# MARCHE CORPORATION: 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54期(2025/04/01－2026/03/31) (S100YML0)
> Page: https://vizora.meequs.com/en/company/marche
> Retrieved: 2026-09-30T21:31:01.087Z

## Company

Marche, founded in 1972, is a company in Restaurants & Pubs listed on TSE Standard. It has 127 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | MARCHE CORPORATION |
| Ticker | 7524 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7524.T) |
| Listing | TSE Standard |
| Head office | 大阪市阿倍野区阪南町2丁目20番14号 |
| Representative (per filing) | 代表取締役社長 加藤 洋嗣 |
| Founded | May 1972 |
| Share capital | ¥100M |
| Employees (consolidated) | 127 |
| Average salary (parent only) | ¥4.6M |
| Fiscal year end | March |
| Website | www.marche.co.jp (https://www.marche.co.jp/) |
| Corporate number | 2120001013697 |
| EDINET | E03278 |
| Industries (Vizora) | Restaurants & Pubs |

> Profile source: annual securities report (S100YML0, filed 2026-06-29). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 9.8 | 56 |
| Profitability | 12.9 | 66 |
| Efficiency | 56.8 | 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)

- Marche brought in ¥4.77B in revenue.
- It lost about ¥1 for every ¥100 of sales at the operating level.
- Revenue changed +4.1% from the prior year, operating profit -166.7%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥4.77B |  |
| Operating income | -¥29.8M | Margin -0.6% |
| Net income | -¥45.3M | Margin -1.0% |
| Free cash flow | -¥205.5M |  |
| Employees (consolidated) | 127 |  |
| EPS | ¥-7.13 |  |
| Book value per share | ¥38.7 |  |
| Equity ratio | 24.5% |  |
| Shares outstanding | 10,550,400 |  |
| Treasury shares | 522,100 |  |
| Shareholders | 9,975 |  |
| Average salary (parent only) | ¥4.6M | Filing company only |
| Cash ratio | 49.8% | Cash ÷ revenue 30.0% |
| Vs. industry median margin | -4.6 pp | Restaurants & Pubs |
| ROA | -1.4% | Derived from disclosed figures |

## Notable figures

- FY2026, cash is 50% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥3868041000 | ¥4767664000 | +23.3% |
| Operating income | ¥-1207715000 | ¥-29793000 | — |
| Operating margin | -31.2% | -0.6% | +30.6 pp |
| Employees | 180 people | 127 people | -29.4% |
| Cash and equivalents | ¥2337859000 | ¥1429081000 | -38.9% |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 4,768 | 100.0% | S100YML0 |
| Cost of revenue | 1,870 | 39.2% | S100YML0 |
| Gross profit | 2,897 | 60.8% | S100YML0 |
| SG&A | 2,927 | 61.4% | S100YML0 |
| Operating income | -30 | -0.6% | S100YML0 |
| Ordinary income | -34 | -0.7% | S100YML0 |
| Pretax income | -48 | -1.0% | S100YML0 |
| Income tax | -2 | -0.0% | S100YML0 |
| Net income | -45 | -1.0% | S100YML0 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 39 |
| SG&A | 62 |
| Operating income | -1 |
| (Ref.) Net income | -1 |

### Margin funnel

Gross margin 60.8% → Operating margin -0.6% → Net margin -1.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Turned to a loss
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 | 4,582 | 4,768 | 186 | +4.1% |
| Gross profit | 2,789 | 2,897 | 108 | +3.9% |
| Operating income | 45 | -30 | -74 | -166.7% |
| Operating cash flow | -83 | -77 | 6 | — |
| Free cash flow | -201 | -206 | -4 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 8,362 | -112 | -1.3% | -361 | -200 | -564 | S100LW15 |
| FY ending Mar 2021 | 3,868 | -1,208 | -31.2% | -1,470 | -1,255 | -1,388 | S100OHNL |
| FY ending Mar 2022 | 2,628 | -1,233 | -46.9% | -324 | -158 | -350 | S100R4HH |
| FY ending Mar 2023 | 4,615 | -388 | -8.4% | -590 | 50 | -32 | S100TQR4 |
| FY ending Mar 2024 | 4,675 | 92 | 2.0% | 35 | -38 | -86 | S100W2QP |
| FY ending Mar 2025 | 4,582 | 45 | 1.0% | 35 | -83 | -201 | S100YML0 |
| FY ending Mar 2026 | 4,768 | -30 | -0.6% | -45 | -77 | -206 | S100YML0 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥37.5M |
| Operating income per employee (consolidated) | -¥234.6K |
| Net income per employee (consolidated) | -¥356.6K |

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) | 171 | 147 | 115 | 124 | 127 |
| Average salary (parent company) | ¥4M | ¥4.5M | ¥4.6M | ¥4.6M | ¥4.6M |
| Average age (parent company) | 41.0 years | 42.0 years | 43.0 years | 41.0 years | 41.0 years |
| Average tenure (parent company) | 12.0 years | 13.0 years | 14.0 years | 12.0 years | 11.0 years |

Year over year: Employees (consolidated) +2.4% · Revenue (consolidated) +4.1%

## 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 | -77 | -1.6% | S100YML0 |
| Capital expenditure | 129 | 2.7% | S100YML0 |
| Free cash flow | -206 | -4.3% | 算出 |
| Investing cash flow | -137 | -2.9% | S100YML0 |
| Financing cash flow | -473 | -9.9% | S100YML0 |
| Dividends paid | 23 | 0.5% | S100YML0 |
| Change in cash | -687 | -14.4% | S100YML0 |
| Cash and equivalents | 1,429 | 30.0% | S100YML0 |

