# GLOME Holdings, 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34期(2025/04/01－2026/03/31) (S100YJMT)
> Page: https://vizora.meequs.com/en/company/glome-holdings
> Retrieved: 2026-09-30T21:09:37.822Z

## Company

GLOME Holdings, founded in 1987, is a company in Real Estate Development & Leasing listed on TSE Growth. It has 73 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | GLOME Holdings, Inc. |
| Ticker | 8938 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8938.T) |
| Listing | TSE Growth |
| Head office | 東京都港区赤坂一丁目12番32号 |
| Representative (per filing) | 代表取締役社長 菅原 正純 |
| Founded | Jun 1987 |
| Share capital | ¥3.05B |
| Employees (consolidated) | 73 |
| Average salary (parent only) | ¥6.8M |
| Fiscal year end | March |
| Website | glome-holdings.com (https://glome-holdings.com/) |
| Corporate number | 7012801003743 |
| EDINET | E04034 |
| Industries (Vizora) | Real Estate Development & Leasing, Hospitals & Medical Services |

> Profile source: annual securities report (S100YJMT, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: Hospitals & Medical Services (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 6.3 | 8 |
| Profitability | 18.8 | 8 |
| Efficiency | 6.3 | 8 |

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 93% of GLOME Holdings's sales come from Hospital - related business, with Real Estate Business making up much of the rest.
- It lost about ¥2 for every ¥100 of sales at the operating level.
- Revenue changed -2.0% from the prior year.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥2B |  |
| Operating income | -¥37M | Margin -1.8% |
| Net income | -¥538M | Margin -26.9% |
| Free cash flow | -¥239M |  |
| Largest business | Hospital - related business | of segment revenue 93.3% |
| Employees (consolidated) | 73 |  |
| EPS | ¥-32.77 |  |
| Book value per share | ¥755.63 |  |
| Equity ratio | 90.3% |  |
| Shares outstanding | 9,051,000 |  |
| Treasury shares | 600 |  |
| Shareholders | 2,060 |  |
| Average salary (parent only) | ¥6.8M | Filing company only |
| Cash ratio | 32.2% | Cash ÷ revenue 127.1% |
| Vs. industry median margin | -5.6 pp | Hospitals & Medical Services |
| ROA | -6.5% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 87% of positive segment profit
- FY2026, cash is 32% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥3904000000 | ¥2003000000 | -48.7% |
| Operating income | ¥376000000 | ¥-37000000 | -109.8% |
| Operating margin | 9.6% | -1.8% | -11.5 pp |
| Employees | 48 people | 73 people | +52.1% |
| Cash and equivalents | ¥2103000000 | ¥2546000000 | +21.1% |

### 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.

| Flow | Revenue share |
| --- | ---: |
| 医療関連 → 医療関連 | 36.8% |
| 不動産関連 → 不動産関連 | 6.7% |
| 不動産関連 → 事業再編・廃止 | 56.6% |
| 新設・再編 → 医療関連 | 56.6% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 2,003 | 100.0% | S100YJMT |
| Cost of revenue | 1,119 | 55.9% | S100YJMT |
| Gross profit | 884 | 44.1% | S100YJMT |
| SG&A | 921 | 46.0% | S100YJMT |
| Operating income | -37 | -1.8% | S100YJMT |
| Ordinary income | -358 | -17.9% | S100YJMT |
| Pretax income | -530 | -26.5% | S100YJMT |
| Income tax | 8 | 0.4% | S100YJMT |
| Net income | -538 | -26.9% | S100YJMT |
| Net income attributable to owners | -538 | -26.9% | S100YJMT |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 56 |
| SG&A | 46 |
| Operating income | -2 |
| (Ref.) Net income | -27 |

### Margin funnel

Gross margin 44.1% → Operating margin -1.8% → Net margin -26.9%
Derived from reported figures (DERIVED).

