3926 — Tokyo Intelligence

Open Door Inc. 3926

株式会社オープンドア · Internet Content & Information · Standard

Governance Compliance: TSE Status: Untracked

OpenDoor Inc. provides travel-related web services in Japan. The company operates TRAVELKO, a multi-language travel comparison site which allows customers to search travel products, hotel accommodations, and flights; and GALLERY JAPAN, a Japanese traditional art crafts site which gives access to view collection of art works and artist information. It is also involved in the development and provision of online systems for the internet and mobile phones; planning and operation of software development and content delivery; and hotel and airline ticket reservations and arrangements. The company was incorporated in 1997 and is headquartered in Minato, Japan.

Price

¥240

Market Cap

¥7.4B

Ent. Value

¥5.3B

Net Cash est

¥2.1B

Shares Out.

31.0M

P / E

—

EV / EBIT

—

P / Book

2.15×

P / NCAV

3.44×

Div. Yield

—

PRICE

⬇ Excel

Metric	FY 2025 TDnet	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗	FY 2020 EDINET ↗
Net Sales	¥2.5B	¥2.4B	¥2.6B	¥2.1B	¥1.2B	¥1.1B
Cost of Sales	¥910M	¥969M	¥886M	¥833M	¥662M	¥647M
Gross Profit	¥1.5B	¥1.4B	¥1.7B	¥1.2B	¥539M	¥475M
SG&A	¥1.6B	¥1.5B	¥1.9B	¥1.3B	¥1.2B	¥1.2B
Operating Income	¥-45M	¥-102M	¥-181M	¥-52M	¥-654M	¥-772M
Non-Operating Income	¥11M	¥2M	¥16M	¥50M	¥112M	¥63M
Dividend Income	—	—	—	—	¥0M	—
Interest Income	—	¥0M	¥0M	¥0M	¥0M	¥0M
Non-Operating Expenses	—	¥1M	—	—	—	—
Ordinary Income	¥-34M	¥-101M	¥-165M	¥-2M	¥-541M	¥-709M
Pre-tax Income	¥-1.1B	¥-101M	¥-165M	¥-2M	¥-541M	¥-709M
Income Taxes	¥67M	¥20M	¥5M	¥43M	¥3M	¥-57M
Current Tax	—	¥25M	¥15M	¥43M	¥4M	¥7M
Deferred Tax	—	¥-6M	¥-10M	¥0M	¥-1M	¥144M
Net Income (owners)	¥-1.1B	¥-121M	¥-170M	¥-45M	¥-545M	¥-652M
Comprehensive Income	—	¥-770M	¥-560M	¥580M	¥-1.1B	¥81M
EBITDA	¥-12M	¥-73M	¥-153M	¥-14M	¥-583M	¥-707M
EPS	¥-36.48	¥-3.89	¥-5.49	¥-1.44	¥-17.57	¥-21.03
Shares Outstanding	—	31.0M	31.0M	31.0M	31.0M	31.0M
Shares Issued (total)	—	31.3M	31.3M	31.3M	31.3M	31.3M
Treasury Shares	—	0.2M	0.2M	0.2M	0.2M	0.2M

Metric	FY 2025 TDnet	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗	FY 2020 EDINET ↗
Total Assets	¥4.1B	¥4.8B	¥5.7B	¥6.4B	¥5.4B	¥6.7B
Current Assets	¥2.7B	¥2.8B	¥3.2B	¥3.4B	¥3.3B	¥3.7B
Cash & Deposits	¥2.1B	¥2.2B	¥2.6B	¥3.0B	¥3.0B	¥2.9B
Trade Receivables	—	—	—	—	—	¥157M
Non-Current Assets	¥1.3B	¥2.0B	¥2.5B	¥3.0B	¥2.1B	¥3.0B
PP&E	¥0M	¥49M	¥59M	¥50M	¥72M	¥124M
Intangible Assets	—	¥1M	¥2M	¥1M	¥1M	¥3M
Investment Securities	¥930M	¥1.6B	¥2.1B	¥2.6B	¥1.7B	¥2.6B
Deferred Tax Assets	—	¥15M	¥10M	—	—	—
Total Liabilities	¥587M	¥458M	¥552M	¥734M	¥281M	¥486M
Current Liabilities	¥545M	¥415M	¥338M	¥349M	¥171M	¥117M
ST Debt	—	¥0M	¥0M	¥0M	¥0M	¥0M
Taxes Payable	—	¥29M	¥19M	¥57M	¥12M	—
Non-Current Liabilities	¥43M	¥43M	¥213M	¥385M	¥110M	¥368M
Total LT Borrowings	—	¥0M	¥0M	¥0M	¥0M	¥0M
Deferred Tax Liab.	—	—	¥171M	¥343M	¥67M	¥325M
Total Equity	¥3.5B	¥4.3B	¥5.1B	¥5.7B	¥5.1B	¥6.2B
Capital Stock	—	¥648M	¥648M	¥648M	¥648M	¥648M
Capital Surplus	—	¥473M	¥473M	¥473M	¥473M	¥473M
Retained Earnings	¥2.4B	¥3.5B	¥3.6B	¥3.8B	¥3.8B	¥4.4B
Treasury Stock	—	¥-18M	¥-18M	¥-18M	¥-18M	¥-17M
AOCI	—	¥-262M	¥387M	¥777M	¥152M	¥735M
Equity (owners)	¥3.5B	¥4.6B	¥4.7B	¥4.9B	¥4.9B	¥5.5B

