# GENERATION PASS CO.,LTD: business model and financials

> Latest period: FY ending Oct 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第24期(2024/11/01－2025/10/31) (S100XHU3)
> Page: https://vizora.meequs.com/en/company/generation-pass
> Retrieved: 2026-09-30T18:34:42.603Z

## Company

Generation Pass, founded in 2002, is a company in Textiles & Fibers listed on TSE Growth. It has 273 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | GENERATION PASS CO.,LTD. |
| Ticker | 3195 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3195.T) |
| Listing | TSE Growth |
| Head office | 東京都新宿区西新宿六丁目12番1号 |
| Representative (per filing) | 代表取締役 岡本 洋明 |
| Founded | Jan 2002 |
| Share capital | ¥627.1M |
| Employees (consolidated) | 273 |
| Average salary (parent only) | ¥4.6M |
| Fiscal year end | October |
| Website | www.genepa.com (https://www.genepa.com/) |
| Corporate number | 9011101032971 |
| EDINET | E30881 |
| Industries (Vizora) | Textiles & Fibers, IT Services & System Integration, E-commerce |

> Profile source: annual securities report (S100XHU3, filed 2026-01-29). As of filing

## Five-axis industry profile

Primary industry: E-commerce (2025-10-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 38 | 25 |
| Profitability | 25 | 34 |
| Cash conversion | 1.9 | 27 |
| Efficiency | 95.6 | 34 |

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 80% of Generation Pass's sales come from EC Marketing business, with Product planning-related business and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥1 is left as operating profit.
- Revenue changed +2.0% from the prior year, operating profit +39.9%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥16.6B |  |
| Operating income | ¥114.4M | Margin 0.7% |
| Net income | ¥161.4M | Margin 1.0% |
| Free cash flow | -¥741M |  |
| Largest business | EC Marketing business | of segment revenue 80.2% |
| Employees (consolidated) | 273 |  |
| EPS | ¥16.62 |  |
| Diluted EPS | ¥16.62 |  |
| Book value per share | ¥187.89 |  |
| Equity ratio | 40.6% |  |
| Shares outstanding | 8,277,240 |  |
| Treasury shares | 159,700 |  |
| Shareholders | 4,131 |  |
| Average salary (parent only) | ¥4.6M | Filing company only |
| Cash ratio | 17.3% | Cash ÷ revenue 4.8% |
| Vs. industry median margin | -4.2 pp | E-commerce |
| ROE | 8.9% | Derived from disclosed figures |
| ROA | 3.5% | Derived from disclosed figures |

## Notable figures

- FY2025, one segment accounts for 60% of positive segment profit
- FY2025, employees -1% while operating income rose 40%

## What changed in 5 years

| Metric | FY ending Oct 2020 | FY ending Oct 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥12597785000 | ¥16552295000 | +31.4% |
| Operating income | ¥244431000 | ¥114378000 | -53.2% |
| Operating margin | 1.9% | 0.7% | -1.2 pp |
| Employees | 233 people | 273 people | +17.2% |
| Cash and equivalents | ¥1269690000 | ¥800550000 | -36.9% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| ECマーケティング事業 → ECマーケティング事業 | 78.6% |
| 商品企画関連事業 → 商品企画関連事業 | 19.4% |
| 商品企画関連事業 → 事業再編・廃止 | 1.2% |
| その他 → その他 | 0.4% |
| その他 → 事業再編・廃止 | 0.4% |
| 新設・再編 → ECマーケティング事業 | 1.6% |

Segment revenue source references: 6 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| EC Marketing business | 5 years | +6.0% | ¥13272948000 | 2.0% | 2 |
| Product planning-related business | 5 years | +4.4% | ¥3213881000 | 5.1% | 2 |
| Other | 5 years | -8.5% | ¥65465000 | 13.8% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 16,552 | 100.0% | S100XHU3 |
| Cost of revenue | 12,037 | 72.7% | S100XHU3 |
| Gross profit | 4,515 | 27.3% | S100XHU3 |
| SG&A | 4,401 | 26.6% | S100XHU3 |
| Operating income | 114 | 0.7% | S100XHU3 |
| Ordinary income | 179 | 1.1% | S100XHU3 |
| Pretax income | 181 | 1.1% | S100XHU3 |
| Income tax | 19 | 0.1% | S100XHU3 |
| Net income | 161 | 1.0% | S100XHU3 |
| Net income attributable to owners | 161 | 1.0% | S100XHU3 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 73 |
| SG&A | 26 |
| Operating income | 1 |
| (Ref.) Net income | 1 |

