# UPR Corporation: business model and financials

> Latest period: FY ending Aug 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第47期(2024/09/01－2025/08/31) (S100X6QU)
> Page: https://vizora.meequs.com/en/company/upr-net
> Retrieved: 2026-09-30T20:25:40.628Z

## Company

UPR, founded in 1979, is a company in Leasing listed on TSE Standard. It has 224 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | UPR Corporation |
| Ticker | 7065 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7065.T) |
| Listing | TSE Standard |
| Head office | 山口県宇部市寿町三丁目5番26号 (同所は登記上の本店所在地であり、主たる本社業務は「最寄りの連絡場所」で行っております。) |
| Representative (per filing) | 代表取締役 社長執行役員 酒田 義矢 |
| Founded | Mar 1979 |
| Share capital | ¥96M |
| Employees (consolidated) | 224 |
| Average salary (parent only) | ¥8.3M |
| Fiscal year end | August |
| Website | www.upr-net.co.jp (https://www.upr-net.co.jp/) |
| Corporate number | 5250001003039 |
| EDINET | E31743 |
| Industries (Vizora) | Leasing |

> Profile source: annual securities report (S100X6QU, filed 2025-11-26). As of filing

## Key points (generated from figures)

- About 93% of UPR's sales come from Logistics business, with Connected business making up much of the rest.
- Out of every ¥100 of sales, about ¥2 is left as operating profit.
- Revenue changed -0.7% from the prior year, operating profit -52.0%.

## Company structure

- Segment revenue mix: Logistics business 93.1%、Connected business 6.9%
- Revenue → net income: ¥15354233000 → ¥380433000
- Net income → operating cash flow: ¥380433000 → ¥3058144000（difference ¥2677711000）
- Main uses of operating cash flow: CapEx ¥3723371000 / dividends ¥114837000 / buybacks —
- Change in cash: ¥-251931000
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 | ¥15.4B |  |
| Operating income | ¥277.7M | Margin 1.8% |
| Net income | ¥336.2M | Margin 2.2% |
| Free cash flow | -¥665.2M |  |
| Largest business | Logistics business | of segment revenue 93.1% |
| Employees (consolidated) | 224 |  |
| EPS | ¥38.38 |  |
| Book value per share | ¥1154 |  |
| Equity ratio | 41.7% |  |
| Shares outstanding | 7,660,000 |  |
| Treasury shares | 500 |  |
| Shareholders | 3,540 |  |
| Average salary (parent only) | ¥8.3M | Filing company only |
| Cash ratio | 14.7% | Cash ÷ revenue 21.0% |
| Vs. industry median margin | -5.3 pp | Leasing |
| ROE | 3.7% | Derived from disclosed figures |
| ROA | 1.5% | Derived from disclosed figures |

## Notable figures

- FY2025, operating cash flow is 9.1× net income

## What changed in 5 years

| Metric | FY ending Aug 2020 | FY ending Aug 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥12732723000 | ¥15354233000 | +20.6% |
| Operating income | ¥1134500000 | ¥277701000 | -75.5% |
| Operating margin | 8.9% | 1.8% | -7.1 pp |
| Employees | 211 people | 224 people | +6.2% |
| Cash and equivalents | ¥3658116000 | ¥3218954000 | -12.0% |

