# FLYING GARDEN CO., LTD: business model and financials

> Latest period: FY ending Mar 2026, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第45期(2025/04/01－2026/03/31) (S100YHND)
> Page: https://vizora.meequs.com/en/company/flying-garden
> Retrieved: 2026-09-30T20:48:49.782Z

## Company

Flying Garden, founded in 1981, is a company in Restaurants & Pubs listed on TSE Standard. It has 173 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | FLYING GARDEN CO., LTD. |
| Ticker | 3317 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3317.T) |
| Listing | TSE Standard |
| Head office | 栃木県小山市本郷町三丁目4番18号 |
| Representative (per filing) | 代表取締役社長 野沢 卓史 |
| Founded | Dec 1981 |
| Share capital | ¥50M |
| Employees (consolidated) | 173 |
| Average salary (parent only) | ¥5.5M |
| Fiscal year end | March |
| Website | www.fgarden.co.jp (https://www.fgarden.co.jp/) |
| Corporate number | 5060001014864 |
| EDINET | E03432 |
| Industries (Vizora) | Restaurants & Pubs |

> Profile source: annual securities report (S100YHND, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: Restaurants & Pubs (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 25.9 | 56 |
| Profitability | 79.5 | 66 |
| Cash conversion | 26.4 | 55 |
| Efficiency | 72 | 66 |

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)

- Flying Garden brought in ¥9.2B in revenue.
- Out of every ¥100 of sales, about ¥6 is left as operating profit.
- Revenue changed +11.3% from the prior year, operating profit +7.3%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥9200071000 → ¥454712000
- Net income → operating cash flow: ¥454712000 → ¥724969000（difference ¥270257000）
- Main uses of operating cash flow: CapEx ¥441729000 / dividends ¥43474000 / buybacks ¥136000
- Change in cash: ¥92383000
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 | ¥9.2B |  |
| Operating income | ¥599.5M | Margin 6.5% |
| Net income | ¥454.7M | Margin 4.9% |
| Free cash flow | ¥283.2M |  |
| Employees (consolidated) | 173 |  |
| EPS | ¥157.32 |  |
| Book value per share | ¥1269.91 |  |
| Equity ratio | 67.9% |  |
| Shares outstanding | 2,898,336 |  |
| Treasury shares | 8,000 |  |
| Shareholders | 2,727 |  |
| Average salary (parent only) | ¥5.5M | Filing company only |
| Cash ratio | 23.8% | Cash ÷ revenue 14.0% |
| Vs. industry median margin | +2.6 pp | Restaurants & Pubs |
| ROE | 13.1% | Derived from disclosed figures |
| ROA | 8.9% | Derived from disclosed figures |

## Notable figures

- FY2026, parent-company salary changed +37% over five years

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥5993287000 | ¥9200071000 | +53.5% |
| Operating income | ¥149944000 | ¥599492000 | +299.8% |
| Operating margin | 2.5% | 6.5% | +4 pp |
| Employees | 172 people | 173 people | +0.6% |
| Cash and equivalents | ¥470905000 | ¥1288369000 | +173.6% |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 9,200 | 100.0% | S100YHND |
| Cost of revenue | 3,187 | 34.6% | S100YHND |
| Gross profit | 6,013 | 65.4% | S100YHND |
| SG&A | 5,414 | 58.8% | S100YHND |
| Operating income | 599 | 6.5% | S100YHND |
| Ordinary income | 633 | 6.9% | S100YHND |
| Pretax income | 617 | 6.7% | S100YHND |
| Income tax | 163 | 1.8% | S100YHND |
| Net income | 455 | 4.9% | S100YHND |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 35 |
| SG&A | 59 |
| Operating income | 6 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 65.4% → Operating margin 6.5% → Net margin 4.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +11.3%; Core profit growth: +7.3%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.65×
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 | 8,266 | 9,200 | 935 | +11.3% |
| Gross profit | 5,591 | 6,013 | 422 | +7.5% |
| Operating income | 559 | 599 | 41 | +7.3% |
| Operating cash flow | 681 | 725 | 44 | +6.4% |
| Free cash flow | -9 | 283 | 292 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 7,032 | 106 | 1.5% | 92 | 250 | -55 | S100LP99 |
| FY ending Mar 2021 | 5,993 | 150 | 2.5% | 112 | 308 | 221 | S100OBIU |
| FY ending Mar 2022 | 6,491 | 230 | 3.5% | 345 | 751 | 654 | S100R0H1 |
| FY ending Mar 2023 | 7,236 | 449 | 6.2% | 292 | 417 | 20 | S100TRDK |
| FY ending Mar 2024 | 7,785 | 551 | 7.1% | 396 | 645 | 280 | S100W269 |
| FY ending Mar 2025 | 8,266 | 559 | 6.8% | 352 | 681 | -9 | S100YHND |
| FY ending Mar 2026 | 9,200 | 599 | 6.5% | 455 | 725 | 283 | S100YHND |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥53.2M |
| Operating income per employee (consolidated) | ¥3.5M |
| Net income per employee (consolidated) | ¥2.6M |

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) | 167 | 168 | 168 | 171 | 173 |
| Average salary (parent company) | ¥4M | ¥4.6M | ¥4.9M | ¥5M | ¥5.5M |
| Average age (parent company) | 37.2 years | 37.6 years | 38.6 years | 39.2 years | 39.5 years |
| Average tenure (parent company) | 11.8 years | 12.3 years | 12.9 years | 13.1 years | 13.5 years |

