# AB&Company Co.,Ltd.: business model and financials

> Latest period: FY ending Oct 2025, consolidated, IFRS
> Unit: JPY millions
> Sources: 有価証券報告書－第8期(2024/11/01－2025/10/31) (S100XHI8)
> Page: https://vizora.meequs.com/en/company/ab-and
> Retrieved: 2026-09-30T20:24:55.804Z

## Company

AB&Company, founded in 2018, is a company in General Contractors listed on TSE Growth. It has 276 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | AB&Company Co.,Ltd. |
| Ticker | 9251 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9251.T) |
| Listing | TSE Growth |
| Head office | 東京都新宿区新宿二丁目16番6号 |
| Representative (per filing) | 代表取締役社長 市瀬 一浩 |
| Founded | Feb 2018 |
| Share capital | ¥211M |
| Employees (consolidated) | 276 |
| Average salary (parent only) | ¥7.6M |
| Fiscal year end | October |
| Website | ab-company.co.jp (https://ab-company.co.jp/) |
| Corporate number | 8010401136855 |
| EDINET | E37038 |
| Industries (Vizora) | General Contractors, Beauty Salons |

> Profile source: annual securities report (S100XHI8, filed 2026-01-27). As of filing

## Five-axis industry profile

Primary industry: Beauty Salons (2025-10-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 90 | 5 |
| Profitability | 91.7 | 6 |
| Cash conversion | 50 | 5 |
| Efficiency | 8.3 | 6 |

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 77% of AB&Company's sales come from The business directly operated, with Franchise business and Interior business making up much of the rest.
- Out of every ¥100 of sales, about ¥8 is left as operating profit.
- Revenue changed +6.6% from the prior year, operating profit -6.3%.

## Company structure

- Segment revenue mix: The business directly operated 77.1%、Franchise business 9.0%、Interior business 8.8%、Other 5.1%
- Revenue → net income: ¥19378000000 → ¥893000000
- Net income → operating cash flow: ¥893000000 → ¥2879000000（difference ¥1986000000）
- Main uses of operating cash flow: CapEx ¥411000000 / dividends ¥397000000 / buybacks ¥0
- Change in cash: ¥21000000
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 | ¥19.4B |  |
| Operating income | ¥1.63B | Margin 8.4% |
| Net income | ¥893M | Margin 4.6% |
| Free cash flow | ¥2.47B |  |
| Largest business | The business directly operated | of segment revenue 77.1% |
| Employees (consolidated) | 276 |  |
| EPS | ¥62.91 |  |
| Diluted EPS | ¥62.63 |  |
| Book value per share | ¥389.97 |  |
| Equity ratio | 33.2% | Derived from disclosed figures |
| Shares outstanding | 15,247,114 |  |
| Treasury shares | 1,001,000 |  |
| Shareholders | 48,996 |  |
| Average salary (parent only) | ¥7.6M | Filing company only |
| Cash ratio | 8.4% | Cash ÷ revenue 11.7% |
| Vs. industry median margin | +3.6 pp | Beauty Salons |
| ROE | 10.2% | Derived from disclosed figures |
| ROA | 3.4% | Derived from disclosed figures |

## Notable figures

- FY2025, operating cash flow is 3.2× net income
- FY2025, one segment accounts for 68% of positive segment profit
- FY2025, segment profit share differs by 59 points

## What changed in 5 years

| Metric | FY ending Oct 2020 | FY ending Oct 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥9630000000 | ¥19378000000 | +101.2% |
| Operating income | ¥1104000000 | ¥1630000000 | +47.6% |
| Operating margin | 11.5% | 8.4% | -3.1 pp |
| Employees | 115 people | 276 people | +140.0% |
| Cash and equivalents | ¥1217000000 | ¥2263000000 | +85.9% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| 直営美容室運営事業 → 直営美容室運営事業 | 77.0% |
| フランチャイズ事業 → フランチャイズ事業 | 8.2% |
| インテリアデザイン事業 → インテリアデザイン事業 | 8.8% |
| インテリアデザイン事業 → 事業再編・廃止 | 1.3% |
| その他 → その他 | 4.6% |
| 新設・再編 → 直営美容室運営事業 | 0.1% |
| 新設・再編 → フランチャイズ事業 | 0.7% |
| 新設・再編 → その他 | 0.5% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| The business directly operated | 5 years | +15.2% | ¥15746000000 | -0.1% | 2 |
| Franchise business | 5 years | +17.1% | ¥1831000000 | 65.0% | 2 |
| Interior business | 5 years | +12.0% | ¥1800000000 | 3.7% | 2 |
| Other | 5 years | +17.5% | ¥1043000000 | 48.1% | 2 |

