# UNISOL Holdings Corporation: business model and financials

> Latest period: FY ending Dec 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第5期(2025/01/01－2025/12/31) (S100XU07)
> Page: https://vizora.meequs.com/en/company/unisol-holdings
> Retrieved: 2026-09-30T20:30:25.402Z

## Company

UNISOL Holdings, founded in 2026, is a company in Leasing listed on TSE Prime. It has 1,966 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | UNISOL Holdings Corporation (旧英訳名 MARUKA FURUSATO Corporation) (注)2025年3月28日開催の第4回定時株主総会の決議により、2026年1月1日から会社名を上記のとおり変更いたしました。 |
| Ticker | 7128 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7128.T) |
| Listing | TSE Prime |
| Head office | 大阪市中央区南新町一丁目2番10号 |
| Representative (per filing) | 代表取締役社長 古里 龍平 |
| Founded | Jan 2026 |
| Share capital | ¥5B |
| Employees (consolidated) | 1,966 |
| Average salary (parent only) | ¥7.1M |
| Fiscal year end | December |
| Website | www.unisol-gr.com (https://www.unisol-gr.com/) |
| Corporate number | 9120001240871 |
| EDINET | E36707 |
| Industries (Vizora) | Leasing, Specialty Trading & Wholesale, Security Services |

> Profile source: annual securities report (S100XU07, filed 2026-03-26). As of filing

## Five-axis industry profile

Primary industry: Specialty Trading & Wholesale (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 35.9 | 185 |
| Cash conversion | 79.1 | 179 |
| Efficiency | 35.9 | 185 |

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 66% of UNISOL Holdings's sales come from Machine and Tool, with Construction Material and Construction Machine making up much of the rest.
- Out of every ¥100 of sales, about ¥2 is left as operating profit.
- Revenue changed -1.7% from the prior year, operating profit -12.4%.

## Company structure

- Segment revenue mix: Machine and Tool 66.0%、Construction Material 26.5%、Construction Machine 5.1%、IoT solution 2.4%
- Revenue → net income: ¥159036000000 → ¥2019000000
- Net income → operating cash flow: ¥2019000000 → ¥5503000000（difference ¥3484000000）
- Main uses of operating cash flow: CapEx ¥1138000000 / dividends ¥2602000000 / buybacks ¥1647000000
- Change in cash: ¥1662000000
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 | ¥159B |  |
| Operating income | ¥3.38B | Margin 2.1% |
| Net income | ¥1.91B | Margin 1.2% |
| Free cash flow | ¥4.37B |  |
| Largest business | Machine and Tool | of segment revenue 66.0% |
| Employees (consolidated) | 1,966 |  |
| EPS | ¥92.35 |  |
| Book value per share | ¥2272.81 |  |
| Equity ratio | 62.1% |  |
| Shares outstanding | 24,298,000 |  |
| Treasury shares | 1,900 |  |
| Shareholders | 15,374 |  |
| Average salary (parent only) | ¥7.1M | Filing company only |
| Cash ratio | 23.7% | Cash ÷ revenue 17.5% |
| Vs. industry median margin | -0.7 pp | Specialty Trading & Wholesale |
| ROE | 2.7% | Derived from disclosed figures |
| ROA | 1.6% | Derived from disclosed figures |

## Notable figures

- FY2025, operating cash flow is 2.9× net income
- FY2025, revenue is 2.1× its level five years ago
- FY2025, one segment accounts for 61% of positive segment profit

## What changed in 4 years

| Metric | FY ending Dec 2021 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥74292000000 | ¥159036000000 | +114.1% |
| Operating income | ¥1465000000 | ¥3380000000 | +130.7% |
| Operating margin | 2.0% | 2.1% | +0.2 pp |
| Employees | 1,972 people | 1,966 people | -0.3% |
| Cash and equivalents | ¥22872000000 | ¥27792000000 | +21.5% |

