Fuyo General Lease Co., Ltd.

芙蓉総合リース株式会社

Other Financing Business

Fuyo General Lease Co., Ltd. engages in the leasing and instalment sales business in Japan and internationally. The company operates through Lease and Installment Sales, Financing, and Other segments. The Lease and Installment Sales segment engages in leasing of IT, office equipment, industrial machinery, real estate, and other assets; as well as sells commercial/service equipment, production facilities, medical devices, and other assets. The Financing segment invests in marketable securities and offers loans. It also engages in BPO, mobility, and environmental-related businesses. Fuyo General Lease Co., Ltd. also engages in the solar power generation business. Fuyo General Lease Co., Ltd. was incorporated in 1969 and is headquartered in Tokyo, Japan.

← Companies

Price

¥4,194

Market Cap

¥126.8B

Ent. Value

¥2.6T

Net Debt

−¥2.4T

Shares Out.

30.2M

P / E

8.4×

EV / EBIT

39.4×

P / Book

0.80×

P / NCAV

N/M

Div. Yield

10.85%

Financials

Metric	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Net Sales	¥678.4B	¥708.5B	¥688.7B	¥657.8B
Cost of Sales	¥558.8B	¥599.0B	¥591.3B	¥569.0B
Gross Profit	¥119.6B	¥109.6B	¥97.3B	¥88.9B
SG&A	¥54.9B	¥49.5B	¥45.8B	¥42.8B
Operating Income	¥64.8B	¥60.0B	¥51.6B	¥46.0B
Non-Operating Income	¥8.2B	¥11.1B	¥9.9B	¥8.3B
Dividend Income	¥2.9B	¥2.9B	¥2.4B	¥2.3B
Interest Income	¥341M	¥259M	¥78M	¥13M
Non-Operating Expenses	¥4.0B	¥2.8B	¥1.8B	¥1.6B
Interest Expense	¥2.9B	¥1.8B	¥1.0B	¥775M
Ordinary Income	¥69.0B	¥68.4B	¥59.7B	¥52.7B
Pre-tax Income	¥68.9B	¥66.8B	¥58.0B	¥52.6B
Income Taxes	¥21.3B	¥17.2B	¥17.2B	¥16.1B
Current Tax	¥16.6B	¥20.4B	¥16.7B	¥17.1B
Deferred Tax	¥4.7B	¥-3.2B	¥494M	¥-933M
Net Income (owners)	¥45.3B	¥47.2B	¥38.9B	¥33.9B
Minority Interest	¥2.2B	¥2.4B	¥1.9B	¥2.6B
Comprehensive Income	¥59.9B	¥79.4B	¥50.3B	¥38.2B
EBITDA	¥70.0B	¥65.3B	¥55.9B	¥49.8B
Goodwill Amort. (J-GAAP)	¥1.7B	¥1.8B	¥1.6B	¥1.4B
EPS	¥501.66	¥1,571.44	¥1,299.27	¥1,130.52
Shares Outstanding	30.2M	30.2M	30.1M	30.1M
Shares Issued (total)	30.3M	30.3M	30.3M	30.3M
Treasury Shares	0.0M	0.1M	0.2M	0.2M

