# General Oyster,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26期(2025/04/01－2026/03/31) (S100YMM9)
> Page: https://vizora.meequs.com/en/company/general-oyster
> Retrieved: 2026-09-30T19:01:54.617Z

## Company

General Oyster, founded in 2000, is a company in Electric Power & Gas listed on TSE Growth. It has 116 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | General Oyster,Inc. |
| Ticker | 3224 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3224.T) |
| Listing | TSE Growth |
| Head office | 東京都渋谷区恵比寿一丁目15番1号 |
| Representative (per filing) | 代表取締役社長 渡邊 一博 |
| Founded | Apr 2000 |
| Share capital | ¥187.2M |
| Employees (consolidated) | 116 |
| Average salary (parent only) | ¥7.7M |
| Fiscal year end | March |
| Website | www.g-oyster.com (https://www.g-oyster.com/) |
| Corporate number | 5010001089060 |
| EDINET | E31321 |
| Industries (Vizora) | Electric Power & Gas, Fisheries, Restaurants & Pubs |

> Profile source: annual securities report (S100YMM9, filed 2026-06-29). As of filing

## Five-axis industry profile

Primary industry: Restaurants & Pubs (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 50.9 | 56 |
| Profitability | 8.3 | 66 |
| Efficiency | 43.2 | 66 |

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 74% of General Oyster's sales come from Store business, with Renewable Energy Business and Wholesale business making up much of the rest.
- It lost about ¥2 for every ¥100 of sales at the operating level.
- Revenue changed +9.6% from the prior year, operating profit -2771.6%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥4.3B |  |
| Operating income | -¥92.3M | Margin -2.1% |
| Net income | -¥175M | Margin -4.1% |
| Free cash flow | -¥640M |  |
| Largest business | Store business | of segment revenue 73.7% |
| Employees (consolidated) | 116 |  |
| EPS | ¥-36.12 |  |
| Book value per share | ¥286.83 |  |
| Equity ratio | 50.8% |  |
| Shares outstanding | 5,339,600 |  |
| Treasury shares | 200 |  |
| Shareholders | 2,910 |  |
| Average salary (parent only) | ¥7.7M | Filing company only |
| Cash ratio | 25.9% | Cash ÷ revenue 18.1% |
| Vs. industry median margin | -6.1 pp | Restaurants & Pubs |
| ROA | -5.5% | Derived from disclosed figures |

## Notable figures

- FY2026, parent-company salary changed +73% over five years
- FY2026, segment profit share differs by 39 points
- FY2026, cash is 26% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥2338795000 | ¥4304927000 | +84.1% |
| Operating income | ¥-359215000 | ¥-92276000 | — |
| Operating margin | -15.4% | -2.1% | +13.2 pp |
| Employees | 114 people | 116 people | +1.8% |
| Cash and equivalents | ¥541063000 | ¥779539000 | +44.1% |

### 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 |
| --- | ---: |
| 店舗事業 → 店舗事業 | 73.7% |
| 店舗事業 → 事業再編・廃止 | 18.3% |
| 卸売事業 → 事業再編・廃止 | 7.2% |
| 加工事業 → 加工事業 | 0.0% |
| その他 → その他 | 0.8% |
| 新設・再編 → 卸売事業 | 10.3% |
| 新設・再編 → 加工事業 | 0.2% |
| 新設・再編 → 浄化事業 | 0.0% |
| 新設・再編 → 再生可能エネルギー事業 | 14.3% |
| 新設・再編 → その他 | 0.7% |

Segment revenue source references: 10 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Store business | 5 years | +8.1% | ¥3173855000 | 2.8% | 2 |
| Renewable Energy Business | — | — | ¥613649000 | 3.8% | 2 |
| Wholesale business | — | — | ¥443312000 | 24.1% | 2 |
| Other | 5 years | +28.3% | ¥61644000 | -0.7% | 2 |
| Processing business | 5 years | +144.3% | ¥10355000 | -155.1% | 2 |
| Purification business | — | — | ¥2110000 | -1328.2% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 4,305 | 100.0% | S100YMM9 |
| Cost of revenue | 1,796 | 41.7% | S100YMM9 |
| Gross profit | 2,509 | 58.3% | S100YMM9 |
| SG&A | 2,601 | 60.4% | S100YMM9 |
| Operating income | -92 | -2.1% | S100YMM9 |
| Ordinary income | -91 | -2.1% | S100YMM9 |
| Pretax income | -117 | -2.7% | S100YMM9 |
| Income tax | 58 | 1.4% | S100YMM9 |
| Net income | -175 | -4.1% | S100YMM9 |
| Net income attributable to owners | -175 | -4.1% | S100YMM9 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 42 |
| SG&A | 60 |
| Operating income | -2 |
| (Ref.) Net income | -4 |

