# GLC GROUP, INC.: business model and financials

> Latest period: FY ending Dec 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第18期(2025/01/01－2025/12/31) (S100XTGG)
> Page: https://vizora.meequs.com/en/company/glc-group
> Retrieved: 2026-09-30T17:54:04.190Z

## Company

GLC Group, founded in 2008, is a company in Electric Power & Gas listed on TSE Standard. It has 170 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | GLC GROUP,INC. (旧英社名 GOOD LIFE COMPANY,INC.) (注)2025年11月21日開催の株主総会の決議により、2026年1月1日付で 会社名及び英訳名を上記のとおり変更しております。 |
| Ticker | 2970 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2970.T) |
| Listing | TSE Standard |
| Head office | 福岡市博多区博多駅前三丁目4番1号 (注)2026年1月1日より福岡市博多区博多駅前二丁目17番8号から 上記に移転しております。 |
| Representative (per filing) | 代表取締役社長 髙村 隼人 |
| Founded | Jun 2008 |
| Share capital | ¥69M |
| Employees (consolidated) | 170 |
| Average salary (parent only) | ¥4.8M |
| Fiscal year end | December |
| Website | www.goodlife-c.co.jp (https://www.goodlife-c.co.jp/) |
| Corporate number | 7330001008449 |
| EDINET | E34522 |
| Industries (Vizora) | Electric Power & Gas, Real Estate Development & Leasing, Real Estate Brokerage & Management |

> Profile source: annual securities report (S100XTGG, filed 2026-03-25). As of filing

## Five-axis industry profile

Primary industry: Real Estate Development & Leasing (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 87.3 | 75 |
| Profitability | 49.4 | 86 |
| Cash conversion | 53 | 82 |
| Efficiency | 89 | 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 99% of GLC Group's sales come from Real estate investment management, with Energy and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥10 is left as operating profit.
- Revenue changed +43.1% from the prior year, operating profit +66.8%.

## Company structure

- Segment revenue mix: Real estate investment management 98.7%、Energy 1.3%、Other 0.0%
- Revenue → net income: ¥24505000000 → ¥1652000000
- Net income → operating cash flow: ¥1652000000 → ¥1739000000（difference ¥87000000）
- Main uses of operating cash flow: CapEx ¥504000000 / dividends — / buybacks ¥306000000
- Change in cash: ¥653000000
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 | ¥24.5B |  |
| Operating income | ¥2.57B | Margin 10.5% |
| Net income | ¥1.65B | Margin 6.7% |
| Free cash flow | ¥1.24B |  |
| Largest business | Real estate investment management | of segment revenue 98.7% |
| Employees (consolidated) | 170 |  |
| EPS | ¥50.92 |  |
| Diluted EPS | ¥48.64 |  |
| Book value per share | ¥242.45 |  |
| Equity ratio | 30.2% |  |
| Shares outstanding | 17,344,800 |  |
| Treasury shares | 764,700 |  |
| Shareholders | 858 |  |
| Average salary (parent only) | ¥4.8M | Filing company only |
| Cash ratio | 31.1% | Cash ÷ revenue 24.1% |
| Vs. industry median margin | 0 pp | Real Estate Development & Leasing |
| ROE | 33.0% | Derived from disclosed figures |
| ROA | 8.7% | Derived from disclosed figures |

## Notable figures

- FY2025, revenue is 3.3× its level five years ago
- FY2025, one segment accounts for 99% of positive segment profit
- FY2025, cash is 31% of total assets

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥4723000000 | ¥24505000000 | +418.8% |
| Operating income | ¥216000000 | ¥2573000000 | +1091.2% |
| Operating margin | 4.6% | 10.5% | +5.9 pp |
| Employees | 70 people | 170 people | +142.9% |
| Cash and equivalents | ¥1230000000 | ¥5914000000 | +380.8% |

### Change in segment revenue mix

Span: FY ending Dec 2020 → FY ending Dec 2025. 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 → 不動産投資マネジメント事業 | 98.7% |
| 新設・再編 → エネルギー事業 | 1.3% |
| 新設・再編 → その他 | 0.0% |

Segment revenue source references: 3 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Real estate investment management | 4 years | +34.9% | ¥24178000000 | 11.3% | 2 |
| Energy | 4 years | +45.1% | ¥319000000 | 1.6% | 2 |
| Other | 4 years | -24.8% | ¥8000000 | 175.0% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 24,505 | 100.0% | S100XTGG |
| Cost of revenue | 20,532 | 83.8% | S100XTGG |
| Gross profit | 3,973 | 16.2% | S100XTGG |
| SG&A | 1,400 | 5.7% | S100XTGG |
| Operating income | 2,573 | 10.5% | S100XTGG |
| Ordinary income | 2,529 | 10.3% | S100XTGG |
| Pretax income | 2,502 | 10.2% | S100XTGG |
| Income tax | 849 | 3.5% | S100XTGG |
| Net income | 1,652 | 6.7% | S100XTGG |
| Net income attributable to owners | 1,652 | 6.7% | S100XTGG |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 84 |
| SG&A | 6 |
| Operating income | 10 |
| (Ref.) Net income | 7 |

