# ArkCore, Inc.: business model and financials

> Latest period: FY ending Feb 2026, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第23期(2025/03/01－2026/02/28) (S100Y6PS)
> Page: https://vizora.meequs.com/en/company/arkcore
> Retrieved: 2026-09-30T21:01:28.542Z

## Company

ArkCore, founded in 2002, is a company in Sporting Goods & Fitness listed on Nagoya. It has 89 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | ArkCore,Inc. |
| Ticker | 3384 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3384.T) |
| Listing | Nagoya |
| Head office | 東京都豊島区池袋二丁目6番1号(2026年1月8日から本店は上記に移転しております。 旧本店の所在の場所 東京都豊島区池袋二丁目14番4号) |
| Representative (per filing) | 代表取締役社長 正渡康弘 |
| Founded | May 2002 |
| Share capital | ¥232.8M |
| Employees (consolidated) | 89 |
| Average salary (parent only) | ¥5.7M |
| Fiscal year end | February |
| Website | arkcore.co.jp (https://arkcore.co.jp/) |
| Corporate number | 8011801023775 |
| EDINET | E02989 |
| Industries (Vizora) | Sporting Goods & Fitness, Secondhand Retail, Car Dealers & Used Cars |

> Profile source: annual securities report (S100Y6PS, filed 2026-05-29). As of filing

## Five-axis industry profile

Primary industry: Car Dealers & Used Cars (2026-02-28)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 91.7 | 18 |
| Profitability | 84.1 | 22 |
| Cash conversion | 57.5 | 20 |
| Efficiency | 79.5 | 22 |

Each axis is shown independently. Missing values are labeled unavailable; no combined score is calculated. Industry rank is not an investment recommendation.

## Key points (generated from figures)

- About 93% of ArkCore's sales come from Motorcycle, with Fitness making up much of the rest.
- Out of every ¥100 of sales, about ¥6 is left as operating profit.
- Revenue changed +15.8% from the prior year, operating profit -26.5%.

## Company structure

- Segment revenue mix: Motorcycle 93.0%、Fitness 7.0%
- Revenue → net income: ¥7252961000 → ¥288037000
- Net income → operating cash flow: ¥288037000 → ¥349810000（difference ¥61773000）
- Main uses of operating cash flow: CapEx ¥121307000 / dividends — / buybacks —
- Change in cash: ¥-14324000
Segment shares use total reported segment revenue, which may include inter-segment sales. The cash bridge is operating cash flow minus net income and combines non-cash items and working-capital effects.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥7.25B |  |
| Operating income | ¥431.2M | Margin 5.9% |
| Net income | ¥288M | Margin 4.0% |
| Free cash flow | ¥228.5M |  |
| Largest business | Motorcycle | of segment revenue 93.0% |
| Employees (consolidated) | 89 |  |
| EPS | ¥159.46 |  |
| Book value per share | ¥862.87 |  |
| Equity ratio | 54.0% |  |
| Shares outstanding | 1,970,000 |  |
| Treasury shares | 163,600 |  |
| Shareholders | 3,567 |  |
| Average salary (parent only) | ¥5.7M | Filing company only |
| Cash ratio | 57.0% | Cash ÷ revenue 22.7% |
| Vs. industry median margin | +2.6 pp | Secondhand Retail |
| ROE | 20.4% | Derived from disclosed figures |
| ROA | 10.0% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 85% of positive segment profit
- FY2026, cash is 57% of total assets
- FY2026, parent-company salary changed +22% over five years

## What changed in 5 years

| Metric | FY ending Feb 2021 | FY ending Feb 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥2753340000 | ¥7252961000 | +163.4% |
| Operating income | ¥37287000 | ¥431173000 | +1056.4% |
| Operating margin | 1.4% | 5.9% | +4.6 pp |
| Employees | 83 people | 89 people | +7.2% |
| Cash and equivalents | ¥753853000 | ¥1646775000 | +118.4% |

