# Artra Group Corporation: business model and financials

> Latest period: FY ending Dec 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第21期(2025/01/01－2025/12/31) (S100XU1F)
> Page: https://vizora.meequs.com/en/company/artra-group
> Retrieved: 2026-09-30T21:02:41.889Z

## Company

Artra Group, founded in 2005, is a company in Health Tech listed on TSE Standard. It has 131 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Artra Group Corporation |
| Ticker | 6029 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6029.T) |
| Listing | TSE Standard |
| Head office | 大阪市西区立売堀四丁目6番9号 |
| Representative (per filing) | 代表取締役会長兼社長 久世 博之 |
| Founded | Jan 2005 |
| Share capital | ¥10M |
| Employees (consolidated) | 131 |
| Average salary (parent only) | ¥4.8M |
| Fiscal year end | December |
| Website | www.artra-group.co.jp (https://www.artra-group.co.jp/) |
| Corporate number | 6120001113618 |
| EDINET | E30998 |
| Industries (Vizora) | Health Tech, Toys & Hobbies, Hospitals & Medical Services |

> Profile source: annual securities report (S100XU1F, filed 2026-03-26). As of filing

## Five-axis industry profile

Primary industry: Hospitals & Medical Services (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 43.8 | 8 |
| Profitability | 43.8 | 8 |
| Cash conversion | 75 | 6 |
| Efficiency | 43.8 | 8 |

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 60% of Artra Group's sales come from A-COMS Business, with Toy sales business making up much of the rest.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed -7.3% from the prior year, operating profit +2377.8%.

## Company structure

- Segment revenue mix: A-COMS Business 60.0%、Toy sales business 40.0%
- Revenue → net income: ¥3927223000 → ¥258292000
- Net income → operating cash flow: ¥258292000 → ¥275212000（difference ¥16920000）
- Main uses of operating cash flow: CapEx ¥78182000 / dividends — / buybacks —
- Change in cash: ¥78661000
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 | ¥3.93B |  |
| Operating income | ¥140.8M | Margin 3.6% |
| Net income | ¥258.3M | Margin 6.6% |
| Free cash flow | ¥197M |  |
| Largest business | A-COMS Business | of segment revenue 60.0% |
| Employees (consolidated) | 131 |  |
| EPS | ¥21.45 |  |
| Book value per share | ¥150.73 |  |
| Equity ratio | 41.1% |  |
| Shares outstanding | 10,287,000 |  |
| Treasury shares | 20,200 |  |
| Shareholders | 11,938 |  |
| Average salary (parent only) | ¥4.8M | Filing company only |
| Cash ratio | 27.3% | Cash ÷ revenue 28.7% |
| Vs. industry median margin | -10.2 pp | Health Tech |
| ROE | 16.6% | Derived from disclosed figures |
| ROA | 6.3% | Derived from disclosed figures |

## Notable figures

- FY2025, employees -8% while operating income rose 2378%
- FY2025, one segment accounts for 100% of positive segment profit
- FY2025, segment profit share differs by 40 points

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥2426748000 | ¥3927223000 | +61.8% |
| Operating income | ¥-410160000 | ¥140812000 | — |
| Operating margin | -16.9% | 3.6% | +20.5 pp |
| Employees | 112 people | 131 people | +17.0% |
| Cash and equivalents | ¥1712391000 | ¥1128639000 | -34.1% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| 新設・再編 → A-COM事業 | 60.0% |
| 新設・再編 → 玩具販売事業 | 40.0% |

Segment revenue source references: 2 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 3,927 | 100.0% | S100XU1F |
| Cost of revenue | 2,580 | 65.7% | S100XU1F |
| Gross profit | 1,347 | 34.3% | S100XU1F |
| SG&A | 1,206 | 30.7% | S100XU1F |
| Operating income | 141 | 3.6% | S100XU1F |
| Ordinary income | 149 | 3.8% | S100XU1F |
| Pretax income | 241 | 6.1% | S100XU1F |
| Income tax | -17 | -0.4% | S100XU1F |
| Net income | 258 | 6.6% | S100XU1F |
| Net income attributable to owners | 258 | 6.6% | S100XU1F |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 66 |
| SG&A | 31 |
| Operating income | 3 |
| (Ref.) Net income | 7 |

