# ART VIVANT CO.,LTD.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第42期(2025/04/01－2026/03/31) (S100YI6G)
> Page: https://vizora.meequs.com/en/company/art-vivant
> Retrieved: 2026-09-30T21:05:46.562Z

## Company

ART Vivant, founded in 1984, is a company in Credit Cards & Consumer Credit listed on TSE Standard. It has 296 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | ART VIVANT CO.,LTD. |
| Ticker | 7523 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7523.T) |
| Listing | TSE Standard |
| Head office | 東京都品川区東品川四丁目13番14号 |
| Representative (per filing) | 代表取締役会長兼社長 野澤 克巳 |
| Founded | Nov 1984 |
| Share capital | ¥1.91B |
| Employees (consolidated) | 296 |
| Average salary (parent only) | ¥6.1M |
| Fiscal year end | March |
| Website | www.artvivant.co.jp (https://www.artvivant.co.jp/) |
| Corporate number | 7010701024331 |
| EDINET | E03276 |
| Industries (Vizora) | Credit Cards & Consumer Credit, Sporting Goods & Fitness |

> Profile source: annual securities report (S100YI6G, filed 2026-06-24). As of filing

## Key points (generated from figures)

- About 79% of ART Vivant's sales come from Art segment, with Financial services segment and Health and fitness segment making up much of the rest.
- Out of every ¥100 of sales, about ¥21 is left as operating profit.
- Revenue changed +18.1% from the prior year, operating profit +27.6%.

## Company structure

- Segment revenue mix: Art segment 79.0%、Financial services segment 13.7%、Health and fitness segment 7.3%
- Revenue → net income: ¥12674953000 → ¥1687574000
- Net income → operating cash flow: ¥1687574000 → ¥3751480000（difference ¥2063906000）
- Main uses of operating cash flow: CapEx ¥34562000 / dividends ¥907363000 / buybacks ¥316000
- Change in cash: ¥3326090000
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 | ¥12.7B |  |
| Operating income | ¥2.7B | Margin 21.3% |
| Net income | ¥1.69B | Margin 13.3% |
| Free cash flow | ¥3.72B |  |
| Largest business | Art segment | of segment revenue 79.0% |
| Employees (consolidated) | 296 |  |
| EPS | ¥644.62 |  |
| Book value per share | ¥1738.57 |  |
| Equity ratio | 44.3% |  |
| Shares outstanding | 9,152,316 |  |
| Treasury shares | 600 |  |
| Shareholders | 2,523 |  |
| Average salary (parent only) | ¥6.1M | Filing company only |
| Cash ratio | 24.8% | Cash ÷ revenue 71.6% |
| Vs. industry median margin | +3.2 pp | Credit Cards & Consumer Credit |
| ROE | 10.7% | Derived from disclosed figures |
| ROA | 4.7% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.2× net income
- FY2026, segment profit share differs by 32 points
- FY2026, employees -3% while operating income rose 28%

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥7886026000 | ¥12674953000 | +60.7% |
| Operating income | ¥1412222000 | ¥2698272000 | +91.1% |
| Operating margin | 17.9% | 21.3% | +3.4 pp |
| Employees | 287 people | 296 people | +3.1% |
| Cash and equivalents | ¥3519425000 | ¥9078630000 | +158.0% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| アート関連事業 → アート関連事業 | 65.4% |
| 金融サービス事業 → 金融サービス事業 | 13.7% |
| 金融サービス事業 → 事業再編・廃止 | 3.2% |
| 健康産業事業 → 健康産業事業 | 7.3% |
| 健康産業事業 → 事業再編・廃止 | 10.4% |
| 新設・再編 → アート関連事業 | 13.6% |

Segment revenue source references: 6 (derived)

## Business growth × margin

X-axis: segment revenue CAGR. Y-axis: latest operating margin. Bubble size: latest revenue. CAGR requires at least two comparable years.

| Segment | CAGR span | Revenue CAGR | Latest revenue | Operating margin | Source refs |
| --- | ---: | ---: | ---: | ---: | ---: |
| Art segment | 5 years | +14.2% | ¥10014939000 | 13.3% | 2 |
| Financial services segment | 5 years | +5.4% | ¥1735601000 | 69.6% | 2 |
| Health and fitness segment | 5 years | -7.9% | ¥924413000 | 10.0% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 12,675 | 100.0% | S100YI6G |
| Cost of revenue | 4,604 | 36.3% | S100YI6G |
| Gross profit | 8,071 | 63.7% | S100YI6G |
| SG&A | 5,373 | 42.4% | S100YI6G |
| Operating income | 2,698 | 21.3% | S100YI6G |
| Ordinary income | 2,682 | 21.2% | S100YI6G |
| Pretax income | 2,607 | 20.6% | S100YI6G |
| Income tax | 919 | 7.3% | S100YI6G |
| Net income | 1,688 | 13.3% | S100YI6G |
| Net income attributable to owners | 1,688 | 13.3% | S100YI6G |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 36 |
| SG&A | 43 |
| Operating income | 21 |
| (Ref.) Net income | 13 |

