# UP GARAGE GROUP 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12期(2025/04/01－2026/03/31) (S100YFV1)
> Page: https://vizora.meequs.com/en/company/up-garage-group
> Retrieved: 2026-09-30T20:28:46.947Z

## Company

UP Garage Group, founded in 2014, is a company in Secondhand Retail listed on TSE Standard. It has 238 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | UP GARAGE GROUP Co., Ltd. |
| Ticker | 7134 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7134.T) |
| Listing | TSE Standard |
| Head office | 神奈川県横浜市青葉区榎が丘7番地22 |
| Representative (per filing) | 代表取締役社長 河野 映彦 |
| Founded | Apr 2014 |
| Share capital | ¥527.2M |
| Employees (consolidated) | 238 |
| Average salary (parent only) | ¥6.2M |
| Fiscal year end | March |
| Website | www.upgarage-g.co.jp (https://www.upgarage-g.co.jp/) |
| Corporate number | 7020001105153 |
| EDINET | E37143 |
| Industries (Vizora) | Secondhand Retail |

> Profile source: annual securities report (S100YFV1, filed 2026-06-22). As of filing

## Five-axis industry profile

Primary industry: Secondhand Retail (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 32.4 | 17 |
| Profitability | 67.5 | 20 |
| Cash conversion | 56.7 | 15 |
| Efficiency | 72.5 | 20 |

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)

- UP Garage Group brought in ¥15.4B in revenue.
- Out of every ¥100 of sales, about ¥7 is left as operating profit.
- Revenue changed +10.0% from the prior year, operating profit +5.7%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥15384974000 → ¥780957000
- Net income → operating cash flow: ¥780957000 → ¥1192643000（difference ¥411686000）
- Main uses of operating cash flow: CapEx ¥490424000 / dividends ¥256936000 / buybacks ¥36000
- Change in cash: ¥292737000
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 | ¥15.4B |  |
| Operating income | ¥1.1B | Margin 7.2% |
| Net income | ¥781M | Margin 5.1% |
| Free cash flow | ¥702.2M |  |
| Employees (consolidated) | 238 |  |
| EPS | ¥105.21 |  |
| Diluted EPS | ¥104.25 |  |
| Book value per share | ¥659.5 |  |
| Equity ratio | 69.4% |  |
| Shares outstanding | 7,926,900 |  |
| Treasury shares | 200 |  |
| Shareholders | 4,316 |  |
| Average salary (parent only) | ¥6.2M | Filing company only |
| Cash ratio | 29.3% | Cash ÷ revenue 14.1% |
| Vs. industry median margin | +3.9 pp | Secondhand Retail |
| ROE | 16.0% | Derived from disclosed figures |
| ROA | 11.2% | 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 | ¥9922951000 | ¥15384974000 | +55.0% |
| Operating income | ¥448240000 | ¥1103813000 | +146.3% |
| Operating margin | 4.5% | 7.2% | +2.7 pp |
| Employees | 173 people | 238 people | +37.6% |
| Cash and equivalents | ¥827537000 | ¥2166364000 | +161.8% |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 15,385 | 100.0% | S100YFV1 |
| Cost of revenue | 9,224 | 60.0% | S100YFV1 |
| Gross profit | 6,161 | 40.0% | S100YFV1 |
| SG&A | 5,058 | 32.9% | S100YFV1 |
| Operating income | 1,104 | 7.2% | S100YFV1 |
| Ordinary income | 1,129 | 7.3% | S100YFV1 |
| Pretax income | 1,125 | 7.3% | S100YFV1 |
| Income tax | 344 | 2.2% | S100YFV1 |
| Net income | 781 | 5.1% | S100YFV1 |
| Net income attributable to owners | 781 | 5.1% | S100YFV1 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 60 |
| SG&A | 33 |
| Operating income | 7 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 40.0% → Operating margin 7.2% → Net margin 5.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +10.0%; Core profit growth: +5.7%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.57×
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 | 13,982 | 15,385 | 1,403 | +10.0% |
| Gross profit | 5,581 | 6,161 | 581 | +10.4% |
| Operating income | 1,045 | 1,104 | 59 | +5.7% |
| Net income attributable to owners | 786 | 781 | -5 | -0.6% |
| Operating cash flow | 460 | 1,193 | 732 | +159.1% |
| Free cash flow | -84 | 702 | 786 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2021 | 9,923 | 448 | 4.5% | 291 | 965 | 839 | S100OKM6 |
| FY ending Mar 2022 | 10,531 | 689 | 6.5% | 413 | 601 | 289 | S100R6TO |
| FY ending Mar 2023 | 11,356 | 847 | 7.5% | 559 | 554 | 237 | S100TW7L |
| FY ending Mar 2024 | 12,557 | 965 | 7.7% | 639 | 1,151 | 714 | S100W2GN |
| FY ending Mar 2025 | 13,982 | 1,045 | 7.5% | 786 | 460 | -84 | S100YFV1 |
| FY ending Mar 2026 | 15,385 | 1,104 | 7.2% | 781 | 1,193 | 702 | S100YFV1 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥64.6M |
| Operating income per employee (consolidated) | ¥4.6M |
| Net income per employee (consolidated) | ¥3.3M |

