# HARD OFF CORPORATION 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54期(2025/04/01－2026/03/31) (S100YHYF)
> Page: https://vizora.meequs.com/en/company/hard-off
> Retrieved: 2026-09-30T20:24:37.083Z

## Company

Hard OFF, founded in 1972, is a company in Secondhand Retail listed on TSE Prime. It has 1,040 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | HARD OFF CORPORATION Co.,Ltd. |
| Ticker | 2674 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2674.T) |
| Listing | TSE Prime |
| Head office | 新潟県新発田市新栄町3丁目1番13号 |
| Representative (per filing) | 代表取締役社長 山本 太郎 |
| Founded | Jul 1972 |
| Share capital | ¥1.68B |
| Employees (consolidated) | 1,040 |
| Average salary (parent only) | ¥5.4M |
| Fiscal year end | March |
| Website | www.hardoff.co.jp (https://www.hardoff.co.jp/) |
| Corporate number | 6110001012853 |
| EDINET | E03361 |
| Industries (Vizora) | Secondhand Retail |

> Profile source: annual securities report (S100YHYF, filed 2026-06-23). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 50 | 17 |
| Profitability | 77.5 | 20 |
| Cash conversion | 30 | 15 |
| Efficiency | 22.5 | 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 95% of Hard OFF's sales come from reuse business, with franchise business making up much of the rest.
- Out of every ¥100 of sales, about ¥9 is left as operating profit.
- Revenue changed +17.1% from the prior year, operating profit +5.3%.

## Company structure

- Segment revenue mix: reuse business 95.1%、franchise business 4.9%
- Revenue → net income: ¥39276974000 → ¥2526433000
- Net income → operating cash flow: ¥2526433000 → ¥2465760000（difference ¥-60673000）
- Main uses of operating cash flow: CapEx ¥1507644000 / dividends ¥1083652000 / buybacks ¥55000
- Change in cash: ¥298491000
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 | ¥39.3B |  |
| Operating income | ¥3.39B | Margin 8.6% |
| Net income | ¥2.52B | Margin 6.4% |
| Free cash flow | ¥958.1M |  |
| Largest business | reuse business | of segment revenue 95.1% |
| Employees (consolidated) | 1,040 |  |
| EPS | ¥218.56 |  |
| Book value per share | ¥1401.25 |  |
| Equity ratio | 63.9% |  |
| Shares outstanding | 13,954,000 |  |
| Treasury shares | 40,800 |  |
| Shareholders | 9,619 |  |
| Average salary (parent only) | ¥5.4M | Filing company only |
| Cash ratio | 10.5% | Cash ÷ revenue 8.4% |
| Vs. industry median margin | +5.3 pp | Secondhand Retail |
| ROE | 14.5% | Derived from disclosed figures |
| ROA | 8.8% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 81% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥21270193000 | ¥39276974000 | +84.7% |
| Operating income | ¥795586000 | ¥3387298000 | +325.8% |
| Operating margin | 3.7% | 8.6% | +4.9 pp |
| Employees | 615 people | 1,040 people | +69.1% |
| Cash and equivalents | ¥2197245000 | ¥3307878000 | +50.5% |

### 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 |
| --- | ---: |
| リユース事業 → リユース事業 | 94.3% |
| ＦＣ事業 → ＦＣ事業 | 4.9% |
| ＦＣ事業 → 事業再編・廃止 | 0.7% |
| 新設・再編 → リユース事業 | 0.7% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 39,277 | 100.0% | S100YHYF |
| Cost of revenue | 12,487 | 31.8% | S100YHYF |
| Gross profit | 26,790 | 68.2% | S100YHYF |
| SG&A | 23,403 | 59.6% | S100YHYF |
| Operating income | 3,387 | 8.6% | S100YHYF |
| Ordinary income | 3,490 | 8.9% | S100YHYF |
| Pretax income | 3,523 | 9.0% | S100YHYF |
| Income tax | 997 | 2.5% | S100YHYF |
| Net income | 2,526 | 6.4% | S100YHYF |
| Net income attributable to owners | 2,519 | 6.4% | S100YHYF |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 32 |
| SG&A | 59 |
| Operating income | 9 |
| (Ref.) Net income | 6 |

