# GLORY LTD.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, IFRS
> Unit: JPY millions
> Sources: 有価証券報告書－第80期(2025/04/01－2026/03/31) (S100YG4D)
> Page: https://vizora.meequs.com/en/company/glory
> Retrieved: 2026-09-30T19:09:17.559Z

## Company

Glory, founded in 1944, is a company in Pachinko listed on TSE Prime. It has 11,266 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | GLORY LTD. |
| Ticker | 6457 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6457.T) |
| Listing | TSE Prime |
| Head office | 兵庫県姫路市下手野一丁目3番1号 |
| Representative (per filing) | 代表取締役社長 原田 明浩 |
| Founded | Nov 1944 |
| Share capital | ¥12.9B |
| Employees (consolidated) | 11,266 |
| Average salary (parent only) | ¥8.4M |
| Fiscal year end | March |
| Website | www.glory.co.jp (https://www.glory.co.jp/) |
| Corporate number | 5140001058614 |
| EDINET | E01650 |
| Industries (Vizora) | Pachinko, Industrial Machinery |

> Profile source: annual securities report (S100YG4D, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: Industrial Machinery (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 56.1 | 122 |
| Cash conversion | 60.8 | 116 |
| Efficiency | 56.1 | 122 |

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 64% of Glory's sales come from Overseas market, with Retail and transportation market and Financial market making up much of the rest.
- Out of every ¥100 of sales, about ¥9 is left as operating profit.
- Revenue changed -7.9% from the prior year, operating profit -29.2%.

## Company structure

- Segment revenue mix: Overseas market 63.6%、Retail and transportation market 17.0%、Financial market 10.9%、Amusement market 6.2%、Other 2.3%
- Revenue → net income: ¥339582000000 → ¥15601000000
- Net income → operating cash flow: ¥15601000000 → ¥42780000000（difference ¥27179000000）
- Main uses of operating cash flow: CapEx ¥8348000000 / dividends ¥6045000000 / buybacks ¥13481000000
- Change in cash: ¥-1426000000
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 | ¥339.6B |  |
| Operating income | ¥29.8B | Margin 8.8% |
| Net income | ¥15.4B | Margin 4.5% |
| Free cash flow | ¥34.4B |  |
| Largest business | Overseas market | of segment revenue 63.6% |
| Employees (consolidated) | 11,266 |  |
| EPS | ¥284.71 |  |
| Diluted EPS | ¥275.68 |  |
| Book value per share | ¥4357.34 |  |
| Equity ratio | 48.2% | Derived from disclosed figures |
| Shares outstanding | 58,938,210 |  |
| Treasury shares | 4,817,800 |  |
| Shareholders | 10,340 |  |
| Average salary (parent only) | ¥8.4M | Filing company only |
| Cash ratio | 11.1% | Cash ÷ revenue 14.7% |
| Vs. industry median margin | +1.2 pp | Industrial Machinery |
| ROE | 7.3% | Derived from disclosed figures |
| ROA | 3.4% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.8× net income
- FY2026, buybacks were 2.2× dividends
- FY2026, one segment accounts for 70% of positive segment profit

## What changed in 5 years

Accounting standard changed in FY2024; percentage changes are omitted.

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥217423000000 | ¥339582000000 | — |
| Operating income | ¥14201000000 | ¥29752000000 | — |
| Operating margin | 6.5% | 8.8% | +2.2 pp |
| Employees | 10,520 people | 11,266 people | — |
| Cash and equivalents | ¥66057000000 | ¥50042000000 | — |

### 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 |
| --- | ---: |
| 金融市場 → 事業再編・廃止 | 22.9% |
| 流通・交通市場 → 事業再編・廃止 | 22.6% |
| 遊技市場 → 事業再編・廃止 | 5.1% |
| 海外市場 → 事業再編・廃止 | 48.2% |
| その他 → その他 | 1.2% |
| 新設・再編 → 金融市場 | 10.9% |
| 新設・再編 → 流通・交通市場 | 17.0% |
| 新設・再編 → 遊技市場 | 6.2% |
| 新設・再編 → 海外市場 | 63.6% |
| 新設・再編 → その他 | 1.0% |

