# RENT CORPORATION: business model and financials

> Latest period: FY ending May 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第42期(2025/06/01－2026/05/31) (S100YYO2)
> Page: https://vizora.meequs.com/en/company/rent
> Retrieved: 2026-09-30T20:24:50.061Z

## Company

Rent, founded in 1984, is a company in Leasing listed on TSE Standard. It has 1,752 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | RENT CORPORATION |
| Ticker | 372A |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/372A.T) |
| Listing | TSE Standard |
| Head office | 静岡県静岡市駿河区国吉田一丁目6番10号 |
| Representative (per filing) | 代表取締役 会長兼社長執行役員 岡田 朗 |
| Founded | Jun 1984 |
| Share capital | ¥2.65B |
| Employees (consolidated) | 1,752 |
| Average salary (parent only) | ¥6.6M |
| Fiscal year end | May |
| Website | www.rent.co.jp (https://www.rent.co.jp/) |
| Corporate number | 2080001005740 |
| EDINET | E40662 |
| Industries (Vizora) | Leasing |

> Profile source: annual securities report (S100YYO2, filed 2026-08-26). As of filing

## Key points (generated from figures)

- Rent brought in ¥52.9B in revenue.
- Out of every ¥100 of sales, about ¥8 is left as operating profit.
- Revenue changed +7.9% from the prior year, operating profit +12.2%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥52945301000 → ¥2817436000
- Net income → operating cash flow: ¥2817436000 → ¥410553000（difference ¥-2406883000）
- Main uses of operating cash flow: CapEx ¥1806409000 / dividends ¥576282000 / buybacks —
- Change in cash: ¥1865488000
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 | ¥52.9B |  |
| Operating income | ¥4.38B | Margin 8.3% |
| Net income | ¥2.9B | Margin 5.5% |
| Free cash flow | -¥1.4B |  |
| Employees (consolidated) | 1,752 |  |
| EPS | ¥771.1 |  |
| Diluted EPS | ¥764.19 |  |
| Book value per share | ¥4945.44 |  |
| Equity ratio | 29.3% |  |
| Shares outstanding | 3,886,000 |  |
| Treasury shares | 28,800 |  |
| Shareholders | 1,183 |  |
| Average salary (parent only) | ¥6.6M | Filing company only |
| Cash ratio | 11.7% | Net cash -¥13B · Cash ÷ revenue 15.0% |
| Vs. industry median margin | +1.2 pp | Leasing |
| ROE | 16.7% | Derived from disclosed figures |
| ROA | 4.6% | Derived from disclosed figures |

## What changed in 2 years

| Metric | FY ending May 2024 | FY ending May 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥43690004000 | ¥52945301000 | +21.2% |
| Operating income | ¥3182040000 | ¥4382829000 | +37.7% |
| Operating margin | 7.3% | 8.3% | +1 pp |
| Employees | 1,438 people | 1,752 people | +21.8% |
| Cash and equivalents | ¥4799788000 | ¥7965372000 | +66.0% |

### Change in segment revenue mix

Span: FY ending May 2024 → FY ending May 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 52,945 | 100.0% | S100YYO2 |
| Cost of revenue | 35,159 | 66.4% | S100YYO2 |
| Gross profit | 17,786 | 33.6% | S100YYO2 |
| SG&A | 13,403 | 25.3% | S100YYO2 |
| Operating income | 4,383 | 8.3% | S100YYO2 |
| Ordinary income | 3,947 | 7.5% | S100YYO2 |
| Pretax income | 3,956 | 7.5% | S100YYO2 |
| Income tax | 1,139 | 2.2% | S100YYO2 |
| Net income | 2,817 | 5.3% | S100YYO2 |
| Net income attributable to owners | 2,901 | 5.5% | S100YYO2 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 67 |
| SG&A | 25 |
| Operating income | 8 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 33.6% → Operating margin 8.3% → Net margin 5.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +7.9%; Core profit growth: +12.2%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.55×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 49,088 | 52,945 | 3,857 | +7.9% |
| Gross profit | 15,678 | 17,786 | 2,108 | +13.4% |
| Operating income | 3,907 | 4,383 | 476 | +12.2% |
| Net income attributable to owners | 2,499 | 2,901 | 402 | +16.1% |
| Operating cash flow | 1,997 | 411 | -1,587 | -79.4% |
| Free cash flow | 813 | -1,396 | -2,209 | -271.6% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending May 2024 | 43,690 | 3,182 | 7.3% | 2,074 | 3,203 | 2,163 | S100WMBE |
| FY ending May 2025 | 49,088 | 3,907 | 8.0% | 2,499 | 1,997 | 813 | S100YYO2 |
| FY ending May 2026 | 52,945 | 4,383 | 8.3% | 2,901 | 411 | -1,396 | S100YYO2 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥30.2M |
| Operating income per employee (consolidated) | ¥2.5M |
| Net income per employee (consolidated) | ¥1.7M |

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

| History | FY ending May 2024 | FY ending May 2025 | FY ending May 2026 |
| --- | ---: | ---: | ---: |
| Employees (consolidated) | 1,438 | 1,552 | 1,752 |
| Average salary (parent company) | — | ¥5.5M | ¥6.6M |
| Average age (parent company) | — | 39.9 years | 39.6 years |
| Average tenure (parent company) | — | 10.0 years | 9.6 years |

