# USS Co.,Ltd.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第46期(2025/04/01－2026/03/31) (S100YGIC)
> Page: https://vizora.meequs.com/en/company/uss
> Retrieved: 2026-09-30T19:05:57.308Z

## Company

USS, founded in 1969, is a company in Waste Management & Recycling listed on TSE Prime. It has 1,211 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | USS Co., Ltd |
| Ticker | 4732 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4732.T) |
| Listing | TSE Prime |
| Head office | 愛知県東海市新宝町507番地の20 |
| Representative (per filing) | 代表取締役会長 安藤 之弘 |
| Founded | Nov 1969 |
| Share capital | ¥18.9B |
| Employees (consolidated) | 1,211 |
| Average salary (parent only) | ¥7.7M |
| Fiscal year end | March |
| Website | www.ussnet.co.jp (https://www.ussnet.co.jp/) |
| Corporate number | 3180001094608 |
| EDINET | E05045 |
| Industries (Vizora) | Waste Management & Recycling, Car Dealers & Used Cars |

> Profile source: annual securities report (S100YGIC, filed 2026-06-22). As of filing

## Five-axis industry profile

Primary industry: Car Dealers & Used Cars (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 58.3 | 18 |
| Profitability | 97.7 | 22 |
| Cash conversion | 52.5 | 20 |
| Efficiency | 6.8 | 22 |

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 79% of USS's sales come from Auto Auction, with Used Vehicle Sales/Purchases and Recycling making up much of the rest.
- Out of every ¥100 of sales, about ¥53 is left as operating profit.
- Revenue changed +9.5% from the prior year, operating profit +10.4%.

## Company structure

- Segment revenue mix: Auto Auction 78.8%、Used Vehicle Sales/Purchases 11.0%、Recycling 9.0%、Other 1.2%
- Revenue → net income: ¥113854000000 → ¥41905000000
- Net income → operating cash flow: ¥41905000000 → ¥43913000000（difference ¥2008000000）
- Main uses of operating cash flow: CapEx ¥11038000000 / dividends ¥22475000000 / buybacks ¥16000000000
- Change in cash: ¥-15786000000
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 | ¥113.9B |  |
| Operating income | ¥59.8B | Margin 52.6% |
| Net income | ¥41.4B | Margin 36.3% |
| Free cash flow | ¥32.9B |  |
| Largest business | Auto Auction | of segment revenue 78.8% |
| Employees (consolidated) | 1,211 |  |
| EPS | ¥87.47 |  |
| Diluted EPS | ¥87.23 |  |
| Book value per share | ¥431.81 |  |
| Equity ratio | 76.7% |  |
| Shares outstanding | 474,000,000 |  |
| Treasury shares | 9,626,600 |  |
| Shareholders | 36,941 |  |
| Average salary (parent only) | ¥7.7M | Filing company only |
| Cash ratio | 32.9% | Cash ÷ revenue 78.1% |
| Vs. industry median margin | +49.4 pp | Car Dealers & Used Cars |
| ROE | 19.6% | Derived from disclosed figures |
| ROA | 15.4% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 98% of positive segment profit
- FY2026, operating income keeps 53 per ¥100 of revenue
- FY2026, cash is 33% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥74874000000 | ¥113854000000 | +52.1% |
| Operating income | ¥36227000000 | ¥59847000000 | +65.2% |
| Operating margin | 48.4% | 52.6% | +4.2 pp |
| Employees | 1,109 people | 1,211 people | +9.2% |
| Cash and equivalents | ¥64870000000 | ¥88933000000 | +37.1% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| オートオークション → オートオークション | 78.8% |
| オートオークション → 事業再編・廃止 | 2.7% |
| 中古自動車等買取販売 → 中古自動車等買取販売 | 11.0% |
| 中古自動車等買取販売 → 事業再編・廃止 | 0.6% |
| その他 → その他 | 1.2% |
| その他 → 事業再編・廃止 | 5.7% |
| 新設・再編 → リサイクル | 9.0% |