Year over year: Employees (consolidated) +1.2% · Revenue (consolidated) +11.3%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 725 | 7.9% | S100YHND |
| Capital expenditure | 442 | 4.8% | S100YHND |
| Free cash flow | 283 | 3.1% | 算出 |
| Investing cash flow | -589 | -6.4% | S100YHND |
| Financing cash flow | -44 | -0.5% | S100YHND |
| Dividends paid | 43 | 0.5% | S100YHND |
| Share buyback | 0 | 0.0% | S100YHND |
| Change in cash | 92 | 1.0% | S100YHND |
| Cash and equivalents | 1,288 | 14.0% | S100YHND |

## 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 | 1,105 | 1,112 | 1,365 | 1,196 | 1,288 | S100TRDK, S100W269, S100YHND |
| Total assets | 3,920 | 3,982 | 4,455 | 4,813 | 5,406 | S100R0H1, S100TRDK, S100W269, S100YHND |
| Net assets | 2,342 | 2,590 | 2,950 | 3,259 | 3,670 | S100TRDK, S100W269, S100YHND |
| Share capital | 580 | 580 | 50 | 50 | 50 | S100R0H1, S100TRDK, S100W269, S100YHND |
| Property, plant and equipment | 1,372 | 1,352 | 1,545 | 1,922 | 2,202 | S100R0H1, S100TRDK, S100W269, S100YHND |
| Intangible assets excluding goodwill | 163 | 150 | 165 | 171 | 160 | S100R0H1, S100TRDK, S100W269, S100YHND |
| Current assets | 1,596 | 1,674 | 1,942 | 1,927 | 2,155 | S100R0H1, S100TRDK, S100W269, S100YHND |
| Current liabilities | 1,065 | 864 | 957 | 960 | 1,150 | S100R0H1, S100TRDK, S100W269, S100YHND |
| Total liabilities | 1,578 | 1,391 | 1,504 | 1,554 | 1,735 | S100R0H1, S100TRDK, S100W269, S100YHND |
| Equity attributable to owners of parent | 2,342 | 2,590 | 2,950 | 3,259 | 3,670 | S100R0H1, S100TRDK, S100W269, S100YHND |
| Retained earnings | 1,272 | 1,520 | 1,881 | 2,189 | 2,601 | S100R0H1, S100TRDK, S100W269, S100YHND |
| Treasury stock | -6 | -6 | -6 | -6 | -7 | S100R0H1, S100TRDK, S100W269, S100YHND |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 24% | S100YHND |
| Property, plant and equipment | 41% | S100YHND |
| Intangibles and goodwill | 3% | S100YHND |
| Other assets | 32% | S100YHND |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 32% | S100YHND |
| Equity | 68% | S100YHND |
| Other liabilities | 0% | S100YHND |

### 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 | 3,920 | 3,982 | 4,455 | 4,813 | 5,406 |
| Equity | 2,342 | 2,590 | 2,950 | 3,259 | 3,670 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,105 | 1,112 | 1,365 | 1,196 | 1,288 |

## 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) | 23.9% | S100YHND |
| Fixed assets ÷ total assets | 40.7% | S100YHND |
| Goodwill ÷ parent equity | — | —, S100YHND |

### 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) | 23.8% |
| Cash ÷ revenue | 14.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 120.9% |
| Cash vs. profit gap | 270 JPY mn (of net income 59.4%) |
| Shareholder returns / net income | 9.6% |
| Shareholder returns / FCF | 15.4% |
| Shareholder payments — dividends / net income | 9.6% |
| Shareholder payments — dividends / FCF | 15.3% |
| CapEx intensity (capex ÷ revenue) | 4.8% |
| Investing CF relative to operating CF | 81.2% |

## 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 | 5.3% | 1.66× | 8.8% | 1.67× | 14.7% | S100R0H1 |
| 2023 | 4.0% | 1.83× | 7.4% | 1.60× | 11.8% | S100TRDK |
| 2024 | 5.1% | 1.85× | 9.4% | 1.52× | 14.3% | S100W269 |
| 2025 | 4.3% | 1.78× | 7.6% | 1.49× | 11.3% | S100YHND |
| 2026 | 4.9% | 1.80× | 8.9% | 1.47× | 13.1% | S100YHND |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 野沢八千万 | Major shareholder | 28.8% | 2026-03-31 |
| 有限会社アクティヴ | Major shareholder | 8.4% | 2026-03-31 |
| 野沢卓史 | Major shareholder | 4.6% | 2026-03-31 |
| 野沢通子 | Major shareholder | 3.8% | 2026-03-31 |
| 野沢良史 | Major shareholder | 3.6% | 2026-03-31 |
| ＦＧ持株会 | Major shareholder | 3.0% | 2026-03-31 |
| 須田忠雄 | Major shareholder | 2.2% | 2026-03-31 |
| ＴＨＥ ＢＡＮＫ ＯＦ ＮＥＷ ＹＯＲＫ ＭＥＬＬＯＮ １４００４０ (常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 1.4% | 2026-03-31 |
| 綾羽静江 | Major shareholder | 1.4% | 2026-03-31 |
| 野中浩二 | Major shareholder | 1.2% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第45期(2025/04/01－2026/03/31) | S100YHND | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YHND,, |
| 有価証券報告書－第44期(2024/04/01－2025/03/31) | S100W269 | 2025-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W269,, |
| 有価証券報告書－第43期(2023/04/01－2024/03/31) | S100TRDK | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TRDK,, |
| 有価証券報告書－第42期(2022/04/01－2023/03/31) | S100R0H1 | 2023-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R0H1,, |
| 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) | S100OBIU | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OBIU,, |
| 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) | S100LP99 | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LP99,, |

## 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).