# Laxus Technologies Inc.: business model and financials

> Latest period: FY ending Mar 2026, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 訂正有価証券報告書－第20期(2025/04/01－2026/03/31) (S100YYR9)
> Page: https://vizora.meequs.com/en/company/laxus-technologies
> Retrieved: 2026-09-30T20:48:14.403Z

## Company

Laxus Technologies, founded in 2007, is a company in Luxury Brands listed on TSE Growth. It has 44 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Laxus Technologies Inc. |
| Ticker | 288A |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/288A.T) |
| Listing | TSE Growth |
| Head office | 広島県広島市中区中町8番18号 |
| Representative (per filing) | 代表取締役社長執行役員 高橋 啓介 |
| Founded | Dec 2007 |
| Share capital | ¥1.68B |
| Employees (consolidated) | 44 |
| Average salary (parent only) | ¥4.9M |
| Fiscal year end | March |
| Corporate number | 9240001017580 |
| EDINET | E40206 |
| Industries (Vizora) | Luxury Brands |

> Profile source: annual securities report (S100YYR9, filed 2026-08-31). As of filing

## Five-axis industry profile

Primary industry: Luxury Brands (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 50 | 3 |
| Efficiency | 16.7 | 3 |

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)

- Laxus Technologies brought in ¥2.28B in revenue.
- Out of every ¥100 of sales, about ¥8 is left as operating profit.
- Revenue changed -11.1% from the prior year, operating profit -68.7%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥2.28B |  |
| Operating income | ¥185M | Margin 8.1% |
| Net income | ¥98.4M | Margin 4.3% |
| Free cash flow | -¥106.5M |  |
| Employees (consolidated) | 44 |  |
| EPS | ¥3.82 |  |
| Diluted EPS | ¥3.78 |  |
| Book value per share | ¥119.44 |  |
| Equity ratio | 70.7% |  |
| Shares outstanding | 25,836,783 |  |
| Shareholders | 5,512 |  |
| Average salary (parent only) | ¥4.9M | Filing company only |
| Cash ratio | 27.1% | Cash ÷ revenue 51.8% |
| Vs. industry median margin | 0 pp | Luxury Brands |
| ROE | 3.2% | Derived from disclosed figures |
| ROA | 2.2% | Derived from disclosed figures |

## Notable figures

- FY2026, cash is 27% of total assets

## What changed in 2 years

| Metric | FY ending Mar 2024 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥2193989000 | ¥2280939000 | +4.0% |
| Operating income | ¥454770000 | ¥184951000 | -59.3% |
| Operating margin | 20.7% | 8.1% | -12.6 pp |
| Employees | 42 people | 44 people | +4.8% |
| Cash and equivalents | ¥440302000 | ¥1180518000 | +168.1% |

### Change in segment revenue mix

Span: FY ending Mar 2024 → 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, non-consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 2,281 | 100.0% | S100YYR9 |
| Cost of revenue | 678 | 29.7% | S100YYR9 |
| Gross profit | 1,603 | 70.3% | S100YYR9 |
| SG&A | 1,413 | 62.0% | S100YYR9 |
| Operating income | 185 | 8.1% | S100YYR9 |
| Ordinary income | 190 | 8.3% | S100YYR9 |
| Pretax income | 147 | 6.4% | S100YYR9 |
| Income tax | 49 | 2.1% | S100YYR9 |
| Net income | 98 | 4.3% | S100YYR9 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 30 |
| SG&A | 62 |
| Operating income | 8 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 70.3% → Operating margin 8.1% → Net margin 4.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -11.1%; Core profit growth: -68.7%
Operating leverage (core profit growth ÷ revenue growth): 6.20×
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 | 2,565 | 2,281 | -284 | -11.1% |
| Gross profit | 1,950 | 1,603 | -346 | -17.8% |
| Operating income | 590 | 185 | -405 | -68.7% |
| Operating cash flow | 558 | -105 | -662 | -118.8% |
| Free cash flow | 543 | -106 | -650 | -119.6% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2024 | 2,194 | 455 | 20.7% | 432 | 28 | — | S100WS7H |
| FY ending Mar 2025 | 2,565 | 590 | 23.0% | 436 | 558 | 543 | S100YYR9 |
| FY ending Mar 2026 | 2,281 | 185 | 8.1% | 98 | -105 | -106 | S100YYR9 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥51.8M |
| Operating income per employee (consolidated) | ¥4.2M |
| Net income per employee (consolidated) | ¥2.2M |