Segment revenue source references: 10 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Overseas market | — | — | ¥216091000000 | 9.8% | 2 |
| Retail and transportation market | — | — | ¥57637000000 | 0.0% | 2 |
| Financial market | — | — | ¥37062000000 | 10.5% | 2 |
| Amusement market | — | — | ¥21088000000 | 24.3% | 2 |
| Other | — | — | ¥7703000000 | -5.0% | 2 |

## Income statement（FY ending Mar 2026, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 339,582 | 100.0% | S100YG4D |
| Cost of revenue | 184,524 | 54.3% | S100YG4D |
| Gross profit | 155,058 | 45.7% | S100YG4D |
| SG&A | 125,735 | 37.0% | S100YG4D |
| Operating income | 29,752 | 8.8% | S100YG4D |
| Pretax income | 24,657 | 7.3% | S100YG4D |
| Income tax | 9,056 | 2.7% | S100YG4D |
| Net income | 15,601 | 4.6% | S100YG4D |
| Net income attributable to owners | 15,388 | 4.5% | S100YG4D |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 54 |
| SG&A | 37 |
| Operating income | 9 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 45.7% → Operating margin 8.8% → Net margin 4.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -7.9%; Core profit growth: -29.2%
Operating leverage (core profit growth ÷ revenue growth): 3.71×
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 | 368,645 | 339,582 | -29,063 | -7.9% |
| Gross profit | 165,580 | 155,058 | -10,522 | -6.4% |
| Operating income | 42,032 | 29,752 | -12,280 | -29.2% |
| Net income attributable to owners | 24,504 | 15,388 | -9,116 | -37.2% |
| Operating cash flow | 51,310 | 42,780 | -8,530 | -16.6% |
| Free cash flow | 41,766 | 34,432 | -7,334 | -17.6% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 224,170 | 17,927 | 8.0% | 8,486 | 24,555 | 16,435 | S100NII2 |
| FY ending Mar 2021 | 217,423 | 14,201 | 6.5% | 5,705 | 28,443 | 19,979 | S100O9YG |
| FY ending Mar 2022 | 226,562 | 10,195 | 4.5% | 6,410 | 10,315 | 2,082 | S100R2T1 |
| FY ending Mar 2023 | 255,857 | 522 | 0.2% | -9,538 | -16,486 | -23,419 | S100TPHN |
| FY ending Mar 2024 | 372,478 | 51,110 | 13.7% | 29,590 | 41,854 | 33,602 | S100WDWU |
| FY ending Mar 2025 | 368,645 | 42,032 | 11.4% | 24,504 | 51,310 | 41,766 | S100YG4D |
| FY ending Mar 2026 | 339,582 | 29,752 | 8.8% | 15,388 | 42,780 | 34,432 | S100YG4D |

## People and productivity（FY ending Mar 2026, consolidated, IFRS）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥30.1M |
| Operating income per employee (consolidated) | ¥2.6M |
| Net income per employee (consolidated) | ¥1.4M |

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) | 10,677 | 10,792 | 11,398 | 11,392 | 11,266 |
| Average salary (parent company) | ¥6.7M | ¥6.4M | ¥7.5M | ¥8.9M | ¥8.4M |
| Average age (parent company) | 44.3 years | 44.5 years | 44.7 years | 43.2 years | 42.8 years |
| Average tenure (parent company) | 20.5 years | 20.6 years | 20.6 years | 19.1 years | 18.5 years |

Year over year: Employees (consolidated) -1.1% · Revenue (consolidated) -7.9%

## Segments（FY ending Mar 2026, consolidated, IFRS、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Financial market | 37,062 | 10.9% | 3,909 | 10.5% |
| Retail and transportation market | 57,637 | 17.0% | 0 | 0.0% |
| Amusement market | 21,088 | 6.2% | 5,123 | 24.3% |
| Overseas market | 216,091 | 63.6% | 21,107 | 9.8% |
| Other | 7,703 | 2.3% | -388 | -5.0% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Financial market | 10.9% | 13.0% | 2.1 | 10.5% |
| Retail and transportation market | 17.0% | 0.0% | -17.0 | 0.0% |
| Amusement market | 6.2% | 17.0% | 10.8 | 24.3% |
| Overseas market | 63.6% | 70.0% | 6.4 | 9.8% |
| Other | 2.3% | — | — | -5.0% |

