LEIFRAS Co., Ltd.

LFS

Leifras Co., Ltd. operates as a sports and social business company in Japan. It operates through two segments, Sports School Business and Social Business segments. The company focuses on providing services related to the operation of sports schools and organization of events for children; selling of sports equipment; managing extracurricular activities in elementary and junior high schools; offering sports therapy for children with developmental disabilities; and providing health exercise guidance for the elderly.

About the company

Country: JapanPrice: $1.96Market Cap: $51.3M

Investment snapshot

41%positive consensus

Scored 1d ago

Positive

BUY / PASS

Neutral / negative

3 / 6

NEUTRAL / FAIL

Median fair value

$1.51

-23.0% vs price

Models with upside

4 / 17

Positive margin of safety

Strongest signal

All 12 investors pass LFS's debt & leverage

Key risk

Split decision: 6 FAIL · 4 PASS · 3 BUY · 3 NEUTRAL

Framework analysis

Verdict	Meaning
BUY	Positive purchase signal: the framework's buy requirements are met.
PASS	The company clears the framework's checklist or screen, but the framework does not produce a buy signal. For valuation frameworks this often means margin of safety is missing, insufficient, or unavailable; some screen-only frameworks have no intrinsic-value BUY state.
NEUTRAL	Neither a positive nor negative conclusion. It does not mean to hold an existing position.
FAIL	The company does not clear the framework's requirements.
Ranked	Ranked strategies do not use PASS: selected cohort is BUY, outside the cohort is FAIL, and unranked is NEUTRAL.

Current investor scores use trailing 12-month flows and the latest balance sheet where supported. Multi-year and EPS tests retain annual history; each framework shows its financial basis below. Intrinsic values use annual financials.

Metric	Graham Defensive Value	Buffett Quality Compounder	Lynch GARP	Greenblatt Magic Formula	Piotroski F-Score	Dreman Contrarian Value	Munger Quality Focus	Pabrai Dhandho Framework	Akre Three-Legged Stool	Marks Risk-Aware Value	Ackman Activist Value	Templeton Global Bargain Hunter	Sleep Scale Economies Shared	Asness Systematic Factors	Neff Low-P/E Total Return	Schloss Asset-Value Discipline	O'Shaughnessy Systematic Factor Composite
Verdict	FAIL	FAIL	BUY	Not ranked	BUY	PASS	NEUTRAL	FAIL	BUY	FAIL	PASS	PASS	PASS	NEUTRAL	FAIL	FAIL	NEUTRAL
Score
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Intrinsic Value (annual)					N/A								N/A	N/A	N/A	N/A	N/A
Margin of Safety	-84.9%	-29.8%	+29.5%	-92.2%	N/A	-44.1%	+22.8%	-25.6%	+59.7%	-44.1%	+4.9%	-44.1%	N/A	N/A	N/A	N/A	N/A
Financial Basis	Annual history · FY 2025 Latest source filing: 2026-04-08 Score computed: 2026-11-14	Annual history · FY 2025 Latest source filing: 2026-04-08 Score computed: 2026-11-14	Annual history · FY 2025 Latest source filing: 2026-04-08 Score computed: 2026-11-14	Annual history · FY 2025 Latest source filing: 2026-04-08 Score computed: 2026-11-14	Annual history · FY 2025 Latest source filing: 2026-04-08 Score computed: 2026-11-14	Annual history · FY 2025 · Market data at 2026-11-01 Latest source filing: 2026-04-08 Score computed: 2026-11-14	Qualitative assessment · Annual history · FY 2025 Latest source filing: 2026-04-08 Score computed: 2026-11-14	Qualitative assessment · Annual history · FY 2025 Latest source filing: 2026-04-08 Score computed: 2026-11-14	Annual history · FY 2025 · Qualitative assessment Latest source filing: 2026-04-08 Score computed: 2026-11-14	Annual history · FY 2025 · Qualitative assessment Latest source filing: 2026-04-08 Score computed: 2026-11-14	Annual history · FY 2025 · Market data at 2026-11-01 Latest source filing: 2026-04-08 Score computed: 2026-11-14	Annual history · FY 2025 · Price history 2025-10-01–2026-11-01 Latest source filing: 2026-04-08 Score computed: 2026-11-14	Annual history · FY 2025 · Qualitative assessment Latest source filing: 2026-04-08 Score computed: 2026-11-14	Annual history · FY 2025 · Price history 2025-10-01–2026-11-01 Latest source filing: 2026-04-08 Score computed: 2026-11-14	Annual history · FY 2025 Latest source filing: 2026-04-08 Score computed: 2026-11-14	Annual history · FY 2025 Latest source filing: 2026-04-08 Score computed: 2026-11-14	Annual history · FY 2025 · Price history 2025-10-01–2026-11-01 Latest source filing: 2026-04-08 Score computed: 2026-11-14

