# ReYuu Japan Inc.: business model and financials

> Latest period: FY ending Oct 2025, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 訂正有価証券報告書－第38期(2024/11/01－2025/10/31) (S100Y4GM)
> Page: https://vizora.meequs.com/en/company/reyuu-japan
> Retrieved: 2026-09-30T23:27:11.409Z

## Company

ReYuu Japan, founded in 1988, is a company in Secondhand Retail listed on TSE Standard. It has 34 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | ReYuu Japan Inc. |
| Ticker | 9425 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9425.T) |
| Listing | TSE Standard |
| Head office | 大阪市北区天満橋一丁目8番30号 OAPタワー9階 |
| Representative (per filing) | 代表取締役社長CEO 重富 崇史 |
| Founded | Jun 1988 |
| Share capital | ¥397.2M |
| Employees (consolidated) | 34 |
| Average salary (parent only) | ¥5.3M |
| Fiscal year end | October |
| Website | www.reyuu-japan.com (https://www.reyuu-japan.com/) |
| Corporate number | 2120001072917 |
| EDINET | E05481 |
| Industries (Vizora) | Secondhand Retail |

> Profile source: annual securities report (S100Y4GM, filed 2026-05-18). As of filing

## Five-axis industry profile

Primary industry: Secondhand Retail (2025-10-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 17.5 | 20 |
| Efficiency | 87.5 | 20 |

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)

- ReYuu Japan brought in ¥6.26B in revenue.
- It lost about ¥3 for every ¥100 of sales at the operating level.
- Revenue changed +32.3% from the prior year.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥6.26B |  |
| Operating income | -¥163.8M | Margin -2.6% |
| Net income | -¥225.7M | Margin -3.6% |
| Free cash flow | -¥132.3M |  |
| Employees (consolidated) | 34 |  |
| EPS | ¥-40.13 |  |
| Book value per share | ¥199.3 |  |
| Equity ratio | 58.8% |  |
| Shares outstanding | 6,990,400 |  |
| Treasury shares | 292,100 |  |
| Shareholders | 2,921 |  |
| Average salary (parent only) | ¥5.3M | Filing company only |
| Cash ratio | 29.9% | Cash ÷ revenue 10.8% |
| Vs. industry median margin | -5.9 pp | Secondhand Retail |
| ROA | -10.9% | Derived from disclosed figures |

## Notable figures

- FY2025, cash is 30% of total assets

## What changed in 3 years

| Metric | FY ending Apr 2022 | FY ending Oct 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥5457439000 | ¥6259161000 | +14.7% |
| Operating income | ¥-107478000 | ¥-163843000 | — |
| Operating margin | -2.0% | -2.6% | -0.6 pp |
| Employees | 69 people | 34 people | -50.7% |
| Cash and equivalents | ¥1104956000 | ¥679034000 | -38.5% |

### Change in segment revenue mix

Span: FY ending Apr 2022 → FY ending Oct 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 6,259 | 100.0% | S100Y4GM |
| Cost of revenue | 5,886 | 94.0% | S100Y4GM |
| Gross profit | 373 | 6.0% | S100Y4GM |
| SG&A | 537 | 8.6% | S100Y4GM |
| Operating income | -164 | -2.6% | S100Y4GM |
| Ordinary income | -189 | -3.0% | S100Y4GM |
| Pretax income | -223 | -3.6% | S100Y4GM |
| Income tax | 2 | 0.0% | S100Y4GM |
| Net income | -226 | -3.6% | S100Y4GM |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 94 |
| SG&A | 9 |
| Operating income | -3 |
| (Ref.) Net income | -4 |

### Margin funnel

Gross margin 6.0% → Operating margin -2.6% → Net margin -3.6%
Derived from reported figures (DERIVED).

## Year over year（FY ending Oct 2024 → FY ending Oct 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 4,732 | 6,259 | 1,527 | +32.3% |
| Gross profit | 481 | 373 | -108 | -22.5% |
| Operating income | -64 | -164 | -100 | — |
| Operating cash flow | -737 | -129 | 608 | — |
| Free cash flow | -743 | -132 | 611 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Apr 2022 | 5,457 | -107 | -2.0% | -228 | -207 | -208 | S100Q1J0 |
| FY ending Oct 2022 | 1,552 | -126 | -8.1% | -178 | -397 | -399 | S100SOO5 |
| FY ending Oct 2023 | 4,089 | -185 | -4.5% | -81 | -381 | -393 | S100V5ZB |
| FY ending Oct 2024 | 4,732 | -64 | -1.4% | -86 | -737 | -743 | S100Y4GM |
| FY ending Oct 2025 | 6,259 | -164 | -2.6% | -226 | -129 | -132 | S100Y4GM |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥184.1M |
| Operating income per employee (consolidated) | -¥4.8M |
| Net income per employee (consolidated) | -¥6.6M |

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

| History | FY ending Apr 2022 | FY ending Oct 2022 | FY ending Oct 2023 | FY ending Oct 2024 | FY ending Oct 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 69 | 63 | 32 | 27 | 34 |
| Average salary (parent company) | — | ¥4.9M | ¥4.7M | ¥5.2M | ¥5.3M |
| Average age (parent company) | — | 38.5 years | 41.7 years | 41.1 years | 41.6 years |
| Average tenure (parent company) | — | 6.9 years | 7.0 years | 8.3 years | 7.1 years |

