# FURYU 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20期(2025/04/01－2026/03/31) (S100YFJB)
> Page: https://vizora.meequs.com/en/company/furyu
> Retrieved: 2026-09-30T22:08:14.310Z

## Company

Furyu, founded in 2003, is a company in Toys & Hobbies listed on TSE Prime. It has 565 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | FURYU CORPORATION |
| Ticker | 6238 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6238.T) |
| Listing | TSE Prime |
| Head office | 東京都渋谷区鶯谷町2番3号 |
| Representative (per filing) | 代表取締役社長 榎本 雅仁 |
| Founded | Jul 2003 |
| Share capital | ¥1.64B |
| Employees (consolidated) | 565 |
| Average salary (parent only) | ¥6.8M |
| Fiscal year end | March |
| Website | www.furyu.jp (https://www.furyu.jp/) |
| Corporate number | 3011001049510 |
| EDINET | E11661 |
| Industries (Vizora) | Toys & Hobbies, Games, Film & Anime, Amusement Centers & Karaoke |

> Profile source: annual securities report (S100YFJB, filed 2026-06-22). As of filing

## Five-axis industry profile

Primary industry: Toys & Hobbies (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 50 | 11 |
| Cash conversion | 83.3 | 9 |
| Efficiency | 59.1 | 11 |

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 62% of Furyu's sales come from Sekaikan Business, with Girl's Trend Business and FURYU New business making up much of the rest.
- Out of every ¥100 of sales, about ¥7 is left as operating profit.
- Revenue changed +1.0% from the prior year, operating profit +48.1%.

## Company structure

- Segment revenue mix: Sekaikan Business 61.9%、Girl's Trend Business 32.1%、FURYU New business 6.0%
- Revenue → net income: ¥44767484000 → ¥2060727000
- Net income → operating cash flow: ¥2060727000 → ¥5189502000（difference ¥3128775000）
- Main uses of operating cash flow: CapEx ¥2229392000 / dividends ¥1037348000 / buybacks ¥5000
- Change in cash: ¥2017502000
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 | ¥44.8B |  |
| Operating income | ¥3.32B | Margin 7.4% |
| Net income | ¥2.06B | Margin 4.6% |
| Free cash flow | ¥2.96B |  |
| Largest business | Sekaikan Business | of segment revenue 61.9% |
| Employees (consolidated) | 565 |  |
| EPS | ¥82.94 |  |
| Book value per share | ¥886.95 |  |
| Equity ratio | 77.9% |  |
| Shares outstanding | 28,296,000 |  |
| Treasury shares | 1,698,400 |  |
| Shareholders | 10,429 |  |
| Average salary (parent only) | ¥6.8M | Filing company only |
| Cash ratio | 45.3% | Cash ÷ revenue 30.7% |
| Vs. industry median margin | 0 pp | Toys & Hobbies |
| ROE | 9.0% | Derived from disclosed figures |
| ROA | 7.1% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.5× net income
- FY2026, one segment accounts for 61% of positive segment profit
- FY2026, cash is 45% of total assets

## What changed in 5 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥24777265000 | ¥44767484000 | — |
| Operating income | ¥2736050000 | ¥3315947000 | — |
| Operating margin | 11.0% | 7.4% | -3.6 pp |
| Employees | 453 people | 565 people | — |
| Cash and equivalents | ¥12255623000 | ¥13745888000 | — |

### 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 |
| --- | ---: |
| プリントシール事業 → 事業再編・廃止 | 24.0% |
| コンテンツ・メディア事業 → 事業再編・廃止 | 34.7% |
| キャラクタ・マーチャンダイジング事業 → 事業再編・廃止 | 33.6% |
| ゲーム事業 → 事業再編・廃止 | 7.6% |
| 新設・再編 → 世界観ビジネス | 61.9% |
| 新設・再編 → ガールズトレンドビジネス | 32.1% |
| 新設・再編 → フリューニュービジネス | 6.0% |