### Change in segment revenue mix

Span: FY ending Dec 2021 → FY ending Dec 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 機械・工具 → 機械・工具 | 57.5% |
| 建設資材 → 建設資材 | 26.5% |
| 建設資材 → 事業再編・廃止 | 12.4% |
| 建設機械 → 建設機械 | 0.6% |
| セキュリティ → 事業再編・廃止 | 3.1% |
| 新設・再編 → 機械・工具 | 8.5% |
| 新設・再編 → 建設機械 | 4.6% |
| 新設・再編 → IoTソリューション | 2.4% |

Segment revenue source references: 8 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Machine and Tool | 4 years | +25.2% | ¥104904000000 | 2.0% | 2 |
| Construction Material | 4 years | +9.9% | ¥42070000000 | 2.3% | 2 |
| Construction Machine | 4 years | +109.4% | ¥8165000000 | 1.8% | 2 |
| IoT solution | 3 years | +12.8% | ¥3896000000 | 6.3% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 159,036 | 100.0% | S100XU07 |
| Cost of revenue | 132,865 | 83.5% | S100XU07 |
| Gross profit | 26,170 | 16.5% | S100XU07 |
| SG&A | 22,789 | 14.3% | S100XU07 |
| Operating income | 3,380 | 2.1% | S100XU07 |
| Ordinary income | 4,179 | 2.6% | S100XU07 |
| Pretax income | 3,493 | 2.2% | S100XU07 |
| Income tax | 1,474 | 0.9% | S100XU07 |
| Net income | 2,019 | 1.3% | S100XU07 |
| Net income attributable to owners | 1,906 | 1.2% | S100XU07 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 84 |
| SG&A | 14 |
| Operating income | 2 |
| (Ref.) Net income | 1 |

### Margin funnel

Gross margin 16.5% → Operating margin 2.1% → Net margin 1.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -1.7%; Core profit growth: -12.4%
Operating leverage (core profit growth ÷ revenue growth): 7.50×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Dec 2024 → FY ending Dec 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 161,716 | 159,036 | -2,680 | -1.7% |
| Gross profit | 25,666 | 26,170 | 504 | +2.0% |
| Operating income | 3,860 | 3,380 | -480 | -12.4% |
| Net income attributable to owners | 4,613 | 1,906 | -2,707 | -58.7% |
| Operating cash flow | 7,863 | 5,503 | -2,360 | -30.0% |
| Free cash flow | 5,348 | 4,365 | -983 | -18.4% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2021 | 74,292 | 1,465 | 2.0% | 1,037 | -853 | -1,418 | S100QHP4 |
| FY ending Dec 2022 | 162,416 | 5,895 | 3.6% | 4,531 | 3,795 | 1,202 | S100T6QG |
| FY ending Dec 2023 | 172,980 | 5,705 | 3.3% | 4,698 | 6,031 | 2,537 | S100VI7U |
| FY ending Dec 2024 | 161,716 | 3,860 | 2.4% | 4,613 | 7,863 | 5,348 | S100XU07 |
| FY ending Dec 2025 | 159,036 | 3,380 | 2.1% | 1,906 | 5,503 | 4,365 | S100XU07 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥80.9M |
| Operating income per employee (consolidated) | ¥1.7M |
| Net income per employee (consolidated) | ¥969.5K |

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

| History | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 1,972 | 1,951 | 2,005 | 2,010 | 1,966 |
| Average salary (parent company) | — | ¥7.9M | ¥7.9M | ¥7.4M | ¥7.1M |
| Average age (parent company) | — | 44.5 years | 42.0 years | 43.1 years | 40.6 years |
| Average tenure (parent company) | — | 13.5 years | 12.8 years | 12.4 years | 10.4 years |

Year over year: Employees (consolidated) -2.2% · Revenue (consolidated) -1.7%

## Segments（FY ending Dec 2025, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Machine and Tool | 104,904 | 66.0% | 2,104 | 2.0% |
| Construction Material | 42,070 | 26.5% | 953 | 2.3% |
| Construction Machine | 8,165 | 5.1% | 147 | 1.8% |
| IoT solution | 3,896 | 2.4% | 246 | 6.3% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Machine and Tool | 66.0% | 61.0% | -5.0 | 2.0% |
| Construction Material | 26.5% | 27.6% | 1.2 | 2.3% |
| Construction Machine | 5.1% | 4.3% | -0.9 | 1.8% |
| IoT solution | 2.4% | 7.1% | 4.7 | 6.3% |

