# Gamecard Holdings, Inc.: 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15期(2025/04/01－2026/03/31) (S100YFK9)
> Page: https://vizora.meequs.com/en/company/gamecard-holdings
> Retrieved: 2026-09-30T22:22:16.537Z

## Company

Gamecard Holdings, founded in 2010, is a company in Pachinko listed on TSE Standard. It has 190 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Gamecard Holdings,Inc. (旧英訳名 Gamecard-Joyco Holdings,Inc.) (注)2025年6月19日開催の定時株主総会の決議により、2025年10月1日か ら会社名及び英訳名を上記の通り変更いたしました。 |
| Ticker | 6249 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6249.T) |
| Listing | TSE Standard |
| Head office | 東京都新宿区西新宿六丁目18番1号 |
| Representative (per filing) | 代表取締役社長 鈴木 聡 |
| Founded | Dec 2010 |
| Share capital | ¥5.96B |
| Employees (consolidated) | 190 |
| Average salary (parent only) | ¥7.6M |
| Fiscal year end | March |
| Website | www.gjhd.jp (https://www.gjhd.jp/) |
| Corporate number | 7010001139202 |
| EDINET | E25169 |
| Industries (Vizora) | Pachinko |

> Profile source: annual securities report (S100YFK9, filed 2026-06-19). As of filing

## Five-axis industry profile

Primary industry: Pachinko (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 75 | 10 |
| Profitability | 75 | 10 |
| Cash conversion | 56.3 | 8 |
| Efficiency | 25 | 10 |

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)

- Gamecard Holdings brought in ¥25.4B in revenue.
- Out of every ¥100 of sales, about ¥18 is left as operating profit.
- Revenue changed -33.1% from the prior year, operating profit -49.7%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥25385000000 → ¥3262000000
- Net income → operating cash flow: ¥3262000000 → ¥3512000000（difference ¥250000000）
- Main uses of operating cash flow: CapEx ¥843000000 / dividends ¥1402000000 / buybacks ¥0
- Change in cash: ¥-1976000000
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 | ¥25.4B |  |
| Operating income | ¥4.53B | Margin 17.9% |
| Net income | ¥3.26B | Margin 12.9% |
| Free cash flow | ¥2.67B |  |
| Employees (consolidated) | 190 |  |
| EPS | ¥96.9 |  |
| Book value per share | ¥2811.43 |  |
| Equity ratio | 91.0% |  |
| Shares outstanding | 14,681,400 |  |
| Treasury shares | 654,600 |  |
| Shareholders | 14,675 |  |
| Average salary (parent only) | ¥7.6M | Filing company only |
| Cash ratio | 30.6% | Cash ÷ revenue 80.1% |
| Vs. industry median margin | +7.2 pp | Pachinko |
| ROE | 5.5% | Derived from disclosed figures |
| ROA | 4.9% | Derived from disclosed figures |

## Notable figures

- FY2026, revenue is 2.2× its level five years ago
- FY2026, cash is 31% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥10562000000 | ¥25385000000 | +140.3% |
| Operating income | ¥1162000000 | ¥4534000000 | +290.2% |
| Operating margin | 11.0% | 17.9% | +6.9 pp |
| Employees | 198 people | 190 people | -4.0% |
| Cash and equivalents | ¥12452000000 | ¥20321000000 | +63.2% |

### 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, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 25,385 | 100.0% | S100YFK9 |
| Cost of revenue | 14,555 | 57.3% | S100YFK9 |
| Gross profit | 10,829 | 42.7% | S100YFK9 |
| SG&A | 6,295 | 24.8% | S100YFK9 |
| Operating income | 4,534 | 17.9% | S100YFK9 |
| Ordinary income | 5,083 | 20.0% | S100YFK9 |
| Pretax income | 4,765 | 18.8% | S100YFK9 |
| Income tax | 1,503 | 5.9% | S100YFK9 |
| Net income | 3,262 | 12.9% | S100YFK9 |
| Net income attributable to owners | 3,262 | 12.9% | S100YFK9 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 57 |
| SG&A | 25 |
| Operating income | 18 |
| (Ref.) Net income | 13 |