### Margin funnel

Gross margin 63.7% → Operating margin 21.3% → Net margin 13.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +18.1%; Core profit growth: +27.6%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.53×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 10,731 | 12,675 | 1,944 | +18.1% |
| Gross profit | 7,172 | 8,071 | 899 | +12.5% |
| Operating income | 2,114 | 2,698 | 584 | +27.6% |
| Net income attributable to owners | 1,266 | 1,688 | 422 | +33.3% |
| Operating cash flow | 2,017 | 3,751 | 1,735 | +86.0% |
| Free cash flow | 1,920 | 3,717 | 1,797 | +93.6% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 8,770 | 1,899 | 21.7% | 1,062 | -602 | -859 | S100NPAQ |
| FY ending Mar 2021 | 7,886 | 1,412 | 17.9% | 429 | 1,257 | 1,059 | S100OFQT |
| FY ending Mar 2022 | 10,254 | 2,160 | 21.1% | 1,150 | -337 | -408 | S100R320 |
| FY ending Mar 2023 | 10,725 | 2,248 | 21.0% | 1,354 | 163 | 57 | S100TR0M |
| FY ending Mar 2024 | 11,006 | 2,365 | 21.5% | 1,767 | -496 | -588 | S100W3T2 |
| FY ending Mar 2025 | 10,731 | 2,114 | 19.7% | 1,266 | 2,017 | 1,920 | S100YI6G |
| FY ending Mar 2026 | 12,675 | 2,698 | 21.3% | 1,688 | 3,751 | 3,717 | S100YI6G |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥42.8M |
| Operating income per employee (consolidated) | ¥9.1M |
| Net income per employee (consolidated) | ¥5.7M |

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

| History | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 265 | 304 | 328 | 304 | 296 |
| Average salary (parent company) | ¥4.8M | ¥4.8M | ¥5M | ¥5.4M | ¥6.1M |
| Average age (parent company) | 32.3 years | 31.7 years | 31.2 years | 32.0 years | 31.9 years |
| Average tenure (parent company) | 7.3 years | 7.0 years | 6.7 years | 7.3 years | 7.4 years |

Year over year: Employees (consolidated) -2.6% · Revenue (consolidated) +18.1%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Art segment | 10,015 | 79.0% | 1,337 | 13.3% |
| Financial services segment | 1,736 | 13.7% | 1,207 | 69.6% |
| Health and fitness segment | 924 | 7.3% | 93 | 10.0% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Art segment | 79.0% | 50.7% | -28.3 | 13.3% |
| Financial services segment | 13.7% | 45.8% | 32.1 | 69.6% |
| Health and fitness segment | 7.3% | 3.5% | -3.8 | 10.0% |

Segment → industry: Financial services segment → Credit Cards & Consumer Credit / Health and fitness segment → Sporting Goods & Fitness

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 3,751 | 29.6% | S100YI6G |
| Capital expenditure | 35 | 0.3% | S100YI6G |
| Free cash flow | 3,717 | 29.3% | 算出 |
| Investing cash flow | 1,577 | 12.4% | S100YI6G |
| Financing cash flow | -1,993 | -15.7% | S100YI6G |
| Dividends paid | 907 | 7.2% | S100YI6G |
| Share buyback | 0 | 0.0% | S100YI6G |
| Change in cash | 3,326 | 26.2% | S100YI6G |
| Cash and equivalents | 9,079 | 71.6% | S100YI6G |

