# INCLUSIVE Holdings: 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19期(2025/04/01－2026/03/31) (S100YMA3)
> Page: https://vizora.meequs.com/en/company/inclusive-holdings
> Retrieved: 2026-09-30T18:26:14.483Z

## Company

INCLUSIVE Holdings, founded in 2025, is a company in Venture Capital listed on TSE Growth. It has 161 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | INCLUSIVE Holdings Inc. |
| Ticker | 7078 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7078.T) |
| Listing | TSE Growth |
| Head office | 東京都港区虎ノ門四丁目1番1号 |
| Representative (per filing) | 代表取締役社長 木村 美樹 |
| Founded | Oct 2025 |
| Share capital | ¥14.4M |
| Employees (consolidated) | 161 |
| Average salary (parent only) | ¥6.1M |
| Fiscal year end | March |
| Website | www.inclusive.co.jp (https://www.inclusive.co.jp/) |
| Corporate number | 3010401068418 |
| EDINET | E35341 |
| Industries (Vizora) | Venture Capital, Consulting, Advertising, Restaurants & Pubs |

> Profile source: annual securities report (S100YMA3, filed 2026-06-26). As of filing

## Five-axis industry profile

Primary industry: Restaurants & Pubs (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 97.3 | 56 |
| Profitability | 2.3 | 66 |
| Efficiency | 34.1 | 66 |

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 48% of INCLUSIVE Holdings's sales come from Meal, with brand consulting and investment making up much of the rest.
- It lost about ¥9 for every ¥100 of sales at the operating level.
- Revenue changed -6.9% from the prior year.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥4.56B |  |
| Operating income | -¥417.9M | Margin -9.2% |
| Net income | -¥174.1M | Margin -3.8% |
| Free cash flow | -¥250.7M |  |
| Largest business | Meal | of segment revenue 48.5% |
| Employees (consolidated) | 161 |  |
| EPS | ¥-29.09 |  |
| Book value per share | ¥107.24 |  |
| Equity ratio | 45.4% |  |
| Shares outstanding | 10,053,189 |  |
| Treasury shares | 500 |  |
| Shareholders | 4,860 |  |
| Average salary (parent only) | ¥6.1M | Filing company only |
| Cash ratio | 55.3% | Cash ÷ revenue 40.9% |
| Vs. industry median margin | -13.1 pp | Restaurants & Pubs |
| ROA | -4.9% | Derived from disclosed figures |

## Notable figures

- FY2026, revenue is 2.6× its level five years ago
- FY2026, one segment accounts for 81% of positive segment profit
- FY2026, cash is 55% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥1376613000 | ¥4560226000 | +231.3% |
| Operating income | ¥31820000 | ¥-417945000 | -1413.5% |
| Operating margin | 2.3% | -9.2% | -11.5 pp |
| Employees | 95 people | 161 people | +69.5% |
| Cash and equivalents | ¥1651735000 | ¥1862926000 | +12.8% |

### 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 |
| --- | ---: |
| 新設・再編 → ブランドコンサルティング | 48.4% |
| 新設・再編 → 食関連 | 48.5% |
| 新設・再編 → 宇宙関連 | 0.7% |
| 新設・再編 → 投資 | 2.4% |

Segment revenue source references: 4 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Meal | — | — | ¥2211212000 | 4.0% | 2 |
| brand consulting | — | — | ¥2209315000 | -8.3% | 2 |
| investment | — | — | ¥109620000 | 19.3% | 2 |
| Space related | — | — | ¥30078000 | -11.1% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 4,560 | 100.0% | S100YMA3 |
| Cost of revenue | 2,861 | 62.7% | S100YMA3 |
| Gross profit | 1,699 | 37.3% | S100YMA3 |
| SG&A | 2,117 | 46.4% | S100YMA3 |
| Operating income | -418 | -9.2% | S100YMA3 |
| Ordinary income | -429 | -9.4% | S100YMA3 |
| Pretax income | -255 | -5.6% | S100YMA3 |
| Income tax | -30 | -0.7% | S100YMA3 |
| Net income | -225 | -4.9% | S100YMA3 |
| Net income attributable to owners | -174 | -3.8% | S100YMA3 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 63 |
| SG&A | 46 |
| Operating income | -9 |
| (Ref.) Net income | -4 |

### Margin funnel

Gross margin 37.3% → Operating margin -9.2% → Net margin -3.8%
Derived from reported figures (DERIVED).

