# GIFT HOLDINGS INC.: 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16期(2024/11/01－2025/10/31) (S100XHK4)
> Page: https://vizora.meequs.com/en/company/gift-holdings
> Retrieved: 2026-09-30T20:28:43.543Z

## Company

Gift Holdings, founded in 2008, is a company in Fast Food & Quick Service listed on TSE Prime. It has 744 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | GIFT HOLDINGS INC. |
| Ticker | 9279 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9279.T) |
| Listing | TSE Prime |
| Head office | 東京都渋谷区桜丘町1番1号 |
| Representative (per filing) | 代表取締役社長 田川 翔 |
| Founded | Jan 2008 |
| Share capital | ¥869.7M |
| Employees (consolidated) | 744 |
| Average salary (parent only) | ¥5.3M |
| Fiscal year end | October |
| Website | www.gift-group.co.jp (https://www.gift-group.co.jp/) |
| Corporate number | 3012301007868 |
| EDINET | E34336 |
| Industries (Vizora) | Fast Food & Quick Service |

> Profile source: annual securities report (S100XHK4, filed 2026-01-27). As of filing

## Five-axis industry profile

Primary industry: Fast Food & Quick Service (2025-10-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 97.2 | 18 |
| Profitability | 84.1 | 22 |
| Cash conversion | 40.5 | 21 |
| Efficiency | 65.9 | 22 |

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)

- Gift Holdings brought in ¥35.9B in revenue.
- Out of every ¥100 of sales, about ¥10 is left as operating profit.
- Revenue changed +26.0% from the prior year, operating profit +15.8%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥35878100000 → ¥2180955000
- Net income → operating cash flow: ¥2180955000 → ¥4089804000（difference ¥1908849000）
- Main uses of operating cash flow: CapEx ¥5192128000 / dividends ¥399757000 / buybacks —
- Change in cash: ¥3786000
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 | ¥35.9B |  |
| Operating income | ¥3.37B | Margin 9.4% |
| Net income | ¥2.19B | Margin 6.1% |
| Free cash flow | -¥1.1B |  |
| Employees (consolidated) | 744 |  |
| EPS | ¥98.84 |  |
| Diluted EPS | ¥98.72 |  |
| Book value per share | ¥447.43 |  |
| Equity ratio | 47.0% |  |
| Shares outstanding | 20,018,131 |  |
| Treasury shares | 1,300 |  |
| Shareholders | 12,771 |  |
| Average salary (parent only) | ¥5.3M | Filing company only |
| Cash ratio | 9.7% | Cash ÷ revenue 5.9% |
| Vs. industry median margin | +3.9 pp | Fast Food & Quick Service |
| ROE | 24.0% | Derived from disclosed figures |
| ROA | 11.2% | Derived from disclosed figures |

## Notable figures

- FY2025, revenue is 2.7× its level five years ago

## What changed in 5 years

| Metric | FY ending Oct 2020 | FY ending Oct 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥10982335000 | ¥35878100000 | +226.7% |
| Operating income | ¥461265000 | ¥3367903000 | +630.1% |
| Operating margin | 4.2% | 9.4% | +5.2 pp |
| Employees | 400 people | 744 people | +86.0% |
| Cash and equivalents | ¥1791976000 | ¥2126931000 | +18.7% |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 35,878 | 100.0% | S100XHK4 |
| Cost of revenue | 11,923 | 33.2% | S100XHK4 |
| Gross profit | 23,955 | 66.8% | S100XHK4 |
| SG&A | 20,587 | 57.4% | S100XHK4 |
| Operating income | 3,368 | 9.4% | S100XHK4 |
| Ordinary income | 3,375 | 9.4% | S100XHK4 |
| Pretax income | 3,206 | 8.9% | S100XHK4 |
| Income tax | 1,025 | 2.9% | S100XHK4 |
| Net income | 2,181 | 6.1% | S100XHK4 |
| Net income attributable to owners | 2,186 | 6.1% | S100XHK4 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 33 |
| SG&A | 57 |
| Operating income | 10 |
| (Ref.) Net income | 6 |

