Refinverse Group Inc

Refinverse Group Inc has a market price of 1,609 JPY per share, with a market capitalization of 5,387,388,956 JPY. The company's price-to-book ratio is 51.97, and its price-to-tangible-book ratio is also 51.97, indicating a high valuation relative to its book value. The enterprise value to EBITDA ratio is -328.61, reflecting a negative EBITDA, and the enterprise value to revenue ratio is 7.9, suggesting a moderate revenue-based valuation.

The company's profitability is weak, with a return on equity of -0.309 and a return on assets of -0.0092, both significantly below the industry median for environmental services and equipment. The operating income is negative at -23,074,000 JPY, and the net income is also negative at -32,033,000 JPY, indicating a lack of profitability.

Refinverse Group Inc's revenue is concentrated in a single business segment, with no disclosed geographic diversification. The company's total revenue is 959,385,000 JPY, with no specific breakdown of revenue by geographic region. This lack of diversification may expose the company to regional economic risks.

The company's growth trajectory is uncertain, with no disclosed revenue growth in the current fiscal year. The company's revenue in the last reported period was 959,385,000 JPY, and there is no indication of a significant increase in the next fiscal year. The company's negative net income and operating income suggest a lack of momentum in its financial performance.

The company faces liquidity and debt-related risks, with a debt-to-equity ratio of 25.94 and a current ratio of 1.24. The company's total liabilities exceed its total assets, with total liabilities of 3,382,543,000 JPY and total assets of 3,486,207,000 JPY. The company's cash and equivalents are 493,770,000 JPY, but this is insufficient to cover its long-term debt of 2,688,791,000 JPY.

Recent financial filings indicate that the company has not issued new shares in the past year, and there are no indications of significant dilution in the near term. The company's risk assessment indicates a medium liquidity risk and a low dilution risk, but the key flag of negative net cash after subtracting total debt suggests potential liquidity constraints.

FY2025 net income surged 2,864% year-over-year to JPY 146 million, signaling a strong profitability recovery.

Operating income jumped 938.5% in FY2025, demonstrating significant improvement in core operational efficiency and margins.

Free cash flow grew 41% to JPY 187.8 million in FY2025, enhancing liquidity and financial flexibility.

Revenue expanded at a 10.6% CAGR over four years, indicating consistent top-line growth momentum.

Long-term debt decreased slightly in FY2025, suggesting a modest improvement in the company's leverage profile.

The debt-to-equity ratio stands at 25.94, placing it in the bottom quartile of its peer cohort.

The company faces high credit risk, posing significant challenges to its financial stability and borrowing costs.

Revenue ¥1.11B, +4,1% YoY; Operating income +43,3% YoY.

• ▍Revenue ¥1.11B, +4,1% YoY
• ▍Operating income +43,3% YoY
• ▍Net income +46,1% YoY
• ▍Net margin 8.1%

Revenue ¥994.2M, −3,6% YoY; Operating income −69,8% YoY.

• ▍Revenue ¥994.2M, −3,6% YoY
• ▍Operating income −69,8% YoY
• ▍Net income −92,3% YoY
• ▍Net margin 0.3%

Revenue ¥956.3M, −8,3% YoY; Operating income −139,1% YoY.

• ▍Revenue ¥956.3M, −8,3% YoY
• ▍Operating income −139,1% YoY
• ▍Net income +47,7% YoY
• ▍Net margin 3.3%

Revenue ¥1.02B, +5,8% YoY; Operating income +233,5% YoY.

• ▍Revenue ¥1.02B, +5,8% YoY
• ▍Operating income +233,5% YoY
• ▍Net income +157,1% YoY
• ▍Net margin 1.8%

Revenue ¥1.07B; Operating income ¥75.2M.

• ▍Revenue ¥1.07B
• ▍Operating income ¥75.2M
• ▍Net margin 5.8%

Revenue ¥1.03B; Operating income ¥52.0M.

• ▍Revenue ¥1.03B
• ▍Operating income ¥52.0M
• ▍Net margin 3.3%

Revenue ¥1.04B; Operating income ¥4.4M.

• ▍Revenue ¥1.04B
• ▍Operating income ¥4.4M
• ▍Net margin 2.1%

Revenue ¥959.4M; Operating income -¥23.1M.

• ▍Revenue ¥959.4M
• ▍Operating income -¥23.1M
• ▍Net margin -3.3%

Revenue ¥4.07B, +5,7% YoY; Operating income +938,5% YoY.

• ▍Revenue ¥4.07B, +5,7% YoY
• ▍Operating income +938,5% YoY
• ▍Net income +2 864,3% YoY
• ▍Free cash flow +41,0% YoY
• ▍Net margin 3.6%

Revenue ¥3.85B, −13,8% YoY; Operating income +103,2% YoY.

• ▍Revenue ¥3.85B, −13,8% YoY
• ▍Operating income +103,2% YoY
• ▍Net income +101,0% YoY
• ▍Free cash flow −7,7% YoY
• ▍Net margin 0.1%

Revenue ¥4.47B, +19,8% YoY; Operating income −284,9% YoY.

• ▍Revenue ¥4.47B, +19,8% YoY
• ▍Operating income −284,9% YoY
• ▍Net income −376,1% YoY
• ▍Free cash flow −52,4% YoY
• ▍Net margin -11.3%

Revenue ¥3.73B, +37,1% YoY; Operating income +521,5% YoY.

• ▍Revenue ¥3.73B, +37,1% YoY
• ▍Operating income +521,5% YoY
• ▍Net income +207,2% YoY
• ▍Free cash flow +1 847,6% YoY
• ▍Net margin 4.9%