## 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 Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 3,961 | 5,480 | 4,773 | 5,753 | 9,079 | S100TR0M, S100W3T2, S100YI6G |
| Total assets | 29,433 | 32,918 | 34,234 | 34,773 | 36,646 | S100R320, S100TR0M, S100W3T2, S100YI6G |
| Net assets | 14,258 | 15,395 | 15,888 | 15,316 | 16,247 | S100TR0M, S100W3T2, S100YI6G |
| Share capital | 1,770 | 1,827 | 1,843 | 1,864 | 1,912 | S100R320, S100TR0M, S100W3T2, S100YI6G |
| Property, plant and equipment | 1,203 | 684 | 534 | 540 | 502 | S100R320, S100TR0M, S100W3T2, S100YI6G |
| Intangible assets excluding goodwill | 22 | 37 | 88 | 117 | 119 | S100R320, S100TR0M, S100W3T2, S100YI6G |
| Investment securities | 1,620 | 2,299 | 2,219 | 2,337 | 785 | S100R320, S100TR0M, S100W3T2, S100YI6G |
| Current assets | 25,166 | 27,943 | 29,481 | 29,681 | 33,245 | S100R320, S100TR0M, S100W3T2, S100YI6G |
| Current liabilities | 13,415 | 16,297 | 17,140 | 16,474 | 18,710 | S100R320, S100TR0M, S100W3T2, S100YI6G |
| Short-term borrowings | 5,500 | 8,216 | 8,565 | 7,619 | 8,043 | S100R320, S100TR0M, S100W3T2, S100YI6G |
| Long-term borrowings | 749 | 1,020 | 1,046 | 2,539 | 1,284 | S100R320, S100TR0M, S100W3T2, S100YI6G |
| Bonds | 495 | — | — | — | — | S100R320 |
| Interest-bearing debt | 6,744 | — | — | — | — | 算出 |
| Total liabilities | 15,175 | 17,524 | 18,346 | 19,458 | 20,398 | S100R320, S100TR0M, S100W3T2, S100YI6G |
| Equity attributable to owners of parent | 14,245 | 15,343 | 15,805 | 15,321 | 16,193 | S100R320, S100TR0M, S100W3T2, S100YI6G |
| Retained earnings | 8,547 | 9,574 | 10,855 | 11,537 | 12,314 | S100R320, S100TR0M, S100W3T2, S100YI6G |
| Treasury stock | -1,233 | -1,160 | -1,991 | -0 | -1 | S100R320, S100TR0M, S100W3T2, S100YI6G |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 25% | S100YI6G |
| Property, plant and equipment | 1% | S100YI6G |
| Intangibles and goodwill | 0% | S100YI6G |
| Investment securities | 2% | S100YI6G |
| Other assets | 72% | S100YI6G |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 56% | S100YI6G |
| Equity | 44% | S100YI6G |
| Other liabilities | 0% | S100YI6G |

### Balance sheet history

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 29,433 | 32,918 | 34,234 | 34,773 | 36,646 |
| Equity | 14,258 | 15,395 | 15,888 | 15,316 | 16,247 |
| Interest-bearing debt | 6,744 | — | — | — | — |
| Cash | 3,961 | 5,480 | 4,773 | 5,753 | 9,079 |

## 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) | 4.0% | S100YI6G |
| Fixed assets ÷ total assets | 1.4% | S100YI6G |
| Goodwill ÷ parent equity | — | —, S100YI6G |

### 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) | 24.8% |
| Cash ÷ revenue | 71.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 139.0% |
| Cash vs. profit gap | 2,064 JPY mn (of net income 122.3%) |
| Shareholder returns / net income | 53.8% |
| Shareholder returns / FCF | 24.4% |
| Shareholder payments — dividends / net income | 53.8% |
| Shareholder payments — dividends / FCF | 24.4% |
| CapEx intensity (capex ÷ revenue) | 0.3% |
| Investing CF relative to operating CF | 42.0% |

## 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 | 11.2% | 0.35× | 3.9% | 2.07× | 8.1% | S100R320 |
| 2023 | 12.6% | 0.34× | 4.3% | 2.11× | 9.2% | S100TR0M |
| 2024 | 16.1% | 0.33× | 5.3% | 2.16× | 11.3% | S100W3T2 |
| 2025 | 11.8% | 0.31× | 3.7% | 2.22× | 8.1% | S100YI6G |
| 2026 | 13.3% | 0.35× | 4.7% | 2.27× | 10.7% | S100YI6G |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 立花証券株式会社 | Major shareholder | 39.9% | 2026-03-31 |
| 有限会社カツコーポレーション | Major shareholder | 33.8% | 2026-03-31 |
| MAGO CREATION株式会社 | Major shareholder | 7.2% | 2026-03-31 |
| 栗田 実 | Major shareholder | 3.9% | 2026-03-31 |
| 野澤 克巳 | Major shareholder | 2.6% | 2026-03-31 |
| 野澤 二三朝 | Major shareholder | 1.0% | 2026-03-31 |
| 野澤 竹志 | Major shareholder | 0.5% | 2026-03-31 |
| 岩本 一也 | Major shareholder | 0.5% | 2026-03-31 |
| 樋口 弘司 | Major shareholder | 0.4% | 2026-03-31 |
| INTERACTIVE BROKERS LLC | Major shareholder | 0.3% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第42期(2025/04/01－2026/03/31) | S100YI6G | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YI6G,, |
| 有価証券報告書－第41期(2024/04/01－2025/03/31) | S100W3T2 | 2025-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W3T2,, |
| 有価証券報告書－第40期(2023/04/01－2024/03/31) | S100TR0M | 2024-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TR0M,, |
| 有価証券報告書－第39期(2022/04/01－2023/03/31) | S100R320 | 2023-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R320,, |
| 有価証券報告書－第38期(令和3年4月1日－令和4年3月31日) | S100OFQT | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OFQT,, |
| 訂正有価証券報告書－第37期(令和2年4月1日－令和3年3月31日) | S100NPAQ | 2022-03-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NPAQ,, |

## 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).