# SUBARU CO., LTD.: business model and financials

> Latest period: FY ending Feb 2026, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第68期(2025/03/01－2026/02/28) (S100Y5RU)
> Page: https://vizora.meequs.com/en/company/subaru-9778
> Retrieved: 2026-09-30T22:40:33.347Z

## Company

Subaru is a company in Education listed on TSE Standard. It has 300 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | SUBARU CO., LTD. |
| Ticker | 9778 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9778.T) |
| Listing | TSE Standard |
| Head office | 鹿児島県鹿児島市加治屋町9番1号 |
| Representative (per filing) | 代表取締役社長 西村秋 |
| Share capital | ¥990.8M |
| Employees (consolidated) | 300 |
| Average salary (parent only) | ¥4.2M |
| Fiscal year end | February |
| Corporate number | 7340001002293 |
| EDINET | E04941 |
| Industries (Vizora) | Education |

> Profile source: annual securities report (S100Y5RU, filed 2026-05-26). As of filing

## Five-axis industry profile

Primary industry: Education (2026-02-28)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 15 | 30 |
| Cash conversion | 94.6 | 28 |
| Efficiency | 1.7 | 30 |

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)

- Subaru brought in ¥3.38B in revenue.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed -2.2% from the prior year, operating profit +19.6%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥3375506000 → ¥40751000
- Net income → operating cash flow: ¥40751000 → ¥274481000（difference ¥233730000）
- Main uses of operating cash flow: CapEx ¥219744000 / dividends ¥75110000 / buybacks ¥434000
- Change in cash: ¥-19808000
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 | ¥3.38B |  |
| Operating income | ¥112.4M | Margin 3.3% |
| Net income | ¥40.8M | Margin 1.2% |
| Free cash flow | ¥54.7M |  |
| Employees (consolidated) | 300 |  |
| EPS | ¥68.9 |  |
| Book value per share | ¥6119.36 |  |
| Equity ratio | 52.7% |  |
| Shares outstanding | 693,576 |  |
| Treasury shares | 67,000 |  |
| Shareholders | 1,454 |  |
| Average salary (parent only) | ¥4.2M | Filing company only |
| Cash ratio | 11.0% | Cash ÷ revenue 22.3% |
| Vs. industry median margin | -4 pp | Education |
| ROE | 1.2% | Derived from disclosed figures |
| ROA | 0.6% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 6.7× net income
- FY2026, employees -2% while operating income rose 20%

## What changed in 4 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Feb 2022 | FY ending Feb 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥3539968000 | ¥3375506000 | — |
| Operating income | ¥359982000 | ¥112368000 | — |
| Operating margin | 10.2% | 3.3% | -6.8 pp |
| Employees | 292 people | 300 people | — |
| Cash and equivalents | ¥662428000 | ¥752936000 | — |

### Change in segment revenue mix

Span: FY ending Feb 2022 → FY ending Feb 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 3,376 | 100.0% | S100Y5RU |
| Cost of revenue | 2,746 | 81.3% | S100Y5RU |
| Gross profit | 630 | 18.7% | S100Y5RU |
| SG&A | 517 | 15.3% | S100Y5RU |
| Operating income | 112 | 3.3% | S100Y5RU |
| Ordinary income | 122 | 3.6% | S100Y5RU |
| Pretax income | 64 | 1.9% | S100Y5RU |
| Income tax | 23 | 0.7% | S100Y5RU |
| Net income | 41 | 1.2% | S100Y5RU |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 82 |
| SG&A | 15 |
| Operating income | 3 |
| (Ref.) Net income | 1 |

