# GOLF DO CO.,LTD.: 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39期(2025/04/01－2026/03/31) (S100YHOE)
> Page: https://vizora.meequs.com/en/company/golf-do
> Retrieved: 2026-09-30T20:24:36.232Z

## Company

Golf DO, founded in 1987, is a company in Specialty Trading & Wholesale listed on Nagoya. It has 122 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | GOLF・DO CO.,LTD. |
| Ticker | 3032 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3032.T) |
| Listing | Nagoya |
| Head office | 埼玉県さいたま市中央区上落合二丁目3番1号 |
| Representative (per filing) | 代表取締役社長 佐久間 功 |
| Founded | Sep 1987 |
| Share capital | ¥515.8M |
| Employees (consolidated) | 122 |
| Average salary (parent only) | ¥4M |
| Fiscal year end | March |
| Website | www.golfdo.co.jp (https://www.golfdo.co.jp/) |
| Corporate number | 8030001002794 |
| EDINET | E03474 |
| Industries (Vizora) | Specialty Trading & Wholesale, Secondhand Retail |

> Profile source: annual securities report (S100YHOE, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: Secondhand Retail (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 14.7 | 17 |
| Profitability | 27.5 | 20 |
| Cash conversion | 70 | 15 |
| Efficiency | 32.5 | 20 |

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 77% of Golf DO's sales come from direct management, with wholesale business and franchise business making up much of the rest.
- Out of every ¥100 of sales, about ¥2 is left as operating profit.
- Revenue changed +4.5% from the prior year, operating profit +247.3%.

## Company structure

- Segment revenue mix: direct management 77.5%、wholesale business 14.1%、franchise business 8.5%
- Revenue → net income: ¥6184822000 → ¥67357000
- Net income → operating cash flow: ¥67357000 → ¥110239000（difference ¥42882000）
- Main uses of operating cash flow: CapEx ¥212985000 / dividends ¥12567000 / buybacks ¥30600000
- Change in cash: ¥-204606000
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 | ¥6.18B |  |
| Operating income | ¥99.1M | Margin 1.6% |
| Net income | ¥67.4M | Margin 1.1% |
| Free cash flow | -¥102.7M |  |
| Largest business | direct management | of segment revenue 77.5% |
| Employees (consolidated) | 122 |  |
| EPS | ¥7.74 |  |
| Diluted EPS | ¥7.38 |  |
| Book value per share | ¥139.94 |  |
| Equity ratio | 21.3% |  |
| Shares outstanding | 5,211,284 |  |
| Treasury shares | 348,400 |  |
| Shareholders | 5,121 |  |
| Average salary (parent only) | ¥4M | Filing company only |
| Cash ratio | 17.7% | Cash ÷ revenue 11.1% |
| Vs. industry median margin | -1.7 pp | Secondhand Retail |
| ROE | 9.9% | Derived from disclosed figures |
| ROA | 1.7% | Derived from disclosed figures |

## Notable figures

- FY2026, employees -3% while operating income rose 247%
- FY2026, buybacks were 2.4× dividends
- FY2026, one segment accounts for 79% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥5266364000 | ¥6184822000 | +17.4% |
| Operating income | ¥232191000 | ¥99064000 | -57.3% |
| Operating margin | 4.4% | 1.6% | -2.8 pp |
| Employees | 136 people | 122 people | -10.3% |
| Cash and equivalents | ¥895242000 | ¥687111000 | -23.2% |

### 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 |
| --- | ---: |
| 直営 → 直営 | 69.0% |
| フランチャイズ → フランチャイズ | 8.5% |
| フランチャイズ → 事業再編・廃止 | 0.1% |
| 営業販売 → 営業販売 | 14.1% |
| 営業販売 → 事業再編・廃止 | 7.4% |
| アパレル → 事業再編・廃止 | 0.9% |
| その他 → 事業再編・廃止 | 0.1% |
| 新設・再編 → 直営 | 8.5% |

Segment revenue source references: 8 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| direct management | 5 years | +5.6% | ¥4784696000 | 9.2% | 2 |
| wholesale business | 5 years | -5.1% | ¥868273000 | 1.6% | 2 |
| franchise business | 5 years | +2.9% | ¥522967000 | 19.5% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 6,185 | 100.0% | S100YHOE |
| Cost of revenue | 3,798 | 61.4% | S100YHOE |
| Gross profit | 2,387 | 38.6% | S100YHOE |
| SG&A | 2,287 | 37.0% | S100YHOE |
| Operating income | 99 | 1.6% | S100YHOE |
| Ordinary income | 90 | 1.5% | S100YHOE |
| Pretax income | 88 | 1.4% | S100YHOE |
| Income tax | 20 | 0.3% | S100YHOE |
| Net income | 67 | 1.1% | S100YHOE |
| Net income attributable to owners | 67 | 1.1% | S100YHOE |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 61 |
| SG&A | 37 |
| Operating income | 2 |
| (Ref.) Net income | 1 |

