# GEO HOLDINGS CORPORATION: 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38期(2025/04/01－2026/03/31) (S100YJMA)
> Page: https://vizora.meequs.com/en/company/geo-holdings
> Retrieved: 2026-09-30T23:28:08.899Z

## Company

GEO Holdings is a company in Secondhand Retail listed on TSE Prime. It has 7,249 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | GEO HOLDINGS CORPORATION |
| Ticker | 2681 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2681.T) |
| Listing | TSE Prime |
| Head office | 愛知県名古屋市中区富士見町8番8号 |
| Representative (per filing) | 代表取締役社長執行役員 遠藤 結蔵 |
| Share capital | ¥9.32B |
| Employees (consolidated) | 7,249 |
| Average salary (parent only) | ¥5.8M |
| Fiscal year end | March |
| Website | geonet.co.jp (https://geonet.co.jp/) |
| Corporate number | 7180001074052 |
| EDINET | E03367 |
| Industries (Vizora) | Secondhand Retail |

> Profile source: annual securities report (S100YJMA, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: Secondhand Retail (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 26.5 | 17 |
| Profitability | 42.5 | 20 |
| Cash conversion | 90 | 15 |
| Efficiency | 42.5 | 20 |

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)

- GEO Holdings brought in ¥481.2B in revenue.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed +12.5% from the prior year, operating profit +26.6%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥481249000000 → ¥8831000000
- Net income → operating cash flow: ¥8831000000 → ¥19475000000（difference ¥10644000000）
- Main uses of operating cash flow: CapEx ¥15872000000 / dividends ¥1345000000 / buybacks —
- Change in cash: ¥26987000000
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 | ¥481.2B |  |
| Operating income | ¥14.2B | Margin 3.0% |
| Net income | ¥8.74B | Margin 1.8% |
| Free cash flow | ¥3.6B |  |
| Employees (consolidated) | 7,249 |  |
| EPS | ¥311.06 |  |
| Diluted EPS | ¥310.48 |  |
| Book value per share | ¥673.68 |  |
| Equity ratio | 33.2% |  |
| Shares outstanding | 39,783,552 |  |
| Shareholders | 28,434 |  |
| Average salary (parent only) | ¥5.8M | Filing company only |
| Cash ratio | 31.1% | Cash ÷ revenue 19.1% |
| Vs. industry median margin | -0.4 pp | Secondhand Retail |
| ROE | 9.3% | Derived from disclosed figures |
| ROA | 3.2% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.2× net income
- FY2026, cash is 31% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥328358000000 | ¥481249000000 | +46.6% |
| Operating income | ¥4311000000 | ¥14239000000 | +230.3% |
| Operating margin | 1.3% | 3.0% | +1.6 pp |
| Employees | 5,304 people | 7,249 people | +36.7% |
| Cash and equivalents | ¥54576000000 | ¥91747000000 | +68.1% |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 481,249 | 100.0% | S100YJMA |
| Cost of revenue | 291,802 | 60.6% | S100YJMA |
| Gross profit | 189,446 | 39.4% | S100YJMA |
| SG&A | 175,207 | 36.4% | S100YJMA |
| Operating income | 14,239 | 3.0% | S100YJMA |
| Ordinary income | 15,348 | 3.2% | S100YJMA |
| Pretax income | 12,427 | 2.6% | S100YJMA |
| Income tax | 3,595 | 0.7% | S100YJMA |
| Net income | 8,831 | 1.8% | S100YJMA |
| Net income attributable to owners | 8,738 | 1.8% | S100YJMA |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 61 |
| SG&A | 36 |
| Operating income | 3 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 39.4% → Operating margin 3.0% → Net margin 1.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +12.5%; Core profit growth: +26.6%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.12×
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 | 427,669 | 481,249 | 53,580 | +12.5% |
| Gross profit | 170,671 | 189,446 | 18,775 | +11.0% |
| Operating income | 11,250 | 14,239 | 2,989 | +26.6% |
| Net income attributable to owners | 4,537 | 8,738 | 4,201 | +92.6% |
| Operating cash flow | 8,012 | 19,475 | 11,463 | +143.1% |
| Free cash flow | -5,348 | 3,603 | 8,951 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 305,057 | 10,022 | 3.3% | 3,844 | 5,108 | -2,676 | S100LSXW |
| FY ending Mar 2021 | 328,358 | 4,311 | 1.3% | -752 | 12,428 | 5,254 | S100OL77 |
| FY ending Mar 2022 | 334,788 | 8,173 | 2.4% | 5,985 | -5,731 | -12,253 | S100S60B |
| FY ending Mar 2023 | 377,300 | 10,620 | 2.8% | 5,681 | 4,283 | -3,384 | S100TWM6 |
| FY ending Mar 2024 | 433,848 | 16,814 | 3.9% | 10,902 | 9,296 | 151 | S100W7EV |
| FY ending Mar 2025 | 427,669 | 11,250 | 2.6% | 4,537 | 8,012 | -5,348 | S100YJMA |
| FY ending Mar 2026 | 481,249 | 14,239 | 3.0% | 8,738 | 19,475 | 3,603 | S100YJMA |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥66.4M |
| Operating income per employee (consolidated) | ¥2M |
| Net income per employee (consolidated) | ¥1.2M |