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) | 188 | 203 | 197 | 209 | 238 |
| Average salary (parent company) | ¥6.8M | ¥6.4M | ¥6M | ¥6M | ¥6.2M |
| Average age (parent company) | 35.0 years | 34.0 years | 32.0 years | 33.0 years | 33.0 years |
| Average tenure (parent company) | 4.0 years | 3.0 years | 6.0 years | 7.0 years | 6.0 years |

Year over year: Employees (consolidated) +13.9% · Revenue (consolidated) +10.0%

## 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 | 1,193 | 7.8% | S100YFV1 |
| Capital expenditure | 490 | 3.2% | S100YFV1 |
| Free cash flow | 702 | 4.6% | 算出 |
| Investing cash flow | -543 | -3.5% | S100YFV1 |
| Financing cash flow | -356 | -2.3% | S100YFV1 |
| Dividends paid | 257 | 1.7% | S100YFV1 |
| Share buyback | 0 | 0.0% | S100YFV1 |
| Change in cash | 293 | 1.9% | S100YFV1 |
| Cash and equivalents | 2,166 | 14.1% | S100YFV1 |

## 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 | 2,075 | 1,859 | 2,277 | 1,874 | 2,166 | S100TW7L, S100W2GN, S100YFV1 |
| Total assets | 5,338 | 5,521 | 6,193 | 6,586 | 7,391 | S100R6TO, S100TW7L, S100W2GN, S100YFV1 |
| Net assets | 3,101 | 3,535 | 4,015 | 4,605 | 5,133 | S100TW7L, S100W2GN, S100YFV1 |
| Share capital | 519 | 520 | 523 | 524 | 527 | S100R6TO, S100TW7L, S100W2GN, S100YFV1 |
| Property, plant and equipment | 907 | 926 | 999 | 1,231 | 1,439 | S100R6TO, S100TW7L, S100W2GN, S100YFV1 |
| Intangible assets excluding goodwill | 302 | 411 | 502 | 557 | 549 | S100R6TO, S100TW7L, S100W2GN, S100YFV1 |
| Investment securities | 19 | 19 | 19 | 19 | 19 | S100R6TO, S100TW7L, S100W2GN, S100YFV1 |
| Current assets | 3,536 | 3,611 | 4,139 | 4,146 | 4,689 | S100R6TO, S100TW7L, S100W2GN, S100YFV1 |
| Current liabilities | 1,835 | 1,604 | 1,791 | 1,543 | 1,744 | S100R6TO, S100TW7L, S100W2GN, S100YFV1 |
| Short-term borrowings | 700 | 450 | 350 | 250 | 150 | S100R6TO, S100TW7L, S100W2GN, S100YFV1 |
| Long-term borrowings | 35 | — | — | — | — | S100R6TO |
| Total liabilities | 2,238 | 1,986 | 2,178 | 1,981 | 2,258 | S100R6TO, S100TW7L, S100W2GN, S100YFV1 |
| Equity attributable to owners of parent | 3,101 | 3,537 | 4,017 | 4,612 | 5,142 | S100R6TO, S100TW7L, S100W2GN, S100YFV1 |
| Retained earnings | 1,695 | 2,130 | 2,604 | 3,196 | 3,720 | S100R6TO, S100TW7L, S100W2GN, S100YFV1 |
| Treasury stock | — | -0 | -0 | -0 | -0 | S100TW7L, S100W2GN, S100YFV1 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 29% | S100YFV1 |
| Property, plant and equipment | 20% | S100YFV1 |
| Intangibles and goodwill | 7% | S100YFV1 |
| Investment securities | 0% | S100YFV1 |
| Other assets | 44% | S100YFV1 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 31% | S100YFV1 |
| Equity | 69% | S100YFV1 |
| Other liabilities | 0% | S100YFV1 |

