# ADJUVANT HOLDINGS CO.,LTD.: 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37期(2025/03/21－2026/03/20) (S100YCJ4)
> Page: https://vizora.meequs.com/en/company/adjuvant-holdings
> Retrieved: 2026-09-30T20:45:03.199Z

## Company

Adjuvant Holdings, founded in 1990, is a company in Cosmetics listed on TSE Standard. It has 123 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | ADJUVANT HOLDINGS CO.,LTD. |
| Ticker | 4929 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4929.T) |
| Listing | TSE Standard |
| Head office | 神戸市中央区下山手通五丁目5番5号 |
| Representative (per filing) | 代表取締役会長兼社長 中村 豊 |
| Founded | Apr 1990 |
| Share capital | ¥776.6M |
| Employees (consolidated) | 123 |
| Average salary (parent only) | ¥6.1M |
| Fiscal year end | March |
| Website | www.adjuvant-hd.co.jp (https://www.adjuvant-hd.co.jp/) |
| Corporate number | 2140001015675 |
| EDINET | E27016 |
| Industries (Vizora) | Cosmetics |

> Profile source: annual securities report (S100YCJ4, filed 2026-06-17). As of filing

## Five-axis industry profile

Primary industry: Cosmetics (2026-03-20)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 6.8 | 22 |
| Profitability | 40.4 | 26 |
| Cash conversion | 38.6 | 22 |
| Efficiency | 13.5 | 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)

- Adjuvant Holdings brought in ¥3.81B in revenue.
- Out of every ¥100 of sales, about ¥4 is left as operating profit.
- Revenue changed -6.9% from the prior year, operating profit +34.8%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥3813665000 → ¥142983000
- Net income → operating cash flow: ¥142983000 → ¥132933000（difference ¥-10050000）
- Main uses of operating cash flow: CapEx ¥43012000 / dividends ¥96591000 / buybacks —
- Change in cash: ¥-90810000
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 | ¥3.81B |  |
| Operating income | ¥170.7M | Margin 4.5% |
| Net income | ¥143M | Margin 3.7% |
| Free cash flow | ¥89.9M |  |
| Employees (consolidated) | 123 |  |
| EPS | ¥6.94 |  |
| Book value per share | ¥450.91 |  |
| Equity ratio | 81.9% |  |
| Shares outstanding | 8,043,600 |  |
| Treasury shares | 43,200 |  |
| Shareholders | 26,370 |  |
| Average salary (parent only) | ¥6.1M | Filing company only |
| Cash ratio | 41.5% | Cash ÷ revenue 56.0% |
| Vs. industry median margin | -1.6 pp | Cosmetics |
| ROE | 3.4% | Derived from disclosed figures |
| ROA | 2.7% | Derived from disclosed figures |