Metric	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Total Assets	¥3,567.1B	¥3,390.3B	¥3,149.7B	¥2,949.7B
Current Assets	¥2,215.2B	¥2,166.4B	¥2,097.1B	¥2,024.9B
Cash & Deposits	¥66.6B	¥140.8B	¥121.2B	¥72.2B
Non-Current Assets	¥1,351.7B	¥1,223.4B	¥1,052.0B	¥923.9B
PP&E	¥1,086.4B	¥978.6B	¥842.1B	¥727.0B
Goodwill	¥46.3B	¥23.3B	¥28.0B	¥21.2B
Intangible Assets	¥61.8B	¥37.6B	¥39.2B	¥30.8B
Investment Securities	¥155.7B	¥158.2B	¥125.3B	¥120.3B
Deferred Tax Assets	¥4.6B	¥4.2B	¥2.9B	¥3.0B
Total Liabilities	¥3,035.9B	¥2,913.0B	¥2,740.3B	¥2,575.5B
Current Liabilities	¥1,476.1B	¥1,421.3B	¥1,479.0B	¥1,451.5B
Accounts Payable	¥36.5B	¥36.5B	¥33.9B	¥35.4B
ST Debt	¥1,049.9B	¥980.8B	¥978.3B	¥897.5B
Taxes Payable	¥9.0B	¥7.6B	¥7.4B	¥8.1B
Non-Current Liabilities	¥1,559.8B	¥1,491.7B	¥1,261.3B	¥1,124.0B
Total LT Borrowings	¥1,442.0B	¥1,369.6B	¥1,146.0B	¥1,006.6B
Pension Obligations	¥2.7B	¥2.3B	¥3.1B	¥3.0B
Deferred Tax Liab.	¥28.3B	¥27.5B	¥18.4B	¥17.1B
Total Equity	¥531.2B	¥477.3B	¥409.4B	¥374.2B
Capital Stock	¥10.5B	¥10.5B	¥10.5B	¥10.5B
Capital Surplus	¥1.9B	¥1.9B	¥1.9B	¥7.3B
Retained Earnings	¥373.3B	¥342.3B	¥306.8B	¥277.4B
Treasury Stock	¥-1.7B	¥-1.5B	¥-2.1B	¥-2.5B
AOCI	¥91.4B	¥78.5B	¥49.5B	¥40.1B
Equity (owners)	¥384.0B	¥353.2B	¥317.1B	¥292.7B
Minority Interests	¥55.6B	¥45.4B	¥42.3B	¥40.8B

Total Interest-Bearing Debt ⓘ	¥2,491.9B	¥2,350.3B	¥2,124.4B	¥1,904.1B
Net Cash ⓘ	¥-2,425.3B	¥-2,209.5B	¥-2,003.1B	¥-1,832.0B
NCAV ⓘ	¥-820.7B	¥-746.6B	¥-643.2B	¥-550.6B
NCAV/Share	¥-27,141	¥-24,710	¥-21,344	¥-18,290
BV/Share	¥12,698	¥11,689	¥10,525	¥9,724

Metric	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Operating CF	¥-136.4B	¥-112.1B	¥-24.1B	¥89.0B
Taxes Paid	¥-14.9B	¥-19.9B	¥-17.0B	¥-18.6B
Interest Paid	¥-33.1B	¥-20.6B	¥-11.4B	¥-10.2B
Interest Received	¥5.3B	¥6.5B	¥3.5B	¥2.7B
D&A	¥3.5B	¥3.4B	¥2.7B	¥2.3B
Goodwill Amort.	¥1.7B	¥1.8B	¥1.6B	¥1.4B
Investing CF	¥-35.7B	¥-3.1B	¥-12.4B	¥-15.7B
Purchase Investments	¥-6.3B	¥-4.1B	¥-9.2B	¥-12.2B
Financing CF	¥98.0B	¥131.8B	¥84.0B	¥-101.5B
Dividends Paid	¥-14.2B	¥-11.5B	¥-9.4B	¥-7.8B
Share Buybacks	¥-499M	¥0M	—	¥-646M
LT Debt Repaid	¥-453.6B	¥-430.1B	¥-357.9B	¥-336.5B
Free Cash Flow	¥-136.4B	¥-112.1B	¥-24.1B	¥89.0B
Net Change in Cash	¥-74.1B	¥19.5B	¥49.2B	¥-26.8B

Metric	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
ROE	10.0%	11.8%	11.1%	10.6%
ROA	1.3%	1.4%	1.3%	1.1%
EPS	¥501.66	¥1,571.44	¥1,299.27	¥1,130.52
DPS	¥455.00	¥440.00	¥343.00	¥285.00
BPS	¥5,269.74	¥14,357.66	¥12,227.88	¥11,121.96
FCF/Share	¥-4,510	¥-3,710	¥-801	¥2,956
NCAV/Share	¥-27,141	¥-24,710	¥-21,344	¥-18,290
Payout Ratio	90.7%	28.0%	26.4%	25.2%

