# TORICO Co.,Ltd.: 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21期(2025/04/01－2026/03/31) (S100YNOG)
> Page: https://vizora.meequs.com/en/company/torico
> Retrieved: 2026-09-30T20:23:55.686Z

## Company

Torico, founded in 2005, is a company in E-commerce listed on TSE Growth. It has 60 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | TORICO Co., Ltd. |
| Ticker | 7138 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7138.T) |
| Listing | TSE Growth |
| Head office | 東京都千代田区九段南二丁目1番30号 |
| Representative (per filing) | 代表取締役社長 安藤 拓郎 |
| Founded | Jul 2005 |
| Share capital | ¥957.2M |
| Employees (consolidated) | 60 |
| Average salary (parent only) | ¥4.3M |
| Fiscal year end | March |
| Website | www.torico-corp.com (https://www.torico-corp.com/) |
| Corporate number | 5011201010526 |
| EDINET | E37457 |
| Industries (Vizora) | E-commerce, Crypto & Blockchain, Publishing & Bookstores |

> Profile source: annual securities report (S100YNOG, filed 2026-06-30). As of filing

## Five-axis industry profile

Primary industry: E-commerce (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 2 | 25 |
| Profitability | 7.4 | 34 |
| Efficiency | 60.3 | 34 |

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 100% of Torico's sales come from Manga, with Digital asset making up much of the rest.
- It lost about ¥2 for every ¥100 of sales at the operating level.
- Revenue changed -13.3% from the prior year.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥3.19B |  |
| Operating income | -¥67.8M | Margin -2.1% |
| Net income | -¥365M | Margin -11.5% |
| Free cash flow | ¥39.4M |  |
| Largest business | Manga | of segment revenue 99.9% |
| Employees (consolidated) | 60 |  |
| EPS | ¥-33.7 |  |
| Book value per share | ¥103.96 |  |
| Equity ratio | 72.3% |  |
| Shares outstanding | 15,821,892 |  |
| Treasury shares | 217,400 |  |
| Shareholders | 4,513 |  |
| Average salary (parent only) | ¥4.3M | Filing company only |
| Cash ratio | 29.5% | Cash ÷ revenue 20.7% |
| Vs. industry median margin | -7.1 pp | E-commerce |
| ROA | -19.7% | Derived from disclosed figures |

## Notable figures

- FY2026, cash is 29% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥4991170000 | ¥3187521000 | -36.1% |
| Operating income | ¥258691000 | ¥-67788000 | -126.2% |
| Operating margin | 5.2% | -2.1% | -7.3 pp |
| Employees | 50 people | 60 people | +20.0% |
| Cash and equivalents | ¥549011000 | ¥660604000 | +20.3% |

### 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 → マンガ事業 | 99.9% |
| 新設・再編 → 暗号資産事業 | 0.1% |

Segment revenue source references: 2 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 3,188 | 100.0% | S100YNOG |
| Cost of revenue | 1,929 | 60.5% | S100YNOG |
| Gross profit | 1,258 | 39.5% | S100YNOG |
| SG&A | 1,326 | 41.6% | S100YNOG |
| Operating income | -68 | -2.1% | S100YNOG |
| Ordinary income | -340 | -10.7% | S100YNOG |
| Pretax income | -359 | -11.3% | S100YNOG |
| Income tax | 6 | 0.2% | S100YNOG |
| Net income | -365 | -11.5% | S100YNOG |
| Net income attributable to owners | -365 | -11.5% | S100YNOG |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 60 |
| SG&A | 42 |
| Operating income | -2 |
| (Ref.) Net income | -11 |

### Margin funnel

Gross margin 39.5% → Operating margin -2.1% → Net margin -11.5%
Derived from reported figures (DERIVED).

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 3,677 | 3,188 | -490 | -13.3% |
| Gross profit | 1,333 | 1,258 | -75 | -5.6% |
| Operating income | -260 | -68 | 192 | — |
| Net income attributable to owners | -446 | -365 | 81 | — |
| Operating cash flow | -140 | 50 | 190 | — |
| Free cash flow | -168 | 39 | 207 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2021 | 4,991 | 259 | 5.2% | 254 | 289 | 262 | S100OKH0 |
| FY ending Mar 2022 | 5,391 | 200 | 3.7% | 153 | 24 | -32 | S100R8MA |
| FY ending Mar 2023 | 5,004 | 131 | 2.6% | 74 | 14 | -35 | S100TX3K |
| FY ending Mar 2024 | 3,898 | -222 | -5.7% | -273 | -187 | -275 | S100W9HD |
| FY ending Mar 2025 | 3,677 | -260 | -7.1% | -446 | -140 | -168 | S100YNOG |
| FY ending Mar 2026 | 3,188 | -68 | -2.1% | -365 | 50 | 39 | S100YNOG |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥53.1M |
| Operating income per employee (consolidated) | -¥1.1M |
| Net income per employee (consolidated) | -¥6.1M |

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) | 67 | 70 | 66 | 64 | 60 |
| Average salary (parent company) | ¥3.6M | ¥3.9M | ¥4.1M | ¥4.2M | ¥4.3M |
| Average age (parent company) | 32.4 years | 33.7 years | 34.0 years | 34.5 years | 35.0 years |
| Average tenure (parent company) | 2.7 years | 3.6 years | 3.9 years | 4.4 years | 4.4 years |

Year over year: Employees (consolidated) -6.3% · Revenue (consolidated) -13.3%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Manga | 3,186 | 99.9% | -65 | -2.1% |
| Digital asset | 2 | 0.1% | -2 | -146.7% |