### Change in segment revenue mix

Span: FY ending Feb 2021 → FY ending Feb 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| バイク事業 → バイク事業 | 83.6% |
| フィットネス事業 → フィットネス事業 | 7.0% |
| フィットネス事業 → 事業再編・廃止 | 6.2% |
| 飲食事業 → 事業再編・廃止 | 3.2% |
| 新設・再編 → バイク事業 | 9.5% |

Segment revenue source references: 5 (derived)

## Income statement（FY ending Feb 2026, non-consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 7,253 | 100.0% | S100Y6PS |
| Cost of revenue | 4,446 | 61.3% | S100Y6PS |
| Gross profit | 2,807 | 38.7% | S100Y6PS |
| SG&A | 2,375 | 32.8% | S100Y6PS |
| Operating income | 431 | 5.9% | S100Y6PS |
| Ordinary income | 427 | 5.9% | S100Y6PS |
| Pretax income | 423 | 5.8% | S100Y6PS |
| Income tax | 135 | 1.9% | S100Y6PS |
| Net income | 288 | 4.0% | S100Y6PS |

## Per ¥100 of revenue（FY ending Feb 2026）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 61 |
| SG&A | 33 |
| Operating income | 6 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 38.7% → Operating margin 5.9% → Net margin 4.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +15.8%; Core profit growth: -26.5%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -1.68×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Feb 2025 → FY ending Feb 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 6,265 | 7,253 | 988 | +15.8% |
| Gross profit | 2,614 | 2,807 | 192 | +7.4% |
| Operating income | 587 | 431 | -156 | -26.5% |
| Operating cash flow | 370 | 350 | -20 | -5.5% |
| Free cash flow | 319 | 229 | -91 | -28.4% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Feb 2020 | 2,273 | 69 | 3.0% | 9 | -17 | -24 | S100LAAZ |
| FY ending Feb 2021 | 2,753 | 37 | 1.4% | 4 | 152 | 51 | S100NZ2L |
| FY ending Feb 2022 | 3,845 | 120 | 3.1% | -33 | 139 | -78 | S100QP7R |
| FY ending Feb 2023 | 5,298 | 305 | 5.8% | 408 | 202 | 184 | S100TFVA |
| FY ending Feb 2024 | 5,412 | 259 | 4.8% | 164 | 291 | 278 | S100VTCT |
| FY ending Feb 2025 | 6,265 | 587 | 9.4% | 391 | 370 | 319 | S100Y6PS |
| FY ending Feb 2026 | 7,253 | 431 | 5.9% | 288 | 350 | 229 | S100Y6PS |

## People and productivity（FY ending Feb 2026, non-consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥81.5M |
| Operating income per employee (consolidated) | ¥4.8M |
| Net income per employee (consolidated) | ¥3.2M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 87 | 79 | 82 | 83 | 89 |
| Average salary (parent company) | ¥4.7M | ¥4.8M | ¥5.2M | ¥5.6M | ¥5.7M |
| Average age (parent company) | 38.5 years | 39.2 years | 40.2 years | 39.6 years | 40.0 years |
| Average tenure (parent company) | 5.8 years | 6.4 years | 6.8 years | 7.3 years | 7.6 years |

Year over year: Employees (consolidated) +7.2% · Revenue (consolidated) +15.8%

## Segments（FY ending Feb 2026, non-consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Motorcycle | 6,748 | 93.0% | 365 | 5.4% |
| Fitness | 505 | 7.0% | 66 | 13.1% |

### segmentMix — Revenue and profit mix

Calculated from disclosed figures (DERIVED). Shares use total segment revenue and total positive segment profit respectively. Difference = profit share − revenue share (pt). Inter-segment sales may prevent reconciliation to company revenue.

| Segment | Revenue share | Profit share | Difference (pt) | Margin |
| --- | ---: | ---: | ---: | ---: |
| Motorcycle | 93.0% | 84.7% | -8.4 | 5.4% |
| Fitness | 7.0% | 15.3% | 8.4 | 13.1% |