### Margin funnel

Gross margin 66.8% → Operating margin 9.4% → Net margin 6.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +26.0%; Core profit growth: +15.8%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.61×
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 | 28,473 | 35,878 | 7,405 | +26.0% |
| Gross profit | 19,327 | 23,955 | 4,628 | +23.9% |
| Operating income | 2,909 | 3,368 | 459 | +15.8% |
| Net income attributable to owners | 1,876 | 2,186 | 310 | +16.5% |
| Operating cash flow | 3,276 | 4,090 | 814 | +24.8% |
| Free cash flow | -788 | -1,102 | -314 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Oct 2019 | 9,052 | 1,007 | 11.1% | 525 | 1,074 | 230 | S100KLTY |
| FY ending Oct 2020 | 10,982 | 461 | 4.2% | 113 | 410 | -939 | S100NAJB |
| FY ending Oct 2021 | 13,475 | 936 | 6.9% | 1,076 | 2,402 | 988 | S100Q1DZ |
| FY ending Oct 2022 | 17,015 | 1,571 | 9.2% | 1,538 | 2,150 | 635 | S100SP8Q |
| FY ending Oct 2023 | 22,983 | 2,353 | 10.2% | 1,597 | 2,534 | 926 | S100V5OO |
| FY ending Oct 2024 | 28,473 | 2,909 | 10.2% | 1,876 | 3,276 | -788 | S100XHK4 |
| FY ending Oct 2025 | 35,878 | 3,368 | 9.4% | 2,186 | 4,090 | -1,102 | S100XHK4 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥48.2M |
| Operating income per employee (consolidated) | ¥4.5M |
| Net income per employee (consolidated) | ¥2.9M |

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) | 486 | 550 | 605 | 643 | 744 |
| Average salary (parent company) | ¥6.1M | ¥6.1M | ¥6.2M | ¥6.2M | ¥5.3M |
| Average age (parent company) | 36.3 years | 41.4 years | 41.1 years | 40.6 years | 40.2 years |
| Average tenure (parent company) | 3.6 years | 3.8 years | 3.8 years | 3.7 years | 3.8 years |

Year over year: Employees (consolidated) +15.7% · Revenue (consolidated) +26.0%

## 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 | 4,090 | 11.4% | S100XHK4 |
| Capital expenditure | 5,192 | 14.5% | S100XHK4 |
| Free cash flow | -1,102 | -3.1% | 算出 |
| Investing cash flow | -5,534 | -15.4% | S100XHK4 |
| Financing cash flow | 1,441 | 4.0% | S100XHK4 |
| Dividends paid | 400 | 1.1% | S100XHK4 |
| Change in cash | 4 | 0.0% | S100XHK4 |
| Cash and equivalents | 2,127 | 5.9% | S100XHK4 |

## 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 | 1,871 | 2,007 | 1,855 | 2,123 | 2,127 | S100SP8Q, S100V5OO, S100XHK4 |
| Total assets | 8,277 | 9,905 | 12,527 | 17,100 | 22,013 | S100Q1DZ, S100SP8Q, S100V5OO, S100XHK4 |
| Net assets | 4,116 | 5,432 | 6,772 | 8,378 | 10,380 | S100SP8Q, S100V5OO, S100XHK4 |
| Share capital | 790 | 794 | 797 | 825 | 870 | S100Q1DZ, S100SP8Q, S100V5OO, S100XHK4 |
| Property, plant and equipment | 4,016 | 4,757 | 6,007 | 9,451 | 13,420 | S100Q1DZ, S100SP8Q, S100V5OO, S100XHK4 |
| Intangible assets excluding goodwill | 135 | 122 | 271 | 236 | 195 | S100Q1DZ, S100SP8Q, S100V5OO, S100XHK4 |
| Goodwill | 125 | 104 | 199 | 162 | 125 | S100Q1DZ, S100SP8Q, S100V5OO, S100XHK4 |
| Investment securities | — | — | — | 33 | 262 | S100XHK4 |
| Current assets | 2,414 | 3,027 | 3,553 | 4,368 | 4,847 | S100Q1DZ, S100SP8Q, S100V5OO, S100XHK4 |
| Current liabilities | 2,540 | 2,938 | 3,778 | 5,357 | 6,828 | S100Q1DZ, S100SP8Q, S100V5OO, S100XHK4 |
| Short-term borrowings | — | 42 | 25 | 15 | 5 | S100SP8Q, S100V5OO, S100XHK4 |
| Long-term borrowings | 1,275 | 1,195 | 1,575 | 2,787 | 4,116 | S100Q1DZ, S100SP8Q, S100V5OO, S100XHK4 |
| Total liabilities | 4,161 | 4,473 | 5,755 | 8,722 | 11,632 | S100Q1DZ, S100SP8Q, S100V5OO, S100XHK4 |
| Non-controlling interests | — | — | 5 | 5 | 37 | S100V5OO, S100XHK4 |
| Equity attributable to owners of parent | 4,114 | 5,302 | 6,607 | 8,154 | 10,031 | S100Q1DZ, S100SP8Q, S100V5OO, S100XHK4 |
| Retained earnings | 2,281 | 3,463 | 4,762 | 6,278 | 8,064 | S100Q1DZ, S100SP8Q, S100V5OO, S100XHK4 |
| Treasury stock | -0 | -0 | -1 | -1 | -1 | S100Q1DZ, S100SP8Q, S100V5OO, S100XHK4 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 10% | S100XHK4 |
| Property, plant and equipment | 61% | S100XHK4 |
| Intangibles and goodwill | 1% | S100XHK4 |
| Investment securities | 1% | S100XHK4 |
| Other assets | 27% | S100XHK4 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 53% | S100XHK4 |
| Equity | 47% | S100XHK4 |