Total Interest-Bearing Debt ⓘ	—	¥0M	¥0M	¥0M	¥0M	¥0M
Net Cash ⓘ	¥2.1B	¥2.2B	¥2.6B	¥3.0B	¥3.0B	¥2.9B
NCAV ⓘ	¥2.2B	¥2.3B	¥2.7B	¥2.7B	¥3.0B	¥3.2B
NCAV/Share	—	¥74	¥86	¥87	¥97	¥104
BV/Share	—	¥148	¥152	¥157	¥159	¥176

Metric	FY 2025 TDnet	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗	FY 2020 EDINET ↗
Operating CF	¥-12M	¥-5M	¥-313M	¥-7M	¥118M	¥-1.2B
Interest Received	—	¥0M	¥0M	¥0M	¥0M	¥0M
D&A	¥33M	¥29M	¥28M	¥38M	¥70M	¥65M
Investing CF	¥-59M	¥-414M	¥-48M	¥-24M	¥-17M	¥-1.6B
CapEx	¥41M	¥20M	¥36M	¥15M	¥16M	¥58M
Purchase Investments	—	¥-379M	¥-0M	—	—	¥-1.5B
Proceeds from Invest.	—	—	—	¥1M	—	—
Financing CF	—	¥-0M	¥-0M	¥0M	¥-0M	¥0M
Share Buybacks	—	¥-0M	¥-0M	—	¥-0M	—
Free Cash Flow	¥-53M	¥-24M	¥-349M	¥-22M	¥102M	¥-1.2B
Net Change in Cash	—	¥-419M	¥-361M	¥-31M	¥100M	¥-2.7B

Metric	FY 2025 TDnet	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗	FY 2020 EDINET ↗
Profitability Ratios
Return on Equity (ROE) ⓘ	-28.9%	-2.6%	-3.2%	-0.8%	-9.6%	-10.5%
Return on Assets (ROA) ⓘ	-25.5%	-2.3%	-2.8%	-0.8%	-9.0%	-9.7%
Gross Margin ⓘ	62.9%	59.7%	65.4%	59.5%	44.9%	42.3%
Operating Margin ⓘ	-1.8%	-4.2%	-7.1%	-2.5%	-54.4%	-68.8%
Net Margin ⓘ	-46.1%	-5.0%	-6.6%	-2.2%	-45.3%	-58.1%
Liquidity Ratios
Current Ratio ⓘ	5.05x	6.65x	9.49x	9.80x	19.12x	31.56x
Quick Ratio ⓘ	5.05x	6.65x	9.49x	9.80x	19.12x	31.56x
Per Share Metrics
Revenue / Share ⓘ	—	¥78	¥83	¥66	¥39	¥36
BV/Share ⓘ	—	¥148	¥152	¥157	¥159	¥176
NCAV/Share ⓘ	—	¥74	¥86	¥87	¥97	¥104
EPS ⓘ	¥-36.48	¥-3.89	¥-5.49	¥-1.44	¥-17.57	¥-21.03
DPS ⓘ	¥0.00	¥0.00	¥0.00	¥0.00	¥0.00	¥0.00
Payout Ratio ⓘ	—	—	—	—	—	—
FCF/Share ⓘ	—	¥-0.78	¥-11.27	¥-0.71	¥3.27	¥-39.09

Market Valuation

Avg daily close price for calendar year × most recently reported EPS / DPS

Metric	CY2023	CY2024	CY2025
Avg P/E ⓘ	—	—	—
Avg Div Yield ⓘ	0.00% DPS from 2023-03	0.00% DPS from 2024-03	0.00% DPS from 2025-03
Avg Daily Close	¥1,242	¥716	¥494

Growth Rates (CAGR)

Metric	3yr CAGR (FY2022–2025)	5yr CAGR (FY2020–2025)
Stock Price	-41.7%	-37.8%
Sales	+6.1%	+16.9%
FCF/Share	—	—
EPS	—	—
DPS	—	—
BV/Share	-2.3%	—
NCAV/Share	-8.4%	—

EVENT TIMELINE

S Shareholder A Capital Signal

No capital allocation signals recorded for this company.