### 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 | Margin |
| --- | ---: | ---: |
| Manga | 99.9% | -2.1% |
| Digital asset | 0.1% | -146.7% |

Loss-making segment (excluded from profit shares): Manga -65 JPY mn

Loss-making segment (excluded from profit shares): Digital asset -2 JPY mn

Segment → industry: Manga → E-commerce / Digital asset → Crypto & Blockchain / Manga → Publishing & Bookstores

## 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 | 50 | 1.6% | S100YNOG |
| Capital expenditure | 10 | 0.3% | S100YNOG |
| Free cash flow | 39 | 1.2% | 算出 |
| Investing cash flow | -1,089 | -34.2% | S100YNOG |
| Financing cash flow | 1,064 | 33.4% | S100YNOG |
| Share buyback | 0 | 0.0% | S100YNOG |
| Change in cash | 26 | 0.8% | S100YNOG |
| Cash and equivalents | 661 | 20.7% | S100YNOG |

## 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 | 737 | 1,062 | 607 | 635 | 661 | S100TX3K, S100W9HD, S100YNOG |
| Total assets | 1,930 | 2,247 | 1,854 | 1,473 | 2,240 | S100R8MA, S100TX3K, S100W9HD, S100YNOG |
| Net assets | 1,071 | 1,165 | 896 | 806 | 1,635 | S100TX3K, S100W9HD, S100YNOG |
| Share capital | 161 | 183 | 189 | 367 | 957 | S100R8MA, S100TX3K, S100W9HD, S100YNOG |
| Property, plant and equipment | 76 | 58 | 102 | 0 | 0 | S100R8MA, S100TX3K, S100W9HD, S100YNOG |
| Intangible assets excluding goodwill | 16 | 41 | 56 | 0 | 0 | S100R8MA, S100TX3K, S100W9HD, S100YNOG |
| Current assets | 1,768 | 2,075 | 1,593 | 1,409 | 1,359 | S100R8MA, S100TX3K, S100W9HD, S100YNOG |
| Current liabilities | 706 | 666 | 692 | 502 | 535 | S100R8MA, S100TX3K, S100W9HD, S100YNOG |
| Long-term borrowings | 153 | 416 | 260 | 163 | 70 | S100R8MA, S100TX3K, S100W9HD, S100YNOG |
| Total liabilities | 859 | 1,082 | 958 | 668 | 605 | S100R8MA, S100TX3K, S100W9HD, S100YNOG |
| Equity attributable to owners of parent | 1,069 | 1,162 | 890 | 801 | 1,616 | S100R8MA, S100TX3K, S100W9HD, S100YNOG |
| Retained earnings | 417 | 492 | 219 | -227 | -592 | S100R8MA, S100TX3K, S100W9HD, S100YNOG |
| Treasury stock | — | -27 | -41 | -41 | -41 | S100TX3K, S100W9HD, S100YNOG |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 29% | S100YNOG |
| Other assets | 71% | S100YNOG |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 27% | S100YNOG |
| Equity | 73% | S100YNOG |

### 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 | 1,930 | 2,247 | 1,854 | 1,473 | 2,240 |
| Equity | 1,071 | 1,165 | 896 | 806 | 1,635 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 737 | 1,062 | 607 | 635 | 661 |

## 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) | 0.0% | S100YNOG |
| Fixed assets ÷ total assets | 0.0% | S100YNOG |
| Goodwill ÷ parent equity | — | —, S100YNOG |

### 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) | 29.5% |
| Cash ÷ revenue | 20.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | 415 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.3% |
| Investing CF relative to operating CF | 2184.2% |

## 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 | 2.8% | 2.79× | 7.9% | 1.81× | 14.3% | S100R8MA |
| 2023 | 1.5% | 2.40× | 3.6% | 1.87× | 6.7% | S100TX3K |
| 2024 | — | —× | -13.3% | —× | — | S100W9HD |
| 2025 | — | —× | -26.8% | —× | — | S100YNOG |
| 2026 | — | —× | -19.7% | —× | — | S100YNOG |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ＳｈｏｏｔｉｎｇＳｔａｒ１号投資事業有限責任組合 | Major shareholder | 22.1% | 2026-03-31 |
| 安藤 拓郎 | Major shareholder | 12.2% | 2026-03-31 |
| 石井 昭 | Major shareholder | 6.5% | 2026-03-31 |
| 株式会社テイツー | Major shareholder | 4.5% | 2026-03-31 |
| 株式会社ＳＢＩ証券 | Major shareholder | 3.5% | 2026-03-31 |
| 鯉沼 充 | Major shareholder | 2.5% | 2026-03-31 |
| モルガン・スタンレーＭＵＦＧ証券株式会社 | Major shareholder | 2.5% | 2026-03-31 |
| 楽天証券株式会社共有口 | Major shareholder | 2.1% | 2026-03-31 |
| 野村證券株式会社 | Major shareholder | 1.6% | 2026-03-31 |
| 株式会社Ａ | Major shareholder | 1.3% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第21期(2025/04/01－2026/03/31) | S100YNOG | 2026-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YNOG,, |
| 有価証券報告書－第20期(2024/04/01－2025/03/31) | S100W9HD | 2025-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W9HD,, |
| 有価証券報告書－第19期(2023/04/01－2024/03/31) | S100TX3K | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TX3K,, |
| 有価証券報告書－第18期(2022/04/01－2023/03/31) | S100R8MA | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R8MA,, |
| 有価証券報告書－第17期(令和3年4月1日－令和4年3月31日) | S100OKH0 | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OKH0,, |

## 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).