# Reiwa Accounting 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22期(2025/04/01－2026/03/31) (S100YAIC)
> Page: https://vizora.meequs.com/en/company/rw-ah
> Retrieved: 2026-09-30T20:27:10.380Z

## Company

Reiwa Accounting Holdings, founded in 2004, is a company in Consulting listed on TSE Growth. It has 326 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Reiwa Accounting Holdings Co., Ltd. |
| Ticker | 296A |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/296A.T) |
| Listing | TSE Growth |
| Head office | 東京都中央区日本橋一丁目4番1号 日本橋一丁目ビルディング |
| Representative (per filing) | 代表取締役 繁野 径子 |
| Founded | Aug 2004 |
| Share capital | ¥100M |
| Employees (consolidated) | 326 |
| Average salary (parent only) | ¥6.9M |
| Fiscal year end | March |
| Website | rw-ah.net (https://rw-ah.net/) |
| Corporate number | 6010001128817 |
| EDINET | E40164 |
| Industries (Vizora) | Consulting |

> Profile source: annual securities report (S100YAIC, filed 2026-06-11). As of filing

## Five-axis industry profile

Primary industry: Consulting (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 59.7 | 31 |
| Profitability | 96.6 | 44 |
| Cash conversion | 26.1 | 44 |
| Efficiency | 62.5 | 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)

- Reiwa Accounting Holdings brought in ¥5.71B in revenue.
- Out of every ¥100 of sales, about ¥35 is left as operating profit.
- Revenue changed +14.6% from the prior year, operating profit +33.0%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥5705099000 → ¥1438998000
- Net income → operating cash flow: ¥1438998000 → ¥1347351000（difference ¥-91647000）
- Main uses of operating cash flow: CapEx ¥66354000 / dividends ¥1398537000 / buybacks ¥475809000
- Change in cash: ¥-617420000
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 | ¥5.71B |  |
| Operating income | ¥1.99B | Margin 34.8% |
| Net income | ¥1.42B | Margin 24.9% |
| Free cash flow | ¥1.28B |  |
| Employees (consolidated) | 326 |  |
| EPS | ¥37.65 |  |
| Book value per share | ¥66.17 |  |
| Equity ratio | 65.4% |  |
| Shares outstanding | 37,500,000 |  |
| Treasury shares | 97,000 |  |
| Shareholders | 3,597 |  |
| Average salary (parent only) | ¥6.9M | Filing company only |
| Cash ratio | 44.3% | Cash ÷ revenue 31.3% |
| Vs. industry median margin | +25.3 pp | Consulting |
| ROE | 49.7% | Derived from disclosed figures |
| ROA | 32.5% | Derived from disclosed figures |

## Notable figures

- FY2026, employees -2% while operating income rose 33%
- FY2026, operating income keeps 35 per ¥100 of revenue
- FY2026, cash is 44% of total assets

## What changed in 2 years

| Metric | FY ending Mar 2024 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥4423406000 | ¥5705099000 | +29.0% |
| Operating income | ¥822693000 | ¥1988013000 | +141.6% |
| Operating margin | 18.6% | 34.8% | +16.2 pp |
| Employees | 316 people | 326 people | +3.2% |
| Cash and equivalents | ¥1677200000 | ¥1788114000 | +6.6% |

### Change in segment revenue mix

Span: FY ending Mar 2024 → 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 | 5,705 | 100.0% | S100YAIC |
| Cost of revenue | 2,385 | 41.8% | S100YAIC |
| Gross profit | 3,320 | 58.2% | S100YAIC |
| SG&A | 1,332 | 23.3% | S100YAIC |
| Operating income | 1,988 | 34.8% | S100YAIC |
| Ordinary income | 1,995 | 35.0% | S100YAIC |
| Pretax income | 1,995 | 35.0% | S100YAIC |
| Income tax | 556 | 9.7% | S100YAIC |
| Net income | 1,439 | 25.2% | S100YAIC |
| Net income attributable to owners | 1,421 | 24.9% | S100YAIC |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 42 |
| SG&A | 23 |
| Operating income | 35 |
| (Ref.) Net income | 25 |

### Margin funnel

Gross margin 58.2% → Operating margin 34.8% → Net margin 24.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +14.6%; Core profit growth: +33.0%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.26×
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 | 4,979 | 5,705 | 726 | +14.6% |
| Gross profit | 2,671 | 3,320 | 649 | +24.3% |
| Operating income | 1,495 | 1,988 | 493 | +33.0% |
| Net income attributable to owners | 1,015 | 1,421 | 406 | +40.0% |
| Operating cash flow | 1,026 | 1,347 | 321 | +31.3% |
| Free cash flow | 997 | 1,281 | 284 | +28.5% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2024 | 4,423 | 823 | 18.6% | 575 | 607 | 569 | S100VYST |
| FY ending Mar 2025 | 4,979 | 1,495 | 30.0% | 1,015 | 1,026 | 997 | S100YAIC |
| FY ending Mar 2026 | 5,705 | 1,988 | 34.8% | 1,421 | 1,347 | 1,281 | S100YAIC |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥17.5M |
| Operating income per employee (consolidated) | ¥6.1M |
| Net income per employee (consolidated) | ¥4.4M |