### Change in segment revenue mix

Span: FY ending Aug 2020 → FY ending Aug 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 物流事業 → 物流事業 | 93.0% |
| コネクティッド事業 → コネクティッド事業 | 6.9% |
| コネクティッド事業 → 事業再編・廃止 | 0.0% |
| 新設・再編 → 物流事業 | 0.0% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 15,354 | 100.0% | S100X6QU |
| Cost of revenue | 10,716 | 69.8% | S100X6QU |
| Gross profit | 4,638 | 30.2% | S100X6QU |
| SG&A | 4,361 | 28.4% | S100X6QU |
| Operating income | 278 | 1.8% | S100X6QU |
| Ordinary income | 750 | 4.9% | S100X6QU |
| Pretax income | 576 | 3.8% | S100X6QU |
| Income tax | 196 | 1.3% | S100X6QU |
| Net income | 380 | 2.5% | S100X6QU |
| Net income attributable to owners | 336 | 2.2% | S100X6QU |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 70 |
| SG&A | 28 |
| Operating income | 2 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 30.2% → Operating margin 1.8% → Net margin 2.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -0.7%; Core profit growth: -52.0%
Operating leverage (core profit growth ÷ revenue growth): 73.82×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 15,463 | 15,354 | -109 | -0.7% |
| Gross profit | 4,828 | 4,638 | -190 | -3.9% |
| Operating income | 578 | 278 | -301 | -52.0% |
| Net income attributable to owners | 597 | 336 | -261 | -43.7% |
| Operating cash flow | 3,550 | 3,058 | -492 | -13.8% |
| Free cash flow | 50 | -665 | -716 | -1420.4% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Aug 2019 | 11,671 | 757 | 6.5% | 573 | 2,299 | -2,088 | S100K9F3 |
| FY ending Aug 2020 | 12,733 | 1,135 | 8.9% | 985 | 3,302 | -1,129 | S100MY8W |
| FY ending Aug 2021 | 12,927 | 530 | 4.1% | 562 | 2,906 | -418 | S100PPHT |
| FY ending Aug 2022 | 13,329 | 532 | 4.0% | 681 | 3,273 | 1,200 | S100SDMB |
| FY ending Aug 2023 | 14,834 | 830 | 5.6% | 744 | 3,386 | -203 | S100UURB |
| FY ending Aug 2024 | 15,463 | 578 | 3.7% | 597 | 3,550 | 50 | S100X6QU |
| FY ending Aug 2025 | 15,354 | 278 | 1.8% | 336 | 3,058 | -665 | S100X6QU |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥68.5M |
| Operating income per employee (consolidated) | ¥1.2M |
| Net income per employee (consolidated) | ¥1.5M |

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

| History | FY ending Aug 2021 | FY ending Aug 2022 | FY ending Aug 2023 | FY ending Aug 2024 | FY ending Aug 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 213 | 217 | 223 | 228 | 224 |
| Average salary (parent company) | ¥7.3M | ¥7.6M | ¥7.4M | ¥8.2M | ¥8.3M |
| Average age (parent company) | 39.0 years | 39.6 years | 40.8 years | 40.6 years | 41.1 years |
| Average tenure (parent company) | 8.2 years | 9.2 years | 9.6 years | 10.3 years | 10.5 years |

Year over year: Employees (consolidated) -1.8% · Revenue (consolidated) -0.7%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Logistics business | 14,289 | 93.1% | 1,890 | 13.2% |
| Connected business | 1,066 | 6.9% | -111 | -10.4% |

### 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 |
| --- | ---: |
| Logistics business | 93.1% |
| Connected business | 6.9% |

Segment → industry: Connected business → Leasing / Logistics business → Leasing

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 3,058 | 19.9% | S100X6QU |
| Capital expenditure | 3,723 | 24.2% | S100X6QU |
| Free cash flow | -665 | -4.3% | 算出 |
| Investing cash flow | -3,719 | -24.2% | S100X6QU |
| Financing cash flow | 394 | 2.6% | S100X6QU |
| Dividends paid | 115 | 0.7% | S100X6QU |
| Change in cash | -252 | -1.6% | S100X6QU |
| Cash and equivalents | 3,219 | 21.0% | S100X6QU |

## 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 Aug 2021 | FY ending Aug 2022 | FY ending Aug 2023 | FY ending Aug 2024 | FY ending Aug 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 2,714 | 3,144 | 3,174 | 3,471 | 3,219 | S100SDMB, S100UURB, S100X6QU |
| Total assets | 18,529 | 19,598 | 20,898 | 21,470 | 21,956 | S100PPHT, S100SDMB, S100UURB, S100X6QU |
| Net assets | 7,216 | 7,821 | 8,506 | 9,025 | 9,303 | S100SDMB, S100UURB, S100X6QU |
| Share capital | 96 | 96 | 96 | 96 | 96 | S100PPHT, S100SDMB, S100UURB, S100X6QU |
| Trade receivables | 1,622 | — | — | — | — | S100PPHT |
| Property, plant and equipment | 12,409 | 12,510 | 13,342 | 13,566 | 13,891 | S100PPHT, S100SDMB, S100UURB, S100X6QU |
| Intangible assets excluding goodwill | 348 | 444 | 751 | 879 | 867 | S100PPHT, S100SDMB, S100UURB, S100X6QU |
| Investment securities | 97 | 108 | 109 | 120 | 101 | S100PPHT, S100SDMB, S100UURB, S100X6QU |
| Current assets | 5,187 | 5,952 | 6,032 | 6,150 | 6,183 | S100PPHT, S100SDMB, S100UURB, S100X6QU |
| Current liabilities | 3,576 | 4,499 | 4,673 | 4,203 | 4,263 | S100PPHT, S100SDMB, S100UURB, S100X6QU |
| Long-term borrowings | 6,954 | 6,419 | 6,792 | 7,190 | 7,509 | S100PPHT, S100SDMB, S100UURB, S100X6QU |
| Total liabilities | 11,313 | 11,777 | 12,393 | 12,445 | 12,653 | S100PPHT, S100SDMB, S100UURB, S100X6QU |
| Non-controlling interests | 20 | 44 | 69 | 103 | 155 | S100PPHT, S100SDMB, S100UURB, S100X6QU |
| Equity attributable to owners of parent | 7,196 | 7,777 | 8,421 | 8,912 | 9,133 | S100PPHT, S100SDMB, S100UURB, S100X6QU |
| Retained earnings | 6,709 | 7,291 | 7,935 | 8,425 | 8,646 | S100PPHT, S100SDMB, S100UURB, S100X6QU |
| Treasury stock | -1 | -1 | -1 | -1 | -1 | S100PPHT, S100SDMB, S100UURB, S100X6QU |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 15% | S100X6QU |
| Property, plant and equipment | 63% | S100X6QU |
| Intangibles and goodwill | 4% | S100X6QU |
| Investment securities | 0% | S100X6QU |
| Other assets | 18% | S100X6QU |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 58% | S100X6QU |
| Equity | 42% | S100X6QU |
| Other liabilities | 0% | S100X6QU |

