# VALUE GOLF Inc.: business model and financials

> Latest period: FY ending Jan 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第22期(2025/02/01－2026/01/31) (S100Y0HP)
> Page: https://vizora.meequs.com/en/company/value-golf
> Retrieved: 2026-09-30T21:03:31.570Z

## Company

Value Golf, founded in 2003, is a company in Internet Services & Apps listed on TSE Growth. It has 77 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | VALUE GOLF Inc. |
| Ticker | 3931 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3931.T) |
| Listing | TSE Growth |
| Head office | 東京都港区芝四丁目3番5号ファースト岡田ビル5F |
| Representative (per filing) | 代表取締役 社長執行役員 水口 通夫 |
| Founded | Jan 2003 |
| Share capital | ¥382.3M |
| Employees (consolidated) | 77 |
| Average salary (parent only) | ¥6.5M |
| Fiscal year end | January |
| Website | corp.valuegolf.co.jp (https://corp.valuegolf.co.jp/) |
| Corporate number | 1010401055616 |
| EDINET | E32108 |
| Industries (Vizora) | Internet Services & Apps, Sporting Goods & Fitness, Travel Agencies |

> Profile source: annual securities report (S100Y0HP, filed 2026-04-23). As of filing

## Five-axis industry profile

Primary industry: Sporting Goods & Fitness (2026-01-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 8.3 | 18 |
| Profitability | 17.5 | 20 |
| Cash conversion | 2.9 | 17 |
| Efficiency | 82.5 | 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)

- About 79% of Value Golf's sales come from Golf Business, with Travel business and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥1 is left as operating profit.
- Revenue changed +7.2% from the prior year, operating profit -41.0%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥4.43B |  |
| Operating income | ¥53.1M | Margin 1.2% |
| Net income | -¥7.9M | Margin -0.2% |
| Free cash flow | -¥497.2M |  |
| Largest business | Golf Business | of segment revenue 79.1% |
| Employees (consolidated) | 77 |  |
| EPS | ¥8.51 |  |
| Book value per share | ¥536.89 |  |
| Equity ratio | 33.6% |  |
| Shares outstanding | 1,807,000 |  |
| Treasury shares | 100 |  |
| Shareholders | 1,525 |  |
| Average salary (parent only) | ¥6.5M | Filing company only |
| Cash ratio | 22.5% | Cash ÷ revenue 16.2% |
| Vs. industry median margin | -6.4 pp | Internet Services & Apps |
| ROA | -0.3% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 90% of positive segment profit
- FY2026, parent-company salary changed +33% over five years

## What changed in 5 years

| Metric | FY ending Jan 2021 | FY ending Jan 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥4271320000 | ¥4426721000 | +3.6% |
| Operating income | ¥87658000 | ¥53131000 | -39.4% |
| Operating margin | 2.1% | 1.2% | -0.9 pp |
| Employees | 84 people | 77 people | -8.3% |
| Cash and equivalents | ¥947784000 | ¥718136000 | -24.2% |

### Change in segment revenue mix

Span: FY ending Jan 2021 → FY ending Jan 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| ゴルフ事業 → ゴルフ事業 | 79.1% |
| ゴルフ事業 → 事業再編・廃止 | 4.9% |
| トラベル事業 → トラベル事業 | 15.0% |
| トラベル事業 → 事業再編・廃止 | 0.1% |
| その他 → その他 | 0.9% |
| 新設・再編 → その他 | 5.0% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Golf Business | 5 years | -0.5% | ¥3502627000 | 14.1% | 2 |
| Travel business | 5 years | +0.6% | ¥662917000 | 6.3% | 2 |
| Other | 5 years | +47.4% | ¥261164000 | 5.6% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 4,427 | 100.0% | S100Y0HP |
| Cost of revenue | 2,875 | 64.9% | S100Y0HP |
| Gross profit | 1,552 | 35.1% | S100Y0HP |
| SG&A | 1,498 | 33.9% | S100Y0HP |
| Operating income | 53 | 1.2% | S100Y0HP |
| Ordinary income | 39 | 0.9% | S100Y0HP |
| Pretax income | -9 | -0.2% | S100Y0HP |
| Income tax | -1 | -0.0% | S100Y0HP |
| Net income | -8 | -0.2% | S100Y0HP |
| Net income attributable to owners | -8 | -0.2% | S100Y0HP |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 65 |
| SG&A | 34 |
| Operating income | 1 |
| (Ref.) Net income | 0 |