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

| History | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: |
| Employees (consolidated) | 316 | 333 | 326 |
| Average salary (parent company) | — | ¥6.6M | ¥6.9M |
| Average age (parent company) | — | 31.5 years | 31.8 years |
| Average tenure (parent company) | — | 2.8 years | 3.7 years |

Year over year: Employees (consolidated) -2.1% · Revenue (consolidated) +14.6%

## 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 | 1,347 | 23.6% | S100YAIC |
| Capital expenditure | 66 | 1.2% | S100YAIC |
| Free cash flow | 1,281 | 22.5% | 算出 |
| Investing cash flow | -84 | -1.5% | S100YAIC |
| Financing cash flow | -1,882 | -33.0% | S100YAIC |
| Dividends paid | 1,399 | 24.5% | S100YAIC |
| Share buyback | 476 | 8.3% | S100YAIC |
| Change in cash | -617 | -10.8% | S100YAIC |
| Cash and equivalents | 1,788 | 31.3% | S100YAIC |

## 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 2024 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,677 | 2,406 | 1,788 | S100YAIC |
| Total assets | 5,695 | 4,707 | 4,036 | S100VYST, S100YAIC |
| Net assets | 2,372 | 3,121 | 2,686 | S100YAIC |
| Share capital | 100 | 183 | 100 | S100VYST, S100YAIC |
| Property, plant and equipment | 101 | 105 | 81 | S100VYST, S100YAIC |
| Intangible assets excluding goodwill | 6 | 8 | 65 | S100VYST, S100YAIC |
| Investment securities | 7 | 3 | 1 | S100VYST, S100YAIC |
| Current assets | 5,176 | 4,180 | 3,417 | S100VYST, S100YAIC |
| Current liabilities | 3,310 | 1,580 | 1,350 | S100VYST, S100YAIC |
| Total liabilities | 3,323 | 1,585 | 1,350 | S100VYST, S100YAIC |
| Non-controlling interests | 29 | 29 | 46 | S100VYST, S100YAIC |
| Equity attributable to owners of parent | 2,339 | 3,089 | 2,636 | S100VYST, S100YAIC |
| Retained earnings | 1,029 | 1,613 | 1,636 | S100VYST, S100YAIC |
| Treasury stock | — | — | -77 | S100YAIC |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 44% | S100YAIC |
| Property, plant and equipment | 2% | S100YAIC |
| Intangibles and goodwill | 2% | S100YAIC |
| Investment securities | 0% | S100YAIC |
| Other assets | 52% | S100YAIC |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 33% | S100YAIC |
| Equity | 67% | S100YAIC |

### Balance sheet history

| Metric | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: |
| Total assets | 5,695 | 4,707 | 4,036 |
| Equity | 2,372 | 3,121 | 2,686 |
| Interest-bearing debt | — | — | — |
| Cash | 1,677 | 2,406 | 1,788 |

## 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) | 1.4% | S100YAIC |
| Fixed assets ÷ total assets | 2.0% | S100YAIC |
| Goodwill ÷ parent equity | — | —, S100YAIC |

### 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) | 44.3% |
| Cash ÷ revenue | 31.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 67.8% |
| Cash vs. profit gap | -74 JPY mn (of net income -5.2%) |
| Shareholder returns / net income | 131.9% |
| Shareholder returns / FCF | 146.3% |
| Shareholder payments — dividends / net income | 98.4% |
| Shareholder payments — dividends / FCF | 109.2% |
| CapEx intensity (capex ÷ revenue) | 1.2% |
| Investing CF relative to operating CF | 6.2% |

## 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 | 13.0% | 0.78× | 10.1% | 2.44× | 24.6% | S100VYST |
| 2025 | 20.4% | 0.96× | 19.5% | 1.92× | 37.4% | S100YAIC |
| 2026 | 24.9% | 1.31× | 32.5% | 1.53× | 49.7% | S100YAIC |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 須貝 信 | Major shareholder | 24.8% | 2026-03-31 |
| 株式会社ｍｙｓｋｙ | Major shareholder | 5.3% | 2026-03-31 |
| 須貝 舞 | Major shareholder | 5.3% | 2026-03-31 |
| ヤーマン株式会社 | Major shareholder | 5.0% | 2026-03-31 |
| 繁野 径子 | Major shareholder | 4.3% | 2026-03-31 |
| 株式会社文芸社 | Major shareholder | 3.4% | 2026-03-31 |
| 佐々木 明日美 | Major shareholder | 3.2% | 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 | 3.1% | 2026-03-31 |
| 有限会社スコット | Major shareholder | 2.5% | 2026-03-31 |
| 株式会社レグルス | Major shareholder | 2.1% | 2026-03-31 |
| 株式会社アルタイル | Major shareholder | 2.1% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第22期(2025/04/01－2026/03/31) | S100YAIC | 2026-06-11 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YAIC,, |
| 有価証券報告書－第21期(2024/04/01－2025/03/31) | S100VYST | 2025-06-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VYST,, |

## 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).