Segment → industry: Construction Machine → Leasing / Construction Machine → Specialty Trading & Wholesale / Construction Material → Specialty Trading & Wholesale / Machine and Tool → Specialty Trading & Wholesale / IoT solution → Security Services

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 5,503 | 3.5% | S100XU07 |
| Capital expenditure | 1,138 | 0.7% | S100XU07 |
| Free cash flow | 4,365 | 2.7% | 算出 |
| Investing cash flow | -1,261 | -0.8% | S100XU07 |
| Financing cash flow | -2,652 | -1.7% | S100XU07 |
| Dividends paid | 2,602 | 1.6% | S100XU07 |
| Share buyback | 1,647 | 1.0% | S100XU07 |
| Change in cash | 1,662 | 1.0% | S100XU07 |
| Cash and equivalents | 27,792 | 17.5% | S100XU07 |

## 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 Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 22,872 | 24,132 | 20,174 | 26,129 | 27,792 | S100T6QG, S100VI7U, S100XU07 |
| Total assets | 108,594 | 122,914 | 120,342 | 120,821 | 117,020 | S100QHP4, S100T6QG, S100VI7U, S100XU07 |
| Net assets | 67,361 | 72,139 | 72,719 | 73,373 | 73,876 | S100T6QG, S100VI7U, S100XU07 |
| Share capital | 5,000 | 5,000 | 5,000 | 5,000 | 5,000 | S100QHP4, S100T6QG, S100VI7U, S100XU07 |
| Trade receivables | 29,347 | 34,085 | 31,365 | 28,608 | 22,652 | S100QHP4, S100T6QG, S100VI7U, S100XU07 |
| Property, plant and equipment | 20,484 | 22,036 | 24,628 | 25,375 | 24,808 | S100QHP4, S100T6QG, S100VI7U, S100XU07 |
| Intangible assets excluding goodwill | 2,541 | 2,260 | 2,837 | 2,397 | 1,682 | S100QHP4, S100T6QG, S100VI7U, S100XU07 |
| Goodwill | 259 | 227 | 992 | 715 | 163 | S100QHP4, S100T6QG, S100VI7U, S100XU07 |
| Investment securities | 4,074 | 4,003 | 5,145 | 3,116 | 3,626 | S100QHP4, S100T6QG, S100VI7U, S100XU07 |
| Current assets | 78,378 | 92,077 | 84,207 | 86,599 | 82,534 | S100QHP4, S100T6QG, S100VI7U, S100XU07 |
| Current liabilities | 39,513 | 49,016 | 45,105 | 45,350 | 40,706 | S100QHP4, S100T6QG, S100VI7U, S100XU07 |
| Trade payables | 17,057 | 20,250 | 17,777 | 17,669 | 15,165 | S100QHP4, S100T6QG, S100VI7U, S100XU07 |
| Short-term borrowings | 496 | 511 | 896 | 466 | 469 | S100QHP4, S100T6QG, S100VI7U, S100XU07 |
| Long-term borrowings | 378 | 498 | 451 | 404 | 357 | S100QHP4, S100T6QG, S100VI7U, S100XU07 |
| Total liabilities | 41,233 | 50,775 | 47,623 | 47,448 | 43,144 | S100QHP4, S100T6QG, S100VI7U, S100XU07 |
| Non-controlling interests | 681 | 810 | 881 | 1,034 | 1,189 | S100QHP4, S100T6QG, S100VI7U, S100XU07 |
| Equity attributable to owners of parent | 64,778 | 68,712 | 68,132 | 69,937 | 69,225 | S100QHP4, S100T6QG, S100VI7U, S100XU07 |
| Retained earnings | 31,829 | 35,734 | 37,544 | 40,052 | 39,336 | S100QHP4, S100T6QG, S100VI7U, S100XU07 |
| Treasury stock | -321 | -322 | -1,746 | -2,377 | -491 | S100QHP4, S100T6QG, S100VI7U, S100XU07 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 24% | S100XU07 |
| Receivables | 19% | S100XU07 |
| Property, plant and equipment | 21% | S100XU07 |
| Intangibles and goodwill | 2% | S100XU07 |
| Investment securities | 3% | S100XU07 |
| Other assets | 31% | S100XU07 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 13% | S100XU07 |
| Other liabilities | 24% | S100XU07 |
| Equity | 63% | S100XU07 |

