# Petgo Corporation: 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) (S100YI94)
> Page: https://vizora.meequs.com/en/company/petgo
> Retrieved: 2026-09-30T22:08:15.490Z

## Company

Petgo, founded in 2004, is a company in Internet Services & Apps listed on TSE Growth. It has 56 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Petgo Corporation |
| Ticker | 7140 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7140.T) |
| Listing | TSE Growth |
| Head office | 東京都中野区本町一丁目32番2号 |
| Representative (per filing) | 代表取締役社長 黒澤 弘 |
| Founded | Nov 2004 |
| Share capital | ¥464.6M |
| Employees (consolidated) | 56 |
| Average salary (parent only) | ¥5M |
| Fiscal year end | March |
| Website | corp.petgo.jp (https://corp.petgo.jp/) |
| Corporate number | 4011101038288 |
| EDINET | E37589 |
| Industries (Vizora) | Internet Services & Apps, E-commerce, Pets |

> Profile source: annual securities report (S100YI94, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: Pets (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 12.5 | 4 |
| Profitability | 12.5 | 4 |
| Efficiency | 62.5 | 4 |

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 96% of Petgo's sales come from PetCommerce, with PetMedia making up much of the rest.
- It lost about ¥3 for every ¥100 of sales at the operating level.
- Revenue changed -17.8% from the prior year, operating profit -189.3%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥7.42B |  |
| Operating income | -¥204.1M | Margin -2.8% |
| Net income | -¥269.9M | Margin -3.6% |
| Free cash flow | -¥103M |  |
| Largest business | PetCommerce | of segment revenue 96.1% |
| Employees (consolidated) | 56 |  |
| EPS | ¥-148.91 |  |
| Book value per share | ¥509.73 |  |
| Equity ratio | 32.0% |  |
| Shares outstanding | 1,889,200 |  |
| Treasury shares | 3,700 |  |
| Shareholders | 2,504 |  |
| Average salary (parent only) | ¥5M | Filing company only |
| Cash ratio | 26.5% | Cash ÷ revenue 11.3% |
| Vs. industry median margin | -7.7 pp | E-commerce |
| ROA | -8.3% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 63% of positive segment profit
- FY2026, segment profit share differs by -33 points
- FY2026, cash is 27% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥9455947000 | ¥7420426000 | -21.5% |
| Operating income | ¥99878000 | ¥-204110000 | -304.4% |
| Operating margin | 1.1% | -2.8% | -3.8 pp |
| Employees | 54 people | 56 people | +3.7% |
| Cash and equivalents | ¥861961000 | ¥838739000 | -2.7% |

### 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 |
| --- | ---: |
| 新設・再編 → ペットコマース事業 | 96.1% |
| 新設・再編 → ペットメディア事業 | 3.9% |

Segment revenue source references: 2 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 7,420 | 100.0% | S100YI94 |
| Cost of revenue | 5,146 | 69.4% | S100YI94 |
| Gross profit | 2,274 | 30.6% | S100YI94 |
| SG&A | 2,478 | 33.4% | S100YI94 |
| Operating income | -204 | -2.8% | S100YI94 |
| Ordinary income | -227 | -3.1% | S100YI94 |
| Pretax income | -227 | -3.1% | S100YI94 |
| Income tax | 29 | 0.4% | S100YI94 |
| Net income | -256 | -3.5% | S100YI94 |
| Net income attributable to owners | -270 | -3.6% | S100YI94 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 69 |
| SG&A | 34 |
| Operating income | -3 |
| (Ref.) Net income | -4 |

### Margin funnel

Gross margin 30.6% → Operating margin -2.8% → Net margin -3.6%
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 | 9,033 | 7,420 | -1,612 | -17.8% |
| Gross profit | 2,807 | 2,274 | -533 | -19.0% |
| Operating income | 228 | -204 | -433 | -189.3% |
| Net income attributable to owners | 128 | -270 | -398 | -310.3% |
| Operating cash flow | 89 | -47 | -136 | -152.5% |
| Free cash flow | 87 | -103 | -190 | -218.6% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2021 | 9,456 | 100 | 1.1% | 71 | 243 | 231 | S100OKLC |
| FY ending Mar 2022 | 9,650 | 165 | 1.7% | 105 | -221 | -227 | S100R7XX |
| FY ending Mar 2023 | 10,026 | 236 | 2.4% | 153 | -244 | -256 | S100TQXY |
| FY ending Mar 2024 | 9,906 | 247 | 2.5% | 172 | 163 | 160 | S100W3EE |
| FY ending Mar 2025 | 9,033 | 228 | 2.5% | 128 | 89 | 87 | S100YI94 |
| FY ending Mar 2026 | 7,420 | -204 | -2.8% | -270 | -47 | -103 | S100YI94 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥132.5M |
| Operating income per employee (consolidated) | -¥3.6M |
| Net income per employee (consolidated) | -¥4.8M |

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) | 53 | 52 | 52 | 48 | 56 |
| Average salary (parent company) | ¥4.6M | ¥4.5M | ¥5.2M | ¥4.9M | ¥5M |
| Average age (parent company) | 40.6 years | 41.7 years | 42.7 years | 43.4 years | 45.1 years |
| Average tenure (parent company) | 5.1 years | 5.8 years | 6.6 years | 7.8 years | 7.8 years |

Year over year: Employees (consolidated) +16.7% · Revenue (consolidated) -17.8%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| PetCommerce | 7,127 | 96.1% | 99 | 1.4% |
| PetMedia | 291 | 3.9% | 57 | 19.7% |

