# gooddays 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11期(2025/04/01－2026/03/31) (S100YK7L)
> Page: https://vizora.meequs.com/en/company/gooddays-holdings
> Retrieved: 2026-09-30T21:50:25.465Z

## Company

gooddays holdings, founded in 2016, is a company in IT Services & System Integration listed on TSE Growth. It has 358 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | gooddays holdings, Inc. |
| Ticker | 4437 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4437.T) |
| Listing | TSE Growth |
| Head office | 東京都千代田区有楽町二丁目10番1号 (上記は登記上の本店所在地であり、実際の業務は下記の場所で行っております。) |
| Representative (per filing) | 代表取締役社長 小倉 博 |
| Founded | Mar 2016 |
| Share capital | ¥39.9M |
| Employees (consolidated) | 358 |
| Average salary (parent only) | ¥5.1M |
| Fiscal year end | March |
| Website | gooddays.jp (https://gooddays.jp/) |
| Corporate number | 9010001174040 |
| EDINET | E34587 |
| Industries (Vizora) | IT Services & System Integration, Real Estate Development & Leasing |

> Profile source: annual securities report (S100YK7L, filed 2026-06-26). As of filing

## Five-axis industry profile

Primary industry: Real Estate Development & Leasing (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 63.3 | 75 |
| Profitability | 35.5 | 86 |
| Cash conversion | 40.9 | 82 |
| Efficiency | 92.4 | 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 67% of gooddays holdings's sales come from Kurashi, with IT making up much of the rest.
- Out of every ¥100 of sales, about ¥8 is left as operating profit.
- Revenue changed +30.7% from the prior year, operating profit +54.2%.

## Company structure

- Segment revenue mix: Kurashi 67.2%、IT 32.8%
- Revenue → net income: ¥11505397000 → ¥607167000
- Net income → operating cash flow: ¥607167000 → ¥254669000（difference ¥-352498000）
- Main uses of operating cash flow: CapEx ¥1985871000 / dividends ¥27333000 / buybacks —
- Change in cash: ¥-49038000
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 | ¥11.5B |  |
| Operating income | ¥933M | Margin 8.1% |
| Net income | ¥607.2M | Margin 5.3% |
| Free cash flow | -¥1.73B |  |
| Largest business | Kurashi | of segment revenue 67.2% |
| Employees (consolidated) | 358 |  |
| EPS | ¥3.54 |  |
| Diluted EPS | ¥3.22 |  |
| Book value per share | ¥302.24 |  |
| Equity ratio | 41.5% |  |
| Shares outstanding | 6,842,760 |  |
| Shareholders | 611 |  |
| Average salary (parent only) | ¥5.1M | Filing company only |
| Cash ratio | 17.4% | Cash ÷ revenue 13.2% |
| Vs. industry median margin | -2.4 pp | Real Estate Development & Leasing |
| ROE | 18.2% | Derived from disclosed figures |
| ROA | 8.5% | Derived from disclosed figures |

## Notable figures

- FY2026, parent-company salary changed -27% over five years

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥5442059000 | ¥11505397000 | +111.4% |
| Operating income | ¥159859000 | ¥933024000 | +483.7% |
| Operating margin | 2.9% | 8.1% | +5.2 pp |
| Employees | 337 people | 358 people | +6.2% |
| Cash and equivalents | ¥1009688000 | ¥1518749000 | +50.4% |