### Margin funnel

Gross margin 27.3% → Operating margin 0.7% → Net margin 1.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +2.0%; Core profit growth: +39.9%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 20.44×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 16,235 | 16,552 | 317 | +2.0% |
| Gross profit | 4,265 | 4,515 | 250 | +5.9% |
| Operating income | 82 | 114 | 33 | +39.9% |
| Net income attributable to owners | -139 | 161 | 300 | — |
| Operating cash flow | 261 | -626 | -887 | -339.5% |
| Free cash flow | 183 | -741 | -924 | -504.1% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Oct 2019 | 9,666 | 20 | 0.2% | 12 | -118 | -202 | S100KLDB |
| FY ending Oct 2020 | 12,598 | 244 | 1.9% | 112 | 765 | 638 | S100NA9V |
| FY ending Oct 2021 | 13,224 | 67 | 0.5% | -90 | -432 | -501 | S100Q19E |
| FY ending Oct 2022 | 15,980 | 74 | 0.5% | 344 | 178 | 89 | S100SORP |
| FY ending Oct 2023 | 15,152 | -5 | -0.0% | -23 | 119 | 36 | S100V5ER |
| FY ending Oct 2024 | 16,235 | 82 | 0.5% | -139 | 261 | 183 | S100XHU3 |
| FY ending Oct 2025 | 16,552 | 114 | 0.7% | 161 | -626 | -741 | S100XHU3 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥60.6M |
| Operating income per employee (consolidated) | ¥419K |
| Net income per employee (consolidated) | ¥591.3K |

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

| History | FY ending Oct 2021 | FY ending Oct 2022 | FY ending Oct 2023 | FY ending Oct 2024 | FY ending Oct 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 243 | 281 | 288 | 276 | 273 |
| Average salary (parent company) | ¥4.3M | ¥4.5M | ¥4.4M | ¥4.4M | ¥4.6M |
| Average age (parent company) | 31.4 years | 31.1 years | 31.3 years | 31.5 years | 31.5 years |
| Average tenure (parent company) | 4.4 years | 4.1 years | 4.2 years | 4.7 years | 5.0 years |

Year over year: Employees (consolidated) -1.1% · Revenue (consolidated) +2.0%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| EC Marketing business | 13,273 | 80.2% | 261 | 2.0% |
| Product planning-related business | 3,214 | 19.4% | 163 | 5.1% |
| Other | 65 | 0.4% | 9 | 13.8% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| EC Marketing business | 80.2% | 60.3% | -19.9 | 2.0% |
| Product planning-related business | 19.4% | 37.6% | 18.2 | 5.1% |
| Other | 0.4% | 2.1% | 1.7 | 13.8% |

Segment → industry: Product planning-related business → Textiles & Fibers / Other → IT Services & System Integration / EC Marketing business → E-commerce

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -626 | -3.8% | S100XHU3 |
| Capital expenditure | 115 | 0.7% | S100XHU3 |
| Free cash flow | -741 | -4.5% | 算出 |
| Investing cash flow | -73 | -0.4% | S100XHU3 |
| Financing cash flow | 297 | 1.8% | S100XHU3 |
| Change in cash | -406 | -2.5% | S100XHU3 |
| Cash and equivalents | 801 | 4.8% | S100XHU3 |