Segment revenue source references: 7 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Auto Auction | 5 years | +8.0% | ¥89702000000 | 65.3% | 2 |
| Used Vehicle Sales/Purchases | 5 years | +7.6% | ¥12470000000 | 3.0% | 2 |
| Recycling | 4 years | +9.2% | ¥10292000000 | 6.5% | 2 |
| Other | 5 years | -23.2% | ¥1388000000 | 4.4% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 113,854 | 100.0% | S100YGIC |
| Cost of revenue | 42,402 | 37.2% | S100YGIC |
| Gross profit | 71,451 | 62.8% | S100YGIC |
| SG&A | 11,603 | 10.2% | S100YGIC |
| Operating income | 59,847 | 52.6% | S100YGIC |
| Ordinary income | 60,590 | 53.2% | S100YGIC |
| Pretax income | 60,578 | 53.2% | S100YGIC |
| Income tax | 18,673 | 16.4% | S100YGIC |
| Net income | 41,905 | 36.8% | S100YGIC |
| Net income attributable to owners | 41,360 | 36.3% | S100YGIC |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 37 |
| SG&A | 10 |
| Operating income | 53 |
| (Ref.) Net income | 36 |

### Margin funnel

Gross margin 62.8% → Operating margin 52.6% → Net margin 36.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +9.5%; Core profit growth: +10.4%
Growth quality: similar-growth
Operating leverage (core profit growth ÷ revenue growth): 1.10×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 104,021 | 113,854 | 9,833 | +9.5% |
| Gross profit | 64,821 | 71,451 | 6,630 | +10.2% |
| Operating income | 54,206 | 59,847 | 5,641 | +10.4% |
| Net income attributable to owners | 37,636 | 41,360 | 3,724 | +9.9% |
| Operating cash flow | 38,157 | 43,913 | 5,756 | +15.1% |
| Free cash flow | 33,887 | 32,875 | -1,012 | -3.0% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 78,143 | 36,009 | 46.1% | 20,634 | 27,245 | 22,726 | S100LJBZ |
| FY ending Mar 2021 | 74,874 | 36,227 | 48.4% | 4,022 | 38,407 | 29,422 | S100OCIU |
| FY ending Mar 2022 | 81,482 | 41,574 | 51.0% | 29,745 | 36,630 | 34,594 | S100RVUJ |
| FY ending Mar 2023 | 88,778 | 43,778 | 49.3% | 30,008 | 36,907 | 32,341 | S100UHXL |
| FY ending Mar 2024 | 97,606 | 48,937 | 50.1% | 32,906 | 47,150 | 44,485 | S100W21Z |
| FY ending Mar 2025 | 104,021 | 54,206 | 52.1% | 37,636 | 38,157 | 33,887 | S100YGIC |
| FY ending Mar 2026 | 113,854 | 59,847 | 52.6% | 41,360 | 43,913 | 32,875 | S100YGIC |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥94M |
| Operating income per employee (consolidated) | ¥49.4M |
| Net income per employee (consolidated) | ¥34.2M |

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

| History | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 1,102 | 1,118 | 1,130 | 1,175 | 1,211 |
| Average salary (parent company) | ¥6.7M | ¥6.9M | ¥7M | ¥7.3M | ¥7.7M |
| Average age (parent company) | 39.6 years | 39.7 years | 39.8 years | 39.9 years | 39.4 years |
| Average tenure (parent company) | 13.4 years | 13.0 years | 13.2 years | 13.4 years | 13.0 years |

Year over year: Employees (consolidated) +3.1% · Revenue (consolidated) +9.5%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Auto Auction | 89,702 | 78.8% | 58,584 | 65.3% |
| Used Vehicle Sales/Purchases | 12,470 | 11.0% | 380 | 3.0% |
| Recycling | 10,292 | 9.0% | 673 | 6.5% |
| Other | 1,388 | 1.2% | 61 | 4.4% |

