# GENOVA,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21期(2025/04/01－2026/03/31) (S100YFQH)
> Page: https://vizora.meequs.com/en/company/genova
> Retrieved: 2026-09-30T18:30:15.035Z

## Company

Genova, founded in 2005, is a company in Internet Services & Apps listed on TSE Prime. It has 529 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | GENOVA, Inc. |
| Ticker | 9341 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9341.T) |
| Listing | TSE Prime |
| Head office | 東京都渋谷区渋谷二丁目21番1号 渋谷ヒカリエ34F |
| Representative (per filing) | 代表取締役社長 平瀬 智樹 |
| Founded | Jul 2005 |
| Share capital | ¥779.2M |
| Employees (consolidated) | 529 |
| Average salary (parent only) | ¥5.3M |
| Fiscal year end | March |
| Website | www.genova.co.jp (https://www.genova.co.jp/) |
| Corporate number | 6011001046711 |
| EDINET | E38215 |
| Industries (Vizora) | Internet Services & Apps, Health Tech, Specialty Trading & Wholesale |

> Profile source: annual securities report (S100YFQH, filed 2026-06-22). As of filing

## Five-axis industry profile

Primary industry: Health Tech (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 82.1 | 14 |
| Profitability | 13.9 | 18 |
| Cash conversion | 14.7 | 17 |
| Efficiency | 80.6 | 18 |

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 44% of Genova's sales come from Medical platform business, with Smart clinic business and Dental distribution business making up much of the rest.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed +15.6% from the prior year, operating profit -80.2%.

## Company structure

- Segment revenue mix: Medical platform business 43.5%、Smart clinic business 28.9%、Dental distribution business 20.7%、Other 4.2%、Dx distribution business 2.7%
- Revenue → net income: ¥11565971000 → ¥275397000
- Net income → operating cash flow: ¥275397000 → ¥196159000（difference ¥-79238000）
- Main uses of operating cash flow: CapEx ¥116179000 / dividends ¥519195000 / buybacks —
- Change in cash: ¥-554729000
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 | ¥11.6B |  |
| Operating income | ¥400.4M | Margin 3.5% |
| Net income | ¥275.4M | Margin 2.4% |
| Free cash flow | ¥80M |  |
| Largest business | Medical platform business | of segment revenue 43.5% |
| Employees (consolidated) | 529 |  |
| EPS | ¥18.15 |  |
| Diluted EPS | ¥17.98 |  |
| Book value per share | ¥362.93 |  |
| Equity ratio | 61.6% |  |
| Shares outstanding | 17,837,600 |  |
| Treasury shares | 500,000 |  |
| Shareholders | 7,745 |  |
| Average salary (parent only) | ¥5.3M | Filing company only |
| Cash ratio | 51.8% | Cash ÷ revenue 46.0% |
| Vs. industry median margin | -4.2 pp | Internet Services & Apps |
| ROE | 4.3% | Derived from disclosed figures |
| ROA | 2.9% | Derived from disclosed figures |

## Notable figures

- FY2026, revenue is 2.4× its level five years ago
- FY2026, one segment accounts for 71% of positive segment profit
- FY2026, cash is 52% of total assets

## What changed in 4 years

| Metric | FY ending Mar 2022 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥4802057000 | ¥11565971000 | +140.9% |
| Operating income | ¥1054676000 | ¥400375000 | -62.0% |
| Operating margin | 22.0% | 3.5% | -18.5 pp |
| Employees | 242 people | 529 people | +118.6% |
| Cash and equivalents | ¥1639503000 | ¥5317442000 | +224.3% |

### Change in segment revenue mix

Span: FY ending Mar 2022 → 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 |
| --- | ---: |
| メディカルプラットフォーム事業 → 事業再編・廃止 | 60.3% |
| スマートクリニック事業 → 事業再編・廃止 | 26.1% |
| その他 → その他 | 4.2% |
| その他 → 事業再編・廃止 | 9.4% |
| 新設・再編 → メディカルプラットフォーム事業 | 43.5% |
| 新設・再編 → スマートクリニック事業 | 28.9% |
| 新設・再編 → 歯科流通事業 | 20.7% |
| 新設・再編 → DX事業 | 2.7% |

