# ROUND ONE Corporation: business model and financials

> Latest period: FY ending Mar 2026, consolidated, IFRS
> Unit: JPY millions
> Sources: 有価証券報告書－第46期(2025/04/01－2026/03/31) (S100YJKU)
> Page: https://vizora.meequs.com/en/company/round-one
> Retrieved: 2026-09-30T21:31:16.373Z

## Company

Round ONE, founded in 1980, is a company in Amusement Centers & Karaoke listed on TSE Prime. It has 2,364 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | ROUND ONE Corporation |
| Ticker | 4680 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4680.T) |
| Listing | TSE Prime |
| Head office | 大阪市中央区難波五丁目1番60号 |
| Representative (per filing) | 代表取締役社長 杉野 公彦 |
| Founded | Dec 1980 |
| Share capital | ¥25.9B |
| Employees (consolidated) | 2,364 |
| Average salary (parent only) | ¥7.6M |
| Fiscal year end | March |
| Website | www.round1-group.co.jp (https://www.round1-group.co.jp/) |
| Corporate number | 7120101008007 |
| EDINET | E04710 |
| Industries (Vizora) | Amusement Centers & Karaoke |

> Profile source: annual securities report (S100YJKU, filed 2026-06-26). As of filing

## Five-axis industry profile

Primary industry: Amusement Centers & Karaoke (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 78.6 | 7 |
| Cash conversion | 64.3 | 7 |
| Efficiency | 7.1 | 7 |

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 57% of Round ONE's sales come from Japan, with USA and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥15 is left as operating profit.
- Revenue changed +7.1% from the prior year, operating profit +9.7%.

## Company structure

- Segment revenue mix: Japan 57.3%、USA 42.0%、Other 0.6%
- Revenue → net income: ¥189548000000 → ¥16621000000
- Net income → operating cash flow: ¥16621000000 → ¥60461000000（difference ¥43840000000）
- Main uses of operating cash flow: CapEx ¥30869000000 / dividends ¥4592000000 / buybacks ¥0
- Change in cash: ¥3796000000
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 | ¥189.5B |  |
| Operating income | ¥28.8B | Margin 15.2% |
| Net income | ¥16.6B | Margin 8.8% |
| Free cash flow | ¥29.6B |  |
| Largest business | Japan | of segment revenue 57.3% |
| Employees (consolidated) | 2,364 |  |
| EPS | ¥63.3 |  |
| Diluted EPS | ¥63.27 |  |
| Book value per share | ¥185.63 |  |
| Equity ratio | 26.7% | Derived from disclosed figures |
| Shares outstanding | 289,161,942 |  |
| Treasury shares | 26,289,200 |  |
| Shareholders | 69,631 |  |
| Average salary (parent only) | ¥7.6M | Filing company only |
| Cash ratio | 17.7% | Cash ÷ revenue 29.0% |
| Vs. industry median margin | +6.7 pp | Amusement Centers & Karaoke |
| ROE | 22.2% | Derived from disclosed figures |
| ROA | 5.8% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 3.6× net income
- FY2026, one segment accounts for 73% of positive segment profit

## What changed in 5 years

Accounting standard changed in FY2023; percentage changes are omitted.

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥60967000000 | ¥189548000000 | — |
| Operating income | ¥-19286000000 | ¥28773000000 | — |
| Operating margin | -31.6% | 15.2% | +46.8 pp |
| Employees | 1,772 people | 2,364 people | — |
| Cash and equivalents | ¥44851000000 | ¥54950000000 | — |

### 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 |
| --- | ---: |
| 日本 → 事業再編・廃止 | 87.5% |
| 米国 → 事業再編・廃止 | 12.5% |
| その他 → その他 | 0.1% |
| 新設・再編 → 日本 | 57.3% |
| 新設・再編 → 米国 | 42.0% |
| 新設・再編 → その他 | 0.6% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Japan | 2 years | +5.3% | ¥108689000000 | 21.0% | 2 |
| USA | 2 years | +15.6% | ¥79662000000 | 10.8% | 2 |
| Other | — | — | ¥1196000000 | -219.0% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 189,548 | 100.0% | S100YJKU |
| Cost of revenue | 149,800 | 79.0% | S100YJKU |
| Gross profit | 39,747 | 21.0% | S100YJKU |
| SG&A | 10,232 | 5.4% | S100YJKU |
| Operating income | 28,773 | 15.2% | S100YJKU |
| Pretax income | 25,418 | 13.4% | S100YJKU |
| Income tax | 8,796 | 4.6% | S100YJKU |
| Net income | 16,621 | 8.8% | S100YJKU |
| Net income attributable to owners | 16,621 | 8.8% | S100YJKU |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 79 |
| SG&A | 6 |
| Operating income | 15 |
| (Ref.) Net income | 9 |