Segment → industry: Fitness → Sporting Goods & Fitness / Motorcycle → Secondhand Retail / Motorcycle → Car Dealers & Used Cars

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Feb 2026, non-consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 350 | 4.8% | S100Y6PS |
| Capital expenditure | 121 | 1.7% | S100Y6PS |
| Free cash flow | 229 | 3.2% | 算出 |
| Investing cash flow | -164 | -2.3% | S100Y6PS |
| Financing cash flow | -200 | -2.8% | S100Y6PS |
| Change in cash | -14 | -0.2% | S100Y6PS |
| Cash and equivalents | 1,647 | 22.7% | S100Y6PS |

## Balance sheet

Figures are as of each fiscal year end. Derived values are marked as such in the source column. Lease liabilities are excluded from interest-bearing debt.

| Metric | FY ending Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 742 | 1,098 | 1,682 | 1,661 | 1,647 | S100TFVA, S100VTCT, S100Y6PS |
| Total assets | 1,562 | 2,175 | 2,646 | 2,894 | 2,888 | S100QP7R, S100TFVA, S100VTCT, S100Y6PS |
| Net assets | 297 | 705 | 871 | 1,271 | 1,559 | S100TFVA, S100VTCT, S100Y6PS |
| Share capital | 233 | 233 | 233 | 233 | 233 | S100QP7R, S100TFVA, S100VTCT, S100Y6PS |
| Property, plant and equipment | 169 | 129 | 106 | 116 | 156 | S100QP7R, S100TFVA, S100VTCT, S100Y6PS |
| Intangible assets excluding goodwill | 8 | 6 | 8 | 6 | 15 | S100QP7R, S100TFVA, S100VTCT, S100Y6PS |
| Investment securities | — | — | — | — | 5 | S100Y6PS |
| Current assets | 1,226 | 1,930 | 2,445 | 2,676 | 2,582 | S100QP7R, S100TFVA, S100VTCT, S100Y6PS |
| Current liabilities | 490 | 623 | 743 | 887 | 781 | S100QP7R, S100TFVA, S100VTCT, S100Y6PS |
| Long-term borrowings | 400 | 396 | 690 | 551 | 469 | S100QP7R, S100TFVA, S100VTCT, S100Y6PS |
| Bonds | 360 | 442 | 340 | 185 | 80 | S100QP7R, S100TFVA, S100VTCT, S100Y6PS |
| Total liabilities | 1,265 | 1,470 | 1,775 | 1,623 | 1,330 | S100QP7R, S100TFVA, S100VTCT, S100Y6PS |
| Equity attributable to owners of parent | 296 | 704 | 870 | 1,271 | 1,559 | S100QP7R, S100TFVA, S100VTCT, S100Y6PS |
| Retained earnings | -130 | 278 | 443 | 834 | 1,122 | S100QP7R, S100TFVA, S100VTCT, S100Y6PS |
| Treasury stock | -74 | -74 | -72 | -61 | -61 | S100QP7R, S100TFVA, S100VTCT, S100Y6PS |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 57% | S100Y6PS |
| Property, plant and equipment | 5% | S100Y6PS |
| Intangibles and goodwill | 1% | S100Y6PS |
| Investment securities | 0% | S100Y6PS |
| Other assets | 37% | S100Y6PS |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 46% | S100Y6PS |
| Equity | 54% | S100Y6PS |

### Balance sheet history

| Metric | FY ending Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 1,562 | 2,175 | 2,646 | 2,894 | 2,888 |
| Equity | 297 | 705 | 871 | 1,271 | 1,559 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 742 | 1,098 | 1,682 | 1,661 | 1,647 |

## Asset intensity and goodwill

Ratios are derived from reported values. Goodwill is used only when separately reported, never inferred from combined intangible assets.