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) | 5,459 | 5,602 | 5,912 | 6,681 | 7,249 |
| Average salary (parent company) | ¥5M | ¥5.1M | ¥5.3M | ¥5.4M | ¥5.8M |
| Average age (parent company) | 41.1 years | 42.0 years | 42.4 years | 42.5 years | 42.7 years |
| Average tenure (parent company) | 11.9 years | 13.1 years | 13.8 years | 13.3 years | 13.5 years |

Year over year: Employees (consolidated) +8.5% · Revenue (consolidated) +12.5%

## 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 | 19,475 | 4.0% | S100YJMA |
| Capital expenditure | 15,872 | 3.3% | S100YJMA |
| Free cash flow | 3,603 | 0.7% | 算出 |
| Investing cash flow | -15,339 | -3.2% | S100YJMA |
| Financing cash flow | 22,489 | 4.7% | S100YJMA |
| Dividends paid | 1,345 | 0.3% | S100YJMA |
| Change in cash | 26,987 | 5.6% | S100YJMA |
| Cash and equivalents | 91,747 | 19.1% | S100YJMA |

## 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 | 47,851 | 46,564 | 58,556 | 64,760 | 91,747 | S100TWM6, S100W7EV, S100YJMA |
| Total assets | 174,375 | 201,804 | 231,125 | 252,807 | 295,211 | S100S60B, S100TWM6, S100W7EV, S100YJMA |
| Net assets | 77,193 | 77,212 | 87,349 | 90,469 | 98,190 | S100TWM6, S100W7EV, S100YJMA |
| Share capital | 8,975 | 9,081 | 9,251 | 9,263 | 9,317 | S100S60B, S100TWM6, S100W7EV, S100YJMA |
| Property, plant and equipment | 27,121 | 40,847 | 46,840 | 56,283 | 64,498 | S100S60B, S100TWM6, S100W7EV, S100YJMA |
| Intangible assets excluding goodwill | 2,821 | 3,264 | 4,341 | 5,030 | 5,447 | S100S60B, S100TWM6, S100W7EV, S100YJMA |
| Current assets | 117,970 | 131,311 | 154,308 | 165,072 | 196,393 | S100S60B, S100TWM6, S100W7EV, S100YJMA |
| Current liabilities | 36,057 | 49,225 | 47,487 | 46,603 | 54,899 | S100S60B, S100TWM6, S100W7EV, S100YJMA |
| Short-term borrowings | — | 6,000 | 2,000 | — | — | S100TWM6, S100W7EV |
| Long-term borrowings | 52,050 | 54,462 | 64,325 | 71,475 | 93,053 | S100S60B, S100TWM6, S100W7EV, S100YJMA |
| Bonds | — | — | 6,600 | 12,175 | 12,175 | S100W7EV, S100YJMA |
| Interest-bearing debt | — | — | 72,925 | — | — | 算出 |
| Total liabilities | 97,181 | 124,592 | 143,775 | 162,338 | 197,020 | S100S60B, S100TWM6, S100W7EV, S100YJMA |
| Non-controlling interests | — | — | 38 | 65 | 121 | S100W7EV, S100YJMA |
| Equity attributable to owners of parent | 76,887 | 76,962 | 87,254 | 90,467 | 97,961 | S100S60B, S100TWM6, S100W7EV, S100YJMA |
| Retained earnings | 64,523 | 64,386 | 74,339 | 77,527 | 84,913 | S100S60B, S100TWM6, S100W7EV, S100YJMA |
| Treasury stock | — | — | 0 | 0 | 0 | S100W7EV, S100YJMA |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 31% | S100YJMA |
| Property, plant and equipment | 22% | S100YJMA |
| Intangibles and goodwill | 2% | S100YJMA |
| Other assets | 45% | S100YJMA |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 67% | S100YJMA |
| Equity | 33% | S100YJMA |
| Other liabilities | 0% | S100YJMA |

### 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 | 174,375 | 201,804 | 231,125 | 252,807 | 295,211 |
| Equity | 77,193 | 77,212 | 87,349 | 90,469 | 98,190 |
| Interest-bearing debt | — | — | 72,925 | — | — |
| Cash | 47,851 | 46,564 | 58,556 | 64,760 | 91,747 |

