# BEAUTY GARAGE Inc.: business model and financials

> Latest period: FY ending Apr 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第24期(2025/05/01－2026/04/30) (S100YS74)
> Page: https://vizora.meequs.com/en/company/beautygarage
> Retrieved: 2026-09-30T22:23:14.736Z

## Company

Beauty Garage, founded in 2003, is a company in E-commerce listed on TSE Prime. It has 425 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | BEAUTY GARAGE Inc. |
| Ticker | 3180 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3180.T) |
| Listing | TSE Prime |
| Head office | 東京都世田谷区桜新町一丁目34番25号 |
| Representative (per filing) | 代表取締役会長兼CEO 野村 秀輝 |
| Founded | Jun 2003 |
| Share capital | ¥768.4M |
| Employees (consolidated) | 425 |
| Average salary (parent only) | ¥6.2M |
| Fiscal year end | April |
| Website | www.beautygarage.co.jp (https://www.beautygarage.co.jp/) |
| Corporate number | 6011301013031 |
| EDINET | E27215 |
| Industries (Vizora) | E-commerce, General Contractors, Specialty Trading & Wholesale |

> Profile source: annual securities report (S100YS74, filed 2026-07-24). As of filing

## Five-axis industry profile

Primary industry: E-commerce (2026-04-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 78 | 25 |
| Profitability | 45.6 | 34 |
| Cash conversion | 13 | 27 |
| Efficiency | 83.8 | 34 |

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 82% of Beauty Garage's sales come from Goods sales, with Store design and Solution making up much of the rest.
- Out of every ¥100 of sales, about ¥4 is left as operating profit.
- Revenue changed +13.3% from the prior year, operating profit -4.8%.

## Company structure

- Segment revenue mix: Goods sales 81.7%、Store design 10.3%、Solution 8.1%
- Revenue → net income: ¥38197005000 → ¥985390000
- Net income → operating cash flow: ¥985390000 → ¥556268000（difference ¥-429122000）
- Main uses of operating cash flow: CapEx ¥1725038000 / dividends ¥200575000 / buybacks —
- Change in cash: ¥-915504000
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 | ¥38.2B |  |
| Operating income | ¥1.52B | Margin 4.0% |
| Net income | ¥913.1M | Margin 2.4% |
| Free cash flow | -¥1.17B |  |
| Largest business | Goods sales | of segment revenue 81.7% |
| Employees (consolidated) | 425 |  |
| EPS | ¥46.28 |  |
| Book value per share | ¥511.76 |  |
| Equity ratio | 45.2% |  |
| Shares outstanding | 12,752,000 |  |
| Treasury shares | 206,700 |  |
| Shareholders | 8,171 |  |
| Average salary (parent only) | ¥6.2M | Filing company only |
| Cash ratio | 19.0% | Cash ÷ revenue 9.2% |
| Vs. industry median margin | -1 pp | E-commerce |
| ROE | 11.4% | Derived from disclosed figures |
| ROA | 5.3% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 72% of positive segment profit

## What changed in 5 years

| Metric | FY ending Apr 2021 | FY ending Apr 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥19597064000 | ¥38197005000 | +94.9% |
| Operating income | ¥1001216000 | ¥1518314000 | +51.6% |
| Operating margin | 5.1% | 4.0% | -1.1 pp |
| Employees | 368 people | 425 people | +15.5% |
| Cash and equivalents | ¥2572182000 | ¥3526329000 | +37.1% |

### Change in segment revenue mix

Span: FY ending Apr 2021 → FY ending Apr 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 物販事業 → 物販事業 | 79.6% |
| 店舗設計事業 → 店舗設計事業 | 10.3% |
| 店舗設計事業 → 事業再編・廃止 | 7.0% |
| その他周辺ソリューション事業 → 事業再編・廃止 | 3.1% |
| 新設・再編 → 物販事業 | 2.1% |
| 新設・再編 → ソリューション事業 | 8.1% |

Segment revenue source references: 6 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Goods sales | 5 years | +14.9% | ¥31193368000 | 4.0% | 2 |
| Store design | 5 years | +3.0% | ¥3924823000 | 4.7% | 2 |
| Solution | — | — | ¥3078813000 | 10.2% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 38,197 | 100.0% | S100YS74 |
| Cost of revenue | 28,947 | 75.8% | S100YS74 |
| Gross profit | 9,250 | 24.2% | S100YS74 |
| SG&A | 7,732 | 20.2% | S100YS74 |
| Operating income | 1,518 | 4.0% | S100YS74 |
| Ordinary income | 1,506 | 3.9% | S100YS74 |
| Pretax income | 1,482 | 3.9% | S100YS74 |
| Income tax | 496 | 1.3% | S100YS74 |
| Net income | 985 | 2.6% | S100YS74 |
| Net income attributable to owners | 913 | 2.4% | S100YS74 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 76 |
| SG&A | 20 |
| Operating income | 4 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 24.2% → Operating margin 4.0% → Net margin 2.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +13.3%; Core profit growth: -4.8%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -0.36×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 33,721 | 38,197 | 4,476 | +13.3% |
| Gross profit | 8,456 | 9,250 | 795 | +9.4% |
| Operating income | 1,594 | 1,518 | -76 | -4.8% |
| Net income attributable to owners | 1,019 | 913 | -106 | -10.4% |
| Operating cash flow | 1,420 | 556 | -864 | -60.8% |
| Free cash flow | 1,121 | -1,169 | -2,290 | -204.3% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Apr 2020 | 15,730 | 730 | 4.6% | 408 | 134 | 2 | S100M2VM |
| FY ending Apr 2021 | 19,597 | 1,001 | 5.1% | 655 | 859 | 550 | S100OT82 |
| FY ending Apr 2022 | 23,401 | 1,202 | 5.1% | 710 | 712 | 459 | S100RHBJ |
| FY ending Apr 2023 | 26,430 | 1,357 | 5.1% | 865 | 998 | 833 | S100U3WU |
| FY ending Apr 2024 | 29,841 | 1,700 | 5.7% | 1,085 | 582 | 437 | S100WE42 |
| FY ending Apr 2025 | 33,721 | 1,594 | 4.7% | 1,019 | 1,420 | 1,121 | S100YS74 |
| FY ending Apr 2026 | 38,197 | 1,518 | 4.0% | 913 | 556 | -1,169 | S100YS74 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥89.9M |
| Operating income per employee (consolidated) | ¥3.6M |
| Net income per employee (consolidated) | ¥2.1M |