Year over year: Employees (consolidated) +12.9% · Revenue (consolidated) +7.9%

## 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 | 411 | 0.8% | S100YYO2 |
| Capital expenditure | 1,806 | 3.4% | S100YYO2 |
| Free cash flow | -1,396 | -2.6% | 算出 |
| Investing cash flow | -3,163 | -6.0% | S100YYO2 |
| Financing cash flow | 4,582 | 8.7% | S100YYO2 |
| Dividends paid | 576 | 1.1% | S100YYO2 |
| Change in cash | 1,865 | 3.5% | S100YYO2 |
| Cash and equivalents | 7,965 | 15.0% | S100YYO2 |

## 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 2024 | FY ending May 2025 | FY ending May 2026 | Source |
| --- | ---: | ---: | ---: | ---: |
| Cash and equivalents | 4,800 | 6,100 | 7,965 | S100YYO2 |
| Total assets | 51,297 | 57,910 | 68,202 | S100WMBE, S100YYO2 |
| Net assets | 12,666 | 15,236 | 20,067 | S100YYO2 |
| Share capital | 1,401 | 1,401 | 2,649 | S100WMBE, S100YYO2 |
| Trade receivables | 7,065 | 7,477 | 7,970 | S100WMBE, S100YYO2 |
| Property, plant and equipment | 31,854 | 36,904 | 43,690 | S100WMBE, S100YYO2 |
| Intangible assets excluding goodwill | 466 | 405 | 884 | S100WMBE, S100YYO2 |
| Goodwill | — | 5 | 558 | S100YYO2 |
| Investment securities | 777 | 698 | 849 | S100WMBE, S100YYO2 |
| Current assets | 14,556 | 16,076 | 18,664 | S100WMBE, S100YYO2 |
| Current liabilities | 21,245 | 20,966 | 19,995 | S100WMBE, S100YYO2 |
| Trade payables | 3,620 | 414 | 371 | S100WMBE, S100YYO2 |
| Short-term borrowings | 3,711 | 2,210 | 1,929 | S100WMBE, S100YYO2 |
| Long-term borrowings | 10,194 | 13,163 | 18,943 | S100WMBE, S100YYO2 |
| Bonds | 175 | 145 | 115 | S100WMBE, S100YYO2 |
| Interest-bearing debt | 14,080 | 15,518 | 20,987 | 算出 |
| Total liabilities | 38,631 | 42,675 | 48,135 | S100WMBE, S100YYO2 |
| Non-controlling interests | 367 | 204 | 15 | S100WMBE, S100YYO2 |
| Equity attributable to owners of parent | 12,182 | 14,911 | 19,788 | S100WMBE, S100YYO2 |
| Retained earnings | 10,206 | 12,458 | 14,783 | S100WMBE, S100YYO2 |
| Treasury stock | -438 | -142 | -71 | S100WMBE, S100YYO2 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 12% | S100YYO2 |
| Receivables | 12% | S100YYO2 |
| Property, plant and equipment | 64% | S100YYO2 |
| Intangibles and goodwill | 2% | S100YYO2 |
| Investment securities | 1% | S100YYO2 |
| Other assets | 9% | S100YYO2 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 1% | S100YYO2 |
| Interest-bearing debt | 31% | 算出 |
| Other liabilities | 39% | S100YYO2 |
| Equity | 29% | S100YYO2 |
| Other liabilities | 0% | S100YYO2 |

### Balance sheet history

| Metric | FY ending May 2024 | FY ending May 2025 | FY ending May 2026 |
| --- | ---: | ---: | ---: |
| Total assets | 51,297 | 57,910 | 68,202 |
| Equity | 12,666 | 15,236 | 20,067 |
| Interest-bearing debt | 14,080 | 15,518 | 20,987 |
| Cash | 4,800 | 6,100 | 7,965 |

## 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) | 82.5% | S100YYO2 |
| Fixed assets ÷ total assets | 64.1% | S100YYO2 |
| Goodwill ÷ parent equity | 2.8% | S100YYO2 |

### 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) | 11.7% |
| Cash ÷ revenue | 15.0% |
| Net cash (cash − interest-bearing debt) | -¥13B |
| Net debt ÷ operating cash flow | 31.72× |
| Cash conversion (operating CF ÷ operating income) | 9.4% |
| Cash vs. profit gap | -2,491 JPY mn (of net income -85.8%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 19.9% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 3.4% |
| Investing CF relative to operating CF | 770.5% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2024 | 4.7% | 0.85× | 4.0% | 4.21× | 17.0% | S100WMBE |
| 2025 | 5.1% | 0.90× | 4.6% | 4.03× | 18.4% | S100YYO2 |
| 2026 | 5.5% | 0.84× | 4.6% | 3.63× | 16.7% | S100YYO2 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 双日株式会社 | Major shareholder | 10.0% | 2026-05-31 |
| ヤンマー建機株式会社 | Major shareholder | 7.2% | 2026-05-31 |
| 株式会社ＹＵＡＳＡ | Major shareholder | 7.1% | 2026-05-31 |
| レント社員持株会 | Major shareholder | 5.7% | 2026-05-31 |
| 株式会社日本カストディ銀行 （信託口） | Major shareholder | 5.0% | 2026-05-31 |
| 株式会社ＡＩＲＭＡＮ | Major shareholder | 4.3% | 2026-05-31 |
| コベルコ建機株式会社 | Major shareholder | 4.1% | 2026-05-31 |
| 株式会社アイチコーポレーション | Major shareholder | 3.8% | 2026-05-31 |
| レンテック大敬株式会社 | Major shareholder | 2.6% | 2026-05-31 |
| 片桐機械株式会社 | Major shareholder | 2.4% | 2026-05-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第42期(2025/06/01－2026/05/31) | S100YYO2 | 2026-08-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YYO2,, |
| 有価証券報告書－第41期(2024/06/01－2025/05/31) | S100WMBE | 2025-09-01 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WMBE,, |

## 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).