# RIZAP GROUP,Inc.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, IFRS
> Unit: JPY millions
> Sources: 有価証券報告書－第23期(2025/04/01－2026/03/31) (S100YF9Y)
> Page: https://vizora.meequs.com/en/company/rizap-group
> Retrieved: 2026-09-30T17:58:17.052Z

## Company

Rizap Group, founded in 2003, is a company in Sporting Goods & Fitness listed on Sapporo. It has 4,204 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | RIZAP GROUP, Inc. |
| Ticker | 2928 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2928.T) |
| Listing | Sapporo |
| Head office | 東京都新宿区西新宿八丁目17番1号 |
| Representative (per filing) | 代表取締役社長 瀬戸 健 |
| Founded | Apr 2003 |
| Share capital | ¥100M |
| Employees (consolidated) | 4,204 |
| Average salary (parent only) | ¥6.3M |
| Fiscal year end | March |
| Website | www.rizapgroup.com (https://www.rizapgroup.com/) |
| Corporate number | 2011201012987 |
| EDINET | E00518 |
| Industries (Vizora) | Sporting Goods & Fitness, Furniture, Interior & Lifestyle Goods, Apparel, Secondhand Retail |

> Profile source: annual securities report (S100YF9Y, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: Furniture, Interior & Lifestyle Goods (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 32.1 | 14 |
| Profitability | 63.9 | 18 |
| Cash conversion | 97.1 | 17 |
| Efficiency | 19.4 | 18 |
| Financial strength | 37.5 | 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 43% of Rizap Group's sales come from Lifestyle, with Healthcare and Beauty and Investment making up much of the rest.
- Out of every ¥100 of sales, about ¥7 is left as operating profit.
- Revenue changed -2.2% from the prior year, operating profit +489.1%.

## Company structure

- Segment revenue mix: Lifestyle 43.5%、Healthcare and Beauty 41.5%、Investment 15.1%
- Revenue → net income: ¥167257000000 → ¥5731000000
- Net income → operating cash flow: ¥5731000000 → ¥30589000000（difference ¥24858000000）
- Main uses of operating cash flow: CapEx ¥3478000000 / dividends — / buybacks —
- Change in cash: ¥8532000000
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 | ¥167.3B |  |
| Operating income | ¥11.1B | Margin 6.6% |
| Net income | ¥1.44B | Margin 0.9% |
| Free cash flow | ¥27.1B |  |
| Largest business | Lifestyle | of segment revenue 43.5% |
| Employees (consolidated) | 4,204 |  |
| EPS | ¥2.41 |  |
| Diluted EPS | ¥2.4 |  |
| Book value per share | ¥24.07 |  |
| Equity ratio | 30.9% | Derived from disclosed figures |
| Shares outstanding | 596,664,367 |  |
| Treasury shares | 1,400 |  |
| Shareholders | 148,785 |  |
| Average salary (parent only) | ¥6.3M | Filing company only |
| Cash ratio | 17.8% | Net cash -¥34.6B · Cash ÷ revenue 17.4% |
| Vs. industry median margin | +2.3 pp | Furniture, Interior & Lifestyle Goods |
| ROE | 2.8% | Derived from disclosed figures |
| ROA | 0.9% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 21.2× net income
- FY2026, employees -9% while operating income rose 489%
- FY2026, one segment accounts for 67% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥168577000000 | ¥167257000000 | -0.8% |
| Operating income | ¥1594000000 | ¥11086000000 | +595.5% |
| Operating margin | 0.9% | 6.6% | +5.7 pp |
| Employees | 5,641 people | 4,204 people | -25.5% |
| Cash and equivalents | ¥33786000000 | ¥29067000000 | -14.0% |

### 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 |
| --- | ---: |
| ヘルスケア・美容 → ヘルスケア・美容 | 25.8% |
| ライフスタイル → ライフスタイル | 43.5% |
| ライフスタイル → 事業再編・廃止 | 10.9% |
| インベストメント → インベストメント | 15.1% |
| インベストメント → 事業再編・廃止 | 4.8% |
| 新設・再編 → ヘルスケア・美容 | 15.7% |

Segment revenue source references: 6 (derived)

## Business growth × margin

X-axis: segment revenue CAGR. Y-axis: latest operating margin. Bubble size: latest revenue. CAGR requires at least two comparable years.

| Segment | CAGR span | Revenue CAGR | Latest revenue | Operating margin | Source refs |
| --- | ---: | ---: | ---: | ---: | ---: |
| Lifestyle | 5 years | -4.5% | ¥72708000000 | 1.0% | 2 |
| Healthcare and Beauty | 5 years | +9.8% | ¥69348000000 | 8.6% | 2 |
| Investment | 5 years | -5.5% | ¥25200000000 | 8.9% | 2 |