## 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 Oct 2021 | FY ending Oct 2022 | FY ending Oct 2023 | FY ending Oct 2024 | FY ending Oct 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 790 | 1,350 | 893 | 1,207 | 801 | S100SORP, S100V5ER, S100XHU3 |
| Total assets | 3,599 | 4,638 | 4,418 | 4,521 | 4,629 | S100Q19E, S100SORP, S100V5ER, S100XHU3 |
| Net assets | 1,664 | 1,998 | 1,910 | 1,767 | 1,887 | S100SORP, S100V5ER, S100XHU3 |
| Share capital | 627 | 627 | 627 | 627 | 627 | S100Q19E, S100SORP, S100V5ER, S100XHU3 |
| Trade receivables | 1,067 | 1,241 | 1,165 | 1,186 | 1,250 | S100Q19E, S100SORP, S100V5ER, S100XHU3 |
| Property, plant and equipment | 41 | 76 | 137 | 73 | 78 | S100Q19E, S100SORP, S100V5ER, S100XHU3 |
| Intangible assets excluding goodwill | 162 | 140 | 136 | 81 | 115 | S100Q19E, S100SORP, S100V5ER, S100XHU3 |
| Goodwill | 137 | 114 | 92 | 73 | 54 | S100Q19E, S100SORP, S100V5ER, S100XHU3 |
| Current assets | 3,341 | 4,364 | 4,063 | 4,300 | 4,374 | S100Q19E, S100SORP, S100V5ER, S100XHU3 |
| Current liabilities | 1,745 | 2,537 | 2,386 | 2,662 | 2,679 | S100Q19E, S100SORP, S100V5ER, S100XHU3 |
| Trade payables | 859 | 1,037 | 983 | 1,033 | 770 | S100Q19E, S100SORP, S100V5ER, S100XHU3 |
| Short-term borrowings | 330 | 830 | 760 | 890 | 1,230 | S100Q19E, S100SORP, S100V5ER, S100XHU3 |
| Long-term borrowings | 183 | 85 | 16 | — | — | S100Q19E, S100SORP, S100V5ER |
| Total liabilities | 1,935 | 2,641 | 2,507 | 2,753 | 2,742 | S100Q19E, S100SORP, S100V5ER, S100XHU3 |
| Non-controlling interests | 12 | 20 | 26 | — | — | S100Q19E, S100SORP, S100V5ER |
| Equity attributable to owners of parent | 1,633 | 1,977 | 1,880 | 1,741 | 1,902 | S100Q19E, S100SORP, S100V5ER, S100XHU3 |
| Retained earnings | 476 | 820 | 723 | 585 | 746 | S100Q19E, S100SORP, S100V5ER, S100XHU3 |
| Treasury stock | -91 | -91 | -91 | -91 | -91 | S100Q19E, S100SORP, S100V5ER, S100XHU3 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 17% | S100XHU3 |
| Receivables | 27% | S100XHU3 |
| Property, plant and equipment | 2% | S100XHU3 |
| Intangibles and goodwill | 4% | S100XHU3 |
| Other assets | 50% | S100XHU3 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 17% | S100XHU3 |
| Other liabilities | 42% | S100XHU3 |
| Equity | 41% | S100XHU3 |
| Other liabilities | 0% | S100XHU3 |

### Balance sheet history

| Metric | FY ending Oct 2021 | FY ending Oct 2022 | FY ending Oct 2023 | FY ending Oct 2024 | FY ending Oct 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 3,599 | 4,638 | 4,418 | 4,521 | 4,629 |
| Equity | 1,664 | 1,998 | 1,910 | 1,767 | 1,887 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 790 | 1,350 | 893 | 1,207 | 801 |

## 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) | 0.5% | S100XHU3 |
| Fixed assets ÷ total assets | 1.7% | S100XHU3 |
| Goodwill ÷ parent equity | 2.8% | S100XHU3 |

Goodwill over 4 years: 137 → 54 JPY; total investing cash flow: -473 JPY. This does not imply causation.

### 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) | 17.3% |
| Cash ÷ revenue | 4.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -547.2% |
| Cash vs. profit gap | -787 JPY mn (of net income -487.7%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.7% |
| 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 | — | —× | -2.5% | —× | — | S100Q19E |
| 2022 | 2.2% | 3.88× | 8.3% | 2.28× | 19.0% | S100SORP |
| 2023 | — | —× | -0.5% | —× | — | S100V5ER |
| 2024 | — | —× | -3.1% | —× | — | S100XHU3 |
| 2025 | 1.0% | 3.62× | 3.5% | 2.51× | 8.9% | S100XHU3 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 岡本 洋明 | Major shareholder | 32.3% | 2025-10-31 |
| 久野 貴嗣 | Major shareholder | 9.0% | 2025-10-31 |
| 岡本 薫 | Major shareholder | 3.0% | 2025-10-31 |
| 岡本 八洋 | Major shareholder | 3.0% | 2025-10-31 |
| 岡本 あかね | Major shareholder | 3.0% | 2025-10-31 |
| 鈴木 智也 | Major shareholder | 2.9% | 2025-10-31 |
| 岡本 由美子 | Major shareholder | 2.5% | 2025-10-31 |
| 桐原 幸彦 | Major shareholder | 2.4% | 2025-10-31 |
| 楽天証券株式会社 | Major shareholder | 1.2% | 2025-10-31 |
| 高原 哲也 | Major shareholder | 1.0% | 2025-10-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第24期(2024/11/01－2025/10/31) | S100XHU3 | 2026-01-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XHU3,, |
| 有価証券報告書－第23期(2023/11/01－2024/10/31) | S100V5ER | 2025-01-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100V5ER,, |
| 有価証券報告書－第22期(2022/11/01－2023/10/31) | S100SORP | 2024-01-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SORP,, |
| 有価証券報告書－第21期(2021/11/01－2022/10/31) | S100Q19E | 2023-01-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Q19E,, |
| 有価証券報告書－第20期(令和2年11月1日－令和3年10月31日) | S100NA9V | 2022-01-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NA9V,, |
| 有価証券報告書－第19期(令和1年11月1日－令和2年10月31日) | S100KLDB | 2021-01-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KLDB,, |

## 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).