### 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 | 8,277 | 9,905 | 12,527 | 17,100 | 22,013 |
| Equity | 4,116 | 5,432 | 6,772 | 8,378 | 10,380 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,871 | 2,007 | 1,855 | 2,123 | 2,127 |

## 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) | 37.4% | S100XHK4 |
| Fixed assets ÷ total assets | 61.0% | S100XHK4 |
| Goodwill ÷ parent equity | 1.3% | S100XHK4 |

Goodwill over 4 years: 125 → 125 JPY; total investing cash flow: -16,345 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) | 9.7% |
| Cash ÷ revenue | 5.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 121.4% |
| Cash vs. profit gap | 1,904 JPY mn (of net income 87.1%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 18.3% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 14.5% |
| Investing CF relative to operating CF | 135.3% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 8.0% | 1.63× | 13.0% | 2.01× | 26.2% | S100Q1DZ |
| 2022 | 9.0% | 1.87× | 16.9% | 1.93× | 32.7% | S100SP8Q |
| 2023 | 6.9% | 2.05× | 14.2% | 1.88× | 26.8% | S100V5OO |
| 2024 | 6.6% | 1.92× | 12.7% | 2.01× | 25.4% | S100XHK4 |
| 2025 | 6.1% | 1.83× | 11.2% | 2.15× | 24.0% | S100XHK4 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社グローウィング | Major shareholder | 44.0% | 2025-10-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 5.7% | 2025-10-31 |
| 笹島 竜也 | Major shareholder | 4.8% | 2025-10-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 4.3% | 2025-10-31 |
| NORTHERN TRUST CO.(AVFC) RE FIDELITY FUNDS （常任代理人香港上海銀行） | Major shareholder | 3.4% | 2025-10-31 |
| THE BANK OF NEW YORK 133652 （常任代理人株式会社みずほ銀行） | Major shareholder | 3.0% | 2025-10-31 |
| BofA証券株式会社 | Major shareholder | 1.5% | 2025-10-31 |
| 田川 翔 | Major shareholder | 0.9% | 2025-10-31 |
| STATE STREET BANK AND TRUST COMPANY 505019 （常任代理人株式会社みずほ銀行） | Major shareholder | 0.9% | 2025-10-31 |
| THE BANK OF NEW YORK MELLON 140051 （常任代理人株式会社みずほ銀行） | Major shareholder | 0.9% | 2025-10-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第16期(2024/11/01－2025/10/31) | S100XHK4 | 2026-01-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XHK4,, |
| 有価証券報告書－第15期(2023/11/01－2024/10/31) | S100V5OO | 2025-01-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100V5OO,, |
| 有価証券報告書－第14期(2022/11/01－2023/10/31) | S100SP8Q | 2024-01-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SP8Q,, |
| 有価証券報告書－第13期(2021/11/01－2022/10/31) | S100Q1DZ | 2023-01-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Q1DZ,, |
| 有価証券報告書－第12期(令和2年11月1日－令和3年10月31日) | S100NAJB | 2022-01-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NAJB,, |
| 有価証券報告書－第11期(令和1年11月1日－令和2年10月31日) | S100KLTY | 2021-01-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KLTY,, |

## 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).