# 4Cs HD Co., Ltd.: business model and financials

> Latest period: FY ending Sep 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 訂正有価証券報告書－第23期(2024/10/01－2025/09/30) (S100XGUB)
> Page: https://vizora.meequs.com/en/company/4cs-hd
> Retrieved: 2026-09-30T18:40:59.054Z

## Company

4Cs HD, founded in 2003, is a company in Electric Power & Gas listed on TSE Standard. It has 92 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | 4Cs HD Co., Ltd. |
| Ticker | 3726 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3726.T) |
| Listing | TSE Standard |
| Head office | 福岡市中央区薬院一丁目1番1号 |
| Representative (per filing) | 代表取締役社長 寺田 智美 |
| Founded | Dec 2003 |
| Share capital | ¥1.95B |
| Employees (consolidated) | 92 |
| Average salary (parent only) | ¥3.6M |
| Fiscal year end | September |
| Website | www.4cs-holdings.co.jp (https://www.4cs-holdings.co.jp/) |
| Corporate number | 7290001032701 |
| EDINET | E05395 |
| Industries (Vizora) | Electric Power & Gas, Catalog & TV Shopping, Furniture, Interior & Lifestyle Goods, Cosmetics |

> Profile source: annual securities report (S100XGUB, filed 2026-01-21). As of filing

## Five-axis industry profile

Primary industry: Cosmetics (2025-09-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 38.6 | 22 |
| Profitability | 9.6 | 26 |
| Efficiency | 51.9 | 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 49% of 4Cs HD's sales come from Mail order, with Wholesale and Retail making up much of the rest.
- It lost about ¥7 for every ¥100 of sales at the operating level.
- Revenue changed +8.1% from the prior year.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥2.44B |  |
| Operating income | -¥165.3M | Margin -6.8% |
| Net income | -¥243.9M | Margin -10.0% |
| Free cash flow | -¥788.2M |  |
| Largest business | Mail order | of segment revenue 49.2% |
| Employees (consolidated) | 92 |  |
| EPS | ¥-19.17 |  |
| Book value per share | ¥151.22 |  |
| Equity ratio | 55.1% |  |
| Shares outstanding | 11,207,470 |  |
| Treasury shares | 9,300 |  |
| Shareholders | 15,988 |  |
| Average salary (parent only) | ¥3.6M | Filing company only |
| Cash ratio | 14.7% | Cash ÷ revenue 18.0% |
| Vs. industry median margin | -11.4 pp | Catalog & TV Shopping |
| ROA | -9.2% | Derived from disclosed figures |

## Notable figures

- FY2025, parent-company salary changed -28% over five years
- FY2025, segment profit share differs by 25 points

## What changed in 5 years

| Metric | FY ending Sep 2020 | FY ending Sep 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥1967541000 | ¥2441039000 | +24.1% |
| Operating income | ¥-397831000 | ¥-165319000 | — |
| Operating margin | -20.2% | -6.8% | +13.4 pp |
| Employees | 95 people | 92 people | -3.2% |
| Cash and equivalents | ¥969144000 | ¥439054000 | -54.7% |

### Change in segment revenue mix

Span: FY ending Sep 2020 → FY ending Sep 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| コミュニケーション・セールス事業 → 事業再編・廃止 | 67.9% |
| 化粧品卸事業 → 事業再編・廃止 | 29.6% |
| 衛生コンサルティング事業 → 事業再編・廃止 | 2.5% |
| 新設・再編 → 通販事業 | 49.2% |
| 新設・再編 → 卸売事業 | 25.1% |
| 新設・再編 → リテール事業 | 19.8% |
| 新設・再編 → コンサルティング事業 | 5.9% |

Segment revenue source references: 7 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Mail order | 3 years | +15.0% | ¥1201097000 | 15.3% | 2 |
| Wholesale | 3 years | +9.7% | ¥612339000 | 29.9% | 2 |
| Retail | 3 years | -21.4% | ¥483766000 | -5.8% | 2 |
| Consulting business | 2 years | +59.7% | ¥143835000 | -20.8% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 2,441 | 100.0% | S100XGUB |
| Cost of revenue | 780 | 32.0% | S100XGUB |
| Gross profit | 1,661 | 68.0% | S100XGUB |
| SG&A | 1,826 | 74.8% | S100XGUB |
| Operating income | -165 | -6.8% | S100XGUB |
| Ordinary income | -206 | -8.5% | S100XGUB |
| Pretax income | -243 | -10.0% | S100XGUB |
| Income tax | 1 | 0.0% | S100XGUB |
| Net income | -244 | -10.0% | S100XGUB |
| Net income attributable to owners | -244 | -10.0% | S100XGUB |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 32 |
| SG&A | 75 |
| Operating income | -7 |
| (Ref.) Net income | -10 |

### Margin funnel

Gross margin 68.0% → Operating margin -6.8% → Net margin -10.0%
Derived from reported figures (DERIVED).

