# LOIVE: business model and financials

> Latest period: FY ending Mar 2026, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第18期(2025/04/01－2026/03/31) (S100YGOP)
> Page: https://vizora.meequs.com/en/company/loive
> Retrieved: 2026-09-30T19:49:26.747Z

## Company

Loive, founded in 2008, is a company in Sporting Goods & Fitness listed on TSE Growth. It has 1,013 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | LOIVE Co.,Ltd. (旧英訳名 LIFE CREATE Co.,Ltd.) |
| Ticker | 352A |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/352A.T) |
| Listing | TSE Growth |
| Head office | 北海道札幌市北区北七条西四丁目5番地1号 |
| Representative (per filing) | 代表取締役社長 前川 彩香 |
| Founded | Apr 2008 |
| Share capital | ¥20.2M |
| Employees (consolidated) | 1,013 |
| Average salary (parent only) | ¥3.8M |
| Fiscal year end | March |
| Website | loive.co.jp (https://loive.co.jp/) |
| Corporate number | 7430001038015 |
| EDINET | E40546 |
| Industries (Vizora) | Sporting Goods & Fitness |

> Profile source: annual securities report (S100YGOP, filed 2026-06-23). As of filing

## Five-axis industry profile

Primary industry: Sporting Goods & Fitness (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 91.7 | 18 |
| Profitability | 57.5 | 20 |
| Cash conversion | 67.6 | 17 |
| Efficiency | 67.5 | 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)

- Loive brought in ¥11.4B in revenue.
- Out of every ¥100 of sales, about ¥6 is left as operating profit.
- Revenue changed +34.5% from the prior year, operating profit -28.1%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥11421005000 → ¥343309000
- Net income → operating cash flow: ¥343309000 → ¥848025000（difference ¥504716000）
- Main uses of operating cash flow: CapEx ¥1525980000 / dividends — / buybacks —
- Change in cash: ¥-362207000
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 | ¥11.4B |  |
| Operating income | ¥722.8M | Margin 6.3% |
| Net income | ¥343.3M | Margin 3.0% |
| Free cash flow | -¥678M |  |
| Employees (consolidated) | 1,013 |  |
| EPS | ¥27.02 |  |
| Diluted EPS | ¥25.59 |  |
| Book value per share | ¥181.88 |  |
| Equity ratio | 25.6% |  |
| Shares outstanding | 12,893,871 |  |
| Shareholders | 2,385 |  |
| Average salary (parent only) | ¥3.8M | Filing company only |
| Cash ratio | 12.6% | Cash ÷ revenue 10.1% |
| Vs. industry median margin | +0.7 pp | Sporting Goods & Fitness |
| ROE | 17.2% | Derived from disclosed figures |
| ROA | 4.0% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.5× net income

## What changed in 2 years

| Metric | FY ending Mar 2024 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥6217816000 | ¥11421005000 | +83.7% |
| Operating income | ¥727708000 | ¥722812000 | -0.7% |
| Operating margin | 11.7% | 6.3% | -5.4 pp |
| Employees | 562 people | 1,013 people | +80.2% |
| Cash and equivalents | ¥1009130000 | ¥1158227000 | +14.8% |

### 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 | 11,421 | 100.0% | S100YGOP |
| Cost of revenue | 7,326 | 64.1% | S100YGOP |
| Gross profit | 4,095 | 35.9% | S100YGOP |
| SG&A | 3,372 | 29.5% | S100YGOP |
| Operating income | 723 | 6.3% | S100YGOP |
| Ordinary income | 642 | 5.6% | S100YGOP |
| Pretax income | 556 | 4.9% | S100YGOP |
| Income tax | 213 | 1.9% | S100YGOP |
| Net income | 343 | 3.0% | S100YGOP |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 64 |
| SG&A | 30 |
| Operating income | 6 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 35.9% → Operating margin 6.3% → Net margin 3.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +34.5%; Core profit growth: -28.1%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -0.81×
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 | 8,492 | 11,421 | 2,929 | +34.5% |
| Gross profit | 3,301 | 4,095 | 794 | +24.0% |
| Operating income | 1,005 | 723 | -282 | -28.1% |
| Operating cash flow | 1,128 | 848 | -280 | -24.8% |
| Free cash flow | -301 | -678 | -377 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2024 | 6,218 | 728 | 11.7% | 363 | 860 | 105 | S100W5OW |
| FY ending Mar 2025 | 8,492 | 1,005 | 11.8% | 500 | 1,128 | -301 | S100YGOP |
| FY ending Mar 2026 | 11,421 | 723 | 6.3% | 343 | 848 | -678 | S100YGOP |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥11.3M |
| Operating income per employee (consolidated) | ¥713.5K |
| Net income per employee (consolidated) | ¥338.9K |