Where It Passes

Debt & Leverage100% pass✓ 15▾
All 12 investors pass LFS's debt & leverage
LT Debt vs Net Current AssetsLT Debt $0.2M vs NCA $7.8M
✓GrahamLT Debt <= Net Current Assets
Debt/Equity & Interest CoverageD/E: 0.10, IC: 38.1x
✓BuffettD/E < 0.5 AND Interest Coverage > 5x
Total Debt / Equity0.10
✓Lynch< 0.33
Cash - Long-term Debt$16.0M
✓LynchPositive preferred
LT Debt / Total Assets Change3.90% -> 0.52%
✓PiotroskiDecreased YoY
Current Assets / Current Liabilities1.54
✓Dreman> 1.5✓SchlossCurrent ratio >= 1.50x (app cutoff)
Total Debt / Shareholders' Equity0.10
✓Dreman< 0.8✓Templeton< 1.0 (fixed cap; proxy for below-sector-median leverage)✓SchlossD/E < 1.00x
Debt Levels0.10
✓MungerDebt/Equity < 0.5✓AkreDebt/Equity < 0.3
Interest Coverage & Debt/EBITDAIC=38.1x, D/EBITDA=0.2x
✓MarksInterest Coverage > 3x; Debt/EBITDA < 4x
Total Debt / Shareholders Equity0.10
✓Ackman<= 1.0
Negative debt-to-equity (higher means less debt)-0.0950; #1262/4210 (top 30.0%)
✓AsnessTop 30% of eligible cross-section
Cash Flow70% pass✓ 9✗ 3▾
7 of 10 pass — Dreman, Pabrai and Oshaughnessy object
Free Cash Flow Proxy$3.3M
✓BuffettPositive and growing
FCF Positive and Growing$2.7M
✓LynchPositive and growing
Operating Cash Flow$3.0M
✓PiotroskiCFO > 0
(CFO / Total Assets) vs ROACFO/Assets=10.02%, ROA=9.38%
✓PiotroskiCFO/Assets > ROA
Price / (CFO / Shares)17.1x
✗Dreman< 8x
P/E or FCF YieldP/E=17.6x, FCF Yield=5.3%
✗PabraiP/E < 15 or FCF Yield > 10%
FCF Positive3/3 years FCF positive
✓MarksPositive FCF in majority of recent years
(OCF - CapEx) / Market Cap5.3%
✓Ackman>= 4%
Price / FCF per Share18.8x
✓Ackman<= 25
Positive Operating Cash Flow frequency3/3 years positive
✓SleepPositive OCF in >= 70% of available years
Operating Cash Flow - Capital Expenditures$2.7M
✓Neff> $0 (app proxy for a strong fundamental case)
(Operating cash flow - capex) / market capitalization+5.31%; #1525/4519 (top 33.7%)
✗OshaughnessyTop 10% of eligible cross-section
Verdicts54% pass✓ 7✗ 6▾
Split decision: 6 FAIL · 4 PASS · 3 BUY · 3 NEUTRAL
Overall verdict
✗GrahamFAIL (1/9)✗BuffettFAIL (3/9)✓LynchBUY (7/7)•GreenblattNot ranked✓PiotroskiBUY (F-Score 8)✓DremanPASS (5/11)•MungerNEUTRAL (3/4)✗PabraiFAIL (0/3)✓AkreBUY (5/6)✗MarksFAIL (3/5)✓AckmanPASS (5/9)✓TempletonPASS (4/8)✓SleepPASS (3/6)•AsnessNEUTRAL (Not ranked)✗NeffFAIL (1/6)✗SchlossFAIL (2/7)•OshaughnessyNEUTRAL (Not ranked)