### Margin funnel

Gross margin 21.0% → Operating margin 15.2% → Net margin 8.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +7.1%; Core profit growth: +9.7%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.37×
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 | 177,057 | 189,548 | 12,491 | +7.1% |
| Gross profit | 35,062 | 39,747 | 4,685 | +13.4% |
| Operating income | 26,240 | 28,773 | 2,533 | +9.7% |
| Net income attributable to owners | 15,405 | 16,621 | 1,216 | +7.9% |
| Operating cash flow | 63,955 | 60,461 | -3,494 | -5.5% |
| Free cash flow | 42,342 | 29,592 | -12,750 | -30.1% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 104,779 | 8,880 | 8.5% | 4,794 | 20,585 | 8,401 | S100LNYA |
| FY ending Mar 2021 | 60,967 | -19,286 | -31.6% | -17,973 | -7,528 | -13,938 | S100OG70 |
| FY ending Mar 2022 | 96,421 | -1,726 | -1.8% | 3,937 | 28,304 | 21,045 | S100R3LA |
| FY ending Mar 2023 | 142,051 | 16,921 | 11.9% | 9,737 | 35,830 | 24,000 | S100TODG |
| FY ending Mar 2024 | 159,181 | 24,705 | 15.5% | 14,662 | 62,886 | 47,401 | S100W81W |
| FY ending Mar 2025 | 177,057 | 26,240 | 14.8% | 15,405 | 63,955 | 42,342 | S100YJKU |
| FY ending Mar 2026 | 189,548 | 28,773 | 15.2% | 16,621 | 60,461 | 29,592 | S100YJKU |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥80.2M |
| Operating income per employee (consolidated) | ¥12.2M |
| Net income per employee (consolidated) | ¥7M |

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) | 2,105 | 2,062 | 2,108 | 2,209 | 2,364 |
| Average salary (parent company) | ¥5.6M | ¥5.9M | ¥6M | ¥6.8M | ¥7.6M |
| Average age (parent company) | 36.3 years | 36.9 years | 36.7 years | 35.2 years | 36.0 years |
| Average tenure (parent company) | 12.0 years | 12.0 years | 12.0 years | 11.0 years | 10.0 years |

Year over year: Employees (consolidated) +7.0% · Revenue (consolidated) +7.1%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Japan | 108,689 | 57.3% | 22,810 | 21.0% |
| USA | 79,662 | 42.0% | 8,582 | 10.8% |
| Other | 1,196 | 0.6% | -2,619 | -219.0% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Japan | 57.3% | 72.7% | 15.3 | 21.0% |
| USA | 42.0% | 27.3% | -14.7 | 10.8% |
| Other | 0.6% | — | — | -219.0% |

Loss-making segment (excluded from profit shares): Other -2,619 JPY mn

Segment → industry: USA → Amusement Centers & Karaoke / Japan → Amusement Centers & Karaoke

## 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 | 60,461 | 31.9% | S100YJKU |
| Capital expenditure | 30,869 | 16.3% | S100YJKU |
| Free cash flow | 29,592 | 15.6% | 算出 |
| Investing cash flow | -31,249 | -16.5% | S100YJKU |
| Financing cash flow | -26,147 | -13.8% | S100YJKU |
| Dividends paid | 4,592 | 2.4% | S100YJKU |
| Share buyback | 0 | 0.0% | S100YJKU |
| Change in cash | 3,796 | 2.0% | S100YJKU |
| Cash and equivalents | 54,950 | 29.0% | S100YJKU |

