# VELTRA Corporation: business model and financials

> Latest period: FY ending Dec 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第36期(2025/01/01－2025/12/31) (S100XSV4)
> Page: https://vizora.meequs.com/en/company/veltra
> Retrieved: 2026-09-30T22:08:09.642Z

## Company

Veltra, founded in 1991, is a company in Software & SaaS listed on TSE Growth. It has 242 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | VELTRA Corporation |
| Ticker | 7048 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7048.T) |
| Listing | TSE Growth |
| Head office | 東京都中央区日本橋2丁目13番12号 |
| Representative (per filing) | 代表取締役社長兼CEO 二木 渉 |
| Founded | Nov 1991 |
| Share capital | ¥2.08B |
| Employees (consolidated) | 242 |
| Average salary (parent only) | ¥5.9M |
| Fiscal year end | December |
| Website | corp.veltra.com (https://corp.veltra.com/) |
| Corporate number | 2011101049188 |
| EDINET | E34508 |
| Industries (Vizora) | Software & SaaS, Travel Agencies |

> Profile source: annual securities report (S100XSV4, filed 2026-03-23). As of filing

## Five-axis industry profile

Primary industry: Travel Agencies (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 91.7 | 6 |
| Profitability | 40.9 | 11 |
| Cash conversion | 94.4 | 9 |
| Efficiency | 4.5 | 11 |

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 80% of Veltra's sales come from OTA, with Toursim IT and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥2 is left as operating profit.
- Revenue changed +6.4% from the prior year, and it swung back to an operating profit.

## Company structure

- Segment revenue mix: OTA 80.0%、Toursim IT 19.2%、Other 0.8%
- Revenue → net income: ¥4581627000 → ¥87753000
- Net income → operating cash flow: ¥87753000 → ¥920212000（difference ¥832459000）
- Main uses of operating cash flow: CapEx ¥400311000 / dividends — / buybacks —
- Change in cash: ¥520249000
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 | ¥4.58B |  |
| Operating income | ¥105.1M | Margin 2.3% |
| Net income | ¥140.5M | Margin 3.1% |
| Free cash flow | ¥519.9M |  |
| Largest business | OTA | of segment revenue 80.0% |
| Employees (consolidated) | 242 |  |
| EPS | ¥7.75 |  |
| Diluted EPS | ¥7.69 |  |
| Book value per share | ¥36.74 |  |
| Equity ratio | 28.3% |  |
| Shares outstanding | 36,599,580 |  |
| Shareholders | 8,973 |  |
| Average salary (parent only) | ¥5.9M | Filing company only |
| Cash ratio | 61.0% | Cash ÷ revenue 124.1% |
| Vs. industry median margin | -0.1 pp | Travel Agencies |
| ROE | 5.8% | Derived from disclosed figures |
| ROA | 1.6% | Derived from disclosed figures |

## Notable figures

- FY2025, operating cash flow is 6.5× net income
- FY2025, revenue is 9.3× its level five years ago
- FY2025, one segment accounts for 100% of positive segment profit

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥890513000 | ¥4581627000 | +414.5% |
| Operating income | ¥-1333676000 | ¥105125000 | — |
| Operating margin | -149.8% | 2.3% | +152.1 pp |
| Employees | 177 people | 242 people | +36.7% |
| Cash and equivalents | ¥917334000 | ¥5686926000 | +519.9% |

### Change in segment revenue mix

Span: FY ending Dec 2020 → FY ending Dec 2025. 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 → OTA | 80.0% |
| 新設・再編 → 観光IT | 19.2% |
| 新設・再編 → その他 | 0.8% |

Segment revenue source references: 3 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| OTA | — | — | ¥3663862000 | 23.3% | 2 |
| Toursim IT | — | — | ¥879844000 | -29.9% | 2 |
| Other | — | — | ¥37920000 | -80.1% | 2 |

## Income statement（FY ending Dec 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 4,582 | 100.0% | S100XSV4 |
| Operating income | 105 | 2.3% | S100XSV4 |
| Ordinary income | 99 | 2.2% | S100XSV4 |
| Pretax income | 107 | 2.3% | S100XSV4 |
| Income tax | 20 | 0.4% | S100XSV4 |
| Net income | 88 | 1.9% | S100XSV4 |
| Net income attributable to owners | 141 | 3.1% | S100XSV4 |

