# TRANS GENIC GROUP 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28期(2025/04/01－2026/03/31) (S100YCRI)
> Page: https://vizora.meequs.com/en/company/trans-genic-group
> Retrieved: 2026-09-30T18:33:13.783Z

## Company

Trans Genic Group, founded in 1998, is a company in E-commerce listed on TSE Standard. It has 227 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | TRANS GENIC GROUP INC. |
| Ticker | 2342 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2342.T) |
| Listing | TSE Standard |
| Head office | 福岡県福岡市中央区天神二丁目3番36号 |
| Representative (per filing) | 代表取締役社長 福永 健司 |
| Founded | Apr 1998 |
| Share capital | ¥50M |
| Employees (consolidated) | 227 |
| Average salary (parent only) | ¥6.8M |
| Fiscal year end | March |
| Website | www.transgenic-group.co.jp (https://www.transgenic-group.co.jp/) |
| Corporate number | 9330001006698 |
| EDINET | E05317 |
| Industries (Vizora) | E-commerce, Specialty Trading & Wholesale, CRO & Clinical Testing |

> Profile source: annual securities report (S100YCRI, filed 2026-06-17). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 30 | 25 |
| Profitability | 33.8 | 34 |
| Cash conversion | 9.3 | 27 |
| Efficiency | 48.5 | 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 83% of Trans Genic Group's sales come from Investments and Consulting business, with Drug discovery support business making up much of the rest.
- Out of every ¥100 of sales, about ¥1 is left as operating profit.
- Revenue changed +1.3% from the prior year, and it swung back to an operating profit.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥13.2B |  |
| Operating income | ¥138M | Margin 1.0% |
| Net income | -¥77.3M | Margin -0.6% |
| Free cash flow | -¥42.6M |  |
| Largest business | Investments and Consulting business | of segment revenue 82.9% |
| Employees (consolidated) | 227 |  |
| EPS | ¥-29.06 |  |
| Book value per share | ¥256.26 |  |
| Equity ratio | 49.1% |  |
| Shares outstanding | 16,999,141 |  |
| Treasury shares | 345,900 |  |
| Shareholders | 12,644 |  |
| Average salary (parent only) | ¥6.8M | Filing company only |
| Cash ratio | 21.6% | Net cash ¥582.7M · Cash ÷ revenue 15.9% |
| Vs. industry median margin | -3.9 pp | E-commerce |
| ROA | -0.8% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 100% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥11046139000 | ¥13174425000 | +19.3% |
| Operating income | ¥893195000 | ¥137960000 | -84.6% |
| Operating margin | 8.1% | 1.0% | -7 pp |
| Employees | 248 people | 227 people | -8.5% |
| Cash and equivalents | ¥3030149000 | ¥2100212000 | -30.7% |

### 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 |
| --- | ---: |
| 創薬支援事業 → 創薬支援事業 | 17.1% |
| 創薬支援事業 → 事業再編・廃止 | 2.1% |
| Ｅコマース → 事業再編・廃止 | 28.5% |
| その他 → 事業再編・廃止 | 11.9% |
| ＴＧＢＳ事業 → 事業再編・廃止 | 40.4% |
| 新設・再編 → 投資・コンサルティング事業 | 82.9% |

Segment revenue source references: 6 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 13,174 | 100.0% | S100YCRI |
| Cost of revenue | 10,741 | 81.5% | S100YCRI |
| Gross profit | 2,434 | 18.5% | S100YCRI |
| SG&A | 2,296 | 17.4% | S100YCRI |
| Operating income | 138 | 1.0% | S100YCRI |
| Ordinary income | 118 | 0.9% | S100YCRI |
| Pretax income | -207 | -1.6% | S100YCRI |
| Income tax | -110 | -0.8% | S100YCRI |
| Net income | -97 | -0.7% | S100YCRI |
| Net income attributable to owners | -77 | -0.6% | S100YCRI |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 82 |
| SG&A | 17 |
| Operating income | 1 |
| (Ref.) Net income | -1 |

