# Village Vanguard CO.,LTD.: business model and financials

> Latest period: FY ending May 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第38期(2025/06/01－2026/05/31) (S100YZ31)
> Page: https://vizora.meequs.com/en/company/village-vanguard
> Retrieved: 2026-09-30T21:46:27.423Z

## Company

Village Vanguard, founded in 1988, is a company in Publishing & Bookstores listed on TSE Standard. It has 330 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Village Vanguard CO.,LTD. |
| Ticker | 2769 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2769.T) |
| Listing | TSE Standard |
| Head office | 名古屋市名東区上社一丁目1802番地 |
| Representative (per filing) | 代表取締役社長 白川 篤典 |
| Founded | Oct 1988 |
| Share capital | ¥2.33B |
| Employees (consolidated) | 330 |
| Average salary (parent only) | ¥3.9M |
| Fiscal year end | May |
| Website | www.village-v.co.jp (https://www.village-v.co.jp/) |
| Corporate number | 7180001067799 |
| EDINET | E03409 |
| Industries (Vizora) | Publishing & Bookstores |

> Profile source: annual securities report (S100YZ31, filed 2026-08-27). As of filing

## Five-axis industry profile

Primary industry: Publishing & Bookstores (2026-05-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 20.6 | 17 |
| Profitability | 44.7 | 19 |
| Cash conversion | 90.6 | 16 |
| Efficiency | 65.8 | 19 |

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)

- Village Vanguard brought in ¥23.4B in revenue.
- Out of every ¥100 of sales, about ¥4 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: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥23353000000 → ¥736000000
- Net income → operating cash flow: ¥736000000 → ¥2044000000（difference ¥1308000000）
- Main uses of operating cash flow: CapEx ¥111000000 / dividends — / buybacks —
- Change in cash: ¥2782000000
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 | ¥23.4B |  |
| Operating income | ¥919M | Margin 3.9% |
| Net income | ¥736M | Margin 3.2% |
| Free cash flow | ¥1.93B |  |
| Employees (consolidated) | 330 |  |
| EPS | ¥78.36 |  |
| Diluted EPS | ¥73.22 |  |
| Book value per share | ¥129.59 |  |
| Equity ratio | 13.6% |  |
| Shares outstanding | 7,861,700 |  |
| Treasury shares | 19,900 |  |
| Shareholders | 46,246 |  |
| Average salary (parent only) | ¥3.9M | Filing company only |
| Cash ratio | 25.7% | Net cash -¥1.23B · Cash ÷ revenue 20.8% |
| Vs. industry median margin | -1.5 pp | Publishing & Bookstores |
| ROE | 32.6% | Derived from disclosed figures |
| ROA | 4.1% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.8× net income
- FY2026, cash is 26% of total assets

## What changed in 5 years

| Metric | FY ending May 2021 | FY ending May 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥28293000000 | ¥23353000000 | -17.5% |
| Operating income | ¥29000000 | ¥919000000 | +3069.0% |
| Operating margin | 0.1% | 3.9% | +3.8 pp |
| Employees | 435 people | 330 people | -24.1% |
| Cash and equivalents | ¥3853000000 | ¥4868000000 | +26.3% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| ヴィレッジヴァンガード → 事業再編・廃止 | 100.0% |

