# Gyet Co., Ltd.: business model and financials

> Latest period: FY ending Feb 2026, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第36期(2025/03/01－2026/02/28) (S100Y5TM)
> Page: https://vizora.meequs.com/en/company/gyet
> Retrieved: 2026-09-30T20:24:47.768Z

## Company

Gyet, founded in 1990, is a company in Crypto & Blockchain listed on TSE Standard. It has 224 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Gyet Co., Ltd. (旧英訳名 MAC HOUSE CO.,LTD.) (注)2025年9月17日開催の臨時株主総会の決議により、2025年9月18日から会社名を上記のとおり変更いたしました。 |
| Ticker | 7603 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7603.T) |
| Listing | TSE Standard |
| Head office | 東京都杉並区梅里一丁目7番7号 |
| Representative (per filing) | 取締役社長 木村竜哉 |
| Founded | Jun 1990 |
| Share capital | ¥1.92B |
| Employees (consolidated) | 224 |
| Average salary (parent only) | ¥4.2M |
| Fiscal year end | February |
| Website | gyet.co.jp (https://gyet.co.jp/) |
| Corporate number | 4011301006656 |
| EDINET | E03313 |
| Industries (Vizora) | Crypto & Blockchain, Apparel |

> Profile source: annual securities report (S100Y5TM, filed 2026-05-22). As of filing

## Five-axis industry profile

Primary industry: Apparel (2026-02-28)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 6.4 | 55 |
| Profitability | 2.5 | 61 |
| Efficiency | 79.5 | 61 |

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)

- Gyet brought in ¥11.6B in revenue.
- It lost about ¥20 for every ¥100 of sales at the operating level.
- Revenue changed -11.7% from the prior year.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥11.6B |  |
| Operating income | -¥2.38B | Margin -20.6% |
| Net income | -¥3.08B | Margin -26.5% |
| Free cash flow | -¥4.09B |  |
| Largest business | Apparel and Lifestyle Business | of segment revenue 100.0% |
| Employees (consolidated) | 224 |  |
| EPS | ¥-138.51 |  |
| Book value per share | ¥70.19 |  |
| Equity ratio | 25.3% |  |
| Shares outstanding | 25,747,000 |  |
| Treasury shares | 136,300 |  |
| Shareholders | 25,469 |  |
| Average salary (parent only) | ¥4.2M | Filing company only |
| Cash ratio | 24.8% | Cash ÷ revenue 15.2% |
| Vs. industry median margin | -23.6 pp | Apparel |
| ROA | -42.7% | Derived from disclosed figures |

## Notable figures

- FY2026, operating loss is 20 per ¥100 of revenue

## What changed in 5 years

| Metric | FY ending Feb 2021 | FY ending Feb 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥19717000000 | ¥11590000000 | -41.2% |
| Operating income | ¥-1127000000 | ¥-2383000000 | — |
| Operating margin | -5.7% | -20.6% | -14.8 pp |
| Employees | 308 people | 224 people | -27.3% |
| Cash and equivalents | ¥5039000000 | ¥1756000000 | -65.2% |

### Change in segment revenue mix

Span: FY ending Feb 2021 → FY ending Feb 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 新設・再編 → アパレル・ライフスタイル事業 | 100.0% |

Segment revenue source references: 2 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 11,590 | 100.0% | S100Y5TM |
| Cost of revenue | 7,234 | 62.4% | S100Y5TM |
| Gross profit | 4,356 | 37.6% | S100Y5TM |
| SG&A | 6,740 | 58.2% | S100Y5TM |
| Operating income | -2,383 | -20.6% | S100Y5TM |
| Ordinary income | -2,644 | -22.8% | S100Y5TM |
| Pretax income | -2,964 | -25.6% | S100Y5TM |
| Income tax | 112 | 1.0% | S100Y5TM |
| Net income | -3,076 | -26.5% | S100Y5TM |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 62 |
| SG&A | 58 |
| Operating income | -20 |
| (Ref.) Net income | -27 |

### Margin funnel

Gross margin 37.6% → Operating margin -20.6% → Net margin -26.5%
Derived from reported figures (DERIVED).