## 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 | 2,389 | 2,319 | 2,537 | 2,116 | 1,429 | S100TQR4, S100W2QP, S100YML0 |
| Total assets | 4,031 | 3,648 | 3,829 | 3,427 | 2,867 | S100R4HH, S100TQR4, S100W2QP, S100YML0 |
| Net assets | 650 | 62 | 394 | 410 | 701 | S100TQR4, S100W2QP, S100YML0 |
| Share capital | 1,511 | 100 | 100 | 100 | 100 | S100R4HH, S100TQR4, S100W2QP, S100YML0 |
| Property, plant and equipment | 626 | 386 | 328 | 380 | 429 | S100R4HH, S100TQR4, S100W2QP, S100YML0 |
| Intangible assets excluding goodwill | 29 | 73 | 60 | 58 | 40 | S100R4HH, S100TQR4, S100W2QP, S100YML0 |
| Investment securities | 13 | 16 | 26 | 33 | 42 | S100R4HH, S100TQR4, S100W2QP, S100YML0 |
| Current assets | 2,948 | 2,799 | 3,045 | 2,584 | 1,969 | S100R4HH, S100TQR4, S100W2QP, S100YML0 |
| Current liabilities | 2,476 | 2,721 | 2,595 | 2,220 | 1,578 | S100R4HH, S100TQR4, S100W2QP, S100YML0 |
| Short-term borrowings | 1,800 | 1,800 | 1,791 | 1,612 | 901 | S100R4HH, S100TQR4, S100W2QP, S100YML0 |
| Long-term borrowings | 415 | 385 | 379 | 357 | 200 | S100R4HH, S100TQR4, S100W2QP, S100YML0 |
| Total liabilities | 3,381 | 3,586 | 3,435 | 3,017 | 2,166 | S100R4HH, S100TQR4, S100W2QP, S100YML0 |
| Equity attributable to owners of parent | 646 | 56 | 381 | 393 | 678 | S100R4HH, S100TQR4, S100W2QP, S100YML0 |
| Retained earnings | -2,030 | -2,620 | 35 | 47 | -22 | S100R4HH, S100TQR4, S100W2QP, S100YML0 |
| Treasury stock | -453 | -453 | -453 | -453 | -453 | S100R4HH, S100TQR4, S100W2QP, S100YML0 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 50% | S100YML0 |
| Property, plant and equipment | 15% | S100YML0 |
| Intangibles and goodwill | 1% | S100YML0 |
| Investment securities | 2% | S100YML0 |
| Other assets | 32% | S100YML0 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 76% | S100YML0 |
| Equity | 24% | S100YML0 |
| Other liabilities | 0% | S100YML0 |

### 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 | 4,031 | 3,648 | 3,829 | 3,427 | 2,867 |
| Equity | 650 | 62 | 394 | 410 | 701 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 2,389 | 2,319 | 2,537 | 2,116 | 1,429 |

## 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) | 9.0% | S100YML0 |
| Fixed assets ÷ total assets | 15.0% | S100YML0 |
| Goodwill ÷ parent equity | — | —, S100YML0 |

### 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) | 49.8% |
| Cash ÷ revenue | 30.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | -31 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 2.7% |
| 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 | — | —× | -8.0% | —× | — | S100R4HH |
| 2023 | — | —× | -15.4% | —× | — | S100TQR4 |
| 2024 | 0.7% | 1.25× | 0.9% | 17.10× | 16.0% | S100W2QP |
| 2025 | 0.8% | 1.26× | 1.0% | 9.37× | 9.0% | S100YML0 |
| 2026 | — | —× | -1.4% | —× | — | S100YML0 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社テンポスホールディングス | Major shareholder | 21.0% | 2026-03-31 |
| チムニー株式会社 | Major shareholder | 9.5% | 2026-03-31 |
| アサヒビール株式会社 | Major shareholder | 6.1% | 2026-03-31 |
| 日本証券金融株式会社 | Major shareholder | 4.2% | 2026-03-31 |
| 株式会社三井住友銀行 | Major shareholder | 1.6% | 2026-03-31 |
| 株式会社ＳＢＩ証券 | Major shareholder | 1.4% | 2026-03-31 |
| 株式会社ＳＢＩネオトレード証券 | Major shareholder | 1.4% | 2026-03-31 |
| 谷垣 雅之 | Major shareholder | 1.4% | 2026-03-31 |
| 株式会社中野外食サプライ | Major shareholder | 1.1% | 2026-03-31 |
| 東京短資株式会社 | Major shareholder | 1.1% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第54期(2025/04/01－2026/03/31) | S100YML0 | 2026-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YML0,, |
| 有価証券報告書－第53期(2024/04/01－2025/03/31) | S100W2QP | 2025-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W2QP,, |
| 有価証券報告書－第52期(2023/04/01－2024/03/31) | S100TQR4 | 2024-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TQR4,, |
| 有価証券報告書－第51期(2022/04/01－2023/03/31) | S100R4HH | 2023-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R4HH,, |
| 有価証券報告書－第50期(令和3年4月1日－令和4年3月31日) | S100OHNL | 2022-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OHNL,, |
| 訂正有価証券報告書－第49期(令和2年4月1日－令和3年3月31日) | S100LW15 | 2021-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LW15,, |

## 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).