Overview
Services

FULUHASHI EPO CORPORATION

Fuluhashi EPO is an environmental solutions company based in Nagoya, Japan, specializing in the recycling and reprocessing of wood waste generated from demolition and construction sites, which is then sold as biomass fuel or raw material (wood chips) to biomass power plants and pulp/paper manufacturers. The company also operates a resource circulation business that collects and recycles various construction by-products from housing construction sites, and an 'other' segment encompassing the manufacture and sale of wooden pallets and logistics equipment (including used equipment trading), environmental consulting, facility security, and staffing services. With a dual-revenue model—earning both waste processing fees and product sales income—the company operates primarily across the Chubu and Kanto regions of Japan, with overseas logistics equipment operations in Thailand and Vietnam.

Market Cap
¥12.9B
US$82.3M
EV
¥16.6B
US$106M
Stock¥1,113▼-0.98%
US$1 = ¥156.80 (2026-10-23)
LTM EV/EBITDA
8.5
x
LTM EV/EBIT
14.3
x
LTM PER
14.7
x
LTM PBR
2.1
x
Stock vs TOPIX (1Y, base=100)vs TOPIX ▼-21.9%pt
10012
Oct 24, 25 – Oct 23, 26StockTOPIX
1Feb 17, 26Disappointment selling after earnings
2Aug 13, 26Q1 FY2027/03 earnings announced
MC → EV Bridge
12.9BUS$82.3MMarket Cap5.32BUS$33.9M+ Debt1.30BUS$8.30M− Cash0.27BUS$1.73M− Inv. Sec.16.6BUS$106MEV
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Performance & Balance
Revenue 5Y (¥B)
7.72US$49.2M'22/38.08US$51.5M'23/38.75US$55.8M'24/39.38US$59.8M'25/310.0US$63.8M'26/3
EBITDA 5Y (¥B)
1.25US$7.98M'22/31.34US$8.53M'23/31.59US$10.1M'24/31.76US$11.2M'25/31.93US$12.3M'26/3
Net Income 5Y (¥B)
0.57US$3.63M'22/30.74US$4.74M'23/30.26US$1.68M'24/31.03US$6.59M'25/30.89US$5.68M'26/3
Capital Structure
54%
46%
EquityD/E 0.86xDebt
Liquidity vs Debt 5Y (¥B)▼ Net Debt
CashInv. Sec.Debt
1.02US$6.53M4.97US$31.7M'22/32.96US$18.9M4.04US$25.8M'23/32.70US$17.2M3.39US$21.6M'24/31.39US$8.85M3.80US$24.2M'25/31.42US$9.08M4.93US$31.4M'26/3
Shareholders
Top 10 hold 64.4%
1
Yamaguchi Co., Ltd.
39.33%
2
FULUHASHI EPO CORPORATION Employee Stock Ownership Association
5.24%
3
The Master Trust Bank of Japan, Ltd.
4.06%
4
Yoko TAKATORI
3.50%
5
Ikuko YAMAGUCHI
2.95%
6
Daisuke SEIBAN
2.10%
7
Madoka YAMAGUCHI
2.07%
8
Nomura Trust and Banking Co., Ltd.