Segment revenue source references: 7 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Sekaikan Business | 3 years | +19.2% | ¥27706211000 | 8.4% | 2 |
| Girl's Trend Business | 3 years | -3.0% | ¥14388649000 | 24.9% | 2 |
| FURYU New business | 3 years | -14.7% | ¥2672623000 | -17.0% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 44,767 | 100.0% | S100YFJB |
| Cost of revenue | 27,155 | 60.7% | S100YFJB |
| Gross profit | 17,613 | 39.3% | S100YFJB |
| SG&A | 14,297 | 31.9% | S100YFJB |
| Operating income | 3,316 | 7.4% | S100YFJB |
| Ordinary income | 3,302 | 7.4% | S100YFJB |
| Pretax income | 3,179 | 7.1% | S100YFJB |
| Income tax | 1,119 | 2.5% | S100YFJB |
| Net income | 2,061 | 4.6% | S100YFJB |
| Net income attributable to owners | 2,061 | 4.6% | S100YFJB |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 61 |
| SG&A | 32 |
| Operating income | 7 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 39.3% → Operating margin 7.4% → Net margin 4.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +1.0%; Core profit growth: +48.1%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 46.15×
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 | 44,306 | 44,767 | 461 | +1.0% |
| Gross profit | 16,892 | 17,613 | 721 | +4.3% |
| Operating income | 2,239 | 3,316 | 1,076 | +48.1% |
| Net income attributable to owners | 1,627 | 2,061 | 433 | +26.6% |
| Operating cash flow | 3,856 | 5,190 | 1,333 | +34.6% |
| Free cash flow | 1,150 | 2,960 | 1,810 | +157.3% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 27,432 | 3,638 | 13.3% | 3,021 | 2,952 | 1,121 | S100LL4D |
| FY ending Mar 2021 | 24,777 | 2,736 | 11.0% | 1,845 | 2,795 | 655 | S100LL4D |
| FY ending Mar 2022 | 34,058 | 3,710 | 10.9% | 2,545 | 5,692 | 3,418 | S100R1EP |
| FY ending Mar 2023 | 36,401 | 2,135 | 5.9% | 1,444 | 904 | -1,373 | S100TQT5 |
| FY ending Mar 2024 | 42,769 | 3,771 | 8.8% | 2,491 | 3,942 | 1,776 | S100W289 |
| FY ending Mar 2025 | 44,306 | 2,239 | 5.1% | 1,627 | 3,856 | 1,150 | S100YFJB |
| FY ending Mar 2026 | 44,767 | 3,316 | 7.4% | 2,061 | 5,190 | 2,960 | S100YFJB |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥79.2M |
| Operating income per employee (consolidated) | ¥5.9M |
| Net income per employee (consolidated) | ¥3.6M |

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) | 488 | 507 | 529 | 537 | 565 |
| Average salary (parent company) | ¥6.7M | ¥6.7M | ¥6.2M | ¥7.1M | ¥6.8M |
| Average age (parent company) | 37.0 years | 37.3 years | 37.5 years | 37.7 years | 38.0 years |
| Average tenure (parent company) | 8.0 years | 8.0 years | 8.0 years | 8.0 years | 9.0 years |

Year over year: Employees (consolidated) +5.2% · Revenue (consolidated) +1.0%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Sekaikan Business | 27,706 | 61.9% | 2,337 | 8.4% |
| Girl's Trend Business | 14,389 | 32.1% | 3,590 | 24.9% |
| FURYU New business | 2,673 | 6.0% | -455 | -17.0% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Sekaikan Business | 61.9% | 39.4% | -22.5 | 8.4% |
| Girl's Trend Business | 32.1% | 60.6% | 28.4 | 24.9% |
| FURYU New business | 6.0% | — | — | -17.0% |

Loss-making segment (excluded from profit shares): FURYU New business -455 JPY mn

Segment → industry: Sekaikan Business → Toys & Hobbies / FURYU New business → Games / FURYU New business → Film & Anime / Girl's Trend Business → Amusement Centers & Karaoke

## 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 | 5,190 | 11.6% | S100YFJB |
| Capital expenditure | 2,229 | 5.0% | S100YFJB |
| Free cash flow | 2,960 | 6.6% | 算出 |
| Investing cash flow | -2,134 | -4.8% | S100YFJB |
| Financing cash flow | -1,041 | -2.3% | S100YFJB |
| Dividends paid | 1,037 | 2.3% | S100YFJB |
| Share buyback | 0 | 0.0% | S100YFJB |
| Change in cash | 2,018 | 4.5% | S100YFJB |
| Cash and equivalents | 13,746 | 30.7% | S100YFJB |

