Fuji United Holdings Co Ltd

Fuji United Holdings Co Ltd maintains a strong liquidity position, with cash and equivalents amounting to ¥3.485 billion, representing 18.2% of total assets. The company's liquidity FPT (free cash flow to total liabilities) is not explicitly provided, but the operating cash flow of ¥1.959 billion suggests a capacity to service obligations. The current ratio of 1.33 indicates a moderate ability to cover short-term liabilities with current assets.

Profitability metrics are weak, with a return on equity of -0.48% and a return on assets of -0.24%. These figures fall significantly below the industry median for refining and marketing firms, which typically report positive ROE and ROA. The company's operating income of -¥79 million and net income of -¥46 million highlight a challenging operating environment, likely influenced by volatile crude oil prices and refining margins.

The company's revenue is concentrated in a single business segment, oil and gas refining and marketing, with no disclosed geographic diversification. This concentration increases exposure to regional economic shifts and regulatory changes in the fossil fuel sector.

Growth trajectory appears negative in the near term, with a reported operating loss and free cash flow of -¥105 million. The capital expenditure of -¥868 million suggests ongoing investment in refining operations, but the negative free cash flow indicates that these investments are not yet generating sufficient returns to offset operational costs.

Risk factors include low liquidity and dilution risk, with no immediate filing-based flags detected. The absence of long-term debt and a debt-to-equity ratio of 0.0 suggest a conservative capital structure, but the operating losses and negative net income raise concerns about long-term sustainability.

Recent events include a reported operating loss and a negative net income, as disclosed in the latest financial filing. No significant regulatory or market events were identified in the provided data, but the company's performance is likely influenced by broader industry trends in fossil fuel demand and refining margins.

Revenue grew 12.7% annually over four years, reaching 68.3 billion JPY in fiscal 2025.

Net income increased 18.3% year-over-year to 718 million JPY in fiscal 2025.

The company maintains a zero debt-to-equity ratio, significantly below the 0.36 cohort median.

Gross profit expanded to 5.0 billion JPY in fiscal 2025, up from 4.1 billion in 2021.

Dilution and liquidity risks are assessed as low, providing stability for shareholders.

Operating margin of -0.45% ranks in the bottom quartile of the 140-company cohort.

Return on equity of -0.48% falls in the bottom quartile versus the 4.99% median.

Credit risk is flagged as high, indicating potential financial distress or default concerns.

Net margin of -0.26% places the company in the bottom quartile of its peer group.

Revenue ¥23.40B, +11,1% YoY; Operating income −12,7% YoY.

• ▍Revenue ¥23.40B, +11,1% YoY
• ▍Operating income −12,7% YoY
• ▍Net income −17,6% YoY
• ▍Net margin 1.0%

Revenue ¥15.51B, +11,0% YoY; Operating income +139,2% YoY.

• ▍Revenue ¥15.51B, +11,0% YoY
• ▍Operating income +139,2% YoY
• ▍Net income +243,5% YoY
• ▍Net margin 1.0%

Revenue ¥15.58B, +4,9% YoY; Operating income +31,9% YoY.

• ▍Revenue ¥15.58B, +4,9% YoY
• ▍Operating income +31,9% YoY
• ▍Net income −9,2% YoY
• ▍Net margin 0.8%

Revenue ¥18.46B, +5,7% YoY; Operating income +259,5% YoY.

• ▍Revenue ¥18.46B, +5,7% YoY
• ▍Operating income +259,5% YoY
• ▍Net income +650,0% YoY
• ▍Free cash flow +508,6% YoY
• ▍Net margin 1.4%

Revenue ¥21.06B; Operating income ¥427.0M.

• ▍Revenue ¥21.06B
• ▍Operating income ¥427.0M
• ▍Net margin 1.3%

Revenue ¥13.98B; Operating income ¥102.0M.

• ▍Revenue ¥13.98B
• ▍Operating income ¥102.0M
• ▍Net margin 0.3%

Revenue ¥14.85B; Operating income ¥113.0M.

• ▍Revenue ¥14.85B
• ▍Operating income ¥113.0M
• ▍Net margin 0.9%

Revenue ¥17.46B; Operating income -¥79.0M.

• ▍Revenue ¥17.46B
• ▍Operating income -¥79.0M
• ▍Net margin -0.3%

Revenue ¥68.34B, +10,4% YoY; Operating income −9,1% YoY.

• ▍Revenue ¥68.34B, +10,4% YoY
• ▍Operating income −9,1% YoY
• ▍Net income +18,3% YoY
• ▍Free cash flow −63,7% YoY
• ▍Net margin 1.1%

Revenue ¥61.91B, −4,9% YoY; Operating income +178,9% YoY.

• ▍Revenue ¥61.91B, −4,9% YoY
• ▍Operating income +178,9% YoY
• ▍Net income +48,4% YoY
• ▍Free cash flow +175,4% YoY
• ▍Net margin 1.0%

Revenue ¥65.07B, +7,6% YoY; Operating income −28,0% YoY.

• ▍Revenue ¥65.07B, +7,6% YoY
• ▍Operating income −28,0% YoY
• ▍Net income −79,9% YoY
• ▍Free cash flow −126,0% YoY
• ▍Net margin 0.6%

Revenue ¥60.49B, +42,7% YoY; Operating income −36,8% YoY.

• ▍Revenue ¥60.49B, +42,7% YoY
• ▍Operating income −36,8% YoY
• ▍Net income +222,0% YoY
• ▍Free cash flow +280,6% YoY
• ▍Net margin 3.4%