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 4,897 | 4,560 | -337 | -6.9% |
| Gross profit | 1,891 | 1,699 | -191 | -10.1% |
| Operating income | -367 | -418 | -51 | — |
| Net income attributable to owners | -1,074 | -174 | 900 | — |
| Operating cash flow | -102 | -215 | -112 | — |
| Free cash flow | -137 | -251 | -114 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 1,505 | 267 | 17.7% | 167 | 218 | 212 | S100LUSH |
| FY ending Mar 2021 | 1,377 | 32 | 2.3% | 23 | -27 | -57 | S100OJUP |
| FY ending Mar 2022 | 1,744 | -45 | -2.6% | -116 | 114 | 110 | S100SWHY |
| FY ending Mar 2023 | 4,805 | -354 | -7.4% | -871 | 48 | 27 | S100TYU1 |
| FY ending Mar 2024 | 5,359 | -95 | -1.8% | 314 | 88 | 31 | S100W9O2 |
| FY ending Mar 2025 | 4,897 | -367 | -7.5% | -1,074 | -102 | -137 | S100YMA3 |
| FY ending Mar 2026 | 4,560 | -418 | -9.2% | -174 | -215 | -251 | S100YMA3 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥28.3M |
| Operating income per employee (consolidated) | -¥2.6M |
| Net income per employee (consolidated) | -¥1.1M |

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) | 116 | 267 | 210 | 190 | 161 |
| Average salary (parent company) | ¥5M | ¥5.2M | ¥5.4M | ¥5.6M | ¥6.1M |
| Average age (parent company) | 31.1 years | 31.6 years | 33.4 years | 33.4 years | 36.4 years |
| Average tenure (parent company) | 3.6 years | 3.8 years | 4.2 years | 4.1 years | 3.9 years |

Year over year: Employees (consolidated) -15.3% · Revenue (consolidated) -6.9%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| brand consulting | 2,209 | 48.4% | -184 | -8.3% |
| Meal | 2,211 | 48.5% | 87 | 4.0% |
| Space related | 30 | 0.7% | -3 | -11.1% |
| investment | 110 | 2.4% | 21 | 19.3% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| brand consulting | 48.4% | — | — | -8.3% |
| Meal | 48.5% | 80.5% | 32.0 | 4.0% |
| Space related | 0.7% | — | — | -11.1% |
| investment | 2.4% | 19.5% | 17.1 | 19.3% |

Loss-making segment (excluded from profit shares): brand consulting -184 JPY mn

Loss-making segment (excluded from profit shares): Space related -3 JPY mn

Segment → industry: investment → Venture Capital / Space related → Consulting / brand consulting → Advertising / Meal → Restaurants & Pubs

## 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 | -215 | -4.7% | S100YMA3 |
| Capital expenditure | 36 | 0.8% | S100YMA3 |
| Free cash flow | -251 | -5.5% | 算出 |
| Investing cash flow | 103 | 2.3% | S100YMA3 |
| Financing cash flow | -171 | -3.7% | S100YMA3 |
| Change in cash | -290 | -6.4% | S100YMA3 |
| Cash and equivalents | 1,863 | 40.9% | S100YMA3 |

## 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 | 1,248 | 1,783 | 2,209 | 2,153 | 1,863 | S100TYU1, S100W9O2, S100YMA3 |
| Total assets | 3,218 | 5,514 | 5,305 | 3,763 | 3,370 | S100SWHY, S100TYU1, S100W9O2, S100YMA3 |
| Net assets | 1,948 | 3,072 | 3,407 | 2,129 | 1,836 | S100TYU1, S100W9O2, S100YMA3 |
| Share capital | 622 | 1,341 | 1,350 | 14 | 14 | S100SWHY, S100TYU1, S100W9O2, S100YMA3 |
| Inventories | 20 | 115 | 88 | 83 | 90 | S100SWHY, S100TYU1, S100W9O2, S100YMA3 |
| Property, plant and equipment | 66 | 736 | 708 | 478 | 504 | S100SWHY, S100TYU1, S100W9O2, S100YMA3 |
| Intangible assets excluding goodwill | 917 | 1,760 | 1,301 | 222 | 165 | S100SWHY, S100TYU1, S100W9O2, S100YMA3 |
| Goodwill | 690 | 828 | 632 | 18 | — | S100SWHY, S100TYU1, S100W9O2, S100YMA3 |
| Investment securities | 238 | 183 | 210 | 189 | 6 | S100SWHY, S100TYU1, S100W9O2, S100YMA3 |
| Current assets | 1,802 | 2,627 | 2,848 | 2,748 | 2,495 | S100SWHY, S100TYU1, S100W9O2, S100YMA3 |
| Current liabilities | 871 | 1,224 | 943 | 914 | 907 | S100SWHY, S100TYU1, S100W9O2, S100YMA3 |
| Short-term borrowings | 150 | 165 | 150 | 183 | 180 | S100SWHY, S100TYU1, S100W9O2, S100YMA3 |
| Long-term borrowings | 263 | 653 | 530 | 434 | 380 | S100SWHY, S100TYU1, S100W9O2, S100YMA3 |
| Bonds | 33 | 15 | 5 | — | — | S100SWHY, S100TYU1, S100W9O2 |
| Interest-bearing debt | 446 | 833 | 685 | — | — | 算出 |
| Total liabilities | 1,270 | 2,442 | 1,897 | 1,634 | 1,534 | S100SWHY, S100TYU1, S100W9O2, S100YMA3 |
| Non-controlling interests | 66 | 611 | 581 | 353 | 219 | S100SWHY, S100TYU1, S100W9O2, S100YMA3 |
| Equity attributable to owners of parent | 1,871 | 2,438 | 2,772 | 1,715 | 1,529 | S100SWHY, S100TYU1, S100W9O2, S100YMA3 |
| Retained earnings | 477 | -394 | -77 | -1,158 | -12 | S100SWHY, S100TYU1, S100W9O2, S100YMA3 |
| Treasury stock | -0 | -0 | -1 | -1 | -1 | S100SWHY, S100TYU1, S100W9O2, S100YMA3 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 55% | S100YMA3 |
| Inventories | 3% | S100YMA3 |
| Property, plant and equipment | 15% | S100YMA3 |
| Intangibles and goodwill | 5% | S100YMA3 |
| Investment securities | 0% | S100YMA3 |
| Other assets | 22% | S100YMA3 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 46% | S100YMA3 |
| Equity | 54% | S100YMA3 |
| Other liabilities | 0% | S100YMA3 |