Segment revenue source references: 1 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 23,353 | 100.0% | S100YZ31 |
| Cost of revenue | 12,917 | 55.3% | S100YZ31 |
| Gross profit | 10,436 | 44.7% | S100YZ31 |
| SG&A | 9,517 | 40.8% | S100YZ31 |
| Operating income | 919 | 3.9% | S100YZ31 |
| Ordinary income | 858 | 3.7% | S100YZ31 |
| Pretax income | 787 | 3.4% | S100YZ31 |
| Income tax | 51 | 0.2% | S100YZ31 |
| Net income | 736 | 3.2% | S100YZ31 |
| Net income attributable to owners | 736 | 3.2% | S100YZ31 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 55 |
| SG&A | 41 |
| Operating income | 4 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 44.7% → Operating margin 3.9% → Net margin 3.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Turned profitable
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 24,962 | 23,353 | -1,609 | -6.4% |
| Gross profit | 9,362 | 10,436 | 1,074 | +11.5% |
| Operating income | -935 | 919 | 1,854 | — |
| Net income attributable to owners | -4,247 | 736 | 4,983 | — |
| Operating cash flow | 494 | 2,044 | 1,550 | +313.8% |
| Free cash flow | 331 | 1,933 | 1,602 | +484.0% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending May 2020 | 29,267 | -286 | -1.0% | -618 | -2,736 | -3,001 | S100MD3N |
| FY ending May 2021 | 28,293 | 29 | 0.1% | -23 | 2,223 | 2,063 | S100P2LT |
| FY ending May 2022 | 26,758 | 351 | 1.3% | 116 | 1,450 | 1,258 | S100RRFI |
| FY ending May 2023 | 25,282 | 146 | 0.6% | 23 | -53 | -213 | S100U9PM |
| FY ending May 2024 | 24,799 | -915 | -3.7% | -1,144 | -936 | -1,233 | S100WLQL |
| FY ending May 2025 | 24,962 | -935 | -3.7% | -4,247 | 494 | 331 | S100YZ31 |
| FY ending May 2026 | 23,353 | 919 | 3.9% | 736 | 2,044 | 1,933 | S100YZ31 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥70.8M |
| Operating income per employee (consolidated) | ¥2.8M |
| Net income per employee (consolidated) | ¥2.2M |

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

| History | FY ending May 2022 | FY ending May 2023 | FY ending May 2024 | FY ending May 2025 | FY ending May 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 412 | 388 | 404 | 356 | 330 |
| Average salary (parent company) | ¥4.3M | ¥4.2M | ¥4.4M | ¥3.9M | ¥3.9M |
| Average age (parent company) | 38.8 years | 39.5 years | 40.1 years | 41.5 years | 42.1 years |
| Average tenure (parent company) | 8.5 years | 9.0 years | 9.6 years | 10.9 years | 10.8 years |

Year over year: Employees (consolidated) -7.3% · Revenue (consolidated) -6.4%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 2,044 | 8.8% | S100YZ31 |
| Capital expenditure | 111 | 0.5% | S100YZ31 |
| Free cash flow | 1,933 | 8.3% | 算出 |
| Investing cash flow | -260 | -1.1% | S100YZ31 |
| Financing cash flow | 1,000 | 4.3% | S100YZ31 |
| Change in cash | 2,782 | 11.9% | S100YZ31 |
| Cash and equivalents | 4,868 | 20.8% | S100YZ31 |

## 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 May 2022 | FY ending May 2023 | FY ending May 2024 | FY ending May 2025 | FY ending May 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 5,066 | 3,991 | 2,306 | 2,086 | 4,868 | S100U9PM, S100WLQL, S100YZ31 |
| Total assets | 24,718 | 23,514 | 22,913 | 17,399 | 18,938 | S100RRFI, S100U9PM, S100WLQL, S100YZ31 |
| Net assets | 7,620 | 7,496 | 6,222 | 1,872 | 2,589 | S100U9PM, S100WLQL, S100YZ31 |
| Share capital | 2,330 | 2,330 | 2,330 | 2,330 | 2,330 | S100RRFI, S100U9PM, S100WLQL, S100YZ31 |
| Property, plant and equipment | 1,342 | 1,163 | 1,121 | 655 | 614 | S100RRFI, S100U9PM, S100WLQL, S100YZ31 |
| Intangible assets excluding goodwill | 399 | 289 | 241 | 175 | 148 | S100RRFI, S100U9PM, S100WLQL, S100YZ31 |
| Current assets | 21,546 | 20,714 | 20,195 | 15,261 | 16,996 | S100RRFI, S100U9PM, S100WLQL, S100YZ31 |
| Current liabilities | 8,056 | 7,585 | 8,470 | 7,796 | 8,319 | S100RRFI, S100U9PM, S100WLQL, S100YZ31 |
| Short-term borrowings | 149 | 153 | 160 | 375 | 448 | S100RRFI, S100U9PM, S100WLQL, S100YZ31 |
| Long-term borrowings | 6,852 | 6,313 | 6,248 | 6,181 | 5,567 | S100RRFI, S100U9PM, S100WLQL, S100YZ31 |
| Bonds | 165 | 318 | 206 | 144 | 82 | S100RRFI, S100U9PM, S100WLQL, S100YZ31 |
| Interest-bearing debt | 7,166 | 6,784 | 6,614 | 6,700 | 6,097 | 算出 |
| Total liabilities | 16,987 | 16,017 | 16,691 | 15,526 | 16,348 | S100RRFI, S100U9PM, S100WLQL, S100YZ31 |
| Equity attributable to owners of parent | 7,728 | 7,521 | 6,257 | 1,889 | 2,625 | S100RRFI, S100U9PM, S100WLQL, S100YZ31 |
| Retained earnings | 1,590 | 1,383 | 118 | -4,249 | -3,512 | S100RRFI, S100U9PM, S100WLQL, S100YZ31 |
| Treasury stock | 0 | 0 | 0 | 0 | 0 | S100RRFI, S100U9PM, S100WLQL, S100YZ31 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 26% | S100YZ31 |
| Property, plant and equipment | 3% | S100YZ31 |
| Intangibles and goodwill | 1% | S100YZ31 |
| Other assets | 70% | S100YZ31 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Interest-bearing debt | 32% | 算出 |
| Other liabilities | 54% | S100YZ31 |
| Equity | 14% | S100YZ31 |
| Other liabilities | 0% | S100YZ31 |