Segment revenue source references: 8 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Medical platform business | — | — | ¥5034669000 | 35.4% | 2 |
| Smart clinic business | — | — | ¥3347582000 | 16.5% | 2 |
| Dental distribution business | — | — | ¥2391401000 | -5.9% | 2 |
| Other | 4 years | -7.4% | ¥480630000 | 20.6% | 2 |
| Dx distribution business | — | — | ¥311686000 | 27.3% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 11,566 | 100.0% | S100YFQH |
| Cost of revenue | 5,095 | 44.1% | S100YFQH |
| Gross profit | 6,470 | 55.9% | S100YFQH |
| SG&A | 6,070 | 52.5% | S100YFQH |
| Operating income | 400 | 3.5% | S100YFQH |
| Ordinary income | 432 | 3.7% | S100YFQH |
| Pretax income | 508 | 4.4% | S100YFQH |
| Income tax | 232 | 2.0% | S100YFQH |
| Net income | 275 | 2.4% | S100YFQH |
| Net income attributable to owners | 275 | 2.4% | S100YFQH |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 44 |
| SG&A | 53 |
| Operating income | 3 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 55.9% → Operating margin 3.5% → Net margin 2.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +15.6%; Core profit growth: -80.2%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -5.15×
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 | 10,006 | 11,566 | 1,560 | +15.6% |
| Gross profit | 7,378 | 6,470 | -908 | -12.3% |
| Operating income | 2,026 | 400 | -1,626 | -80.2% |
| Net income attributable to owners | 1,413 | 275 | -1,138 | -80.5% |
| Operating cash flow | 1,195 | 196 | -999 | -83.6% |
| Free cash flow | 1,059 | 80 | -979 | -92.4% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2022 | 4,802 | 1,055 | 22.0% | 686 | 624 | 508 | S100R2ZE |
| FY ending Mar 2023 | 6,513 | 1,734 | 26.6% | 1,260 | 1,203 | 1,110 | S100TR24 |
| FY ending Mar 2024 | 8,683 | 2,301 | 26.5% | 1,727 | 1,822 | 1,765 | S100W2S5 |
| FY ending Mar 2025 | 10,006 | 2,026 | 20.2% | 1,413 | 1,195 | 1,059 | S100YFQH |
| FY ending Mar 2026 | 11,566 | 400 | 3.5% | 275 | 196 | 80 | S100YFQH |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥21.9M |
| Operating income per employee (consolidated) | ¥756.9K |
| Net income per employee (consolidated) | ¥520.6K |

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) | 242 | 294 | 352 | 408 | 529 |
| Average salary (parent company) | — | ¥5.1M | ¥5.7M | ¥6M | ¥5.3M |
| Average age (parent company) | — | 28.8 years | 28.9 years | 28.7 years | 29.4 years |
| Average tenure (parent company) | — | 3.4 years | 3.5 years | 3.3 years | 3.6 years |

Year over year: Employees (consolidated) +29.7% · Revenue (consolidated) +15.6%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Medical platform business | 5,035 | 43.5% | 1,785 | 35.4% |
| Smart clinic business | 3,348 | 28.9% | 553 | 16.5% |
| Dental distribution business | 2,391 | 20.7% | -141 | -5.9% |
| Dx distribution business | 312 | 2.7% | 85 | 27.3% |
| Other | 481 | 4.2% | 99 | 20.6% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Medical platform business | 43.5% | 70.8% | 27.2 | 35.4% |
| Smart clinic business | 28.9% | 21.9% | -7.0 | 16.5% |
| Dental distribution business | 20.7% | — | — | -5.9% |
| Dx distribution business | 2.7% | 3.4% | 0.7 | 27.3% |
| Other | 4.2% | 3.9% | -0.2 | 20.6% |

Loss-making segment (excluded from profit shares): Dental distribution business -141 JPY mn

Segment → industry: Medical platform business → Internet Services & Apps / Other → Health Tech / Dx distribution business → Health Tech / Smart clinic business → Health Tech / Medical platform business → Health Tech / Dental distribution business → Specialty Trading & Wholesale

## 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 | 196 | 1.7% | S100YFQH |
| Capital expenditure | 116 | 1.0% | S100YFQH |
| Free cash flow | 80 | 0.7% | 算出 |
| Investing cash flow | -952 | -8.2% | S100YFQH |
| Financing cash flow | 200 | 1.7% | S100YFQH |
| Dividends paid | 519 | 4.5% | S100YFQH |
| Change in cash | -555 | -4.8% | S100YFQH |
| Cash and equivalents | 5,317 | 46.0% | S100YFQH |