Where It Falls Short

Profitability19% pass✓ 18✗ 17▾
13 of 16 flag LFS's profitability — Graham, Buffett, Greenblatt +10 more
Net income / market capitalization+5.47%; #1550/6340 (top 24.4%)
✓AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section
Positive EPS (10 years)3/3 years positive
✗GrahamPositive EPS every year for 10 years
EPS Growth (3-yr avg, 10-yr window)
✗Graham>= 33% growth
Net Income Positive (10+ years)3/3 years positive
✗BuffettPositive every year for 10+ years
ROE (up to 5-year arithmetic mean)34.5%
✓Buffett> 15% arithmetic mean (app rule)
Operating Margin (10-yr trend)
✗BuffettStable or rising over 10 years
Free Cash Flow Proxy$3.3M
✓BuffettPositive and growing
Earnings Variance (10-yr CoV)
✗BuffettCoV < 0.3
Retained Earnings Effectiveness
✗Buffett$1 retained -> > $1 market value created
Basic earnings-growth PEG (dividends excluded)0.50
✓Lynch< 1.0 (ideally < 0.5)
3-5 Year EPS CAGR35.3%
✓Lynch15-30% (Fast Grower); > 0% to pass
ROE23.7%
✓Lynch> 15%
EBIT / Enterprise Value11.1%
✓Greenblatt> 10%
Earnings Yield + ROC AssessmentEY=11.1%, ROC=N/A (invested capital <= 0)
✗GreenblattBoth EY > 10% and ROC > 25%
Net Income / Total Assets9.38%
✓PiotroskiROA > 0
ROA Change YoY9.31% -> 9.38% (delta: +0.07%)
✓PiotroskiCurrent ROA > Prior ROA
(CFO / Total Assets) vs ROACFO/Assets=10.02%, ROA=9.38%
✓PiotroskiCFO/Assets > ROA
Gross Margin Change YoY28.5% -> 29.5%
✓PiotroskiImproved YoY
Pre-Tax Income / Revenue5.2%
✗Dreman>= 8%
Net Income / Shareholders' Equity23.7%
✓Dreman> 12%
Margin of SafetyP/E=17.6x, P/B=4.3x
✗PabraiP/B < 1.5 or P/E < 15
Return on Equity34.5% (3-yr avg)
✓AkreROE > 20% (3-year avg)
Discount to Intrinsic Value-43.9% (IV=$1.36 vs Price=$1.96)
✗Marks>= 20% below intrinsic value
Positive Net Income Frequency3/3 years positive
✓MarksPositive net income in >= 7 of last 10 years
Operating Income / Revenue5.3%
✗Ackman>= 15%
Net Income / Shareholders Equity23.7%
✓Ackman>= 15%
5-Year EPS CAGR
✗Templeton> 0% (5-year EPS CAGR)
Operating Margin Trend4.3% (2023) -> 5.3% (2025)
✓TempletonNon-negative operating-margin trend over 3 years
Revenue growth vs. gross and operating margin trendgross margin 25.1% -> 29.5%, operating margin 4.3% -> 5.3%
✗SleepRevenue rising; gross margin flat or falling; operating margin holding
Gross profit / total assets+74.13%; #298/3702 (top 8.0%)
✓AsnessTop 30% of eligible cross-section
Net income / positive book equity+23.74%; #646/5226 (top 12.4%)
✓AsnessTop 30% of eligible cross-section
Negative 5-year standard deviation of ROA
✗AsnessTop 30% of eligible cross-section
3-5 Year Diluted EPS CAGR
✗Neff7%-20% annualized
Positive Diluted-EPS Years
✗Schloss>= 70% positive over 5-10 observed years (app rule)
Valuation23% pass✓ 6✗ 22▾
10 of 13 flag LFS's valuation — Graham, Greenblatt, Dreman +7 more
Net income / market capitalization+5.47%; #1550/6340 (top 24.4%)
✓AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section
Price / 3-yr avg EPS21.6x
✗Graham<= 15x
Price-to-Book Ratio4.3x
✗Graham<= 1.5x
P/E x P/B93.70
✗Graham<= 22.5
Basic earnings-growth PEG (dividends excluded)0.50
✓Lynch< 1.0 (ideally < 0.5)
EBIT / Enterprise Value11.1%
✓Greenblatt> 10%
Earnings Yield + ROC AssessmentEY=11.1%, ROC=N/A (invested capital <= 0)
✗GreenblattBoth EY > 10% and ROC > 25%
Price / EPS17.6x
✗Dreman< 12x✗Templeton< 12x (fixed ceiling; proxy for the market's cheapest 40%)
Price / (CFO / Shares)17.1x
✗Dreman< 8x
Price / Book Value per Share4.3x
✗Dreman< 1.2x✗Templeton< 1.5x✗SchlossP/B <= 0.80x (app cutoff)
Valuation ReasonablenessP/E=17.6x, OE Yield=6.5%
✓MungerP/E < 25 or Owner Earnings Yield > 5%
P/E or FCF YieldP/E=17.6x, FCF Yield=5.3%
✗PabraiP/E < 15 or FCF Yield > 10%
P/B or P/E vs. Historical AverageP/E=17.6x, P/B=4.3x