## 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) | 13.4% | S100YJMA |
| Fixed assets ÷ total assets | 21.8% | S100YJMA |
| Goodwill ÷ parent equity | — | —, S100YJMA |

### 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) | 31.1% |
| Cash ÷ revenue | 19.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 136.8% |
| Cash vs. profit gap | 10,737 JPY mn (of net income 122.9%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 15.4% |
| Shareholder payments — dividends / FCF | 37.3% |
| CapEx intensity (capex ÷ revenue) | 3.3% |
| Investing CF relative to operating CF | 78.8% |

## 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 | 1.8% | 1.92× | 3.4% | 2.27× | 7.8% | S100S60B |
| 2023 | 1.5% | 2.01× | 3.0% | 2.45× | 7.4% | S100TWM6 |
| 2024 | 2.5% | 2.00× | 5.0% | 2.64× | 13.3% | S100W7EV |
| 2025 | 1.1% | 1.77× | 1.9% | 2.72× | 5.1% | S100YJMA |
| 2026 | 1.8% | 1.76× | 3.2% | 2.91× | 9.3% | S100YJMA |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社城蔵屋 | Major shareholder | 41.0% | 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 | 7.8% | 2026-03-31 |
| 常興薬品株式会社 | Major shareholder | 4.5% | 2026-03-31 |
| みずほ信託銀行株式会社 退職給付信託 みずほ銀行口 再信託受託者 株式会社日本カストディ銀行 | Major shareholder | 1.7% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社（リテール信託口８２００７９２７６） | Major shareholder | 1.5% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 1.5% | 2026-03-31 |
| ＳＴＡＴＥ ＳＴＲＥＥＴ ＢＡＮＫ ＡＮＤ ＴＲＵＳＴ ＣＯＭＰＡＮＹ ５０５２２３ （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.5% | 2026-03-31 |
| 遠藤 結蔵 | Major shareholder | 1.4% | 2026-03-31 |
| ＢＢＨ ＣＯ ＦＯＲ ＡＲＣＵＳ ＪＡＰＡＮ ＶＡＬＵＥ ＦＵＮＤ （常任代理人 株式会社三菱UFJ銀行） | Major shareholder | 0.9% | 2026-03-31 |
| ＢＢＨ ＢＯＳＴＯＮ ＦＯＲ ＮＯＭＵＲＡ ＪＡＰＡＮ ＳＭＡＬＬＥＲ ＣＡＰＩＴＡＬＩＺＡＴＩＯＮ ＦＵＮＤ ６２００６５（常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 0.9% | 2026-03-31 |

## AI commentary（text by AI; the tables above are authoritative、claude-code）

- Revenue for FY ending Mar 2026 grew 12.5% to ¥481.2B, up from ¥427.7B.
- Profit grew faster than sales: operating income rose from ¥11.3B to ¥14.2B (+26.6%), and net income from ¥4.54B to ¥8.74B (+92.6%).
- Operating cash flow increased to ¥19.5B, and free cash flow turned positive at ¥3.6B after being negative the year before.

### Drivers

- Used clothing and accessories at 2nd STREET sold steadily all year, and new domestic stores opened ahead of plan
- Hit products, a new home game console and trading cards, pushed up sales of new goods
- Advertising was brought in-house, and spending on systems and logistics came in below budget, so profit grew more than costs
- Net income got a one-off gain from buying a company below its book value, partly offset by impairment losses on weaker stores

### Risks

- Japan's Consumer Affairs Agency issued an order over how the company advertised its mobile phone buy-back prices, and the response may add costs
- The company relies heavily on bank loans, so a sharp rise in interest rates would raise its funding costs
- Most used stock is bought from ordinary customers, and more competitors entering reuse could make it harder to secure enough good items

Cited: Annual Securities Report (FY ending Mar 2026) (経営者による財政状態、経営成績及びキャッシュ・フローの状況の分析); Annual Securities Report (FY ending Mar 2026) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第38期(2025/04/01－2026/03/31) | S100YJMA | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YJMA,, |
| 有価証券報告書－第37期(2024/04/01－2025/03/31) | S100W7EV | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W7EV,, |
| 有価証券報告書－第36期(2023/04/01－2024/03/31) | S100TWM6 | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TWM6,, |
| 訂正有価証券報告書－第35期(2022/04/01－2023/03/31) | S100S60B | 2023-11-10 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100S60B,, |
| 有価証券報告書－第34期(令和3年4月1日－令和4年3月31日) | S100OL77 | 2022-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OL77,, |
| 有価証券報告書－第33期(令和2年4月1日－令和3年3月31日) | S100LSXW | 2021-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LSXW,, |

## 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).