### Margin funnel

Gross margin 35.1% → Operating margin 1.2% → Net margin -0.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +7.2%; Core profit growth: -41.0%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -5.65×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 4,128 | 4,427 | 299 | +7.2% |
| Gross profit | 1,470 | 1,552 | 82 | +5.6% |
| Operating income | 90 | 53 | -37 | -41.0% |
| Net income attributable to owners | 6 | -8 | -13 | -244.0% |
| Operating cash flow | -33 | -470 | -437 | — |
| Free cash flow | -60 | -497 | -437 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Jan 2020 | 5,763 | 64 | 1.1% | 65 | 113 | 107 | S100L7TX |
| FY ending Jan 2021 | 4,271 | 88 | 2.1% | -48 | 366 | 361 | S100PVEU |
| FY ending Jan 2022 | 4,284 | 215 | 5.0% | 124 | 56 | 40 | S100QN86 |
| FY ending Jan 2023 | 4,444 | 237 | 5.3% | 115 | 10 | 0 | S100TCBQ |
| FY ending Jan 2024 | 3,656 | 62 | 1.7% | 23 | 9 | -22 | S100VOSR |
| FY ending Jan 2025 | 4,128 | 90 | 2.2% | 6 | -33 | -60 | S100Y0HP |
| FY ending Jan 2026 | 4,427 | 53 | 1.2% | -8 | -470 | -497 | S100Y0HP |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥57.5M |
| Operating income per employee (consolidated) | ¥690K |
| Net income per employee (consolidated) | -¥103.2K |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Jan 2022 | FY ending Jan 2023 | FY ending Jan 2024 | FY ending Jan 2025 | FY ending Jan 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 81 | 77 | 67 | 79 | 77 |
| Average salary (parent company) | ¥4.9M | ¥5.1M | ¥6.4M | ¥6.1M | ¥6.5M |
| Average age (parent company) | 40.6 years | 41.5 years | 42.3 years | 41.7 years | 38.7 years |
| Average tenure (parent company) | 8.3 years | 8.2 years | 8.9 years | 8.1 years | 6.3 years |

Year over year: Employees (consolidated) -2.5% · Revenue (consolidated) +7.2%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Golf Business | 3,503 | 79.1% | 493 | 14.1% |
| Travel business | 663 | 15.0% | 42 | 6.3% |
| Other | 261 | 5.9% | 15 | 5.6% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Golf Business | 79.1% | 89.7% | 10.6 | 14.1% |
| Travel business | 15.0% | 7.6% | -7.3 | 6.3% |
| Other | 5.9% | 2.7% | -3.2 | 5.6% |

Segment → industry: Golf Business → Internet Services & Apps / Golf Business → Sporting Goods & Fitness / Travel business → Travel Agencies

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Jan 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -470 | -10.6% | S100Y0HP |
| Capital expenditure | 27 | 0.6% | S100Y0HP |
| Free cash flow | -497 | -11.2% | 算出 |
| Investing cash flow | -80 | -1.8% | S100Y0HP |
| Financing cash flow | 421 | 9.5% | S100Y0HP |
| Dividends paid | 45 | 1.0% | S100Y0HP |
| Change in cash | -129 | -2.9% | S100Y0HP |
| Cash and equivalents | 718 | 16.2% | S100Y0HP |