Event Timeline

S Shareholder A Capital Signal

Large Shareholder Reports 2

Date	Activist	Stake	Event	Flag	Demands	Source
2024-09-24	Mizuho Bank, Ltd.	6.84% -1.19%	change	Passive	—
2024-07-22	Mizuho Bank, Ltd.	8.03%	change	Passive	—

#	Shareholder	Shares (thou.)	% of Total
1	Hulic Co.,Ltd. ヒューリック株式会社	4,218	13.95%
2	Japan Master Trust Bank 日本マスタートラスト信託銀行株式会社（信託口）	2,860	9.46%
3	Meiji Yasuda Life Insurance 明治安田生命保険相互会社	2,555	8.45%
4	Custody Bank of Japan, Ltd. (Trust Account) みずほ信託銀行株式会社退職給付信託丸紅口再信託受託者株式会社日本カストディ銀行	1,512	5.00%
5	Japan Custody Bank 株式会社日本カストディ銀行（信託口）	1,074	3.55%
6	Sompo Japan Insurance Inc. 損害保険ジャパン株式会社	962	3.18%
7	Azbil Corporation アズビル株式会社	950	3.14%
8	Mizuho Bank 株式会社みずほ銀行	907	3.00%
9	NICHIREI CORPORATION 株式会社ニチレイ	416	1.38%
10	東武鉄道株式会社	399	1.32%

as of 2025-03-31 Source: EDINET ↗

Ownership by year — hover bars for detail

Domestic Nominees

18.0%

-0.1% vs 2024

Trust bank custodians — GPIF, pensions, investment trusts

Foreign Custodians

0.0%

+0.0% vs 2024

Sub-custodians for foreign asset managers

Direct / Strategic

34.4%

-0.3% vs 2024

Named entities with disclosed investment intent

Shareholder	Trend	2023	2024	2025
Hulic Co.,Ltd. ヒューリック		14.00%	13.96%	13.95% -0.01%
Japan Master Trust Bank 日本マスタートラスト信託銀行		8.66%	9.06%	9.46% +0.40%
Japan Custody Bank 日本カストディ銀行		9.14%	9.04%	8.55% -0.49%
Meiji Yasuda Life Insurance 明治安田生命保険		8.48%	8.46%	8.45% -0.01%
Sompo Japan Insurance Inc. 損害保険ジャパン		3.33%	3.32%	3.18% -0.14%
Azbil Corporation アズビル		3.32%	3.31%	3.14% -0.17%
Mizuho Bank みずほ銀行		3.01%	3.00%	3.00%
NICHIREI CORPORATION 式会社ニチレイ		1.38%	1.38%	1.38%
東武鉄道 NEW ENTRY	—	—	—	1.32% NEW
Tokio Marine & Nichido Fire Insurance Co., Ltd. 東京海上日動火災保険 last seen 2024	Exited Top 10	1.33%	1.32%	—
Concentration (HHI) ⓘ		461	465	461

3 fiscal years · top-10 holders per year · >2,500 HHI = high concentration · entity-resolved