## Income statement（FY ending Mar 2026, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 167,257 | 100.0% | S100YF9Y |
| Cost of revenue | 90,466 | 54.1% | S100YF9Y |
| Gross profit | 76,791 | 45.9% | S100YF9Y |
| SG&A | 69,920 | 41.8% | S100YF9Y |
| Operating income | 11,086 | 6.6% | S100YF9Y |
| Pretax income | 8,128 | 4.9% | S100YF9Y |
| Income tax | 3,499 | 2.1% | S100YF9Y |
| Net income | 5,731 | 3.4% | S100YF9Y |
| Net income attributable to owners | 1,440 | 0.9% | S100YF9Y |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 54 |
| SG&A | 42 |
| Other operating | -3 |
| Operating income | 7 |
| (Ref.) Net income | 1 |

### Margin funnel

Gross margin 45.9% → Operating margin 6.6% → Net margin 0.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue down, profit up
Revenue growth: -2.2%; Core profit growth: +489.1%
Operating leverage (core profit growth ÷ revenue growth): -218.29×
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 | 171,090 | 167,257 | -3,833 | -2.2% |
| Gross profit | 84,069 | 76,791 | -7,278 | -8.7% |
| Operating income | 1,882 | 11,086 | 9,204 | +489.1% |
| Net income attributable to owners | 264 | 1,440 | 1,176 | +445.5% |
| Operating cash flow | 18,518 | 30,589 | 12,071 | +65.2% |
| Free cash flow | 8,841 | 27,111 | 18,270 | +206.7% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2017 | 95,299 | — | — | 7,678 | 175 | — | S100MY60 |
| FY ending Mar 2018 | 122,063 | — | — | 9,075 | 87 | — | S100OLK7 |
| FY ending Mar 2019 | 209,726 | — | — | -19,542 | -10,427 | — | S100RB27 |
| FY ending Mar 2020 | 192,261 | -980 | -0.5% | -5,831 | 14,648 | 10,040 | S100MY60 |
| FY ending Mar 2021 | 168,577 | 1,594 | 0.9% | 1,608 | 24,867 | 21,800 | S100OLK7 |
| FY ending Mar 2022 | 160,963 | 5,816 | 3.6% | 2,131 | 10,006 | 7,460 | S100RB27 |
| FY ending Mar 2023 | 154,550 | -4,948 | -3.2% | -12,673 | 247 | -6,933 | S100TY2D |
| FY ending Mar 2024 | 162,604 | -648 | -0.4% | -4,300 | 9,802 | -4,343 | S100W7NX |
| FY ending Mar 2025 | 171,090 | 1,882 | 1.1% | 264 | 18,518 | 8,841 | S100YF9Y |
| FY ending Mar 2026 | 167,257 | 11,086 | 6.6% | 1,440 | 30,589 | 27,111 | S100YF9Y |

## People and productivity（FY ending Mar 2026, consolidated, IFRS）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥39.8M |
| Operating income per employee (consolidated) | ¥2.6M |
| Net income per employee (consolidated) | ¥342.5K |

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) | 5,034 | 4,606 | 4,645 | 4,625 | 4,204 |
| Average salary (parent company) | ¥5.2M | ¥6.4M | ¥5.1M | ¥5.9M | ¥6.3M |
| Average age (parent company) | 36.3 years | 37.0 years | 37.3 years | 38.2 years | 38.0 years |
| Average tenure (parent company) | 4.8 years | 4.6 years | 5.1 years | 5.7 years | 6.5 years |

Year over year: Employees (consolidated) -9.1% · Revenue (consolidated) -2.2%

## Segments（FY ending Mar 2026, consolidated, IFRS、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Healthcare and Beauty | 69,348 | 41.5% | 5,935 | 8.6% |
| Lifestyle | 72,708 | 43.5% | 715 | 1.0% |
| Investment | 25,200 | 15.1% | 2,249 | 8.9% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Healthcare and Beauty | 41.5% | 66.7% | 25.2 | 8.6% |
| Lifestyle | 43.5% | 8.0% | -35.4 | 1.0% |
| Investment | 15.1% | 25.3% | 10.2 | 8.9% |

Segment → industry: Investment → Sporting Goods & Fitness / Healthcare and Beauty → Sporting Goods & Fitness / Lifestyle → Furniture, Interior & Lifestyle Goods / Healthcare and Beauty → Apparel / Lifestyle → Secondhand Retail

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 30,589 | 18.3% | S100YF9Y |
| Capital expenditure | 3,478 | 2.1% | S100YF9Y |
| Free cash flow | 27,111 | 16.2% | 算出 |
| Investing cash flow | -388 | -0.2% | S100YF9Y |
| Financing cash flow | -21,808 | -13.0% | S100YF9Y |
| Change in cash | 8,532 | 5.1% | S100YF9Y |
| Cash and equivalents | 29,067 | 17.4% | S100YF9Y |

