# Vega corporation Co.,Ltd.: business model and financials

> Latest period: FY ending Mar 2026, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第22期(2025/04/01－2026/03/31) (S100YIJ8)
> Page: https://vizora.meequs.com/en/company/vega-c
> Retrieved: 2026-09-30T21:35:54.102Z

## Company

Vega, founded in 2004, is a company in E-commerce listed on TSE Growth. It has 277 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Vega corporation Co.,Ltd. |
| Ticker | 3542 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3542.T) |
| Listing | TSE Growth |
| Head office | 福岡県福岡市博多区祇園町7番20号博多祇園センタープレイス4階 |
| Representative (per filing) | 代表取締役社長 浮城 智和 |
| Founded | Jul 2004 |
| Share capital | ¥1.06B |
| Employees (consolidated) | 277 |
| Average salary (parent only) | ¥5.7M |
| Fiscal year end | March |
| Website | www.vega-c.com (https://www.vega-c.com/) |
| Corporate number | 9290001052160 |
| EDINET | E32420 |
| Industries (Vizora) | E-commerce |

> Profile source: annual securities report (S100YIJ8, filed 2026-06-24). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 10 | 25 |
| Profitability | 60.3 | 34 |
| Cash conversion | 24.1 | 27 |
| Efficiency | 77.9 | 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)

- Vega brought in ¥18.1B in revenue.
- Out of every ¥100 of sales, about ¥8 is left as operating profit.
- Revenue changed +13.8% from the prior year, operating profit +46.0%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥18129697000 → ¥884310000
- Net income → operating cash flow: ¥884310000 → ¥908772000（difference ¥24462000）
- Main uses of operating cash flow: CapEx ¥590528000 / dividends ¥114435000 / buybacks ¥8000
- Change in cash: ¥74966000
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 | ¥18.1B |  |
| Operating income | ¥1.35B | Margin 7.5% |
| Net income | ¥884.3M | Margin 4.9% |
| Free cash flow | ¥318.2M |  |
| Employees (consolidated) | 277 |  |
| EPS | ¥84.09 |  |
| Diluted EPS | ¥84 |  |
| Book value per share | ¥680.9 |  |
| Equity ratio | 77.1% |  |
| Shares outstanding | 10,749,600 |  |
| Treasury shares | 20,200 |  |
| Shareholders | 4,447 |  |
| Average salary (parent only) | ¥5.7M | Filing company only |
| Cash ratio | 21.3% | Cash ÷ revenue 11.0% |
| Vs. industry median margin | +2.5 pp | E-commerce |
| ROE | 13.5% | Derived from disclosed figures |
| ROA | 10.1% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥19313277000 | ¥18129697000 | -6.1% |
| Operating income | ¥1824747000 | ¥1353202000 | -25.8% |
| Operating margin | 9.4% | 7.5% | -2 pp |
| Employees | 239 people | 277 people | +15.9% |
| Cash and equivalents | ¥3121157000 | ¥1997664000 | -36.0% |

