# Shirohato Co.,Ltd.: business model and financials

> Latest period: FY ending Nov 2025, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第54期(2025/03/01－2025/11/30) (S100XN0D)
> Page: https://vizora.meequs.com/en/company/shirohato
> Retrieved: 2026-09-30T21:33:57.384Z

## Company

Shirohato, founded in 1999, is a company in E-commerce listed on TSE Standard. It has 80 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Shirohato Co.,Ltd. |
| Ticker | 3192 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3192.T) |
| Listing | TSE Standard |
| Head office | 京都市伏見区竹田向代町505番地 |
| Representative (per filing) | 代表取締役社長 菅原 知樹 |
| Founded | Nov 1999 |
| Share capital | ¥1.2B |
| Employees (consolidated) | 80 |
| Average salary (parent only) | ¥4.2M |
| Fiscal year end | November |
| Website | www.shirohato.co.jp (https://www.shirohato.co.jp/) |
| Corporate number | 2130001014736 |
| EDINET | E30504 |
| Industries (Vizora) | E-commerce |

> Profile source: annual securities report (S100XN0D, filed 2026-02-27). As of filing

## Five-axis industry profile

Primary industry: E-commerce (2025-11-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 4.4 | 34 |
| Efficiency | 27.9 | 34 |

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)

- Shirohato brought in ¥4.21B in revenue.
- It lost about ¥3 for every ¥100 of sales at the operating level.
- Revenue changed -32.9% from the prior year, operating profit -468.1%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥4.21B |  |
| Operating income | -¥131.2M | Margin -3.1% |
| Net income | ¥314.9M | Margin 7.5% |
| Free cash flow | -¥306.2M |  |
| Employees (consolidated) | 80 |  |
| EPS | ¥47.31 |  |
| Book value per share | ¥378.66 |  |
| Equity ratio | 43.6% |  |
| Shares outstanding | 6,669,700 |  |
| Treasury shares | 13,700 |  |
| Shareholders | 1,496 |  |
| Average salary (parent only) | ¥4.2M | Filing company only |
| Cash ratio | 11.1% | Cash ÷ revenue 15.3% |
| Vs. industry median margin | -8.1 pp | E-commerce |
| ROE | 12.5% | Derived from disclosed figures |
| ROA | 5.4% | Derived from disclosed figures |

## What changed in 1 years

| Metric | FY ending Feb 2025 | FY ending Nov 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥6274053000 | ¥4208482000 | -32.9% |
| Operating income | ¥35647000 | ¥-131210000 | -468.1% |
| Operating margin | 0.6% | -3.1% | -3.7 pp |
| Employees | 83 people | 80 people | -3.6% |
| Cash and equivalents | ¥554426000 | ¥643588000 | +16.1% |

### Change in segment revenue mix

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

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 4,208 | 100.0% | S100XN0D |
| Cost of revenue | 2,658 | 63.1% | 算出 |
| Gross profit | 1,551 | 36.9% | S100XN0D |
| SG&A | 1,682 | 40.0% | S100XN0D |
| Operating income | -131 | -3.1% | S100XN0D |
| Ordinary income | -150 | -3.6% | S100XN0D |
| Pretax income | 527 | 12.5% | S100XN0D |
| Income tax | 212 | 5.0% | S100XN0D |
| Net income | 315 | 7.5% | S100XN0D |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 63 |
| SG&A | 40 |
| Operating income | -3 |
| (Ref.) Net income | 7 |

### Margin funnel

Gross margin 36.9% → Operating margin -3.1% → Net margin 7.5%
Derived from reported figures (DERIVED).

