# Ligua 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22期(2025/04/01－2026/03/31) (S100YJLO)
> Page: https://vizora.meequs.com/en/company/ligua
> Retrieved: 2026-09-30T19:41:59.983Z

## Company

Ligua, founded in 2004, is a company in Medical Devices listed on TSE Growth. It has 129 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Ligua Inc. |
| Ticker | 7090 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7090.T) |
| Listing | TSE Growth |
| Head office | 大阪市中央区淡路町二丁目6番6号 淡路町パークビル2号館 |
| Representative (per filing) | 代表取締役社長 川瀨 紀彦 |
| Founded | Oct 2004 |
| Share capital | ¥597M |
| Employees (consolidated) | 129 |
| Average salary (parent only) | ¥5.2M |
| Fiscal year end | March |
| Website | ligua.jp (https://ligua.jp/) |
| Corporate number | 7120001108848 |
| EDINET | E33790 |
| Industries (Vizora) | Medical Devices, Non-life Insurance, Hospitals & Medical Services |

> Profile source: annual securities report (S100YJLO, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: Hospitals & Medical Services (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 18.8 | 8 |
| Profitability | 6.3 | 8 |
| Efficiency | 31.3 | 8 |

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 73% of Ligua's sales come from Wellness Services Segments, with Financial Services Segments making up much of the rest.
- It lost about ¥5 for every ¥100 of sales at the operating level.
- Revenue changed -15.8% from the prior year.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥2.42B |  |
| Operating income | -¥123.5M | Margin -5.1% |
| Net income | -¥241M | Margin -10.0% |
| Free cash flow | ¥253.6M |  |
| Largest business | Wellness Services Segments | of segment revenue 73.3% |
| Employees (consolidated) | 129 |  |
| EPS | ¥-243.19 |  |
| Book value per share | ¥60.26 |  |
| Equity ratio | 7.1% |  |
| Shares outstanding | 1,611,800 |  |
| Treasury shares | 21,000 |  |
| Shareholders | 1,147 |  |
| Average salary (parent only) | ¥5.2M | Filing company only |
| Cash ratio | 46.3% | Cash ÷ revenue 47.7% |
| Vs. industry median margin | -16.2 pp | Medical Devices |
| ROA | -8.6% | Derived from disclosed figures |

## Notable figures

- FY2026, cash is 46% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥2687593000 | ¥2419257000 | -10.0% |
| Operating income | ¥247124000 | ¥-123471000 | -150.0% |
| Operating margin | 9.2% | -5.1% | -14.3 pp |
| Employees | 121 people | 129 people | +6.6% |
| Cash and equivalents | ¥1910653000 | ¥1153217000 | -39.6% |

### 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 |
| --- | ---: |
| 接骨院ソリューション事業 → 事業再編・廃止 | 67.4% |
| ファイナンシャル事業 → ファイナンシャル事業 | 26.7% |
| ファイナンシャル事業 → 事業再編・廃止 | 6.0% |
| 新設・再編 → ウェルネス事業 | 73.3% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 2,419 | 100.0% | S100YJLO |
| Cost of revenue | 996 | 41.2% | S100YJLO |
| Gross profit | 1,423 | 58.8% | S100YJLO |
| SG&A | 1,546 | 63.9% | S100YJLO |
| Operating income | -123 | -5.1% | S100YJLO |
| Ordinary income | -161 | -6.6% | S100YJLO |
| Pretax income | -114 | -4.7% | S100YJLO |
| Income tax | 127 | 5.3% | S100YJLO |
| Net income | -241 | -10.0% | S100YJLO |
| Net income attributable to owners | -241 | -10.0% | S100YJLO |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 41 |
| SG&A | 64 |
| Operating income | -5 |
| (Ref.) Net income | -10 |

### Margin funnel

Gross margin 58.8% → Operating margin -5.1% → Net margin -10.0%
Derived from reported figures (DERIVED).

