# RVH 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30期(2025/04/01－2026/03/31) (S100YKOS)
> Page: https://vizora.meequs.com/en/company/rvh
> Retrieved: 2026-09-30T18:56:03.655Z

## Company

RVH, founded in 1996, is a company in IT Services & System Integration listed on TSE Standard. It has 136 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | RVH Inc. |
| Ticker | 6786 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6786.T) |
| Listing | TSE Standard |
| Head office | 東京都港区赤坂八丁目5番28号 |
| Representative (per filing) | 代表取締役社長 荻野 善之 |
| Founded | Jul 1996 |
| Share capital | ¥100M |
| Employees (consolidated) | 136 |
| Average salary (parent only) | ¥8.6M |
| Fiscal year end | March |
| Website | rvh.jp (https://rvh.jp/) |
| Corporate number | 5020001030519 |
| EDINET | E02057 |
| Industries (Vizora) | IT Services & System Integration, Electric Power & Gas, Real Estate Development & Leasing |

> Profile source: annual securities report (S100YKOS, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: IT Services & System Integration (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 2.9 | 157 |
| Profitability | 3.3 | 196 |
| Efficiency | 21.7 | 196 |

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 88% of RVH's sales come from System development, with Renewable Energy and Asset management related business making up much of the rest.
- It lost about ¥4 for every ¥100 of sales at the operating level.
- Revenue changed -14.8% from the prior year.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥1.25B |  |
| Operating income | -¥49.6M | Margin -4.0% |
| Net income | ¥29.5M | Margin 2.4% |
| Free cash flow | ¥76M |  |
| Largest business | System development | of segment revenue 88.4% |
| Employees (consolidated) | 136 |  |
| EPS | ¥-0.63 |  |
| Book value per share | ¥23.84 |  |
| Equity ratio | 45.7% |  |
| Shares outstanding | 25,321,760 |  |
| Treasury shares | 700 |  |
| Shareholders | 5,595 |  |
| Average salary (parent only) | ¥8.6M | Filing company only |
| Cash ratio | 36.8% | Cash ÷ revenue 50.3% |
| Vs. industry median margin | -12.9 pp | IT Services & System Integration |
| ROE | 3.9% | Derived from disclosed figures |
| ROA | 2.1% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 3.6× net income
- FY2026, one segment accounts for 93% of positive segment profit
- FY2026, parent-company salary changed +34% over five years

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥1474009000 | ¥1251750000 | -15.1% |
| Operating income | ¥-177162000 | ¥-49558000 | — |
| Operating margin | -12.0% | -4.0% | +8.1 pp |
| Employees | 135 people | 136 people | +0.7% |
| Cash and equivalents | ¥919336000 | ¥629576000 | -31.5% |

### 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 |
| --- | ---: |
| システム開発 → システム開発 | 72.6% |
| WEBサービス → 事業再編・廃止 | 27.4% |
| 新設・再編 → システム開発 | 15.8% |
| 新設・再編 → 再生可能エネルギー | 5.9% |
| 新設・再編 → 資産運用関連事業 | 5.8% |

Segment revenue source references: 5 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| System development | 5 years | +0.7% | ¥1103821000 | 6.6% | 2 |
| Renewable Energy | 3 years | +59.4% | ¥73307000 | 7.7% | 2 |
| Asset management related business | — | — | ¥71864000 | -2.2% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 1,252 | 100.0% | S100YKOS |
| Cost of revenue | 824 | 65.8% | S100YKOS |
| Gross profit | 428 | 34.2% | S100YKOS |
| SG&A | 478 | 38.2% | S100YKOS |
| Operating income | -50 | -4.0% | S100YKOS |
| Ordinary income | 48 | 3.8% | S100YKOS |
| Pretax income | 44 | 3.5% | S100YKOS |
| Income tax | 14 | 1.1% | S100YKOS |
| Net income | 29 | 2.4% | S100YKOS |
| Net income attributable to owners | 29 | 2.4% | S100YKOS |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 66 |
| SG&A | 38 |
| Operating income | -4 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 34.2% → Operating margin -4.0% → Net margin 2.4%
Derived from reported figures (DERIVED).

