# AFC-HD AMS Life Science Co.,Ltd.: business model and financials

> Latest period: FY ending Aug 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第45期(2024/09/01－2025/08/31) (S100X6W8)
> Page: https://vizora.meequs.com/en/company/afc-hd-ams-life-science
> Retrieved: 2026-09-30T20:32:58.574Z

## Company

AFC-HD AMS Life Science, founded in 1975, is a company in Pharmaceuticals listed on TSE Standard. It has 1,008 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | AFC-HD AMS Life Science Co.,Ltd. |
| Ticker | 2927 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2927.T) |
| Listing | TSE Standard |
| Head office | 静岡県静岡市駿河区豊田三丁目6番36号 |
| Representative (per filing) | 代表取締役会長 淺山雄彦 |
| Founded | Sep 1975 |
| Share capital | ¥2.13B |
| Employees (consolidated) | 1,008 |
| Average salary (parent only) | ¥4.3M |
| Fiscal year end | August |
| Website | www.ams-life.co.jp (https://www.ams-life.co.jp/) |
| Corporate number | 3080001005054 |
| EDINET | E01064 |
| Industries (Vizora) | Pharmaceuticals, Processed Foods, Real Estate Development & Leasing, Restaurants & Pubs, Cosmetics, Department Stores |

> Profile source: annual securities report (S100X6W8, filed 2025-11-26). As of filing

## Five-axis industry profile

Primary industry: Cosmetics (2025-08-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 75 | 22 |
| Profitability | 63.5 | 26 |
| Cash conversion | 29.5 | 22 |
| Efficiency | 5.8 | 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 61% of AFC-HD AMS Life Science's sales come from Health care, with Department store business and Real Estate and Consignment Business making up much of the rest.
- Out of every ¥100 of sales, about ¥7 is left as operating profit.
- Revenue changed +8.2% from the prior year, operating profit +25.8%.

## Company structure

- Segment revenue mix: Health care 60.9%、Department store business 14.9%、Real Estate and Consignment Business 8.6%、Medical products 8.0%、Food service business 7.6%
- Revenue → net income: ¥32655022000 → ¥1468796000
- Net income → operating cash flow: ¥1468796000 → ¥1786827000（difference ¥318031000）
- Main uses of operating cash flow: CapEx ¥3538771000 / dividends ¥434440000 / buybacks ¥13230000
- Change in cash: ¥-870668000
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 | ¥32.7B |  |
| Operating income | ¥2.41B | Margin 7.4% |
| Net income | ¥1.45B | Margin 4.4% |
| Free cash flow | -¥1.75B |  |
| Largest business | Health care | of segment revenue 60.9% |
| Employees (consolidated) | 1,008 |  |
| EPS | ¥50.25 |  |
| Diluted EPS | ¥50.25 |  |
| Book value per share | ¥822.1 |  |
| Equity ratio | 30.9% |  |
| Shares outstanding | 14,391,199 |  |
| Treasury shares | 300,000 |  |
| Shareholders | 14,206 |  |
| Average salary (parent only) | ¥4.3M | Filing company only |
| Cash ratio | 23.0% | Cash ÷ revenue 34.3% |
| Vs. industry median margin | +3.3 pp | Processed Foods |
| ROE | 10.0% | Derived from disclosed figures |
| ROA | 3.0% | Derived from disclosed figures |

## Notable figures

- FY2025, one segment accounts for 89% of positive segment profit
- FY2025, segment profit share differs by 28 points