### Margin funnel

Gross margin 16.2% → Operating margin 10.5% → Net margin 6.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +43.1%; Core profit growth: +66.8%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.55×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 17,126 | 24,505 | 7,379 | +43.1% |
| Gross profit | 2,547 | 3,973 | 1,426 | +56.0% |
| Operating income | 1,543 | 2,573 | 1,030 | +66.8% |
| Net income attributable to owners | 1,000 | 1,652 | 652 | +65.2% |
| Operating cash flow | -480 | 1,739 | 2,219 | — |
| Free cash flow | -809 | 1,235 | 2,044 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 4,568 | 568 | 12.4% | 360 | 51 | 33 | S100L1D6 |
| FY ending Dec 2020 | 4,723 | 216 | 4.6% | 121 | -215 | -336 | S100NRES |
| FY ending Dec 2021 | 7,390 | 419 | 5.7% | 217 | 635 | 213 | S100QGMQ |
| FY ending Dec 2022 | 8,061 | 571 | 7.1% | 310 | -1,415 | -1,738 | S100T4FK |
| FY ending Dec 2023 | 11,435 | 1,061 | 9.3% | 696 | -895 | -1,174 | S100VGV9 |
| FY ending Dec 2024 | 17,126 | 1,543 | 9.0% | 1,000 | -480 | -809 | S100XTGG |
| FY ending Dec 2025 | 24,505 | 2,573 | 10.5% | 1,652 | 1,739 | 1,235 | S100XTGG |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥144.1M |
| Operating income per employee (consolidated) | ¥15.1M |
| Net income per employee (consolidated) | ¥9.7M |

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

| History | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 86 | 90 | 110 | 152 | 170 |
| Average salary (parent company) | ¥4.3M | ¥4.4M | ¥4.7M | ¥5M | ¥4.8M |
| Average age (parent company) | 32.8 years | 33.8 years | 35.5 years | 35.8 years | 36.5 years |
| Average tenure (parent company) | 3.3 years | 3.8 years | 3.6 years | 3.3 years | 3.7 years |

Year over year: Employees (consolidated) +11.8% · Revenue (consolidated) +43.1%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Real estate investment management | 24,178 | 98.7% | 2,735 | 11.3% |
| Energy | 319 | 1.3% | 5 | 1.6% |
| Other | 8 | 0.0% | 14 | 175.0% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Real estate investment management | 98.7% | 99.3% | 0.6 | 11.3% |
| Energy | 1.3% | 0.2% | -1.1 | 1.6% |
| Other | 0.0% | 0.5% | 0.5 | 175.0% |

Segment → industry: Energy → Electric Power & Gas / Real estate investment management → Real Estate Development & Leasing / Real estate investment management → Real Estate Brokerage & Management

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 1,739 | 7.1% | S100XTGG |
| Capital expenditure | 504 | 2.1% | S100XTGG |
| Free cash flow | 1,235 | 5.0% | 算出 |
| Investing cash flow | -401 | -1.6% | S100XTGG |
| Financing cash flow | -684 | -2.8% | S100XTGG |
| Share buyback | 306 | 1.2% | S100XTGG |
| Change in cash | 653 | 2.7% | S100XTGG |
| Cash and equivalents | 5,914 | 24.1% | S100XTGG |

