# AXXZIA Inc.: business model and financials

> Latest period: FY ending Jul 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 訂正有価証券報告書－第14期(2024/08/01－2025/07/31) (S100YN1G)
> Page: https://vizora.meequs.com/en/company/axxzia
> Retrieved: 2026-09-30T22:16:08.161Z

## Company

Axxzia, founded in 2011, is a company in Cosmetics listed on TSE Standard. It has 248 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | AXXZIA Inc. |
| Ticker | 4936 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4936.T) |
| Listing | TSE Standard |
| Head office | 東京都新宿区西新宿二丁目6番1号 |
| Representative (per filing) | 代表取締役社長 段卓 |
| Founded | Dec 2011 |
| Share capital | ¥2.16B |
| Employees (consolidated) | 248 |
| Average salary (parent only) | ¥6.2M |
| Fiscal year end | July |
| Website | axxzia.co.jp (https://axxzia.co.jp/) |
| Corporate number | 6011101061957 |
| EDINET | E36321 |
| Industries (Vizora) | Cosmetics |

> Profile source: annual securities report (S100YN1G, filed 2026-06-30). As of filing

## Five-axis industry profile

Primary industry: Cosmetics (2025-07-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 93.2 | 22 |
| Profitability | 32.7 | 26 |
| Cash conversion | 70.5 | 22 |
| Efficiency | 75 | 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)

- Axxzia brought in ¥13.5B in revenue.
- Out of every ¥100 of sales, about ¥4 is left as operating profit.
- Revenue changed +10.5% from the prior year, operating profit -44.1%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥13478088000 → ¥314859000
- Net income → operating cash flow: ¥314859000 → ¥781652000（difference ¥466793000）
- Main uses of operating cash flow: CapEx ¥162330000 / dividends ¥358082000 / buybacks ¥902552000
- Change in cash: ¥-918781000
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 | ¥13.5B |  |
| Operating income | ¥513.4M | Margin 3.8% |
| Net income | ¥320.7M | Margin 2.4% |
| Free cash flow | ¥619.3M |  |
| Employees (consolidated) | 248 |  |
| EPS | ¥9.49 |  |
| Book value per share | ¥276.76 |  |
| Equity ratio | 79.1% |  |
| Shares outstanding | 24,107,000 |  |
| Treasury shares | 1,236,600 |  |
| Shareholders | 15,047 |  |
| Average salary (parent only) | ¥6.2M | Filing company only |
| Cash ratio | 37.3% | Cash ÷ revenue 26.5% |
| Vs. industry median margin | -2.3 pp | Cosmetics |
| ROE | 4.1% | Derived from disclosed figures |
| ROA | 3.2% | Derived from disclosed figures |

## Notable figures

- FY2025, buybacks were 2.5× dividends
- FY2025, operating cash flow is 2.4× net income
- FY2025, revenue is 2.3× its level five years ago

## What changed in 5 years

| Metric | FY ending Jul 2020 | FY ending Jul 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥4290404000 | ¥13478088000 | +214.1% |
| Operating income | ¥1075984000 | ¥513372000 | -52.3% |
| Operating margin | 25.1% | 3.8% | -21.3 pp |
| Employees | 95 people | 248 people | +161.1% |
| Cash and equivalents | ¥924558000 | ¥3571201000 | +286.3% |

