# VIXTON corporation: 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36期(2025/04/01－2026/03/31) (S100YKGU)
> Page: https://vizora.meequs.com/en/company/vixton
> Retrieved: 2026-09-30T19:05:55.962Z

## Company

Vixton, founded in 2018, is a company in Chemicals listed on TSE Standard. It has 50 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | PATH corporation |
| Ticker | 3840 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3840.T) |
| Listing | TSE Standard |
| Head office | 東京都渋谷区神宮前六丁目17番11号 |
| Representative (per filing) | 代表取締役CEO 松尾 孝之 |
| Founded | Aug 2018 |
| Share capital | ¥2.21B |
| Employees (consolidated) | 50 |
| Average salary (parent only) | ¥4.9M |
| Fiscal year end | March |
| Website | www.pathway.co.jp (https://www.pathway.co.jp/) |
| Corporate number | 1011001070286 |
| EDINET | E05674 |
| Industries (Vizora) | Chemicals, Advertising, Real Estate Development & Leasing, Catalog & TV Shopping, Industrial Machinery, Cosmetics |

> Profile source: annual securities report (S100YKGU, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: Cosmetics (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 29.5 | 22 |
| Profitability | 1.9 | 26 |
| Efficiency | 28.8 | 26 |

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 40% of Vixton's sales come from Cosmetics business, with Beauty and wellness business and regenerative medicine related business making up much of the rest.
- It lost about ¥33 for every ¥100 of sales at the operating level.
- Revenue changed +5.2% from the prior year.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥2.37B |  |
| Operating income | -¥774M | Margin -32.7% |
| Net income | -¥1.28B | Margin -53.9% |
| Free cash flow | -¥492.8M |  |
| Largest business | Cosmetics business | of segment revenue 40.0% |
| Employees (consolidated) | 50 |  |
| EPS | ¥-19.84 |  |
| Book value per share | ¥19.7 |  |
| Equity ratio | 75.4% |  |
| Shares outstanding | 82,680,236 |  |
| Shareholders | 9,310 |  |
| Average salary (parent only) | ¥4.9M | Filing company only |
| Cash ratio | 14.1% | Cash ÷ revenue 15.1% |
| Vs. industry median margin | -38.8 pp | Cosmetics |
| ROA | -44.2% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 100% of positive segment profit
- FY2026, segment profit share differs by 98 points
- FY2026, operating loss is 33 per ¥100 of revenue

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥2208231000 | ¥2370253000 | +7.3% |
| Operating income | ¥-539693000 | ¥-774046000 | — |
| Operating margin | -24.4% | -32.7% | -8.2 pp |
| Employees | 50 people | 50 people | 0.0% |
| Cash and equivalents | ¥205657000 | ¥357200000 | +73.7% |

### 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.

| Flow | Revenue share |
| --- | ---: |
| 通信販売事業 → 事業再編・廃止 | 100.0% |
| 新設・再編 → コスメ事業 | 40.0% |
| 新設・再編 → ビューティ＆ウェルネス事業 | 36.1% |
| 新設・再編 → 再生医療関連事業 | 19.6% |
| 新設・再編 → サステナブル事業 | 0.3% |
| 新設・再編 → マーケット・エクスパンション事業 | 0.1% |
| 新設・再編 → インベストメント事業 | 1.7% |
| 新設・再編 → AI・テクノロジー事業 | 2.1% |

Segment revenue source references: 8 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Cosmetics business | 2 years | +11.9% | ¥949018000 | -26.1% | 2 |
| Beauty and wellness business | 2 years | -12.2% | ¥855966000 | -9.6% | 2 |
| regenerative medicine related business | 3 years | +115.7% | ¥465228000 | -11.5% | 2 |
| AI technology | — | — | ¥50152000 | -332.8% | 2 |
| Investment business | — | — | ¥39999000 | 94.2% | 2 |
| Sustainable business | 3 years | -9.7% | ¥7943000 | -808.2% | 2 |
| Market expansion business | — | — | ¥1942000 | -1909.6% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 2,370 | 100.0% | S100YKGU |
| Cost of revenue | 1,213 | 51.2% | S100YKGU |
| Gross profit | 1,157 | 48.8% | S100YKGU |
| SG&A | 1,931 | 81.5% | S100YKGU |
| Operating income | -774 | -32.7% | S100YKGU |
| Ordinary income | -961 | -40.6% | S100YKGU |
| Pretax income | -1,278 | -53.9% | S100YKGU |
| Income tax | -1 | -0.1% | S100YKGU |
| Net income | -1,277 | -53.9% | S100YKGU |
| Net income attributable to owners | -1,277 | -53.9% | S100YKGU |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 51 |
| SG&A | 82 |
| Operating income | -33 |
| (Ref.) Net income | -54 |

### Margin funnel

Gross margin 48.8% → Operating margin -32.7% → Net margin -53.9%
Derived from reported figures (DERIVED).

