# Gurunavi, 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37期(2025/04/01－2026/03/31) (S100YJQU)
> Page: https://vizora.meequs.com/en/company/gurunavi
> Retrieved: 2026-09-30T20:25:26.331Z

## Company

Gurunavi, founded in 1989, is a company in Internet Services & Apps listed on TSE Standard. It has 777 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Gurunavi, Inc. |
| Ticker | 2440 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2440.T) |
| Listing | TSE Standard |
| Head office | 東京都千代田区有楽町一丁目1番2号 |
| Representative (per filing) | 代表取締役社長 杉原 章郎 |
| Founded | Oct 1989 |
| Share capital | ¥100M |
| Employees (consolidated) | 777 |
| Average salary (parent only) | ¥6.4M |
| Fiscal year end | March |
| Website | corporate.gnavi.co.jp (https://corporate.gnavi.co.jp/) |
| Corporate number | 1010001034565 |
| EDINET | E05456 |
| Industries (Vizora) | Internet Services & Apps |

> Profile source: annual securities report (S100YJQU, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: Internet Services & Apps (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 18.8 | 40 |
| Profitability | 24.5 | 51 |
| Cash conversion | 5.8 | 43 |
| Efficiency | 76 | 52 |

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)

- Gurunavi brought in ¥14.1B in revenue.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed +5.0% from the prior year, operating profit +52.7%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥14.1B |  |
| Operating income | ¥400.8M | Margin 2.8% |
| Net income | ¥236.1M | Margin 1.7% |
| Free cash flow | -¥1.63B |  |
| Employees (consolidated) | 777 |  |
| EPS | ¥4.24 |  |
| Diluted EPS | ¥4.24 |  |
| Book value per share | ¥91.4 |  |
| Equity ratio | 47.7% |  |
| Shares outstanding | 56,903,800 |  |
| Treasury shares | 529,600 |  |
| Shareholders | 16,706 |  |
| Average salary (parent only) | ¥6.4M | Filing company only |
| Cash ratio | 30.3% | Cash ÷ revenue 23.4% |
| Vs. industry median margin | -4.8 pp | Internet Services & Apps |
| ROE | 4.8% | Derived from disclosed figures |
| ROA | 2.1% | Derived from disclosed figures |

## Notable figures

- FY2026, parent-company salary changed +25% over five years
- FY2026, cash is 30% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥16181206000 | ¥14132741000 | -12.7% |
| Operating income | ¥-7423750000 | ¥400782000 | — |
| Operating margin | -45.9% | 2.8% | +48.7 pp |
| Employees | 1,442 people | 777 people | -46.1% |
| Cash and equivalents | ¥7507254000 | ¥3300833000 | -56.0% |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 14,133 | 100.0% | S100YJQU |
| Cost of revenue | 5,770 | 40.8% | S100YJQU |
| Gross profit | 8,362 | 59.2% | S100YJQU |
| SG&A | 7,962 | 56.3% | S100YJQU |
| Operating income | 401 | 2.8% | S100YJQU |
| Ordinary income | 369 | 2.6% | S100YJQU |
| Pretax income | 239 | 1.7% | S100YJQU |
| Income tax | 5 | 0.0% | S100YJQU |
| Net income | 234 | 1.7% | S100YJQU |
| Net income attributable to owners | 236 | 1.7% | S100YJQU |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 41 |
| SG&A | 56 |
| Operating income | 3 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 59.2% → Operating margin 2.8% → Net margin 1.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +5.0%; Core profit growth: +52.7%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 10.51×
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 | 13,458 | 14,133 | 674 | +5.0% |
| Gross profit | 8,318 | 8,362 | 45 | +0.5% |
| Operating income | 262 | 401 | 138 | +52.7% |
| Net income attributable to owners | 211 | 236 | 25 | +11.9% |
| Operating cash flow | 921 | -172 | -1,093 | -118.7% |
| Free cash flow | -163 | -1,631 | -1,468 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 30,927 | 1,826 | 5.9% | 949 | 4,177 | 3,598 | S100LLVB |
| FY ending Mar 2021 | 16,181 | -7,424 | -45.9% | -9,704 | -3,815 | -4,665 | S100OD8H |
| FY ending Mar 2022 | 12,852 | -4,786 | -37.2% | -5,769 | -4,646 | -5,951 | S100R006 |
| FY ending Mar 2023 | 12,296 | -1,724 | -14.0% | -2,286 | -1,042 | -1,774 | S100TV5O |
| FY ending Mar 2024 | 12,983 | -339 | -2.6% | -363 | -1,499 | -2,237 | S100W3UG |
| FY ending Mar 2025 | 13,458 | 262 | 2.0% | 211 | 921 | -163 | S100YJQU |
| FY ending Mar 2026 | 14,133 | 401 | 2.8% | 236 | -172 | -1,631 | S100YJQU |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥18.2M |
| Operating income per employee (consolidated) | ¥515.8K |
| Net income per employee (consolidated) | ¥303.8K |

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) | 1,286 | 831 | 765 | 749 | 777 |
| Average salary (parent company) | ¥5.1M | ¥5.5M | ¥5.5M | ¥6M | ¥6.4M |
| Average age (parent company) | 38.3 years | 42.7 years | 40.3 years | 40.6 years | 40.5 years |
| Average tenure (parent company) | 8.2 years | 9.2 years | 9.6 years | 10.0 years | 10.0 years |

Year over year: Employees (consolidated) +3.7% · Revenue (consolidated) +5.0%

## 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 | -172 | -1.2% | S100YJQU |
| Capital expenditure | 1,459 | 10.3% | S100YJQU |
| Free cash flow | -1,631 | -11.5% | 算出 |
| Investing cash flow | -1,448 | -10.2% | S100YJQU |
| Financing cash flow | -122 | -0.9% | S100YJQU |
| Change in cash | -1,741 | -12.3% | S100YJQU |
| Cash and equivalents | 3,301 | 23.4% | S100YJQU |