### Margin funnel

Gross margin 68.2% → Operating margin 8.6% → Net margin 6.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +17.1%; Core profit growth: +5.3%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.31×
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 | 33,531 | 39,277 | 5,746 | +17.1% |
| Gross profit | 22,997 | 26,790 | 3,793 | +16.5% |
| Operating income | 3,218 | 3,387 | 169 | +5.3% |
| Net income attributable to owners | 2,314 | 2,519 | 205 | +8.9% |
| Operating cash flow | 2,142 | 2,466 | 323 | +15.1% |
| Free cash flow | 656 | 958 | 302 | +46.0% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 19,350 | 832 | 4.3% | 389 | 823 | 534 | S100LQ06 |
| FY ending Mar 2021 | 21,270 | 796 | 3.7% | 348 | 1,130 | 671 | S100QILD |
| FY ending Mar 2022 | 24,507 | 1,531 | 6.2% | 1,042 | 1,484 | 964 | S100R2AQ |
| FY ending Mar 2023 | 27,041 | 2,312 | 8.6% | 1,654 | 1,766 | 903 | S100TP8F |
| FY ending Mar 2024 | 30,105 | 2,804 | 9.3% | 2,093 | 1,870 | 738 | S100W2M6 |
| FY ending Mar 2025 | 33,531 | 3,218 | 9.6% | 2,314 | 2,142 | 656 | S100YHYF |
| FY ending Mar 2026 | 39,277 | 3,387 | 8.6% | 2,519 | 2,466 | 958 | S100YHYF |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥37.8M |
| Operating income per employee (consolidated) | ¥3.3M |
| Net income per employee (consolidated) | ¥2.4M |

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) | 635 | 674 | 731 | 785 | 1,040 |
| Average salary (parent company) | ¥4.7M | ¥5M | ¥5.2M | ¥5.3M | ¥5.4M |
| Average age (parent company) | 36.4 years | 36.6 years | 36.6 years | 36.5 years | 36.6 years |
| Average tenure (parent company) | 10.5 years | 10.8 years | 11.0 years | 11.0 years | 11.2 years |

Year over year: Employees (consolidated) +32.5% · Revenue (consolidated) +17.1%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| reuse business | 37,265 | 95.1% | 5,679 | 15.2% |
| franchise business | 1,932 | 4.9% | 1,311 | 67.8% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| reuse business | 95.1% | 81.2% | -13.8 | 15.2% |
| franchise business | 4.9% | 18.8% | 13.8 | 67.8% |

Segment → industry: franchise business → Secondhand Retail / reuse business → 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 | 2,466 | 6.3% | S100YHYF |
| Capital expenditure | 1,508 | 3.8% | S100YHYF |
| Free cash flow | 958 | 2.4% | 算出 |
| Investing cash flow | -2,711 | -6.9% | S100YHYF |
| Financing cash flow | 521 | 1.3% | S100YHYF |
| Dividends paid | 1,084 | 2.8% | S100YHYF |
| Share buyback | 0 | 0.0% | S100YHYF |
| Change in cash | 298 | 0.8% | S100YHYF |
| Cash and equivalents | 3,308 | 8.4% | S100YHYF |

## 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 | 2,605 | 2,910 | 3,024 | 3,009 | 3,308 | S100TP8F, S100W2M6, S100YHYF |
| Total assets | 18,736 | 20,723 | 23,099 | 25,618 | 31,639 | S100R2AQ, S100TP8F, S100W2M6, S100YHYF |
| Net assets | 13,750 | 15,349 | 17,000 | 18,373 | 20,330 | S100TP8F, S100W2M6, S100YHYF |
| Share capital | 1,676 | 1,676 | 1,676 | 1,676 | 1,676 | S100R2AQ, S100TP8F, S100W2M6, S100YHYF |
| Property, plant and equipment | 3,358 | 3,719 | 4,154 | 4,809 | 5,903 | S100R2AQ, S100TP8F, S100W2M6, S100YHYF |
| Intangible assets excluding goodwill | 566 | 587 | 614 | 796 | 1,696 | S100R2AQ, S100TP8F, S100W2M6, S100YHYF |
| Goodwill | — | — | — | 161 | 1,063 | S100YHYF |
| Investment securities | 2,402 | 2,997 | 3,465 | 3,640 | 4,218 | S100R2AQ, S100TP8F, S100W2M6, S100YHYF |
| Current assets | 9,783 | 11,021 | 12,486 | 13,918 | 16,990 | S100R2AQ, S100TP8F, S100W2M6, S100YHYF |
| Current liabilities | 3,869 | 4,189 | 4,937 | 6,040 | 8,971 | S100R2AQ, S100TP8F, S100W2M6, S100YHYF |
| Short-term borrowings | 1,760 | 1,750 | 2,120 | 2,950 | 5,090 | S100R2AQ, S100TP8F, S100W2M6, S100YHYF |
| Long-term borrowings | — | — | — | — | 484 | S100YHYF |
| Total liabilities | 4,986 | 5,373 | 6,099 | 7,245 | 11,309 | S100R2AQ, S100TP8F, S100W2M6, S100YHYF |
| Non-controlling interests | 57 | 72 | 95 | 103 | 113 | S100R2AQ, S100TP8F, S100W2M6, S100YHYF |
| Equity attributable to owners of parent | 13,050 | 14,173 | 15,432 | 16,689 | 18,152 | S100R2AQ, S100TP8F, S100W2M6, S100YHYF |
| Retained earnings | 9,516 | 10,615 | 11,874 | 13,132 | 14,567 | S100R2AQ, S100TP8F, S100W2M6, S100YHYF |
| Treasury stock | -38 | -29 | -29 | -30 | -22 | S100R2AQ, S100TP8F, S100W2M6, S100YHYF |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 10% | S100YHYF |
| Property, plant and equipment | 19% | S100YHYF |
| Intangibles and goodwill | 9% | S100YHYF |
| Investment securities | 13% | S100YHYF |
| Other assets | 49% | S100YHYF |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 36% | S100YHYF |
| Equity | 64% | S100YHYF |

