# STORAGE-OH Co.,Ltd.: business model and financials

> Latest period: FY ending Jan 2026, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第16期(2025/02/01－2026/01/31) (S100Y0E1)
> Page: https://vizora.meequs.com/en/company/storage-oh
> Retrieved: 2026-09-30T19:05:00.042Z

## Company

Storage-Oh, founded in 2022, is a company in Real Estate Development & Leasing listed on TSE Growth. It has 25 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | STORAGE-OH Co.,Ltd. |
| Ticker | 2997 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2997.T) |
| Listing | TSE Growth |
| Head office | 千葉県市川市市川南一丁目9-23 |
| Representative (per filing) | 代表取締役社長執行役員 荒川 滋郎 |
| Founded | Apr 2022 |
| Share capital | ¥261.9M |
| Employees (consolidated) | 25 |
| Average salary (parent only) | ¥4.7M |
| Fiscal year end | January |
| Website | www.storageoh.co.jp (https://www.storageoh.co.jp/) |
| Corporate number | 3260001012107 |
| EDINET | E37595 |
| Industries (Vizora) | Real Estate Development & Leasing, Real Estate Brokerage & Management, Home & Lifestyle Services |

> Profile source: annual securities report (S100Y0E1, filed 2026-04-22). As of filing

## Five-axis industry profile

Primary industry: Real Estate Development & Leasing (2026-01-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 80.7 | 75 |
| Profitability | 18 | 86 |
| Cash conversion | 7.9 | 82 |
| Efficiency | 71.5 | 86 |

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)

- About 63% of Storage-Oh's sales come from Trunk room development subdivision, with Trunk room management and Others making up much of the rest.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed -6.2% from the prior year, operating profit +11.3%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥4B |  |
| Operating income | ¥191.5M | Margin 4.8% |
| Net income | ¥117.1M | Margin 2.9% |
| Free cash flow | -¥445M |  |
| Largest business | Trunk room development subdivision | of segment revenue 63.3% |
| Employees (consolidated) | 25 |  |
| EPS | ¥63.33 |  |
| Diluted EPS | ¥61.73 |  |
| Book value per share | ¥668.56 |  |
| Equity ratio | 26.3% |  |
| Shares outstanding | 1,853,500 |  |
| Shareholders | 7,996 |  |
| Average salary (parent only) | ¥4.7M | Filing company only |
| Cash ratio | 19.2% | Cash ÷ revenue 22.6% |
| Vs. industry median margin | -5.7 pp | Real Estate Development & Leasing |
| ROE | 9.9% | Derived from disclosed figures |
| ROA | 2.8% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 91% of positive segment profit
- FY2026, segment profit share differs by 28 points

## What changed in 5 years

| Metric | FY ending Jan 2021 | FY ending Jan 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥1134447000 | ¥3999797000 | +252.6% |
| Operating income | ¥-73790000 | ¥191468000 | — |
| Operating margin | -6.5% | 4.8% | +11.3 pp |
| Employees | 15 people | 25 people | +66.7% |
| Cash and equivalents | ¥363150000 | ¥902485000 | +148.5% |

### Change in segment revenue mix

Span: FY ending Jan 2021 → FY ending Jan 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 新設・再編 → トランクルーム運営管理 | 27.4% |
| 新設・再編 → トランクルーム開発分譲 | 63.3% |
| 新設・再編 → その他不動産取引 | 9.3% |

Segment revenue source references: 3 (derived)

## Business growth × margin

X-axis: segment revenue CAGR. Y-axis: latest operating margin. Bubble size: latest revenue. CAGR requires at least two comparable years.