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) | 562 | 758 | 1,013 |
| Average salary (parent company) | — | ¥3.4M | ¥3.8M |
| Average age (parent company) | — | 27.4 years | 27.2 years |
| Average tenure (parent company) | — | 2.6 years | 2.4 years |

Year over year: Employees (consolidated) +33.6% · Revenue (consolidated) +34.5%

## 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 | 848 | 7.4% | S100YGOP |
| Capital expenditure | 1,526 | 13.4% | S100YGOP |
| Free cash flow | -678 | -5.9% | 算出 |
| Investing cash flow | -1,754 | -15.4% | S100YGOP |
| Financing cash flow | 543 | 4.8% | S100YGOP |
| Change in cash | -362 | -3.2% | S100YGOP |
| Cash and equivalents | 1,158 | 10.1% | S100YGOP |

## 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 | 1,009 | 1,520 | 1,158 | S100YGOP |
| Total assets | 5,282 | 7,892 | 9,165 | S100W5OW, S100YGOP |
| Net assets | 1,136 | 1,636 | 2,345 | S100YGOP |
| Share capital | 395 | 395 | 20 | S100W5OW, S100YGOP |
| Property, plant and equipment | 2,419 | 3,724 | 4,694 | S100W5OW, S100YGOP |
| Intangible assets excluding goodwill | 14 | 17 | 36 | S100W5OW, S100YGOP |
| Current assets | 1,936 | 2,919 | 2,935 | S100W5OW, S100YGOP |
| Current liabilities | 1,998 | 2,972 | 3,611 | S100W5OW, S100YGOP |
| Short-term borrowings | 30 | — | 100 | S100W5OW, S100YGOP |
| Long-term borrowings | 1,734 | 2,761 | 2,583 | S100W5OW, S100YGOP |
| Total liabilities | 4,146 | 6,256 | 6,820 | S100W5OW, S100YGOP |
| Equity attributable to owners of parent | 1,136 | 1,636 | 2,345 | S100W5OW, S100YGOP |
| Retained earnings | -58 | 442 | 785 | S100W5OW, S100YGOP |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 13% | S100YGOP |
| Property, plant and equipment | 51% | S100YGOP |
| Intangibles and goodwill | 0% | S100YGOP |
| Other assets | 36% | S100YGOP |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 74% | S100YGOP |
| Equity | 26% | S100YGOP |

### Balance sheet history

| Metric | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: |
| Total assets | 5,282 | 7,892 | 9,165 |
| Equity | 1,136 | 1,636 | 2,345 |
| Interest-bearing debt | — | — | — |
| Cash | 1,009 | 1,520 | 1,158 |

## 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) | 41.1% | S100YGOP |
| Fixed assets ÷ total assets | 51.2% | S100YGOP |
| Goodwill ÷ parent equity | — | —, S100YGOP |

### 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) | 12.6% |
| Cash ÷ revenue | 10.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 117.3% |
| Cash vs. profit gap | 505 JPY mn (of net income 147.0%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 13.4% |
| Investing CF relative to operating CF | 206.8% |

## 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 | 5.8% | 1.18× | 6.9% | 4.65× | 32.0% | S100W5OW |
| 2025 | 5.9% | 1.29× | 7.6% | 4.75× | 36.1% | S100YGOP |
| 2026 | 3.0% | 1.34× | 4.0% | 4.28× | 17.2% | S100YGOP |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 前川 彩香 | Major shareholder | 34.7% | 2026-03-31 |
| 株式会社Ayaka | Major shareholder | 24.9% | 2026-03-31 |
| 株式会社アカツキ | Major shareholder | 6.8% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 5.2% | 2026-03-31 |
| 三菱UFJeスマート証券株式会社 | Major shareholder | 4.8% | 2026-03-31 |
| 株式会社LAVA International | Major shareholder | 3.3% | 2026-03-31 |
| XTech2号投資事業有限責任組合 | Major shareholder | 3.1% | 2026-03-31 |
| 佐藤 俊介 | Major shareholder | 1.6% | 2026-03-31 |
| ロッテベンチャーズ・ジャパン投資事業有限責任組合 | Major shareholder | 1.5% | 2026-03-31 |
| 鷲見 貴彦 | Major shareholder | 1.0% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第18期(2025/04/01－2026/03/31) | S100YGOP | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YGOP,, |
| 有価証券報告書－第17期(2024/04/01－2025/03/31) | S100W5OW | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W5OW,, |

## 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).