# Open Door 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29期(2025/04/01－2026/03/31) (S100YKIK)
> Page: https://vizora.meequs.com/en/company/open-door
> Retrieved: 2026-09-30T22:22:24.245Z

## Company

Open Door, founded in 1997, is a company in Travel Agencies listed on TSE Standard. It has 191 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Open Door Inc. |
| Ticker | 3926 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3926.T) |
| Listing | TSE Standard |
| Head office | 東京都港区赤坂二丁目17番7号 赤坂溜池タワー6階 |
| Representative (per filing) | 代表取締役社長 関根 大介 |
| Founded | Apr 1997 |
| Share capital | ¥648.3M |
| Employees (consolidated) | 191 |
| Average salary (parent only) | ¥4.9M |
| Fiscal year end | March |
| Website | www.opendoor.co.jp (https://www.opendoor.co.jp/) |
| Corporate number | 5010401032495 |
| EDINET | E31936 |
| Industries (Vizora) | Travel Agencies |

> Profile source: annual securities report (S100YKIK, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: Travel Agencies (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 41.7 | 6 |
| Profitability | 13.6 | 11 |
| Efficiency | 13.6 | 11 |

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)

- Open Door brought in ¥2.45B in revenue.
- It lost about ¥2 for every ¥100 of sales at the operating level.
- Revenue changed +2.0% from the prior year.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥2.45B |  |
| Operating income | -¥45.2M | Margin -1.8% |
| Net income | -¥1.13B | Margin -46.1% |
| Free cash flow | -¥60.9M |  |
| Employees (consolidated) | 191 |  |
| EPS | ¥-39.79 |  |
| Book value per share | ¥103.94 |  |
| Equity ratio | 85.1% |  |
| Shares outstanding | 31,260,000 |  |
| Treasury shares | 246,500 |  |
| Shareholders | 9,798 |  |
| Average salary (parent only) | ¥4.9M | Filing company only |
| Cash ratio | 52.6% | Cash ÷ revenue 87.1% |
| Vs. industry median margin | -4.2 pp | Travel Agencies |
| ROA | -25.5% | Derived from disclosed figures |

## Notable figures

- FY2026, revenue is 2.0× its level five years ago
- FY2026, cash is 53% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥1122453000 | ¥2453720000 | +118.6% |
| Operating income | ¥-772113000 | ¥-45179000 | — |
| Operating margin | -68.8% | -1.8% | +66.9 pp |
| Employees | 195 people | 191 people | -2.1% |
| Cash and equivalents | ¥2918379000 | ¥2136941000 | -26.8% |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 2,454 | 100.0% | S100YKIK |
| Cost of revenue | 910 | 37.1% | S100YKIK |
| Gross profit | 1,544 | 62.9% | S100YKIK |
| SG&A | 1,589 | 64.8% | S100YKIK |
| Operating income | -45 | -1.8% | S100YKIK |
| Ordinary income | -34 | -1.4% | S100YKIK |
| Pretax income | -1,064 | -43.4% | S100YKIK |
| Income tax | 67 | 2.7% | S100YKIK |
| Net income | -1,131 | -46.1% | S100YKIK |
| Net income attributable to owners | -1,131 | -46.1% | S100YKIK |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 37 |
| SG&A | 65 |
| Operating income | -2 |
| (Ref.) Net income | -46 |

### Margin funnel

Gross margin 62.9% → Operating margin -1.8% → Net margin -46.1%
Derived from reported figures (DERIVED).

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 2,405 | 2,454 | 49 | +2.0% |
| Gross profit | 1,436 | 1,544 | 108 | +7.5% |
| Operating income | -102 | -45 | 57 | — |
| Net income attributable to owners | -121 | -1,131 | -1,011 | — |
| Operating cash flow | -5 | -12 | -7 | — |
| Free cash flow | -24 | -61 | -37 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 4,937 | 1,538 | 31.2% | 925 | 981 | 942 | S100LNVA |
| FY ending Mar 2021 | 1,122 | -772 | -68.8% | -652 | -1,154 | -1,212 | S100OEF4 |
| FY ending Mar 2022 | 1,202 | -654 | -54.4% | -545 | 118 | 102 | S100R3CL |
| FY ending Mar 2023 | 2,055 | -52 | -2.5% | -45 | -7 | -22 | S100TUF9 |
| FY ending Mar 2024 | 2,561 | -181 | -7.1% | -170 | -313 | -351 | S100W40X |
| FY ending Mar 2025 | 2,405 | -102 | -4.2% | -121 | -5 | -24 | S100YKIK |
| FY ending Mar 2026 | 2,454 | -45 | -1.8% | -1,131 | -12 | -61 | S100YKIK |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥12.8M |
| Operating income per employee (consolidated) | -¥236.5K |
| Net income per employee (consolidated) | -¥5.9M |

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) | 183 | 191 | 186 | 192 | 191 |
| Average salary (parent company) | ¥5M | ¥4.9M | ¥4.8M | ¥4.9M | ¥4.9M |
| Average age (parent company) | 36.8 years | 36.7 years | 37.4 years | 37.4 years | 37.4 years |
| Average tenure (parent company) | 6.0 years | 6.0 years | 6.7 years | 6.6 years | 6.6 years |

