# GENDA: business model and financials

> Latest period: FY ending Jan 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第8期(2025/02/01－2026/01/31) (S100Y1F9)
> Page: https://vizora.meequs.com/en/company/genda
> Retrieved: 2026-09-30T21:36:37.750Z

## Company

Genda, founded in 2018, is a company in Toys & Hobbies listed on TSE Growth. It has 2,018 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | GENDA Inc. |
| Ticker | 9166 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9166.T) |
| Listing | TSE Growth |
| Head office | 東京都港区東新橋一丁目9番1号東京汐留ビルディング6階 |
| Representative (per filing) | 代表取締役社長CEO 片岡 尚 |
| Founded | May 2018 |
| Share capital | ¥16.9B |
| Employees (consolidated) | 2,018 |
| Average salary (parent only) | ¥8.9M |
| Fiscal year end | January |
| Website | genda.jp (https://genda.jp/) |
| Corporate number | 4010001191817 |
| EDINET | E38739 |
| Industries (Vizora) | Toys & Hobbies, Film & Anime, Amusement Centers & Karaoke |

> Profile source: annual securities report (S100Y1F9, filed 2026-04-28). As of filing

## Five-axis industry profile

Primary industry: Amusement Centers & Karaoke (2026-01-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 90 | 5 |
| Profitability | 21.4 | 7 |
| Cash conversion | 35.7 | 7 |
| Efficiency | 35.7 | 7 |

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 92% of Genda's sales come from Entertainment Platform, with Entertainment Content making up much of the rest.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed +52.8% from the prior year, operating profit -2.8%.

## Company structure

- Segment revenue mix: Entertainment Platform 91.6%、Entertainment Content 8.4%
- Revenue → net income: ¥170787000000 → ¥3886000000
- Net income → operating cash flow: ¥3886000000 → ¥13919000000（difference ¥10033000000）
- Main uses of operating cash flow: CapEx ¥26879000000 / dividends — / buybacks ¥2033000000
- Change in cash: ¥6368000000
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 | ¥170.8B |  |
| Operating income | ¥7.7B | Margin 4.5% |
| Net income | ¥3.83B | Margin 2.2% |
| Free cash flow | -¥13B |  |
| Largest business | Entertainment Platform | of segment revenue 91.6% |
| Employees (consolidated) | 2,018 |  |
| EPS | ¥21.79 |  |
| Diluted EPS | ¥21.52 |  |
| Book value per share | ¥261.36 |  |
| Equity ratio | 29.2% |  |
| Shares outstanding | 187,756,582 |  |
| Treasury shares | 2,881,000 |  |
| Shareholders | 31,210 |  |
| Average salary (parent only) | ¥8.9M | Filing company only |
| Cash ratio | 14.3% | Net cash -¥56.8B · Cash ÷ revenue 18.7% |
| Vs. industry median margin | -4 pp | Amusement Centers & Karaoke |
| ROE | 7.8% | Derived from disclosed figures |
| ROA | 2.3% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 3.6× net income

## What changed in 3 years

| Metric | FY ending Jan 2023 | FY ending Jan 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥46091000000 | ¥170787000000 | +270.5% |
| Operating income | ¥4244000000 | ¥7695000000 | +81.3% |
| Operating margin | 9.2% | 4.5% | -4.7 pp |
| Employees | 367 people | 2,018 people | +449.9% |
| Cash and equivalents | ¥7086000000 | ¥31901000000 | +350.2% |