## What changed in 5 years

| Metric | FY ending Aug 2020 | FY ending Aug 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥15819281000 | ¥32655022000 | +106.4% |
| Operating income | ¥1093679000 | ¥2409620000 | +120.3% |
| Operating margin | 6.9% | 7.4% | +0.5 pp |
| Employees | 592 people | 1,008 people | +70.3% |
| Cash and equivalents | ¥4170642000 | ¥11199882000 | +168.5% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| ヘルスケア事業 → ヘルスケア事業 | 60.9% |
| ヘルスケア事業 → 事業再編・廃止 | 30.7% |
| 医薬品事業 → 医薬品事業 | 8.0% |
| 医薬品事業 → 事業再編・廃止 | 0.4% |
| 新設・再編 → 百貨店事業 | 14.9% |
| 新設・再編 → 飲食事業 | 7.6% |
| 新設・再編 → 不動産・建託事業 | 8.6% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Health care | 5 years | +5.5% | ¥18903255000 | 13.0% | 2 |
| Department store business | 4 years | +9.5% | ¥4614824000 | 1.3% | 2 |
| Real Estate and Consignment Business | 2 years | +43.3% | ¥2662691000 | 0.6% | 2 |
| Medical products | 5 years | +13.2% | ¥2471470000 | 9.3% | 2 |
| Food service business | 4 years | +96.8% | ¥2364799000 | -3.2% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 32,655 | 100.0% | S100X6W8 |
| Cost of revenue | 21,394 | 65.5% | S100X6W8 |
| Gross profit | 11,261 | 34.5% | S100X6W8 |
| SG&A | 8,852 | 27.1% | S100X6W8 |
| Operating income | 2,410 | 7.4% | S100X6W8 |
| Ordinary income | 2,444 | 7.5% | S100X6W8 |
| Pretax income | 2,201 | 6.7% | S100X6W8 |
| Income tax | 732 | 2.2% | S100X6W8 |
| Net income | 1,469 | 4.5% | S100X6W8 |
| Net income attributable to owners | 1,449 | 4.4% | S100X6W8 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 66 |
| SG&A | 27 |
| Operating income | 7 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 34.5% → Operating margin 7.4% → Net margin 4.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +8.2%; Core profit growth: +25.8%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 3.15×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 30,185 | 32,655 | 2,470 | +8.2% |
| Gross profit | 10,492 | 11,261 | 770 | +7.3% |
| Operating income | 1,916 | 2,410 | 493 | +25.8% |
| Net income attributable to owners | 1,252 | 1,449 | 196 | +15.7% |
| Operating cash flow | 1,540 | 1,787 | 247 | +16.0% |
| Free cash flow | -1,867 | -1,752 | 115 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Aug 2019 | 16,253 | 981 | 6.0% | 783 | 1,132 | 585 | S100K8NO |
| FY ending Aug 2020 | 15,819 | 1,094 | 6.9% | 677 | 1,299 | 918 | S100N0TK |
| FY ending Aug 2021 | 22,368 | 2,245 | 10.0% | 1,496 | 2,583 | 2,091 | S100PQ00 |
| FY ending Aug 2022 | 23,025 | 1,015 | 4.4% | 735 | 1,492 | 534 | S100SD2P |
| FY ending Aug 2023 | 25,579 | 1,636 | 6.4% | 1,103 | 865 | -1,074 | S100UT2C |
| FY ending Aug 2024 | 30,185 | 1,916 | 6.3% | 1,252 | 1,540 | -1,867 | S100X6W8 |
| FY ending Aug 2025 | 32,655 | 2,410 | 7.4% | 1,449 | 1,787 | -1,752 | S100X6W8 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥32.4M |
| Operating income per employee (consolidated) | ¥2.4M |
| Net income per employee (consolidated) | ¥1.4M |

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

| History | FY ending Aug 2021 | FY ending Aug 2022 | FY ending Aug 2023 | FY ending Aug 2024 | FY ending Aug 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 793 | 799 | 878 | 994 | 1,008 |
| Average salary (parent company) | ¥4.2M | ¥4M | ¥4M | ¥4.2M | ¥4.3M |
| Average age (parent company) | 38.0 years | 39.0 years | 39.0 years | 39.0 years | 40.0 years |
| Average tenure (parent company) | 9.0 years | 9.0 years | 9.0 years | 9.0 years | 9.0 years |

Year over year: Employees (consolidated) +1.4% · Revenue (consolidated) +8.2%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Health care | 18,903 | 60.9% | 2,453 | 13.0% |
| Medical products | 2,471 | 8.0% | 231 | 9.3% |
| Department store business | 4,615 | 14.9% | 62 | 1.3% |
| Food service business | 2,365 | 7.6% | -75 | -3.2% |
| Real Estate and Consignment Business | 2,663 | 8.6% | 17 | 0.6% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Health care | 60.9% | 88.8% | 27.9 | 13.0% |
| Medical products | 8.0% | 8.4% | 0.4 | 9.3% |
| Department store business | 14.9% | 2.2% | -12.6 | 1.3% |
| Food service business | 7.6% | — | — | -3.2% |
| Real Estate and Consignment Business | 8.6% | 0.6% | -8.0 | 0.6% |