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 2,043 | 2,003 | -40 | -2.0% |
| Gross profit | 972 | 884 | -88 | -9.1% |
| Operating income | -46 | -37 | 9 | — |
| Net income attributable to owners | 70 | -538 | -608 | -868.6% |
| Operating cash flow | -260 | -236 | 24 | — |
| Free cash flow | -410 | -239 | 171 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 8,288 | -606 | -7.3% | -2,227 | 3,700 | 3,686 | S100LUZM |
| FY ending Mar 2021 | 3,904 | 376 | 9.6% | -255 | 2,691 | 2,675 | S100OQ0Z |
| FY ending Mar 2022 | 2,470 | 340 | 13.8% | 208 | 196 | 188 | S100R9UF |
| FY ending Mar 2023 | 1,798 | 89 | 4.9% | 348 | 755 | 729 | S100TZJ2 |
| FY ending Mar 2024 | 1,238 | -144 | -11.6% | -198 | -187 | -217 | S100W8RF |
| FY ending Mar 2025 | 2,043 | -46 | -2.3% | 70 | -260 | -410 | S100YJMT |
| FY ending Mar 2026 | 2,003 | -37 | -1.8% | -538 | -236 | -239 | S100YJMT |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥27.4M |
| Operating income per employee (consolidated) | -¥506.8K |
| Net income per employee (consolidated) | -¥7.4M |

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) | 62 | 61 | 72 | 99 | 73 |
| Average salary (parent company) | ¥6.8M | ¥7.3M | ¥7.6M | ¥6.8M | ¥6.8M |
| Average age (parent company) | 46.1 years | 48.8 years | 50.4 years | 48.2 years | 48.6 years |
| Average tenure (parent company) | 1.6 years | 2.5 years | 3.2 years | 3.2 years | 4.4 years |

Year over year: Employees (consolidated) -26.3% · Revenue (consolidated) -2.0%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Hospital - related business | 1,869 | 93.3% | 319 | 17.1% |
| Real Estate Business | 134 | 6.7% | 49 | 36.6% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Hospital - related business | 93.3% | 86.7% | -6.6 | 17.1% |
| Real Estate Business | 6.7% | 13.3% | 6.6 | 36.6% |

Segment → industry: Real Estate Business → Real Estate Development & Leasing / Hospital - related business → Hospitals & Medical Services

## 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 | -236 | -11.8% | S100YJMT |
| Capital expenditure | 3 | 0.1% | S100YJMT |
| Free cash flow | -239 | -11.9% | 算出 |
| Investing cash flow | 627 | 31.3% | S100YJMT |
| Financing cash flow | -30 | -1.5% | S100YJMT |
| Dividends paid | 18 | 0.9% | S100YJMT |
| Change in cash | 360 | 18.0% | S100YJMT |
| Cash and equivalents | 2,546 | 127.1% | S100YJMT |

## 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 | 1,848 | 2,964 | 2,769 | 2,186 | 2,546 | S100TZJ2, S100W8RF, S100YJMT |
| Total assets | 8,900 | 8,432 | 8,362 | 8,645 | 7,895 | S100R9UF, S100TZJ2, S100W8RF, S100YJMT |
| Net assets | 7,656 | 8,006 | 7,768 | 7,838 | 7,273 | S100TZJ2, S100W8RF, S100YJMT |
| Share capital | 3,049 | 3,049 | 3,049 | 3,049 | 3,049 | S100R9UF, S100TZJ2, S100W8RF, S100YJMT |
| Property, plant and equipment | 122 | 1,470 | 1,465 | 1,511 | 1,368 | S100R9UF, S100TZJ2, S100W8RF, S100YJMT |
| Intangible assets excluding goodwill | 7 | 4 | 82 | 65 | 44 | S100R9UF, S100TZJ2, S100W8RF, S100YJMT |
| Goodwill | — | — | 77 | 60 | 42 | S100W8RF, S100YJMT |
| Investment securities | 703 | 814 | — | — | — | S100R9UF |
| Current assets | 5,624 | 5,051 | 3,917 | 4,339 | 5,237 | S100R9UF, S100TZJ2, S100W8RF, S100YJMT |
| Current liabilities | 968 | 262 | 426 | 596 | 422 | S100R9UF, S100TZJ2, S100W8RF, S100YJMT |
| Trade payables | — | — | 151 | 320 | 176 | S100W8RF, S100YJMT |
| Long-term borrowings | — | — | 0 | 35 | 25 | S100W8RF, S100YJMT |
| Total liabilities | 1,243 | 426 | 593 | 806 | 622 | S100R9UF, S100TZJ2, S100W8RF, S100YJMT |
| Non-controlling interests | -2 | — | — | — | — | S100R9UF |
| Equity attributable to owners of parent | 7,566 | 7,859 | 7,616 | 7,687 | 7,129 | S100R9UF, S100TZJ2, S100W8RF, S100YJMT |
| Retained earnings | 1,504 | 1,798 | 1,555 | 1,626 | 1,069 | S100R9UF, S100TZJ2, S100W8RF, S100YJMT |
| Treasury stock | 0 | 0 | 0 | 0 | 0 | S100R9UF, S100TZJ2, S100W8RF, S100YJMT |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 32% | S100YJMT |
| Property, plant and equipment | 17% | S100YJMT |
| Intangibles and goodwill | 1% | S100YJMT |
| Other assets | 50% | S100YJMT |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 2% | S100YJMT |
| Other liabilities | 6% | S100YJMT |
| Equity | 92% | S100YJMT |

