# RIDE ON EXPRESS  HOLDINGS Co.,Ltd.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第25期(2025/04/01－2026/03/31) (S100YHAZ)
> Page: https://vizora.meequs.com/en/company/ride-on-express-holdings
> Retrieved: 2026-09-30T22:43:31.743Z

## Company

Ride on Express Holdings, founded in 2001, is a company in Takeout & Delivery Meals listed on TSE Standard. It has 363 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | RIDE ON EXPRESS HOLDINGS Co., Ltd. |
| Ticker | 6082 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6082.T) |
| Listing | TSE Standard |
| Head office | 東京都港区三田三丁目5番27号 |
| Representative (per filing) | 代表取締役社長 江見 朗 |
| Founded | Jul 2001 |
| Share capital | ¥1.1B |
| Employees (consolidated) | 363 |
| Average salary (parent only) | ¥6.8M |
| Fiscal year end | March |
| Website | www.rideonexpresshd.co.jp (https://www.rideonexpresshd.co.jp/) |
| Corporate number | 2010401067115 |
| EDINET | E30065 |
| Industries (Vizora) | Takeout & Delivery Meals |

> Profile source: annual securities report (S100YHAZ, filed 2026-06-23). As of filing

## Five-axis industry profile

Primary industry: Takeout & Delivery Meals (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 16.7 | 15 |
| Profitability | 65.6 | 16 |
| Cash conversion | 32.1 | 14 |
| Efficiency | 53.1 | 16 |

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)

- Ride on Express Holdings brought in ¥23.8B in revenue.
- Out of every ¥100 of sales, about ¥4 is left as operating profit.
- Revenue changed +1.9% from the prior year, operating profit +12.6%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥23833543000 → ¥700240000
- Net income → operating cash flow: ¥700240000 → ¥772030000（difference ¥71790000）
- Main uses of operating cash flow: CapEx ¥438757000 / dividends ¥146665000 / buybacks —
- Change in cash: ¥1155787000
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 | ¥23.8B |  |
| Operating income | ¥879.9M | Margin 3.7% |
| Net income | ¥699.9M | Margin 2.9% |
| Free cash flow | ¥333.3M |  |
| Employees (consolidated) | 363 |  |
| EPS | ¥187.77 |  |
| Book value per share | ¥640.72 |  |
| Equity ratio | 58.1% |  |
| Shares outstanding | 10,938,719 |  |
| Treasury shares | 1,140,500 |  |
| Shareholders | 30,381 |  |
| Average salary (parent only) | ¥6.8M | Filing company only |
| Cash ratio | 50.6% | Cash ÷ revenue 32.4% |
| Vs. industry median margin | +0.5 pp | Takeout & Delivery Meals |
| ROE | 9.2% | Derived from disclosed figures |
| ROA | 5.0% | Derived from disclosed figures |