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 2,258 | 2,441 | 183 | +8.1% |
| Gross profit | 1,493 | 1,661 | 167 | +11.2% |
| Operating income | -126 | -165 | -39 | — |
| Net income attributable to owners | -273 | -244 | 29 | — |
| Operating cash flow | -361 | -714 | -353 | — |
| Free cash flow | -361 | -788 | -427 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Sep 2019 | 1,958 | -232 | -11.8% | -368 | -187 | -246 | S100KFEF |
| FY ending Sep 2020 | 1,968 | -398 | -20.2% | -465 | -233 | -261 | S100N44P |
| FY ending Sep 2021 | 2,469 | -148 | -6.0% | -178 | -106 | -142 | S100PUG4 |
| FY ending Sep 2022 | 2,325 | -119 | -5.1% | -157 | -41 | -45 | S100SJDS |
| FY ending Sep 2023 | 2,137 | -214 | -10.0% | -273 | -324 | -333 | S100UZLJ |
| FY ending Sep 2024 | 2,258 | -126 | -5.6% | -273 | -361 | -361 | S100XGUB |
| FY ending Sep 2025 | 2,441 | -165 | -6.8% | -244 | -714 | -788 | S100XGUB |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥26.5M |
| Operating income per employee (consolidated) | -¥1.8M |
| Net income per employee (consolidated) | -¥2.7M |

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

| History | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 144 | 120 | 104 | 101 | 92 |
| Average salary (parent company) | ¥4.9M | ¥3.6M | ¥3.4M | ¥3.2M | ¥3.6M |
| Average age (parent company) | 43.8 years | 42.0 years | 41.5 years | 41.3 years | 45.1 years |
| Average tenure (parent company) | 7.8 years | 5.6 years | 4.8 years | 5.5 years | 7.8 years |

Year over year: Employees (consolidated) -8.9% · Revenue (consolidated) +8.1%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Mail order | 1,201 | 49.2% | 184 | 15.3% |
| Wholesale | 612 | 25.1% | 183 | 29.9% |
| Retail | 484 | 19.8% | -28 | -5.8% |
| Consulting business | 144 | 5.9% | -30 | -20.8% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Mail order | 49.2% | 50.1% | 0.9 | 15.3% |
| Wholesale | 25.1% | 49.9% | 24.8 | 29.9% |
| Retail | 19.8% | — | — | -5.8% |
| Consulting business | 5.9% | — | — | -20.8% |

Loss-making segment (excluded from profit shares): Retail -28 JPY mn

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

Segment → industry: Consulting business → Electric Power & Gas / Mail order → Catalog & TV Shopping / Retail → Furniture, Interior & Lifestyle Goods / Wholesale → Cosmetics / Mail order → Cosmetics

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -714 | -29.2% | S100XGUB |
| Capital expenditure | 75 | 3.1% | S100XGUB |
| Free cash flow | -788 | -32.3% | 算出 |
| Investing cash flow | -572 | -23.4% | S100XGUB |
| Financing cash flow | 938 | 38.4% | S100XGUB |
| Share buyback | 0 | 0.0% | S100XGUB |
| Change in cash | -348 | -14.2% | S100XGUB |
| Cash and equivalents | 439 | 18.0% | S100XGUB |