### 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, non-consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 18,130 | 100.0% | S100YIJ8 |
| Cost of revenue | 8,543 | 47.1% | 算出 |
| Gross profit | 9,587 | 52.9% | S100YIJ8 |
| SG&A | 8,233 | 45.4% | S100YIJ8 |
| Operating income | 1,353 | 7.5% | S100YIJ8 |
| Ordinary income | 1,366 | 7.5% | S100YIJ8 |
| Pretax income | 1,314 | 7.2% | S100YIJ8 |
| Income tax | 430 | 2.4% | S100YIJ8 |
| Net income | 884 | 4.9% | S100YIJ8 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 47 |
| SG&A | 45 |
| Operating income | 8 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 52.9% → Operating margin 7.5% → Net margin 4.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +13.8%; Core profit growth: +46.0%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 3.34×
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 | 15,935 | 18,130 | 2,194 | +13.8% |
| Gross profit | 8,163 | 9,587 | 1,424 | +17.4% |
| Operating income | 927 | 1,353 | 427 | +46.0% |
| Operating cash flow | 716 | 909 | 193 | +27.0% |
| Free cash flow | 402 | 318 | -84 | -20.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 13,570 | 116 | 0.9% | 41 | 932 | 758 | S100LSZJ |
| FY ending Mar 2021 | 19,313 | 1,825 | 9.4% | 1,159 | 2,370 | 2,194 | S100OL02 |
| FY ending Mar 2022 | 16,833 | 596 | 3.5% | 383 | -1,916 | -2,042 | S100R7W8 |
| FY ending Mar 2023 | 16,973 | 338 | 2.0% | 120 | 2,043 | 1,838 | S100TV7O |
| FY ending Mar 2024 | 16,063 | 772 | 4.8% | 394 | 264 | 106 | S100W7YC |
| FY ending Mar 2025 | 15,935 | 927 | 5.8% | 592 | 716 | 402 | S100YIJ8 |
| FY ending Mar 2026 | 18,130 | 1,353 | 7.5% | 884 | 909 | 318 | S100YIJ8 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥65.5M |
| Operating income per employee (consolidated) | ¥4.9M |
| Net income per employee (consolidated) | ¥3.2M |

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) | 245 | 230 | 221 | 244 | 277 |
| Average salary (parent company) | ¥5.3M | ¥4.9M | ¥5.2M | ¥5.3M | ¥5.7M |
| Average age (parent company) | 34.5 years | 34.9 years | 35.0 years | 33.0 years | 35.8 years |
| Average tenure (parent company) | 4.1 years | 5.3 years | 5.1 years | 4.6 years | 5.7 years |

Year over year: Employees (consolidated) +13.5% · Revenue (consolidated) +13.8%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 909 | 5.0% | S100YIJ8 |
| Capital expenditure | 591 | 3.3% | S100YIJ8 |
| Free cash flow | 318 | 1.8% | 算出 |
| Investing cash flow | -760 | -4.2% | S100YIJ8 |
| Financing cash flow | -74 | -0.4% | S100YIJ8 |
| Dividends paid | 114 | 0.6% | S100YIJ8 |
| Share buyback | 0 | 0.0% | S100YIJ8 |
| Change in cash | 75 | 0.4% | S100YIJ8 |
| Cash and equivalents | 1,998 | 11.0% | S100YIJ8 |

## 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 | 1,235 | 2,000 | 1,840 | 1,923 | 1,998 | S100TV7O, S100W7YC, S100YIJ8 |
| Total assets | 8,021 | 7,151 | 7,210 | 8,074 | 9,393 | S100R7W8, S100TV7O, S100W7YC, S100YIJ8 |
| Net assets | 5,270 | 5,304 | 5,567 | 5,959 | 7,239 | S100TV7O, S100W7YC, S100YIJ8 |
| Share capital | 1,028 | 1,031 | 1,037 | 1,044 | 1,064 | S100R7W8, S100TV7O, S100W7YC, S100YIJ8 |
| Property, plant and equipment | 214 | 211 | 234 | 494 | 715 | S100R7W8, S100TV7O, S100W7YC, S100YIJ8 |
| Intangible assets excluding goodwill | 286 | 315 | 285 | 200 | 334 | S100R7W8, S100TV7O, S100W7YC, S100YIJ8 |
| Investment securities | 305 | 191 | 92 | 94 | 112 | S100R7W8, S100TV7O, S100W7YC, S100YIJ8 |
| Current assets | 6,676 | 5,956 | 6,153 | 6,611 | 7,181 | S100R7W8, S100TV7O, S100W7YC, S100YIJ8 |
| Current liabilities | 2,701 | 1,796 | 1,587 | 2,000 | 1,987 | S100R7W8, S100TV7O, S100W7YC, S100YIJ8 |
| Short-term borrowings | 1,000 | — | — | — | — | S100R7W8 |
| Total liabilities | 2,751 | 1,847 | 1,643 | 2,115 | 2,153 | S100R7W8, S100TV7O, S100W7YC, S100YIJ8 |
| Equity attributable to owners of parent | 5,255 | 5,308 | 5,486 | 5,946 | 7,154 | S100R7W8, S100TV7O, S100W7YC, S100YIJ8 |
| Retained earnings | 3,444 | 3,460 | 3,748 | 4,234 | 5,004 | S100R7W8, S100TV7O, S100W7YC, S100YIJ8 |
| Treasury stock | -205 | -196 | -319 | -360 | -139 | S100R7W8, S100TV7O, S100W7YC, S100YIJ8 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 21% | S100YIJ8 |
| Property, plant and equipment | 8% | S100YIJ8 |
| Intangibles and goodwill | 4% | S100YIJ8 |
| Investment securities | 1% | S100YIJ8 |
| Other assets | 66% | S100YIJ8 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 23% | S100YIJ8 |
| Equity | 77% | S100YIJ8 |

