# ARTNATURE INC.: 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59期(2025/04/01－2026/03/31) (S100YCH9)
> Page: https://vizora.meequs.com/en/company/artnature
> Retrieved: 2026-09-30T20:26:21.772Z

## Company

Artnature, founded in 1967, is a company in Beauty Salons listed on TSE Standard. It has 3,851 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | ARTNATURE INC. |
| Ticker | 7823 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7823.T) |
| Listing | TSE Standard |
| Head office | 東京都渋谷区代々木三丁目40番7号 |
| Representative (per filing) | 代表取締役会長兼社長 五十嵐 祥剛 |
| Founded | Jun 1967 |
| Share capital | ¥3.67B |
| Employees (consolidated) | 3,851 |
| Average salary (parent only) | ¥4.6M |
| Fiscal year end | March |
| Website | www.artnature.co.jp (https://www.artnature.co.jp/) |
| Corporate number | 9011001000392 |
| EDINET | E03493 |
| Industries (Vizora) | Beauty Salons |

> Profile source: annual securities report (S100YCH9, filed 2026-06-17). As of filing

## Five-axis industry profile

Primary industry: Beauty Salons (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 50 | 5 |
| Profitability | 75 | 6 |
| Cash conversion | 30 | 5 |
| Efficiency | 41.7 | 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 52% of Artnature's sales come from Men's business, with Lady's business and Ladies' ready-made wig business making up much of the rest.
- Out of every ¥100 of sales, about ¥7 is left as operating profit.
- Revenue changed +2.9% from the prior year, operating profit +47.6%.

## Company structure

- Segment revenue mix: Men's business 52.2%、Lady's business 30.3%、Ladies' ready-made wig business 14.0%、Other 3.5%
- Revenue → net income: ¥44600000000 → ¥1900000000
- Net income → operating cash flow: ¥1900000000 → ¥5201000000（difference ¥3301000000）
- Main uses of operating cash flow: CapEx ¥2353000000 / dividends ¥910000000 / buybacks —
- Change in cash: ¥1814000000
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 | ¥44.6B |  |
| Operating income | ¥3.22B | Margin 7.2% |
| Net income | ¥1.9B | Margin 4.3% |
| Free cash flow | ¥2.85B |  |
| Largest business | Men's business | of segment revenue 52.2% |
| Employees (consolidated) | 3,851 |  |
| EPS | ¥60.32 |  |
| Diluted EPS | ¥59.32 |  |
| Book value per share | ¥818.34 |  |
| Equity ratio | 53.4% |  |
| Shares outstanding | 34,393,000 |  |
| Treasury shares | 1,200,200 |  |
| Shareholders | 4,384 |  |
| Average salary (parent only) | ¥4.6M | Filing company only |
| Cash ratio | 37.9% | Cash ÷ revenue 44.5% |
| Vs. industry median margin | +2.4 pp | Beauty Salons |
| ROE | 7.2% | Derived from disclosed figures |
| ROA | 3.7% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.7× net income
- FY2026, employees -1% while operating income rose 48%
- FY2026, cash is 38% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥35868000000 | ¥44600000000 | +24.3% |
| Operating income | ¥1932000000 | ¥3219000000 | +66.6% |
| Operating margin | 5.4% | 7.2% | +1.8 pp |
| Employees | 3,936 people | 3,851 people | -2.2% |
| Cash and equivalents | ¥18984000000 | ¥19840000000 | +4.5% |