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 13,119 | 11,590 | -1,529 | -11.7% |
| Gross profit | 6,225 | 4,356 | -1,869 | -30.0% |
| Operating income | -1,213 | -2,383 | -1,170 | — |
| Operating cash flow | -548 | -4,065 | -3,517 | — |
| Free cash flow | -619 | -4,095 | -3,476 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Feb 2020 | 25,610 | -1,357 | -5.3% | -2,129 | 374 | -7 | S100LD9E |
| FY ending Feb 2021 | 19,717 | -1,127 | -5.7% | -1,756 | -703 | -957 | S100O4JG |
| FY ending Feb 2022 | 18,155 | -1,078 | -5.9% | -1,309 | -750 | -943 | S100QTKU |
| FY ending Feb 2023 | 18,443 | -726 | -3.9% | -1,056 | -1,254 | -1,397 | S100THBU |
| FY ending Feb 2024 | 15,409 | -910 | -5.9% | -1,151 | -1,211 | -1,284 | S100VSQ0 |
| FY ending Feb 2025 | 13,119 | -1,213 | -9.2% | -1,472 | -548 | -619 | S100Y5TM |
| FY ending Feb 2026 | 11,590 | -2,383 | -20.6% | -3,076 | -4,065 | -4,095 | S100Y5TM |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥51.7M |
| Operating income per employee (consolidated) | -¥10.6M |
| Net income per employee (consolidated) | -¥13.7M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 277 | 274 | 290 | 260 | 224 |
| Average salary (parent company) | ¥4.2M | ¥4.2M | ¥4.2M | ¥4.4M | ¥4.2M |
| Average age (parent company) | 45.0 years | 46.0 years | 45.0 years | 46.0 years | 47.0 years |
| Average tenure (parent company) | 18.0 years | 18.0 years | 17.0 years | 18.0 years | 18.0 years |

Year over year: Employees (consolidated) -13.8% · Revenue (consolidated) -11.7%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Apparel and Lifestyle Business | 12,429 | 107.2% | -409 | -3.3% |
| Finance and Investment Business | -838 | -7.2% | -838 | 100.0% |

### 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 | Margin |
| --- | ---: |
| Apparel and Lifestyle Business | -3.3% |
| Finance and Investment Business | — |

Loss-making segment (excluded from profit shares): Apparel and Lifestyle Business -409 JPY mn

Loss-making segment (excluded from profit shares): Finance and Investment Business -838 JPY mn

Segment → industry: Finance and Investment Business → Crypto & Blockchain / Apparel and Lifestyle Business → Apparel

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Feb 2026, non-consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -4,065 | -35.1% | S100Y5TM |
| Capital expenditure | 30 | 0.3% | S100Y5TM |
| Free cash flow | -4,095 | -35.3% | 算出 |
| Investing cash flow | 236 | 2.0% | S100Y5TM |
| Financing cash flow | 3,623 | 31.3% | S100Y5TM |
| Change in cash | -204 | -1.8% | S100Y5TM |
| Cash and equivalents | 1,756 | 15.2% | S100Y5TM |

## 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 Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 4,084 | 2,709 | 1,540 | 1,961 | 1,756 | S100THBU, S100VSQ0, S100Y5TM |
| Total assets | 11,952 | 10,755 | 8,375 | 7,303 | 7,093 | S100QTKU, S100THBU, S100VSQ0, S100Y5TM |
| Net assets | 4,917 | 3,858 | 2,707 | 1,234 | 1,797 | S100THBU, S100VSQ0, S100Y5TM |
| Share capital | 1,617 | 100 | 100 | 100 | 1,919 | S100QTKU, S100THBU, S100VSQ0, S100Y5TM |
| Property, plant and equipment | 876 | 686 | 541 | 301 | 42 | S100QTKU, S100THBU, S100VSQ0, S100Y5TM |
| Intangible assets excluding goodwill | 129 | 106 | 109 | 106 | — | S100QTKU, S100THBU, S100VSQ0, S100Y5TM |
| Current assets | 8,481 | 7,668 | 5,736 | 5,111 | 5,769 | S100QTKU, S100THBU, S100VSQ0, S100Y5TM |
| Current liabilities | 4,480 | 4,436 | 3,370 | 3,071 | 2,470 | S100QTKU, S100THBU, S100VSQ0, S100Y5TM |
| Long-term borrowings | — | — | — | 900 | 900 | S100Y5TM |
| Total liabilities | 7,034 | 6,896 | 5,667 | 6,069 | 5,295 | S100QTKU, S100THBU, S100VSQ0, S100Y5TM |
| Equity attributable to owners of parent | 4,910 | 3,858 | 2,707 | 1,234 | 1,797 | S100QTKU, S100THBU, S100VSQ0, S100Y5TM |
| Retained earnings | -1,917 | -1,059 | -2,210 | -3,683 | -6,759 | S100QTKU, S100THBU, S100VSQ0, S100Y5TM |
| Treasury stock | -88 | -80 | -80 | -80 | -80 | S100QTKU, S100THBU, S100VSQ0, S100Y5TM |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 25% | S100Y5TM |
| Property, plant and equipment | 0% | S100Y5TM |
| Other assets | 75% | S100Y5TM |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 75% | S100Y5TM |
| Equity | 25% | S100Y5TM |
| Other liabilities | 0% | S100Y5TM |