### 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 | 18,736 | 20,723 | 23,099 | 25,618 | 31,639 |
| Equity | 13,750 | 15,349 | 17,000 | 18,373 | 20,330 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 2,605 | 2,910 | 3,024 | 3,009 | 3,308 |

## 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) | 15.0% | S100YHYF |
| Fixed assets ÷ total assets | 18.7% | S100YHYF |
| Goodwill ÷ parent equity | 5.9% | S100YHYF |

### 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) | 10.5% |
| Cash ÷ revenue | 8.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 72.8% |
| Cash vs. profit gap | -53 JPY mn (of net income -2.1%) |
| Shareholder returns / net income | 43.0% |
| Shareholder returns / FCF | 113.1% |
| Shareholder payments — dividends / net income | 43.0% |
| Shareholder payments — dividends / FCF | 113.1% |
| CapEx intensity (capex ÷ revenue) | 3.8% |
| Investing CF relative to operating CF | 109.9% |

## 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 | 4.3% | 1.31× | 5.6% | 1.44× | 8.0% | S100R2AQ |
| 2023 | 6.1% | 1.37× | 8.4% | 1.45× | 12.2% | S100TP8F |
| 2024 | 7.0% | 1.37× | 9.6% | 1.48× | 14.1% | S100W2M6 |
| 2025 | 6.9% | 1.38× | 9.5% | 1.52× | 14.4% | S100YHYF |
| 2026 | 6.4% | 1.37× | 8.8% | 1.64× | 14.5% | S100YHYF |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ヤマモトアセット株式会社 | Major shareholder | 33.5% | 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 | 9.1% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 5.9% | 2026-03-31 |
| ハードオフコーポレーション社員持株会 | Major shareholder | 2.7% | 2026-03-31 |
| 山 本 善 政 | Major shareholder | 2.2% | 2026-03-31 |
| 株式会社アイマット | Major shareholder | 1.9% | 2026-03-31 |
| モルガン・スタンレーMUFG証券株式会社 | Major shareholder | 1.0% | 2026-03-31 |
| MORGAN STANLEY & CO. LLC （常任代理人 モルガン・スタンレーMUFG証券株式会社） | Major shareholder | 1.0% | 2026-03-31 |
| 山本 太郎 | Major shareholder | 0.9% | 2026-03-31 |
| ＦＰ成長支援Ａ号投資事業有限責任組合 | Major shareholder | 0.9% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第54期(2025/04/01－2026/03/31) | S100YHYF | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YHYF,, |
| 有価証券報告書－第53期(2024/04/01－2025/03/31) | S100W2M6 | 2025-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W2M6,, |
| 有価証券報告書－第52期(2023/04/01－2024/03/31) | S100TP8F | 2024-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TP8F,, |
| 有価証券報告書－第51期(2022/04/01－2023/03/31) | S100R2AQ | 2023-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R2AQ,, |
| 訂正有価証券報告書－第50期(2021/04/01－2022/03/31) | S100QILD | 2023-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QILD,, |
| 有価証券報告書－第49期(令和2年4月1日－令和3年3月31日) | S100LQ06 | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LQ06,, |

## 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).