Year over year: Employees (consolidated) +25.9% · Revenue (consolidated) +32.3%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -129 | -2.1% | S100Y4GM |
| Capital expenditure | 4 | 0.1% | S100Y4GM |
| Free cash flow | -132 | -2.1% | 算出 |
| Investing cash flow | -94 | -1.5% | S100Y4GM |
| Financing cash flow | 478 | 7.6% | S100Y4GM |
| Share buyback | 0 | 0.0% | S100Y4GM |
| Change in cash | 268 | 4.3% | S100Y4GM |
| Cash and equivalents | 679 | 10.8% | S100Y4GM |

## 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 Apr 2022 | FY ending Oct 2022 | FY ending Oct 2023 | FY ending Oct 2024 | FY ending Oct 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,105 | 665 | 1,090 | 411 | 679 | S100SOO5, S100V5ZB, S100Y4GM |
| Total assets | 1,888 | 1,573 | 1,918 | 1,888 | 2,269 | S100Q1J0, S100SOO5, S100V5ZB, S100Y4GM |
| Net assets | 1,311 | 1,133 | 1,052 | 866 | 1,369 | S100SOO5, S100V5ZB, S100Y4GM |
| Share capital | 1,054 | 1,054 | 50 | 50 | 397 | S100Q1J0, S100SOO5, S100V5ZB, S100Y4GM |
| Property, plant and equipment | 30 | 4 | 4 | 65 | 52 | S100Q1J0, S100SOO5, S100V5ZB, S100Y4GM |
| Intangible assets excluding goodwill | 9 | — | — | — | — | S100Q1J0 |
| Current assets | 1,778 | 1,528 | 1,892 | 1,802 | 2,206 | S100Q1J0, S100SOO5, S100V5ZB, S100Y4GM |
| Current liabilities | 367 | 267 | 746 | 535 | 466 | S100Q1J0, S100SOO5, S100V5ZB, S100Y4GM |
| Short-term borrowings | — | — | 600 | 400 | 200 | S100V5ZB, S100Y4GM |
| Long-term borrowings | 133 | 113 | 73 | 437 | 397 | S100Q1J0, S100SOO5, S100V5ZB, S100Y4GM |
| Total liabilities | 577 | 440 | 866 | 1,021 | 900 | S100Q1J0, S100SOO5, S100V5ZB, S100Y4GM |
| Equity attributable to owners of parent | 1,311 | 1,133 | 1,052 | 866 | 1,335 | S100Q1J0, S100SOO5, S100V5ZB, S100Y4GM |
| Retained earnings | -468 | -646 | -81 | -167 | -393 | S100Q1J0, S100SOO5, S100V5ZB, S100Y4GM |
| Treasury stock | -0 | -0 | -0 | -99 | -99 | S100Q1J0, S100SOO5, S100V5ZB, S100Y4GM |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 30% | S100Y4GM |
| Property, plant and equipment | 2% | S100Y4GM |
| Other assets | 68% | S100Y4GM |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 40% | S100Y4GM |
| Equity | 60% | S100Y4GM |

### Balance sheet history

| Metric | FY ending Apr 2022 | FY ending Oct 2022 | FY ending Oct 2023 | FY ending Oct 2024 | FY ending Oct 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 1,888 | 1,573 | 1,918 | 1,888 | 2,269 |
| Equity | 1,311 | 1,133 | 1,052 | 866 | 1,369 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,105 | 665 | 1,090 | 411 | 679 |

## 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) | 0.8% | S100Y4GM |
| Fixed assets ÷ total assets | 2.3% | S100Y4GM |
| Goodwill ÷ parent equity | — | —, S100Y4GM |

### 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) | 29.9% |
| Cash ÷ revenue | 10.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | 97 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.1% |
| 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | — | —× | -12.1% | —× | — | S100Q1J0 |
| 2022 | — | —× | -11.3% | —× | — | S100SOO5 |
| 2023 | — | —× | -4.6% | —× | — | S100V5ZB |
| 2024 | — | —× | -4.5% | —× | — | S100Y4GM |
| 2025 | — | —× | -10.9% | —× | — | S100Y4GM |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| SEACASTLE SINGAPORE PTE. LTD. （常任代理人 松尾 聖海） | Major shareholder | 24.9% | 2025-10-31 |
| 株式会社Showcase Capital | Major shareholder | 7.5% | 2025-10-31 |
| 兼松コミュニケーションズ株式会社 | Major shareholder | 6.9% | 2025-10-31 |
| 楽天証券株式会社共有口 | Major shareholder | 4.6% | 2025-10-31 |
| 株式会社SBI証券 | Major shareholder | 4.1% | 2025-10-31 |
| 三菱UFJeスマート証券株式会社 | Major shareholder | 2.9% | 2025-10-31 |
| 坂 達典 | Major shareholder | 2.6% | 2025-10-31 |
| 坂庭 亮一 | Major shareholder | 1.9% | 2025-10-31 |
| GMOクリック証券株式会社 | Major shareholder | 1.8% | 2025-10-31 |
| 松井証券株式会社 | Major shareholder | 1.4% | 2025-10-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 訂正有価証券報告書－第38期(2024/11/01－2025/10/31) | S100Y4GM | 2026-05-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y4GM,, |
| 有価証券報告書－第37期(2023/11/01－2024/10/31) | S100V5ZB | 2025-01-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100V5ZB,, |
| 有価証券報告書－第36期(2022/11/01－2023/10/31) | S100SOO5 | 2024-01-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SOO5,, |
| 有価証券報告書－第35期(2022/05/01－2022/10/31) | S100Q1J0 | 2023-01-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Q1J0,, |

## 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).