## 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 Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 770 | 599 | 489 | 787 | 439 | S100SJDS, S100UZLJ, S100XGUB |
| Total assets | 1,821 | 1,454 | 1,643 | 2,294 | 2,987 | S100PUG4, S100SJDS, S100UZLJ, S100XGUB |
| Net assets | 596 | 454 | 518 | 1,173 | 1,659 | S100SJDS, S100UZLJ, S100XGUB |
| Share capital | 983 | 992 | 1,123 | 1,587 | 1,946 | S100PUG4, S100SJDS, S100UZLJ, S100XGUB |
| Trade receivables | 176 | — | — | — | — | S100PUG4 |
| Property, plant and equipment | 37 | 1 | 1 | 0 | 13 | S100PUG4, S100SJDS, S100UZLJ, S100XGUB |
| Intangible assets excluding goodwill | 219 | 180 | 317 | 266 | 312 | S100PUG4, S100SJDS, S100UZLJ, S100XGUB |
| Goodwill | 62 | 53 | 214 | 186 | 195 | S100PUG4, S100SJDS, S100UZLJ, S100XGUB |
| Current assets | 1,451 | 1,176 | 1,242 | 1,949 | 2,600 | S100PUG4, S100SJDS, S100UZLJ, S100XGUB |
| Current liabilities | 783 | 705 | 686 | 911 | 1,093 | S100PUG4, S100SJDS, S100UZLJ, S100XGUB |
| Short-term borrowings | 300 | 300 | 300 | 200 | 340 | S100PUG4, S100SJDS, S100UZLJ, S100XGUB |
| Long-term borrowings | 349 | 222 | 145 | 69 | 174 | S100PUG4, S100SJDS, S100UZLJ, S100XGUB |
| Bonds | — | — | 200 | — | — | S100UZLJ |
| Interest-bearing debt | — | — | 645 | — | — | 算出 |
| Total liabilities | 1,226 | 1,000 | 1,125 | 1,120 | 1,328 | S100PUG4, S100SJDS, S100UZLJ, S100XGUB |
| Equity attributable to owners of parent | 587 | 449 | 515 | 1,171 | 1,645 | S100PUG4, S100SJDS, S100UZLJ, S100XGUB |
| Retained earnings | -787 | -944 | -1,216 | -1,489 | -1,733 | S100PUG4, S100SJDS, S100UZLJ, S100XGUB |
| Treasury stock | -60 | -60 | -3 | -3 | -3 | S100PUG4, S100SJDS, S100UZLJ, S100XGUB |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 15% | S100XGUB |
| Property, plant and equipment | 0% | S100XGUB |
| Intangibles and goodwill | 17% | S100XGUB |
| Other assets | 68% | S100XGUB |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 44% | S100XGUB |
| Equity | 56% | S100XGUB |

### Balance sheet history

| Metric | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 1,821 | 1,454 | 1,643 | 2,294 | 2,987 |
| Equity | 596 | 454 | 518 | 1,173 | 1,659 |
| Interest-bearing debt | — | — | 645 | — | — |
| Cash | 770 | 599 | 489 | 787 | 439 |

## 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) | 0.5% | S100XGUB |
| Fixed assets ÷ total assets | 0.4% | S100XGUB |
| Goodwill ÷ parent equity | 11.9% | S100XGUB |

Goodwill over 4 years: 62 → 195 JPY; total investing cash flow: -738 JPY. This does not imply causation.

### 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) | 14.7% |
| Cash ÷ revenue | 18.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | -470 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 3.1% |
| 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | — | —× | -9.8% | —× | — | S100PUG4 |
| 2022 | — | —× | -9.6% | —× | — | S100SJDS |
| 2023 | — | —× | -17.6% | —× | — | S100UZLJ |
| 2024 | — | —× | -13.9% | —× | — | S100XGUB |
| 2025 | — | —× | -9.2% | —× | — | S100XGUB |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 井 康彦 | Major shareholder | 11.9% | 2025-09-30 |
| SCBHK AC-CHINA GALAXY INTERNATIONAL SECURITIES（HONG KONG）CO.,LIMITED CLIENT ACCOUNT(常任代理人 株式会社三菱UFJ銀行） | Major shareholder | 9.5% | 2025-09-30 |
| ネットプライス有限責任事業組合 | Major shareholder | 9.2% | 2025-09-30 |
| BNYM AS AGT/CLTS NON TREATY JASDEC（常任代理人 株式会社三菱UFJ銀行） | Major shareholder | 2.1% | 2025-09-30 |
| 株式会社ネクスタ（匿名組合口） | Major shareholder | 1.8% | 2025-09-30 |
| ワイズコレクション株式会社 | Major shareholder | 1.6% | 2025-09-30 |
| 楽天証券株式会社 | Major shareholder | 1.6% | 2025-09-30 |
| DENBA JAPAN株式会社 | Major shareholder | 1.5% | 2025-09-30 |
| 株式会社ジェリービーンズグループ | Major shareholder | 1.4% | 2025-09-30 |
| 株式会社ＳＢＩ証券 | Major shareholder | 1.3% | 2025-09-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 訂正有価証券報告書－第23期(2024/10/01－2025/09/30) | S100XGUB | 2026-01-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XGUB,, |
| 有価証券報告書－第22期(2023/10/01－2024/09/30) | S100UZLJ | 2024-12-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UZLJ,, |
| 有価証券報告書－第21期(2022/10/01－2023/09/30) | S100SJDS | 2023-12-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SJDS,, |
| 有価証券報告書－第20期(令和3年10月1日－令和4年9月30日) | S100PUG4 | 2022-12-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PUG4,, |
| 有価証券報告書－第19期(令和2年10月1日－令和3年9月30日) | S100N44P | 2021-12-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100N44P,, |
| 有価証券報告書－第18期(令和1年10月1日－令和2年9月30日) | S100KFEF | 2020-12-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KFEF,, |

## 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).