### Change in segment revenue mix

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

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 13,478 | 100.0% | S100YN1G |
| Cost of revenue | 3,605 | 26.7% | S100YN1G |
| Gross profit | 9,874 | 73.3% | S100YN1G |
| SG&A | 9,360 | 69.4% | S100YN1G |
| Operating income | 513 | 3.8% | S100YN1G |
| Ordinary income | 504 | 3.7% | S100YN1G |
| Pretax income | 498 | 3.7% | S100YN1G |
| Income tax | 184 | 1.4% | S100YN1G |
| Net income | 315 | 2.3% | S100YN1G |
| Net income attributable to owners | 321 | 2.4% | S100YN1G |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 27 |
| SG&A | 69 |
| Operating income | 4 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 73.3% → Operating margin 3.8% → Net margin 2.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +10.5%; Core profit growth: -44.1%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -4.18×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 12,192 | 13,478 | 1,286 | +10.5% |
| Gross profit | 9,611 | 9,874 | 263 | +2.7% |
| Operating income | 918 | 513 | -405 | -44.1% |
| Net income attributable to owners | 794 | 321 | -474 | -59.6% |
| Operating cash flow | 800 | 782 | -19 | -2.3% |
| Free cash flow | 411 | 619 | 209 | +50.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Jul 2020 | 4,290 | 1,076 | 25.1% | 717 | 162 | 93 | S100MO78 |
| FY ending Jul 2021 | 5,787 | 1,383 | 23.9% | 869 | 1,059 | 985 | S100QCEJ |
| FY ending Jul 2022 | 8,216 | 1,634 | 19.9% | 1,117 | 798 | 733 | S100S31G |
| FY ending Jul 2023 | 11,341 | 1,900 | 16.8% | 1,331 | 708 | 283 | S100UL49 |
| FY ending Jul 2024 | 12,192 | 918 | 7.5% | 794 | 800 | 411 | S100YN1G |
| FY ending Jul 2025 | 13,478 | 513 | 3.8% | 321 | 782 | 619 | S100YN1G |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥54.3M |
| Operating income per employee (consolidated) | ¥2.1M |
| Net income per employee (consolidated) | ¥1.3M |

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

| History | FY ending Jul 2021 | FY ending Jul 2022 | FY ending Jul 2023 | FY ending Jul 2024 | FY ending Jul 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 97 | 167 | 185 | 258 | 248 |
| Average salary (parent company) | ¥5.6M | ¥5.8M | ¥6.1M | ¥6.2M | ¥6.2M |
| Average age (parent company) | 33.4 years | 34.0 years | 34.4 years | 34.6 years | 35.3 years |
| Average tenure (parent company) | 1.8 years | 1.9 years | 2.5 years | 2.4 years | 2.7 years |

Year over year: Employees (consolidated) -3.9% · Revenue (consolidated) +10.5%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 782 | 5.8% | S100YN1G |
| Capital expenditure | 162 | 1.2% | S100YN1G |
| Free cash flow | 619 | 4.6% | 算出 |
| Investing cash flow | -159 | -1.2% | S100YN1G |
| Financing cash flow | -1,484 | -11.0% | S100YN1G |
| Dividends paid | 358 | 2.7% | S100YN1G |
| Share buyback | 903 | 6.7% | S100YN1G |
| Change in cash | -919 | -6.8% | S100YN1G |
| Cash and equivalents | 3,571 | 26.5% | S100YN1G |

## 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 Jul 2021 | FY ending Jul 2022 | FY ending Jul 2023 | FY ending Jul 2024 | FY ending Jul 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 5,935 | 6,390 | 5,788 | 4,490 | 3,571 | S100S31G, S100UL49, S100YN1G |
| Total assets | 8,268 | 10,054 | 10,701 | 10,543 | 9,568 | S100QCEJ, S100S31G, S100UL49, S100YN1G |
| Net assets | 7,193 | 8,396 | 8,902 | 8,537 | 7,575 | S100S31G, S100UL49, S100YN1G |
| Share capital | 2,110 | 2,110 | 2,147 | 2,156 | 2,156 | S100QCEJ, S100S31G, S100UL49, S100YN1G |
| Property, plant and equipment | 365 | 772 | 1,051 | 1,308 | 1,418 | S100QCEJ, S100S31G, S100UL49, S100YN1G |
| Intangible assets excluding goodwill | 77 | 209 | 190 | 262 | 212 | S100QCEJ, S100S31G, S100UL49, S100YN1G |
| Goodwill | — | 67 | 56 | 133 | 105 | S100S31G, S100UL49, S100YN1G |
| Current assets | 7,690 | 8,796 | 9,151 | 8,632 | 7,546 | S100QCEJ, S100S31G, S100UL49, S100YN1G |
| Current liabilities | 958 | 1,243 | 1,363 | 1,685 | 1,729 | S100QCEJ, S100S31G, S100UL49, S100YN1G |
| Short-term borrowings | — | 80 | — | 450 | 449 | S100S31G, S100YN1G |
| Long-term borrowings | 63 | 320 | 331 | 279 | 168 | S100QCEJ, S100S31G, S100UL49, S100YN1G |
| Total liabilities | 1,074 | 1,657 | 1,800 | 2,006 | 1,993 | S100QCEJ, S100S31G, S100UL49, S100YN1G |
| Non-controlling interests | — | — | — | 3 | 3 | S100YN1G |
| Equity attributable to owners of parent | 7,165 | 8,265 | 8,779 | 8,334 | 7,395 | S100QCEJ, S100S31G, S100UL49, S100YN1G |
| Retained earnings | 3,043 | 4,143 | 5,474 | 4,777 | 4,020 | S100QCEJ, S100S31G, S100UL49, S100YN1G |
| Treasury stock | — | — | -891 | -656 | -838 | S100UL49, S100YN1G |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 37% | S100YN1G |
| Property, plant and equipment | 15% | S100YN1G |
| Intangibles and goodwill | 3% | S100YN1G |
| Other assets | 45% | S100YN1G |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 21% | S100YN1G |
| Equity | 79% | S100YN1G |
| Other liabilities | 0% | S100YN1G |