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 2,872 | 2,419 | -453 | -15.8% |
| Gross profit | 1,706 | 1,423 | -283 | -16.6% |
| Operating income | -155 | -123 | 31 | — |
| Net income attributable to owners | -301 | -241 | 60 | — |
| Operating cash flow | 163 | 264 | 100 | +61.4% |
| Free cash flow | 127 | 254 | 127 | +99.6% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 2,168 | 224 | 10.3% | 143 | 367 | 143 | S100LSG9 |
| FY ending Mar 2021 | 2,688 | 247 | 9.2% | 157 | 207 | -286 | S100OFW0 |
| FY ending Mar 2022 | 3,203 | 159 | 4.9% | 72 | 80 | -216 | S100R2Y9 |
| FY ending Mar 2023 | 2,838 | -508 | -17.9% | -774 | -328 | -468 | S100TPKV |
| FY ending Mar 2024 | 3,430 | 118 | 3.4% | 104 | 3 | -20 | S100WANH |
| FY ending Mar 2025 | 2,872 | -155 | -5.4% | -301 | 163 | 127 | S100YJLO |
| FY ending Mar 2026 | 2,419 | -123 | -5.1% | -241 | 264 | 254 | S100YJLO |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥18.8M |
| Operating income per employee (consolidated) | -¥957.1K |
| Net income per employee (consolidated) | -¥1.9M |

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) | 156 | 159 | 140 | 142 | 129 |
| Average salary (parent company) | ¥5.4M | ¥4.3M | ¥4.8M | ¥5.3M | ¥5.2M |
| Average age (parent company) | 32.5 years | 32.5 years | 34.8 years | 34.3 years | 36.1 years |
| Average tenure (parent company) | 3.7 years | 4.3 years | 5.4 years | 5.2 years | 6.8 years |

Year over year: Employees (consolidated) -9.2% · Revenue (consolidated) -15.8%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Wellness Services Segments | 1,774 | 73.3% | -37 | -2.1% |
| Financial Services Segments | 645 | 26.7% | -86 | -13.4% |

### 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 | Margin |
| --- | ---: | ---: |
| Wellness Services Segments | 73.3% | -2.1% |
| Financial Services Segments | 26.7% | -13.4% |

Loss-making segment (excluded from profit shares): Wellness Services Segments -37 JPY mn

Loss-making segment (excluded from profit shares): Financial Services Segments -86 JPY mn

Segment → industry: Wellness Services Segments → Medical Devices / Financial Services Segments → Non-life Insurance / Wellness Services Segments → Hospitals & Medical Services

## 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 | 264 | 10.9% | S100YJLO |
| Capital expenditure | 10 | 0.4% | S100YJLO |
| Free cash flow | 254 | 10.5% | 算出 |
| Investing cash flow | -42 | -1.7% | S100YJLO |
| Financing cash flow | -390 | -16.1% | S100YJLO |
| Share buyback | 0 | 0.0% | S100YJLO |
| Change in cash | -169 | -7.0% | S100YJLO |
| Cash and equivalents | 1,153 | 47.7% | S100YJLO |