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 1,470 | 1,252 | -218 | -14.8% |
| Gross profit | 493 | 428 | -65 | -13.2% |
| Operating income | -51 | -50 | 1 | — |
| Net income attributable to owners | -231 | 29 | 260 | — |
| Operating cash flow | -214 | 105 | 319 | — |
| Free cash flow | -224 | 76 | 300 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 54,523 | -341 | -0.6% | -1,625 | -178 | -1,295 | S100LRT3 |
| FY ending Mar 2021 | 1,474 | -177 | -12.0% | -5,449 | -47 | -51 | S100OJTM |
| FY ending Mar 2022 | 1,226 | -145 | -11.8% | -120 | -1,060 | -1,070 | S100R7WJ |
| FY ending Mar 2023 | 1,301 | -187 | -14.4% | -183 | 118 | 75 | S100TS7G |
| FY ending Mar 2024 | 1,277 | -217 | -17.0% | -813 | -2 | -4 | S100W3TE |
| FY ending Mar 2025 | 1,470 | -51 | -3.5% | -231 | -214 | -224 | S100YKOS |
| FY ending Mar 2026 | 1,252 | -50 | -4.0% | 29 | 105 | 76 | S100YKOS |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥9.2M |
| Operating income per employee (consolidated) | -¥364.4K |
| Net income per employee (consolidated) | ¥216.9K |

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) | 152 | 153 | 145 | 139 | 136 |
| Average salary (parent company) | ¥6.4M | ¥7.4M | ¥8.9M | ¥8.9M | ¥8.6M |
| Average age (parent company) | 45.0 years | 48.0 years | 51.0 years | 52.0 years | 54.0 years |
| Average tenure (parent company) | 3.0 years | 3.0 years | 4.0 years | 5.0 years | 5.0 years |

Year over year: Employees (consolidated) -2.2% · Revenue (consolidated) -14.8%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| System development | 1,104 | 88.4% | 73 | 6.6% |
| Renewable Energy | 73 | 5.9% | 6 | 7.7% |
| Asset management related business | 72 | 5.8% | -2 | -2.2% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| System development | 88.4% | 92.8% | 4.4 | 6.6% |
| Renewable Energy | 5.9% | 7.2% | 1.3 | 7.7% |
| Asset management related business | 5.8% | — | — | -2.2% |

Loss-making segment (excluded from profit shares): Asset management related business -2 JPY mn

Segment → industry: System development → IT Services & System Integration / Renewable Energy → Electric Power & Gas / Asset management related business → Real Estate Development & Leasing

## 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 | 105 | 8.4% | S100YKOS |
| Capital expenditure | 29 | 2.3% | S100YKOS |
| Free cash flow | 76 | 6.1% | 算出 |
| Investing cash flow | -60 | -4.8% | S100YKOS |
| Financing cash flow | 73 | 5.8% | S100YKOS |
| Change in cash | 118 | 9.4% | S100YKOS |
| Cash and equivalents | 630 | 50.3% | S100YKOS |

