# CLIP Corporation: 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45期(2025/04/01－2026/03/31) (S100YDSM)
> Page: https://vizora.meequs.com/en/company/clip
> Retrieved: 2026-09-30T19:41:57.617Z

## Company

Clip, founded in 1981, is a company in Sporting Goods & Fitness listed on TSE Standard. It has 200 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | CLIP Corporation |
| Ticker | 4705 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4705.T) |
| Listing | TSE Standard |
| Head office | 愛知県名古屋市千種区内山三丁目18番10号 |
| Representative (per filing) | 代表取締役会長 井上憲氏 |
| Founded | May 1981 |
| Share capital | ¥212.7M |
| Employees (consolidated) | 200 |
| Average salary (parent only) | ¥3.8M |
| Fiscal year end | March |
| Website | www.clip-cor.co.jp (https://www.clip-cor.co.jp/) |
| Corporate number | 7180001005767 |
| EDINET | E05011 |
| Industries (Vizora) | Sporting Goods & Fitness, Education, Takeout & Delivery Meals |

> Profile source: annual securities report (S100YDSM, filed 2026-06-19). As of filing

## Five-axis industry profile

Primary industry: Education (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 5.8 | 26 |
| Profitability | 5 | 30 |
| Efficiency | 5 | 30 |

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 78% of Clip's sales come from Education, with Sports and Other making up much of the rest.
- It lost about ¥1 for every ¥100 of sales at the operating level.
- Revenue changed -5.2% from the prior year, operating profit -2146.9%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥2.88B |  |
| Operating income | -¥37.4M | Margin -1.3% |
| Net income | -¥86.6M | Margin -3.0% |
| Free cash flow | -¥26.1M |  |
| Largest business | Education | of segment revenue 78.4% |
| Employees (consolidated) | 200 |  |
| EPS | ¥28.32 |  |
| Book value per share | ¥1072.06 |  |
| Equity ratio | 87.1% |  |
| Shares outstanding | 4,536,000 |  |
| Treasury shares | 933,800 |  |
| Shareholders | 2,880 |  |
| Average salary (parent only) | ¥3.8M | Filing company only |
| Cash ratio | 36.4% | Cash ÷ revenue 68.7% |
| Vs. industry median margin | -8.7 pp | Education |
| ROA | -1.6% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 86% of positive segment profit
- FY2026, cash is 36% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥3196784000 | ¥2880642000 | -9.9% |
| Operating income | ¥216443000 | ¥-37437000 | -117.3% |
| Operating margin | 6.8% | -1.3% | -8.1 pp |
| Employees | 179 people | 200 people | +11.7% |
| Cash and equivalents | ¥2899071000 | ¥1979952000 | -31.7% |

### 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 |
| --- | ---: |
| 教育事業 → 教育事業 | 73.0% |
| スポーツ事業 → スポーツ事業 | 8.3% |
| スポーツ事業 → 事業再編・廃止 | 5.5% |
| 飲食事業 → 飲食事業 | 4.4% |
| 飲食事業 → 事業再編・廃止 | 1.8% |
| その他 → その他 | 4.8% |
| その他 → 事業再編・廃止 | 2.2% |
| 新設・再編 → 教育事業 | 5.5% |
| 新設・再編 → 生涯教育事業 | 4.0% |

Segment revenue source references: 9 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Education | 5 years | -0.6% | ¥2258989000 | 1.5% | 2 |
| Sports | 5 years | -11.5% | ¥238407000 | 2.3% | 2 |
| Other | 5 years | -9.2% | ¥138705000 | -8.0% | 2 |
| Food and beverage | 5 years | -8.5% | ¥128179000 | -35.9% | 2 |
| Lifelong Education | 2 years | +144.3% | ¥116359000 | -16.5% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 2,881 | 100.0% | S100YDSM |
| Cost of revenue | 2,152 | 74.7% | S100YDSM |
| Gross profit | 728 | 25.3% | S100YDSM |
| SG&A | 766 | 26.6% | S100YDSM |
| Operating income | -37 | -1.3% | S100YDSM |
| Ordinary income | -5 | -0.2% | S100YDSM |
| Pretax income | -57 | -2.0% | S100YDSM |
| Income tax | 30 | 1.0% | S100YDSM |
| Net income | -87 | -3.0% | S100YDSM |
| Net income attributable to owners | -87 | -3.0% | S100YDSM |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 75 |
| SG&A | 26 |
| Operating income | -1 |
| (Ref.) Net income | -3 |