### Margin funnel

Gross margin 58.3% → Operating margin -2.1% → Net margin -4.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Turned to a loss
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 | 3,926 | 4,305 | 379 | +9.6% |
| Gross profit | 2,562 | 2,509 | -54 | -2.1% |
| Operating income | 3 | -92 | -96 | -2771.6% |
| Net income attributable to owners | -21 | -175 | -154 | — |
| Operating cash flow | 129 | -340 | -468 | -364.2% |
| Free cash flow | -88 | -640 | -552 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 3,579 | -146 | -4.1% | -107 | -38 | -88 | S100N6XD |
| FY ending Mar 2021 | 2,339 | -359 | -15.4% | -641 | -306 | -314 | S100PXSG |
| FY ending Mar 2022 | 2,539 | -284 | -11.2% | 287 | 376 | 328 | S100R8VH |
| FY ending Mar 2023 | 3,764 | 127 | 3.4% | 138 | 219 | 152 | S100U5NZ |
| FY ending Mar 2024 | 3,790 | 16 | 0.4% | -95 | -100 | -354 | S100W8EW |
| FY ending Mar 2025 | 3,926 | 3 | 0.1% | -21 | 129 | -88 | S100YMM9 |
| FY ending Mar 2026 | 4,305 | -92 | -2.1% | -175 | -340 | -640 | S100YMM9 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥37.1M |
| Operating income per employee (consolidated) | -¥795.5K |
| Net income per employee (consolidated) | -¥1.5M |

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) | 108 | 109 | 111 | 94 | 116 |
| Average salary (parent company) | ¥4.4M | ¥4.7M | ¥3.8M | ¥4M | ¥7.7M |
| Average age (parent company) | 46.8 years | 45.9 years | 43.1 years | 46.2 years | 46.1 years |
| Average tenure (parent company) | 4.1 years | 6.2 years | 4.0 years | 6.1 years | 5.5 years |

Year over year: Employees (consolidated) +23.4% · Revenue (consolidated) +9.6%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Store business | 3,174 | 73.7% | 88 | 2.8% |
| Wholesale business | 443 | 10.3% | 107 | 24.1% |
| Processing business | 10 | 0.2% | -16 | -155.1% |
| Purification business | 2 | 0.0% | -28 | -1328.2% |
| Renewable Energy Business | 614 | 14.3% | 23 | 3.8% |
| Other | 62 | 1.4% | -0 | -0.7% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Store business | 73.7% | 40.3% | -33.4 | 2.8% |
| Wholesale business | 10.3% | 49.1% | 38.8 | 24.1% |
| Processing business | 0.2% | — | — | -155.1% |
| Purification business | 0.0% | — | — | -1328.2% |
| Renewable Energy Business | 14.3% | 10.6% | -3.7 | 3.8% |
| Other | 1.4% | — | — | -0.7% |

Loss-making segment (excluded from profit shares): Processing business -16 JPY mn

Loss-making segment (excluded from profit shares): Purification business -28 JPY mn

Loss-making segment (excluded from profit shares): Other -0 JPY mn

Segment → industry: Renewable Energy Business → Electric Power & Gas / Purification business → Fisheries / Processing business → Fisheries / Wholesale business → Fisheries / Store business → Restaurants & Pubs

## 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 | -340 | -7.9% | S100YMM9 |
| Capital expenditure | 300 | 7.0% | S100YMM9 |
| Free cash flow | -640 | -14.9% | 算出 |
| Investing cash flow | -335 | -7.8% | S100YMM9 |
| Financing cash flow | 234 | 5.4% | S100YMM9 |
| Dividends paid | 47 | 1.1% | S100YMM9 |
| Change in cash | -441 | -10.2% | S100YMM9 |
| Cash and equivalents | 780 | 18.1% | S100YMM9 |