### 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 | Profit share | Difference (pt) | Margin |
| --- | ---: | ---: | ---: | ---: |
| Auto Auction | 78.8% | 98.1% | 19.3 | 65.3% |
| Used Vehicle Sales/Purchases | 11.0% | 0.6% | -10.3 | 3.0% |
| Recycling | 9.0% | 1.1% | -7.9 | 6.5% |
| Other | 1.2% | 0.1% | -1.1 | 4.4% |

Segment → industry: Recycling → Waste Management & Recycling / Used Vehicle Sales/Purchases → Car Dealers & Used Cars / Auto Auction → Car Dealers & Used Cars

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 43,913 | 38.6% | S100YGIC |
| Capital expenditure | 11,038 | 9.7% | S100YGIC |
| Free cash flow | 32,875 | 28.9% | 算出 |
| Investing cash flow | -21,271 | -18.7% | S100YGIC |
| Financing cash flow | -38,428 | -33.8% | S100YGIC |
| Dividends paid | 22,475 | 19.7% | S100YGIC |
| Share buyback | 16,000 | 14.1% | S100YGIC |
| Change in cash | -15,786 | -13.9% | S100YGIC |
| Cash and equivalents | 88,933 | 78.1% | S100YGIC |

## 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 Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 75,480 | 86,192 | 102,509 | 104,719 | 88,933 | S100UHXL, S100W21Z, S100YGIC |
| Total assets | 229,354 | 242,352 | 271,557 | 267,348 | 270,130 | S100RVUJ, S100UHXL, S100W21Z, S100YGIC |
| Net assets | 182,473 | 194,154 | 199,021 | 207,354 | 210,966 | S100UHXL, S100W21Z, S100YGIC |
| Share capital | 18,881 | 18,881 | 18,881 | 18,881 | 18,881 | S100RVUJ, S100UHXL, S100W21Z, S100YGIC |
| Inventories | 1,206 | 1,843 | 1,651 | 1,656 | 1,883 | S100RVUJ, S100UHXL, S100W21Z, S100YGIC |
| Property, plant and equipment | 100,379 | 100,604 | 98,996 | 98,333 | 101,880 | S100RVUJ, S100UHXL, S100W21Z, S100YGIC |
| Intangible assets excluding goodwill | 14,575 | 13,545 | 12,786 | 12,866 | 13,726 | S100RVUJ, S100UHXL, S100W21Z, S100YGIC |
| Goodwill | 8,366 | 7,826 | 7,287 | 6,747 | 6,207 | S100RVUJ, S100UHXL, S100W21Z, S100YGIC |
| Investment securities | 1,918 | 2,530 | 1,112 | 511 | 493 | S100RVUJ, S100UHXL, S100W21Z, S100YGIC |
| Current assets | 103,872 | 116,057 | 148,371 | 144,641 | 141,741 | S100RVUJ, S100UHXL, S100W21Z, S100YGIC |
| Current liabilities | 37,884 | 39,273 | 63,130 | 51,151 | 52,169 | S100RVUJ, S100UHXL, S100W21Z, S100YGIC |
| Trade payables | 698 | 855 | 991 | 904 | 1,292 | S100RVUJ, S100UHXL, S100W21Z, S100YGIC |
| Short-term borrowings | 186 | 340 | 150 | 340 | 697 | S100RVUJ, S100UHXL, S100W21Z, S100YGIC |
| Long-term borrowings | 2,356 | 1,794 | 2,215 | 1,617 | — | S100RVUJ, S100UHXL, S100W21Z, S100YGIC |
| Total liabilities | 46,880 | 48,198 | 72,535 | 59,993 | 59,163 | S100RVUJ, S100UHXL, S100W21Z, S100YGIC |
| Non-controlling interests | 2,136 | 2,699 | 3,021 | 3,150 | 3,446 | S100RVUJ, S100UHXL, S100W21Z, S100YGIC |
| Equity attributable to owners of parent | 184,600 | 195,976 | 200,800 | 209,147 | 212,434 | S100RVUJ, S100UHXL, S100W21Z, S100YGIC |
| Retained earnings | 211,843 | 180,137 | 196,225 | 214,166 | 193,843 | S100RVUJ, S100UHXL, S100W21Z, S100YGIC |
| Treasury stock | -65,039 | -12,034 | -23,298 | -32,958 | -9,328 | S100RVUJ, S100UHXL, S100W21Z, S100YGIC |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 33% | S100YGIC |
| Inventories | 1% | S100YGIC |
| Property, plant and equipment | 38% | S100YGIC |
| Intangibles and goodwill | 7% | S100YGIC |
| Investment securities | 0% | S100YGIC |
| Other assets | 21% | S100YGIC |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 1% | S100YGIC |
| Other liabilities | 21% | S100YGIC |
| Equity | 78% | S100YGIC |
| Other liabilities | 0% | S100YGIC |

