# GEOCODE CO., Ltd.: business model and financials

> Latest period: FY ending Feb 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第22期(2025/03/01－2026/02/28) (S100Y7GV)
> Page: https://vizora.meequs.com/en/company/geocode
> Retrieved: 2026-09-30T21:06:49.243Z

## Company

Geocode, founded in 2005, is a company in Software & SaaS listed on TSE Standard. It has 137 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | GEOCODE CO.,Ltd. |
| Ticker | 7357 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7357.T) |
| Listing | TSE Standard |
| Head office | 東京都新宿区新宿四丁目1番6号 |
| Representative (per filing) | 代表取締役社長 原口 大輔 |
| Founded | Feb 2005 |
| Share capital | ¥364.6M |
| Employees (consolidated) | 137 |
| Average salary (parent only) | ¥5.4M |
| Fiscal year end | February |
| Website | www.geo-code.co.jp (https://www.geo-code.co.jp/) |
| Corporate number | 4010401094677 |
| EDINET | E36078 |
| Industries (Vizora) | Software & SaaS, Advertising |

> Profile source: annual securities report (S100Y7GV, filed 2026-05-29). As of filing

## Five-axis industry profile

Primary industry: Advertising (2026-02-28)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 12.2 | 86 |
| Efficiency | 16.9 | 86 |

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 86% of Geocode's sales come from Web marketing, with Cloud sales technical center making up much of the rest.
- Operating profit was close to zero, a slight loss per ¥100 of sales.
- Revenue changed +19.7% from the prior year.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥1.89B |  |
| Operating income | -¥7.8M | Margin -0.4% |
| Net income | -¥7.6M | Margin -0.4% |
| Free cash flow | ¥19.7M |  |
| Largest business | Web marketing | of segment revenue 86.1% |
| Employees (consolidated) | 137 |  |
| EPS | ¥24.87 |  |
| Diluted EPS | ¥24.75 |  |
| Book value per share | ¥413.24 |  |
| Equity ratio | 38.4% |  |
| Shares outstanding | 2,796,100 |  |
| Shareholders | 4,082 |  |
| Average salary (parent only) | ¥5.4M | Filing company only |
| Cash ratio | 37.2% | Cash ÷ revenue 55.2% |
| Vs. industry median margin | -6.1 pp | Advertising |
| ROA | -0.3% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 95% of positive segment profit
- FY2026, cash is 37% of total assets

## What changed in 5 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Feb 2021 | FY ending Feb 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥3040408000 | ¥1893429000 | — |
| Operating income | ¥192339000 | ¥-7752000 | — |
| Operating margin | 6.3% | -0.4% | -6.7 pp |
| Employees | 117 people | 137 people | — |
| Cash and equivalents | ¥1192070000 | ¥1045230000 | — |

### Change in segment revenue mix

Span: FY ending Feb 2021 → FY ending Feb 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 新設・再編 → Webマーケティング事業 | 86.1% |
| 新設・再編 → クラウドセールステック事業 | 13.9% |

Segment revenue source references: 2 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 1,893 | 100.0% | S100Y7GV |
| Cost of revenue | 917 | 48.4% | S100Y7GV |
| Gross profit | 977 | 51.6% | S100Y7GV |
| SG&A | 984 | 52.0% | S100Y7GV |
| Operating income | -8 | -0.4% | S100Y7GV |
| Ordinary income | 19 | 1.0% | S100Y7GV |
| Pretax income | 19 | 1.0% | S100Y7GV |
| Income tax | 27 | 1.4% | S100Y7GV |
| Net income | -8 | -0.4% | S100Y7GV |
| Net income attributable to owners | -8 | -0.4% | S100Y7GV |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 48 |
| SG&A | 52 |
| Operating income | 0 |
| (Ref.) Net income | 0 |

### Margin funnel

Gross margin 51.6% → Operating margin -0.4% → Net margin -0.4%
Derived from reported figures (DERIVED).