## Notable figures

- FY2026, employees -1% while operating income rose 35%
- FY2026, cash is 41% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥4885682000 | ¥3813665000 | -21.9% |
| Operating income | ¥292934000 | ¥170715000 | -41.7% |
| Operating margin | 6.0% | 4.5% | -1.5 pp |
| Employees | 143 people | 123 people | -14.0% |
| Cash and equivalents | ¥1469849000 | ¥2134085000 | +45.2% |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 3,814 | 100.0% | S100YCJ4 |
| Cost of revenue | 1,251 | 32.8% | S100YCJ4 |
| Gross profit | 2,563 | 67.2% | S100YCJ4 |
| SG&A | 2,392 | 62.7% | S100YCJ4 |
| Operating income | 171 | 4.5% | S100YCJ4 |
| Ordinary income | 201 | 5.3% | S100YCJ4 |
| Pretax income | 222 | 5.8% | S100YCJ4 |
| Income tax | 79 | 2.1% | S100YCJ4 |
| Net income | 143 | 3.7% | S100YCJ4 |
| Net income attributable to owners | 143 | 3.7% | S100YCJ4 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 33 |
| SG&A | 63 |
| Operating income | 4 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 67.2% → Operating margin 4.5% → Net margin 3.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue down, profit up
Revenue growth: -6.9%; Core profit growth: +34.8%
Operating leverage (core profit growth ÷ revenue growth): -5.02×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 4,098 | 3,814 | -284 | -6.9% |
| Gross profit | 2,655 | 2,563 | -92 | -3.5% |
| Operating income | 127 | 171 | 44 | +34.8% |
| Net income attributable to owners | 41 | 143 | 102 | +251.1% |
| Operating cash flow | 308 | 133 | -175 | -56.8% |
| Free cash flow | 288 | 90 | -198 | -68.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 4,674 | -185 | -3.9% | -228 | 32 | -46 | S100LJ8Y |
| FY ending Mar 2021 | 4,886 | 293 | 6.0% | 142 | 403 | 318 | S100PFHF |
| FY ending Mar 2022 | 4,427 | 390 | 8.8% | 393 | 418 | 369 | S100QY7D |
| FY ending Mar 2023 | 4,377 | 233 | 5.3% | 404 | -322 | -423 | S100TLRE |
| FY ending Mar 2024 | 4,438 | -1 | -0.0% | -100 | 378 | 315 | S100VWVL |
| FY ending Mar 2025 | 4,098 | 127 | 3.1% | 41 | 308 | 288 | S100YCJ4 |
| FY ending Mar 2026 | 3,814 | 171 | 4.5% | 143 | 133 | 90 | S100YCJ4 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥31M |
| Operating income per employee (consolidated) | ¥1.4M |
| Net income per employee (consolidated) | ¥1.2M |

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) | 140 | 134 | 137 | 124 | 123 |
| Average salary (parent company) | ¥7.2M | ¥6.3M | ¥6.8M | ¥6.9M | ¥6.1M |
| Average age (parent company) | 39.0 years | 39.3 years | 39.5 years | 41.5 years | 43.8 years |
| Average tenure (parent company) | 7.1 years | 6.7 years | 6.6 years | 7.0 years | 7.6 years |

Year over year: Employees (consolidated) -0.8% · Revenue (consolidated) -6.9%

## 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 | 133 | 3.5% | S100YCJ4 |
| Capital expenditure | 43 | 1.1% | S100YCJ4 |
| Free cash flow | 90 | 2.4% | 算出 |
| Investing cash flow | -119 | -3.1% | S100YCJ4 |
| Financing cash flow | -105 | -2.8% | S100YCJ4 |
| Dividends paid | 97 | 2.5% | S100YCJ4 |
| Change in cash | -91 | -2.4% | S100YCJ4 |
| Cash and equivalents | 2,134 | 56.0% | S100YCJ4 |

## 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 | 1,744 | 1,528 | 2,119 | 2,225 | 2,134 | S100TLRE, S100VWVL, S100YCJ4 |
| Total assets | 5,662 | 5,552 | 5,278 | 5,292 | 5,148 | S100QY7D, S100TLRE, S100VWVL, S100YCJ4 |
| Net assets | 4,317 | 4,487 | 4,217 | 4,179 | 4,219 | S100TLRE, S100VWVL, S100YCJ4 |
| Share capital | 777 | 777 | 777 | 777 | 777 | S100QY7D, S100TLRE, S100VWVL, S100YCJ4 |
| Property, plant and equipment | 1,441 | 1,412 | 1,403 | 1,347 | 1,291 | S100QY7D, S100TLRE, S100VWVL, S100YCJ4 |
| Intangible assets excluding goodwill | 62 | 66 | 53 | 38 | 57 | S100QY7D, S100TLRE, S100VWVL, S100YCJ4 |
| Investment securities | 543 | 490 | 105 | 202 | 286 | S100QY7D, S100TLRE, S100VWVL, S100YCJ4 |
| Current assets | 3,244 | 3,339 | 3,588 | 3,532 | 3,366 | S100QY7D, S100TLRE, S100VWVL, S100YCJ4 |
| Current liabilities | 880 | 640 | 609 | 659 | 498 | S100QY7D, S100TLRE, S100VWVL, S100YCJ4 |
| Total liabilities | 1,344 | 1,064 | 1,061 | 1,113 | 930 | S100QY7D, S100TLRE, S100VWVL, S100YCJ4 |
| Equity attributable to owners of parent | 4,321 | 4,491 | 4,215 | 4,173 | 4,220 | S100QY7D, S100TLRE, S100VWVL, S100YCJ4 |
| Retained earnings | 2,802 | 3,012 | 2,721 | 2,665 | 2,712 | S100QY7D, S100TLRE, S100VWVL, S100YCJ4 |
| Treasury stock | -6 | -45 | -33 | -21 | -21 | S100QY7D, S100TLRE, S100VWVL, S100YCJ4 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 41% | S100YCJ4 |
| Property, plant and equipment | 25% | S100YCJ4 |
| Intangibles and goodwill | 1% | S100YCJ4 |
| Investment securities | 6% | S100YCJ4 |
| Other assets | 27% | S100YCJ4 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 18% | S100YCJ4 |
| Equity | 82% | S100YCJ4 |

