Leifras Co., Ltd.

What they do

LEIFRAS is a Japanese joint-stock corporation (kabushiki kaisha) headquartered at Ebisu Garden Place Tower in Shibuya-ku, Tokyo. It operates through wholly owned Japanese subsidiaries, including Apicos Co., Ltd., Leifras Travel Co., Ltd., and Regional Collaboration Department Ltd., with a former subsidiary, LEIF Ltd., liquidated on June 28, 2024. The company reports under U.S. GAAP and files with the SEC as a foreign private issuer, with ADSs listed on Nasdaq and ordinary shares listed only in connection with the ADS program.

Revenue drivers

• Educational services — The company is registered in the SIC industry classification Services-Educational Services, which describes its core business, but the filing excerpts provided do not break out revenue by segment or product line.
• Subsidiary operations — Revenue is generated through wholly owned subsidiaries named in the filing, including Apicos Co., Ltd., Leifras Travel Co., Ltd., and Regional Collaboration Department Ltd.; no financial contribution by subsidiary is disclosed in the excerpts.
• Travel-related services — Leifras Travel Co., Ltd. is identified as a wholly owned subsidiary, but the excerpts provided do not quantify its revenue or describe its specific activities.

Recent performance

For fiscal year 2025, LEIFRAS reported revenue of $74.8 million, net income of $2.8 million, and diluted EPS of $0.11. Operating cash flow was $3.0 million. As of December 31, 2025, total assets were $29.8 million, total liabilities were $18.0 million, and shareholder equity was $11.8 million. Cash and equivalents stood at $16.1 million, with long-term debt of $155,752.

Strategy

The excerpts provided do not include a management strategy discussion or forward-looking plan. The filing lists Item 5, Operating and Financial Review and Prospects, as a section of the annual report, but the text supplied does not contain its contents. The registrant is listed on Nasdaq under the symbol LFS, with each American Depositary Share representing one ordinary share. The filing shows 26,160,619 ordinary shares outstanding as of December 31, 2025.

Risks

• Foreign private issuer status — As a Japanese company filing on Form 20-F, LEIFRAS is subject to different disclosure and governance requirements than U.S. domestic issuers.
• Currency exposure — The filing states that assets and obligations are reported in U.S. dollars based on exchange rates, and changes in the exchange rate will affect the amount of obligations and the value of assets in dollar terms.
• Concentration in Japan — The company is organized under Japanese law and headquartered in Tokyo, so its results are exposed to conditions in the Japanese market.
• Limited segment disclosure in provided excerpts — The excerpts do not break out revenue by segment, product, or customer, making it difficult to assess concentration or line-level performance from the material supplied.

Outlook

The excerpts provided do not include management's outlook or forward guidance for fiscal year 2026 or beyond. No forecasts, targets, or planned investments are described in the material supplied.