### Margin funnel

Gross margin 18.5% → Operating margin 1.0% → Net margin -0.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Turned profitable
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 | 13,005 | 13,174 | 169 | +1.3% |
| Gross profit | 2,167 | 2,434 | 267 | +12.3% |
| Operating income | -260 | 138 | 397 | — |
| Net income attributable to owners | -1,090 | -77 | 1,012 | — |
| Operating cash flow | 94 | 26 | -68 | -72.5% |
| Free cash flow | -81 | -43 | 39 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 11,047 | 174 | 1.6% | -441 | -21 | -278 | S100LOBQ |
| FY ending Mar 2021 | 11,046 | 893 | 8.1% | 546 | 1,222 | 1,077 | S100OEUK |
| FY ending Mar 2022 | 12,577 | 1,837 | 14.6% | 1,876 | 1,789 | 1,257 | S100R0CX |
| FY ending Mar 2023 | 11,430 | -25 | -0.2% | -410 | -1,430 | -1,736 | S100TPLD |
| FY ending Mar 2024 | 13,083 | 89 | 0.7% | 4 | -392 | -658 | S100WG8Z |
| FY ending Mar 2025 | 13,005 | -260 | -2.0% | -1,090 | 94 | -81 | S100YCRI |
| FY ending Mar 2026 | 13,174 | 138 | 1.0% | -77 | 26 | -43 | S100YCRI |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥58M |
| Operating income per employee (consolidated) | ¥607.8K |
| Net income per employee (consolidated) | -¥340.4K |

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) | 213 | 236 | 236 | 241 | 227 |
| Average salary (parent company) | ¥6.6M | ¥7M | ¥7.4M | ¥7M | ¥6.8M |
| Average age (parent company) | 46.7 years | 45.5 years | 46.5 years | 46.7 years | 47.9 years |
| Average tenure (parent company) | 6.3 years | 5.2 years | 6.2 years | 7.9 years | 10.0 years |

Year over year: Employees (consolidated) -5.8% · Revenue (consolidated) +1.3%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Drug discovery support business | 2,253 | 17.1% | -164 | -7.3% |
| Investments and Consulting business | 10,921 | 82.9% | 480 | 4.4% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Drug discovery support business | 17.1% | — | — | -7.3% |
| Investments and Consulting business | 82.9% | 100.0% | 17.1 | 4.4% |

Loss-making segment (excluded from profit shares): Drug discovery support business -164 JPY mn

Segment → industry: Investments and Consulting business → E-commerce / Investments and Consulting business → Specialty Trading & Wholesale / Drug discovery support business → CRO & Clinical Testing

## 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 | 26 | 0.2% | S100YCRI |
| Capital expenditure | 68 | 0.5% | S100YCRI |
| Free cash flow | -43 | -0.3% | 算出 |
| Investing cash flow | 51 | 0.4% | S100YCRI |
| Financing cash flow | -518 | -3.9% | S100YCRI |
| Dividends paid | 0 | 0.0% | S100YCRI |
| Change in cash | -442 | -3.4% | S100YCRI |
| Cash and equivalents | 2,100 | 15.9% | S100YCRI |

## 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 | 4,619 | 3,459 | 2,466 | 2,542 | 2,100 | S100TPLD, S100WG8Z, S100YCRI |
| Total assets | 10,441 | 10,673 | 9,811 | 9,586 | 9,735 | S100R0CX, S100TPLD, S100WG8Z, S100YCRI |
| Net assets | 6,637 | 6,123 | 5,998 | 4,856 | 4,840 | S100TPLD, S100WG8Z, S100YCRI |
| Share capital | 50 | 50 | 50 | 50 | 50 | S100R0CX, S100TPLD, S100WG8Z, S100YCRI |
| Property, plant and equipment | 1,993 | 1,992 | 2,142 | 2,055 | 1,992 | S100R0CX, S100TPLD, S100WG8Z, S100YCRI |
| Intangible assets excluding goodwill | 378 | 568 | 533 | 554 | 506 | S100R0CX, S100TPLD, S100WG8Z, S100YCRI |
| Goodwill | 365 | 557 | 512 | 532 | 484 | S100R0CX, S100TPLD, S100WG8Z, S100YCRI |
| Investment securities | 110 | 106 | 129 | 108 | 224 | S100R0CX, S100TPLD, S100WG8Z, S100YCRI |
| Current assets | 7,710 | 7,562 | 6,550 | 6,699 | 6,709 | S100R0CX, S100TPLD, S100WG8Z, S100YCRI |
| Current liabilities | 2,659 | 2,744 | 2,434 | 3,272 | 3,848 | S100R0CX, S100TPLD, S100WG8Z, S100YCRI |
| Trade payables | — | — | 276 | 413 | 416 | S100WG8Z, S100YCRI |
| Short-term borrowings | 390 | 170 | 448 | 680 | 565 | S100R0CX, S100TPLD, S100WG8Z, S100YCRI |
| Long-term borrowings | 881 | 1,569 | 1,185 | 1,247 | 903 | S100R0CX, S100TPLD, S100WG8Z, S100YCRI |
| Bonds | 151 | 137 | 123 | 109 | 50 | S100R0CX, S100TPLD, S100WG8Z, S100YCRI |
| Interest-bearing debt | 1,422 | 1,876 | 1,756 | 2,036 | 1,518 | 算出 |
| Total liabilities | 3,804 | 4,550 | 3,813 | 4,730 | 4,896 | S100R0CX, S100TPLD, S100WG8Z, S100YCRI |
| Non-controlling interests | 104 | 104 | 104 | 93 | 60 | S100R0CX, S100TPLD, S100WG8Z, S100YCRI |
| Equity attributable to owners of parent | 6,517 | 5,990 | 5,842 | 4,719 | 4,641 | S100R0CX, S100TPLD, S100WG8Z, S100YCRI |
| Retained earnings | 2,658 | 2,147 | 2,067 | 928 | 850 | S100R0CX, S100TPLD, S100WG8Z, S100YCRI |
| Treasury stock | -300 | -77 | -136 | -116 | -116 | S100R0CX, S100TPLD, S100WG8Z, S100YCRI |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 22% | S100YCRI |
| Property, plant and equipment | 20% | S100YCRI |
| Intangibles and goodwill | 10% | S100YCRI |
| Investment securities | 2% | S100YCRI |
| Other assets | 46% | S100YCRI |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 4% | S100YCRI |
| Interest-bearing debt | 16% | 算出 |
| Other liabilities | 30% | S100YCRI |
| Equity | 50% | S100YCRI |
| Other liabilities | 0% | S100YCRI |