✗MarksP/E < 15 or P/B < 2.0
Discount to Intrinsic Value-43.9% (IV=$1.36 vs Price=$1.96)
✗Marks>= 20% below intrinsic value
Price / FCF per Share18.8x
✓Ackman<= 25
Price vs. Trailing Low100% of trailing low ($1.96)
✓Templeton<= 120% of trailing low (certified split-adjusted live window)
Positive book equity / market capitalization+0.2303; #4032/6449 (top 62.5%)
✗AsnessTop 30% of eligible cross-section
Price / Diluted EPS17.6x
✗NeffP/E <= 15x (app proxy for a P/E 40%-60% below the market)
(EPS CAGR % + Dividend Yield %) / P/E
✗Neff> 0.7 (Neff's published traditional edge)
Price / Tangible Book Value per Share4.96x
✗SchlossP/TBV <= 1.00x (app cutoff)
Book Value per Share Change
✗SchlossLatest BVPS >= earliest BVPS over >= 3 years (app rule)
Revenue / market capitalization+1.4624; #1368/5247 (top 26.1%)
✗OshaughnessyTop 10% of eligible cross-section
(Operating cash flow - capex) / market capitalization+5.31%; #1525/4519 (top 33.7%)
✗OshaughnessyTop 10% of eligible cross-section
Trailing six-month price return through the evaluation date-5.31%; #3155/6202 (top 50.9%)
✗OshaughnessyTop 10% of eligible cross-section
Valuation models36% pass✓ 4✗ 7▾
Models split on LFS at $1.96 — fair values range $1.02–$4.86
Graham fair value$1.06
✗Graham-84.9% margin vs $1.96
Buffett fair value$1.51
✗Buffett-29.8% margin vs $1.96
Lynch fair value$2.78
✓Lynch+29.5% margin vs $1.96
Greenblatt fair value$1.02
✗Greenblatt-92.2% margin vs $1.96
Dreman fair value$1.36
✗Dreman-44.1% margin vs $1.96
Munger fair value$2.54
✓Munger+22.8% margin vs $1.96
Pabrai fair value$1.56
✗Pabrai-25.6% margin vs $1.96
Akre fair value$4.86
✓Akre+59.7% margin vs $1.96
Marks fair value$1.36
✗Marks-44.1% margin vs $1.96
Ackman fair value$2.06
✓Ackman+4.9% margin vs $1.96
Templeton fair value$1.36
✗Templeton-44.1% margin vs $1.96
Growth38% pass✓ 7✗ 6▾
5 of 8 flag LFS's growth — Graham, Ackman, Templeton +2 more
EPS Growth (3-yr avg, 10-yr window)
✗Graham>= 33% growth
Basic earnings-growth PEG (dividends excluded)0.50
✓Lynch< 1.0 (ideally < 0.5)
3-5 Year EPS CAGR35.3%
✓Lynch15-30% (Fast Grower); > 0% to pass
Inventory Growth vs Revenue GrowthInv: -11.5% vs Rev: 14.0%
✓LynchInventory growth < Revenue growth
EPS Growth Direction$0.06 (2023) -> $0.11 (2025)
✓DremanPositive over recent years
EPS CAGR35.3% CAGR over 2 years
✓Dreman> 5% annualized
Positive Net Income Frequency3/3 years positive
✓MarksPositive net income in >= 7 of last 10 years
3yr Median Revenue Growth7.0%
✓Ackman>= 5%
Positive EPS Growth Frequency2/2 years with positive EPS growth
✗AckmanPositive EPS growth in >= 3 of last 5 years
5-Year EPS CAGR
✗Templeton> 0% (5-year EPS CAGR)
Revenue growth vs. gross and operating margin trendgross margin 25.1% -> 29.5%, operating margin 4.3% -> 5.3%
✗SleepRevenue rising; gross margin flat or falling; operating margin holding
5-year Revenue CAGR6.8%
✗SleepCAGR > 7%
3-5 Year Diluted EPS CAGR
✗Neff7%-20% annualized
Efficiency50% pass✓ 6✗ 5▾
4 of 8 pass — Graham, Buffett, Greenblatt +1 more object
Current Ratio1.54
✗Graham>= 2.0
ROIC (3-5 yr avg)
✗Buffett> 10%
ROIC - WACC
✗BuffettPositive (WACC = 10%)
EBIT / (NWC + Net Fixed Assets)N/A (invested capital <= 0)
✗Greenblatt> 25%
Current Ratio Change YoY1.16 -> 1.54
✓PiotroskiIncreased YoY
Revenue / Total Assets Change YoY2.30x -> 2.51x
✓PiotroskiImproved YoY
Current Assets / Current Liabilities1.54
✓Dreman> 1.5
Return on Invested Capital24.5%
✓Munger> 15%
ROIC (high and growing)FY2023: ROIC=unavailable; FY2024: ROIC=28.4%; FY2025: ROIC=24.5%
✗AkreLatest 3 consecutive FYs: ROIC > 15% in each
Reinvestment Rate x ROIC24.5% (RR=100% x ROIC=24.5%)
✓AkreReinvestment Rate * ROIC > 10%
ROIC (5-year)2/2 years above 12% (latest 24.5%)
✓SleepROIC > 12% in a majority of years