2.00%
9
Naohiko YAMAGUCHI
1.57%
10
Masako NOGUCHI
1.53%
Management
8 officers
Naohiko YAMAGUCHI
Representative Director, President, Head of Management Strategy Division
Apr 1978 Joined the Company Jan 1983 Director Oct 1990 Managing Director Oct 1992 Senior Managing Director Oct 1994 Representative Director, Vice President Oct 1997 Representative Director, President Apr 2024 Representative Director, President, Head of Management Strategy Division (current)
1954-10-13
Akihiko YAMAGUCHI
Representative Director, Vice President, Head of Production Division
Apr 1980 Joined Aichi Ricoh Co., Ltd. (now Ricoh Japan Co., Ltd.) Aug 1984 Joined the Company Nov 1990 Director Nov 1997 Senior Managing Director, Head of Sales Division Sep 2000 Director, Vice President Jan 2009 Representative Director, Vice President Jan 2009 Representative Director, Japan Bioenergy Holdings Co., Ltd. (current) Feb 2009 Director, Kawasaki Biomass Power Generation Co., Ltd. (current) Apr 2017 Director, CEPO Handa Biomass Power Generation Co., Ltd. (current) Apr 2024 Representative Director, Vice President, Head of Production Division (current)
1957-01-12
Mikiya AMANO
Director, Deputy Head of Production Division, and General Manager, East Japan Production Department
Mar 2000 Joined the Company Aug 2010 General Manager, Production Department, Kanto Branch, and Plant Manager, Chiba Recycle Land Plant Feb 2011 Acting Branch Manager, Kanto Branch, and General Manager, Kanto Production Department Apr 2011 Executive Officer, Acting Branch Manager, Kanto Branch, and General Manager, Production Department Apr 2014 Managing Executive Officer, Head of Kanto Sales Division and Head of Kanto Production Division Jun 2016 Director, Acting Branch Manager, Kanto Branch May 2018 Director, General Manager, Head Office Sales Coordination Department, Sales Division Jan 2019 Director, General Manager, Head Office Sales Coordination Department, and General Manager, Sales Department 1, Sales Division Jul 2019 Director, General Manager, Head Office Coordination Department, and General Manager, Sales Department 2 Feb 2021 Director, in charge of Head Office Production and General Manager, Sales Development Department; Director, Head of Production Division (due to organizational restructuring) Apr 2024 Director, Head of Biomaterials Business Division Apr 2025 Director, Deputy Head of Production Division, and General Manager, Central Japan Biomaterials Production Department Apr 2026 Director, Deputy Head of Production Division, and General Manager, East Japan Production Department (current)
1977-01-26
Toru UENO
Director, Head of Administration Division, and General Manager, General Affairs Department
Apr 1984 Joined The Kyowa Bank, Ltd. (now Resona Bank, Limited) Apr 2015 Joined Toshin Unyu Co., Ltd. Apr 2016 Joined the Company, General Manager, Legal Department, Support Center Aug 2016 General Manager, Finance and Legal Departments, Support Center Dec 2016 Executive Officer, General Manager, Finance and Legal Departments, Support Center Jul 2019 Executive Officer, General Manager, General Affairs Department Feb 2021 Director, in charge of administration, and General Manager, General Affairs Department Feb 2021 Director, Head of Administration Division, and General Manager, General Affairs Department (due to organizational restructuring) (current)
1960-09-25
Nobukatsu MIZUNO
Director, Audit and Supervisory Committee Member
Oct 1976 Joined Tohmatsu & Aoki Audit Corporation (now Deloitte Touche Tohmatsu LLC) Jul 2003 Representative Partner of the same firm Jul 2005 Regional Managing Executive Partner, Mie Office, of the same firm Jul 2017 Head, Nobukatsu Mizuno Certified Public Accountant Office (current) Sep 2017 Outside Director of the Company May 2018 Outside Director, Audit and Supervisory Committee Member, Daiseki Co., Ltd. Dec 2023 Outside Director, Japan Warranty Support Co., Ltd. Jun 2025 Outside Director, Audit and Supervisory Committee Member of the Company (current)
1952-12-11
Naoko ODA
Director, Audit and Supervisory Committee Member
Apr 1986 Joined Hiroshima Sogo Co., Ltd. Jan 1996 Established Aquarius Information Research Institute Co., Ltd. (now Aquarius Heart Voice Co., Ltd.) Jun 2003 Representative Director, Aquarius Heart Voice Co., Ltd. (current) Jun 2019 Outside Director of the Company Jun 2025 Outside Director, Audit and Supervisory Committee Member of the Company (current)
1965-10-10
Kohei KARIYA
Director, Audit and Supervisory Committee Member
Oct 1996 Joined Tohmatsu & Co. (now Deloitte Touche Tohmatsu LLC) Jul 2001 Deputy General Manager, Tianjin Office, Deloitte Touche Tohmatsu (now Deloitte), China Jul 2005 Senior Manager, China Desk, International Department, Nagoya Office, Tohmatsu & Co. (now Deloitte Touche Tohmatsu LLC) Apr 2007 Opened Kariya Certified Public Accountant Office (now Kariya Certified Public Accountant and Tax Accountant Office) (current) Apr 2020 Outside Audit & Supervisory Board Member of the Company Jun 2024 Outside Director, Kimura Unity Co., Ltd. (current) Jun 2025 Outside Director, Audit and Supervisory Committee Member of the Company (current)
1969-04-18
Ritsuko INOUE
Director, Audit and Supervisory Committee Member
Apr 1985 Joined The Saitama Bank, Ltd. (now Resona Bank, Limited) Oct 2018 Joined Resona Business Service Co., Ltd. Apr 2019 Executive Officer, Deputy in charge of Human Resources, and General Manager, Diversity Promotion Office, Resona Business Service Co., Ltd. Apr 2021 Executive Officer, in charge of Diversity Promotion Office and Human Capital Development Office, Resona Business Service Co., Ltd. Apr 2022 Executive Officer, in charge of Internal Audit Department, Resona Business Service Co., Ltd. Apr 2024 Advisor, Resona Business Service Co., Ltd. Jun 2024 Outside Director, AGS Co., Ltd. (current) Jun 2024 Outside Director of the Company Oct 2024 Outside Director, Audit and Supervisory Committee Member, General Packer Co., Ltd. (current) Jun 2025 Outside Director, Audit and Supervisory Committee Member of the Company (current)
1964-05-18
Large Shareholding Reports
Yamaguchi Co., Ltd.