### Margin funnel

Gross margin 25.3% → Operating margin -1.3% → Net margin -3.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Turned to a loss
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 | 3,038 | 2,881 | -157 | -5.2% |
| Gross profit | 812 | 728 | -84 | -10.4% |
| Operating income | 2 | -37 | -39 | -2146.9% |
| Net income attributable to owners | -75 | -87 | -11 | — |
| Operating cash flow | -95 | -1 | 94 | — |
| Free cash flow | -161 | -26 | 135 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 3,360 | 219 | 6.5% | 201 | 270 | 268 | S100LNVH |
| FY ending Mar 2021 | 3,197 | 216 | 6.8% | 89 | 105 | 102 | S100OBKD |
| FY ending Mar 2022 | 3,205 | 305 | 9.5% | 217 | 378 | 366 | S100R1SJ |
| FY ending Mar 2023 | 2,933 | 176 | 6.0% | 107 | -65 | -98 | S100TQ70 |
| FY ending Mar 2024 | 3,037 | 46 | 1.5% | 88 | 200 | 148 | S100W9GK |
| FY ending Mar 2025 | 3,038 | 2 | 0.1% | -75 | -95 | -161 | S100YDSM |
| FY ending Mar 2026 | 2,881 | -37 | -1.3% | -87 | -1 | -26 | S100YDSM |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥14.4M |
| Operating income per employee (consolidated) | -¥187.2K |
| Net income per employee (consolidated) | -¥432.9K |

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) | 179 | 195 | 193 | 186 | 200 |
| Average salary (parent company) | ¥3.7M | ¥3.7M | ¥3.6M | ¥3.7M | ¥3.8M |
| Average age (parent company) | 37.0 years | 37.4 years | 37.5 years | 37.6 years | 37.0 years |
| Average tenure (parent company) | 8.9 years | 8.9 years | 9.1 years | 8.7 years | 7.7 years |

Year over year: Employees (consolidated) +7.5% · Revenue (consolidated) -5.2%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Education | 2,259 | 78.4% | 33 | 1.5% |
| Sports | 238 | 8.3% | 5 | 2.3% |
| Food and beverage | 128 | 4.4% | -46 | -35.9% |
| Lifelong Education | 116 | 4.0% | -19 | -16.5% |
| Other | 139 | 4.8% | -11 | -8.0% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Education | 78.4% | 86.1% | 7.7 | 1.5% |
| Sports | 8.3% | 13.9% | 5.6 | 2.3% |
| Food and beverage | 4.4% | — | — | -35.9% |
| Lifelong Education | 4.0% | — | — | -16.5% |
| Other | 4.8% | — | — | -8.0% |

Loss-making segment (excluded from profit shares): Food and beverage -46 JPY mn

Loss-making segment (excluded from profit shares): Lifelong Education -19 JPY mn

Loss-making segment (excluded from profit shares): Other -11 JPY mn

Segment → industry: Sports → Sporting Goods & Fitness / Lifelong Education → Education / Education → Education / Food and beverage → Takeout & Delivery Meals

## 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 | -1 | -0.0% | S100YDSM |
| Capital expenditure | 25 | 0.9% | S100YDSM |
| Free cash flow | -26 | -0.9% | 算出 |
| Investing cash flow | 4 | 0.1% | S100YDSM |
| Financing cash flow | -172 | -6.0% | S100YDSM |
| Dividends paid | 162 | 5.6% | S100YDSM |
| Change in cash | -160 | -5.6% | S100YDSM |
| Cash and equivalents | 1,980 | 68.7% | S100YDSM |