### 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 | 5,662 | 5,552 | 5,278 | 5,292 | 5,148 |
| Equity | 4,317 | 4,487 | 4,217 | 4,179 | 4,219 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,744 | 1,528 | 2,119 | 2,225 | 2,134 |

## 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) | 33.9% | S100YCJ4 |
| Fixed assets ÷ total assets | 25.1% | S100YCJ4 |
| Goodwill ÷ parent equity | — | —, S100YCJ4 |

### 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) | 41.5% |
| Cash ÷ revenue | 56.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 77.9% |
| Cash vs. profit gap | -10 JPY mn (of net income -7.0%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 67.6% |
| Shareholder payments — dividends / FCF | 107.4% |
| CapEx intensity (capex ÷ revenue) | 1.1% |
| Investing CF relative to operating CF | 89.5% |

## 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 | 8.9% | 0.78× | 6.9% | 1.31× | 9.1% | S100QY7D |
| 2023 | 9.2% | 0.78× | 7.2% | 1.27× | 9.2% | S100TLRE |
| 2024 | — | —× | -1.8% | —× | — | S100VWVL |
| 2025 | 1.0% | 0.78× | 0.8% | 1.26× | 1.0% | S100YCJ4 |
| 2026 | 3.7% | 0.73× | 2.7% | 1.24× | 3.4% | S100YCJ4 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社Ｔ・Ｎソリューション | Major shareholder | 11.9% | 2026-03-20 |
| 田中 昌樹 | Major shareholder | 11.8% | 2026-03-20 |
| 株式会社ボンニー | Major shareholder | 11.6% | 2026-03-20 |
| 中村 豊 | Major shareholder | 9.8% | 2026-03-20 |
| 田中 順子 | Major shareholder | 3.0% | 2026-03-20 |
| 宮澤 良彦 | Major shareholder | 1.3% | 2026-03-20 |
| 株式会社イシダリンク | Major shareholder | 0.8% | 2026-03-20 |
| 石田 千恵 | Major shareholder | 0.8% | 2026-03-20 |
| アジュバン従業員持株会 | Major shareholder | 0.7% | 2026-03-20 |
| 森内 真也 | Major shareholder | 0.3% | 2026-03-20 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第37期(2025/03/21－2026/03/20) | S100YCJ4 | 2026-06-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YCJ4,, |
| 有価証券報告書－第36期(2024/03/21－2025/03/20) | S100VWVL | 2025-06-11 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VWVL,, |
| 有価証券報告書－第35期(2023/03/21－2024/03/20) | S100TLRE | 2024-06-13 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TLRE,, |
| 有価証券報告書－第34期(2022/03/21－2023/03/20) | S100QY7D | 2023-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QY7D,, |
| 訂正有価証券報告書－第33期(令和3年3月21日－令和4年3月20日) | S100PFHF | 2022-11-11 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PFHF,, |
| 有価証券報告書－第32期(令和2年3月21日－令和3年3月20日) | S100LJ8Y | 2021-06-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LJ8Y,, |

## 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).