### Balance sheet history

| Metric | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 108,594 | 122,914 | 120,342 | 120,821 | 117,020 |
| Equity | 67,361 | 72,139 | 72,719 | 73,373 | 73,876 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 22,872 | 24,132 | 20,174 | 26,129 | 27,792 |

## 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) | 15.6% | S100XU07 |
| Fixed assets ÷ total assets | 21.2% | S100XU07 |
| Goodwill ÷ parent equity | 0.2% | S100XU07 |

Goodwill over 4 years: 259 → 163 JPY; total investing cash flow: -6,896 JPY. This does not imply causation.

### 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) | 23.7% |
| Cash ÷ revenue | 17.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 162.8% |
| Cash vs. profit gap | 3,597 JPY mn (of net income 188.7%) |
| Shareholder returns / net income | 222.9% |
| Shareholder returns / FCF | 97.3% |
| Shareholder payments — dividends / net income | 136.5% |
| Shareholder payments — dividends / FCF | 59.6% |
| CapEx intensity (capex ÷ revenue) | 0.7% |
| Investing CF relative to operating CF | 22.9% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 1.4% | 0.68× | 1.0% | 1.68× | 1.6% | S100QHP4 |
| 2022 | 2.8% | 1.40× | 3.9% | 1.73× | 6.8% | S100T6QG |
| 2023 | 2.7% | 1.42× | 3.9% | 1.78× | 6.9% | S100VI7U |
| 2024 | 2.9% | 1.34× | 3.8% | 1.75× | 6.7% | S100XU07 |
| 2025 | 1.2% | 1.34× | 1.6% | 1.71× | 2.7% | S100XU07 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 有限会社エフアールテイ | Major shareholder | 13.2% | 2025-12-31 |
| THE SFP VALUE REALIZATION MASTER FUND LTD. （常任代理人 立花証券株式会社） | Major shareholder | 12.0% | 2025-12-31 |
| 日本マスタートラスト信託銀行株式会社（その他信託口） | Major shareholder | 5.4% | 2025-12-31 |
| JP MORGAN CHASE BANK 385642（常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 3.1% | 2025-12-31 |
| フルサト・マルカグループ従業員持株会 | Major shareholder | 2.8% | 2025-12-31 |
| 日本生命保険相互会社 | Major shareholder | 2.0% | 2025-12-31 |
| ＳＩＮＯＰＡＣＳＥＣ（常任代理人 日産証券株式会社） | Major shareholder | 1.7% | 2025-12-31 |
| 神鋼商事株式会社 | Major shareholder | 1.6% | 2025-12-31 |
| 阪和興業株式会社 | Major shareholder | 1.5% | 2025-12-31 |
| 日本マスタートラスト信託銀行株式会社（投資信託口） | Major shareholder | 1.5% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第5期(2025/01/01－2025/12/31) | S100XU07 | 2026-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XU07,, |
| 有価証券報告書－第4期(2024/01/01－2024/12/31) | S100VI7U | 2025-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VI7U,, |
| 有価証券報告書－第3期(2023/01/01－2023/12/31) | S100T6QG | 2024-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T6QG,, |
| 有価証券報告書－第2期(2022/01/01－2022/12/31) | S100QHP4 | 2023-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QHP4,, |

## 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).