# G-FACTORY CO.,LTD.: business model and financials

> Latest period: FY ending Dec 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第23期(2025/01/01－2025/12/31) (S100XUW1)
> Page: https://vizora.meequs.com/en/company/g-factory
> Retrieved: 2026-09-30T21:38:22.063Z

## Company

G-Factory, founded in 2003, is a company in Consulting listed on TSE Growth. It has 317 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | G-FACTORY CO.,LTD. |
| Ticker | 3474 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3474.T) |
| Listing | TSE Growth |
| Head office | 東京都新宿区西新宿一丁目25番1号 |
| Representative (per filing) | 代表取締役社長 片平 雅之 |
| Founded | May 2003 |
| Share capital | ¥56.2M |
| Employees (consolidated) | 317 |
| Average salary (parent only) | ¥4M |
| Fiscal year end | December |
| Website | g-fac.jp (https://g-fac.jp/) |
| Corporate number | 5011101035359 |
| EDINET | E32486 |
| Industries (Vizora) | Consulting, Real Estate Brokerage & Management, Fast Food & Quick Service |

> Profile source: annual securities report (S100XUW1, filed 2026-03-27). As of filing

## Five-axis industry profile

Primary industry: Fast Food & Quick Service (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 47.2 | 18 |
| Profitability | 2.3 | 22 |
| Efficiency | 43.2 | 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 53% of G-Factory's sales come from Food and beverage, with Management support making up much of the rest.
- It lost about ¥1 for every ¥100 of sales at the operating level.
- Revenue changed +1.8% from the prior year.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥6.47B |  |
| Operating income | -¥71.7M | Margin -1.1% |
| Net income | -¥251.7M | Margin -3.9% |
| Free cash flow | -¥139.7M |  |
| Largest business | Food and beverage | of segment revenue 53.2% |
| Employees (consolidated) | 317 |  |
| EPS | ¥15.81 |  |
| Diluted EPS | ¥15.78 |  |
| Book value per share | ¥332.14 |  |
| Equity ratio | 29.3% |  |
| Shares outstanding | 6,839,000 |  |
| Treasury shares | 300,000 |  |
| Shareholders | 10,437 |  |
| Average salary (parent only) | ¥4M | Filing company only |
| Cash ratio | 31.0% | Cash ÷ revenue 19.0% |
| Vs. industry median margin | -6.6 pp | Fast Food & Quick Service |
| ROA | -6.0% | Derived from disclosed figures |

## Notable figures

- FY2025, one segment accounts for 91% of positive segment profit
- FY2025, segment profit share differs by -45 points
- FY2025, cash is 31% of total assets

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥3963953000 | ¥6465324000 | +63.1% |
| Operating income | ¥-9664000 | ¥-71749000 | — |
| Operating margin | -0.2% | -1.1% | -0.9 pp |
| Employees | 157 people | 317 people | +101.9% |
| Cash and equivalents | ¥1807037000 | ¥1230705000 | -31.9% |

### Change in segment revenue mix

Span: FY ending Dec 2020 → FY ending Dec 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 経営サポート事業 → 経営サポート事業 | 46.8% |
| 経営サポート事業 → 事業再編・廃止 | 4.4% |
| 飲食事業 → 飲食事業 | 48.8% |
| 新設・再編 → 飲食事業 | 4.4% |

Segment revenue source references: 4 (derived)

## Income statement（FY ending Dec 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 6,465 | 100.0% | S100XUW1 |
| Cost of revenue | 3,409 | 52.7% | S100XUW1 |
| Gross profit | 3,056 | 47.3% | S100XUW1 |
| SG&A | 3,128 | 48.4% | S100XUW1 |
| Operating income | -72 | -1.1% | S100XUW1 |
| Ordinary income | -92 | -1.4% | S100XUW1 |
| Pretax income | -210 | -3.2% | S100XUW1 |
| Income tax | 50 | 0.8% | S100XUW1 |
| Net income | -261 | -4.0% | S100XUW1 |
| Net income attributable to owners | -252 | -3.9% | S100XUW1 |

## Per ¥100 of revenue（FY ending Dec 2025）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 53 |
| SG&A | 48 |
| Operating income | -1 |
| (Ref.) Net income | -4 |

### Margin funnel

Gross margin 47.3% → Operating margin -1.1% → Net margin -3.9%
Derived from reported figures (DERIVED).

