9778
SUBARU CO., LTD.
株式会社昴
Consumer Defensive · Education & Training Services
Subaru Co., Ltd. engages in the cram school business in Japan. The company offers learning and examination guidance for older children, elementary school students, junior high school students, and high school students; mock tests; special training; and tests. It operates schools in Kagoshima, Miyazaki, Kumamoto, Fukuoka, and Okinawa. The company was incorporated in 1959 and is headquartered in Kagoshima, Japan
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Overview
Filings & Signals
Ownership
Financials
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Income Statement
Balance Sheet
Cash Flow
Ratios & Per Share
Metric
FY 2025
EDINET ↗
FY 2024
EDINET ↗
FY 2023
EDINET ↗
FY 2022
EDINET ↗
FY 2021
EDINET ↗
Net Sales
¥3.4B
¥3.5B
¥3.5B
¥3.5B
¥3.8B
Cost of Sales
¥2.7B
¥2.8B
¥2.8B
¥2.7B
¥2.9B
Gross Profit
¥630M
¥640M
¥707M
¥831M
¥901M
SG&A
¥517M
¥546M
¥563M
¥550M
¥576M
Operating Income
¥112M
¥94M
¥144M
¥281M
¥326M
Non-Operating Income
¥32M
¥30M
¥31M
¥32M
¥34M
Dividend Income
¥5M
¥3M
¥3M
¥2M
¥2M
Interest Income
¥1M
¥0M
¥0M
¥0M
¥0M
Non-Operating Expenses
¥22M
¥16M
¥15M
¥13M
¥11M
Interest Expense
¥11M
¥7M
¥5M
¥4M
¥5M
Ordinary Income
¥122M
¥107M
¥161M
¥300M
¥349M
Pre-tax Income
¥64M
¥60M
¥104M
¥260M
¥263M
Income Taxes
¥23M
¥2M
¥68M
¥42M
¥127M
Current Tax
¥16M
¥33M
¥64M
¥62M
¥131M
Deferred Tax
¥7M
¥-30M
¥4M
¥-20M
¥-4M
Net Income (owners)
¥41M
¥58M
¥36M
¥218M
¥136M
Comprehensive Income
—
—
—
—
¥150M
EBITDA
¥272M
¥255M
¥306M
¥439M
¥498M
EPS
¥68.90
¥98.03
¥60.98
¥368.92
¥230.91
Shares Outstanding
0.7M
0.7M
0.7M
0.7M
0.6M
Shares Issued (total)
0.7M
0.7M
0.7M
0.7M
0.7M
Treasury Shares
—
—
—
—
0.1M
Metric
FY 2025
EDINET ↗
FY 2024
EDINET ↗
FY 2023
EDINET ↗
FY 2022
EDINET ↗
FY 2021
EDINET ↗
Total Assets
¥6.9B
¥6.9B
¥7.1B
¥6.7B
¥6.8B
Current Assets
¥879M
¥916M
¥1.1B
¥618M
¥871M
Cash & Deposits
¥750M
¥770M
¥960M
¥472M
¥727M
Non-Current Assets
¥6.0B
¥6.0B
¥6.0B
¥6.1B
¥5.9B
PP&E
¥4.8B
¥4.9B
¥4.9B
¥5.1B
¥4.9B
Intangible Assets
¥27M
¥43M
¥63M
¥76M
¥101M
Investment Securities
¥288M
¥144M
¥235M
¥135M
¥83M
Deferred Tax Assets
¥358M
¥404M
¥350M
¥388M
¥372M
Total Liabilities
¥3.3B
¥3.4B
¥3.5B
¥3.1B
¥3.3B
Current Liabilities
¥1.1B
¥1.1B
¥1.2B
¥1.2B
¥1.3B
ST Debt
¥538M
¥567M
¥619M
¥529M
¥562M
Taxes Payable
¥23M
¥39M
¥71M
¥57M
¥122M
Non-Current Liabilities
¥2.2B
¥2.3B
¥2.3B
¥1.9B
¥2.0B
Total LT Borrowings
¥1.0B
¥1.1B
¥1.2B
¥834M
¥996M
Pension Obligations
—
—
—
—
¥827M
Total Equity
¥3.6B
¥3.6B
¥3.6B
¥3.6B
¥3.5B
Capital Stock
¥991M
¥991M
¥991M
¥991M
¥991M
Capital Surplus
¥972M
¥972M
¥972M
¥972M
¥972M
Retained Earnings
¥2.1B
¥2.1B
¥2.1B
¥2.2B
¥2.0B
Treasury Stock
¥-514M
¥-516M
¥-518M
¥-517M
¥-516M
AOCI
¥109M
¥26M
¥79M
¥4M
¥-11M
Equity (owners)
¥3.5B
¥3.5B
¥3.6B
¥3.6B
¥3.5B
Total Interest-Bearing Debt ⓘ
¥1.6B
¥1.7B
¥1.8B
¥1.4B
¥1.6B
Net Cash ⓘ