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 1,582 | 1,893 | 311 | +19.7% |
| Gross profit | 815 | 977 | 162 | +19.8% |
| Operating income | -25 | -8 | 17 | — |
| Operating cash flow | 131 | 27 | -104 | -79.2% |
| Free cash flow | 129 | 20 | -110 | -84.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Feb 2020 | 2,968 | 153 | 5.2% | 109 | 301 | 296 | S100LEIP |
| FY ending Feb 2021 | 3,040 | 192 | 6.3% | 111 | 99 | 90 | S100O4H2 |
| FY ending Feb 2022 | 3,454 | 195 | 5.6% | 133 | 42 | 36 | S100RCVB |
| FY ending Feb 2023 | 1,519 | 98 | 6.4% | 80 | 75 | 54 | S100TJFJ |
| FY ending Feb 2024 | 1,521 | -6 | -0.4% | 14 | 26 | 18 | S100VUS1 |
| FY ending Feb 2025 | 1,582 | -25 | -1.6% | 17 | 131 | 129 | S100VUS1 |
| FY ending Feb 2026 | 1,893 | -8 | -0.4% | -8 | 27 | 20 | S100Y7GV |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥13.8M |
| Operating income per employee (consolidated) | -¥56.6K |
| Net income per employee (consolidated) | -¥55.5K |

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

| History | FY ending Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 117 | 116 | 118 | 128 | 137 |
| Average salary (parent company) | ¥5.2M | ¥5.3M | ¥5.3M | ¥5.3M | ¥5.4M |
| Average age (parent company) | 33.4 years | 33.6 years | 34.7 years | 34.2 years | 35.1 years |
| Average tenure (parent company) | 3.7 years | 4.0 years | 4.3 years | 4.0 years | 4.0 years |

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Web marketing | 1,630 | 86.1% | 436 | 26.7% |
| Cloud sales technical center | 263 | 13.9% | 24 | 9.2% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Web marketing | 86.1% | 94.7% | 8.6 | 26.7% |
| Cloud sales technical center | 13.9% | 5.3% | -8.6 | 9.2% |

Segment → industry: Cloud sales technical center → Software & SaaS / Web marketing → Advertising

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 27 | 1.4% | S100Y7GV |
| Capital expenditure | 8 | 0.4% | S100Y7GV |
| Free cash flow | 20 | 1.0% | 算出 |
| Investing cash flow | -333 | -17.6% | S100Y7GV |
| Financing cash flow | 411 | 21.7% | S100Y7GV |
| Dividends paid | 103 | 5.4% | S100Y7GV |
| Change in cash | 105 | 5.6% | S100Y7GV |
| Cash and equivalents | 1,045 | 55.2% | S100Y7GV |

## 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 Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,259 | 1,309 | 1,217 | 940 | 1,045 | S100TJFJ, S100VUS1, S100Y7GV |
| Total assets | 1,967 | 2,015 | 1,940 | 1,838 | 2,812 | S100RCVB, S100TJFJ, S100VUS1, S100Y7GV |
| Net assets | 1,146 | 1,240 | 1,220 | 1,171 | 1,219 | S100TJFJ, S100VUS1, S100Y7GV |
| Share capital | 352 | 359 | 362 | 364 | 365 | S100RCVB, S100TJFJ, S100VUS1, S100Y7GV |
| Property, plant and equipment | 37 | 38 | 38 | 37 | 35 | S100RCVB, S100TJFJ, S100VUS1, S100Y7GV |
| Intangible assets excluding goodwill | 8 | 22 | 22 | 16 | 468 | S100RCVB, S100TJFJ, S100VUS1, S100Y7GV |
| Goodwill | — | — | — | — | 458 | S100Y7GV |
| Investment securities | — | — | — | 277 | 386 | S100VUS1, S100Y7GV |
| Current assets | 1,638 | 1,671 | 1,602 | 1,301 | 1,702 | S100RCVB, S100TJFJ, S100VUS1, S100Y7GV |
| Current liabilities | 665 | 657 | 649 | 591 | 1,220 | S100RCVB, S100TJFJ, S100VUS1, S100Y7GV |
| Short-term borrowings | — | — | — | — | 98 | S100Y7GV |
| Long-term borrowings | 156 | 114 | 65 | 65 | 368 | S100RCVB, S100TJFJ, S100VUS1, S100Y7GV |
| Total liabilities | 821 | 775 | 721 | 667 | 1,593 | S100RCVB, S100TJFJ, S100VUS1, S100Y7GV |
| Non-controlling interests | — | — | — | — | 140 | S100Y7GV |
| Equity attributable to owners of parent | 1,146 | 1,240 | 1,220 | 1,185 | 1,076 | S100RCVB, S100TJFJ, S100VUS1, S100Y7GV |
| Retained earnings | 500 | 579 | 553 | 514 | 403 | S100RCVB, S100TJFJ, S100VUS1, S100Y7GV |
| Treasury stock | — | — | -0 | -0 | -0 | S100VUS1, S100Y7GV |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 37% | S100Y7GV |
| Property, plant and equipment | 1% | S100Y7GV |
| Intangibles and goodwill | 33% | S100Y7GV |
| Investment securities | 14% | S100Y7GV |
| Other assets | 15% | S100Y7GV |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 57% | S100Y7GV |
| Equity | 43% | S100Y7GV |
| Other liabilities | 0% | S100Y7GV |