## 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 | 14,662 | 10,800 | 11,489 | 11,728 | 13,746 | S100TQT5, S100W289, S100YFJB |
| Total assets | 28,146 | 25,932 | 28,346 | 28,110 | 30,336 | S100R1EP, S100TQT5, S100W289, S100YFJB |
| Net assets | 21,251 | 20,153 | 21,863 | 22,424 | 23,628 | S100TQT5, S100W289, S100YFJB |
| Share capital | 1,639 | 1,639 | 1,639 | 1,639 | 1,639 | S100R1EP, S100TQT5, S100W289, S100YFJB |
| Property, plant and equipment | 2,634 | 2,666 | 2,634 | 2,941 | 2,595 | S100R1EP, S100TQT5, S100W289, S100YFJB |
| Intangible assets excluding goodwill | 555 | 668 | 808 | 971 | 988 | S100R1EP, S100TQT5, S100W289, S100YFJB |
| Investment securities | 30 | 21 | 19 | 14 | 6 | S100R1EP, S100TQT5, S100W289, S100YFJB |
| Current assets | 23,386 | 20,861 | 23,143 | 22,393 | 25,109 | S100R1EP, S100TQT5, S100W289, S100YFJB |
| Current liabilities | 6,708 | 5,494 | 6,211 | 5,362 | 6,340 | S100R1EP, S100TQT5, S100W289, S100YFJB |
| Total liabilities | 6,895 | 5,780 | 6,484 | 5,686 | 6,708 | S100R1EP, S100TQT5, S100W289, S100YFJB |
| Equity attributable to owners of parent | 21,257 | 20,278 | 21,765 | 22,403 | 23,436 | S100R1EP, S100TQT5, S100W289, S100YFJB |
| Retained earnings | 19,004 | 19,025 | 20,511 | 21,099 | 22,122 | S100R1EP, S100TQT5, S100W289, S100YFJB |
| Treasury stock | -1,000 | -2,000 | -2,000 | -1,950 | -1,940 | S100R1EP, S100TQT5, S100W289, S100YFJB |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 45% | S100YFJB |
| Property, plant and equipment | 9% | S100YFJB |
| Intangibles and goodwill | 3% | S100YFJB |
| Investment securities | 0% | S100YFJB |
| Other assets | 43% | S100YFJB |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 22% | S100YFJB |
| Equity | 78% | S100YFJB |
| Other liabilities | 0% | S100YFJB |

### 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 | 28,146 | 25,932 | 28,346 | 28,110 | 30,336 |
| Equity | 21,251 | 20,153 | 21,863 | 22,424 | 23,628 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 14,662 | 10,800 | 11,489 | 11,728 | 13,746 |

## 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) | 5.8% | S100YFJB |
| Fixed assets ÷ total assets | 8.6% | S100YFJB |
| Goodwill ÷ parent equity | — | —, S100YFJB |

### 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) | 45.3% |
| Cash ÷ revenue | 30.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 156.5% |
| Cash vs. profit gap | 3,129 JPY mn (of net income 151.8%) |
| Shareholder returns / net income | 50.3% |
| Shareholder returns / FCF | 35.0% |
| Shareholder payments — dividends / net income | 50.3% |
| Shareholder payments — dividends / FCF | 35.0% |
| CapEx intensity (capex ÷ revenue) | 5.0% |
| Investing CF relative to operating CF | 41.1% |

## 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 | 7.5% | 1.21× | 9.0% | 1.32× | 12.0% | S100R1EP |
| 2023 | 4.0% | 1.35× | 5.3% | 1.30× | 7.0% | S100TQT5 |
| 2024 | 5.8% | 1.58× | 9.2% | 1.29× | 11.9% | S100W289 |
| 2025 | 3.7% | 1.57× | 5.8% | 1.28× | 7.4% | S100YFJB |
| 2026 | 4.6% | 1.53× | 7.1% | 1.28× | 9.0% | S100YFJB |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 風流商事株式会社 | Major shareholder | 16.4% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社(信託口) | Major shareholder | 7.4% | 2026-03-31 |
| TM株式会社 | Major shareholder | 5.3% | 2026-03-31 |
| フリュー社員持株会 | Major shareholder | 3.4% | 2026-03-31 |
| 田坂 吉朗 | Major shareholder | 3.2% | 2026-03-31 |
| 稲毛 勝行 | Major shareholder | 2.8% | 2026-03-31 |
| 吉田 眞人 | Major shareholder | 2.1% | 2026-03-31 |
| 中村 真司 | Major shareholder | 1.9% | 2026-03-31 |
| YOSHIDA株式会社 | Major shareholder | 1.8% | 2026-03-31 |
| 株式会社日本カストディ銀行(信託口) | Major shareholder | 1.8% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第20期(2025/04/01－2026/03/31) | S100YFJB | 2026-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YFJB,, |
| 有価証券報告書－第19期(2024/04/01－2025/03/31) | S100W289 | 2025-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W289,, |
| 有価証券報告書－第18期(2023/04/01－2024/03/31) | S100TQT5 | 2024-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TQT5,, |
| 有価証券報告書－第17期(2022/04/01－2023/03/31) | S100R1EP | 2023-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R1EP,, |
| 有価証券報告書－第16期(令和3年4月1日－令和4年3月31日) | S100ODXY | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100ODXY,, |
| 有価証券報告書－第15期(令和2年4月1日－令和3年3月31日) | S100LL4D | 2021-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LL4D,, |

## 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).