Loss-making segment (excluded from profit shares): Food service business -75 JPY mn

Segment → industry: Medical products → Pharmaceuticals / Health care → Processed Foods / Real Estate and Consignment Business → Real Estate Development & Leasing / Food service business → Restaurants & Pubs / Health care → Cosmetics / Department store business → Department Stores

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 1,787 | 5.5% | S100X6W8 |
| Capital expenditure | 3,539 | 10.8% | S100X6W8 |
| Free cash flow | -1,752 | -5.4% | 算出 |
| Investing cash flow | -3,327 | -10.2% | S100X6W8 |
| Financing cash flow | 667 | 2.0% | S100X6W8 |
| Dividends paid | 434 | 1.3% | S100X6W8 |
| Share buyback | 13 | 0.0% | S100X6W8 |
| Change in cash | -871 | -2.7% | S100X6W8 |
| Cash and equivalents | 11,200 | 34.3% | S100X6W8 |

## 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 Aug 2021 | FY ending Aug 2022 | FY ending Aug 2023 | FY ending Aug 2024 | FY ending Aug 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 8,667 | 10,258 | 11,062 | 12,071 | 11,200 | S100SD2P, S100UT2C, S100X6W8 |
| Total assets | 35,752 | 37,349 | 41,072 | 47,031 | 48,727 | S100PQ00, S100SD2P, S100UT2C, S100X6W8 |
| Net assets | 12,661 | 12,445 | 13,157 | 13,958 | 15,200 | S100SD2P, S100UT2C, S100X6W8 |
| Share capital | 2,132 | 2,132 | 2,132 | 2,132 | 2,135 | S100PQ00, S100SD2P, S100UT2C, S100X6W8 |
| Trade receivables | 2,245 | — | — | — | — | S100PQ00 |
| Property, plant and equipment | 16,012 | 15,923 | 17,145 | 19,416 | 21,336 | S100PQ00, S100SD2P, S100UT2C, S100X6W8 |
| Intangible assets excluding goodwill | 1,653 | 1,457 | 1,382 | 2,516 | 2,019 | S100PQ00, S100SD2P, S100UT2C, S100X6W8 |
| Goodwill | 1,492 | 1,339 | 1,290 | 2,349 | 1,870 | S100PQ00, S100SD2P, S100UT2C, S100X6W8 |
| Investment securities | 736 | 849 | 540 | 589 | 568 | S100PQ00, S100SD2P, S100UT2C, S100X6W8 |
| Current assets | 15,852 | 17,125 | 19,875 | 22,095 | 22,325 | S100PQ00, S100SD2P, S100UT2C, S100X6W8 |
| Current liabilities | 11,802 | 13,219 | 14,854 | 17,622 | 25,993 | S100PQ00, S100SD2P, S100UT2C, S100X6W8 |
| Trade payables | 2,967 | 3,414 | 3,265 | 3,587 | 3,623 | S100PQ00, S100SD2P, S100UT2C, S100X6W8 |
| Short-term borrowings | 3,963 | 6,817 | 7,915 | 9,079 | 9,473 | S100PQ00, S100SD2P, S100UT2C, S100X6W8 |
| Long-term borrowings | 9,691 | 10,136 | 11,320 | 13,293 | 5,475 | S100PQ00, S100SD2P, S100UT2C, S100X6W8 |
| Total liabilities | 23,091 | 24,904 | 27,914 | 33,073 | 33,527 | S100PQ00, S100SD2P, S100UT2C, S100X6W8 |
| Non-controlling interests | 743 | 6 | 49 | 24 | 124 | S100PQ00, S100SD2P, S100UT2C, S100X6W8 |
| Equity attributable to owners of parent | 11,850 | 12,347 | 13,007 | 13,923 | 14,959 | S100PQ00, S100SD2P, S100UT2C, S100X6W8 |
| Retained earnings | 7,421 | 7,880 | 8,589 | 9,415 | 10,428 | S100PQ00, S100SD2P, S100UT2C, S100X6W8 |
| Treasury stock | -141 | -305 | -353 | -275 | -255 | S100PQ00, S100SD2P, S100UT2C, S100X6W8 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 23% | S100X6W8 |
| Property, plant and equipment | 44% | S100X6W8 |
| Intangibles and goodwill | 8% | S100X6W8 |
| Investment securities | 1% | S100X6W8 |
| Other assets | 24% | S100X6W8 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 8% | S100X6W8 |
| Other liabilities | 61% | S100X6W8 |
| Equity | 31% | S100X6W8 |