## 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 | 1,640 | 3,861 | 5,966 | 5,872 | 5,317 | S100TR24, S100W2S5, S100YFQH |
| Total assets | 2,819 | 5,415 | 8,199 | 8,526 | 10,256 | S100R2ZE, S100TR24, S100W2S5, S100YFQH |
| Net assets | 1,492 | 4,047 | 6,037 | 6,999 | 6,899 | S100TR24, S100W2S5, S100YFQH |
| Share capital | 115 | 761 | 773 | 774 | 779 | S100R2ZE, S100TR24, S100W2S5, S100YFQH |
| Property, plant and equipment | 108 | 153 | 144 | 201 | 447 | S100R2ZE, S100TR24, S100W2S5, S100YFQH |
| Intangible assets excluding goodwill | 5 | 5 | 3 | 2 | 1,050 | S100R2ZE, S100TR24, S100W2S5, S100YFQH |
| Goodwill | — | — | — | — | 1,031 | S100YFQH |
| Investment securities | 12 | 1 | 1 | 50 | 50 | S100R2ZE, S100TR24, S100W2S5, S100YFQH |
| Current assets | 2,440 | 4,975 | 7,610 | 7,728 | 7,651 | S100R2ZE, S100TR24, S100W2S5, S100YFQH |
| Current liabilities | 1,231 | 1,335 | 2,126 | 1,489 | 2,051 | S100R2ZE, S100TR24, S100W2S5, S100YFQH |
| Short-term borrowings | 62 | — | 300 | — | — | S100R2ZE, S100W2S5 |
| Long-term borrowings | 65 | 7 | 21 | — | 618 | S100R2ZE, S100TR24, S100W2S5, S100YFQH |
| Total liabilities | 1,327 | 1,368 | 2,162 | 1,528 | 3,357 | S100R2ZE, S100TR24, S100W2S5, S100YFQH |
| Non-controlling interests | 5 | 8 | — | — | — | S100R2ZE, S100TR24 |
| Equity attributable to owners of parent | 1,485 | 4,037 | 5,778 | 6,553 | 6,318 | S100R2ZE, S100TR24, S100W2S5, S100YFQH |
| Retained earnings | 1,355 | 2,615 | 4,331 | 5,745 | 5,501 | S100R2ZE, S100TR24, S100W2S5, S100YFQH |
| Treasury stock | — | — | -0 | -641 | -641 | S100W2S5, S100YFQH |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 52% | S100YFQH |
| Property, plant and equipment | 4% | S100YFQH |
| Intangibles and goodwill | 20% | S100YFQH |
| Investment securities | 1% | S100YFQH |
| Other assets | 23% | S100YFQH |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 33% | S100YFQH |
| Equity | 67% | S100YFQH |
| Other liabilities | 0% | S100YFQH |

### 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 | 2,819 | 5,415 | 8,199 | 8,526 | 10,256 |
| Equity | 1,492 | 4,047 | 6,037 | 6,999 | 6,899 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,640 | 3,861 | 5,966 | 5,872 | 5,317 |

## 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) | 3.9% | S100YFQH |
| Fixed assets ÷ total assets | 4.4% | S100YFQH |
| Goodwill ÷ parent equity | 16.3% | S100YFQH |

### 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) | 51.8% |
| Cash ÷ revenue | 46.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 49.0% |
| Cash vs. profit gap | -79 JPY mn (of net income -28.8%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 188.5% |
| Shareholder payments — dividends / FCF | 649.2% |
| CapEx intensity (capex ÷ revenue) | 1.0% |
| Investing CF relative to operating CF | 485.3% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 14.3% | 1.70× | 24.3% | 1.90× | 46.2% | S100R2ZE |
| 2023 | 19.3% | 1.58× | 30.6% | 1.49× | 45.6% | S100TR24 |
| 2024 | 19.9% | 1.28× | 25.4% | 1.39× | 35.2% | S100W2S5 |
| 2025 | 14.1% | 1.20× | 16.9% | 1.36× | 22.9% | S100YFQH |
| 2026 | 2.4% | 1.23× | 2.9% | 1.46× | 4.3% | S100YFQH |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 平瀬 智樹 | Major shareholder | 32.3% | 2026-03-31 |
| 株式会社平瀬商店 | Major shareholder | 7.7% | 2026-03-31 |
| 株式会社EPARK | Major shareholder | 6.3% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社(信託口) | Major shareholder | 5.4% | 2026-03-31 |
| 内藤 信至 | Major shareholder | 2.4% | 2026-03-31 |
| 青山 圭秀 | Major shareholder | 2.4% | 2026-03-31 |
| 提橋 由幾 | Major shareholder | 1.1% | 2026-03-31 |
| UNION BANCAIRE PRIVEE, UBP SA SINGAPORE BRANCH - GCSG-JP-CLIENT ASEET(常任代理人 シティバンク、エヌ・エイ東京支店) | Major shareholder | 1.1% | 2026-03-31 |
| JP JPMSE LUX RE UBS AG LONDON BRANCH EQ CO(常任代理人 株式会社三菱UFJ銀行) | Major shareholder | 1.1% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 1.0% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第21期(2025/04/01－2026/03/31) | S100YFQH | 2026-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YFQH,, |
| 有価証券報告書－第20期(2024/04/01－2025/03/31) | S100W2S5 | 2025-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W2S5,, |
| 有価証券報告書－第19期(2023/04/01－2024/03/31) | S100TR24 | 2024-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TR24,, |
| 有価証券報告書－第18期(2022/04/01－2023/03/31) | S100R2ZE | 2023-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R2ZE,, |

## 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).