### Margin funnel

Gross margin 34.3% → Operating margin 3.6% → Net margin 6.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue down, profit up
Revenue growth: -7.3%; Core profit growth: +2377.8%
Operating leverage (core profit growth ÷ revenue growth): -327.74×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 4,234 | 3,927 | -307 | -7.3% |
| Gross profit | 1,335 | 1,347 | 12 | +0.9% |
| Operating income | 6 | 141 | 135 | +2377.8% |
| Net income attributable to owners | -37 | 258 | 295 | — |
| Operating cash flow | 201 | 275 | 74 | +37.0% |
| Free cash flow | 122 | 197 | 75 | +61.0% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 2,834 | 25 | 0.9% | -147 | -148 | -326 | S100L2GE |
| FY ending Dec 2020 | 2,427 | -410 | -16.9% | -441 | 272 | 45 | S100NRXN |
| FY ending Dec 2021 | 3,158 | -223 | -7.1% | -351 | -209 | -265 | S100QHUH |
| FY ending Dec 2022 | 4,671 | 3 | 0.1% | 2 | -133 | -289 | S100T627 |
| FY ending Dec 2023 | 4,498 | 51 | 1.1% | 54 | 218 | 94 | S100VK7R |
| FY ending Dec 2024 | 4,234 | 6 | 0.1% | -37 | 201 | 122 | S100XU1F |
| FY ending Dec 2025 | 3,927 | 141 | 3.6% | 258 | 275 | 197 | S100XU1F |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥30M |
| Operating income per employee (consolidated) | ¥1.1M |
| Net income per employee (consolidated) | ¥2M |

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

| History | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 165 | 158 | 156 | 142 | 131 |
| Average salary (parent company) | ¥5M | ¥4.8M | ¥4.5M | ¥4.8M | ¥4.8M |
| Average age (parent company) | 39.2 years | 40.0 years | 39.8 years | 40.1 years | 40.4 years |
| Average tenure (parent company) | 6.2 years | 6.9 years | 7.8 years | 8.5 years | 8.4 years |

Year over year: Employees (consolidated) -7.7% · Revenue (consolidated) -7.3%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| A-COMS Business | 2,358 | 60.0% | 164 | 7.0% |
| Toy sales business | 1,570 | 40.0% | -25 | -1.6% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| A-COMS Business | 60.0% | 100.0% | 40.0 | 7.0% |
| Toy sales business | 40.0% | — | — | -1.6% |

Loss-making segment (excluded from profit shares): Toy sales business -25 JPY mn

Segment → industry: A-COMS Business → Health Tech / Toy sales business → Toys & Hobbies / A-COMS Business → Hospitals & Medical Services

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 275 | 7.0% | S100XU1F |
| Capital expenditure | 78 | 2.0% | S100XU1F |
| Free cash flow | 197 | 5.0% | 算出 |
| Investing cash flow | 37 | 0.9% | S100XU1F |
| Financing cash flow | -233 | -5.9% | S100XU1F |
| Change in cash | 79 | 2.0% | S100XU1F |
| Cash and equivalents | 1,129 | 28.7% | S100XU1F |