### Balance sheet history

| Metric | FY ending Aug 2021 | FY ending Aug 2022 | FY ending Aug 2023 | FY ending Aug 2024 | FY ending Aug 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 18,529 | 19,598 | 20,898 | 21,470 | 21,956 |
| Equity | 7,216 | 7,821 | 8,506 | 9,025 | 9,303 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 2,714 | 3,144 | 3,174 | 3,471 | 3,219 |

## 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) | 90.5% | S100X6QU |
| Fixed assets ÷ total assets | 63.3% | S100X6QU |
| Goodwill ÷ parent equity | — | —, S100X6QU |

### 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) | 14.7% |
| Cash ÷ revenue | 21.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 1101.2% |
| Cash vs. profit gap | 2,722 JPY mn (of net income 809.6%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 34.2% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 24.2% |
| Investing CF relative to operating CF | 121.6% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 4.3% | 0.70× | 3.0% | 2.57× | 7.8% | S100PPHT |
| 2022 | 5.1% | 0.70× | 3.6% | 2.55× | 9.1% | S100SDMB |
| 2023 | 5.0% | 0.73× | 3.7% | 2.50× | 9.2% | S100UURB |
| 2024 | 3.9% | 0.73× | 2.8% | 2.44× | 6.9% | S100X6QU |
| 2025 | 2.2% | 0.71× | 1.5% | 2.41× | 3.7% | S100X6QU |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 酒田義矢 | Major shareholder | 50.1% | 2025-08-31 |
| 酒田三男 | Major shareholder | 5.0% | 2025-08-31 |
| 酒田加代子 | Major shareholder | 4.2% | 2025-08-31 |
| ユーピーアール従業員持株会 | Major shareholder | 3.5% | 2025-08-31 |
| 酒田健治 | Major shareholder | 1.6% | 2025-08-31 |
| GOLDMAN SACHS INTERNATIONAL (常任代理人 ゴールドマン・サックス証券株式会社) | Major shareholder | 1.0% | 2025-08-31 |
| 宇藤秀樹 | Major shareholder | 1.0% | 2025-08-31 |
| 市川敏夫 | Major shareholder | 0.9% | 2025-08-31 |
| 日本駐車場メンテナンス株式会社 | Major shareholder | 0.9% | 2025-08-31 |
| 羽山謙造 | Major shareholder | 0.6% | 2025-08-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第47期(2024/09/01－2025/08/31) | S100X6QU | 2025-11-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100X6QU,, |
| 有価証券報告書－第46期(2023/09/01－2024/08/31) | S100UURB | 2024-11-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UURB,, |
| 有価証券報告書－第45期(2022/09/01－2023/08/31) | S100SDMB | 2023-11-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SDMB,, |
| 有価証券報告書－第44期(令和3年9月1日－令和4年8月31日) | S100PPHT | 2022-11-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PPHT,, |
| 有価証券報告書－第43期(令和2年9月1日－令和3年8月31日) | S100MY8W | 2021-11-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MY8W,, |
| 有価証券報告書－第42期(令和1年9月1日－令和2年8月31日) | S100K9F3 | 2020-11-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100K9F3,, |

## 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).