2026-08-24
38.71%→36.16%
Annual report (as of 2026-03-31): 39.33%
Yamaguchi Co., Ltd.
2026-06-19
38.71%→38.71%
Annual report (as of 2026-03-31): 39.33%
Yamaguchi Co., Ltd.
2026-05-11
38.71%→38.71%
Annual report (as of 2026-03-31): 39.33%
Daisuke KIYOITA
2026-02-20
5.09%→3.77%
Annual report (as of 2026-03-31): 2.10%
Yamaguchi Co., Ltd.
2025-11-28
41.26%→38.71%
Annual report (as of 2026-03-31): 39.33%
Yamaguchi Co., Ltd.
2025-11-17
—
Annual report (as of 2026-03-31): 39.33%
Disclosures
No disclosures
Primary Source Filings
EDINET
2026-08-24
Large Shareholding Report
TDnet
2026-08-12
Q1 Earnings Flash
FY ending Mar 2027
EDINET
2026-06-19
Large Shareholding Report
EDINET
2026-06-16
Annual Securities Report
Period: Apr 2025 – Mar 2026
EDINET
2026-05-11
Large Shareholding Report
EDINET
2026-02-20
Large Shareholding Report
TDnet
2026-02-12
Q3 Earnings Flash
FY ending Mar 2026
EDINET
2025-11-28
Large Shareholding Report
EDINETAmended
2025-11-17
Change Report
EDINET
2025-11-12
Semi-Annual Securities Report
Period: Apr 2025 – Mar 2026
TDnet
2025-08-12
Q1 Earnings Flash
FY ending Mar 2026
EDINET
2025-06-24
Annual Securities Report
Period: Apr 2024 – Mar 2025
TDnet
2025-02-13
Q3 Earnings Flash
FY ending Mar 2025
EDINET
2024-11-13
Semi-Annual Securities Report
Period: Apr 2024 – Mar 2025
TDnet
2024-08-09
Q1 Earnings Flash
FY ending Mar 2025
EDINET
2024-06-27
Annual Securities Report
Period: Apr 2023 – Mar 2024
EDINET
2024-02-14
Quarterly Securities Report
Period: Oct 2023 – Dec 2023
EDINET
2023-11-14
Quarterly Securities Report
Period: Jul 2023 – Sep 2023
EDINET
2023-08-10
Quarterly Securities Report
Period: Apr 2023 – Jun 2023
EDINETAmended
2023-07-12
Amended Annual Securities Report
Period: Apr 2022 – Mar 2023
EDINET
2023-06-29
Annual Securities Report
Period: Apr 2022 – Mar 2023
EDINETAmended
2023-03-08
Amended Securities Registration Statement
EDINETAmended
2023-03-08
Amended Securities Registration Statement
EDINET
2023-02-21
Securities Registration Statement
EDINET
2023-02-21
Securities Registration Statement
EDINET
2023-02-14
Quarterly Securities Report
Period: Oct 2022 – Dec 2022
EDINET
2022-11-14
Quarterly Securities Report
EDINET
2022-08-12
Quarterly Securities Report
EDINET
2022-06-29
Annual Securities Report
EDINETAmended
2022-04-13
Amended Securities Registration Statement
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