### 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.

| Flow | Revenue share |
| --- | ---: |
| 男性向け事業 → 男性向け事業 | 52.2% |
| 男性向け事業 → 事業再編・廃止 | 7.3% |
| 女性向け事業 → 女性向け事業 | 26.1% |
| 女性向け既製品事業 → 女性向け既製品事業 | 10.4% |
| その他 → その他 | 3.5% |
| その他 → 事業再編・廃止 | 0.6% |
| 新設・再編 → 女性向け事業 | 4.3% |
| 新設・再編 → 女性向け既製品事業 | 3.6% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Men's business | 5 years | +1.8% | ¥23274000000 | — | 2 |
| Lady's business | 5 years | +7.7% | ¥13522000000 | — | 2 |
| Ladies' ready-made wig business | 5 years | +10.9% | ¥6227000000 | — | 2 |
| Other | 5 years | +1.2% | ¥1576000000 | — | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 44,600 | 100.0% | S100YCH9 |
| Cost of revenue | 14,803 | 33.2% | S100YCH9 |
| Gross profit | 29,797 | 66.8% | S100YCH9 |
| SG&A | 26,577 | 59.6% | S100YCH9 |
| Operating income | 3,219 | 7.2% | S100YCH9 |
| Ordinary income | 3,451 | 7.7% | S100YCH9 |
| Pretax income | 3,034 | 6.8% | S100YCH9 |
| Income tax | 1,133 | 2.5% | S100YCH9 |
| Net income | 1,900 | 4.3% | S100YCH9 |
| Net income attributable to owners | 1,898 | 4.3% | S100YCH9 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 33 |
| SG&A | 60 |
| Operating income | 7 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 66.8% → Operating margin 7.2% → Net margin 4.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +2.9%; Core profit growth: +47.6%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 16.37×
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 | 43,340 | 44,600 | 1,260 | +2.9% |
| Gross profit | 28,694 | 29,797 | 1,103 | +3.8% |
| Operating income | 2,181 | 3,219 | 1,038 | +47.6% |
| Net income attributable to owners | 821 | 1,898 | 1,077 | +131.2% |
| Operating cash flow | 2,580 | 5,201 | 2,621 | +101.6% |
| Free cash flow | -13 | 2,848 | 2,861 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 39,484 | 2,919 | 7.4% | 1,542 | 2,516 | 1,575 | S100LP9N |
| FY ending Mar 2021 | 35,868 | 1,932 | 5.4% | 840 | 4,232 | 3,378 | S100OEHU |
| FY ending Mar 2022 | 40,437 | 3,020 | 7.5% | 1,204 | 2,505 | 1,622 | S100R0V7 |
| FY ending Mar 2023 | 43,209 | 3,573 | 8.3% | 1,874 | 2,927 | 1,710 | S100TPBB |
| FY ending Mar 2024 | 42,850 | 2,654 | 6.2% | 1,462 | 2,137 | 148 | S100W113 |
| FY ending Mar 2025 | 43,340 | 2,181 | 5.0% | 821 | 2,580 | -13 | S100YCH9 |
| FY ending Mar 2026 | 44,600 | 3,219 | 7.2% | 1,898 | 5,201 | 2,848 | S100YCH9 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥11.6M |
| Operating income per employee (consolidated) | ¥835.9K |
| Net income per employee (consolidated) | ¥492.9K |

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) | 3,798 | 3,891 | 3,909 | 3,899 | 3,851 |
| Average salary (parent company) | ¥4.2M | ¥4.3M | ¥4.5M | ¥4.5M | ¥4.6M |
| Average age (parent company) | 42.8 years | 43.4 years | 44.1 years | 44.5 years | 45.2 years |
| Average tenure (parent company) | 11.2 years | 11.5 years | 11.6 years | 11.8 years | 12.3 years |

Year over year: Employees (consolidated) -1.2% · Revenue (consolidated) +2.9%

## Segments（FY ending Mar 2026, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Men's business | 23,274 | 52.2% | — | — |
| Lady's business | 13,522 | 30.3% | — | — |
| Ladies' ready-made wig business | 6,227 | 14.0% | — | — |
| Other | 1,576 | 3.5% | — | — |

### 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 |
| --- | ---: |
| Men's business | 52.2% |
| Lady's business | 30.3% |
| Ladies' ready-made wig business | 14.0% |
| Other | 3.5% |

Segment → industry: Ladies' ready-made wig business → Beauty Salons / Lady's business → Beauty Salons / Men's business → Beauty Salons

## 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 | 5,201 | 11.7% | S100YCH9 |
| Capital expenditure | 2,353 | 5.3% | S100YCH9 |
| Free cash flow | 2,848 | 6.4% | 算出 |
| Investing cash flow | -2,458 | -5.5% | S100YCH9 |
| Financing cash flow | -910 | -2.0% | S100YCH9 |
| Dividends paid | 910 | 2.0% | S100YCH9 |
| Change in cash | 1,814 | 4.1% | S100YCH9 |
| Cash and equivalents | 19,840 | 44.5% | S100YCH9 |