#	Shareholder	Shares (thou.)	% of Total
1	関根大介	15,991,000	51.6%
2	株式会社ザ・パス・インベストメント	1,740,000	5.6%
3	株式会社CHINTAI	1,598,000	5.1%
4	株式会社くふうカンパニーホールディングス	1,382,100	4.5%
5	The Master Trust Bank of Japan, Ltd. (Trust Account) 日本マスタートラスト信託銀行株式会社（信託口）	1,227,100	4.0%
6	佐藤茂	690,000	2.2%
7	李炳燦	249,700	0.8%
8	DAICHI WAKABAYASHI （常任代理人みずほ証券株式会社）	130,000	0.4%
9	井森浩二	98,500	0.3%
10	Nomura Trust and Banking Co., Ltd. 野村信託銀行株式会社（投信口）	95,000	0.3%

as of 2025-03-31 Source: EDINET ↗

Ownership by year — hover bars for detail

Domestic Nominees

4.0%

+0.5% vs 2024

Trust bank custodians — GPIF, pensions, investment trusts

Foreign Custodians

0.0%

+0.0% vs 2024

Sub-custodians for foreign asset managers

Direct / Strategic

70.8%

+4.1% vs 2024

Named entities with disclosed investment intent

Shareholder	Trend	2022	2023	2024	2025
関根大介		51.56%	51.56%	51.56%	51.56%
式会社ザ・パス・インベストメント		5.61%	5.61%	5.61%	5.61%
式会社CHINTAI		5.14%	5.14%	5.15%	5.15%
式会社くふうカンパニーホールディングス NEW ENTRY	—	—	—	—	4.45% NEW
The Master Trust Bank of Japan, Ltd. (Trust Account) 日本マスタートラスト信託銀行		5.85%	4.58%	3.19%	3.95% +0.76%
佐藤茂		2.22%	2.22%	2.22%	2.22%
李炳燦		—	—	0.80%	0.80%
DAICHI WAKABAYASHI		—	—	0.41%	0.41%
井森浩二 NEW ENTRY	—	—	—	—	0.31% NEW
Nomura Trust and Banking Co., Ltd. 野村信託銀行		—	—	0.35%	0.30% -0.05%
中山武志 last seen 2024	Exited Top 10	—	—	0.58%	—
Custody Bank of Japan, Ltd. (Trust Account) 日本カストディ銀行 last seen 2024	Exited Top 10	4.46%	4.52%	0.31%	—
BNY GCM CLIENT ACCOUNT JPRD AC ISG (FE−AC) last seen 2023	Exited Top 10	—	0.57%	—	—
JPMorgan Chase Bank, N.A. JP Morgan last seen 2023	Exited Top 10	1.30%	1.45%	—	—
BNY Mellon (Nominee) BNY Mellon last seen 2023	Exited Top 10	3.82%	3.27%	—	—
Concentration (HHI) ⓘ		2792	2776	2733	2758

4 fiscal years · top-10 holders per year · >2,500 HHI = high concentration · entity-resolved

Portfolio Book Value ¥1,626M

Holdings 1

Held Company	FY2025 ¥1,626M total
	Book Val ¥M	Shares
VELTRA Corporation ベルトラ株式会社	1,626	5,347,300
Portfolio total	1,626

Book value in ¥M · ↓ reduced · ↑ increased vs prior year · M = mutual holding · Only one fiscal year available

Date	Shareholder	Stake	Event	Flag	Demands
2026-04-22	Kufu Company Holdings Inc.	7.33% +1.11%	change	Passive	—
2026-02-24	Kufu Company Holdings Inc.	6.22% +1.2%	change	Passive	—
2025-10-14	Kufu Company Holdings Inc.	5.02%	initial_5pct	Passive	—
2025-08-06	Daisuke Sekine	56.72%	change	Passive	—

Material Events (1) View on feed →

Date	Category	Summary	Amount
2026-02-27	💥 Financial Impairment	The company recognized an impairment loss on investment securities due to a significant decline in fair value compared to acquisition cost. The impairment loss of 952 million yen was recorded as an extraordinary loss in the third quarter of fiscal year ending March 2026, affecting both individual and consolidated financial statements.	¥952M	›
Summary The company recognized an impairment loss on investment securities due to a significant decline in fair value compared to acquisition cost. The impairment loss of 952 million yen was recorded as an extraordinary loss in the third quarter of fiscal year ending March 2026, affecting both individual and consolidated financial statements. Source (JP) ↗ EDINET 当社が保有しております投資有価証券について、取得価額に比べ時価が著しく下落したため、減損処理による投資有価証券評価損を特別損失に計上いたしました。

Historical Valuation Mapping