## Per ¥100 of revenue（FY ending Dec 2025）

| Part | JPY |
| --- | ---: |
| Operating expenses | 98 |
| Operating income | 2 |
| (Ref.) Net income | 3 |

### Margin funnel

Operating margin 2.3% → Net margin 3.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Turned profitable
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Dec 2024 → FY ending Dec 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 4,305 | 4,582 | 277 | +6.4% |
| Operating income | -176 | 105 | 281 | — |
| Net income attributable to owners | -408 | 141 | 548 | — |
| Operating cash flow | 460 | 920 | 461 | +100.2% |
| Free cash flow | 109 | 520 | 411 | +378.9% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 4,351 | 845 | 19.4% | 522 | 1,282 | 791 | S100L13Y |
| FY ending Dec 2020 | 891 | -1,334 | -149.8% | -1,547 | -3,245 | -3,458 | S100NUYL |
| FY ending Dec 2021 | 493 | -1,098 | -222.9% | -1,157 | -678 | -759 | S100SNB8 |
| FY ending Dec 2022 | 1,164 | -795 | -68.3% | -794 | 146 | 37 | S100T62M |
| FY ending Dec 2023 | 3,123 | -67 | -2.1% | -58 | 1,193 | 1,055 | S100VHZY |
| FY ending Dec 2024 | 4,305 | -176 | -4.1% | -408 | 460 | 109 | S100XSV4 |
| FY ending Dec 2025 | 4,582 | 105 | 2.3% | 141 | 920 | 520 | S100XSV4 |

## People and productivity（FY ending Dec 2025, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥18.9M |
| Operating income per employee (consolidated) | ¥434.4K |
| Net income per employee (consolidated) | ¥580.7K |

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

| History | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 133 | 153 | 219 | 258 | 242 |
| Average salary (parent company) | ¥5.4M | ¥5.6M | ¥5.6M | ¥6.1M | ¥5.9M |
| Average age (parent company) | 36.7 years | 37.7 years | 37.0 years | 38.0 years | 38.4 years |
| Average tenure (parent company) | 4.4 years | 5.5 years | 4.5 years | 6.1 years | 5.6 years |

Year over year: Employees (consolidated) -6.2% · Revenue (consolidated) +6.4%

## Segments（FY ending Dec 2025, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| OTA | 3,664 | 80.0% | 852 | 23.3% |
| Toursim IT | 880 | 19.2% | -263 | -29.9% |
| Other | 38 | 0.8% | -30 | -80.1% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| OTA | 80.0% | 100.0% | 20.0 | 23.3% |
| Toursim IT | 19.2% | — | — | -29.9% |
| Other | 0.8% | — | — | -80.1% |

Loss-making segment (excluded from profit shares): Toursim IT -263 JPY mn

Loss-making segment (excluded from profit shares): Other -30 JPY mn

Segment → industry: Toursim IT → Software & SaaS / Toursim IT → Travel Agencies / OTA → Travel Agencies

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Dec 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 920 | 20.1% | S100XSV4 |
| Capital expenditure | 400 | 8.7% | S100XSV4 |
| Free cash flow | 520 | 11.3% | 算出 |
| Investing cash flow | -388 | -8.5% | S100XSV4 |
| Financing cash flow | 0 | 0.0% | S100XSV4 |
| Change in cash | 520 | 11.4% | S100XSV4 |
| Cash and equivalents | 5,687 | 124.1% | S100XSV4 |