### 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 | 10,441 | 10,673 | 9,811 | 9,586 | 9,735 |
| Equity | 6,637 | 6,123 | 5,998 | 4,856 | 4,840 |
| Interest-bearing debt | 1,422 | 1,876 | 1,756 | 2,036 | 1,518 |
| Cash | 4,619 | 3,459 | 2,466 | 2,542 | 2,100 |

## 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) | 15.1% | S100YCRI |
| Fixed assets ÷ total assets | 20.5% | S100YCRI |
| Goodwill ÷ parent equity | 10.4% | S100YCRI |

Goodwill over 4 years: 365 → 484 JPY; total investing cash flow: 248 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) | 21.6% |
| Cash ÷ revenue | 15.9% |
| Net cash (cash − interest-bearing debt) | ¥582.7M |
| Net debt ÷ operating cash flow | -22.49× |
| Cash conversion (operating CF ÷ operating income) | 18.8% |
| Cash vs. profit gap | 103 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.5% |
| Investing CF relative to operating CF | 196.3% |

## 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 | 14.9% | 1.20× | 18.0% | 1.60× | 28.8% | S100R0CX |
| 2023 | — | —× | -3.9% | —× | — | S100TPLD |
| 2024 | 0.0% | 1.28× | 0.0% | 1.73× | 0.1% | S100WG8Z |
| 2025 | — | —× | -11.2% | —× | — | S100YCRI |
| 2026 | — | —× | -0.8% | —× | — | S100YCRI |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 小林 哲朗 | Major shareholder | 1.9% | 2026-03-31 |
| 内田 善久 | Major shareholder | 1.4% | 2026-03-31 |
| モルガン・スタンレーMUFG証券株式会社 | Major shareholder | 1.4% | 2026-03-31 |
| BNYM SA/NV FOR BNYM FOR BNY GCM CLIENT ACCOUNTS M LSCB RD | Major shareholder | 1.2% | 2026-03-31 |
| 福永 健司 | Major shareholder | 1.1% | 2026-03-31 |
| 藤井 正樹 | Major shareholder | 1.0% | 2026-03-31 |
| 久保田 正明 | Major shareholder | 1.0% | 2026-03-31 |
| 野村證券株式会社 | Major shareholder | 1.0% | 2026-03-31 |
| 株式会社ムトウ | Major shareholder | 1.0% | 2026-03-31 |
| 原田 育生 | Major shareholder | 0.9% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第28期(2025/04/01－2026/03/31) | S100YCRI | 2026-06-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YCRI,, |
| 訂正有価証券報告書－第27期(2024/04/01－2025/03/31) | S100WG8Z | 2025-08-01 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WG8Z,, |
| 有価証券報告書－第26期(2023/04/01－2024/03/31) | S100TPLD | 2024-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TPLD,, |
| 有価証券報告書－第25期(2022/04/01－2023/03/31) | S100R0CX | 2023-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R0CX,, |
| 有価証券報告書－第24期(令和3年4月1日－令和4年3月31日) | S100OEUK | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OEUK,, |
| 有価証券報告書－第23期(令和2年4月1日－令和3年3月31日) | S100LOBQ | 2021-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LOBQ,, |

## 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).