## 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 | 1,273 | 1,334 | 856 | 1,220 | 780 | S100U5NZ, S100W8EW, S100YMM9 |
| Total assets | 2,294 | 2,391 | 2,236 | 3,340 | 3,011 | S100R8VH, S100U5NZ, S100W8EW, S100YMM9 |
| Net assets | 899 | 1,019 | 910 | 1,411 | 1,549 | S100U5NZ, S100W8EW, S100YMM9 |
| Share capital | 1,315 | 1,317 | 1,318 | 1,565 | 187 | S100R8VH, S100U5NZ, S100W8EW, S100YMM9 |
| Property, plant and equipment | 519 | 531 | 677 | 768 | 1,002 | S100R8VH, S100U5NZ, S100W8EW, S100YMM9 |
| Intangible assets excluding goodwill | — | — | 14 | 11 | 10 | S100W8EW, S100YMM9 |
| Current assets | 1,560 | 1,592 | 1,246 | 2,173 | 1,601 | S100R8VH, S100U5NZ, S100W8EW, S100YMM9 |
| Current liabilities | 467 | 526 | 474 | 1,113 | 663 | S100R8VH, S100U5NZ, S100W8EW, S100YMM9 |
| Long-term borrowings | 522 | 455 | 387 | 290 | 210 | S100R8VH, S100U5NZ, S100W8EW, S100YMM9 |
| Total liabilities | 1,395 | 1,372 | 1,326 | 1,929 | 1,462 | S100R8VH, S100U5NZ, S100W8EW, S100YMM9 |
| Non-controlling interests | 11 | -11 | -26 | — | — | S100R8VH, S100U5NZ, S100W8EW |
| Equity attributable to owners of parent | 879 | 1,021 | 927 | 1,400 | 1,531 | S100R8VH, S100U5NZ, S100W8EW, S100YMM9 |
| Retained earnings | -1,821 | -1,683 | -1,778 | -1,799 | -474 | S100R8VH, S100U5NZ, S100W8EW, S100YMM9 |
| Treasury stock | -0 | -0 | -0 | -0 | -0 | S100R8VH, S100U5NZ, S100W8EW, S100YMM9 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 26% | S100YMM9 |
| Property, plant and equipment | 33% | S100YMM9 |
| Intangibles and goodwill | 0% | S100YMM9 |
| Other assets | 41% | S100YMM9 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 49% | S100YMM9 |
| Equity | 51% | S100YMM9 |

### 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 | 2,294 | 2,391 | 2,236 | 3,340 | 3,011 |
| Equity | 899 | 1,019 | 910 | 1,411 | 1,549 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,273 | 1,334 | 856 | 1,220 | 780 |

## 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) | 23.3% | S100YMM9 |
| Fixed assets ÷ total assets | 33.3% | S100YMM9 |
| Goodwill ÷ parent equity | — | —, S100YMM9 |

### 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) | 25.9% |
| Cash ÷ revenue | 18.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | -165 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 7.0% |
| 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 11.3% | 1.11× | 12.5% | 2.61× | 32.7% | S100R8VH |
| 2023 | 3.7% | 1.61× | 5.9% | 2.47× | 14.5% | S100U5NZ |
| 2024 | — | —× | -4.1% | —× | — | S100W8EW |
| 2025 | — | —× | -0.7% | —× | — | S100YMM9 |
| 2026 | — | —× | -5.5% | —× | — | S100YMM9 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社ネクスタ（匿名組合口） | Major shareholder | 42.8% | 2026-03-31 |
| ネクスタ１号投資事業有限責任組合 | Major shareholder | 5.7% | 2026-03-31 |
| 小林 敏雄 | Major shareholder | 5.4% | 2026-03-31 |
| ａｍａｎａ合同会社 | Major shareholder | 3.7% | 2026-03-31 |
| 橋本 裕司 | Major shareholder | 3.0% | 2026-03-31 |
| 山本 京美 | Major shareholder | 2.6% | 2026-03-31 |
| グリーンエナジー合同会社 | Major shareholder | 2.6% | 2026-03-31 |
| 株式会社ソレイユNC | Major shareholder | 1.3% | 2026-03-31 |
| 藤田 博樹 | Major shareholder | 1.3% | 2026-03-31 |
| 株式会社ブライズメイドキャピタル | Major shareholder | 0.9% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第26期(2025/04/01－2026/03/31) | S100YMM9 | 2026-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YMM9,, |
| 有価証券報告書－第25期(2024/04/01－2025/03/31) | S100W8EW | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W8EW,, |
| 訂正有価証券報告書－第24期(2023/04/01－2024/03/31) | S100U5NZ | 2024-08-05 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100U5NZ,, |
| 有価証券報告書－第23期(2022/04/01－2023/03/31) | S100R8VH | 2023-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R8VH,, |
| 訂正有価証券報告書－第22期(2021/04/01－2022/03/31) | S100PXSG | 2023-01-11 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PXSG,, |
| 訂正有価証券報告書－第21期(令和2年4月1日－令和3年3月31日) | S100N6XD | 2022-01-11 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100N6XD,, |

## 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).