## 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 Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,197 | 2,799 | 3,696 | 5,167 | 5,687 | S100T62M, S100VHZY, S100XSV4 |
| Total assets | 1,870 | 4,052 | 6,466 | 8,585 | 9,323 | S100SNB8, S100T62M, S100VHZY, S100XSV4 |
| Net assets | 1,176 | 1,381 | 1,360 | 2,889 | 2,970 | S100T62M, S100VHZY, S100XSV4 |
| Share capital | 1,336 | 1,821 | 1,824 | 2,078 | 2,078 | S100SNB8, S100T62M, S100VHZY, S100XSV4 |
| Property, plant and equipment | 18 | 22 | 35 | 38 | 33 | S100SNB8, S100T62M, S100VHZY, S100XSV4 |
| Intangible assets excluding goodwill | 407 | 318 | 297 | 475 | 686 | S100SNB8, S100T62M, S100VHZY, S100XSV4 |
| Investment securities | — | 0 | 102 | 10 | 7 | S100T62M, S100VHZY, S100XSV4 |
| Current assets | 1,414 | 3,679 | 5,805 | 7,847 | 8,337 | S100SNB8, S100T62M, S100VHZY, S100XSV4 |
| Current liabilities | 691 | 2,671 | 5,106 | 5,696 | 6,353 | S100SNB8, S100T62M, S100VHZY, S100XSV4 |
| Short-term borrowings | — | 500 | 500 | — | — | S100T62M, S100VHZY |
| Total liabilities | 695 | 2,671 | 5,106 | 5,696 | 6,354 | S100SNB8, S100T62M, S100VHZY, S100XSV4 |
| Non-controlling interests | 12 | 14 | 16 | 376 | 323 | S100SNB8, S100T62M, S100VHZY, S100XSV4 |
| Equity attributable to owners of parent | 1,143 | 1,310 | 1,257 | 2,338 | 2,479 | S100SNB8, S100T62M, S100VHZY, S100XSV4 |
| Retained earnings | -1,778 | -2,572 | -2,629 | -3,037 | -2,897 | S100SNB8, S100T62M, S100VHZY, S100XSV4 |
| Treasury stock | -0 | -0 | -0 | -0 | -0 | S100SNB8, S100T62M, S100VHZY, S100XSV4 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 61% | S100XSV4 |
| Property, plant and equipment | 0% | S100XSV4 |
| Intangibles and goodwill | 8% | S100XSV4 |
| Investment securities | 0% | S100XSV4 |
| Other assets | 31% | S100XSV4 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 68% | S100XSV4 |
| Equity | 32% | S100XSV4 |

### Balance sheet history

| Metric | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 1,870 | 4,052 | 6,466 | 8,585 | 9,323 |
| Equity | 1,176 | 1,381 | 1,360 | 2,889 | 2,970 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,197 | 2,799 | 3,696 | 5,167 | 5,687 |

## 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) | 0.7% | S100XSV4 |
| Fixed assets ÷ total assets | 0.4% | S100XSV4 |
| Goodwill ÷ parent equity | — | —, S100XSV4 |

### 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) | 61.0% |
| Cash ÷ revenue | 124.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 875.4% |
| Cash vs. profit gap | 780 JPY mn (of net income 554.8%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 8.7% |
| Investing CF relative to operating CF | 42.2% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | — | —× | -61.9% | —× | — | S100SNB8 |
| 2022 | — | —× | -26.8% | —× | — | S100T62M |
| 2023 | — | —× | -1.1% | —× | — | S100VHZY |
| 2024 | — | —× | -5.4% | —× | — | S100XSV4 |
| 2025 | 3.1% | 0.51× | 1.6% | 3.72× | 5.8% | S100XSV4 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| Paxalan S.à r.l. （常任代理人小谷野税理士法人） | Major shareholder | 24.6% | 2025-12-31 |
| 株式会社オープンドア | Major shareholder | 14.6% | 2025-12-31 |
| 永島 徹三 | Major shareholder | 4.5% | 2025-12-31 |
| 二木 渉 | Major shareholder | 4.2% | 2025-12-31 |
| 齊藤 精良 | Major shareholder | 2.9% | 2025-12-31 |
| 株式会社JTB | Major shareholder | 2.5% | 2025-12-31 |
| 野村信託銀行株式会社(投信口) | Major shareholder | 2.1% | 2025-12-31 |
| 株式会社プレンティー | Major shareholder | 2.0% | 2025-12-31 |
| 楽天証券株式会社共有口 | Major shareholder | 1.9% | 2025-12-31 |
| 萬年 良子 | Major shareholder | 1.4% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第36期(2025/01/01－2025/12/31) | S100XSV4 | 2026-03-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XSV4,, |
| 有価証券報告書－第35期(2024/01/01－2024/12/31) | S100VHZY | 2025-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VHZY,, |
| 有価証券報告書－第34期(2023/01/01－2023/12/31) | S100T62M | 2024-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T62M,, |
| 訂正有価証券報告書－第33期(2022/01/01－2022/12/31) | S100SNB8 | 2024-01-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SNB8,, |
| 訂正有価証券報告書－第32期(令和3年1月1日－令和3年12月31日) | S100NUYL | 2022-04-07 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NUYL,, |
| 有価証券報告書－第31期(令和2年1月1日－令和2年12月31日) | S100L13Y | 2021-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L13Y,, |

## 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).