### Balance sheet history

| Metric | FY ending Jul 2021 | FY ending Jul 2022 | FY ending Jul 2023 | FY ending Jul 2024 | FY ending Jul 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 8,268 | 10,054 | 10,701 | 10,543 | 9,568 |
| Equity | 7,193 | 8,396 | 8,902 | 8,537 | 7,575 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 5,935 | 6,390 | 5,788 | 4,490 | 3,571 |

## 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) | 10.5% | S100YN1G |
| Fixed assets ÷ total assets | 14.8% | S100YN1G |
| Goodwill ÷ parent equity | 1.4% | S100YN1G |

### 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) | 37.3% |
| Cash ÷ revenue | 26.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 152.3% |
| Cash vs. profit gap | 461 JPY mn (of net income 143.8%) |
| Shareholder returns / net income | 393.1% |
| Shareholder returns / FCF | 203.6% |
| Shareholder payments — dividends / net income | 111.7% |
| Shareholder payments — dividends / FCF | 57.8% |
| CapEx intensity (capex ÷ revenue) | 1.2% |
| Investing CF relative to operating CF | 20.3% |

## 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 | 15.0% | 0.70× | 10.5% | 1.15× | 12.1% | S100QCEJ |
| 2022 | 13.6% | 0.90× | 12.2% | 1.19× | 14.5% | S100S31G |
| 2023 | 11.7% | 1.09× | 12.8% | 1.22× | 15.6% | S100UL49 |
| 2024 | 6.5% | 1.15× | 7.5% | 1.24× | 9.3% | S100YN1G |
| 2025 | 2.4% | 1.34× | 3.2% | 1.28× | 4.1% | S100YN1G |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| CREATIVE TECHNOLOGY INDUSTRIAL LIMITED （常任代理人 みずほ証券株式会社） | Major shareholder | 13.1% | 2025-07-31 |
| 創維国際株式会社 | Major shareholder | 10.5% | 2025-07-31 |
| 段 世純 | Major shareholder | 9.4% | 2025-07-31 |
| 段 卓 | Major shareholder | 8.0% | 2025-07-31 |
| 段 暁維 | Major shareholder | 8.0% | 2025-07-31 |
| 株式会社イーグルファイナンス | Major shareholder | 7.7% | 2025-07-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 4.9% | 2025-07-31 |
| 武 君 | Major shareholder | 4.7% | 2025-07-31 |
| 纐纈 暁久 | Major shareholder | 1.3% | 2025-07-31 |
| 雑賀 俊行 | Major shareholder | 0.7% | 2025-07-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 訂正有価証券報告書－第14期(2024/08/01－2025/07/31) | S100YN1G | 2026-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YN1G,, |
| 有価証券報告書－第13期(2023/08/01－2024/07/31) | S100UL49 | 2024-10-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UL49,, |
| 有価証券報告書－第12期(2022/08/01－2023/07/31) | S100S31G | 2023-10-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100S31G,, |
| 訂正有価証券報告書－第11期(2021/08/01－2022/07/31) | S100QCEJ | 2023-03-07 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QCEJ,, |
| 有価証券報告書－第10期(令和2年8月1日－令和3年7月31日) | S100MO78 | 2021-10-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MO78,, |

## 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).