Loss-making segment (excluded from profit shares): Other -388 JPY mn

Segment → industry: Amusement market → Pachinko / Overseas market → Industrial Machinery / Retail and transportation market → Industrial Machinery / Financial market → Industrial Machinery

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 42,780 | 12.6% | S100YG4D |
| Capital expenditure | 8,348 | 2.5% | S100YG4D |
| Free cash flow | 34,432 | 10.1% | 算出 |
| Investing cash flow | -6,758 | -2.0% | S100YG4D |
| Financing cash flow | -38,984 | -11.5% | S100YG4D |
| Dividends paid | 6,045 | 1.8% | S100YG4D |
| Share buyback | 13,481 | 4.0% | S100YG4D |
| Change in cash | -1,426 | -0.4% | S100YG4D |
| Cash and equivalents | 50,042 | 14.7% | S100YG4D |

## 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 | 52,316 | 36,693 | 35,472 | 51,468 | 50,042 | S100TPHN, S100WDWU, S100YG4D |
| Total assets | 363,269 | 381,273 | 466,139 | 445,667 | 452,489 | S100R2T1, S100TPHN, S100YG4D |
| Net assets | 208,607 | 195,984 | 188,717 | 206,143 | 218,454 | S100TPHN, S100WDWU, S100YG4D |
| Share capital | 12,892 | 12,892 | 12,892 | 12,892 | 12,892 | S100R2T1, S100TPHN, S100YG4D |
| Property, plant and equipment | 40,485 | 42,517 | 36,471 | 36,000 | 36,110 | S100R2T1, S100TPHN, S100YG4D |
| Intangible assets excluding goodwill | 96,907 | 91,725 | 122,597 | 112,185 | — | S100R2T1, S100TPHN, S100WDWU |
| Goodwill | 58,399 | 55,528 | 71,332 | 73,688 | 78,656 | S100R2T1, S100TPHN, S100YG4D |
| Investment securities | 15,313 | 14,553 | 14,570 | 11,011 | — | S100R2T1, S100TPHN, S100WDWU |
| Current assets | 187,960 | 203,477 | 237,541 | 219,913 | 219,390 | S100R2T1, S100TPHN, S100YG4D |
| Current liabilities | 99,898 | 139,501 | 161,083 | 111,698 | — | S100R2T1, S100TPHN, S100WDWU |
| Trade payables | 14,656 | 18,197 | 17,678 | 14,018 | — | S100R2T1, S100TPHN, S100WDWU |
| Short-term borrowings | 16,743 | 45,623 | 38,286 | 15,117 | — | S100R2T1, S100TPHN, S100WDWU |
| Long-term borrowings | 11,187 | 12,055 | 37,040 | 35,307 | — | S100R2T1, S100TPHN, S100WDWU |
| Bonds | 20,000 | 10,000 | 10,000 | 24,200 | — | S100R2T1, S100TPHN, S100WDWU |
| Interest-bearing debt | 47,930 | 67,678 | 85,326 | 74,624 | — | 算出 |
| Total liabilities | 154,661 | 185,288 | 277,422 | 239,523 | 234,035 | S100R2T1, S100TPHN, S100YG4D |
| Non-controlling interests | 3,289 | 2,818 | 870 | 764 | — | S100R2T1, S100TPHN, S100WDWU |
| Equity attributable to owners of parent | 182,554 | 158,540 | 188,047 | 205,373 | 217,878 | S100R2T1, S100TPHN, S100YG4D |
| Retained earnings | 166,566 | 141,522 | 170,580 | 188,758 | 199,449 | S100R2T1, S100TPHN, S100YG4D |
| Treasury stock | -9,191 | -8,161 | -8,097 | -7,705 | -20,578 | S100R2T1, S100TPHN, S100YG4D |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 11% | S100YG4D |
| Property, plant and equipment | 8% | S100YG4D |
| Intangibles and goodwill | 17% | — |
| Other assets | 64% | S100YG4D |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 52% | S100YG4D |
| Equity | 48% | S100YG4D |