### Balance sheet history

| Metric | FY ending Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 1,967 | 2,015 | 1,940 | 1,838 | 2,812 |
| Equity | 1,146 | 1,240 | 1,220 | 1,171 | 1,219 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,259 | 1,309 | 1,217 | 940 | 1,045 |

## 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) | 1.8% | S100Y7GV |
| Fixed assets ÷ total assets | 1.2% | S100Y7GV |
| Goodwill ÷ parent equity | 42.6% | S100Y7GV |

### 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) | 37.2% |
| Cash ÷ revenue | 55.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | 35 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | 521.6% |
| CapEx intensity (capex ÷ revenue) | 0.4% |
| Investing CF relative to operating CF | 1221.4% |

## 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 | 3.8% | 1.76× | 6.8% | 1.72× | 11.6% | S100RCVB |
| 2023 | 5.2% | 0.76× | 4.0% | 1.67× | 6.7% | S100TJFJ |
| 2024 | 0.9% | 0.77× | 0.7% | 1.61× | 1.2% | S100VUS1 |
| 2025 | 1.1% | 0.84× | 0.9% | 1.57× | 1.4% | S100VUS1 |
| 2026 | — | —× | -0.3% | —× | — | S100Y7GV |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社ディーグラウンド | Major shareholder | 35.8% | 2026-02-28 |
| 原口大輔 | Major shareholder | 22.3% | 2026-02-28 |
| 吉田知史 | Major shareholder | 3.3% | 2026-02-28 |
| 坂従一也 | Major shareholder | 1.1% | 2026-02-28 |
| ジオコード従業員持株会 | Major shareholder | 0.7% | 2026-02-28 |
| 大垣尚治 | Major shareholder | 0.3% | 2026-02-28 |
| 小山善光 | Major shareholder | 0.3% | 2026-02-28 |
| 唐澤章吾 | Major shareholder | 0.3% | 2026-02-28 |
| 大曲文裕 | Major shareholder | 0.3% | 2026-02-28 |
| 藤田貴英 | Major shareholder | 0.3% | 2026-02-28 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第22期(2025/03/01－2026/02/28) | S100Y7GV | 2026-05-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y7GV,, |
| 有価証券報告書－第21期(2024/03/01－2025/02/28) | S100VUS1 | 2025-05-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VUS1,, |
| 有価証券報告書－第20期(2023/03/01－2024/02/29) | S100TJFJ | 2024-05-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TJFJ,, |
| 訂正有価証券報告書－第19期(2022/03/01－2023/02/28) | S100RCVB | 2023-07-07 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RCVB,, |
| 有価証券報告書－第18期(令和3年3月1日－令和4年2月28日) | S100O4H2 | 2022-05-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O4H2,, |
| 有価証券報告書－第17期(令和2年3月1日－令和3年2月28日) | S100LEIP | 2021-05-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LEIP,, |

## 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).