## Year over year（FY ending Feb 2025 → FY ending Nov 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 6,274 | 4,208 | -2,066 | -32.9% |
| Gross profit | 2,390 | 1,551 | -839 | -35.1% |
| Operating income | 36 | -131 | -167 | -468.1% |
| Operating cash flow | 326 | -285 | -611 | -187.4% |
| Free cash flow | 289 | -306 | -595 | -205.9% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Feb 2025 | 6,274 | 36 | 0.6% | 123 | 326 | 289 | S100XN0D |
| FY ending Nov 2025 | 4,208 | -131 | -3.1% | 315 | -285 | -306 | S100XN0D |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥52.6M |
| Operating income per employee (consolidated) | -¥1.6M |
| Net income per employee (consolidated) | ¥3.9M |

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

| History | FY ending Feb 2025 | FY ending Nov 2025 |
| --- | ---: | ---: |
| Employees (consolidated) | 83 | 80 |
| Average salary (parent company) | — | ¥4.2M |
| Average age (parent company) | — | 40.6 years |
| Average tenure (parent company) | — | 8.3 years |

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -285 | -6.8% | S100XN0D |
| Capital expenditure | 21 | 0.5% | S100XN0D |
| Free cash flow | -306 | -7.3% | 算出 |
| Investing cash flow | 1,204 | 28.6% | S100XN0D |
| Financing cash flow | -830 | -19.7% | S100XN0D |
| Change in cash | 89 | 2.1% | S100XN0D |
| Cash and equivalents | 644 | 15.3% | S100XN0D |

## 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 Feb 2025 | FY ending Nov 2025 | Source |
| --- | ---: | ---: | ---: |
| Cash and equivalents | 554 | 644 | S100XN0D |
| Total assets | 5,960 | 5,787 | S100XN0D |
| Net assets | 2,205 | 2,520 | S100XN0D |
| Share capital | 1,197 | 1,197 | S100XN0D |
| Property, plant and equipment | 3,747 | 3,028 | S100XN0D |
| Intangible assets excluding goodwill | 86 | 83 | S100XN0D |
| Current assets | 1,997 | 2,664 | S100XN0D |
| Current liabilities | 1,935 | 2,641 | S100XN0D |
| Short-term borrowings | 1,200 | 1,600 | S100XN0D |
| Long-term borrowings | 1,760 | 624 | S100XN0D |
| Total liabilities | 3,754 | 3,266 | S100XN0D |
| Equity attributable to owners of parent | 2,205 | 2,520 | S100XN0D |
| Retained earnings | -178 | 137 | S100XN0D |
| Treasury stock | -0 | -0 | S100XN0D |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 11% | S100XN0D |
| Property, plant and equipment | 52% | S100XN0D |
| Intangibles and goodwill | 2% | S100XN0D |
| Other assets | 35% | S100XN0D |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 56% | S100XN0D |
| Equity | 44% | S100XN0D |

### Balance sheet history

| Metric | FY ending Feb 2025 | FY ending Nov 2025 |
| --- | ---: | ---: |
| Total assets | 5,960 | 5,787 |
| Equity | 2,205 | 2,520 |
| Interest-bearing debt | — | — |
| Cash | 554 | 644 |

## 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) | 71.9% | S100XN0D |
| Fixed assets ÷ total assets | 52.3% | S100XN0D |
| Goodwill ÷ parent equity | — | —, S100XN0D |

### 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) | 11.1% |
| Cash ÷ revenue | 15.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | -600 JPY mn (of net income -190.4%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.5% |
| 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2025 | 2.0% | 1.05× | 2.1% | 2.70× | 5.6% | S100XN0D |
| 2025 | 7.5% | 0.73× | 5.4% | 2.30× | 12.5% | S100XN0D |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社歯愛メディカル | Major shareholder | 50.6% | 2025-11-30 |
| 池上 勝 | Major shareholder | 8.2% | 2025-11-30 |
| 伊藤 真吾 | Major shareholder | 5.0% | 2025-11-30 |
| 弘田 了 | Major shareholder | 4.2% | 2025-11-30 |
| 田中 憲治 | Major shareholder | 2.9% | 2025-11-30 |
| 楽天証券株式会社共有口 | Major shareholder | 1.4% | 2025-11-30 |
| イシザカ トシユキ | Major shareholder | 1.3% | 2025-11-30 |
| 大野 格 | Major shareholder | 0.9% | 2025-11-30 |
| 株式会社ＳＢＩ証券 | Major shareholder | 0.9% | 2025-11-30 |
| 豊証券株式会社 | Major shareholder | 0.8% | 2025-11-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第54期(2025/03/01－2025/11/30) | S100XN0D | 2026-02-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XN0D,, |

## 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).