| Metric | Value | Sources |
| --- | ---: | ---: |
| Asset intensity (fixed assets ÷ revenue) | 2.2% | S100Y6PS |
| Fixed assets ÷ total assets | 5.4% | S100Y6PS |
| Goodwill ÷ parent equity | — | —, S100Y6PS |

### Cash quality

Net cash = cash − interest-bearing debt. Net debt ratio = (interest-bearing debt − cash) ÷ positive operating cash flow. Omit when debt components are incomplete; other ratios are derived from reported figures.

| Metric | Value |
| --- | ---: |
| Cash ratio (cash ÷ total assets) | 57.0% |
| Cash ÷ revenue | 22.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 81.1% |
| Cash vs. profit gap | 62 JPY mn (of net income 21.4%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 1.7% |
| Investing CF relative to operating CF | 47.0% |

## ROA and ROE

ROE is decomposed into net margin × asset turnover × financial leverage. Leverage can raise ROE, so the ratio alone does not assess a company's condition. Ending balances are used without a prior year; total equity approximates parent equity when unavailable.

| Period | Net margin | Asset turnover | ROA | Financial leverage | ROE | Sources |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | — | —× | -2.1% | —× | — | S100QP7R |
| 2023 | 7.7% | 2.84× | 21.8% | 3.74× | 81.7% | S100TFVA |
| 2024 | 3.0% | 2.25× | 6.8% | 3.06× | 20.9% | S100VTCT |
| 2025 | 6.2% | 2.26× | 14.1% | 2.59× | 36.6% | S100Y6PS |
| 2026 | 4.0% | 2.51× | 10.0% | 2.04× | 20.4% | S100Y6PS |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 正渡 康弘 | Major shareholder | 32.4% | 2026-02-28 |
| 山田 浩司 | Major shareholder | 4.1% | 2026-02-28 |
| 石田 敦信 | Major shareholder | 3.1% | 2026-02-28 |
| 土屋 勉 | Major shareholder | 3.1% | 2026-02-28 |
| 齋藤 文男 | Major shareholder | 2.2% | 2026-02-28 |
| 吉岡 裕之 | Major shareholder | 2.1% | 2026-02-28 |
| 松本 大樹 | Major shareholder | 1.8% | 2026-02-28 |
| 岩本 竜久 | Major shareholder | 1.7% | 2026-02-28 |
| 谷内 進 | Major shareholder | 1.2% | 2026-02-28 |
| 岡野 将士 | Major shareholder | 1.1% | 2026-02-28 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第23期(2025/03/01－2026/02/28) | S100Y6PS | 2026-05-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y6PS,, |
| 有価証券報告書－第22期(2024/03/01－2025/02/28) | S100VTCT | 2025-05-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VTCT,, |
| 有価証券報告書－第21期(2023/03/01－2024/02/29) | S100TFVA | 2024-05-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TFVA,, |
| 有価証券報告書－第20期(2022/03/01－2023/02/28) | S100QP7R | 2023-05-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QP7R,, |
| 有価証券報告書－第19期(令和3年3月1日－令和4年2月28日) | S100NZ2L | 2022-05-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NZ2L,, |
| 有価証券報告書－第18期(令和2年3月1日－令和3年2月28日) | S100LAAZ | 2021-05-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LAAZ,, |

## Definitions

- Amounts are in millions of JPY (rounded). The period is stated in each table heading
- Operating margin = operating income ÷ revenue. Net income is attributable to owners of the parent when disclosed
- Free cash flow (FCF) = operating cash flow − capital expenditure
- ¥100 model = breakdown per ¥100 of revenue (rounded so parts sum to 100)
- Segment revenues include inter-segment sales and may not sum to consolidated revenue
- Source IDs are EDINET document IDs (docID). "算出" (derived) means computed from other disclosed values
- All figures are extracted mechanically from filings. AI-written text never generates figures
- Source: company filings submitted to EDINET (Financial Services Agency of Japan). Figures were extracted, edited and processed, and charts and text were created, by Vizora — not by the FSA (used under the Public Data License v1.0).