## 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 | 6,963 | 8,266 | 5,368 | 5,042 | 3,301 | S100TV5O, S100W3UG, S100YJQU |
| Total assets | 12,108 | 13,001 | 11,411 | 11,129 | 10,911 | S100R006, S100TV5O, S100W3UG, S100YJQU |
| Net assets | 8,852 | 6,899 | 6,138 | 4,978 | 5,244 | S100TV5O, S100W3UG, S100YJQU |
| Share capital | 100 | 100 | 100 | 100 | 100 | S100R006, S100TV5O, S100W3UG, S100YJQU |
| Trade receivables | 2,661 | 2,872 | 2,968 | 2,452 | 2,528 | S100R006, S100TV5O, S100W3UG, S100YJQU |
| Property, plant and equipment | — | — | 155 | 492 | 244 | S100W3UG, S100YJQU |
| Intangible assets excluding goodwill | — | — | 531 | 983 | 1,871 | S100W3UG, S100YJQU |
| Investment securities | 541 | 585 | 441 | 367 | 399 | S100R006, S100TV5O, S100W3UG, S100YJQU |
| Current assets | 10,692 | 12,061 | 9,591 | 8,645 | 7,987 | S100R006, S100TV5O, S100W3UG, S100YJQU |
| Current liabilities | 3,134 | 3,657 | 2,768 | 3,648 | 2,412 | S100R006, S100TV5O, S100W3UG, S100YJQU |
| Trade payables | 100 | 118 | 117 | 130 | 154 | S100R006, S100TV5O, S100W3UG, S100YJQU |
| Short-term borrowings | — | — | — | 1,200 | — | S100YJQU |
| Long-term borrowings | — | 2,200 | 2,200 | 2,200 | 3,034 | S100TV5O, S100W3UG, S100YJQU |
| Total liabilities | 3,256 | 6,102 | 5,274 | 6,151 | 5,668 | S100R006, S100TV5O, S100W3UG, S100YJQU |
| Non-controlling interests | — | — | — | 33 | 32 | S100YJQU |
| Equity attributable to owners of parent | 8,779 | 6,639 | 5,877 | 4,771 | 5,020 | S100R006, S100TV5O, S100W3UG, S100YJQU |
| Retained earnings | 2,930 | 490 | 19 | 230 | 466 | S100R006, S100TV5O, S100W3UG, S100YJQU |
| Treasury stock | -2,996 | -2,996 | -1,089 | -1,089 | -1,049 | S100R006, S100TV5O, S100W3UG, S100YJQU |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 30% | S100YJQU |
| Receivables | 23% | S100YJQU |
| Property, plant and equipment | 2% | S100YJQU |
| Intangibles and goodwill | 17% | S100YJQU |
| Investment securities | 4% | S100YJQU |
| Other assets | 24% | S100YJQU |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 1% | S100YJQU |
| Other liabilities | 51% | S100YJQU |
| Equity | 48% | S100YJQU |

### 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 | 12,108 | 13,001 | 11,411 | 11,129 | 10,911 |
| Equity | 8,852 | 6,899 | 6,138 | 4,978 | 5,244 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 6,963 | 8,266 | 5,368 | 5,042 | 3,301 |

## 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) | 1.7% | S100YJQU |
| Fixed assets ÷ total assets | 2.2% | S100YJQU |
| Goodwill ÷ parent equity | — | —, S100YJQU |

### 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) | 30.3% |
| Cash ÷ revenue | 23.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -43.0% |
| Cash vs. profit gap | -408 JPY mn (of net income -173.0%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 10.3% |
| 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 | — | —× | -47.6% | —× | — | S100R006 |
| 2023 | — | —× | -18.2% | —× | — | S100TV5O |
| 2024 | — | —× | -3.0% | —× | — | S100W3UG |
| 2025 | 1.6% | 1.19× | 1.9% | 2.12× | 4.0% | S100YJQU |
| 2026 | 1.7% | 1.28× | 2.1% | 2.25× | 4.8% | S100YJQU |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 楽天グループ株式会社 | Major shareholder | 16.4% | 2026-03-31 |
| 滝 久雄 | Major shareholder | 12.6% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 5.8% | 2026-03-31 |
| 株式会社ＳＨＩＦＴ | Major shareholder | 4.0% | 2026-03-31 |
| 公益財団法人日本交通文化協会 | Major shareholder | 3.3% | 2026-03-31 |
| 杉原 章郎（注）１ | Major shareholder | 2.3% | 2026-03-31 |
| 小田急電鉄株式会社 | Major shareholder | 2.0% | 2026-03-31 |
| 東京地下鉄株式会社 | Major shareholder | 1.7% | 2026-03-31 |
| 滝 裕子 | Major shareholder | 1.5% | 2026-03-31 |
| 株式会社オプティム | Major shareholder | 1.4% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第37期(2025/04/01－2026/03/31) | S100YJQU | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YJQU,, |
| 有価証券報告書－第36期(2024/04/01－2025/03/31) | S100W3UG | 2025-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W3UG,, |
| 有価証券報告書－第35期(2023/04/01－2024/03/31) | S100TV5O | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TV5O,, |
| 有価証券報告書－第34期(2022/04/01－2023/03/31) | S100R006 | 2023-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R006,, |
| 有価証券報告書－第33期(令和3年4月1日－令和4年3月31日) | S100OD8H | 2022-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OD8H,, |
| 有価証券報告書－第32期(令和2年4月1日－令和3年3月31日) | S100LLVB | 2021-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LLVB,, |

## 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).