## 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 | 3,042 | 2,646 | 2,413 | 2,140 | 1,980 | S100TQ70, S100W9GK, S100YDSM |
| Total assets | 5,916 | 5,782 | 5,769 | 5,479 | 5,443 | S100R1SJ, S100TQ70, S100W9GK, S100YDSM |
| Net assets | 5,215 | 5,109 | 5,048 | 4,799 | 4,740 | S100TQ70, S100W9GK, S100YDSM |
| Share capital | 213 | 213 | 213 | 213 | 213 | S100R1SJ, S100TQ70, S100W9GK, S100YDSM |
| Trade receivables | 13 | 12 | 19 | 22 | 30 | S100R1SJ, S100TQ70, S100W9GK, S100YDSM |
| Property, plant and equipment | 311 | 324 | 332 | 327 | 302 | S100R1SJ, S100TQ70, S100W9GK, S100YDSM |
| Intangible assets excluding goodwill | 20 | 98 | 216 | 134 | 92 | S100R1SJ, S100TQ70, S100W9GK, S100YDSM |
| Goodwill | — | 68 | 172 | 102 | 64 | S100TQ70, S100W9GK, S100YDSM |
| Investment securities | 1,086 | 1,125 | 1,193 | 1,073 | 1,314 | S100R1SJ, S100TQ70, S100W9GK, S100YDSM |
| Current assets | 4,018 | 3,744 | 3,546 | 3,472 | 3,343 | S100R1SJ, S100TQ70, S100W9GK, S100YDSM |
| Current liabilities | 547 | 474 | 523 | 510 | 521 | S100R1SJ, S100TQ70, S100W9GK, S100YDSM |
| Trade payables | 33 | 24 | 35 | 30 | 19 | S100R1SJ, S100TQ70, S100W9GK, S100YDSM |
| Short-term borrowings | 150 | 140 | 140 | 180 | 180 | S100R1SJ, S100TQ70, S100W9GK, S100YDSM |
| Long-term borrowings | — | 40 | 30 | 20 | 11 | S100TQ70, S100W9GK, S100YDSM |
| Total liabilities | 701 | 673 | 721 | 680 | 703 | S100R1SJ, S100TQ70, S100W9GK, S100YDSM |
| Equity attributable to owners of parent | 5,265 | 5,207 | 5,061 | 4,823 | 4,575 | S100R1SJ, S100TQ70, S100W9GK, S100YDSM |
| Retained earnings | 5,759 | 5,701 | 5,623 | 5,386 | 5,137 | S100R1SJ, S100TQ70, S100W9GK, S100YDSM |
| Treasury stock | -736 | -736 | -805 | -805 | -805 | S100R1SJ, S100TQ70, S100W9GK, S100YDSM |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 36% | S100YDSM |
| Receivables | 1% | S100YDSM |
| Property, plant and equipment | 6% | S100YDSM |
| Intangibles and goodwill | 3% | S100YDSM |
| Investment securities | 24% | S100YDSM |
| Other assets | 30% | S100YDSM |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 0% | S100YDSM |
| Other liabilities | 13% | S100YDSM |
| Equity | 87% | S100YDSM |

### 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 | 5,916 | 5,782 | 5,769 | 5,479 | 5,443 |
| Equity | 5,215 | 5,109 | 5,048 | 4,799 | 4,740 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 3,042 | 2,646 | 2,413 | 2,140 | 1,980 |

## 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) | 10.5% | S100YDSM |
| Fixed assets ÷ total assets | 5.6% | S100YDSM |
| Goodwill ÷ parent equity | 1.4% | S100YDSM |

### 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) | 36.4% |
| Cash ÷ revenue | 68.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | 85 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.9% |
| Investing CF relative to operating CF | — |

## 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 | 6.8% | 0.54× | 3.7% | 1.12× | 4.1% | S100R1SJ |
| 2023 | 3.6% | 0.50× | 1.8% | 1.12× | 2.0% | S100TQ70 |
| 2024 | 2.9% | 0.53× | 1.5% | 1.13× | 1.7% | S100W9GK |
| 2025 | — | —× | -1.3% | —× | — | S100YDSM |
| 2026 | — | —× | -1.6% | —× | — | S100YDSM |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社平和堂 | Major shareholder | 27.3% | 2026-03-31 |
| 日本駐車場開発株式会社 | Major shareholder | 12.4% | 2026-03-31 |
| 株式会社十六銀行 | Major shareholder | 3.9% | 2026-03-31 |
| 井 上 信 氏 | Major shareholder | 3.3% | 2026-03-31 |
| 井 上 紀 美 | Major shareholder | 2.9% | 2026-03-31 |
| 井 上 正 憲 | Major shareholder | 2.9% | 2026-03-31 |
| 株式会社あいち銀行 | Major shareholder | 2.6% | 2026-03-31 |
| 岡 田 高 志 | Major shareholder | 2.6% | 2026-03-31 |
| クリップコーポレーション従業員持株会 | Major shareholder | 1.7% | 2026-03-31 |
| 株式会社名古屋銀行 | Major shareholder | 1.4% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第45期(2025/04/01－2026/03/31) | S100YDSM | 2026-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YDSM,, |
| 訂正有価証券報告書－第44期(2024/04/01－2025/03/31) | S100W9GK | 2025-07-01 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W9GK,, |
| 有価証券報告書－第43期(2023/04/01－2024/03/31) | S100TQ70 | 2024-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TQ70,, |
| 有価証券報告書－第42期(2022/04/01－2023/03/31) | S100R1SJ | 2023-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R1SJ,, |
| 有価証券報告書－第41期(令和3年4月1日－令和4年3月31日) | S100OBKD | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OBKD,, |
| 有価証券報告書－第40期(令和2年4月1日－令和3年3月31日) | S100LNVH | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LNVH,, |

## 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).