Business & financials

Financial snapshot: annual FY 2025. Current investor scores may use newer quarterly data.

Company Profile

Industry: Personal Services

SIC Sector: Educational Services

Size: Micro Cap($51.3M)

Revenue: $75.0M+14.0% YoY

Net Income: $2.8M+5.1% YoY

Financial Snapshot

Operating Margin5.3%

Return on Equity23.7%

Debt / Equity0.10

Current Ratio1.54

EPS (Diluted)$0.11+10.7% 1y

Shares Retired−5.0% / −5.0% 2y

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Shareholder Return

Fiscal 2025

Issued 5.0% of shares last year, 5.0% issued over two.

Buybacks: —
Dividends: —

What drove EPS

A buyback raises earnings per share without the company earning more. This splits each year's change into the two.

FY24

65.5% = 53.7% + 7.7%

FY25

10.7% = 5.1% + 5.3%

Earnings Fewer shares More shares

The two parts do not sum exactly to the total — the difference is the cross-term, plus preferred capital where the company has any. It is left visible rather than distributed into the other two.

Share count is the denominator the filer used for diluted EPS, recovered as net income ÷ EPS — not the balance-sheet count, which is a point-in-time figure and would put the timing difference into this split. Years with a loss are omitted: a smaller share count makes a loss per share larger, so the decomposition inverts.

Company Financials

Latest TTM and quarters alongside annual years

TTM sums four consecutive quarters and uses the latest quarter-end balances. Quarter columns show three-month results; annual columns show full-year totals. Growth compares the same period a year earlier. EPS is not added for TTM; full-year ratios are blank for quarters.

Metric	FY 2025 Sources 20-F · 2026-04-08	FY 2024 Sources 20-F · 2026-04-08	FY 2023 Sources 20-F · 2026-04-08
Market Cap	$51.3Mcurrent	$71.2Mest.	--
Revenue	$75.0M↑14%	$65.8M	$65.8M
Operating Income	$4.0M↑21%	$3.3M↑18%	$2.8M
Net Income	$2.8M↑5%	$2.7M↑54%	$1.7M
EPS (Diluted)	$0.11↑11%	$0.10↑65%	$0.06
Gross Margin	29.5%↑4%	28.5%↑14%	25.1%
Operating Margin	5.3%↑6%	5.0%↑18%	4.3%
ROE	23.7%↓41%	40.2%↑2%	39.4%
Total Debt	$1.1M↓57%	$2.6M	--
Shareholders' Equity	$11.8M↑78%	$6.6M↑51%	$4.4M
Current Ratio	1.54↑33%	1.16	—
Debt / Equity	0.10↓76%	0.39	—
Operating Cash Flow	$3.0M↑127%	$1.3M↓72%	$4.8M
Free Cash Flow	$2.7M↑123%	$1.2M↓74%	$4.8M

Score history

Historical Score Timeline

Industry peers

Industry Peers

Similar companies in Personal Services

LFS vs Peers — Financial Grading

Revenue$75.0MBottom 25%

Net Income$2.8MBottom 25%

ROE23.7%Top 25%

D/E0.10Top 25%

Op. Margin5.3%Bottom 25%

Curr. Ratio1.54Median

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