## 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 | 1,362 | 1,150 | 1,301 | 1,322 | 1,153 | S100TPKV, S100WANH, S100YJLO |
| Total assets | 3,280 | 3,374 | 3,869 | 3,142 | 2,493 | S100R2Y9, S100TPKV, S100WANH, S100YJLO |
| Net assets | 1,145 | 353 | 605 | 320 | 177 | S100TPKV, S100WANH, S100YJLO |
| Share capital | 476 | 478 | 551 | 551 | 597 | S100R2Y9, S100TPKV, S100WANH, S100YJLO |
| Property, plant and equipment | 117 | 140 | 118 | 109 | 95 | S100R2Y9, S100TPKV, S100WANH, S100YJLO |
| Intangible assets excluding goodwill | 949 | 448 | 334 | 149 | 116 | S100R2Y9, S100TPKV, S100WANH, S100YJLO |
| Goodwill | 166 | 143 | 124 | 107 | 90 | S100R2Y9, S100TPKV, S100WANH, S100YJLO |
| Current assets | 2,129 | 2,563 | 3,123 | 2,735 | 2,243 | S100R2Y9, S100TPKV, S100WANH, S100YJLO |
| Current liabilities | 1,046 | 1,952 | 2,479 | 2,047 | 1,792 | S100R2Y9, S100TPKV, S100WANH, S100YJLO |
| Short-term borrowings | — | 714 | 1,100 | 906 | 775 | S100TPKV, S100WANH, S100YJLO |
| Long-term borrowings | 1,070 | 1,048 | 765 | 752 | 494 | S100R2Y9, S100TPKV, S100WANH, S100YJLO |
| Total liabilities | 2,135 | 3,021 | 3,264 | 2,822 | 2,316 | S100R2Y9, S100TPKV, S100WANH, S100YJLO |
| Non-controlling interests | — | 0 | — | — | — | S100TPKV |
| Equity attributable to owners of parent | 1,145 | 353 | 604 | 319 | 176 | S100R2Y9, S100TPKV, S100WANH, S100YJLO |
| Retained earnings | 284 | -491 | -387 | -688 | -929 | S100R2Y9, S100TPKV, S100WANH, S100YJLO |
| Treasury stock | -11 | -30 | -30 | -20 | -16 | S100R2Y9, S100TPKV, S100WANH, S100YJLO |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 46% | S100YJLO |
| Property, plant and equipment | 4% | S100YJLO |
| Intangibles and goodwill | 8% | S100YJLO |
| Other assets | 42% | S100YJLO |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 93% | S100YJLO |
| Equity | 7% | S100YJLO |
| Other liabilities | 0% | S100YJLO |

### 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 | 3,280 | 3,374 | 3,869 | 3,142 | 2,493 |
| Equity | 1,145 | 353 | 605 | 320 | 177 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,362 | 1,150 | 1,301 | 1,322 | 1,153 |

## 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) | 3.9% | S100YJLO |
| Fixed assets ÷ total assets | 3.8% | S100YJLO |
| Goodwill ÷ parent equity | 50.8% | S100YJLO |

Goodwill over 4 years: 166 → 90 JPY; total investing cash flow: -962 JPY. This does not imply causation.

### 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) | 46.3% |
| Cash ÷ revenue | 47.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | 505 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.4% |
| Investing CF relative to operating CF | 15.9% |

## 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 | 2.3% | 0.98× | 2.2% | 2.87× | 6.3% | S100R2Y9 |
| 2023 | — | —× | -23.3% | —× | — | S100TPKV |
| 2024 | 3.0% | 0.95× | 2.9% | 7.56× | 21.7% | S100WANH |
| 2025 | — | —× | -8.6% | —× | — | S100YJLO |
| 2026 | — | —× | -8.6% | —× | — | S100YJLO |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 川瀨 紀彦 | Major shareholder | 29.6% | 2026-03-31 |
| 株式会社BRIDGE | Major shareholder | 12.2% | 2026-03-31 |
| 株式会社TBM | Major shareholder | 6.3% | 2026-03-31 |
| 藤原 俊也 | Major shareholder | 5.0% | 2026-03-31 |
| 石本 導彦 | Major shareholder | 3.9% | 2026-03-31 |
| 藤本 幸弘 | Major shareholder | 2.7% | 2026-03-31 |
| 株式会社ケイズグループ | Major shareholder | 2.7% | 2026-03-31 |
| K&Pパートナーズ２号投資事業有限責任組合 | Major shareholder | 2.5% | 2026-03-31 |
| 城守 和幸 | Major shareholder | 2.0% | 2026-03-31 |
| 粂野 聡史 | Major shareholder | 1.5% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第22期(2025/04/01－2026/03/31) | S100YJLO | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YJLO,, |
| 訂正有価証券報告書－第21期(2024/04/01－2025/03/31) | S100WANH | 2025-07-02 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WANH,, |
| 有価証券報告書－第20期(2023/04/01－2024/03/31) | S100TPKV | 2024-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TPKV,, |
| 有価証券報告書－第19期(2022/04/01－2023/03/31) | S100R2Y9 | 2023-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R2Y9,, |
| 有価証券報告書－第18期(令和3年4月1日－令和4年3月31日) | S100OFW0 | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OFW0,, |
| 有価証券報告書－第17期(令和2年4月1日－令和3年3月31日) | S100LSG9 | 2021-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LSG9,, |

## 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).