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 2,254 | 2,370 | 117 | +5.2% |
| Gross profit | 1,174 | 1,157 | -17 | -1.4% |
| Operating income | -208 | -774 | -566 | — |
| Net income attributable to owners | -277 | -1,277 | -1,000 | — |
| Operating cash flow | -539 | -435 | 103 | — |
| Free cash flow | -1,061 | -493 | 569 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 2,484 | -546 | -22.0% | -778 | -346 | -508 | S100LW66 |
| FY ending Mar 2021 | 2,208 | -540 | -24.4% | -538 | -502 | -540 | S100OMWF |
| FY ending Mar 2022 | 2,114 | -682 | -32.2% | -746 | -836 | -858 | S100RAZA |
| FY ending Mar 2023 | 1,992 | -220 | -11.1% | -256 | -352 | -468 | S100UC0G |
| FY ending Mar 2024 | 2,320 | -172 | -7.4% | -176 | -77 | -159 | S100W8O6 |
| FY ending Mar 2025 | 2,254 | -208 | -9.2% | -277 | -539 | -1,061 | S100YKGU |
| FY ending Mar 2026 | 2,370 | -774 | -32.7% | -1,277 | -435 | -493 | S100YKGU |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥47.4M |
| Operating income per employee (consolidated) | -¥15.5M |
| Net income per employee (consolidated) | -¥25.5M |

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) | 50 | 56 | 46 | 61 | 50 |
| Average salary (parent company) | ¥6.2M | ¥5.5M | ¥4.7M | ¥5.1M | ¥4.9M |
| Average age (parent company) | 44.0 years | 51.3 years | 51.3 years | 49.3 years | 47.1 years |
| Average tenure (parent company) | 1.2 years | 1.8 years | 1.6 years | 1.3 years | 2.2 years |

Year over year: Employees (consolidated) -18.0% · Revenue (consolidated) +5.2%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Cosmetics business | 949 | 40.0% | -248 | -26.1% |
| Beauty and wellness business | 856 | 36.1% | -82 | -9.6% |
| regenerative medicine related business | 465 | 19.6% | -54 | -11.5% |
| Sustainable business | 8 | 0.3% | -64 | -808.2% |
| Market expansion business | 2 | 0.1% | -37 | -1909.6% |
| Investment business | 40 | 1.7% | 38 | 94.2% |
| AI technology | 50 | 2.1% | -167 | -332.8% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Cosmetics business | 40.0% | — | — | -26.1% |
| Beauty and wellness business | 36.1% | — | — | -9.6% |
| regenerative medicine related business | 19.6% | — | — | -11.5% |
| Sustainable business | 0.3% | — | — | -808.2% |
| Market expansion business | 0.1% | — | — | -1909.6% |
| Investment business | 1.7% | 100.0% | 98.3 | 94.2% |
| AI technology | 2.1% | — | — | -332.8% |

Loss-making segment (excluded from profit shares): Cosmetics business -248 JPY mn

Loss-making segment (excluded from profit shares): Beauty and wellness business -82 JPY mn

Loss-making segment (excluded from profit shares): regenerative medicine related business -54 JPY mn

Loss-making segment (excluded from profit shares): Sustainable business -64 JPY mn

Loss-making segment (excluded from profit shares): Market expansion business -37 JPY mn

Loss-making segment (excluded from profit shares): AI technology -167 JPY mn

Segment → industry: Sustainable business → Chemicals / regenerative medicine related business → Chemicals / Market expansion business → Advertising / Investment business → Real Estate Development & Leasing / Beauty and wellness business → Catalog & TV Shopping / AI technology → Industrial Machinery / Cosmetics business → Cosmetics

## 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 | -435 | -18.4% | S100YKGU |
| Capital expenditure | 57 | 2.4% | S100YKGU |
| Free cash flow | -493 | -20.8% | 算出 |
| Investing cash flow | -319 | -13.5% | S100YKGU |
| Financing cash flow | 957 | 40.4% | S100YKGU |
| Change in cash | 203 | 8.5% | S100YKGU |
| Cash and equivalents | 357 | 15.1% | S100YKGU |