### Margin funnel

Gross margin 18.7% → Operating margin 3.3% → Net margin 1.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue down, profit up
Revenue growth: -2.2%; Core profit growth: +19.6%
Operating leverage (core profit growth ÷ revenue growth): -8.98×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 3,451 | 3,376 | -75 | -2.2% |
| Gross profit | 640 | 630 | -10 | -1.6% |
| Operating income | 94 | 112 | 18 | +19.6% |
| Operating cash flow | 162 | 274 | 113 | +69.6% |
| Free cash flow | 90 | 55 | -36 | -39.4% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Feb 2021 | 3,667 | 163 | 4.5% | -63 | 287 | 215 | S100O43M |
| FY ending Feb 2022 | 3,540 | 360 | 10.2% | 136 | 415 | — | S100RE1D |
| FY ending Feb 2022 | 3,840 | 326 | 8.5% | 136 | 415 | 344 | S100O43M |
| FY ending Feb 2023 | 3,512 | 281 | 8.0% | 218 | 193 | -16 | S100TI0Q |
| FY ending Feb 2024 | 3,531 | 144 | 4.1% | 36 | 281 | 177 | S100VTTR |
| FY ending Feb 2025 | 3,451 | 94 | 2.7% | 58 | 162 | 90 | S100Y5RU |
| FY ending Feb 2026 | 3,376 | 112 | 3.3% | 41 | 274 | 55 | S100Y5RU |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥11.3M |
| Operating income per employee (consolidated) | ¥374.6K |
| Net income per employee (consolidated) | ¥135.8K |

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

| History | FY ending Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 328 | 311 | 308 | 305 | 300 |
| Average salary (parent company) | ¥4.4M | ¥4.4M | ¥4.4M | ¥4.4M | ¥4.2M |
| Average age (parent company) | 43.1 years | 43.6 years | 43.0 years | 42.9 years | 43.2 years |
| Average tenure (parent company) | 13.1 years | 12.9 years | 13.4 years | 13.5 years | 13.8 years |

Year over year: Employees (consolidated) -1.6% · Revenue (consolidated) -2.2%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 274 | 8.1% | S100Y5RU |
| Capital expenditure | 220 | 6.5% | S100Y5RU |
| Free cash flow | 55 | 1.6% | 算出 |
| Investing cash flow | -125 | -3.7% | S100Y5RU |
| Financing cash flow | -169 | -5.0% | S100Y5RU |
| Dividends paid | 75 | 2.2% | S100Y5RU |
| Share buyback | 0 | 0.0% | S100Y5RU |
| Change in cash | -20 | -0.6% | S100Y5RU |
| Cash and equivalents | 753 | 22.3% | S100Y5RU |

## 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 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 700 | 472 | 960 | 773 | 753 | S100O43M, S100VTTR, S100Y5RU |
| Total assets | 6,795 | 6,711 | 7,117 | 6,925 | 6,875 | S100O43M, S100TI0Q, S100VTTR, S100Y5RU |
| Net assets | 3,451 | 3,604 | 3,639 | 3,571 | 3,621 | S100O43M, S100VTTR, S100Y5RU |
| Share capital | 991 | 991 | 991 | 991 | 991 | S100O43M, S100TI0Q, S100VTTR, S100Y5RU |
| Property, plant and equipment | 4,941 | 5,066 | 4,947 | 4,899 | 4,826 | S100O43M, S100TI0Q, S100VTTR, S100Y5RU |
| Intangible assets excluding goodwill | 101 | 76 | 63 | 43 | 27 | S100O43M, S100TI0Q, S100VTTR, S100Y5RU |
| Investment securities | 83 | 135 | 235 | 144 | 288 | S100O43M, S100TI0Q, S100VTTR, S100Y5RU |
| Current assets | 871 | 618 | 1,089 | 916 | 879 | S100O43M, S100TI0Q, S100VTTR, S100Y5RU |
| Current liabilities | 1,300 | 1,198 | 1,189 | 1,099 | 1,081 | S100O43M, S100TI0Q, S100VTTR, S100Y5RU |
| Long-term borrowings | 946 | 834 | 1,187 | 1,094 | 1,040 | S100O43M, S100TI0Q, S100VTTR, S100Y5RU |
| Bonds | 50 | — | — | — | — | S100O43M |
| Total liabilities | 3,344 | 3,107 | 3,478 | 3,355 | 3,253 | S100O43M, S100TI0Q, S100VTTR, S100Y5RU |
| Equity attributable to owners of parent | 3,462 | 3,600 | 3,560 | 3,544 | 3,512 | S100O43M, S100TI0Q, S100VTTR, S100Y5RU |
| Retained earnings | 2,016 | 2,155 | 2,115 | 2,098 | 2,064 | S100O43M, S100TI0Q, S100VTTR, S100Y5RU |
| Treasury stock | -516 | -517 | -518 | -516 | -514 | S100O43M, S100TI0Q, S100VTTR, S100Y5RU |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 11% | S100Y5RU |
| Property, plant and equipment | 70% | S100Y5RU |
| Intangibles and goodwill | 1% | S100Y5RU |
| Investment securities | 4% | S100Y5RU |
| Other assets | 14% | S100Y5RU |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 47% | S100Y5RU |
| Equity | 53% | S100Y5RU |
| Other liabilities | 0% | S100Y5RU |

