# RENAISSANCE,INCORPORATED: 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44期(2025/04/01－2026/03/31) (S100YK5N)
> Page: https://vizora.meequs.com/en/company/renaissance
> Retrieved: 2026-09-30T22:08:14.653Z

## Company

Renaissance, founded in 1982, is a company in Sporting Goods & Fitness listed on TSE Prime. It has 2,020 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | RENAISSANCE,INCORPORATED |
| Ticker | 2378 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2378.T) |
| Listing | TSE Prime |
| Head office | 東京都墨田区両国二丁目10番14号 |
| Representative (per filing) | 代表取締役社長執行役員 望月美佐緒 |
| Founded | Aug 1982 |
| Share capital | ¥3.21B |
| Employees (consolidated) | 2,020 |
| Average salary (parent only) | ¥5.7M |
| Fiscal year end | March |
| Website | www.s-renaissance.co.jp (https://www.s-renaissance.co.jp/) |
| Corporate number | 3010601020797 |
| EDINET | E05361 |
| Industries (Vizora) | Sporting Goods & Fitness |

> Profile source: annual securities report (S100YK5N, filed 2026-06-25). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 69.4 | 18 |
| Profitability | 32.5 | 20 |
| Cash conversion | 91.2 | 17 |
| Efficiency | 47.5 | 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)

- Renaissance brought in ¥64.9B in revenue.
- Out of every ¥100 of sales, about ¥2 is left as operating profit.
- Revenue changed +1.9% from the prior year, operating profit -19.6%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥64.9B |  |
| Operating income | ¥1.57B | Margin 2.4% |
| Net income | -¥2.11B | Margin -3.2% |
| Free cash flow | ¥139.7M |  |
| Employees (consolidated) | 2,020 |  |
| EPS | ¥-96.86 |  |
| Book value per share | ¥401.45 |  |
| Equity ratio | 17.0% |  |
| Shares outstanding | 21,379,000 |  |
| Treasury shares | 2,463,700 |  |
| Shareholders | 26,032 |  |
| Average salary (parent only) | ¥5.7M | Filing company only |
| Cash ratio | 15.0% | Cash ÷ revenue 13.2% |
| Vs. industry median margin | -3.2 pp | Sporting Goods & Fitness |
| ROA | -3.7% | Derived from disclosed figures |

## Notable figures

- FY2026, parent-company salary changed +25% over five years

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥30209649000 | ¥64933693000 | +114.9% |
| Operating income | ¥-4602262000 | ¥1565873000 | — |
| Operating margin | -15.2% | 2.4% | +17.6 pp |
| Employees | 1,580 people | 2,020 people | +27.8% |
| Cash and equivalents | ¥7095721000 | ¥8570778000 | +20.8% |

### 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 | 64,934 | 100.0% | S100YK5N |
| Cost of revenue | 59,489 | 91.6% | S100YK5N |
| Gross profit | 5,445 | 8.4% | S100YK5N |
| SG&A | 3,879 | 6.0% | S100YK5N |
| Operating income | 1,566 | 2.4% | S100YK5N |
| Ordinary income | 795 | 1.2% | S100YK5N |
| Pretax income | -2,276 | -3.5% | S100YK5N |
| Income tax | -169 | -0.3% | S100YK5N |
| Net income | -2,107 | -3.2% | S100YK5N |
| Net income attributable to owners | -2,107 | -3.2% | S100YK5N |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 92 |
| SG&A | 6 |
| Operating income | 2 |
| (Ref.) Net income | -3 |