Portfolio Book Value ¥92,344M +35% since 2023

Holdings 64 +17 new 17 exited

Trend 1 building vs 2023

Held Company	FY2025 ¥92,344M total		FY2023 ¥68,271M total
	Book Val ¥M	Shares	Book Val ¥M	Shares
Hulic Co.,Ltd. ヒューリック㈱	57,875	40,275,306	43,779	40,275,306	M
Azbil Corporation アズビル㈱（注）４	4,974	NEW New 4,320,000	—		M
NICHIREI CORPORATION ㈱ニチレイ（注）５	4,489	NEW New 1,263,000	—		M
Mizuho Financial Group, Inc. ㈱みずほフィナンシャルグループ	2,787	688,196	1,292	688,196
Tokyo Tatemono Co., Ltd. 東京建物㈱	2,331	922,700	1,490	922,700	M
YOKOGAWA ELECTRIC CORPORATION 横河電機㈱	1,973	682,000	1,466	682,000	M
KAKEN PHARMACEUTIAL CO., LTD. 科研製薬㈱	1,413	315,500	1,165	315,500	M
譬ｪ蠑丈ｼ夂､ｾ�ｼｳ�ｽ呻ｽ趣ｽ難ｽ撰ｽ��ｽ��ｽ費ｽ会ｽ厄ｽ� ㈱Ｓｙｎｓｐｅｃｔｉｖｅ	1,062	NEW New 1,389,000	—
TOBU RAILWAY CO.,LTD. 東武鉄道㈱	1,020	400,000	1,268	400,000	M
TPR CO .,LTD. ＴＰＲ㈱	948	409,000	547	409,000	M
Yasuda Logistics corporation 安田倉庫㈱	840	500,000	518	500,000	M
YAMATO HOLDINGS CO.,LTD. ヤマトホールディングス㈱	784	400,000	907	400,000
Katakura Industries Co.,Ltd. 片倉工業㈱	777	352,000	653	352,000	M
AEON Co.,Ltd. イオン㈱	750	200,000	513	200,000
TEIKOKU SEN-I Co.,Ltd. 帝国繊維㈱	742	289,000	477	289,000	M
TOA CORPORATION 東亜建設工業㈱（注）６	738	NEW New 569,200	—		M
Sumitomo Realty & Development Co.,Ltd. 住友不動産㈱	693	124,000	369	124,000	M
KYB Corporation カヤバ㈱（注）７	587	NEW New 200,000	—		M
Carlit Co.,Ltd. ㈱カーリット（注）８	553	NEW New 522,700	—
CANON INC. キヤノン㈱	533	114,798	339	114,798
nichicon corporation ニチコン㈱	520	425,000	586	425,000	M
MATSUDA SANGYO Co.,Ltd. 松田産業㈱	467	134,641	305	134,641
Nakamichi Leasing Co., Ltd. 中道リース㈱	458	831,000	423	831,000	M
Canon Marketing Japan Inc. キヤノンマーケティングジャパン㈱	456	89,556	282	89,556
TAKACHIHO KOHEKI CO.,LTD. 高千穂交易㈱	427	109,000	269	109,000	M
日本酸素グループホールディングス㈱	356	+1.9% ↑ 79,011	184	77,549
Shochiku Co;Ltd. 松竹㈱	272	22,100	252	22,100	M
Oki Electric Industry Company, Limited 沖電気工業㈱	254	258,866	185	258,866
East Japan Railway Company 東日本旅客鉄道㈱（注）９	230	NEW New 78,000	—
FUJI MEDIA HOLDINGS, INC. ㈱フジ・メディア・ホールディングス	229	90,000	107	90,000
㈱オフィスバスターズ	210	NEW New 60,000	—
YAMADA HOLDINGS CO.,LTD. ㈱ヤマダホールディングス	193	450,000	205	450,000
Sompo Holdings, Inc. ＳＯＭＰＯホールディングス㈱（注）10	163	NEW New 36,225	—
ROCK FIELD CO.,LTD. ㈱ロック・フィールド	160	101,200	158	101,200
Amano Corporation アマノ㈱	156	39,285	98	39,285
㈱淀川製鋼所	148	26,600	72	26,600
NAKAMURAYA CO.,LTD. ㈱中村屋	141	45,200	139	45,200