## Income statement（FY ending Oct 2025, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 19,378 | 100.0% | S100XHI8 |
| Cost of revenue | 10,223 | 52.8% | S100XHI8 |
| Gross profit | 9,154 | 47.2% | S100XHI8 |
| SG&A | 7,570 | 39.1% | S100XHI8 |
| Operating income | 1,630 | 8.4% | S100XHI8 |
| Pretax income | 1,489 | 7.7% | S100XHI8 |
| Income tax | 595 | 3.1% | S100XHI8 |
| Net income | 893 | 4.6% | S100XHI8 |
| Net income attributable to owners | 893 | 4.6% | S100XHI8 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 53 |
| SG&A | 39 |
| Operating income | 8 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 47.2% → Operating margin 8.4% → Net margin 4.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +6.6%; Core profit growth: -6.3%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -0.96×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 18,183 | 19,378 | 1,195 | +6.6% |
| Gross profit | 8,589 | 9,154 | 565 | +6.6% |
| Operating income | 1,740 | 1,630 | -110 | -6.3% |
| Net income attributable to owners | 1,076 | 893 | -183 | -17.0% |
| Operating cash flow | 3,411 | 2,879 | -532 | -15.6% |
| Free cash flow | 2,681 | 2,468 | -213 | -7.9% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Oct 2019 | 8,700 | — | — | 614 | 1,903 | — | S100SOIS |
| FY ending Oct 2020 | 9,630 | 1,104 | 11.5% | 584 | 1,728 | 1,382 | S100NAJR |
| FY ending Oct 2021 | 10,911 | 1,514 | 13.9% | 941 | 2,198 | 1,830 | S100Q0ZM |
| FY ending Oct 2022 | 12,592 | 1,365 | 10.8% | 830 | 2,278 | 1,914 | S100SOIS |
| FY ending Oct 2023 | 16,790 | 1,804 | 10.7% | 1,122 | 2,714 | 2,161 | S100V5ON |
| FY ending Oct 2024 | 18,183 | 1,740 | 9.6% | 1,076 | 3,411 | 2,681 | S100XHI8 |
| FY ending Oct 2025 | 19,378 | 1,630 | 8.4% | 893 | 2,879 | 2,468 | S100XHI8 |

## People and productivity（FY ending Oct 2025, consolidated, IFRS）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥70.2M |
| Operating income per employee (consolidated) | ¥5.9M |
| Net income per employee (consolidated) | ¥3.2M |

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

| History | FY ending Oct 2021 | FY ending Oct 2022 | FY ending Oct 2023 | FY ending Oct 2024 | FY ending Oct 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 160 | 224 | 219 | 243 | 276 |
| Average salary (parent company) | ¥7.4M | ¥8.6M | ¥8.4M | ¥8.1M | ¥7.6M |
| Average age (parent company) | 41.0 years | 41.5 years | 43.8 years | 42.4 years | 43.8 years |
| Average tenure (parent company) | 1.7 years | 1.8 years | 2.1 years | 2.1 years | 3.0 years |

Year over year: Employees (consolidated) +13.6% · Revenue (consolidated) +6.6%

## Segments（FY ending Oct 2025, consolidated, IFRS、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| The business directly operated | 15,746 | 77.1% | -20 | -0.1% |
| Franchise business | 1,831 | 9.0% | 1,190 | 65.0% |
| Interior business | 1,800 | 8.8% | 67 | 3.7% |
| Other | 1,043 | 5.1% | 502 | 48.1% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| The business directly operated | 77.1% | — | — | -0.1% |
| Franchise business | 9.0% | 67.7% | 58.7 | 65.0% |
| Interior business | 8.8% | 3.8% | -5.0 | 3.7% |
| Other | 5.1% | 28.5% | 23.4 | 48.1% |

Loss-making segment (excluded from profit shares): The business directly operated -20 JPY mn

Segment → industry: Interior business → General Contractors / Franchise business → Beauty Salons / The business directly operated → Beauty Salons

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Oct 2025, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 2,879 | 14.9% | S100XHI8 |
| Capital expenditure | 411 | 2.1% | S100XHI8 |
| Free cash flow | 2,468 | 12.7% | 算出 |
| Investing cash flow | -1,244 | -6.4% | S100XHI8 |
| Financing cash flow | -1,614 | -8.3% | S100XHI8 |
| Dividends paid | 397 | 2.0% | S100XHI8 |
| Share buyback | 0 | 0.0% | S100XHI8 |
| Change in cash | 21 | 0.1% | S100XHI8 |
| Cash and equivalents | 2,263 | 11.7% | S100XHI8 |