### Margin funnel

Gross margin 8.4% → Operating margin 2.4% → Net margin -3.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +1.9%; Core profit growth: -19.6%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -10.42×
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 | 63,737 | 64,934 | 1,197 | +1.9% |
| Gross profit | 5,678 | 5,445 | -234 | -4.1% |
| Operating income | 1,947 | 1,566 | -381 | -19.6% |
| Net income attributable to owners | 766 | -2,107 | -2,873 | -375.0% |
| Operating cash flow | 3,510 | 4,122 | 612 | +17.4% |
| Free cash flow | 82 | 140 | 58 | +70.1% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 45,049 | 3,267 | 7.3% | 1,379 | 5,160 | 2,403 | S100LOV8 |
| FY ending Mar 2021 | 30,210 | -4,602 | -15.2% | -8,705 | -5,418 | -7,884 | S100OAYU |
| FY ending Mar 2022 | 37,120 | 913 | 2.5% | 514 | 3,819 | 2,338 | S100R3X8 |
| FY ending Mar 2023 | 40,761 | 680 | 1.7% | -1,142 | 1,615 | -1,087 | S100TVRU |
| FY ending Mar 2024 | 43,627 | 1,261 | 2.9% | 633 | 4,832 | 2,319 | S100W5HX |
| FY ending Mar 2025 | 63,737 | 1,947 | 3.1% | 766 | 3,510 | 82 | S100YK5N |
| FY ending Mar 2026 | 64,934 | 1,566 | 2.4% | -2,107 | 4,122 | 140 | S100YK5N |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥32.1M |
| Operating income per employee (consolidated) | ¥775.2K |
| Net income per employee (consolidated) | -¥1M |

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) | 1,454 | 1,505 | 1,868 | 1,958 | 2,020 |
| Average salary (parent company) | ¥4.6M | ¥5.1M | ¥5.4M | ¥5.6M | ¥5.7M |
| Average age (parent company) | 37.1 years | 37.7 years | 37.7 years | 37.9 years | 38.7 years |
| Average tenure (parent company) | 11.1 years | 11.5 years | 11.4 years | 11.3 years | 11.8 years |

Year over year: Employees (consolidated) +3.2% · Revenue (consolidated) +1.9%

## 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 | 4,122 | 6.3% | S100YK5N |
| Capital expenditure | 3,983 | 6.1% | S100YK5N |
| Free cash flow | 140 | 0.2% | 算出 |
| Investing cash flow | -4,400 | -6.8% | S100YK5N |
| Financing cash flow | 1,190 | 1.8% | S100YK5N |
| Dividends paid | 266 | 0.4% | S100YK5N |
| Change in cash | 890 | 1.4% | S100YK5N |
| Cash and equivalents | 8,571 | 13.2% | S100YK5N |

## 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 | 4,856 | 5,533 | 6,212 | 7,680 | 8,571 | S100TVRU, S100W5HX, S100YK5N |
| Total assets | 38,189 | 42,273 | 53,187 | 55,436 | 57,044 | S100R3X8, S100TVRU, S100W5HX, S100YK5N |
| Net assets | 10,322 | 10,991 | 11,425 | 12,119 | 9,689 | S100TVRU, S100W5HX, S100YK5N |
| Share capital | 2,210 | 3,210 | 3,210 | 3,210 | 3,210 | S100R3X8, S100TVRU, S100W5HX, S100YK5N |
| Property, plant and equipment | 17,311 | 19,546 | 24,646 | 25,487 | 24,917 | S100R3X8, S100TVRU, S100W5HX, S100YK5N |
| Intangible assets excluding goodwill | 636 | 461 | 2,166 | 1,963 | 2,564 | S100R3X8, S100TVRU, S100W5HX, S100YK5N |
| Goodwill | 185 | 77 | 967 | 883 | 1,546 | S100R3X8, S100TVRU, S100W5HX, S100YK5N |
| Investment securities | 31 | 1,645 | 34 | 42 | 32 | S100R3X8, S100TVRU, S100W5HX, S100YK5N |
| Current assets | 7,674 | 8,784 | 10,989 | 12,591 | 14,113 | S100R3X8, S100TVRU, S100W5HX, S100YK5N |
| Current liabilities | 9,684 | 10,342 | 13,508 | 15,586 | 17,361 | S100R3X8, S100TVRU, S100W5HX, S100YK5N |
| Short-term borrowings | 1,850 | 3,000 | 2,400 | 4,200 | 5,500 | S100R3X8, S100TVRU, S100W5HX, S100YK5N |
| Long-term borrowings | 4,875 | 3,752 | 4,709 | 5,318 | 6,707 | S100R3X8, S100TVRU, S100W5HX, S100YK5N |
| Total liabilities | 27,867 | 31,281 | 41,761 | 43,317 | 47,354 | S100R3X8, S100TVRU, S100W5HX, S100YK5N |
| Non-controlling interests | 3 | — | — | — | — | S100R3X8 |
| Equity attributable to owners of parent | 10,446 | 11,153 | 11,641 | 12,206 | 9,757 | S100R3X8, S100TVRU, S100W5HX, S100YK5N |
| Retained earnings | 5,937 | 4,644 | 5,132 | 5,689 | 3,316 | S100R3X8, S100TVRU, S100W5HX, S100YK5N |
| Treasury stock | -2,515 | -2,515 | -2,515 | -2,507 | -2,487 | S100R3X8, S100TVRU, S100W5HX, S100YK5N |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 15% | S100YK5N |
| Property, plant and equipment | 44% | S100YK5N |
| Intangibles and goodwill | 7% | S100YK5N |
| Investment securities | 0% | S100YK5N |
| Other assets | 34% | S100YK5N |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 83% | S100YK5N |
| Equity | 17% | S100YK5N |
| Other liabilities | 0% | S100YK5N |