## 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 | 345 | 173 | 297 | 155 | 357 | S100UC0G, S100W8O6, S100YKGU |
| Total assets | 1,272 | 1,450 | 1,678 | 3,252 | 2,527 | S100RAZA, S100UC0G, S100W8O6, S100YKGU |
| Net assets | 470 | 1,100 | 1,201 | 2,475 | 1,906 | S100UC0G, S100W8O6, S100YKGU |
| Share capital | 599 | 988 | 1,135 | 1,852 | 2,215 | S100RAZA, S100UC0G, S100W8O6, S100YKGU |
| Trade receivables | — | 273 | 243 | 233 | 138 | S100UC0G, S100W8O6, S100YKGU |
| Property, plant and equipment | 35 | 128 | 204 | 1,425 | 511 | S100RAZA, S100UC0G, S100W8O6, S100YKGU |
| Intangible assets excluding goodwill | 39 | 99 | 73 | 247 | 5 | S100RAZA, S100UC0G, S100W8O6, S100YKGU |
| Goodwill | 38 | 96 | 71 | 241 | — | S100RAZA, S100UC0G, S100W8O6, S100YKGU |
| Current assets | 1,168 | 1,194 | 1,366 | 1,540 | 1,835 | S100RAZA, S100UC0G, S100W8O6, S100YKGU |
| Current liabilities | 802 | 343 | 456 | 558 | 610 | S100RAZA, S100UC0G, S100W8O6, S100YKGU |
| Trade payables | — | — | 269 | 182 | 147 | S100W8O6, S100YKGU |
| Short-term borrowings | 500 | — | — | 95 | 250 | S100RAZA, S100YKGU |
| Long-term borrowings | — | — | — | 157 | — | S100YKGU |
| Total liabilities | 802 | 351 | 477 | 777 | 621 | S100RAZA, S100UC0G, S100W8O6, S100YKGU |
| Equity attributable to owners of parent | 458 | 1,078 | 1,194 | 2,456 | 1,906 | S100RAZA, S100UC0G, S100W8O6, S100YKGU |
| Retained earnings | -1,599 | -1,856 | -2,031 | -2,308 | -3,585 | S100RAZA, S100UC0G, S100W8O6, S100YKGU |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 14% | S100YKGU |
| Receivables | 6% | S100YKGU |
| Property, plant and equipment | 20% | S100YKGU |
| Intangibles and goodwill | 0% | S100YKGU |
| Other assets | 60% | S100YKGU |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 6% | S100YKGU |
| Other liabilities | 19% | S100YKGU |
| Equity | 75% | S100YKGU |

### 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 | 1,272 | 1,450 | 1,678 | 3,252 | 2,527 |
| Equity | 470 | 1,100 | 1,201 | 2,475 | 1,906 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 345 | 173 | 297 | 155 | 357 |

## 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) | 21.5% | S100YKGU |
| Fixed assets ÷ total assets | 20.2% | S100YKGU |
| Goodwill ÷ parent equity | — | —, S100YKGU |

### 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) | 14.1% |
| Cash ÷ revenue | 15.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | 841 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 2.4% |
| 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 | — | —× | -58.7% | —× | — | S100RAZA |
| 2023 | — | —× | -18.8% | —× | — | S100UC0G |
| 2024 | — | —× | -11.2% | —× | — | S100W8O6 |
| 2025 | — | —× | -11.2% | —× | — | S100YKGU |
| 2026 | — | —× | -44.2% | —× | — | S100YKGU |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社サスティナ | Major shareholder | 36.9% | 2026-03-31 |
| 株式会社サンテック | Major shareholder | 5.2% | 2026-03-31 |
| 久保川 議道 | Major shareholder | 3.5% | 2026-03-31 |
| 株式会社きずな | Major shareholder | 2.4% | 2026-03-31 |
| 岩間 斎 | Major shareholder | 1.8% | 2026-03-31 |
| 土屋 允誉 | Major shareholder | 1.6% | 2026-03-31 |
| ＳＳＪホールディングス株式会社 | Major shareholder | 1.5% | 2026-03-31 |
| 株式会社エイル | Major shareholder | 1.2% | 2026-03-31 |
| 斎藤 真吾 | Major shareholder | 0.9% | 2026-03-31 |
| 野村證券株式会社 | Major shareholder | 0.9% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第36期(2025/04/01－2026/03/31) | S100YKGU | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YKGU,, |
| 有価証券報告書－第35期(2024/04/01－2025/03/31) | S100W8O6 | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W8O6,, |
| 訂正有価証券報告書－第34期(2023/04/01－2024/03/31) | S100UC0G | 2024-09-11 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UC0G,, |
| 有価証券報告書－第33期(2022/04/01－2023/03/31) | S100RAZA | 2023-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RAZA,, |
| 有価証券報告書－第32期(令和3年4月1日－令和4年3月31日) | S100OMWF | 2022-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OMWF,, |
| 有価証券報告書－第31期(令和2年4月1日－令和3年3月31日) | S100LW66 | 2021-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LW66,, |

## 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).