## 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 | 19,452 | 20,082 | 19,208 | 18,025 | 19,840 | S100TPBB, S100W113, S100YCH9 |
| Total assets | 46,510 | 47,956 | 49,851 | 49,678 | 52,392 | S100R0V7, S100TPBB, S100W113, S100YCH9 |
| Net assets | 24,596 | 25,927 | 26,870 | 27,055 | 28,332 | S100TPBB, S100W113, S100YCH9 |
| Share capital | 3,667 | 3,667 | 3,667 | 3,667 | 3,667 | S100R0V7, S100TPBB, S100W113, S100YCH9 |
| Property, plant and equipment | 8,694 | 8,795 | 9,732 | 9,930 | 10,591 | S100R0V7, S100TPBB, S100W113, S100YCH9 |
| Intangible assets excluding goodwill | 674 | 558 | 1,280 | 1,821 | 1,729 | S100R0V7, S100TPBB, S100W113, S100YCH9 |
| Goodwill | 233 | 54 | — | — | — | S100R0V7, S100TPBB |
| Investment securities | 2,099 | 2,023 | 2,133 | 2,092 | 2,148 | S100R0V7, S100TPBB, S100W113, S100YCH9 |
| Current assets | 28,021 | 29,310 | 28,838 | 27,870 | 29,413 | S100R0V7, S100TPBB, S100W113, S100YCH9 |
| Current liabilities | 14,237 | 14,548 | 13,758 | 13,510 | 15,021 | S100R0V7, S100TPBB, S100W113, S100YCH9 |
| Total liabilities | 21,914 | 22,028 | 22,981 | 22,623 | 24,060 | S100R0V7, S100TPBB, S100W113, S100YCH9 |
| Non-controlling interests | 12 | 12 | 11 | 11 | 10 | S100R0V7, S100TPBB, S100W113, S100YCH9 |
| Equity attributable to owners of parent | 24,260 | 25,481 | 26,077 | 26,009 | 27,015 | S100R0V7, S100TPBB, S100W113, S100YCH9 |
| Retained earnings | 18,307 | 19,278 | 19,831 | 19,742 | 20,728 | S100R0V7, S100TPBB, S100W113, S100YCH9 |
| Treasury stock | -1,272 | -1,077 | -1,045 | -1,031 | -1,017 | S100R0V7, S100TPBB, S100W113, S100YCH9 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 38% | S100YCH9 |
| Property, plant and equipment | 20% | S100YCH9 |
| Intangibles and goodwill | 3% | S100YCH9 |
| Investment securities | 4% | S100YCH9 |
| Other assets | 35% | S100YCH9 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 46% | S100YCH9 |
| Equity | 54% | S100YCH9 |

### 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 | 46,510 | 47,956 | 49,851 | 49,678 | 52,392 |
| Equity | 24,596 | 25,927 | 26,870 | 27,055 | 28,332 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 19,452 | 20,082 | 19,208 | 18,025 | 19,840 |

## 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) | 23.7% | S100YCH9 |
| Fixed assets ÷ total assets | 20.2% | S100YCH9 |
| Goodwill ÷ parent equity | — | —, S100YCH9 |

### 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) | 37.9% |
| Cash ÷ revenue | 44.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 161.6% |
| Cash vs. profit gap | 3,303 JPY mn (of net income 174.0%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 47.9% |
| Shareholder payments — dividends / FCF | 32.0% |
| CapEx intensity (capex ÷ revenue) | 5.3% |
| Investing CF relative to operating CF | 47.3% |

## 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 | 3.0% | 0.87× | 2.6% | 1.92× | 5.0% | S100R0V7 |
| 2023 | 4.3% | 0.91× | 4.0% | 1.90× | 7.5% | S100TPBB |
| 2024 | 3.4% | 0.88× | 3.0% | 1.90× | 5.7% | S100W113 |
| 2025 | 1.9% | 0.87× | 1.6% | 1.91× | 3.2% | S100YCH9 |
| 2026 | 4.3% | 0.87× | 3.7% | 1.92× | 7.2% | S100YCH9 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 五十嵐 祥剛 | Major shareholder | 18.6% | 2026-03-31 |
| 有限会社アイ・コーポレーション | Major shareholder | 9.9% | 2026-03-31 |
| 塚本 武 | Major shareholder | 7.7% | 2026-03-31 |
| ＵＨＰａｒｔｎｅｒｓ2投資事業有限責任組合 | Major shareholder | 7.5% | 2026-03-31 |
| 光通信ＫＫ投資事業有限責任組合 | Major shareholder | 6.3% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 6.1% | 2026-03-31 |
| NORTHERN TRUST CO.(AVFC) RE FIDELITY FUNDS（常任代理人 香港上海銀行東京支店 セキュリティーズ・サービシズ・オペレーションズ部） | Major shareholder | 4.8% | 2026-03-31 |
| 五十嵐 啓介（管理信託受託者 株式会社SMBC信託銀行） | Major shareholder | 3.0% | 2026-03-31 |
| アートネイチャー社員持株会 | Major shareholder | 2.4% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託E口） | Major shareholder | 1.8% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第59期(2025/04/01－2026/03/31) | S100YCH9 | 2026-06-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YCH9,, |
| 有価証券報告書－第58期(2024/04/01－2025/03/31) | S100W113 | 2025-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W113,, |
| 有価証券報告書－第57期(2023/04/01－2024/03/31) | S100TPBB | 2024-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TPBB,, |
| 有価証券報告書－第56期(2022/04/01－2023/03/31) | S100R0V7 | 2023-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R0V7,, |
| 有価証券報告書－第55期(令和3年4月1日－令和4年3月31日) | S100OEHU | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OEHU,, |
| 有価証券報告書－第54期(令和2年4月1日－令和3年3月31日) | S100LP9N | 2021-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LP9N,, |

## 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).