## Year over year（FY ending Dec 2024 → FY ending Dec 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 6,349 | 6,465 | 117 | +1.8% |
| Gross profit | 3,060 | 3,056 | -4 | -0.1% |
| Operating income | -21 | -72 | -51 | — |
| Net income attributable to owners | -333 | -252 | 81 | — |
| Operating cash flow | 248 | -7 | -256 | -102.9% |
| Free cash flow | 51 | -140 | -190 | -375.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 3,952 | 7 | 0.2% | -107 | 309 | -297 | S100L1AS |
| FY ending Dec 2020 | 3,964 | -10 | -0.2% | -229 | 224 | 186 | S100NT5C |
| FY ending Dec 2021 | 3,642 | -10 | -0.3% | 293 | 544 | 283 | S100QHTB |
| FY ending Dec 2022 | 4,735 | 215 | 4.5% | 271 | 533 | 18 | S100T6MG |
| FY ending Dec 2023 | 5,598 | -39 | -0.7% | -194 | 97 | -398 | S100VIIR |
| FY ending Dec 2024 | 6,349 | -21 | -0.3% | -333 | 248 | 51 | S100XUW1 |
| FY ending Dec 2025 | 6,465 | -72 | -1.1% | -252 | -7 | -140 | S100XUW1 |

## People and productivity（FY ending Dec 2025, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥20.4M |
| Operating income per employee (consolidated) | -¥226.3K |
| Net income per employee (consolidated) | -¥793.9K |

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

| History | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 153 | 198 | 290 | 340 | 317 |
| Average salary (parent company) | ¥3.7M | ¥3.8M | ¥3.9M | ¥3.9M | ¥4M |
| Average age (parent company) | 33.0 years | 31.2 years | 30.1 years | 30.8 years | 31.2 years |
| Average tenure (parent company) | 2.2 years | 2.2 years | 2.2 years | 1.1 years | 2.0 years |

Year over year: Employees (consolidated) -6.8% · Revenue (consolidated) +1.8%

## Segments（FY ending Dec 2025, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Management support | 3,026 | 46.8% | 458 | 15.1% |
| Food and beverage | 3,439 | 53.2% | 44 | 1.3% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Management support | 46.8% | 91.3% | 44.5 | 15.1% |
| Food and beverage | 53.2% | 8.7% | -44.5 | 1.3% |

Segment → industry: Management support → Consulting / Management support → Real Estate Brokerage & Management / Food and beverage → Fast Food & Quick Service

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Dec 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -7 | -0.1% | S100XUW1 |
| Capital expenditure | 132 | 2.0% | S100XUW1 |
| Free cash flow | -140 | -2.2% | 算出 |
| Investing cash flow | -74 | -1.1% | S100XUW1 |
| Financing cash flow | -151 | -2.3% | S100XUW1 |
| Dividends paid | 0 | 0.0% | S100XUW1 |
| Change in cash | -222 | -3.4% | S100XUW1 |
| Cash and equivalents | 1,231 | 19.0% | S100XUW1 |