## 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 Oct 2021 | FY ending Oct 2022 | FY ending Oct 2023 | FY ending Oct 2024 | FY ending Oct 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,394 | 1,941 | 2,325 | 2,241 | 2,263 | S100SOIS, S100V5ON, S100XHI8 |
| Total assets | 19,339 | 23,053 | 24,469 | 24,747 | 27,077 | S100Q0ZM, S100SOIS, S100V5ON, S100XHI8 |
| Net assets | 6,940 | 7,910 | 8,691 | 8,472 | 8,997 | S100SOIS, S100V5ON, S100XHI8 |
| Share capital | 90 | 169 | 194 | 195 | 211 | S100Q0ZM, S100SOIS, S100V5ON, S100XHI8 |
| Property, plant and equipment | 979 | 1,388 | 1,497 | 1,574 | 1,607 | S100Q0ZM, S100SOIS, S100V5ON, S100XHI8 |
| Goodwill | 7,468 | 8,502 | 8,488 | 8,488 | 9,713 | S100Q0ZM, S100SOIS, S100V5ON, S100XHI8 |
| Current assets | 2,320 | 3,179 | 4,191 | 4,025 | 4,370 | S100Q0ZM, S100SOIS, S100V5ON, S100XHI8 |
| Total liabilities | 12,398 | 15,143 | 15,778 | 16,275 | 18,080 | S100Q0ZM, S100SOIS, S100V5ON, S100XHI8 |
| Equity attributable to owners of parent | 6,940 | 7,910 | 8,691 | 8,472 | 8,997 | S100Q0ZM, S100SOIS, S100V5ON, S100XHI8 |
| Retained earnings | 1,924 | 2,754 | 3,598 | 4,252 | 4,749 | S100Q0ZM, S100SOIS, S100V5ON, S100XHI8 |
| Treasury stock | — | — | -111 | -995 | -995 | S100V5ON, S100XHI8 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 8% | S100XHI8 |
| Property, plant and equipment | 6% | S100XHI8 |
| Intangibles and goodwill | 36% | — |
| Other assets | 50% | S100XHI8 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 67% | S100XHI8 |
| Equity | 33% | S100XHI8 |

### Balance sheet history

| Metric | FY ending Oct 2021 | FY ending Oct 2022 | FY ending Oct 2023 | FY ending Oct 2024 | FY ending Oct 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 19,339 | 23,053 | 24,469 | 24,747 | 27,077 |
| Equity | 6,940 | 7,910 | 8,691 | 8,472 | 8,997 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,394 | 1,941 | 2,325 | 2,241 | 2,263 |

## 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) | 8.3% | S100XHI8 |
| Fixed assets ÷ total assets | 5.9% | S100XHI8 |
| Goodwill ÷ parent equity | 108.0% | S100XHI8 |

Goodwill over 4 years: 7,468 → 9,713 JPY; total investing cash flow: -3,700 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) | 8.4% |
| Cash ÷ revenue | 11.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 176.6% |
| Cash vs. profit gap | 1,986 JPY mn (of net income 222.4%) |
| Shareholder returns / net income | 44.5% |
| Shareholder returns / FCF | 16.1% |
| Shareholder payments — dividends / net income | 44.5% |
| Shareholder payments — dividends / FCF | 16.1% |
| CapEx intensity (capex ÷ revenue) | 2.1% |
| Investing CF relative to operating CF | 43.2% |

## 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 | 8.6% | 0.56× | 4.9% | 2.79× | 13.6% | S100Q0ZM |
| 2022 | 6.6% | 0.59× | 3.9% | 2.85× | 11.2% | S100SOIS |
| 2023 | 6.7% | 0.71× | 4.7% | 2.86× | 13.5% | S100V5ON |
| 2024 | 5.9% | 0.74× | 4.4% | 2.87× | 12.5% | S100XHI8 |
| 2025 | 4.6% | 0.75× | 3.4% | 2.97× | 10.2% | S100XHI8 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社Logotype | Major shareholder | 7.2% | 2025-10-31 |
| 株式会社SunFlower | Major shareholder | 7.2% | 2025-10-31 |
| 丹内悠佑 | Major shareholder | 7.1% | 2025-10-31 |
| 株式会社MCC | Major shareholder | 3.4% | 2025-10-31 |
| 市瀬一浩 | Major shareholder | 3.4% | 2025-10-31 |
| 株式会社I.M.C | Major shareholder | 3.1% | 2025-10-31 |
| 株式会社Kzグループ | Major shareholder | 1.7% | 2025-10-31 |
| 楽天証券株式会社共有口 | Major shareholder | 0.5% | 2025-10-31 |
| AB&Companyグループ取引先持株会 | Major shareholder | 0.3% | 2025-10-31 |
| 野口洋二 | Major shareholder | 0.3% | 2025-10-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第8期(2024/11/01－2025/10/31) | S100XHI8 | 2026-01-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XHI8,, |
| 有価証券報告書－第7期(2023/11/01－2024/10/31) | S100V5ON | 2025-01-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100V5ON,, |
| 有価証券報告書－第6期(2022/11/01－2023/10/31) | S100SOIS | 2024-01-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SOIS,, |
| 有価証券報告書－第5期(2021/11/01－2022/10/31) | S100Q0ZM | 2023-01-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Q0ZM,, |
| 有価証券報告書－第4期(令和2年11月1日－令和3年10月31日) | S100NAJR | 2022-01-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NAJR,, |

## 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).