## 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 | 46,316 | 29,092 | 36,463 | 51,154 | 54,950 | S100TODG, S100W81W, S100YJKU |
| Total assets | 157,698 | 232,182 | 239,997 | 259,914 | 309,888 | S100R3LA, S100W81W, S100YJKU |
| Net assets | 54,603 | 57,314 | 65,658 | 66,883 | 82,635 | S100TODG, S100W81W, S100YJKU |
| Share capital | 25,021 | 25,326 | 25,454 | 25,665 | 25,872 | S100R3LA, S100W81W, S100YJKU |
| Property, plant and equipment | 84,176 | 58,338 | 65,917 | 70,268 | 89,783 | S100R3LA, S100W81W, S100YJKU |
| Intangible assets excluding goodwill | 816 | 763 | 865 | — | — | S100R3LA, S100TODG |
| Current assets | 54,303 | 37,421 | 46,903 | 64,794 | 71,541 | S100R3LA, S100W81W, S100YJKU |
| Current liabilities | 29,747 | 37,828 | 44,807 | — | — | S100R3LA, S100TODG |
| Short-term borrowings | 700 | 800 | 700 | — | — | S100R3LA, S100TODG |
| Long-term borrowings | 41,278 | 15,696 | 14,850 | — | — | S100R3LA, S100TODG |
| Bonds | 971 | 628 | 285 | — | — | S100R3LA, S100TODG |
| Interest-bearing debt | 42,949 | 17,124 | 15,835 | — | — | 算出 |
| Total liabilities | 103,095 | 174,868 | 174,339 | 193,031 | 227,252 | S100R3LA, S100W81W, S100YJKU |
| Non-controlling interests | 0 | 0 | 0 | — | — | S100R3LA, S100TODG |
| Equity attributable to owners of parent | 50,590 | 57,313 | 65,657 | 66,883 | 82,635 | S100R3LA, S100W81W, S100YJKU |
| Retained earnings | -126 | 9,243 | 20,495 | 31,723 | 43,752 | S100R3LA, S100W81W, S100YJKU |
| Treasury stock | -2 | -3,503 | -10,004 | -20,005 | -20,006 | S100R3LA, S100W81W, S100YJKU |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 18% | S100YJKU |
| Property, plant and equipment | 29% | S100YJKU |
| Other assets | 53% | S100YJKU |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 73% | S100YJKU |
| Equity | 27% | S100YJKU |
| Other liabilities | 0% | S100YJKU |

### 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 | 157,698 | 232,182 | 239,997 | 259,914 | 309,888 |
| Equity | 54,603 | 57,314 | 65,658 | 66,883 | 82,635 |
| Interest-bearing debt | 42,949 | 17,124 | 15,835 | — | — |
| Cash | 46,316 | 29,092 | 36,463 | 51,154 | 54,950 |

## 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) | 47.4% | S100YJKU |
| Fixed assets ÷ total assets | 29.0% | S100YJKU |
| Goodwill ÷ parent equity | — | —, S100YJKU |

### 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) | 17.7% |
| Cash ÷ revenue | 29.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 210.1% |
| Cash vs. profit gap | 43,840 JPY mn (of net income 263.8%) |
| Shareholder returns / net income | 27.6% |
| Shareholder returns / FCF | 15.5% |
| Shareholder payments — dividends / net income | 27.6% |
| Shareholder payments — dividends / FCF | 15.5% |
| CapEx intensity (capex ÷ revenue) | 16.3% |
| Investing CF relative to operating CF | 51.7% |

## 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 | 4.1% | 0.61× | 2.5% | 3.12× | 7.8% | S100R3LA |
| 2023 | 6.9% | 0.73× | 5.0% | 3.61× | 18.0% | S100TODG, S100W81W |
| 2024 | 9.2% | 0.67× | 6.2% | 3.84× | 23.8% | S100W81W |
| 2025 | 8.7% | 0.71× | 6.2% | 3.77× | 23.2% | S100YJKU |
| 2026 | 8.8% | 0.67× | 5.8% | 3.81× | 22.2% | S100YJKU |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 杉野 公彦 | Major shareholder | 22.7% | 2026-03-31 |
| 管理信託（A027）受託者 株式会社SMBC信託銀行 | Major shareholder | 13.3% | 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 | 10.7% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 4.8% | 2026-03-31 |
| BNY GCM CLIENT ACCOUNT JPRD AC ISG (FE-AC) | Major shareholder | 2.2% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505001 | Major shareholder | 1.9% | 2026-03-31 |
| THE CHASE MANHATTAN BANK, N.A. LONDONSECS LENDING OMNIBUS ACCOUNT | Major shareholder | 1.8% | 2026-03-31 |
| HSBC HONG KONG ‐ TREASURY SERVICES A/C ASIAN EQUITIES DERIVATIVES | Major shareholder | 1.3% | 2026-03-31 |
| JP MORGAN CHASE BANK 385642 | Major shareholder | 1.0% | 2026-03-31 |
| GOLDMAN SACHS INTERNATIONAL | Major shareholder | 1.0% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第46期(2025/04/01－2026/03/31) | S100YJKU | 2026-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YJKU,, |
| 有価証券報告書－第45期(2024/04/01－2025/03/31) | S100W81W | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W81W,, |
| 有価証券報告書－第44期(2023/04/01－2024/03/31) | S100TODG | 2024-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TODG,, |
| 有価証券報告書－第43期(2022/04/01－2023/03/31) | S100R3LA | 2023-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R3LA,, |
| 有価証券報告書－第42期(令和3年4月1日－令和4年3月31日) | S100OG70 | 2022-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OG70,, |
| 有価証券報告書－第41期(令和2年4月1日－令和3年3月31日) | S100LNYA | 2021-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LNYA,, |

## 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).