### Margin funnel

Gross margin 38.6% → Operating margin 1.6% → Net margin 1.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +4.5%; Core profit growth: +247.3%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 54.64×
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 | 5,917 | 6,185 | 268 | +4.5% |
| Gross profit | 2,252 | 2,387 | 135 | +6.0% |
| Operating income | 29 | 99 | 71 | +247.3% |
| Net income attributable to owners | 18 | 67 | 50 | +283.9% |
| Operating cash flow | 56 | 110 | 54 | +97.1% |
| Free cash flow | -165 | -103 | 63 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 4,885 | 51 | 1.1% | 39 | 12 | -109 | S100LRZ9 |
| FY ending Mar 2021 | 5,266 | 232 | 4.4% | 139 | 580 | 541 | S100OH5X |
| FY ending Mar 2022 | 5,731 | 244 | 4.3% | 228 | -52 | -191 | S100R9EL |
| FY ending Mar 2023 | 6,058 | 85 | 1.4% | 41 | 210 | 45 | S100TWS0 |
| FY ending Mar 2024 | 5,773 | -1 | -0.0% | -51 | 40 | -85 | S100W5RS |
| FY ending Mar 2025 | 5,917 | 29 | 0.5% | 18 | 56 | -165 | S100YHOE |
| FY ending Mar 2026 | 6,185 | 99 | 1.6% | 67 | 110 | -103 | S100YHOE |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥50.7M |
| Operating income per employee (consolidated) | ¥812K |
| Net income per employee (consolidated) | ¥552.1K |

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) | 138 | 133 | 128 | 126 | 122 |
| Average salary (parent company) | ¥4.2M | ¥4.2M | ¥4.1M | ¥4.2M | ¥4M |
| Average age (parent company) | 38.0 years | 38.3 years | 38.4 years | 39.4 years | 40.0 years |
| Average tenure (parent company) | 8.0 years | 8.0 years | 8.1 years | 8.2 years | 8.2 years |

Year over year: Employees (consolidated) -3.2% · Revenue (consolidated) +4.5%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| direct management | 4,785 | 77.5% | 440 | 9.2% |
| franchise business | 523 | 8.5% | 102 | 19.5% |
| wholesale business | 868 | 14.1% | 14 | 1.6% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| direct management | 77.5% | 79.2% | 1.7 | 9.2% |
| franchise business | 8.5% | 18.4% | 9.9 | 19.5% |
| wholesale business | 14.1% | 2.5% | -11.6 | 1.6% |

Segment → industry: wholesale business → Specialty Trading & Wholesale / franchise business → Secondhand Retail / direct management → Secondhand Retail

## 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 | 110 | 1.8% | S100YHOE |
| Capital expenditure | 213 | 3.4% | S100YHOE |
| Free cash flow | -103 | -1.7% | 算出 |
| Investing cash flow | -214 | -3.5% | S100YHOE |
| Financing cash flow | -108 | -1.8% | S100YHOE |
| Dividends paid | 13 | 0.2% | S100YHOE |
| Share buyback | 31 | 0.5% | S100YHOE |
| Change in cash | -205 | -3.3% | S100YHOE |
| Cash and equivalents | 687 | 11.1% | S100YHOE |