## Notable figures

- FY2026, cash is 51% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥25384043000 | ¥23833543000 | -6.1% |
| Operating income | ¥2419263000 | ¥879947000 | -63.6% |
| Operating margin | 9.5% | 3.7% | -5.8 pp |
| Employees | 387 people | 363 people | -6.2% |
| Cash and equivalents | ¥5400424000 | ¥7710385000 | +42.8% |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 23,834 | 100.0% | S100YHAZ |
| Cost of revenue | 12,693 | 53.3% | S100YHAZ |
| Gross profit | 11,141 | 46.7% | S100YHAZ |
| SG&A | 10,261 | 43.1% | S100YHAZ |
| Operating income | 880 | 3.7% | S100YHAZ |
| Ordinary income | 1,277 | 5.4% | S100YHAZ |
| Pretax income | 1,164 | 4.9% | S100YHAZ |
| Income tax | 463 | 1.9% | S100YHAZ |
| Net income | 700 | 2.9% | S100YHAZ |
| Net income attributable to owners | 700 | 2.9% | S100YHAZ |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 53 |
| SG&A | 43 |
| Operating income | 4 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 46.7% → Operating margin 3.7% → Net margin 2.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +1.9%; Core profit growth: +12.6%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 6.69×
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 | 23,394 | 23,834 | 440 | +1.9% |
| Gross profit | 11,176 | 11,141 | -35 | -0.3% |
| Operating income | 782 | 880 | 98 | +12.6% |
| Net income attributable to owners | 334 | 700 | 366 | +109.8% |
| Operating cash flow | 591 | 772 | 181 | +30.6% |
| Free cash flow | 196 | 333 | 138 | +70.3% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 21,035 | 1,379 | 6.6% | 799 | 1,711 | 1,042 | S100LPQ1 |
| FY ending Mar 2021 | 25,384 | 2,419 | 9.5% | 1,497 | 2,361 | 1,961 | S100OFHP |
| FY ending Mar 2022 | 25,703 | 1,944 | 7.6% | 1,247 | 1,214 | 560 | S100R5UN |
| FY ending Mar 2023 | 25,354 | 1,252 | 4.9% | 546 | 745 | 335 | S100TT93 |
| FY ending Mar 2024 | 23,995 | 1,067 | 4.4% | 365 | 1,353 | 1,071 | S100W2WB |
| FY ending Mar 2025 | 23,394 | 782 | 3.3% | 334 | 591 | 196 | S100YHAZ |
| FY ending Mar 2026 | 23,834 | 880 | 3.7% | 700 | 772 | 333 | S100YHAZ |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥65.7M |
| Operating income per employee (consolidated) | ¥2.4M |
| Net income per employee (consolidated) | ¥1.9M |

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) | 394 | 384 | 354 | 359 | 363 |
| Average salary (parent company) | ¥6.4M | ¥6.4M | ¥6.6M | ¥6.9M | ¥6.8M |
| Average age (parent company) | 38.6 years | 38.7 years | 39.7 years | 41.4 years | 42.2 years |
| Average tenure (parent company) | 9.4 years | 8.9 years | 9.7 years | 10.7 years | 11.3 years |

Year over year: Employees (consolidated) +1.1% · Revenue (consolidated) +1.9%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 772 | 3.2% | S100YHAZ |
| Capital expenditure | 439 | 1.8% | S100YHAZ |
| Free cash flow | 333 | 1.4% | 算出 |
| Investing cash flow | -625 | -2.6% | S100YHAZ |
| Financing cash flow | 1,009 | 4.2% | S100YHAZ |
| Dividends paid | 147 | 0.6% | S100YHAZ |
| Change in cash | 1,156 | 4.8% | S100YHAZ |
| Cash and equivalents | 7,710 | 32.4% | S100YHAZ |

## 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 | 4,144 | 7,153 | 7,482 | 6,555 | 7,710 | S100TT93, S100W2WB, S100YHAZ |
| Total assets | 11,444 | 13,539 | 12,979 | 12,997 | 15,224 | S100R5UN, S100TT93, S100W2WB, S100YHAZ |
| Net assets | 7,356 | 7,132 | 7,263 | 8,030 | 8,850 | S100TT93, S100W2WB, S100YHAZ |
| Share capital | 1,056 | 1,067 | 1,079 | 1,091 | 1,101 | S100R5UN, S100TT93, S100W2WB, S100YHAZ |
| Property, plant and equipment | 1,141 | 1,017 | 641 | 664 | 723 | S100R5UN, S100TT93, S100W2WB, S100YHAZ |
| Intangible assets excluding goodwill | 473 | 379 | 343 | 304 | 387 | S100R5UN, S100TT93, S100W2WB, S100YHAZ |
| Investment securities | 1,654 | 1,668 | 1,432 | 2,497 | 3,420 | S100R5UN, S100TT93, S100W2WB, S100YHAZ |
| Current assets | 7,313 | 9,600 | 9,542 | 8,709 | 9,888 | S100R5UN, S100TT93, S100W2WB, S100YHAZ |
| Current liabilities | 3,554 | 3,595 | 3,512 | 3,341 | 3,874 | S100R5UN, S100TT93, S100W2WB, S100YHAZ |
| Long-term borrowings | 3 | 2,263 | 1,661 | 1,039 | 1,825 | S100R5UN, S100TT93, S100W2WB, S100YHAZ |
| Total liabilities | 4,088 | 6,408 | 5,715 | 4,967 | 6,374 | S100R5UN, S100TT93, S100W2WB, S100YHAZ |
| Non-controlling interests | 2 | 1 | 1 | 3 | 3 | S100R5UN, S100TT93, S100W2WB, S100YHAZ |
| Equity attributable to owners of parent | 7,250 | 7,015 | 7,112 | 7,324 | 7,897 | S100R5UN, S100TT93, S100W2WB, S100YHAZ |
| Retained earnings | 6,435 | 6,678 | 6,750 | 6,938 | 7,491 | S100R5UN, S100TT93, S100W2WB, S100YHAZ |
| Treasury stock | -1,200 | -1,700 | -1,700 | -1,700 | -1,700 | S100R5UN, S100TT93, S100W2WB, S100YHAZ |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 51% | S100YHAZ |
| Property, plant and equipment | 5% | S100YHAZ |
| Intangibles and goodwill | 2% | S100YHAZ |
| Investment securities | 22% | S100YHAZ |
| Other assets | 20% | S100YHAZ |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 42% | S100YHAZ |
| Equity | 58% | S100YHAZ |