¥-828M
¥-891M
¥-845M
¥-891M
¥-831M
NCAV ⓘ
¥-2.4B
¥-2.4B
¥-2.4B
¥-2.5B
¥-2.5B
NCAV/Share
¥-3,423
¥-3,515
¥-3,443
¥-3,589
¥-3,945
BV/Share
¥5,064
¥5,110
¥5,133
¥5,191
¥5,522
Metric
FY 2025
EDINET ↗
FY 2024
EDINET ↗
FY 2023
EDINET ↗
FY 2022
EDINET ↗
FY 2021
EDINET ↗
Operating CF
¥274M
¥162M
¥281M
¥193M
¥415M
Interest Paid
¥-11M
¥-7M
¥-5M
¥-4M
¥-5M
Interest Received
¥6M
¥4M
¥3M
¥2M
¥6M
D&A
¥159M
¥161M
¥162M
¥158M
¥172M
Investing CF
¥-125M
¥-117M
¥-98M
¥-226M
¥53M
CapEx
¥215M
¥69M
¥99M
¥207M
¥67M
Purchase Investments
¥-24M
¥-4M
¥-4M
¥-34M
¥-14M
Financing CF
¥-169M
¥-232M
¥305M
¥-230M
¥-218M
Dividends Paid
¥-75M
¥-75M
¥-75M
¥-75M
¥-75M
Share Buybacks
¥-0M
¥-1M
¥-1M
¥-0M
¥-0M
LT Debt Repaid
¥-584M
¥-644M
¥-658M
¥-645M
¥-750M
Free Cash Flow
¥59M
¥93M
¥183M
¥-13M
¥348M
Net Change in Cash
¥-20M
¥-188M
¥488M
¥-263M
¥251M
Metric
FY 2025
EDINET ↗
FY 2024
EDINET ↗
FY 2023
EDINET ↗
FY 2022
EDINET ↗
FY 2021
EDINET ↗
ROE
1.1%
1.6%
1.0%
6.0%
4.0%
ROA
0.6%
0.8%
0.5%
3.2%
2.0%
EPS
¥68.90
¥98.03
¥60.98
¥368.92
¥230.91
DPS
¥120.00
¥120.00
¥120.00
¥120.00
¥120.00
BPS
¥6,119.36
¥6,040.12
¥6,161.11
¥6,099.69
¥5,840.59
FCF/Share
¥85
¥134
¥263
¥-19
¥555
NCAV/Share
¥-3,423
¥-3,515
¥-3,443
¥-3,589
¥-3,945
Payout Ratio
174.2%
122.4%
196.8%
32.5%
52.0%
Event Timeline
S Shareholder
A Capital Signal
▾ Hide Chart
Large Shareholder Reports 1
Date Activist Stake Event Flag Demands Source
2023-10-24
有限会社学友社
41.57%
change
Passive
—
Top 10 Shareholders
Ownership DNA
Cross-Holdings Tracker 2
#
Shareholder
Shares (thou.)
% of Total
1
有限会社学友社
256
40.99%
2
Custody Bank of Japan, Ltd. (Trust Account)
株式会社日本カストディ銀行 (信託E口)
34
5.54%
3
株式会社鹿児島銀行 (常任代理人 株式会社日本カストディ銀行)
31
4.95%
4
昴取引先持株会
25
4.13%
5
株式会社南日本銀行
21
3.42%
6
西 村 道 子
20
3.32%
7
西 村 秋
10
1.71%
8
昴社員持株会
8
1.35%
9
株式会社昭和貨物
5
0.81%
10
渕上印刷株式会社
4
0.78%
Domestic Nominees
5.5%
-1.5% vs 2025
Trust bank custodians — GPIF, pensions, investment trusts
Foreign Custodians
0.0%
+0.0% vs 2025
Sub-custodians for foreign asset managers
Direct / Strategic
61.5%
+0.3% vs 2025
Named entities with disclosed investment intent
Shareholder
Trend
2023
2024
2025
2026
限会社学友社
39.37%
40.98%
40.99%
40.99%
日本カストディ銀行
5.74%
5.74%
5.65%
5.54%
-0.11%
式会社鹿児島銀行
4.95%
4.95%
4.95%
4.95%
昴取引先持株会
3.49%
3.66%
3.89%
4.13%
+0.24%
式会社南日本銀行
3.41%
3.41%
3.42%
3.42%
西 村 道 子
3.32%
3.32%
3.32%
3.32%
西 村 秋
3.31%
1.71%
1.71%
1.71%
昴社員持株会
1.38%
1.47%
1.41%
1.35%
-0.06%
式会社昭和貨物
NEW ENTRY
—
—
—
—
0.81%
NEW
渕上印刷
NEW ENTRY
—
—
—
—
0.78%
NEW
三菱UFJ信託銀行
last seen 2025
Exited Top 10
1.44%
1.44%
1.44%
—
式会社宮崎銀行
last seen 2025
Exited Top 10
1.44%
1.44%
1.44%
—
Concentration (HHI)
ⓘ
1659
1782
1784
1781
4 fiscal years · top-10 holders per year · >2,500 HHI = high concentration · entity-resolved
Portfolio Book Value
¥134M
+44% since 2023
Holdings
2
Trend
1 building
vs 2023
Book value in ¥M · ↓ reduced · ↑ increased vs prior year · M = mutual holding