### 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 |
| --- | ---: |
| ＩＴ → ＩＴ | 32.8% |
| ＩＴ → 事業再編・廃止 | 21.1% |
| 暮らしTech → 事業再編・廃止 | 46.2% |
| 新設・再編 → 暮らし | 67.2% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 11,505 | 100.0% | S100YK7L |
| Cost of revenue | 8,836 | 76.8% | S100YK7L |
| Gross profit | 2,669 | 23.2% | S100YK7L |
| SG&A | 1,736 | 15.1% | S100YK7L |
| Operating income | 933 | 8.1% | S100YK7L |
| Ordinary income | 921 | 8.0% | S100YK7L |
| Pretax income | 915 | 8.0% | S100YK7L |
| Income tax | 308 | 2.7% | S100YK7L |
| Net income | 607 | 5.3% | S100YK7L |
| Net income attributable to owners | 607 | 5.3% | S100YK7L |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 77 |
| SG&A | 15 |
| Operating income | 8 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 23.2% → Operating margin 8.1% → Net margin 5.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +30.7%; Core profit growth: +54.2%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.77×
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 | 8,805 | 11,505 | 2,700 | +30.7% |
| Gross profit | 2,209 | 2,669 | 460 | +20.8% |
| Operating income | 605 | 933 | 328 | +54.2% |
| Net income attributable to owners | 338 | 607 | 269 | +79.8% |
| Operating cash flow | 638 | 255 | -384 | -60.1% |
| Free cash flow | 320 | -1,731 | -2,051 | -641.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 5,759 | 381 | 6.6% | 256 | 45 | -54 | S100LT7M |
| FY ending Mar 2021 | 5,442 | 160 | 2.9% | 27 | 46 | -46 | S100PLHR |
| FY ending Mar 2022 | 6,109 | 449 | 7.4% | 292 | 508 | 450 | S100R6XQ |
| FY ending Mar 2023 | 6,391 | 547 | 8.6% | 359 | 624 | 150 | S100TTRC |
| FY ending Mar 2024 | 7,449 | 502 | 6.7% | 301 | 36 | -553 | S100W80P |
| FY ending Mar 2025 | 8,805 | 605 | 6.9% | 338 | 638 | 320 | S100YK7L |
| FY ending Mar 2026 | 11,505 | 933 | 8.1% | 607 | 255 | -1,731 | S100YK7L |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥32.1M |
| Operating income per employee (consolidated) | ¥2.6M |
| Net income per employee (consolidated) | ¥1.7M |

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) | 335 | 331 | 334 | 331 | 358 |
| Average salary (parent company) | ¥7M | ¥7.2M | ¥6.9M | ¥7.3M | ¥5.1M |
| Average age (parent company) | 42.5 years | 39.7 years | 40.8 years | 42.4 years | 42.1 years |
| Average tenure (parent company) | 7.8 years | 6.7 years | 6.8 years | 8.9 years | 9.6 years |

Year over year: Employees (consolidated) +8.2% · Revenue (consolidated) +30.7%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| IT | 3,770 | 32.8% | 402 | 10.7% |
| Kurashi | 7,735 | 67.2% | 492 | 6.4% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| IT | 32.8% | 45.0% | 12.2 | 10.7% |
| Kurashi | 67.2% | 55.0% | -12.2 | 6.4% |

Segment → industry: IT → IT Services & System Integration / Kurashi → Real Estate Development & Leasing

## 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 | 255 | 2.2% | S100YK7L |
| Capital expenditure | 1,986 | 17.3% | S100YK7L |
| Free cash flow | -1,731 | -15.0% | 算出 |
| Investing cash flow | -2,077 | -18.1% | S100YK7L |
| Financing cash flow | 1,773 | 15.4% | S100YK7L |
| Dividends paid | 27 | 0.2% | S100YK7L |
| Change in cash | -49 | -0.4% | S100YK7L |
| Cash and equivalents | 1,519 | 13.2% | S100YK7L |