### Balance sheet history

| Metric | FY ending Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 6,795 | 6,711 | 7,117 | 6,925 | 6,875 |
| Equity | 3,451 | 3,604 | 3,639 | 3,571 | 3,621 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 700 | 472 | 960 | 773 | 753 |

## 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) | 143.0% | S100Y5RU |
| Fixed assets ÷ total assets | 70.2% | S100Y5RU |
| Goodwill ÷ parent equity | — | —, S100Y5RU |

### 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) | 11.0% |
| Cash ÷ revenue | 22.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 244.3% |
| Cash vs. profit gap | 234 JPY mn (of net income 573.6%) |
| Shareholder returns / net income | 185.4% |
| Shareholder returns / FCF | 138.0% |
| Shareholder payments — dividends / net income | 184.3% |
| Shareholder payments — dividends / FCF | 137.2% |
| CapEx intensity (capex ÷ revenue) | 6.5% |
| Investing CF relative to operating CF | 45.6% |

## 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 | 3.6% | 0.57× | 2.0% | 1.96× | 3.9% | S100O43M |
| 2023 | 6.2% | 0.52× | 3.2% | 1.86× | 6.1% | S100TI0Q |
| 2024 | 1.0% | 0.51× | 0.5% | 1.93× | 1.0% | S100VTTR |
| 2025 | 1.7% | 0.49× | 0.8% | 1.98× | 1.6% | S100Y5RU |
| 2026 | 1.2% | 0.49× | 0.6% | 1.96× | 1.2% | S100Y5RU |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 有限会社学友社 | Major shareholder | 41.0% | 2026-02-28 |
| 株式会社日本カストディ銀行 （信託Ｅ口） | Major shareholder | 5.5% | 2026-02-28 |
| 株式会社鹿児島銀行 （常任代理人 株式会社日本カストディ銀行） | Major shareholder | 5.0% | 2026-02-28 |
| 昴取引先持株会 | Major shareholder | 4.1% | 2026-02-28 |
| 株式会社南日本銀行 | Major shareholder | 3.4% | 2026-02-28 |
| 西 村 道 子 | Major shareholder | 3.3% | 2026-02-28 |
| 西 村 秋 | Major shareholder | 1.7% | 2026-02-28 |
| 昴社員持株会 | Major shareholder | 1.4% | 2026-02-28 |
| 株式会社昭和貨物 | Major shareholder | 0.8% | 2026-02-28 |
| 渕上印刷株式会社 | Major shareholder | 0.8% | 2026-02-28 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第68期(2025/03/01－2026/02/28) | S100Y5RU | 2026-05-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y5RU,, |
| 有価証券報告書－第67期(2024/03/01－2025/02/28) | S100VTTR | 2025-05-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VTTR,, |
| 有価証券報告書－第66期(2023/03/01－2024/02/29) | S100TI0Q | 2024-05-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TI0Q,, |
| 訂正有価証券報告書－第65期(2022/03/01－2023/02/28) | S100RE1D | 2023-07-14 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RE1D,, |
| 有価証券報告書－第64期(令和3年3月1日－令和4年2月28日) | S100O43M | 2022-05-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O43M,, |
| 有価証券報告書－第63期(令和2年3月1日－令和3年2月28日) | S100LEAD | 2021-05-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LEAD,, |

## 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).