### Margin funnel

Gross margin 42.7% → Operating margin 17.9% → Net margin 12.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -33.1%; Core profit growth: -49.7%
Operating leverage (core profit growth ÷ revenue growth): 1.50×
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 | 37,946 | 25,385 | -12,561 | -33.1% |
| Gross profit | 14,856 | 10,829 | -4,027 | -27.1% |
| Operating income | 9,016 | 4,534 | -4,482 | -49.7% |
| Net income attributable to owners | 6,586 | 3,262 | -3,324 | -50.5% |
| Operating cash flow | 6,801 | 3,512 | -3,289 | -48.4% |
| Free cash flow | 6,591 | 2,669 | -3,922 | -59.5% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 16,561 | 2,036 | 12.3% | 1,225 | 784 | -41 | S100LJQ5 |
| FY ending Mar 2021 | 10,562 | 1,162 | 11.0% | 617 | 517 | 118 | S100OGV2 |
| FY ending Mar 2022 | 11,447 | 1,120 | 9.8% | 1,262 | 1,513 | 1,076 | S100R38Y |
| FY ending Mar 2023 | 21,691 | 4,465 | 20.6% | 4,299 | 1,706 | 1,566 | S100TTRK |
| FY ending Mar 2024 | 36,289 | 10,523 | 29.0% | 7,550 | 6,196 | 5,871 | S100W16Q |
| FY ending Mar 2025 | 37,946 | 9,016 | 23.8% | 6,586 | 6,801 | 6,591 | S100YFK9 |
| FY ending Mar 2026 | 25,385 | 4,534 | 17.9% | 3,262 | 3,512 | 2,669 | S100YFK9 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥133.6M |
| Operating income per employee (consolidated) | ¥23.9M |
| Net income per employee (consolidated) | ¥17.2M |

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) | 201 | 208 | 215 | 211 | 190 |
| Average salary (parent company) | ¥7.8M | ¥8.5M | ¥8.7M | ¥8.4M | ¥7.6M |
| Average age (parent company) | 46.0 years | 48.0 years | 47.0 years | 48.0 years | 53.0 years |
| Average tenure (parent company) | 11.0 years | 10.0 years | 12.0 years | 12.0 years | 13.0 years |

Year over year: Employees (consolidated) -10.0% · Revenue (consolidated) -33.1%

## 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 | 3,512 | 13.8% | S100YFK9 |
| Capital expenditure | 843 | 3.3% | S100YFK9 |
| Free cash flow | 2,669 | 10.5% | 算出 |
| Investing cash flow | -4,025 | -15.9% | S100YFK9 |
| Financing cash flow | -1,463 | -5.8% | S100YFK9 |
| Dividends paid | 1,402 | 5.5% | S100YFK9 |
| Share buyback | 0 | 0.0% | S100YFK9 |
| Change in cash | -1,976 | -7.8% | S100YFK9 |
| Cash and equivalents | 20,321 | 80.1% | S100YFK9 |

## 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 | 9,738 | 17,102 | 22,228 | 22,297 | 20,321 | S100TTRK, S100W16Q, S100YFK9 |
| Total assets | 48,186 | 54,603 | 65,570 | 67,014 | 66,314 | S100R38Y, S100TTRK, S100W16Q, S100YFK9 |
| Net assets | 42,179 | 46,039 | 54,376 | 58,600 | 60,376 | S100TTRK, S100W16Q, S100YFK9 |
| Share capital | 5,500 | 5,500 | 5,956 | 5,956 | 5,956 | S100R38Y, S100TTRK, S100W16Q, S100YFK9 |
| Property, plant and equipment | 426 | 456 | 552 | 546 | 638 | S100R38Y, S100TTRK, S100W16Q, S100YFK9 |
| Intangible assets excluding goodwill | 1,808 | 1,334 | 924 | 518 | 1,505 | S100R38Y, S100TTRK, S100W16Q, S100YFK9 |
| Investment securities | 7,901 | 8,774 | 9,257 | 7,434 | 12,928 | S100R38Y, S100TTRK, S100W16Q, S100YFK9 |
| Current assets | 36,673 | 42,239 | 53,368 | 57,430 | 50,489 | S100R38Y, S100TTRK, S100W16Q, S100YFK9 |
| Current liabilities | 3,605 | 6,297 | 8,626 | 6,022 | 3,254 | S100R38Y, S100TTRK, S100W16Q, S100YFK9 |
| Trade payables | 2,280 | 3,997 | 3,338 | 3,041 | 1,070 | S100R38Y, S100TTRK, S100W16Q, S100YFK9 |
| Total liabilities | 6,007 | 8,564 | 11,194 | 8,413 | 5,938 | S100R38Y, S100TTRK, S100W16Q, S100YFK9 |
| Equity attributable to owners of parent | 42,090 | 46,697 | 54,591 | 58,577 | 60,446 | S100R38Y, S100TTRK, S100W16Q, S100YFK9 |
| Retained earnings | 32,343 | 36,163 | 43,145 | 48,449 | 50,309 | S100R38Y, S100TTRK, S100W16Q, S100YFK9 |
| Treasury stock | -747 | -28 | -28 | -1,347 | -1,339 | S100R38Y, S100TTRK, S100W16Q, S100YFK9 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 31% | S100YFK9 |
| Property, plant and equipment | 1% | S100YFK9 |
| Intangibles and goodwill | 2% | S100YFK9 |
| Investment securities | 19% | S100YFK9 |
| Other assets | 47% | S100YFK9 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 2% | S100YFK9 |
| Other liabilities | 7% | S100YFK9 |
| Equity | 91% | S100YFK9 |