## 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 Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 2,313 | 2,352 | 2,259 | 5,260 | 5,914 | S100T4FK, S100VGV9, S100XTGG |
| Total assets | 4,920 | 7,010 | 9,361 | 19,019 | 19,023 | S100QGMQ, S100T4FK, S100VGV9, S100XTGG |
| Net assets | 2,295 | 2,579 | 3,260 | 4,306 | 5,811 | S100T4FK, S100VGV9, S100XTGG |
| Share capital | 53 | 53 | 59 | 71 | 69 | S100QGMQ, S100T4FK, S100VGV9, S100XTGG |
| Property, plant and equipment | 541 | 769 | 934 | 1,667 | 2,045 | S100QGMQ, S100T4FK, S100VGV9, S100XTGG |
| Intangible assets excluding goodwill | 79 | 8 | 6 | 787 | 707 | S100QGMQ, S100T4FK, S100VGV9, S100XTGG |
| Goodwill | — | — | — | 777 | 700 | S100XTGG |
| Current assets | 4,222 | 6,188 | 8,347 | 16,096 | 15,656 | S100QGMQ, S100T4FK, S100VGV9, S100XTGG |
| Current liabilities | 1,766 | 3,531 | 4,797 | 10,109 | 7,980 | S100QGMQ, S100T4FK, S100VGV9, S100XTGG |
| Short-term borrowings | 380 | 1,439 | 2,224 | 4,907 | 4,228 | S100QGMQ, S100T4FK, S100VGV9, S100XTGG |
| Long-term borrowings | 805 | 860 | 1,258 | 4,434 | 5,136 | S100QGMQ, S100T4FK, S100VGV9, S100XTGG |
| Total liabilities | 2,624 | 4,431 | 6,101 | 14,712 | 13,211 | S100QGMQ, S100T4FK, S100VGV9, S100XTGG |
| Equity attributable to owners of parent | 2,295 | 2,579 | 3,260 | 4,280 | 5,725 | S100QGMQ, S100T4FK, S100VGV9, S100XTGG |
| Retained earnings | 1,738 | 2,048 | 2,745 | 3,745 | 5,398 | S100QGMQ, S100T4FK, S100VGV9, S100XTGG |
| Treasury stock | -17 | -43 | -69 | -100 | -406 | S100QGMQ, S100T4FK, S100VGV9, S100XTGG |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 31% | S100XTGG |
| Property, plant and equipment | 11% | S100XTGG |
| Intangibles and goodwill | 7% | S100XTGG |
| Other assets | 51% | S100XTGG |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 69% | S100XTGG |
| Equity | 31% | S100XTGG |
| Other liabilities | 0% | S100XTGG |

### Balance sheet history

| Metric | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 4,920 | 7,010 | 9,361 | 19,019 | 19,023 |
| Equity | 2,295 | 2,579 | 3,260 | 4,306 | 5,811 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 2,313 | 2,352 | 2,259 | 5,260 | 5,914 |

## 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) | 8.3% | S100XTGG |
| Fixed assets ÷ total assets | 10.8% | S100XTGG |
| Goodwill ÷ parent equity | 12.2% | S100XTGG |

### 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 | 24.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 67.6% |
| Cash vs. profit gap | 87 JPY mn (of net income 5.3%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 2.1% |
| Investing CF relative to operating CF | 23.1% |

## 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 | 2.9% | 1.50× | 4.4% | 2.14× | 9.5% | S100QGMQ |
| 2022 | 3.8% | 1.35× | 5.2% | 2.45× | 12.7% | S100T4FK |
| 2023 | 6.1% | 1.40× | 8.5% | 2.80× | 23.8% | S100VGV9 |
| 2024 | 5.8% | 1.21× | 7.0% | 3.76× | 26.5% | S100XTGG |
| 2025 | 6.7% | 1.29× | 8.7% | 3.80× | 33.0% | S100XTGG |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 髙村 隼人 | Major shareholder | 63.6% | 2025-12-31 |
| 三菱ＵＦＪｅスマート証券株式会社 | Major shareholder | 7.8% | 2025-12-31 |
| 蔭山 恭一 | Major shareholder | 5.2% | 2025-12-31 |
| 佐方 修 | Major shareholder | 4.5% | 2025-12-31 |
| 近松 敬倫 | Major shareholder | 2.7% | 2025-12-31 |
| むさし証券株式会社 | Major shareholder | 1.3% | 2025-12-31 |
| 株式会社ＳＢＩ証券 | Major shareholder | 1.2% | 2025-12-31 |
| 竹林 正隆 | Major shareholder | 1.1% | 2025-12-31 |
| 高田 瑠弥 | Major shareholder | 0.8% | 2025-12-31 |
| 株式会社三津野建設 | Major shareholder | 0.7% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第18期(2025/01/01－2025/12/31) | S100XTGG | 2026-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XTGG,, |
| 有価証券報告書－第17期(2024/01/01－2024/12/31) | S100VGV9 | 2025-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VGV9,, |
| 有価証券報告書－第16期(2023/01/01－2023/12/31) | S100T4FK | 2024-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T4FK,, |
| 有価証券報告書－第15期(2022/01/01－2022/12/31) | S100QGMQ | 2023-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QGMQ,, |
| 有価証券報告書－第14期(令和3年1月1日－令和3年12月31日) | S100NRES | 2022-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NRES,, |
| 有価証券報告書－第13期(令和2年1月1日－令和2年12月31日) | S100L1D6 | 2021-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L1D6,, |

## 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).