# Garden Co., Ltd.: business model and financials

> Latest period: FY ending Feb 2026, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第11期(2025/03/01－2026/02/28) (S100Y6WH)
> Page: https://vizora.meequs.com/en/company/gardengroup
> Retrieved: 2026-09-30T22:40:41.883Z

## Company

Garden, founded in 2015, is a company in Fast Food & Quick Service listed on TSE Standard. It has 289 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Garden Co., Ltd. |
| Ticker | 274A |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/274A.T) |
| Listing | TSE Standard |
| Head office | 東京都新宿区新宿二丁目8番8号 |
| Representative (per filing) | 代表取締役社長 川島 賢 |
| Founded | Dec 2015 |
| Share capital | ¥2.39B |
| Employees (consolidated) | 289 |
| Average salary (parent only) | ¥5.5M |
| Fiscal year end | February |
| Website | gardengroup.co.jp (https://gardengroup.co.jp/) |
| Corporate number | 1011101075301 |
| EDINET | E40066 |
| Industries (Vizora) | Fast Food & Quick Service |

> Profile source: annual securities report (S100Y6WH, filed 2026-05-27). As of filing

## Five-axis industry profile

Primary industry: Fast Food & Quick Service (2026-02-28)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 36.1 | 18 |
| Profitability | 75 | 22 |
| Cash conversion | 7.1 | 21 |
| Efficiency | 6.8 | 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)

- Garden brought in ¥17.9B in revenue.
- Out of every ¥100 of sales, about ¥7 is left as operating profit.
- Revenue changed +4.3% from the prior year, operating profit -29.6%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥17895282000 → ¥625805000
- Net income → operating cash flow: ¥625805000 → ¥1072106000（difference ¥446301000）
- Main uses of operating cash flow: CapEx ¥559641000 / dividends ¥893705000 / buybacks —
- Change in cash: ¥21606000
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 | ¥17.9B |  |
| Operating income | ¥1.3B | Margin 7.3% |
| Net income | ¥625.8M | Margin 3.5% |
| Free cash flow | ¥512.5M |  |
| Employees (consolidated) | 289 |  |
| EPS | ¥90.15 |  |
| Diluted EPS | ¥80.95 |  |
| Book value per share | ¥1076.55 |  |
| Equity ratio | 44.5% |  |
| Shares outstanding | 7,148,730 |  |
| Shareholders | 8,956 |  |
| Average salary (parent only) | ¥5.5M | Filing company only |
| Cash ratio | 61.8% | Cash ÷ revenue 59.7% |
| Vs. industry median margin | +1.8 pp | Fast Food & Quick Service |
| ROE | 8.1% | Derived from disclosed figures |
| ROA | 3.8% | Derived from disclosed figures |

## Notable figures

- FY2026, cash is 62% of total assets

## What changed in 2 years

| Metric | FY ending Feb 2024 | FY ending Feb 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥15311567000 | ¥17895282000 | +16.9% |
| Operating income | ¥1516403000 | ¥1301568000 | -14.2% |
| Operating margin | 9.9% | 7.3% | -2.6 pp |
| Employees | 288 people | 289 people | +0.3% |
| Cash and equivalents | ¥6497135000 | ¥10681634000 | +64.4% |

### Change in segment revenue mix

Span: FY ending Feb 2024 → FY ending Feb 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 17,895 | 100.0% | S100Y6WH |
| Cost of revenue | 5,476 | 30.6% | S100Y6WH |
| Gross profit | 12,419 | 69.4% | S100Y6WH |
| SG&A | 11,117 | 62.1% | S100Y6WH |
| Operating income | 1,302 | 7.3% | S100Y6WH |
| Ordinary income | 1,211 | 6.8% | S100Y6WH |
| Pretax income | 975 | 5.4% | S100Y6WH |
| Income tax | 349 | 2.0% | S100Y6WH |
| Net income | 626 | 3.5% | S100Y6WH |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 31 |
| SG&A | 62 |
| Operating income | 7 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 69.4% → Operating margin 7.3% → Net margin 3.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +4.3%; Core profit growth: -29.6%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -6.91×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Feb 2025 → FY ending Feb 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 17,159 | 17,895 | 736 | +4.3% |
| Gross profit | 12,155 | 12,419 | 263 | +2.2% |
| Operating income | 1,850 | 1,302 | -548 | -29.6% |
| Operating cash flow | 1,419 | 1,072 | -347 | -24.4% |
| Free cash flow | 711 | 512 | -199 | -27.9% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Feb 2024 | 15,312 | 1,516 | 9.9% | 1,066 | 1,798 | 1,381 | S100VUY0 |
| FY ending Feb 2025 | 17,159 | 1,850 | 10.8% | 1,207 | 1,419 | 711 | S100Y6WH |
| FY ending Feb 2026 | 17,895 | 1,302 | 7.3% | 626 | 1,072 | 512 | S100Y6WH |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥61.9M |
| Operating income per employee (consolidated) | ¥4.5M |
| Net income per employee (consolidated) | ¥2.2M |

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

| History | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: |
| Employees (consolidated) | 288 | 286 | 289 |
| Average salary (parent company) | — | ¥5.4M | ¥5.5M |
| Average age (parent company) | — | 39.0 years | 38.0 years |
| Average tenure (parent company) | — | 5.6 years | 5.3 years |