### 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 | Profit share | Difference (pt) | Margin |
| --- | ---: | ---: | ---: | ---: |
| PetCommerce | 96.1% | 63.4% | -32.7 | 1.4% |
| PetMedia | 3.9% | 36.6% | 32.7 | 19.7% |

Segment → industry: PetMedia → Internet Services & Apps / PetCommerce → E-commerce / PetMedia → Pets / PetCommerce → Pets

## 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 | -47 | -0.6% | S100YI94 |
| Capital expenditure | 56 | 0.8% | S100YI94 |
| Free cash flow | -103 | -1.4% | 算出 |
| Investing cash flow | -372 | -5.0% | S100YI94 |
| Financing cash flow | -6 | -0.1% | S100YI94 |
| Change in cash | -425 | -5.7% | S100YI94 |
| Cash and equivalents | 839 | 11.3% | S100YI94 |

## 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 | 783 | 844 | 901 | 1,264 | 839 | S100TQXY, S100W3EE, S100YI94 |
| Total assets | 2,488 | 3,076 | 3,300 | 3,311 | 3,163 | S100R7XX, S100TQXY, S100W3EE, S100YI94 |
| Net assets | 455 | 935 | 1,124 | 1,226 | 1,039 | S100TQXY, S100W3EE, S100YI94 |
| Share capital | 280 | 443 | 451 | 460 | 465 | S100R7XX, S100TQXY, S100W3EE, S100YI94 |
| Property, plant and equipment | 39 | 35 | 26 | 19 | 101 | S100R7XX, S100TQXY, S100W3EE, S100YI94 |
| Intangible assets excluding goodwill | 4 | 2 | 1 | 0 | 351 | S100R7XX, S100TQXY, S100W3EE, S100YI94 |
| Goodwill | — | — | — | — | 351 | S100YI94 |
| Current assets | 2,411 | 2,993 | 3,237 | 3,214 | 2,601 | S100R7XX, S100TQXY, S100W3EE, S100YI94 |
| Current liabilities | 1,790 | 2,050 | 2,148 | 1,777 | 1,837 | S100R7XX, S100TQXY, S100W3EE, S100YI94 |
| Short-term borrowings | 474 | 657 | 700 | 762 | 825 | S100R7XX, S100TQXY, S100W3EE, S100YI94 |
| Long-term borrowings | 217 | 63 | — | 280 | 219 | S100R7XX, S100TQXY, S100YI94 |
| Total liabilities | 2,033 | 2,140 | 2,176 | 2,084 | 2,124 | S100R7XX, S100TQXY, S100W3EE, S100YI94 |
| Non-controlling interests | — | — | — | — | 28 | S100YI94 |
| Equity attributable to owners of parent | 455 | 935 | 1,124 | 1,226 | 1,011 | S100R7XX, S100TQXY, S100W3EE, S100YI94 |
| Retained earnings | -62 | 92 | 264 | 392 | 122 | S100R7XX, S100TQXY, S100W3EE, S100YI94 |
| Treasury stock | — | -0 | -0 | -44 | -3 | S100TQXY, S100W3EE, S100YI94 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 27% | S100YI94 |
| Property, plant and equipment | 3% | S100YI94 |
| Intangibles and goodwill | 22% | S100YI94 |
| Other assets | 48% | S100YI94 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 67% | S100YI94 |
| Equity | 33% | S100YI94 |
| Other liabilities | 0% | S100YI94 |

### 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 | 2,488 | 3,076 | 3,300 | 3,311 | 3,163 |
| Equity | 455 | 935 | 1,124 | 1,226 | 1,039 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 783 | 844 | 901 | 1,264 | 839 |

## 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) | 1.4% | S100YI94 |
| Fixed assets ÷ total assets | 3.2% | S100YI94 |
| Goodwill ÷ parent equity | 34.7% | S100YI94 |

### 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) | 26.5% |
| Cash ÷ revenue | 11.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | 223 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.8% |
| 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 | 1.1% | 3.88× | 4.2% | 5.47× | 23.1% | S100R7XX |
| 2023 | 1.5% | 3.60× | 5.5% | 4.00× | 22.1% | S100TQXY |
| 2024 | 1.7% | 3.11× | 5.4% | 3.10× | 16.7% | S100W3EE |
| 2025 | 1.4% | 2.73× | 3.9% | 2.81× | 10.9% | S100YI94 |
| 2026 | — | —× | -8.3% | —× | — | S100YI94 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 黒澤 弘 | Major shareholder | 15.5% | 2026-03-31 |
| 青柳 和洋 | Major shareholder | 8.7% | 2026-03-31 |
| 中谷 将史 | Major shareholder | 5.2% | 2026-03-31 |
| 小出 文彦 | Major shareholder | 3.7% | 2026-03-31 |
| 株式会社ソウ・ツー | Major shareholder | 3.2% | 2026-03-31 |
| 廣田 智沙 | Major shareholder | 2.6% | 2026-03-31 |
| マネックス証券株式会社 | Major shareholder | 2.5% | 2026-03-31 |
| 株式会社コーポレート・アドバイザーズ | Major shareholder | 2.3% | 2026-03-31 |
| 橋爪 小太郎 | Major shareholder | 2.1% | 2026-03-31 |
| 住友商事株式会社 | Major shareholder | 2.1% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第22期(2025/04/01－2026/03/31) | S100YI94 | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YI94,, |
| 有価証券報告書－第21期(2024/04/01－2025/03/31) | S100W3EE | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W3EE,, |
| 有価証券報告書－第20期(2023/04/01－2024/03/31) | S100TQXY | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TQXY,, |
| 有価証券報告書－第19期(2022/04/01－2023/03/31) | S100R7XX | 2023-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R7XX,, |
| 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) | S100OKLC | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OKLC,, |

## 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).