## 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 | 1,440 | 1,495 | 1,079 | 1,568 | 1,519 | S100TTRC, S100W80P, S100YK7L |
| Total assets | 3,487 | 3,898 | 5,050 | 5,538 | 8,725 | S100R6XQ, S100TTRC, S100W80P, S100YK7L |
| Net assets | 2,073 | 2,421 | 2,715 | 3,035 | 3,618 | S100TTRC, S100W80P, S100YK7L |
| Share capital | 191 | 191 | 196 | 39 | 40 | S100R6XQ, S100TTRC, S100W80P, S100YK7L |
| Property, plant and equipment | 74 | 542 | 1,042 | 1,138 | 3,002 | S100R6XQ, S100TTRC, S100W80P, S100YK7L |
| Intangible assets excluding goodwill | 103 | 96 | 118 | 179 | 239 | S100R6XQ, S100TTRC, S100W80P, S100YK7L |
| Goodwill | 10 | 7 | 3 | — | — | S100R6XQ, S100TTRC, S100W80P |
| Investment securities | 55 | 79 | 212 | 104 | 103 | S100R6XQ, S100TTRC, S100W80P, S100YK7L |
| Current assets | 2,802 | 2,689 | 3,131 | 3,523 | 4,474 | S100R6XQ, S100TTRC, S100W80P, S100YK7L |
| Current liabilities | 1,121 | 1,369 | 2,241 | 2,379 | 3,737 | S100R6XQ, S100TTRC, S100W80P, S100YK7L |
| Short-term borrowings | 50 | — | 500 | 500 | 800 | S100R6XQ, S100W80P, S100YK7L |
| Long-term borrowings | 198 | — | — | — | 1,318 | S100R6XQ, S100YK7L |
| Total liabilities | 1,414 | 1,477 | 2,335 | 2,502 | 5,107 | S100R6XQ, S100TTRC, S100W80P, S100YK7L |
| Equity attributable to owners of parent | 2,051 | 2,410 | 2,705 | 3,041 | 3,622 | S100R6XQ, S100TTRC, S100W80P, S100YK7L |
| Retained earnings | 1,135 | 1,494 | 1,778 | 2,095 | 2,675 | S100R6XQ, S100TTRC, S100W80P, S100YK7L |
| Treasury stock | -0 | -0 | -0 | -0 | -0 | S100R6XQ, S100TTRC, S100W80P, S100YK7L |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 18% | S100YK7L |
| Property, plant and equipment | 34% | S100YK7L |
| Intangibles and goodwill | 3% | S100YK7L |
| Investment securities | 1% | S100YK7L |
| Other assets | 44% | S100YK7L |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 59% | S100YK7L |
| Equity | 41% | S100YK7L |

### 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 | 3,487 | 3,898 | 5,050 | 5,538 | 8,725 |
| Equity | 2,073 | 2,421 | 2,715 | 3,035 | 3,618 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,440 | 1,495 | 1,079 | 1,568 | 1,519 |

## 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) | 26.1% | S100YK7L |
| Fixed assets ÷ total assets | 34.4% | S100YK7L |
| Goodwill ÷ parent equity | — | —, S100YK7L |

### 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) | 17.4% |
| Cash ÷ revenue | 13.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 27.3% |
| Cash vs. profit gap | -352 JPY mn (of net income -58.1%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 4.5% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 17.3% |
| Investing CF relative to operating CF | 815.5% |

## 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 | 4.8% | 1.75× | 8.4% | 1.70× | 14.2% | S100R6XQ |
| 2023 | 5.6% | 1.73× | 9.7% | 1.66× | 16.1% | S100TTRC |
| 2024 | 4.0% | 1.67× | 6.7% | 1.75× | 11.8% | S100W80P |
| 2025 | 3.8% | 1.66× | 6.4% | 1.84× | 11.8% | S100YK7L |
| 2026 | 5.3% | 1.61× | 8.5% | 2.14× | 18.2% | S100YK7L |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| CASABLANCA株式会社 | Major shareholder | 45.9% | 2026-03-31 |
| 小倉 弘之 | Major shareholder | 11.0% | 2026-03-31 |
| 小倉 博 | Major shareholder | 10.0% | 2026-03-31 |
| 畑本 裕之 | Major shareholder | 5.7% | 2026-03-31 |
| 日本証券金融株式会社 | Major shareholder | 3.2% | 2026-03-31 |
| 株式会社カナモリコーポレーション | Major shareholder | 1.9% | 2026-03-31 |
| ＧＤＨグループ社員持株会 | Major shareholder | 1.8% | 2026-03-31 |
| 東急不動産ホールディングス株式会社 | Major shareholder | 1.8% | 2026-03-31 |
| 株式会社ＳＢＩ証券 | Major shareholder | 1.7% | 2026-03-31 |
| 三菱地所株式会社 | Major shareholder | 1.7% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第11期(2025/04/01－2026/03/31) | S100YK7L | 2026-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YK7L,, |
| 有価証券報告書－第10期(2024/04/01－2025/03/31) | S100W80P | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W80P,, |
| 有価証券報告書－第9期(2023/04/01－2024/03/31) | S100TTRC | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TTRC,, |
| 有価証券報告書－第8期(2022/04/01－2023/03/31) | S100R6XQ | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R6XQ,, |
| 訂正有価証券報告書－第7期(令和3年4月1日－令和4年3月31日) | S100PLHR | 2022-11-14 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PLHR,, |
| 有価証券報告書－第6期(令和2年4月1日－令和3年3月31日) | S100LT7M | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LT7M,, |

## 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).