## 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 | 725 | 655 | 671 | 892 | 687 | S100TWS0, S100W5RS, S100YHOE |
| Total assets | 3,362 | 3,291 | 3,373 | 3,838 | 3,882 | S100R9EL, S100TWS0, S100W5RS, S100YHOE |
| Net assets | 790 | 844 | 802 | 823 | 879 | S100TWS0, S100W5RS, S100YHOE |
| Share capital | 516 | 516 | 516 | 516 | 516 | S100R9EL, S100TWS0, S100W5RS, S100YHOE |
| Property, plant and equipment | 216 | 291 | 303 | 286 | 373 | S100R9EL, S100TWS0, S100W5RS, S100YHOE |
| Intangible assets excluding goodwill | 210 | 181 | 216 | 316 | 277 | S100R9EL, S100TWS0, S100W5RS, S100YHOE |
| Goodwill | 23 | 16 | 9 | 3 | — | S100R9EL, S100TWS0, S100W5RS, S100YHOE |
| Investment securities | 14 | 20 | 41 | 50 | 65 | S100R9EL, S100TWS0, S100W5RS, S100YHOE |
| Current assets | 2,603 | 2,502 | 2,568 | 2,975 | 2,928 | S100R9EL, S100TWS0, S100W5RS, S100YHOE |
| Current liabilities | 1,772 | 1,579 | 1,669 | 1,993 | 2,263 | S100R9EL, S100TWS0, S100W5RS, S100YHOE |
| Short-term borrowings | 801 | 600 | 670 | 900 | 1,100 | S100R9EL, S100TWS0, S100W5RS, S100YHOE |
| Long-term borrowings | 509 | 563 | 606 | 708 | 442 | S100R9EL, S100TWS0, S100W5RS, S100YHOE |
| Bonds | 20 | — | — | — | — | S100R9EL |
| Interest-bearing debt | 1,330 | — | — | — | — | 算出 |
| Total liabilities | 2,573 | 2,447 | 2,572 | 3,015 | 3,003 | S100R9EL, S100TWS0, S100W5RS, S100YHOE |
| Equity attributable to owners of parent | 711 | 740 | 664 | 669 | 693 | S100R9EL, S100TWS0, S100W5RS, S100YHOE |
| Retained earnings | 124 | 153 | 77 | 82 | 136 | S100R9EL, S100TWS0, S100W5RS, S100YHOE |
| Treasury stock | -98 | -98 | -98 | -98 | -129 | S100R9EL, S100TWS0, S100W5RS, S100YHOE |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 18% | S100YHOE |
| Property, plant and equipment | 9% | S100YHOE |
| Intangibles and goodwill | 7% | S100YHOE |
| Investment securities | 2% | S100YHOE |
| Other assets | 64% | S100YHOE |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 77% | S100YHOE |
| Equity | 23% | S100YHOE |
| Other liabilities | 0% | S100YHOE |

### 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 | 3,362 | 3,291 | 3,373 | 3,838 | 3,882 |
| Equity | 790 | 844 | 802 | 823 | 879 |
| Interest-bearing debt | 1,330 | — | — | — | — |
| Cash | 725 | 655 | 671 | 892 | 687 |

## 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) | 6.0% | S100YHOE |
| Fixed assets ÷ total assets | 9.6% | S100YHOE |
| Goodwill ÷ parent equity | — | —, S100YHOE |

### 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) | 17.7% |
| Cash ÷ revenue | 11.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 111.3% |
| Cash vs. profit gap | 43 JPY mn (of net income 63.7%) |
| Shareholder returns / net income | 64.1% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 18.7% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 3.4% |
| Investing CF relative to operating CF | 194.2% |

## 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 | 4.0% | 1.70× | 6.8% | 4.73× | 32.0% | S100R9EL |
| 2023 | 0.7% | 1.82× | 1.2% | 4.59× | 5.7% | S100TWS0 |
| 2024 | — | —× | -1.5% | —× | — | S100W5RS |
| 2025 | 0.3% | 1.64× | 0.5% | 5.41× | 2.6% | S100YHOE |
| 2026 | 1.1% | 1.60× | 1.7% | 5.67× | 9.9% | S100YHOE |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 松 田 芳 久 | Major shareholder | 26.4% | 2026-03-31 |
| 楠 木 哲 也 | Major shareholder | 5.0% | 2026-03-31 |
| 伊 東 龍 也 | Major shareholder | 2.4% | 2026-03-31 |
| 竹 田 慎 | Major shareholder | 1.6% | 2026-03-31 |
| 若 杉 精 三 郎 | Major shareholder | 1.1% | 2026-03-31 |
| フォーク株式会社 | Major shareholder | 1.1% | 2026-03-31 |
| 今 井 み き | Major shareholder | 1.1% | 2026-03-31 |
| 谷 口 政 人 | Major shareholder | 1.0% | 2026-03-31 |
| 上 遠 野 俊 一 | Major shareholder | 0.9% | 2026-03-31 |
| 佐 久 間 功 | Major shareholder | 0.5% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第39期(2025/04/01－2026/03/31) | S100YHOE | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YHOE,, |
| 有価証券報告書－第38期(2024/04/01－2025/03/31) | S100W5RS | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W5RS,, |
| 有価証券報告書－第37期(2023/04/01－2024/03/31) | S100TWS0 | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TWS0,, |
| 有価証券報告書－第36期(2022/04/01－2023/03/31) | S100R9EL | 2023-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R9EL,, |
| 有価証券報告書－第35期(令和3年4月1日－令和4年3月31日) | S100OH5X | 2022-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OH5X,, |
| 有価証券報告書－第34期(令和2年4月1日－令和3年3月31日) | S100LRZ9 | 2021-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LRZ9,, |

## 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).