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

| History | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: |
| Employees (consolidated) | 42 | 43 | 44 |
| Average salary (parent company) | — | ¥4.8M | ¥4.9M |
| Average age (parent company) | — | 39.1 years | 39.6 years |
| Average tenure (parent company) | — | 5.1 years | 5.3 years |

Year over year: Employees (consolidated) +2.3% · Revenue (consolidated) -11.1%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -105 | -4.6% | S100YYR9 |
| Capital expenditure | 2 | 0.1% | S100YYR9 |
| Free cash flow | -106 | -4.7% | 算出 |
| Investing cash flow | 18 | 0.8% | S100YYR9 |
| Financing cash flow | -255 | -11.2% | S100YYR9 |
| Change in cash | -342 | -15.0% | S100YYR9 |
| Cash and equivalents | 1,181 | 51.8% | S100YYR9 |

## 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 2024 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: |
| Cash and equivalents | 440 | 1,522 | 1,181 | S100YYR9 |
| Total assets | 3,655 | 4,669 | 4,364 | S100WS7H, S100YYR9 |
| Net assets | 842 | 2,970 | 3,086 | S100YYR9 |
| Share capital | 822 | 1,668 | 1,677 | S100WS7H, S100YYR9 |
| Property, plant and equipment | 2,509 | 2,637 | 2,665 | S100WS7H, S100YYR9 |
| Intangible assets excluding goodwill | 0 | 0 | — | S100WS7H, S100YYR9 |
| Current assets | 1,050 | 1,896 | 1,607 | S100WS7H, S100YYR9 |
| Current liabilities | 2,753 | 772 | 612 | S100WS7H, S100YYR9 |
| Short-term borrowings | 100 | 100 | 100 | S100WS7H, S100YYR9 |
| Long-term borrowings | 56 | 922 | 660 | S100WS7H, S100YYR9 |
| Total liabilities | 2,813 | 1,699 | 1,278 | S100WS7H, S100YYR9 |
| Equity attributable to owners of parent | 842 | 2,970 | 3,086 | S100WS7H, S100YYR9 |
| Retained earnings | -786 | -350 | -252 | S100WS7H, S100YYR9 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 27% | S100YYR9 |
| Property, plant and equipment | 61% | S100YYR9 |
| Other assets | 12% | S100YYR9 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 29% | S100YYR9 |
| Equity | 71% | S100YYR9 |

### Balance sheet history

| Metric | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: |
| Total assets | 3,655 | 4,669 | 4,364 |
| Equity | 842 | 2,970 | 3,086 |
| Interest-bearing debt | — | — | — |
| Cash | 440 | 1,522 | 1,181 |

## 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) | 116.8% | S100YYR9 |
| Fixed assets ÷ total assets | 61.1% | S100YYR9 |
| Goodwill ÷ parent equity | — | —, S100YYR9 |

### 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) | 27.1% |
| Cash ÷ revenue | 51.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -56.5% |
| Cash vs. profit gap | -203 JPY mn (of net income -206.3%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.1% |
| 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2024 | 19.7% | 0.60× | 11.8% | 4.34× | 51.2% | S100YYR9, S100WS7H |
| 2025 | 17.0% | 0.62× | 10.5% | 2.18× | 22.9% | S100YYR9 |
| 2026 | 4.3% | 0.51× | 2.2% | 1.49× | 3.2% | S100YYR9 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社ワールド | Major shareholder | 41.3% | 2026-03-31 |
| 児玉 昇司 | Major shareholder | 24.8% | 2026-03-31 |
| 野村信託銀行株式会社（投信口） | Major shareholder | 2.9% | 2026-03-31 |
| 岡三証券株式会社 | Major shareholder | 1.1% | 2026-03-31 |
| 野村證券株式会社 | Major shareholder | 1.0% | 2026-03-31 |
| 吉川 直樹 | Major shareholder | 0.9% | 2026-03-31 |
| 志賀 和夫 | Major shareholder | 0.8% | 2026-03-31 |
| 斎藤 真吾 | Major shareholder | 0.7% | 2026-03-31 |
| 株式会社SBI証券 | Major shareholder | 0.6% | 2026-03-31 |
| 内藤 征吾 | Major shareholder | 0.6% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 訂正有価証券報告書－第20期(2025/04/01－2026/03/31) | S100YYR9 | 2026-08-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YYR9,, |
| 訂正有価証券報告書－第19期(2024/04/01－2025/03/31) | S100WS7H | 2025-09-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WS7H,, |

## 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).