### Balance sheet history

| Metric | FY ending Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 11,952 | 10,755 | 8,375 | 7,303 | 7,093 |
| Equity | 4,917 | 3,858 | 2,707 | 1,234 | 1,797 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 4,084 | 2,709 | 1,540 | 1,961 | 1,756 |

## 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) | 0.4% | S100Y5TM |
| Fixed assets ÷ total assets | 0.6% | S100Y5TM |
| Goodwill ÷ parent equity | — | —, S100Y5TM |

### 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) | 24.8% |
| Cash ÷ revenue | 15.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | -989 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.3% |
| 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 | — | —× | -11.0% | —× | — | S100QTKU |
| 2023 | — | —× | -9.3% | —× | — | S100THBU |
| 2024 | — | —× | -12.0% | —× | — | S100VSQ0 |
| 2025 | — | —× | -18.8% | —× | — | S100Y5TM |
| 2026 | — | —× | -42.7% | —× | — | S100Y5TM |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| G Future Fund １号投資事業有限責任組合 （無限責任組合員トラストアップ株式会社） | Major shareholder | 36.7% | 2026-02-28 |
| 株式会社ＳＢＩ証券 | Major shareholder | 3.5% | 2026-02-28 |
| 楽天証券株式会社共有口 | Major shareholder | 2.8% | 2026-02-28 |
| 長 澤 祥 平 | Major shareholder | 1.6% | 2026-02-28 |
| マックハウス共栄会 | Major shareholder | 1.4% | 2026-02-28 |
| BNP GCM CLIENT ACCOUNT JPRD AC ISG (FE-AC)（常任代理人株式会社三菱ＵＦＪ銀行） | Major shareholder | 1.0% | 2026-02-28 |
| 美濃屋株式会社 | Major shareholder | 0.8% | 2026-02-28 |
| J.P.Morgan Securities plc Director Andrew J.Cox（常任代理人ＪＰモルガン証券株式会社） | Major shareholder | 0.7% | 2026-02-28 |
| 日本証券金融株式会社 | Major shareholder | 0.6% | 2026-02-28 |
| UBS AG LONDON A/C IPB SEGREGATED CLIENT ACCOUNT（常任代理人シティバンク、エヌ、エイ東京支店） | Major shareholder | 0.5% | 2026-02-28 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第36期(2025/03/01－2026/02/28) | S100Y5TM | 2026-05-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y5TM,, |
| 有価証券報告書－第35期(2024/03/01－2025/02/28) | S100VSQ0 | 2025-05-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VSQ0,, |
| 有価証券報告書－第34期(2023/03/01－2024/02/29) | S100THBU | 2024-05-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100THBU,, |
| 有価証券報告書－第33期(2022/03/01－2023/02/28) | S100QTKU | 2023-05-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QTKU,, |
| 有価証券報告書－第32期(令和3年3月1日－令和4年2月28日) | S100O4JG | 2022-05-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O4JG,, |
| 有価証券報告書－第31期(令和2年3月1日－令和3年2月28日) | S100LD9E | 2021-05-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LD9E,, |

## 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).