| Segment | CAGR span | Revenue CAGR | Latest revenue | Operating margin | Source refs |
| --- | ---: | ---: | ---: | ---: | ---: |
| Trunk room development subdivision | 3 years | +1.5% | ¥2531790000 | 17.3% | 2 |
| Trunk room management | 3 years | +19.2% | ¥1096491000 | 1.8% | 2 |
| Others | 2 years | +59.5% | ¥371516000 | 6.7% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 4,000 | 100.0% | S100Y0E1 |
| Cost of revenue | 3,295 | 82.4% | S100Y0E1 |
| Gross profit | 705 | 17.6% | S100Y0E1 |
| SG&A | 513 | 12.8% | S100Y0E1 |
| Operating income | 191 | 4.8% | S100Y0E1 |
| Ordinary income | 173 | 4.3% | S100Y0E1 |
| Pretax income | 175 | 4.4% | S100Y0E1 |
| Income tax | 58 | 1.5% | S100Y0E1 |
| Net income | 117 | 2.9% | S100Y0E1 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 82 |
| SG&A | 13 |
| Operating income | 5 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 17.6% → Operating margin 4.8% → Net margin 2.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue down, profit up
Revenue growth: -6.2%; Core profit growth: +11.3%
Operating leverage (core profit growth ÷ revenue growth): -1.84×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 4,263 | 4,000 | -263 | -6.2% |
| Gross profit | 631 | 705 | 73 | +11.6% |
| Operating income | 172 | 191 | 19 | +11.3% |
| Operating cash flow | -633 | -387 | 245 | — |
| Free cash flow | -662 | -445 | 217 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Jan 2021 | 1,134 | -74 | -6.5% | -69 | -397 | -408 | S100NYZO |
| FY ending Jan 2022 | 3,070 | 154 | 5.0% | 124 | 31 | 30 | S100QNYH |
| FY ending Jan 2023 | 3,066 | 153 | 5.0% | 103 | 269 | 250 | S100TC3W |
| FY ending Jan 2024 | 3,325 | 151 | 4.5% | 110 | -459 | -659 | S100VOTU |
| FY ending Jan 2025 | 4,263 | 172 | 4.0% | 75 | -633 | -662 | S100Y0E1 |
| FY ending Jan 2026 | 4,000 | 191 | 4.8% | 117 | -387 | -445 | S100Y0E1 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥160M |
| Operating income per employee (consolidated) | ¥7.7M |
| Net income per employee (consolidated) | ¥4.7M |

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

| History | FY ending Jan 2022 | FY ending Jan 2023 | FY ending Jan 2024 | FY ending Jan 2025 | FY ending Jan 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 17 | 20 | 25 | 25 | 25 |
| Average salary (parent company) | ¥5M | ¥3.8M | ¥4.4M | ¥5.1M | ¥4.7M |
| Average age (parent company) | 43.2 years | 48.5 years | 49.0 years | 49.1 years | 51.0 years |
| Average tenure (parent company) | 5.0 years | 4.6 years | 4.5 years | 5.3 years | 6.2 years |

Year over year: Employees (consolidated) 0.0% · Revenue (consolidated) -6.2%

## Segments（FY ending Jan 2026, non-consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Trunk room management | 1,096 | 27.4% | 19 | 1.8% |
| Trunk room development subdivision | 2,532 | 63.3% | 438 | 17.3% |
| Others | 372 | 9.3% | 25 | 6.7% |

### segmentMix — Revenue and profit mix

Calculated from disclosed figures (DERIVED). Shares use total segment revenue and total positive segment profit respectively. Difference = profit share − revenue share (pt). Inter-segment sales may prevent reconciliation to company revenue.

| Segment | Revenue share | Profit share | Difference (pt) | Margin |
| --- | ---: | ---: | ---: | ---: |
| Trunk room management | 27.4% | 4.0% | -23.4 | 1.8% |
| Trunk room development subdivision | 63.3% | 90.9% | 27.6 | 17.3% |
| Others | 9.3% | 5.1% | -4.1 | 6.7% |

Segment → industry: Others → Real Estate Development & Leasing / Trunk room development subdivision → Real Estate Development & Leasing / Trunk room management → Real Estate Brokerage & Management / Trunk room management → Home & Lifestyle Services

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -387 | -9.7% | S100Y0E1 |
| Capital expenditure | 58 | 1.4% | S100Y0E1 |
| Free cash flow | -445 | -11.1% | 算出 |
| Investing cash flow | -143 | -3.6% | S100Y0E1 |
| Financing cash flow | 907 | 22.7% | S100Y0E1 |
| Change in cash | 377 | 9.4% | S100Y0E1 |
| Cash and equivalents | 902 | 22.6% | S100Y0E1 |