### Balance sheet history

| Metric | FY ending Aug 2021 | FY ending Aug 2022 | FY ending Aug 2023 | FY ending Aug 2024 | FY ending Aug 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 35,752 | 37,349 | 41,072 | 47,031 | 48,727 |
| Equity | 12,661 | 12,445 | 13,157 | 13,958 | 15,200 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 8,667 | 10,258 | 11,062 | 12,071 | 11,200 |

## 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) | 65.3% | S100X6W8 |
| Fixed assets ÷ total assets | 43.8% | S100X6W8 |
| Goodwill ÷ parent equity | 12.5% | S100X6W8 |

Goodwill over 4 years: 1,492 → 1,870 JPY; total investing cash flow: -9,387 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) | 23.0% |
| Cash ÷ revenue | 34.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 74.2% |
| Cash vs. profit gap | 338 JPY mn (of net income 23.4%) |
| Shareholder returns / net income | 30.9% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 30.0% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 10.8% |
| Investing CF relative to operating CF | 186.2% |

## 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 | 6.7% | 0.63× | 4.2% | 3.02× | 12.6% | S100PQ00 |
| 2022 | 3.2% | 0.63× | 2.0% | 3.02× | 6.1% | S100SD2P |
| 2023 | 4.3% | 0.65× | 2.8% | 3.09× | 8.7% | S100UT2C |
| 2024 | 4.1% | 0.69× | 2.8% | 3.27× | 9.3% | S100X6W8 |
| 2025 | 4.4% | 0.68× | 3.0% | 3.32× | 10.0% | S100X6W8 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 浅 山 忠 彦 | Major shareholder | 14.8% | 2025-08-31 |
| 淺 山 雄 彦 | Major shareholder | 8.4% | 2025-08-31 |
| アムスライフサイエンス取引先持株会 | Major shareholder | 3.0% | 2025-08-31 |
| 木 下 圭一郎 | Major shareholder | 2.9% | 2025-08-31 |
| 浅 山 麻衣子 | Major shareholder | 2.2% | 2025-08-31 |
| 浅 山 麻里奈 | Major shareholder | 2.1% | 2025-08-31 |
| 藤 田 圭 亮 | Major shareholder | 0.9% | 2025-08-31 |
| 株式会社静岡銀行(常任代理人日本マスタートラスト信託銀行株式会社) | Major shareholder | 0.9% | 2025-08-31 |
| ＳＴＡＴＥ ＳＴＲＥＥＴ ＢＡＮＫ ＡＮＤ ＴＲＵＳＴ ＣＯＭＰＡＮＹ ５１０６４３(常任代理人株式会社みずほ銀行決済営業部) | Major shareholder | 0.9% | 2025-08-31 |
| 福 地 千 佳 | Major shareholder | 0.7% | 2025-08-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第45期(2024/09/01－2025/08/31) | S100X6W8 | 2025-11-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100X6W8,, |
| 有価証券報告書－第44期(2023/09/01－2024/08/31) | S100UT2C | 2024-11-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UT2C,, |
| 有価証券報告書－第43期(2022/09/01－2023/08/31) | S100SD2P | 2023-11-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SD2P,, |
| 有価証券報告書－第42期(令和3年9月1日－令和4年8月31日) | S100PQ00 | 2022-11-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PQ00,, |
| 訂正有価証券報告書－第41期(令和2年9月1日－令和3年8月31日) | S100N0TK | 2021-12-08 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100N0TK,, |
| 有価証券報告書－第40期(令和1年9月1日－令和2年8月31日) | S100K8NO | 2020-11-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100K8NO,, |

## 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).