### Change in segment revenue mix

Span: FY ending Jan 2023 → FY ending Jan 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| エンタメ・プラットフォーム → エンタメ・プラットフォーム | 91.6% |
| エンタメ・プラットフォーム → 事業再編・廃止 | 7.8% |
| エンタメ・コンテンツ → エンタメ・コンテンツ | 0.6% |
| 新設・再編 → エンタメ・コンテンツ | 7.8% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 170,787 | 100.0% | S100Y1F9 |
| Cost of revenue | 131,517 | 77.0% | S100Y1F9 |
| Gross profit | 39,270 | 23.0% | S100Y1F9 |
| SG&A | 31,574 | 18.5% | S100Y1F9 |
| Operating income | 7,695 | 4.5% | S100Y1F9 |
| Ordinary income | 6,217 | 3.6% | S100Y1F9 |
| Pretax income | 5,725 | 3.4% | S100Y1F9 |
| Income tax | 1,839 | 1.1% | S100Y1F9 |
| Net income | 3,886 | 2.3% | S100Y1F9 |
| Net income attributable to owners | 3,826 | 2.2% | S100Y1F9 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 77 |
| SG&A | 18 |
| Operating income | 5 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 23.0% → Operating margin 4.5% → Net margin 2.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +52.8%; Core profit growth: -2.8%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -0.05×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 111,777 | 170,787 | 59,010 | +52.8% |
| Gross profit | 25,400 | 39,270 | 13,870 | +54.6% |
| Operating income | 7,913 | 7,695 | -218 | -2.8% |
| Net income attributable to owners | 3,252 | 3,826 | 574 | +17.7% |
| Operating cash flow | 7,890 | 13,919 | 6,029 | +76.4% |
| Free cash flow | -4,011 | -12,960 | -8,949 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Jan 2023 | 46,091 | 4,244 | 9.2% | 3,494 | 6,446 | 2,464 | S100TC50 |
| FY ending Jan 2024 | 55,697 | 5,370 | 9.6% | 4,178 | 7,602 | 2,470 | S100VOBW |
| FY ending Jan 2025 | 111,777 | 7,913 | 7.1% | 3,252 | 7,890 | -4,011 | S100Y1F9 |
| FY ending Jan 2026 | 170,787 | 7,695 | 4.5% | 3,826 | 13,919 | -12,960 | S100Y1F9 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥84.6M |
| Operating income per employee (consolidated) | ¥3.8M |
| Net income per employee (consolidated) | ¥1.9M |

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

| History | FY ending Jan 2023 | FY ending Jan 2024 | FY ending Jan 2025 | FY ending Jan 2026 |
| --- | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 367 | 599 | 1,730 | 2,018 |
| Average salary (parent company) | — | ¥8.2M | ¥8.7M | ¥8.9M |
| Average age (parent company) | — | 36.9 years | 37.2 years | 38.1 years |
| Average tenure (parent company) | — | 1.3 years | 1.6 years | 1.7 years |

Year over year: Employees (consolidated) +16.6% · Revenue (consolidated) +52.8%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Entertainment Platform | 156,451 | 91.6% | — | — |
| Entertainment Content | 14,304 | 8.4% | — | — |

### 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 |
| --- | ---: |
| Entertainment Platform | 91.6% |
| Entertainment Content | 8.4% |

Segment → industry: Entertainment Content → Toys & Hobbies / Entertainment Content → Film & Anime / Entertainment Platform → Amusement Centers & Karaoke

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 13,919 | 8.1% | S100Y1F9 |
| Capital expenditure | 26,879 | 15.7% | S100Y1F9 |
| Free cash flow | -12,960 | -7.6% | 算出 |
| Investing cash flow | -72,391 | -42.4% | S100Y1F9 |
| Financing cash flow | 64,958 | 38.0% | S100Y1F9 |
| Share buyback | 2,033 | 1.2% | S100Y1F9 |
| Change in cash | 6,368 | 3.7% | S100Y1F9 |
| Cash and equivalents | 31,901 | 18.7% | S100Y1F9 |