Year over year: Employees (consolidated) +1.0% · Revenue (consolidated) +4.3%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 1,072 | 6.0% | S100Y6WH |
| Capital expenditure | 560 | 3.1% | S100Y6WH |
| Free cash flow | 512 | 2.9% | 算出 |
| Investing cash flow | -1,773 | -9.9% | S100Y6WH |
| Financing cash flow | 722 | 4.0% | S100Y6WH |
| Dividends paid | 894 | 5.0% | S100Y6WH |
| Change in cash | 22 | 0.1% | S100Y6WH |
| Cash and equivalents | 10,682 | 59.7% | S100Y6WH |

## 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 Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 | Source |
| --- | ---: | ---: | ---: | ---: |
| Cash and equivalents | 6,497 | 10,660 | 10,682 | S100Y6WH |
| Total assets | 11,150 | 15,867 | 17,291 | S100VUY0, S100Y6WH |
| Net assets | 2,305 | 7,954 | 7,696 | S100Y6WH |
| Share capital | 10 | 2,378 | 2,392 | S100VUY0, S100Y6WH |
| Inventories | 52 | 60 | 80 | S100VUY0, S100Y6WH |
| Property, plant and equipment | 1,838 | 2,112 | 2,175 | S100VUY0, S100Y6WH |
| Intangible assets excluding goodwill | 174 | 128 | 618 | S100VUY0, S100Y6WH |
| Goodwill | 77 | 44 | 426 | S100VUY0, S100Y6WH |
| Investment securities | 146 | 173 | 202 | S100VUY0, S100Y6WH |
| Current assets | 7,318 | 11,661 | 11,872 | S100VUY0, S100Y6WH |
| Current liabilities | 4,645 | 4,090 | 4,039 | S100VUY0, S100Y6WH |
| Short-term borrowings | 127 | 67 | — | S100VUY0, S100Y6WH |
| Long-term borrowings | 1,206 | 1,162 | 3,527 | S100VUY0, S100Y6WH |
| Bonds | 2,528 | 2,235 | 1,477 | S100VUY0, S100Y6WH |
| Interest-bearing debt | 3,862 | 3,463 | — | 算出 |
| Total liabilities | 8,844 | 7,914 | 9,595 | S100VUY0, S100Y6WH |
| Equity attributable to owners of parent | 2,214 | 7,838 | 7,562 | S100VUY0, S100Y6WH |
| Retained earnings | 1,903 | 2,790 | 2,487 | S100VUY0, S100Y6WH |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 62% | S100Y6WH |
| Inventories | 0% | S100Y6WH |
| Property, plant and equipment | 13% | S100Y6WH |
| Intangibles and goodwill | 6% | S100Y6WH |
| Investment securities | 1% | S100Y6WH |
| Other assets | 18% | S100Y6WH |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 55% | S100Y6WH |
| Equity | 45% | S100Y6WH |
| Other liabilities | 0% | S100Y6WH |

### Balance sheet history

| Metric | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: |
| Total assets | 11,150 | 15,867 | 17,291 |
| Equity | 2,305 | 7,954 | 7,696 |
| Interest-bearing debt | 3,862 | 3,463 | — |
| Cash | 6,497 | 10,660 | 10,682 |

## 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) | 12.2% | S100Y6WH |
| Fixed assets ÷ total assets | 12.6% | S100Y6WH |
| Goodwill ÷ parent equity | 5.6% | S100Y6WH |

### 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) | 61.8% |
| Cash ÷ revenue | 59.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 82.4% |
| Cash vs. profit gap | 446 JPY mn (of net income 71.3%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 142.8% |
| Shareholder payments — dividends / FCF | 174.4% |
| CapEx intensity (capex ÷ revenue) | 3.1% |
| Investing CF relative to operating CF | 165.3% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2024 | 7.0% | 1.37× | 9.6% | 5.04× | 48.1% | S100VUY0 |
| 2025 | 7.0% | 1.27× | 8.9% | 2.69× | 24.0% | S100Y6WH |
| 2026 | 3.5% | 1.08× | 3.8% | 2.15× | 8.1% | S100Y6WH |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社マック | Major shareholder | 42.0% | 2026-02-28 |
| 川島 賢 | Major shareholder | 21.7% | 2026-02-28 |
| 小澤 修三 | Major shareholder | 2.6% | 2026-02-28 |
| 株式会社ガーデン従業員持株会 | Major shareholder | 1.2% | 2026-02-28 |
| 株式会社ギフトホールディングス | Major shareholder | 1.1% | 2026-02-28 |
| 薫田 勇 | Major shareholder | 0.9% | 2026-02-28 |
| 井上 陵太 | Major shareholder | 0.8% | 2026-02-28 |
| 笹山 知成 | Major shareholder | 0.6% | 2026-02-28 |
| 伊藤 貴俊 | Major shareholder | 0.4% | 2026-02-28 |
| 浅香 文昭 | Major shareholder | 0.4% | 2026-02-28 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第11期(2025/03/01－2026/02/28) | S100Y6WH | 2026-05-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y6WH,, |
| 有価証券報告書－第10期(2024/03/01－2025/02/28) | S100VUY0 | 2025-05-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VUY0,, |

## 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).