### 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 | 3,218 | 5,514 | 5,305 | 3,763 | 3,370 |
| Equity | 1,948 | 3,072 | 3,407 | 2,129 | 1,836 |
| Interest-bearing debt | 446 | 833 | 685 | — | — |
| Cash | 1,248 | 1,783 | 2,209 | 2,153 | 1,863 |

## 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) | 11.0% | S100YMA3 |
| Fixed assets ÷ total assets | 14.9% | S100YMA3 |
| Goodwill ÷ parent equity | — | —, S100YMA3 |

### 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) | 55.3% |
| Cash ÷ revenue | 40.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | -41 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.8% |
| 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 | — | —× | -3.6% | —× | — | S100SWHY |
| 2023 | — | —× | -20.0% | —× | — | S100TYU1 |
| 2024 | 5.9% | 0.99× | 5.8% | 2.08× | 12.0% | S100W9O2 |
| 2025 | — | —× | -23.7% | —× | — | S100YMA3 |
| 2026 | — | —× | -4.9% | —× | — | S100YMA3 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 藤田 誠 | Major shareholder | 41.3% | 2026-03-31 |
| 堀江 貴文 | Major shareholder | 5.4% | 2026-03-31 |
| インターステラテクノロジズ 株式会社 | Major shareholder | 4.0% | 2026-03-31 |
| 楽天証券株式会社 | Major shareholder | 2.1% | 2026-03-31 |
| 株式会社Hakuhodo DY ONE | Major shareholder | 1.9% | 2026-03-31 |
| ＢＮＹ ＧＣＭ ＣＬＩＥＮＴ ＡＣＣＯＵＮＴ ＪＰＲＤ ＡＣ ＩＳＧ（ＦＥ－ＡＣ）（常任代理人 株式会社三菱ＵＦＪ銀行) | Major shareholder | 1.8% | 2026-03-31 |
| アーキタイプグループ株式会社 | Major shareholder | 1.8% | 2026-03-31 |
| 瀬賀 雅弥 | Major shareholder | 0.9% | 2026-03-31 |
| ＪＰモルガン証券株式会社 | Major shareholder | 0.9% | 2026-03-31 |
| 株式会社ＳＢＩ証券 | Major shareholder | 0.9% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第19期(2025/04/01－2026/03/31) | S100YMA3 | 2026-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YMA3,, |
| 有価証券報告書－第18期(2024/04/01－2025/03/31) | S100W9O2 | 2025-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W9O2,, |
| 有価証券報告書－第17期(2023/04/01－2024/03/31) | S100TYU1 | 2024-07-01 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TYU1,, |
| 訂正有価証券報告書－第16期(2022/04/01－2023/03/31) | S100SWHY | 2024-02-14 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SWHY,, |
| 有価証券報告書－第15期(令和3年4月1日－令和4年3月31日) | S100OJUP | 2022-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OJUP,, |
| 有価証券報告書－第14期(令和2年4月1日－令和3年3月31日) | S100LUSH | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LUSH,, |

## 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).