## 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 Jan 2022 | FY ending Jan 2023 | FY ending Jan 2024 | FY ending Jan 2025 | FY ending Jan 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 389 | 832 | 946 | 526 | 902 | S100TC3W, S100VOTU, S100Y0E1 |
| Total assets | 1,512 | 1,820 | 2,845 | 3,632 | 4,707 | S100QNYH, S100TC3W, S100VOTU, S100Y0E1 |
| Net assets | 650 | 918 | 1,032 | 1,120 | 1,239 | S100TC3W, S100VOTU, S100Y0E1 |
| Share capital | 170 | 261 | 261 | 261 | 262 | S100QNYH, S100TC3W, S100VOTU, S100Y0E1 |
| Property, plant and equipment | 201 | 182 | 367 | 362 | 436 | S100QNYH, S100TC3W, S100VOTU, S100Y0E1 |
| Intangible assets excluding goodwill | 14 | 12 | 13 | 32 | 31 | S100QNYH, S100TC3W, S100VOTU, S100Y0E1 |
| Investment securities | — | 31 | 37 | 53 | 37 | S100TC3W, S100VOTU, S100Y0E1 |
| Current assets | 1,081 | 1,350 | 2,162 | 2,770 | 3,687 | S100QNYH, S100TC3W, S100VOTU, S100Y0E1 |
| Current liabilities | 418 | 207 | 629 | 1,225 | 1,810 | S100QNYH, S100TC3W, S100VOTU, S100Y0E1 |
| Short-term borrowings | 216 | — | 263 | 639 | 1,159 | S100QNYH, S100VOTU, S100Y0E1 |
| Long-term borrowings | 349 | 613 | 1,060 | 1,005 | 1,397 | S100QNYH, S100TC3W, S100VOTU, S100Y0E1 |
| Total liabilities | 863 | 901 | 1,812 | 2,512 | 3,468 | S100QNYH, S100TC3W, S100VOTU, S100Y0E1 |
| Equity attributable to owners of parent | 650 | 934 | 1,044 | 1,120 | 1,239 | S100QNYH, S100TC3W, S100VOTU, S100Y0E1 |
| Retained earnings | 362 | 465 | 575 | 650 | 767 | S100QNYH, S100TC3W, S100VOTU, S100Y0E1 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 19% | S100Y0E1 |
| Property, plant and equipment | 9% | S100Y0E1 |
| Intangibles and goodwill | 1% | S100Y0E1 |
| Investment securities | 1% | S100Y0E1 |
| Other assets | 70% | S100Y0E1 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 74% | S100Y0E1 |
| Equity | 26% | S100Y0E1 |
| Other liabilities | 0% | S100Y0E1 |

### Balance sheet history

| Metric | FY ending Jan 2022 | FY ending Jan 2023 | FY ending Jan 2024 | FY ending Jan 2025 | FY ending Jan 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 1,512 | 1,820 | 2,845 | 3,632 | 4,707 |
| Equity | 650 | 918 | 1,032 | 1,120 | 1,239 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 389 | 832 | 946 | 526 | 902 |

## 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) | 10.9% | S100Y0E1 |
| Fixed assets ÷ total assets | 9.3% | S100Y0E1 |
| Goodwill ÷ parent equity | — | —, S100Y0E1 |

### 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) | 19.2% |
| Cash ÷ revenue | 22.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -202.3% |
| Cash vs. profit gap | -504 JPY mn (of net income -430.6%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 1.4% |
| 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 | 4.0% | 2.03× | 8.2% | 2.33× | 19.1% | S100QNYH |
| 2023 | 3.4% | 1.84× | 6.2% | 2.10× | 13.0% | S100TC3W |
| 2024 | 3.3% | 1.43× | 4.7% | 2.36× | 11.1% | S100VOTU |
| 2025 | 1.8% | 1.32× | 2.3% | 2.99× | 7.0% | S100Y0E1 |
| 2026 | 2.9% | 0.96× | 2.8% | 3.54× | 9.9% | S100Y0E1 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社ケイ・エル・アイ | Major shareholder | 24.0% | 2026-01-31 |
| 株式会社デベロップ | Major shareholder | 9.9% | 2026-01-31 |
| 株式会社細谷工業所 | Major shareholder | 2.7% | 2026-01-31 |
| 寺田倉庫株式会社 | Major shareholder | 2.7% | 2026-01-31 |
| 株式会社九州リースサービス | Major shareholder | 2.1% | 2026-01-31 |
| 須田 忠雄 | Major shareholder | 1.9% | 2026-01-31 |
| 打田 保貴 | Major shareholder | 1.6% | 2026-01-31 |
| 内藤 真一郎 | Major shareholder | 0.8% | 2026-01-31 |
| 藤森 裕司 | Major shareholder | 0.5% | 2026-01-31 |
| 株式会社AGSコンサルティング | Major shareholder | 0.5% | 2026-01-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第16期(2025/02/01－2026/01/31) | S100Y0E1 | 2026-04-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y0E1,, |
| 有価証券報告書－第15期(2024/02/01－2025/01/31) | S100VOTU | 2025-04-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VOTU,, |
| 有価証券報告書－第14期(2023/02/01－2024/01/31) | S100TC3W | 2024-04-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TC3W,, |
| 有価証券報告書－第13期(2022/02/01－2023/01/31) | S100QNYH | 2023-04-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QNYH,, |
| 有価証券報告書－第12期(令和3年2月1日－令和4年1月31日) | S100NYZO | 2022-04-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NYZO,, |

## 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).