### 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 | 38,189 | 42,273 | 53,187 | 55,436 | 57,044 |
| Equity | 10,322 | 10,991 | 11,425 | 12,119 | 9,689 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 4,856 | 5,533 | 6,212 | 7,680 | 8,571 |

## 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) | 38.4% | S100YK5N |
| Fixed assets ÷ total assets | 43.7% | S100YK5N |
| Goodwill ÷ parent equity | 15.8% | S100YK5N |

Goodwill over 4 years: 185 → 1,546 JPY; total investing cash flow: -17,739 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) | 15.0% |
| Cash ÷ revenue | 13.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 263.3% |
| Cash vs. profit gap | 6,229 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | 190.1% |
| CapEx intensity (capex ÷ revenue) | 6.1% |
| Investing CF relative to operating CF | 106.7% |

## 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 | 1.4% | 0.97× | 1.3% | 3.66× | 4.9% | S100R3X8 |
| 2023 | — | —× | -2.8% | —× | — | S100TVRU |
| 2024 | 1.5% | 0.91× | 1.3% | 4.19× | 5.6% | S100W5HX |
| 2025 | 1.2% | 1.17× | 1.4% | 4.56× | 6.4% | S100YK5N |
| 2026 | — | —× | -3.7% | —× | — | S100YK5N |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ＤＩＣ㈱ | Major shareholder | 17.8% | 2026-03-31 |
| AAGS S3,L.P.(常任代理人㈱イントリム) | Major shareholder | 10.0% | 2026-03-31 |
| ＳＯＭＰＯホールディングス㈱ | Major shareholder | 7.6% | 2026-03-31 |
| 日本マスタートラスト信託銀行㈱(信託口) | Major shareholder | 5.7% | 2026-03-31 |
| 住友生命保険相互会社 | Major shareholder | 4.8% | 2026-03-31 |
| ルネサンス従業員持株会 | Major shareholder | 2.0% | 2026-03-31 |
| 齋藤 敏一 | Major shareholder | 1.7% | 2026-03-31 |
| ＳＭＢＣ日興証券㈱ | Major shareholder | 0.7% | 2026-03-31 |
| 斎藤フードアンドヘルス㈱ | Major shareholder | 0.6% | 2026-03-31 |
| ㈱日本カストディ銀行（信託口） | Major shareholder | 0.6% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第44期(2025/04/01－2026/03/31) | S100YK5N | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YK5N,, |
| 有価証券報告書－第43期(2024/04/01－2025/03/31) | S100W5HX | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W5HX,, |
| 有価証券報告書－第42期(2023/04/01－2024/03/31) | S100TVRU | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TVRU,, |
| 有価証券報告書－第41期(2022/04/01－2023/03/31) | S100R3X8 | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R3X8,, |
| 有価証券報告書－第40期(令和3年4月1日－令和4年3月31日) | S100OAYU | 2022-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OAYU,, |
| 有価証券報告書－第39期(令和2年4月1日－令和3年3月31日) | S100LOV8 | 2021-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LOV8,, |

## 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).