### Balance sheet history

| Metric | FY ending May 2022 | FY ending May 2023 | FY ending May 2024 | FY ending May 2025 | FY ending May 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 24,718 | 23,514 | 22,913 | 17,399 | 18,938 |
| Equity | 7,620 | 7,496 | 6,222 | 1,872 | 2,589 |
| Interest-bearing debt | 7,166 | 6,784 | 6,614 | 6,700 | 6,097 |
| Cash | 5,066 | 3,991 | 2,306 | 2,086 | 4,868 |

## 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) | 2.6% | S100YZ31 |
| Fixed assets ÷ total assets | 3.2% | S100YZ31 |
| Goodwill ÷ parent equity | — | —, S100YZ31 |

### 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) | 25.7% |
| Cash ÷ revenue | 20.8% |
| Net cash (cash − interest-bearing debt) | -¥1.23B |
| Net debt ÷ operating cash flow | 0.60× |
| Cash conversion (operating CF ÷ operating income) | 222.4% |
| Cash vs. profit gap | 1,308 JPY mn (of net income 177.7%) |
| 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 | 12.7% |

## 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 | 0.4% | 1.08× | 0.5% | 3.20× | 1.5% | S100RRFI |
| 2023 | 0.1% | 1.05× | 0.1% | 3.16× | 0.3% | S100U9PM |
| 2024 | — | —× | -4.9% | —× | — | S100WLQL |
| 2025 | — | —× | -21.1% | —× | — | S100YZ31 |
| 2026 | 3.2% | 1.29× | 4.1% | 8.05× | 32.6% | S100YZ31 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 菊地 敬一 | Major shareholder | 21.7% | 2026-05-31 |
| 菊地 真紀子 | Major shareholder | 5.5% | 2026-05-31 |
| JPモルガン証券株式会社 | Major shareholder | 1.2% | 2026-05-31 |
| 株式会社ハマキョウレックス | Major shareholder | 1.1% | 2026-05-31 |
| ＶＶ従業員持株会 | Major shareholder | 0.4% | 2026-05-31 |
| モルガン・スタンレーMUFG証券株式会社 | Major shareholder | 0.3% | 2026-05-31 |
| BNYM SA/NV FOR BNYM FOR BNYM GCM CLIENT ACCTS M ILM FE （常任代理人 株式会社三菱UFJ銀行） | Major shareholder | 0.3% | 2026-05-31 |
| 株式会社百五銀行 | Major shareholder | 0.3% | 2026-05-31 |
| 株式会社SBI証券 | Major shareholder | 0.2% | 2026-05-31 |
| ＶＶ役員持株会 | Major shareholder | 0.2% | 2026-05-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第38期(2025/06/01－2026/05/31) | S100YZ31 | 2026-08-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YZ31,, |
| 有価証券報告書－第37期(2024/06/01－2025/05/31) | S100WLQL | 2025-08-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WLQL,, |
| 有価証券報告書－第36期(2023/06/01－2024/05/31) | S100U9PM | 2024-08-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100U9PM,, |
| 有価証券報告書－第35期(2022/06/01－2023/05/31) | S100RRFI | 2023-08-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RRFI,, |
| 有価証券報告書－第34期(令和3年6月1日－令和4年5月31日) | S100P2LT | 2022-08-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100P2LT,, |
| 有価証券報告書－第33期(令和2年6月1日－令和3年5月31日) | S100MD3N | 2021-08-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MD3N,, |

## 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).