## 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 | 1,028 | 602 | 613 | 512 | 630 | S100TS7G, S100W3TE, S100YKOS |
| Total assets | 1,887 | 2,088 | 1,296 | 1,050 | 1,710 | S100R7WJ, S100TS7G, S100W3TE, S100YKOS |
| Net assets | 1,588 | 1,792 | 982 | 749 | 782 | S100TS7G, S100W3TE, S100YKOS |
| Share capital | 1,704 | 100 | 100 | 100 | 100 | S100R7WJ, S100TS7G, S100W3TE, S100YKOS |
| Trade receivables | 225 | 209 | 174 | 160 | 269 | S100R7WJ, S100TS7G, S100W3TE, S100YKOS |
| Property, plant and equipment | 14 | 94 | 77 | 12 | 18 | S100R7WJ, S100TS7G, S100W3TE, S100YKOS |
| Intangible assets excluding goodwill | 7 | 720 | 99 | 69 | 61 | S100R7WJ, S100TS7G, S100W3TE, S100YKOS |
| Goodwill | — | 717 | 81 | 55 | 48 | S100TS7G, S100W3TE, S100YKOS |
| Investment securities | 54 | 56 | 60 | 57 | 58 | S100R7WJ, S100TS7G, S100W3TE, S100YKOS |
| Current assets | 1,728 | 1,165 | 948 | 880 | 1,537 | S100R7WJ, S100TS7G, S100W3TE, S100YKOS |
| Current liabilities | 180 | 164 | 190 | 195 | 775 | S100R7WJ, S100TS7G, S100W3TE, S100YKOS |
| Trade payables | 20 | 6 | 3 | 6 | 107 | S100R7WJ, S100TS7G, S100W3TE, S100YKOS |
| Short-term borrowings | 10 | 10 | 21 | 29 | 47 | S100R7WJ, S100TS7G, S100W3TE, S100YKOS |
| Long-term borrowings | 101 | 100 | 98 | 83 | 130 | S100R7WJ, S100TS7G, S100W3TE, S100YKOS |
| Total liabilities | 299 | 295 | 314 | 301 | 928 | S100R7WJ, S100TS7G, S100W3TE, S100YKOS |
| Equity attributable to owners of parent | 1,581 | 1,786 | 973 | 742 | 771 | S100R7WJ, S100TS7G, S100W3TE, S100YKOS |
| Retained earnings | -7,668 | -231 | -1,044 | -1,275 | -1,246 | S100R7WJ, S100TS7G, S100W3TE, S100YKOS |
| Treasury stock | -0 | -0 | -0 | -0 | -0 | S100R7WJ, S100TS7G, S100W3TE, S100YKOS |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 37% | S100YKOS |
| Receivables | 16% | S100YKOS |
| Property, plant and equipment | 1% | S100YKOS |
| Intangibles and goodwill | 6% | S100YKOS |
| Investment securities | 3% | S100YKOS |
| Other assets | 37% | S100YKOS |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 6% | S100YKOS |
| Other liabilities | 48% | S100YKOS |
| Equity | 46% | S100YKOS |

### 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 | 1,887 | 2,088 | 1,296 | 1,050 | 1,710 |
| Equity | 1,588 | 1,792 | 982 | 749 | 782 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,028 | 602 | 613 | 512 | 630 |

## 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% | S100YKOS |
| Fixed assets ÷ total assets | 1.0% | S100YKOS |
| Goodwill ÷ parent equity | 6.2% | S100YKOS |

### 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) | 36.8% |
| Cash ÷ revenue | 50.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | 75 JPY mn (of net income 255.1%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 2.3% |
| Investing CF relative to operating CF | 57.0% |

## 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 | — | —× | -6.3% | —× | — | S100R7WJ |
| 2023 | — | —× | -9.2% | —× | — | S100TS7G |
| 2024 | — | —× | -48.1% | —× | — | S100W3TE |
| 2025 | — | —× | -19.7% | —× | — | S100YKOS |
| 2026 | 2.4% | 0.91× | 2.1% | 1.82× | 3.9% | S100YKOS |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社ヘーリオスエネルギー | Major shareholder | 12.9% | 2026-03-31 |
| 株式会社SEED | Major shareholder | 8.3% | 2026-03-31 |
| 株式会社SBI証券 | Major shareholder | 5.5% | 2026-03-31 |
| 奥条 瑳京 | Major shareholder | 4.9% | 2026-03-31 |
| 西本 誠治 | Major shareholder | 4.8% | 2026-03-31 |
| 株式会社SPV2号 | Major shareholder | 4.7% | 2026-03-31 |
| 株式会社ユーキトラスト | Major shareholder | 4.5% | 2026-03-31 |
| 野村證券株式会社 | Major shareholder | 3.8% | 2026-03-31 |
| 株式会社アドマンクリエイティブ | Major shareholder | 2.4% | 2026-03-31 |
| NOMURA INTERNATIONAL PLC A/C JAPAN FLOW(常任代理人 野村證券株式会社) | Major shareholder | 1.3% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第30期(2025/04/01－2026/03/31) | S100YKOS | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YKOS,, |
| 有価証券報告書－第29期(2024/04/01－2025/03/31) | S100W3TE | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W3TE,, |
| 有価証券報告書－第28期(2023/04/01－2024/03/31) | S100TS7G | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TS7G,, |
| 有価証券報告書－第27期(2022/04/01－2023/03/31) | S100R7WJ | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R7WJ,, |
| 有価証券報告書－第26期(令和3年4月1日－令和4年3月31日) | S100OJTM | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OJTM,, |
| 有価証券報告書－第25期(令和2年4月1日－令和3年3月31日) | S100LRT3 | 2021-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LRT3,, |

## 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).