## 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 Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,835 | 1,234 | 1,140 | 1,050 | 1,129 | S100T627, S100VK7R, S100XU1F |
| Total assets | 5,595 | 4,652 | 4,573 | 4,114 | 4,128 | S100QHUH, S100T627, S100VK7R, S100XU1F |
| Net assets | 1,439 | 1,307 | 1,447 | 1,437 | 1,696 | S100T627, S100VK7R, S100XU1F |
| Share capital | 722 | 727 | 143 | 153 | 10 | S100QHUH, S100T627, S100VK7R, S100XU1F |
| Property, plant and equipment | 127 | 177 | 179 | 151 | 146 | S100QHUH, S100T627, S100VK7R, S100XU1F |
| Intangible assets excluding goodwill | 483 | 227 | 195 | 149 | 116 | S100QHUH, S100T627, S100VK7R, S100XU1F |
| Goodwill | 225 | — | — | — | — | S100QHUH |
| Investment securities | 761 | 743 | 704 | 697 | 690 | S100QHUH, S100T627, S100VK7R, S100XU1F |
| Current assets | 3,803 | 3,086 | 3,078 | 2,734 | 2,786 | S100QHUH, S100T627, S100VK7R, S100XU1F |
| Current liabilities | 2,154 | 1,605 | 1,714 | 1,461 | 1,399 | S100QHUH, S100T627, S100VK7R, S100XU1F |
| Short-term borrowings | 300 | — | — | — | — | S100QHUH |
| Long-term borrowings | 1,727 | 1,505 | 1,188 | 1,006 | 798 | S100QHUH, S100T627, S100VK7R, S100XU1F |
| Bonds | — | — | — | — | 35 | S100XU1F |
| Total liabilities | 4,156 | 3,345 | 3,125 | 2,678 | 2,432 | S100QHUH, S100T627, S100VK7R, S100XU1F |
| Equity attributable to owners of parent | 1,442 | 1,304 | 1,444 | 1,427 | 1,685 | S100QHUH, S100T627, S100VK7R, S100XU1F |
| Retained earnings | -179 | -327 | -273 | -310 | -51 | S100QHUH, S100T627, S100VK7R, S100XU1F |
| Treasury stock | -0 | -0 | -0 | -0 | -0 | S100QHUH, S100T627, S100VK7R, S100XU1F |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 27% | S100XU1F |
| Property, plant and equipment | 3% | S100XU1F |
| Intangibles and goodwill | 3% | S100XU1F |
| Investment securities | 17% | S100XU1F |
| Other assets | 50% | S100XU1F |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 59% | S100XU1F |
| Equity | 41% | S100XU1F |

### Balance sheet history

| Metric | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 5,595 | 4,652 | 4,573 | 4,114 | 4,128 |
| Equity | 1,439 | 1,307 | 1,447 | 1,437 | 1,696 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,835 | 1,234 | 1,140 | 1,050 | 1,129 |

## 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) | 3.7% | S100XU1F |
| Fixed assets ÷ total assets | 3.5% | S100XU1F |
| Goodwill ÷ parent equity | — | —, S100XU1F |

### 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) | 27.3% |
| Cash ÷ revenue | 28.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 195.4% |
| Cash vs. profit gap | 17 JPY mn (of net income 6.6%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 2.0% |
| Investing CF relative to operating CF | 13.3% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | — | —× | -6.3% | —× | — | S100QHUH |
| 2022 | 0.0% | 0.91× | 0.0% | 3.73× | 0.2% | S100T627 |
| 2023 | 1.2% | 0.98× | 1.2% | 3.36× | 3.9% | S100VK7R |
| 2024 | — | —× | -0.8% | —× | — | S100XU1F |
| 2025 | 6.6% | 0.95× | 6.3% | 2.65× | 16.6% | S100XU1F |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 一般社団法人みどり会 | Major shareholder | 21.7% | 2025-12-31 |
| 久世 博之 | Major shareholder | 5.7% | 2025-12-31 |
| 株式会社サイエンス | Major shareholder | 4.9% | 2025-12-31 |
| 野村證券株式会社 | Major shareholder | 4.8% | 2025-12-31 |
| 楽天証券株式会社共有口 | Major shareholder | 3.2% | 2025-12-31 |
| 片田 徹 | Major shareholder | 2.5% | 2025-12-31 |
| 伊豆 英幸 | Major shareholder | 2.0% | 2025-12-31 |
| エンデバー・パートナーズ株式会社 | Major shareholder | 1.7% | 2025-12-31 |
| 田中 克典 | Major shareholder | 1.5% | 2025-12-31 |
| ＪＰモルガン証券株式会社 | Major shareholder | 1.4% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第21期(2025/01/01－2025/12/31) | S100XU1F | 2026-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XU1F,, |
| 訂正有価証券報告書－第20期(2024/01/01－2024/12/31) | S100VK7R | 2025-04-04 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VK7R,, |
| 有価証券報告書－第19期(2023/01/01－2023/12/31) | S100T627 | 2024-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T627,, |
| 有価証券報告書－第18期(2022/01/01－2022/12/31) | S100QHUH | 2023-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QHUH,, |
| 有価証券報告書－第17期(令和3年1月1日－令和3年12月31日) | S100NRXN | 2022-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NRXN,, |
| 有価証券報告書－第16期(令和2年1月1日－令和2年12月31日) | S100L2GE | 2021-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L2GE,, |

## 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).