## 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 Jan 2023 | FY ending Jan 2024 | FY ending Jan 2025 | FY ending Jan 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 7,086 | 12,329 | 25,533 | 31,901 | S100VOBW, S100Y1F9 |
| Total assets | 31,033 | 52,141 | 114,964 | 222,643 | S100TC50, S100VOBW, S100Y1F9 |
| Net assets | 11,240 | 19,664 | 35,638 | 65,357 | S100VOBW, S100Y1F9 |
| Share capital | 95 | 2,160 | 7,436 | 16,909 | S100TC50, S100VOBW, S100Y1F9 |
| Inventories | 2,261 | 4,374 | 8,212 | 11,855 | S100TC50, S100VOBW, S100Y1F9 |
| Property, plant and equipment | 7,750 | 12,581 | 31,452 | 68,898 | S100TC50, S100VOBW, S100Y1F9 |
| Intangible assets excluding goodwill | 1,900 | 5,698 | 21,722 | 67,853 | S100TC50, S100VOBW, S100Y1F9 |
| Goodwill | 1,225 | 4,992 | 18,542 | 51,086 | S100TC50, S100VOBW, S100Y1F9 |
| Investment securities | 216 | 113 | 769 | 1,061 | S100TC50, S100VOBW, S100Y1F9 |
| Current assets | 12,723 | 23,567 | 45,619 | 63,538 | S100TC50, S100VOBW, S100Y1F9 |
| Current liabilities | 7,609 | 16,892 | 39,825 | 90,690 | S100TC50, S100VOBW, S100Y1F9 |
| Trade payables | 1,356 | 3,213 | 5,266 | 7,379 | S100TC50, S100VOBW, S100Y1F9 |
| Short-term borrowings | 100 | 3,512 | 11,331 | 39,626 | S100TC50, S100VOBW, S100Y1F9 |
| Long-term borrowings | 8,171 | 10,571 | 28,384 | 37,755 | S100TC50, S100VOBW, S100Y1F9 |
| Bonds | — | — | — | 11,300 | S100Y1F9 |
| Interest-bearing debt | — | — | — | 88,681 | 算出 |
| Total liabilities | 19,792 | 32,476 | 79,325 | 157,285 | S100TC50, S100VOBW, S100Y1F9 |
| Non-controlling interests | 9 | 231 | 207 | 123 | S100TC50, S100VOBW, S100Y1F9 |
| Equity attributable to owners of parent | 11,186 | 19,419 | 35,250 | 62,854 | S100TC50, S100VOBW, S100Y1F9 |
| Retained earnings | 9,845 | 14,024 | 17,276 | 21,103 | S100TC50, S100VOBW, S100Y1F9 |
| Treasury stock | — | 0 | 0 | -2,034 | S100VOBW, S100Y1F9 |

### Balance sheet history

| Metric | FY ending Jan 2023 | FY ending Jan 2024 | FY ending Jan 2025 | FY ending Jan 2026 |
| --- | ---: | ---: | ---: | ---: |
| Total assets | 31,033 | 52,141 | 114,964 | 222,643 |
| Equity | 11,240 | 19,664 | 35,638 | 65,357 |
| Interest-bearing debt | — | — | — | 88,681 |
| Cash | 7,086 | 12,329 | 25,533 | 31,901 |

## 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) | 40.3% | S100Y1F9 |
| Fixed assets ÷ total assets | 30.9% | S100Y1F9 |
| Goodwill ÷ parent equity | 81.3% | S100Y1F9 |

### 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) | 14.3% |
| Cash ÷ revenue | 18.7% |
| Net cash (cash − interest-bearing debt) | -¥56.8B |
| Net debt ÷ operating cash flow | 4.08× |
| Cash conversion (operating CF ÷ operating income) | 180.9% |
| Cash vs. profit gap | 10,093 JPY mn (of net income 263.8%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 15.7% |
| Investing CF relative to operating CF | 520.1% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2023 | 7.6% | 1.49× | 11.3% | 2.77× | 31.2% | S100TC50 |
| 2024 | 7.5% | 1.34× | 10.0% | 2.72× | 27.3% | S100VOBW |
| 2025 | 2.9% | 1.34× | 3.9% | 3.06× | 11.9% | S100Y1F9 |
| 2026 | 2.2% | 1.01× | 2.3% | 3.44× | 7.8% | S100Y1F9 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 吉村英毅・ミダスB投資事業有限責任組合 | Major shareholder | 29.0% | 2026-01-31 |
| 片岡 尚 | Major shareholder | 12.7% | 2026-01-31 |
| CEPLUX-THE INDEPENDENT UCITS PLATFORM 2 （常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 5.3% | 2026-01-31 |
| STATE STREET BANK AND TRUST COMPANY 505001 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 4.1% | 2026-01-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 3.5% | 2026-01-31 |
| 申 真衣 | Major shareholder | 3.3% | 2026-01-31 |
| ミダスキャピタルGファンド有限責任事業組合 | Major shareholder | 2.4% | 2026-01-31 |
| DBS BANK LTD. 700154 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 2.0% | 2026-01-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 1.8% | 2026-01-31 |
| マリンフード株式会社 | Major shareholder | 1.3% | 2026-01-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第8期(2025/02/01－2026/01/31) | S100Y1F9 | 2026-04-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y1F9,, |
| 有価証券報告書－第7期(2024/02/01－2025/01/31) | S100VOBW | 2025-04-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VOBW,, |
| 有価証券報告書－第6期(2023/02/01－2024/01/31) | S100TC50 | 2024-04-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TC50,, |

## 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).