### 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 | 5,338 | 5,521 | 6,193 | 6,586 | 7,391 |
| Equity | 3,101 | 3,535 | 4,015 | 4,605 | 5,133 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 2,075 | 1,859 | 2,277 | 1,874 | 2,166 |

## 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) | 9.4% | S100YFV1 |
| Fixed assets ÷ total assets | 19.5% | S100YFV1 |
| Goodwill ÷ parent equity | — | —, S100YFV1 |

### 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) | 29.3% |
| Cash ÷ revenue | 14.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 108.0% |
| Cash vs. profit gap | 412 JPY mn (of net income 52.7%) |
| Shareholder returns / net income | 32.9% |
| Shareholder returns / FCF | 36.6% |
| Shareholder payments — dividends / net income | 32.9% |
| Shareholder payments — dividends / FCF | 36.6% |
| CapEx intensity (capex ÷ revenue) | 3.2% |
| Investing CF relative to operating CF | 45.6% |

## 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 | 3.9% | 1.97× | 7.7% | 1.72× | 13.3% | S100R6TO |
| 2023 | 4.9% | 2.09× | 10.3% | 1.64× | 16.9% | S100TW7L |
| 2024 | 5.1% | 2.14× | 10.9% | 1.55× | 16.9% | S100W2GN |
| 2025 | 5.6% | 2.19× | 12.3% | 1.48× | 18.2% | S100YFV1 |
| 2026 | 5.1% | 2.20× | 11.2% | 1.43× | 16.0% | S100YFV1 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| (株)Ｅ＆Ｅ | Major shareholder | 71.5% | 2026-03-31 |
| ヨシダ トモヒロ | Major shareholder | 1.4% | 2026-03-31 |
| アップガレージグループ従業員持株会 | Major shareholder | 1.2% | 2026-03-31 |
| 河野 映彦 | Major shareholder | 1.0% | 2026-03-31 |
| MSIP CLIENT SECURITIES(常任代理人 モルガン・スタンレーMUFG証券(株)) | Major shareholder | 0.7% | 2026-03-31 |
| INTERACTIVE BROKERS LLC(常任代理人 インタラクティブ・ブローカーズ証券(株)) | Major shareholder | 0.6% | 2026-03-31 |
| 小岩井 壮 | Major shareholder | 0.5% | 2026-03-31 |
| 大杉 哲也 | Major shareholder | 0.5% | 2026-03-31 |
| GOLDMAN SACHS INTERNATIONAL(常任代理人 ゴールドマン・サックス証券(株)) | Major shareholder | 0.4% | 2026-03-31 |
| (株)SBI証券 | Major shareholder | 0.3% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第12期(2025/04/01－2026/03/31) | S100YFV1 | 2026-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YFV1,, |
| 有価証券報告書－第11期(2024/04/01－2025/03/31) | S100W2GN | 2025-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W2GN,, |
| 有価証券報告書－第10期(2023/04/01－2024/03/31) | S100TW7L | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TW7L,, |
| 有価証券報告書－第9期(2022/04/01－2023/03/31) | S100R6TO | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R6TO,, |
| 有価証券報告書－第8期(令和3年4月1日－令和4年3月31日) | S100OKM6 | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OKM6,, |

## 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).