO, S100VZPK, S100YD7F |
| Total liabilities | 243,782 | 238,646 | 359,701 | 396,627 | 425,584 | S100QZ6W, S100TNIO, S100VZPK, S100YD7F |
| Equity attributable to owners of parent | 31,886 | 42,954 | 68,005 | 89,106 | 122,850 | S100QZ6W, S100TNIO, S100VZPK, S100YD7F |
| Retained earnings | 22,303 | 24,981 | 33,838 | 36,505 | 39,806 | S100QZ6W, S100TNIO, S100VZPK, S100YD7F |
| Treasury stock | -673 | -719 | -548 | -1,024 | -1,082 | S100QZ6W, S100TNIO, S100VZPK, S100YD7F |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 4% | S100YD7F |
| Property, plant and equipment | 38% | S100YD7F |
| Intangibles and goodwill | 0% | — |
| Other assets | 58% | S100YD7F |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 70% | S100YD7F |
| Equity | 30% | S100YD7F |
| Other liabilities | 0% | S100YD7F |

### Balance sheet history

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 296,223 | 303,377 | 465,399 | 530,051 | 611,464 |
| Equity | 52,441 | 64,731 | 105,698 | 133,424 | 185,879 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 16,514 | 21,370 | 17,327 | 23,927 | 23,081 |

## 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) | 265.0% | S100YD7F |
| Fixed assets ÷ total assets | 38.0% | S100YD7F |
| Goodwill ÷ parent equity | 0.2% | S100YD7F |

Goodwill over 4 years: 237 → 237 JPY; total investing cash flow: -80,425 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) | 3.8% |
| Cash ÷ revenue | 26.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 341.3% |
| Cash vs. profit gap | 24,965 JPY mn (of net income 754.7%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 6.8% |
| Investing CF relative to operating CF | 41.4% |

## 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 | 5.4% | 0.10× | 0.5% | 9.29× | 5.0% | S100QZ6W |
| 2023 | 8.0% | 0.11× | 0.9% | 8.01× | 7.2% | S100TNIO |
| 2024 | 19.8% | 0.12× | 2.3% | 6.93× | 16.0% | S100VZPK |
| 2025 | 3.8% | 0.14× | 0.5% | 6.34× | 3.4% | S100YD7F |
| 2026 | 3.8% | 0.15× | 0.6% | 5.39× | 3.1% | S100YD7F |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 木南 陽介 | Major shareholder | 16.2% | 2026-03-31 |
| 東京瓦斯株式会社 | Major shareholder | 13.0% | 2026-03-31 |
| 住友林業株式会社 | Major shareholder | 8.1% | 2026-03-31 |
| 千本 倖生 | Major shareholder | 6.0% | 2026-03-31 |
| 辻本 大輔 | Major shareholder | 5.5% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 5.1% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 2.6% | 2026-03-31 |
| 鈴与商事株式会社 | Major shareholder | 1.7% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY - 505223 | Major shareholder | 1.5% | 2026-03-31 |
| BBH CO FOR THE ADVISORS' INNER CIRCLE FUND III -REDWHEEL NEXT GENERATION POWER INFRASTRUCTURE FUND | Major shareholder | 1.2% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第27期(2025/04/01－2026/03/31) | S100YD7F | 2026-06-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YD7F,, |
| 有価証券報告書－第26期(2024/04/01－2025/03/31) | S100VZPK | 2025-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VZPK,, |
| 有価証券報告書－第25期(2023/04/01－2024/03/31) | S100TNIO | 2024-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TNIO,, |
| 有価証券報告書－第24期(2022/04/01－2023/03/31) | S100QZ6W | 2023-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QZ6W,, |
| 有価証券報告書－第23期(令和3年4月1日－令和4年3月31日) | S100O9MP | 2022-06-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O9MP,, |
| 有価証券報告書－第22期(令和2年4月1日－令和3年3月31日) | S100LJD5 | 2021-06-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LJD5,, |

## 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).