## 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 Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 2,238 | 2,125 | 1,502 | 1,453 | 1,231 | S100T6MG, S100VIIR, S100XUW1 |
| Total assets | 4,672 | 4,879 | 4,557 | 4,365 | 3,971 | S100QHTB, S100T6MG, S100VIIR, S100XUW1 |
| Net assets | 1,541 | 1,903 | 1,728 | 1,464 | 1,180 | S100T6MG, S100VIIR, S100XUW1 |
| Share capital | 391 | 50 | 50 | 53 | 56 | S100QHTB, S100T6MG, S100VIIR, S100XUW1 |
| Property, plant and equipment | 749 | 945 | 1,131 | 710 | 534 | S100QHTB, S100T6MG, S100VIIR, S100XUW1 |
| Intangible assets excluding goodwill | 124 | 77 | 17 | 19 | 20 | S100QHTB, S100T6MG, S100VIIR, S100XUW1 |
| Goodwill | 122 | 68 | 14 | — | — | S100QHTB, S100T6MG, S100VIIR |
| Investment securities | 1 | 2 | 4 | 5 | 10 | S100QHTB, S100T6MG, S100VIIR, S100XUW1 |
| Current assets | 2,738 | 2,599 | 2,043 | 2,082 | 1,868 | S100QHTB, S100T6MG, S100VIIR, S100XUW1 |
| Current liabilities | 1,038 | 1,016 | 934 | 1,108 | 1,148 | S100QHTB, S100T6MG, S100VIIR, S100XUW1 |
| Long-term borrowings | 1,289 | 1,019 | 929 | 781 | 583 | S100QHTB, S100T6MG, S100VIIR, S100XUW1 |
| Total liabilities | 3,131 | 2,976 | 2,830 | 2,902 | 2,790 | S100QHTB, S100T6MG, S100VIIR, S100XUW1 |
| Non-controlling interests | 9 | 12 | 16 | 17 | 9 | S100QHTB, S100T6MG, S100VIIR, S100XUW1 |
| Equity attributable to owners of parent | 1,528 | 1,800 | 1,542 | 1,215 | 969 | S100QHTB, S100T6MG, S100VIIR, S100XUW1 |
| Retained earnings | 1,093 | 1,364 | 1,105 | 772 | 521 | S100QHTB, S100T6MG, S100VIIR, S100XUW1 |
| Treasury stock | -244 | -244 | -244 | -244 | -244 | S100QHTB, S100T6MG, S100VIIR, S100XUW1 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 31% | S100XUW1 |
| Property, plant and equipment | 13% | S100XUW1 |
| Intangibles and goodwill | 1% | S100XUW1 |
| Investment securities | 0% | S100XUW1 |
| Other assets | 55% | S100XUW1 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 70% | S100XUW1 |
| Equity | 30% | S100XUW1 |
| Other liabilities | 0% | S100XUW1 |

### Balance sheet history

| Metric | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 4,672 | 4,879 | 4,557 | 4,365 | 3,971 |
| Equity | 1,541 | 1,903 | 1,728 | 1,464 | 1,180 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 2,238 | 2,125 | 1,502 | 1,453 | 1,231 |

## 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) | 8.3% | S100XUW1 |
| Fixed assets ÷ total assets | 13.5% | S100XUW1 |
| Goodwill ÷ parent equity | — | —, S100XUW1 |

### 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) | 31.0% |
| Cash ÷ revenue | 19.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | 244 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 2.0% |
| 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 8.0% | 0.78× | 6.3% | 3.06× | 19.2% | S100QHTB |
| 2022 | 5.7% | 0.99× | 5.7% | 2.87× | 16.3% | S100T6MG |
| 2023 | — | —× | -4.1% | —× | — | S100VIIR |
| 2024 | — | —× | -7.5% | —× | — | S100XUW1 |
| 2025 | — | —× | -6.0% | —× | — | S100XUW1 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ＧＦＣ株式会社 | Major shareholder | 53.9% | 2025-12-31 |
| 片平 雅之 | Major shareholder | 12.6% | 2025-12-31 |
| 阪和興業株式会社 | Major shareholder | 3.1% | 2025-12-31 |
| 田口 由香子 | Major shareholder | 2.7% | 2025-12-31 |
| 鎌仲 順子 | Major shareholder | 1.0% | 2025-12-31 |
| 株式会社ＳＢＩ証券 | Major shareholder | 0.8% | 2025-12-31 |
| ＪＰモルガン証券株式会社 | Major shareholder | 0.8% | 2025-12-31 |
| 花井 栄治 | Major shareholder | 0.6% | 2025-12-31 |
| Ｇ－ＦＡＣＴＯＲＹ従業員持株会 | Major shareholder | 0.5% | 2025-12-31 |
| Ｇ－ＦＡＣＴＯＲＹ役員持株会 | Major shareholder | 0.4% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第23期(2025/01/01－2025/12/31) | S100XUW1 | 2026-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XUW1,, |
| 有価証券報告書－第22期(2024/01/01－2024/12/31) | S100VIIR | 2025-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VIIR,, |
| 有価証券報告書－第21期(2023/01/01－2023/12/31) | S100T6MG | 2024-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T6MG,, |
| 有価証券報告書－第20期(2022/01/01－2022/12/31) | S100QHTB | 2023-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QHTB,, |
| 有価証券報告書－第19期(令和3年1月1日－令和3年12月31日) | S100NT5C | 2022-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NT5C,, |
| 有価証券報告書－第18期(令和2年1月1日－令和2年12月31日) | S100L1AS | 2021-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L1AS,, |

## 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).