### 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 | 8,900 | 8,432 | 8,362 | 8,645 | 7,895 |
| Equity | 7,656 | 8,006 | 7,768 | 7,838 | 7,273 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,848 | 2,964 | 2,769 | 2,186 | 2,546 |

## 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) | 68.3% | S100YJMT |
| Fixed assets ÷ total assets | 17.3% | S100YJMT |
| Goodwill ÷ parent equity | 0.6% | S100YJMT |

### 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) | 32.2% |
| Cash ÷ revenue | 127.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | 302 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.1% |
| Investing CF relative to operating CF | — |

## 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 | 8.4% | 0.28× | 2.3% | 1.18× | 2.7% | S100R9UF |
| 2023 | 19.4% | 0.21× | 4.0% | 1.12× | 4.5% | S100TZJ2 |
| 2024 | — | —× | -2.4% | —× | — | S100W8RF |
| 2025 | 3.4% | 0.24× | 0.8% | 1.11× | 0.9% | S100YJMT |
| 2026 | — | —× | -6.5% | —× | — | S100YJMT |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| HK BEIDA JADE BIRD INVESTMENTS LIMITED（常任代理人 森川 和） | Major shareholder | 22.5% | 2026-03-31 |
| 金子 修 | Major shareholder | 10.7% | 2026-03-31 |
| 株式会社ＤＭＭ．ｃｏｍ証券 | Major shareholder | 4.8% | 2026-03-31 |
| 松井証券株式会社 | Major shareholder | 4.7% | 2026-03-31 |
| アパテックジャパン株式会社 | Major shareholder | 3.3% | 2026-03-31 |
| BNP PARIBAS SINGAPORE/ 2S/ JASDEC/ UOB KAY HIAN PRIVATE LIMITED（常任代理人 香港上海銀行東京支店） | Major shareholder | 2.7% | 2026-03-31 |
| 青山 英男 | Major shareholder | 1.9% | 2026-03-31 |
| 三菱ＵＦＪ ｅスマート証券株式会社 | Major shareholder | 1.9% | 2026-03-31 |
| 株式会社ＳＢＩ証券 | Major shareholder | 1.7% | 2026-03-31 |
| ＪＰモルガン証券株式会社 | Major shareholder | 1.6% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第34期(2025/04/01－2026/03/31) | S100YJMT | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YJMT,, |
| 有価証券報告書－第33期(2024/04/01－2025/03/31) | S100W8RF | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W8RF,, |
| 訂正有価証券報告書－第32期(2023/04/01－2024/03/31) | S100TZJ2 | 2024-07-03 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TZJ2,, |
| 有価証券報告書－第31期(2022/04/01－2023/03/31) | S100R9UF | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R9UF,, |
| 訂正有価証券報告書－第30期(令和3年4月1日－令和4年3月31日) | S100OQ0Z | 2022-07-14 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OQ0Z,, |
| 有価証券報告書－第29期(令和2年4月1日－令和3年3月31日) | S100LUZM | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LUZM,, |

## 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).