# UNITED&COLLECTIVE 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26期(2025/03/01－2026/02/28) (S100Y7EJ)
> Page: https://vizora.meequs.com/en/company/united-collective
> Retrieved: 2026-09-30T20:27:59.969Z

## Company

United&collective, founded in 2000, is a company in Restaurants & Pubs listed on TSE Growth. It has 198 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | UNITED&COLLECTIVE CO. LTD. |
| Ticker | 3557 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3557.T) |
| Listing | TSE Growth |
| Head office | 東京都千代田区麹町二丁目5番地1 WeWork 半蔵門 PREX South |
| Representative (per filing) | 代表取締役社長 坂井 英也 |
| Founded | Jul 2000 |
| Share capital | ¥10M |
| Employees (consolidated) | 198 |
| Average salary (parent only) | ¥4.4M |
| Fiscal year end | February |
| Website | united-collective.co.jp (https://united-collective.co.jp/) |
| Corporate number | 8010401089756 |
| EDINET | E32965 |
| Industries (Vizora) | Restaurants & Pubs |

> Profile source: annual securities report (S100Y7EJ, filed 2026-05-29). As of filing

## Five-axis industry profile

Primary industry: Restaurants & Pubs (2026-02-28)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 54.5 | 56 |
| Profitability | 15.9 | 66 |
| Efficiency | 64.4 | 66 |

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)

- United&collective brought in ¥6.46B in revenue.
- Operating profit was close to zero, a slight loss per ¥100 of sales.
- Revenue changed -0.5% from the prior year, operating profit -113.7%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥6.46B |  |
| Operating income | -¥15.9M | Margin -0.2% |
| Net income | -¥227.5M | Margin -3.5% |
| Free cash flow | -¥177.9M |  |
| Employees (consolidated) | 198 |  |
| EPS | ¥-52.35 |  |
| Book value per share | ¥-24.74 |  |
| Equity ratio | 12.7% |  |
| Shares outstanding | 4,954,300 |  |
| Treasury shares | 100 |  |
| Shareholders | 14,736 |  |
| Average salary (parent only) | ¥4.4M | Filing company only |
| Cash ratio | 33.9% | Cash ÷ revenue 20.4% |
| Vs. industry median margin | -4.2 pp | Restaurants & Pubs |
| ROA | -5.8% | Derived from disclosed figures |

## Notable figures

- FY2026, revenue is 2.4× its level five years ago
- FY2026, cash is 34% of total assets

## What changed in 5 years

| Metric | FY ending Feb 2021 | FY ending Feb 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥3351977000 | ¥6460676000 | +92.7% |
| Operating income | ¥-1428094000 | ¥-15853000 | — |
| Operating margin | -42.6% | -0.2% | +42.4 pp |
| Employees | 178 people | 198 people | +11.2% |
| Cash and equivalents | ¥2270142000 | ¥1318867000 | -41.9% |

### Change in segment revenue mix

Span: FY ending Feb 2021 → 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 | 6,461 | 100.0% | S100Y7EJ |
| Cost of revenue | 1,670 | 25.9% | S100Y7EJ |
| Gross profit | 4,790 | 74.1% | S100Y7EJ |
| SG&A | 4,806 | 74.4% | S100Y7EJ |
| Operating income | -16 | -0.2% | S100Y7EJ |
| Ordinary income | -49 | -0.8% | S100Y7EJ |
| Pretax income | -169 | -2.6% | S100Y7EJ |
| Income tax | 59 | 0.9% | S100Y7EJ |
| Net income | -228 | -3.5% | S100Y7EJ |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 26 |
| SG&A | 74 |
| Operating income | 0 |
| (Ref.) Net income | -4 |

### Margin funnel

Gross margin 74.1% → Operating margin -0.2% → Net margin -3.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Turned to a loss
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 | 6,492 | 6,461 | -31 | -0.5% |
| Gross profit | 4,862 | 4,790 | -71 | -1.5% |
| Operating income | 116 | -16 | -131 | -113.7% |
| Operating cash flow | 122 | 199 | 77 | +63.0% |
| Free cash flow | -116 | -178 | -62 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Feb 2020 | 8,005 | 149 | 1.9% | 36 | 670 | 100 | S100LFD1 |
| FY ending Feb 2021 | 3,352 | -1,428 | -42.6% | -1,624 | -1,200 | -1,251 | S100O5N7 |
| FY ending Feb 2022 | 2,724 | -1,854 | -68.1% | -456 | -442 | -849 | S100QUZ4 |
| FY ending Feb 2023 | 5,350 | -1,087 | -20.3% | -1,288 | -172 | -297 | S100TJA4 |
| FY ending Feb 2024 | 6,169 | 53 | 0.9% | -91 | 160 | 67 | S100WCZU |
| FY ending Feb 2025 | 6,492 | 116 | 1.8% | 60 | 122 | -116 | S100Y7EJ |
| FY ending Feb 2026 | 6,461 | -16 | -0.2% | -228 | 199 | -178 | S100Y7EJ |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥32.6M |
| Operating income per employee (consolidated) | -¥80.1K |
| Net income per employee (consolidated) | -¥1.1M |

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) | 128 | 121 | 101 | 184 | 198 |
| Average salary (parent company) | ¥4.1M | ¥4.7M | ¥4.8M | ¥3.9M | ¥4.4M |
| Average age (parent company) | 37.2 years | 38.4 years | 38.7 years | 32.5 years | 33.6 years |
| Average tenure (parent company) | 4.9 years | 5.2 years | 5.4 years | 3.4 years | 3.8 years |