### 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 | 48,186 | 54,603 | 65,570 | 67,014 | 66,314 |
| Equity | 42,179 | 46,039 | 54,376 | 58,600 | 60,376 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 9,738 | 17,102 | 22,228 | 22,297 | 20,321 |

## 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) | 2.5% | S100YFK9 |
| Fixed assets ÷ total assets | 1.0% | S100YFK9 |
| Goodwill ÷ parent equity | — | —, S100YFK9 |

### 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) | 30.6% |
| Cash ÷ revenue | 80.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 77.5% |
| Cash vs. profit gap | 250 JPY mn (of net income 7.7%) |
| Shareholder returns / net income | 43.0% |
| Shareholder returns / FCF | 52.5% |
| Shareholder payments — dividends / net income | 43.0% |
| Shareholder payments — dividends / FCF | 52.5% |
| CapEx intensity (capex ÷ revenue) | 3.3% |
| Investing CF relative to operating CF | 114.6% |

## 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 | 11.0% | 0.24× | 2.6% | 1.14× | 3.0% | S100R38Y |
| 2023 | 19.8% | 0.42× | 8.4% | 1.16× | 9.7% | S100TTRK |
| 2024 | 20.8% | 0.60× | 12.6% | 1.19× | 14.9% | S100W16Q |
| 2025 | 17.4% | 0.57× | 9.9% | 1.17× | 11.6% | S100YFK9 |
| 2026 | 12.9% | 0.38× | 4.9% | 1.12× | 5.5% | S100YFK9 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社ＳＡＮＫＹＯ | Major shareholder | 10.0% | 2026-03-31 |
| マミヤ・オーピー株式会社 | Major shareholder | 9.4% | 2026-03-31 |
| JEFFERIES LLC-SPEC CUST AC FBO CUSTOMER (常任代理人 シティバンク、エヌ・エイ) | Major shareholder | 7.0% | 2026-03-31 |
| 株式会社平和 | Major shareholder | 4.4% | 2026-03-31 |
| 京楽産業. 株式会社 | Major shareholder | 4.4% | 2026-03-31 |
| サミー株式会社 | Major shareholder | 4.4% | 2026-03-31 |
| 株式会社大一商会 | Major shareholder | 4.4% | 2026-03-31 |
| 株式会社ニューギン | Major shareholder | 4.4% | 2026-03-31 |
| 株式会社藤商事 | Major shareholder | 4.4% | 2026-03-31 |
| 株式会社サンセイアールアンドディ | Major shareholder | 3.3% | 2026-03-31 |
| 株式会社三洋物産 | Major shareholder | 3.3% | 2026-03-31 |
| 株式会社大都技研 | Major shareholder | 3.3% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第15期(2025/04/01－2026/03/31) | S100YFK9 | 2026-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YFK9,, |
| 有価証券報告書－第14期(2024/04/01－2025/03/31) | S100W16Q | 2025-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W16Q,, |
| 訂正有価証券報告書－第13期(2023/04/01－2024/03/31) | S100TTRK | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TTRK,, |
| 有価証券報告書－第12期(2022/04/01－2023/03/31) | S100R38Y | 2023-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R38Y,, |
| 有価証券報告書－第11期(令和3年4月1日－令和4年3月31日) | S100OGV2 | 2022-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OGV2,, |
| 有価証券報告書－第10期(令和2年4月1日－令和3年3月31日) | S100LJQ5 | 2021-06-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LJQ5,, |

## 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).