Year over year: Employees (consolidated) -0.5% · Revenue (consolidated) +2.0%

## 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 | -12 | -0.5% | S100YKIK |
| Capital expenditure | 49 | 2.0% | S100YKIK |
| Free cash flow | -61 | -2.5% | 算出 |
| Investing cash flow | -59 | -2.4% | S100YKIK |
| Change in cash | -71 | -2.9% | S100YKIK |
| Cash and equivalents | 2,137 | 87.1% | S100YKIK |

## 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 | 3,019 | 2,988 | 2,626 | 2,208 | 2,137 | S100TUF9, S100W40X, S100YKIK |
| Total assets | 5,368 | 6,403 | 5,663 | 4,802 | 4,065 | S100R3CL, S100TUF9, S100W40X, S100YKIK |
| Net assets | 5,087 | 5,669 | 5,112 | 4,344 | 3,478 | S100TUF9, S100W40X, S100YKIK |
| Share capital | 648 | 648 | 648 | 648 | 648 | S100R3CL, S100TUF9, S100W40X, S100YKIK |
| Property, plant and equipment | 72 | 50 | 59 | 49 | 0 | S100R3CL, S100TUF9, S100W40X, S100YKIK |
| Intangible assets excluding goodwill | 1 | 1 | 2 | 1 | — | S100R3CL, S100TUF9, S100W40X, S100YKIK |
| Investment securities | 1,728 | 2,628 | 2,066 | 1,626 | 930 | S100R3CL, S100TUF9, S100W40X, S100YKIK |
| Current assets | 3,274 | 3,420 | 3,210 | 2,761 | 2,749 | S100R3CL, S100TUF9, S100W40X, S100YKIK |
| Current liabilities | 171 | 349 | 338 | 415 | 545 | S100R3CL, S100TUF9, S100W40X, S100YKIK |
| Total liabilities | 281 | 734 | 552 | 458 | 587 | S100R3CL, S100TUF9, S100W40X, S100YKIK |
| Equity attributable to owners of parent | 4,925 | 4,881 | 4,710 | 4,590 | 3,458 | S100R3CL, S100TUF9, S100W40X, S100YKIK |
| Retained earnings | 3,821 | 3,777 | 3,606 | 3,486 | 2,354 | S100R3CL, S100TUF9, S100W40X, S100YKIK |
| Treasury stock | -18 | -18 | -18 | -18 | -18 | S100R3CL, S100TUF9, S100W40X, S100YKIK |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 53% | S100YKIK |
| Property, plant and equipment | 0% | S100YKIK |
| Investment securities | 23% | S100YKIK |
| Other assets | 24% | S100YKIK |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 14% | S100YKIK |
| Equity | 86% | S100YKIK |

### 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 | 5,368 | 6,403 | 5,663 | 4,802 | 4,065 |
| Equity | 5,087 | 5,669 | 5,112 | 4,344 | 3,478 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 3,019 | 2,988 | 2,626 | 2,208 | 2,137 |

## 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) | 0.0% | S100YKIK |
| Fixed assets ÷ total assets | 0.0% | S100YKIK |
| Goodwill ÷ parent equity | — | —, S100YKIK |

### 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) | 52.6% |
| Cash ÷ revenue | 87.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | 1,120 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 2.0% |
| 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 | — | —× | -10.1% | —× | — | S100R3CL |
| 2023 | — | —× | -0.8% | —× | — | S100TUF9 |
| 2024 | — | —× | -2.8% | —× | — | S100W40X |
| 2025 | — | —× | -2.3% | —× | — | S100YKIK |
| 2026 | — | —× | -25.5% | —× | — | S100YKIK |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 関根 大介 | Major shareholder | 51.6% | 2026-03-31 |
| 株式会社くふうカンパニーホールディングス | Major shareholder | 7.0% | 2026-03-31 |
| 株式会社ザ・パス・インベストメント | Major shareholder | 5.6% | 2026-03-31 |
| 株式会社CHINTAI | Major shareholder | 5.1% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 2.9% | 2026-03-31 |
| 佐藤 茂 | Major shareholder | 2.2% | 2026-03-31 |
| 李 炳燦 | Major shareholder | 0.8% | 2026-03-31 |
| 野村證券株式会社 （常任代理人 株式会社三井住友銀行） | Major shareholder | 0.4% | 2026-03-31 |
| DAICHI WAKABAYASHI （常任代理人 みずほ証券株式会社） | Major shareholder | 0.4% | 2026-03-31 |
| 佐々木 肇 | Major shareholder | 0.3% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第29期(2025/04/01－2026/03/31) | S100YKIK | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YKIK,, |
| 有価証券報告書－第28期(2024/04/01－2025/03/31) | S100W40X | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W40X,, |
| 有価証券報告書－第27期(2023/04/01－2024/03/31) | S100TUF9 | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TUF9,, |
| 有価証券報告書－第26期(2022/04/01－2023/03/31) | S100R3CL | 2023-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R3CL,, |
| 有価証券報告書－第25期(令和3年4月1日－令和4年3月31日) | S100OEF4 | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OEF4,, |
| 有価証券報告書－第24期(令和2年4月1日－令和3年3月31日) | S100LNVA | 2021-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LNVA,, |

## 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).