## 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 Jan 2022 | FY ending Jan 2023 | FY ending Jan 2024 | FY ending Jan 2025 | FY ending Jan 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,135 | 1,128 | 1,228 | 847 | 718 | S100TCBQ, S100VOSR, S100Y0HP |
| Total assets | 2,369 | 2,508 | 2,634 | 2,648 | 3,185 | S100QN86, S100TCBQ, S100VOSR, S100Y0HP |
| Net assets | 1,095 | 1,176 | 1,164 | 1,125 | 1,073 | S100TCBQ, S100VOSR, S100Y0HP |
| Share capital | 382 | 382 | 382 | 382 | 382 | S100QN86, S100TCBQ, S100VOSR, S100Y0HP |
| Property, plant and equipment | 40 | 36 | 52 | 31 | 43 | S100QN86, S100TCBQ, S100VOSR, S100Y0HP |
| Intangible assets excluding goodwill | 15 | 17 | 21 | 162 | 132 | S100QN86, S100TCBQ, S100VOSR, S100Y0HP |
| Goodwill | — | — | — | 123 | 93 | S100Y0HP |
| Investment securities | 4 | 5 | 6 | 68 | 22 | S100QN86, S100TCBQ, S100VOSR, S100Y0HP |
| Current assets | 2,161 | 2,298 | 2,398 | 2,194 | 2,734 | S100QN86, S100TCBQ, S100VOSR, S100Y0HP |
| Current liabilities | 1,065 | 1,166 | 1,316 | 1,330 | 1,948 | S100QN86, S100TCBQ, S100VOSR, S100Y0HP |
| Short-term borrowings | 550 | 650 | 850 | 750 | 1,250 | S100QN86, S100TCBQ, S100VOSR, S100Y0HP |
| Long-term borrowings | 182 | 138 | 123 | 164 | 129 | S100QN86, S100TCBQ, S100VOSR, S100Y0HP |
| Total liabilities | 1,274 | 1,332 | 1,471 | 1,523 | 2,112 | S100QN86, S100TCBQ, S100VOSR, S100Y0HP |
| Equity attributable to owners of parent | 1,092 | 1,172 | 1,159 | 1,119 | 1,066 | S100QN86, S100TCBQ, S100VOSR, S100Y0HP |
| Retained earnings | 335 | 415 | 402 | 362 | 309 | S100QN86, S100TCBQ, S100VOSR, S100Y0HP |
| Treasury stock | -0 | -0 | -0 | -0 | -0 | S100QN86, S100TCBQ, S100VOSR, S100Y0HP |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 23% | S100Y0HP |
| Property, plant and equipment | 1% | S100Y0HP |
| Intangibles and goodwill | 7% | S100Y0HP |
| Investment securities | 1% | S100Y0HP |
| Other assets | 68% | S100Y0HP |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 66% | S100Y0HP |
| Equity | 34% | S100Y0HP |
| Other liabilities | 0% | S100Y0HP |

### Balance sheet history

| Metric | FY ending Jan 2022 | FY ending Jan 2023 | FY ending Jan 2024 | FY ending Jan 2025 | FY ending Jan 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 2,369 | 2,508 | 2,634 | 2,648 | 3,185 |
| Equity | 1,095 | 1,176 | 1,164 | 1,125 | 1,073 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,135 | 1,128 | 1,228 | 847 | 718 |

## 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) | 1.0% | S100Y0HP |
| Fixed assets ÷ total assets | 1.3% | S100Y0HP |
| Goodwill ÷ parent equity | 8.7% | S100Y0HP |

### 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) | 22.5% |
| Cash ÷ revenue | 16.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -884.5% |
| Cash vs. profit gap | -462 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.6% |
| Investing CF relative to operating CF | — |

## 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 | 2.9% | 1.81× | 5.2% | 2.17× | 11.3% | S100QN86 |
| 2023 | 2.6% | 1.82× | 4.7% | 2.15× | 10.1% | S100TCBQ |
| 2024 | 0.6% | 1.42× | 0.9% | 2.21× | 1.9% | S100VOSR |
| 2025 | 0.1% | 1.56× | 0.2% | 2.32× | 0.5% | S100Y0HP |
| 2026 | — | —× | -0.3% | —× | — | S100Y0HP |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 水口 通夫 | Major shareholder | 36.7% | 2026-01-31 |
| ㈱ゼネラルアサヒ | Major shareholder | 11.8% | 2026-01-31 |
| 渡辺 薫 | Major shareholder | 4.6% | 2026-01-31 |
| ㈱ＭＭパートナー | Major shareholder | 4.5% | 2026-01-31 |
| 佐藤 久美子 | Major shareholder | 3.5% | 2026-01-31 |
| 渡辺 和昭 | Major shareholder | 3.0% | 2026-01-31 |
| 伊藤 僚祐 | Major shareholder | 2.6% | 2026-01-31 |
| 吉田 一彦 | Major shareholder | 2.3% | 2026-01-31 |
| 山上 陽平 | Major shareholder | 2.1% | 2026-01-31 |
| ㈱北斗社 | Major shareholder | 1.4% | 2026-01-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第22期(2025/02/01－2026/01/31) | S100Y0HP | 2026-04-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y0HP,, |
| 有価証券報告書－第21期(2024/02/01－2025/01/31) | S100VOSR | 2025-04-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VOSR,, |
| 有価証券報告書－第20期(2023/02/01－2024/01/31) | S100TCBQ | 2024-04-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TCBQ,, |
| 有価証券報告書－第19期(2022/02/01－2023/01/31) | S100QN86 | 2023-04-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QN86,, |
| 訂正有価証券報告書－第18期(令和3年2月1日－令和4年1月31日) | S100PVEU | 2022-12-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PVEU,, |
| 有価証券報告書－第18期(令和3年2月1日－令和4年1月31日) | S100NXW9 | 2022-04-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NXW9,, |
| 有価証券報告書－第17期(令和2年2月1日－令和3年1月31日) | S100L7TX | 2021-04-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L7TX,, |

## 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).