### 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 | 11,444 | 13,539 | 12,979 | 12,997 | 15,224 |
| Equity | 7,356 | 7,132 | 7,263 | 8,030 | 8,850 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 4,144 | 7,153 | 7,482 | 6,555 | 7,710 |

## 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) | 3.0% | S100YHAZ |
| Fixed assets ÷ total assets | 4.7% | S100YHAZ |
| Goodwill ÷ parent equity | — | —, S100YHAZ |

### 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) | 50.6% |
| Cash ÷ revenue | 32.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 87.7% |
| Cash vs. profit gap | 72 JPY mn (of net income 10.3%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 21.0% |
| Shareholder payments — dividends / FCF | 44.0% |
| CapEx intensity (capex ÷ revenue) | 1.8% |
| Investing CF relative to operating CF | 81.0% |

## 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% | 2.25× | 10.9% | 1.58× | 17.2% | S100R5UN |
| 2023 | 2.2% | 2.03× | 4.4% | 1.75× | 7.7% | S100TT93 |
| 2024 | 1.5% | 1.81× | 2.8% | 1.88× | 5.2% | S100W2WB |
| 2025 | 1.4% | 1.80× | 2.6% | 1.80× | 4.6% | S100YHAZ |
| 2026 | 2.9% | 1.69× | 5.0% | 1.85× | 9.2% | S100YHAZ |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社エミＡ＆Ｙ | Major shareholder | 21.6% | 2026-03-31 |
| 江見 朗 | Major shareholder | 7.5% | 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 | 6.7% | 2026-03-31 |
| 松島 和之 | Major shareholder | 2.1% | 2026-03-31 |
| 冨板 克行 | Major shareholder | 1.8% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 1.5% | 2026-03-31 |
| 渡邊 一正 | Major shareholder | 1.4% | 2026-03-31 |
| ライドオンエクスプレス従業員持株会 | Major shareholder | 0.7% | 2026-03-31 |
| 水谷 俊彦 | Major shareholder | 0.7% | 2026-03-31 |
| 中村 格彰 | Major shareholder | 0.7% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第25期(2025/04/01－2026/03/31) | S100YHAZ | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YHAZ,, |
| 有価証券報告書－第24期(2024/04/01－2025/03/31) | S100W2WB | 2025-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W2WB,, |
| 有価証券報告書－第23期(2023/04/01－2024/03/31) | S100TT93 | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TT93,, |
| 有価証券報告書－第22期(2022/04/01－2023/03/31) | S100R5UN | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R5UN,, |
| 有価証券報告書－第21期(令和3年4月1日－令和4年3月31日) | S100OFHP | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OFHP,, |
| 有価証券報告書－第20期(令和2年4月1日－令和3年3月31日) | S100LPQ1 | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LPQ1,, |

## 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).