### 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 | 363,269 | 381,273 | 466,139 | 445,667 | 452,489 |
| Equity | 208,607 | 195,984 | 188,717 | 206,143 | 218,454 |
| Interest-bearing debt | 47,930 | 67,678 | 85,326 | 74,624 | — |
| Cash | 52,316 | 36,693 | 35,472 | 51,468 | 50,042 |

## 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) | 10.6% | S100YG4D |
| Fixed assets ÷ total assets | 8.0% | S100YG4D |
| Goodwill ÷ parent equity | 36.1% | S100YG4D |

Goodwill over 4 years: 58,399 → 78,656 JPY; total investing cash flow: -85,263 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) | 11.1% |
| Cash ÷ revenue | 14.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 143.8% |
| Cash vs. profit gap | 27,392 JPY mn (of net income 178.0%) |
| Shareholder returns / net income | 126.9% |
| Shareholder returns / FCF | 56.7% |
| Shareholder payments — dividends / net income | 39.3% |
| Shareholder payments — dividends / FCF | 17.6% |
| CapEx intensity (capex ÷ revenue) | 2.5% |
| Investing CF relative to operating CF | 15.8% |

## 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 | 2.8% | 0.62× | 1.8% | 1.99× | 3.5% | S100R2T1 |
| 2023 | — | —× | -2.6% | —× | — | S100TPHN |
| 2024 | 7.9% | 0.88× | 7.0% | 2.45× | 17.1% | S100WDWU, S100YG4D |
| 2025 | 6.6% | 0.81× | 5.4% | 2.32× | 12.5% | S100YG4D |
| 2026 | 4.5% | 0.76× | 3.4% | 2.12× | 7.3% | S100YG4D |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 15.0% | 2026-03-31 |
| 日本生命保険相互会社 | Major shareholder | 6.3% | 2026-03-31 |
| グロ－リ－グル－プ社員持株会 | Major shareholder | 4.0% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 3.1% | 2026-03-31 |
| タツボーファッション株式会社 | Major shareholder | 2.8% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社（株式付与ESOP信託口・75838口） | Major shareholder | 2.6% | 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 | 2.3% | 2026-03-31 |
| グローリー取引先持株会 | Major shareholder | 2.1% | 2026-03-31 |
| 株式会社三井住友銀行 | Major shareholder | 2.0% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505103（常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.8% | 2026-03-31 |

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

- Revenue for the FY ending Mar 2026 came to ¥339.6B, down 7.9% from ¥368.6B.
- Operating income dropped 29.2% to ¥29.8B, and net income attributable to owners dropped 37.2% to ¥15.4B.
- Operating cash flow also slipped, from ¥51.3B to ¥42.8B, but free cash flow still reached ¥34.4B.

### Drivers

- In Japan, the rush to replace and modify machines for the new banknotes ended, so banking, retail and amusement sales fell back from the prior year.
- Higher SG&A at overseas subsidiaries weighed on profit.
- Overseas, sales to banks in the Americas and to retailers in Europe and the US grew, and the segment hit record revenue and operating income.

### Risks

- A sudden, fast shift to cashless payments could hurt a business that still leans on cash-handling machines.
- Goodwill and customer-related assets from acquisitions are large, so impairments could follow if acquired businesses underperform.
- With much of its sales abroad, tariffs, conflicts and sharp moves in exchange or interest rates can hit results.

Cited: Annual Securities Report, 80th fiscal year (Apr 2025 – 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, 80th fiscal year (Apr 2025 – Mar 2026) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第80期(2025/04/01－2026/03/31) | S100YG4D | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YG4D,, |
| 訂正有価証券報告書－第79期(2024/04/01－2025/03/31) | S100WDWU | 2025-07-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WDWU,, |
| 有価証券報告書－第78期(2023/04/01－2024/03/31) | S100TPHN | 2024-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TPHN,, |
| 有価証券報告書－第77期(2022/04/01－2023/03/31) | S100R2T1 | 2023-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R2T1,, |
| 有価証券報告書－第76期(令和3年4月1日－令和4年3月31日) | S100O9YG | 2022-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O9YG,, |
| 訂正有価証券報告書－第75期(令和2年4月1日－令和3年3月31日) | S100NII2 | 2022-03-14 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NII2,, |

## 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).