### Balance sheet history

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 229,354 | 242,352 | 271,557 | 267,348 | 270,130 |
| Equity | 182,473 | 194,154 | 199,021 | 207,354 | 210,966 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 75,480 | 86,192 | 102,509 | 104,719 | 88,933 |

## 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) | 89.5% | S100YGIC |
| Fixed assets ÷ total assets | 37.7% | S100YGIC |
| Goodwill ÷ parent equity | 2.9% | S100YGIC |

Goodwill over 4 years: 8,366 → 6,207 JPY; total investing cash flow: -40,325 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) | 32.9% |
| Cash ÷ revenue | 78.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 73.4% |
| Cash vs. profit gap | 2,553 JPY mn (of net income 6.2%) |
| Shareholder returns / net income | 93.0% |
| Shareholder returns / FCF | 117.0% |
| Shareholder payments — dividends / net income | 54.3% |
| Shareholder payments — dividends / FCF | 68.4% |
| CapEx intensity (capex ÷ revenue) | 9.7% |
| Investing CF relative to operating CF | 48.4% |

## 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 | 36.5% | 0.36× | 13.0% | 1.24× | 16.1% | S100RVUJ |
| 2023 | 33.8% | 0.38× | 12.7% | 1.24× | 15.8% | S100UHXL |
| 2024 | 33.7% | 0.38× | 12.8% | 1.30× | 16.6% | S100W21Z |
| 2025 | 36.2% | 0.39× | 14.0% | 1.31× | 18.4% | S100YGIC |
| 2026 | 36.3% | 0.42× | 15.4% | 1.27× | 19.6% | S100YGIC |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 14.4% | 2026-03-31 |
| ステート ストリート バンク アンド トラスト カンパニー５０５００１（常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 7.0% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 5.0% | 2026-03-31 |
| 瀬田 衛 | Major shareholder | 4.0% | 2026-03-31 |
| 株式会社服部モータース | Major shareholder | 3.1% | 2026-03-31 |
| 公益財団法人服部国際奨学財団 | Major shareholder | 3.1% | 2026-03-31 |
| 瀬田 大 | Major shareholder | 3.0% | 2026-03-31 |
| 安藤 之弘 | Major shareholder | 3.0% | 2026-03-31 |
| 株式会社エイティーン | Major shareholder | 2.6% | 2026-03-31 |
| ＪＰ ＭＯＲＧＡＮ ＣＨＡＳＥ ＢＡＮＫ ３８００５５（常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 2.1% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第46期(2025/04/01－2026/03/31) | S100YGIC | 2026-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YGIC,, |
| 有価証券報告書－第45期(2024/04/01－2025/03/31) | S100W21Z | 2025-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W21Z,, |
| 訂正有価証券報告書－第44期(2023/04/01－2024/03/31) | S100UHXL | 2024-10-07 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UHXL,, |
| 訂正有価証券報告書－第43期(2022/04/01－2023/03/31) | S100RVUJ | 2023-09-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RVUJ,, |
| 有価証券報告書－第42期(令和3年4月1日－令和4年3月31日) | S100OCIU | 2022-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OCIU,, |
| 有価証券報告書－第41期(令和2年4月1日－令和3年3月31日) | S100LJBZ | 2021-06-16 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LJBZ,, |

## 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).