## 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 | 24,119 | 15,832 | 13,099 | 20,058 | 29,067 | S100TY2D, S100W7NX, S100YF9Y |
| Total assets | 139,788 | 142,649 | 157,151 | 169,526 | 163,480 | S100RB27, S100TY2D, S100W7NX, S100YF9Y |
| Net assets | 36,061 | 24,112 | 29,308 | 62,422 | 64,559 | S100TY2D, S100W7NX, S100YF9Y |
| Share capital | 19,200 | 19,200 | 19,200 | 25,303 | 100 | S100RB27, S100TY2D, S100W7NX, S100YF9Y |
| Property, plant and equipment | 18,474 | 23,640 | 34,167 | 35,978 | 33,854 | S100RB27, S100TY2D, S100W7NX, S100YF9Y |
| Goodwill | 2,066 | 1,792 | 1,792 | 1,876 | 1,867 | S100RB27, S100TY2D, S100W7NX, S100YF9Y |
| Current assets | 73,498 | 67,196 | 64,047 | 72,092 | 73,914 | S100RB27, S100TY2D, S100W7NX, S100YF9Y |
| Interest-bearing debt | 66,356 | 82,784 | 89,658 | 71,209 | 63,674 | S100RB27, S100TY2D, S100W7NX, S100YF9Y |
| Total liabilities | 103,726 | 118,536 | 127,843 | 107,103 | 98,921 | S100RB27, S100TY2D, S100W7NX, S100YF9Y |
| Equity attributable to owners of parent | 26,631 | 14,142 | 19,529 | 51,534 | 50,488 | S100RB27, S100TY2D, S100W7NX, S100YF9Y |
| Retained earnings | 2,266 | -8,744 | -13,217 | -13,564 | 4,462 | S100RB27, S100TY2D, S100W7NX, S100YF9Y |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 18% | S100YF9Y |
| Property, plant and equipment | 21% | S100YF9Y |
| Intangibles and goodwill | 1% | — |
| Other assets | 60% | S100YF9Y |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Interest-bearing debt | 39% | S100YF9Y |
| Other liabilities | 22% | S100YF9Y |
| Equity | 39% | S100YF9Y |

### 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 | 139,788 | 142,649 | 157,151 | 169,526 | 163,480 |
| Equity | 36,061 | 24,112 | 29,308 | 62,422 | 64,559 |
| Interest-bearing debt | 66,356 | 82,784 | 89,658 | 71,209 | 63,674 |
| Cash | 24,119 | 15,832 | 13,099 | 20,058 | 29,067 |

## 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) | 20.2% | S100YF9Y |
| Fixed assets ÷ total assets | 20.7% | S100YF9Y |
| Goodwill ÷ parent equity | 3.7% | S100YF9Y |

Goodwill over 4 years: 2,066 → 1,867 JPY; total investing cash flow: -30,086 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) | 17.8% |
| Cash ÷ revenue | 17.4% |
| Net cash (cash − interest-bearing debt) | -¥34.6B |
| Net debt ÷ operating cash flow | 1.13× |
| Cash conversion (operating CF ÷ operating income) | 275.9% |
| Cash vs. profit gap | 29,149 JPY mn (of net income 2024.2%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 2.1% |
| Investing CF relative to operating CF | 1.3% |

## 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 | 1.3% | 1.15× | 1.5% | 5.25× | 8.0% | S100RB27 |
| 2023 | — | —× | -9.0% | —× | — | S100TY2D |
| 2024 | — | —× | -2.9% | —× | — | S100W7NX |
| 2025 | 0.2% | 1.05× | 0.2% | 4.60× | 0.7% | S100YF9Y |
| 2026 | 0.9% | 1.00× | 0.9% | 3.26× | 2.8% | S100YF9Y |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| CBM株式会社 | Major shareholder | 29.7% | 2026-03-31 |
| 瀬戸 健 | Major shareholder | 24.9% | 2026-03-31 |
| ＳＯＭＰＯホールディングス株式会社 | Major shareholder | 4.9% | 2026-03-31 |
| 瀬戸 早苗 | Major shareholder | 3.9% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 1.0% | 2026-03-31 |
| 有限会社ブランド・クラブ | Major shareholder | 0.7% | 2026-03-31 |
| THE BANK OF NEW YORK 133612 （常任代理人名 みずほ銀行決済営業部） | Major shareholder | 0.5% | 2026-03-31 |
| アイデン株式会社 | Major shareholder | 0.5% | 2026-03-31 |
| 鈴木 伸子 | Major shareholder | 0.5% | 2026-03-31 |
| 松村 京子 | Major shareholder | 0.4% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第23期(2025/04/01－2026/03/31) | S100YF9Y | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YF9Y,, |
| 有価証券報告書－第22期(2024/04/01－2025/03/31) | S100W7NX | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W7NX,, |
| 有価証券報告書－第21期(2023/04/01－2024/03/31) | S100TY2D | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TY2D,, |
| 有価証券報告書－第20期(2022/04/01－2023/03/31) | S100RB27 | 2023-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RB27,, |
| 有価証券報告書－第19期(令和3年4月1日－令和4年3月31日) | S100OLK7 | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OLK7,, |
| 訂正有価証券報告書－第18期(令和2年4月1日－令和3年3月31日) | S100MY60 | 2021-11-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MY60,, |

## 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).