### 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 | 8,021 | 7,151 | 7,210 | 8,074 | 9,393 |
| Equity | 5,270 | 5,304 | 5,567 | 5,959 | 7,239 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,235 | 2,000 | 1,840 | 1,923 | 1,998 |

## 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) | 3.9% | S100YIJ8 |
| Fixed assets ÷ total assets | 7.6% | S100YIJ8 |
| Goodwill ÷ parent equity | — | —, S100YIJ8 |

### 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) | 21.3% |
| Cash ÷ revenue | 11.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 67.2% |
| Cash vs. profit gap | 24 JPY mn (of net income 2.8%) |
| Shareholder returns / net income | 12.9% |
| Shareholder returns / FCF | 36.0% |
| Shareholder payments — dividends / net income | 12.9% |
| Shareholder payments — dividends / FCF | 36.0% |
| CapEx intensity (capex ÷ revenue) | 3.3% |
| Investing CF relative to operating CF | 83.6% |

## 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 | 2.3% | 2.10× | 4.8% | 1.53× | 7.3% | S100R7W8 |
| 2023 | 0.7% | 2.24× | 1.6% | 1.44× | 2.3% | S100TV7O |
| 2024 | 2.5% | 2.24× | 5.5% | 1.33× | 7.3% | S100W7YC |
| 2025 | 3.7% | 2.09× | 7.7% | 1.34× | 10.4% | S100YIJ8 |
| 2026 | 4.9% | 2.08× | 10.1% | 1.33× | 13.5% | S100YIJ8 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社アルタイル | Major shareholder | 33.6% | 2026-03-31 |
| 浮 城 智 和 | Major shareholder | 26.8% | 2026-03-31 |
| 野村信託銀行株式会社（投信口） | Major shareholder | 5.5% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 4.7% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 3.8% | 2026-03-31 |
| 手 島 武 雄 | Major shareholder | 3.7% | 2026-03-31 |
| THE HONGKONG AND SHANGHAI BANKING CORPORATION LTD - SINGAPORE BRANCH PRIVATE BANKING DIVISION A/C CLIENTS（常任代理人 香港上海銀行東京支店） | Major shareholder | 2.3% | 2026-03-31 |
| 河 端 一 宏 | Major shareholder | 1.7% | 2026-03-31 |
| 吉 田 裕 紀 | Major shareholder | 1.5% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託Ｅ口） | Major shareholder | 0.9% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第22期(2025/04/01－2026/03/31) | S100YIJ8 | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YIJ8,, |
| 有価証券報告書－第21期(2024/04/01－2025/03/31) | S100W7YC | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W7YC,, |
| 有価証券報告書－第20期(2023/04/01－2024/03/31) | S100TV7O | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TV7O,, |
| 有価証券報告書－第19期(2022/04/01－2023/03/31) | S100R7W8 | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R7W8,, |
| 有価証券報告書－第18期(令和3年4月1日－令和4年3月31日) | S100OL02 | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OL02,, |
| 有価証券報告書－第17期(令和2年4月1日－令和3年3月31日) | S100LSZJ | 2021-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LSZJ,, |

## 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).