VALUE GOLF Inc.
3931・Growth Market・Information & Communication
Business
ValueGolf, Inc. is centered on its Golf Business (approximately 79% of sales composition), which combines ASP, EC, lessons, advertising promotion, and support services around its core "1-Nin Yoyaku Land" service that enables golf course reservations even for a single golfer. This is complemented by the Travel Business (approximately 15%), which handles golf tours and inbound travel, and Other Businesses (approximately 7%), comprising three businesses: Advertising Media Production, DX/SES, and Real Estate. The company operates under a three-segment structure. Its main customers are individual golfers (1.245 million registered members) and golf courses nationwide (1,275 courses offered), and it is listed on the Growth Market of the Tokyo Stock Exchange.
Business Model
For golf courses, the company provides ASPs such as "1-Nin Yoyaku Land" and "Ripizo-kun" on a fixed monthly fee plus usage-based charges linked to customer acquisition results, securing stable recurring revenue. For golfers, it operates EC (golf equipment sales), lessons (monthly membership fees), discounted play tickets, and travel tours, layering revenue through cross-selling that leverages a member base of 1.245 million people. In the Travel Business, it captures inbound and outbound demand, while Other Businesses supplement revenue both within and outside the group through DX/SES and advertising production.
Company Strengths
The number of registered members of "1-Nin Yoyaku Land," which marked its 15th anniversary since service launch, reached 1,245,924 (up 8.0% year on year) as of the end of FY2026 (ending January 2026), increasing for three consecutive periods. Annual reservation volume also continued to grow, up 108.01% year on year, establishing it as one of the industry's largest platforms, provided to 1,275 golf courses.
ASP services such as "1-Nin Yoyaku Land," "Ripizo-kun," and "Ripizo-kun DX" operate on a fixed monthly fee plus usage-based charging model, generating stable monthly revenue from contracted golf courses. In FY2026 (ending January 2026), operating profit in the Golf Business was ¥493 million (operating margin of approximately 14.1%), underpinning revenue for the group as a whole.
The company integrates ASP, EC, Lesson Service (at its two locations in Osaki and Urayasu), advertising promotion, and travel tours to capture golfers across their entire lifecycle. The acquisition of Esprit Golf in February 2024 and Noah in May 2024 strengthened the Travel Business and DX Business, expanding cross-selling opportunities within the group.
ENVALITH's Perspective
Performance Trend
Revenue for Q1 FY2027 (ending January 2027) (February–April 2026) was ¥1,191 million (down 0.9% year-on-year), a slight decline. The two core segments both posted lower revenue, with the Golf Business at ¥829 million (down 7.9% year-on-year) and the Travel Business at ¥191 million (down 19.3% year-on-year), while Other Businesses expanded sharply to ¥200 million (up 138.9% year-on-year), providing support. Operating profit improved to ¥21 million (up 19.6% year-on-year) thanks to a reduction in SG&A expenses (from ¥374 million to ¥361 million in the same period of the previous year). However, ordinary profit fell to ¥16 million (down 14.1% year-on-year) due to interest expense doubling (from ¥3 million to ¥6 million). With the recognition of a total of ¥9 million in extraordinary gains from the sale of fixed assets and the sale of investment securities, quarterly net profit came to ¥18 million (up 116.8% year-on-year). Looking at the performance trend over the past five fiscal years (FY2022 through FY2026), revenue has been on a recovery trend, rising from ¥4,284 million to ¥4,427 million, while operating profit has continued to decline, from ¥215 million to ¥53 million. FY2027 (ending January 2027) is positioned as a phase aiming for a significant V-shaped recovery, with a full-year operating profit forecast of ¥220 million. As for the external environment, headwinds continue in the form of a slight downward trend in golf course usage (due to unfavorable weather, rising fuel costs, and an aging population) and a delayed recovery in outbound travel within the Travel Business, driven by yen depreciation and soaring airfare prices.
Growth Strategy
Aiming for 2 million members and ¥10 billion in sales for "1-Nin Yoyaku Land," the company is promoting revenue diversification through AI utilization, real estate, and DX
As of April 30, 2026, membership stood at 1.267 million (up 7.6% year on year), continuing to expand steadily. The company continues to enhance functionality as a comprehensive solution for golf course management challenges, including customer acquisition support through AI-driven digital marketing, aiming for 2 million members.
As an ASP service that promotes DX in golf course management and contributes to labor savings and efficiency in daily operations, it has received favorable feedback from golf courses after adoption, and the company continues to secure new orders. It aims to expand its ASP revenue base by enhancing AI-utilizing functions.
In response to the sustained high import prices of overseas clubs due to yen depreciation, the company is expanding its lineup of Japan-model and proprietary original products. Through appropriate inventory control utilizing AI, it has achieved cost reduction and lower SG&A expenses, resulting in increased profit already in Q1.
The real estate business, entered in FY2026 (ending March 2026, formerly FY2026 January period), began generating revenue from Q1. Based on the know-how gained from the real estate land acquired in June of last year, the company is actively proposing solutions to the management challenge of utilizing idle golf course land, nurturing it as a new revenue source.
Capturing robust IT demand and AI development demand, Q1 sales for Other Businesses overall increased 138.9% year on year. Development of new services at the AI Utilization Laboratory is proceeding smoothly, with preparations underway for release in the near future.
Last updated: July 17, 2026