KOMORI CORPORATION ㈱小森コーポレーション	111	91,476	90	91,476
Softbank Corp. ソフトバンク㈱（注）11	110	NEW New 532,000	—
BIC CAMERA INC. ㈱ビックカメラ	109	70,000	77	70,000
MEDICAL SYSTEM NETWORK Co., Ltd. ㈱メディカルシステムネットワーク	98	250,000	100	250,000
Kabukiza Co. ㈱歌舞伎座	90	20,000	95	20,000
Hmcomm Inc. Ｈｍｃｏｍｍ㈱	84	NEW New 100,000	—
TAIHEIYO CEMENT CORPORATION 太平洋セメント㈱	79	20,450	50	20,450
The Shikoku Bank, Ltd. ㈱四国銀行	77	64,600	56	64,600	M
RETAIL PARTNERS CO., LTD. ㈱リテールパートナーズ	74	55,430	75	55,430
EXEO Group, Inc. エクシオグループ㈱（注）12	65	NEW New 39,000	—
TAKARA HOLDINGS INC. 宝ホールディングス㈱	65	57,000	58	57,000
Procrea Holdings, Inc. ㈱プロクレアホールディングス	62	NEW New 36,800	—
譬ｪ蠑丈ｼ夂､ｾ�ｼｪ�ｼｳ�ｼｨ㈱ＪＳＨ	61	NEW New 106,600	—
Achilles Co., Ltd. アキレス㈱	61	43,300	58	43,300
FIDEA Holdings Co. Ltd. フィデアホールディングス㈱	60	40,000	53	40,000
Origin Company, Limited ㈱オリジン	58	52,220	68	52,220	M
㈱Genki Global Dining Concepts（注）13	58	NEW New 17,118	—
TSI HOLDINGS CO., LTD. ㈱ＴＳＩホールディングス	55	50,000	31	50,000
TOMY COMPANY,LTD. ㈱タカラトミー	54	NEW New 15,820	—
SAPPORO HOLDINGS LIMITED サッポロホールディングス㈱	54	NEW New 7,155	—
Chuo Warehouse Co. ㈱中央倉庫	51	36,382	39	36,382
㈱ダイナムジャパンホールディングス	50	800,000	70	800,000
DAIDO METAL CO., LTD. 大同メタル工業㈱	49	100,000	51	100,000
ENEOS Holdings,Inc. ENEOSホールディングス㈱	—		—
Sharp Corporation シャープ㈱	—		—
Yorozu Corporation ㈱ヨロズ	—		—
日本電産㈱	—		—
Nippon Signal Company,Limited 日本信号㈱	—	−100% Exit —	52	49,000
Joban Kosan Co.,Ltd. 常磐興産㈱	—	−100% Exit —	138	109,200
Azbil Corporation アズビル㈱	—	−100% Exit —	3,898	1,080,000	M
NICHIREI CORPORATION ㈱ニチレイ	—	−100% Exit —	3,389	1,263,000	M
ＫＹＢ㈱	—	−100% Exit —	402	100,000	M
TOA CORPORATION 東亜建設工業㈱	—	−100% Exit —	377	142,300	M
カーリットホールディングス㈱	—	−100% Exit —	362	522,700
East Japan Railway Company 東日本旅客鉄道㈱	—	−100% Exit —	190	26,000
Softbank Corp. ソフトバンク㈱	—	−100% Exit —	81	53,200
Procrea Holdings, Inc. ㈱プロクレアホールディングス（注）４	—	−100% Exit —	77	36,800
Sompo Holdings, Inc. ＳＯＭＰＯホールディングス㈱	—	−100% Exit —	63	12,075
AERWINS TECHNOLOGIES INC.,	—	−100% Exit —	56	453,694
EXEO Group, Inc. エクシオグループ㈱	—	−100% Exit —	43	17,972
BELLUNA CO.,LTD. ㈱ベルーナ	—	−100% Exit —	34	48,900
The Ogaki Kyoritsu Bank, Ltd. ㈱大垣共立銀行	—	−100% Exit —	33	19,000	M
㈱Ｔ＆ＫＴＯＫＡ	—	−100% Exit —	29	27,000
ENEOS Holdings,Inc. ＥＮＥＯＳホールディングス㈱	—	−100% Exit —	28	61,792
Portfolio total	92,344		68,271

Book value in ¥M · ↓ reduced · ↑ increased vs prior year · M = mutual holding