Year over year: Employees (consolidated) +7.6% · Revenue (consolidated) -0.5%

## 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 | 199 | 3.1% | S100Y7EJ |
| Capital expenditure | 377 | 5.8% | S100Y7EJ |
| Free cash flow | -178 | -2.8% | 算出 |
| Investing cash flow | -602 | -9.3% | S100Y7EJ |
| Financing cash flow | 242 | 3.7% | S100Y7EJ |
| Change in cash | -161 | -2.5% | S100Y7EJ |
| Cash and equivalents | 1,319 | 20.4% | S100Y7EJ |

## 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 | 2,236 | 1,499 | 1,549 | 1,480 | 1,319 | S100TJA4, S100WCZU, S100Y7EJ |
| Total assets | 5,764 | 4,215 | 3,929 | 3,974 | 3,892 | S100QUZ4, S100TJA4, S100WCZU, S100Y7EJ |
| Net assets | 376 | -743 | -261 | 342 | 527 | S100TJA4, S100WCZU, S100Y7EJ |
| Share capital | 10 | 93 | 371 | 643 | 10 | S100QUZ4, S100TJA4, S100WCZU, S100Y7EJ |
| Property, plant and equipment | 1,992 | 1,362 | 1,112 | 1,161 | 1,066 | S100QUZ4, S100TJA4, S100WCZU, S100Y7EJ |
| Intangible assets excluding goodwill | 12 | 8 | 16 | 12 | 2 | S100QUZ4, S100TJA4, S100WCZU, S100Y7EJ |
| Current assets | 2,756 | 1,911 | 1,961 | 1,945 | 2,000 | S100QUZ4, S100TJA4, S100WCZU, S100Y7EJ |
| Current liabilities | 1,276 | 1,498 | 1,437 | 1,209 | 1,108 | S100QUZ4, S100TJA4, S100WCZU, S100Y7EJ |
| Long-term borrowings | 3,895 | 3,268 | 2,590 | 2,281 | 2,128 | S100QUZ4, S100TJA4, S100WCZU, S100Y7EJ |
| Total liabilities | 5,388 | 4,958 | 4,191 | 3,632 | 3,365 | S100QUZ4, S100TJA4, S100WCZU, S100Y7EJ |
| Equity attributable to owners of parent | 363 | -765 | -289 | 314 | 497 | S100QUZ4, S100TJA4, S100WCZU, S100Y7EJ |
| Retained earnings | -1,589 | -2,883 | -2,963 | -2,904 | -228 | S100QUZ4, S100TJA4, S100WCZU, S100Y7EJ |
| Treasury stock | -0 | -0 | -0 | -0 | -0 | S100QUZ4, S100TJA4, S100WCZU, S100Y7EJ |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 34% | S100Y7EJ |
| Property, plant and equipment | 27% | S100Y7EJ |
| Intangibles and goodwill | 0% | S100Y7EJ |
| Other assets | 39% | S100Y7EJ |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 86% | S100Y7EJ |
| Equity | 14% | S100Y7EJ |

### 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 | 5,764 | 4,215 | 3,929 | 3,974 | 3,892 |
| Equity | 376 | -743 | -261 | 342 | 527 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 2,236 | 1,499 | 1,549 | 1,480 | 1,319 |

## 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) | 16.5% | S100Y7EJ |
| Fixed assets ÷ total assets | 27.4% | S100Y7EJ |
| Goodwill ÷ parent equity | — | —, S100Y7EJ |

### 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) | 33.9% |
| Cash ÷ revenue | 20.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | 427 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 5.8% |
| Investing CF relative to operating CF | 302.2% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | — | —× | -7.9% | —× | — | S100QUZ4 |
| 2023 | — | —× | -25.8% | —× | — | S100TJA4 |
| 2024 | — | —× | -2.2% | —× | — | S100WCZU |
| 2025 | 0.9% | 1.64× | 1.5% | 313.80× | 474.5% | S100Y7EJ |
| 2026 | — | —× | -5.8% | —× | — | S100Y7EJ |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 坂井 英也 | Major shareholder | 17.6% | 2026-02-28 |
| パトリック＆カンパニー株式会社 | Major shareholder | 16.6% | 2026-02-28 |
| サントリー株式会社 | Major shareholder | 4.0% | 2026-02-28 |
| アサヒビール株式会社 | Major shareholder | 2.1% | 2026-02-28 |
| 矢野 秀樹 | Major shareholder | 0.8% | 2026-02-28 |
| 宝酒造株式会社 | Major shareholder | 0.7% | 2026-02-28 |
| 小岩井 壮 | Major shareholder | 0.3% | 2026-02-28 |
| 株式会社古舘篤臣綜合事務所 | Major shareholder | 0.2% | 2026-02-28 |
| 江藤 博文 | Major shareholder | 0.1% | 2026-02-28 |
| 小柳 雄資 | Major shareholder | 0.1% | 2026-02-28 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第26期(2025/03/01－2026/02/28) | S100Y7EJ | 2026-05-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y7EJ,, |
| 訂正有価証券報告書－第25期(2024/03/01－2025/02/28) | S100WCZU | 2025-07-15 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WCZU,, |
| 有価証券報告書－第24期(2023/03/01－2024/02/29) | S100TJA4 | 2024-05-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TJA4,, |
| 有価証券報告書－第23期(2022/03/01－2023/02/28) | S100QUZ4 | 2023-05-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QUZ4,, |
| 有価証券報告書－第22期(令和3年3月1日－令和4年2月28日) | S100O5N7 | 2022-05-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O5N7,, |
| 有価証券報告書－第21期(令和2年3月1日－令和3年2月28日) | S100LFD1 | 2021-05-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LFD1,, |

## 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).