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Retail-eating places company · E9 · FY ends Dec · Revenue ¥1.32B · -24.11% margin · -¥78M FCF
The business is unprofitable at the operating level (-24.11% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 5.4% YoY. The question is whether this is cyclical or a structural shift.
ROIC dropped from -48.63% to -60.82%, capital efficiency is deteriorating. Negative free cash flow of -¥78M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
¥1.32B
▼ -5.4% YoY
Net Income (TTM)
-¥434M
▼ -5.4% YoY
Op. Margin
-24.11%
▲ +1.0pp YoY
ROIC
-60.82%
▼ -12.2pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-¥78M
▲ +45.0% YoY
Op. Cash Flow (TTM)
-¥13M
▲ +68.0% YoY
Net Debt
¥1.85B
Cash & Equiv.
¥122M
5Y CAGR: +44.1%
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