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

| History | FY ending Apr 2022 | FY ending Apr 2023 | FY ending Apr 2024 | FY ending Apr 2025 | FY ending Apr 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 375 | 386 | 402 | 404 | 425 |
| Average salary (parent company) | ¥5.5M | ¥5.6M | ¥6M | ¥6M | ¥6.2M |
| Average age (parent company) | 36.9 years | 37.7 years | 38.4 years | 38.8 years | 39.3 years |
| Average tenure (parent company) | 5.6 years | 6.2 years | 6.2 years | 6.3 years | 6.7 years |

Year over year: Employees (consolidated) +5.2% · Revenue (consolidated) +13.3%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Goods sales | 31,193 | 81.7% | 1,249 | 4.0% |
| Store design | 3,925 | 10.3% | 183 | 4.7% |
| Solution | 3,079 | 8.1% | 315 | 10.2% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Goods sales | 81.7% | 71.5% | -10.1 | 4.0% |
| Store design | 10.3% | 10.5% | 0.2 | 4.7% |
| Solution | 8.1% | 18.0% | 9.9 | 10.2% |

Segment → industry: Goods sales → E-commerce / Store design → General Contractors / Goods sales → Specialty Trading & Wholesale

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Apr 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 556 | 1.5% | S100YS74 |
| Capital expenditure | 1,725 | 4.5% | S100YS74 |
| Free cash flow | -1,169 | -3.1% | 算出 |
| Investing cash flow | -1,920 | -5.0% | S100YS74 |
| Financing cash flow | 434 | 1.1% | S100YS74 |
| Dividends paid | 201 | 0.5% | S100YS74 |
| Change in cash | -916 | -2.4% | S100YS74 |
| Cash and equivalents | 3,526 | 9.2% | S100YS74 |

## 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 Apr 2022 | FY ending Apr 2023 | FY ending Apr 2024 | FY ending Apr 2025 | FY ending Apr 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 2,671 | 3,363 | 3,506 | 4,442 | 3,526 | S100U3WU, S100WE42, S100YS74 |
| Total assets | 10,548 | 12,064 | 13,625 | 16,258 | 18,516 | S100RHBJ, S100U3WU, S100WE42, S100YS74 |
| Net assets | 5,469 | 6,245 | 7,140 | 7,866 | 8,681 | S100U3WU, S100WE42, S100YS74 |
| Share capital | 768 | 768 | 768 | 768 | 768 | S100RHBJ, S100U3WU, S100WE42, S100YS74 |
| Trade receivables | 2,134 | — | — | — | — | S100OT82 |
| Property, plant and equipment | 496 | 378 | 326 | 480 | 1,991 | S100RHBJ, S100U3WU, S100WE42, S100YS74 |
| Intangible assets excluding goodwill | 756 | 610 | 543 | 433 | 363 | S100RHBJ, S100U3WU, S100WE42, S100YS74 |
| Goodwill | 361 | 278 | 208 | 138 | 107 | S100RHBJ, S100U3WU, S100WE42, S100YS74 |
| Investment securities | 81 | 85 | 197 | 337 | 473 | S100RHBJ, S100U3WU, S100WE42, S100YS74 |
| Current assets | 8,215 | 9,740 | 10,921 | 13,093 | 13,496 | S100RHBJ, S100U3WU, S100WE42, S100YS74 |
| Current liabilities | 3,929 | 4,463 | 4,857 | 6,408 | 6,941 | S100RHBJ, S100U3WU, S100WE42, S100YS74 |
| Trade payables | 1,637 | 1,752 | 2,016 | 2,591 | 2,922 | S100RHBJ, S100U3WU, S100WE42, S100YS74 |
| Short-term borrowings | 15 | 15 | 5 | 25 | 0 | S100RHBJ, S100U3WU, S100WE42, S100YS74 |
| Long-term borrowings | 811 | 769 | 1,086 | 1,440 | 2,242 | S100RHBJ, S100U3WU, S100WE42, S100YS74 |
| Total liabilities | 5,079 | 5,819 | 6,485 | 8,392 | 9,834 | S100RHBJ, S100U3WU, S100WE42, S100YS74 |
| Non-controlling interests | 198 | 208 | 189 | 237 | 311 | S100RHBJ, S100U3WU, S100WE42, S100YS74 |
| Equity attributable to owners of parent | 5,267 | 6,031 | 6,951 | 7,654 | 8,383 | S100RHBJ, S100U3WU, S100WE42, S100YS74 |
| Retained earnings | 3,822 | 4,587 | 5,469 | 6,311 | 7,024 | S100RHBJ, S100U3WU, S100WE42, S100YS74 |
| Treasury stock | -104 | -95 | -81 | -244 | -233 | S100RHBJ, S100U3WU, S100WE42, S100YS74 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 19% | S100YS74 |
| Property, plant and equipment | 11% | S100YS74 |
| Intangibles and goodwill | 2% | S100YS74 |
| Investment securities | 3% | S100YS74 |
| Other assets | 65% | S100YS74 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 16% | S100YS74 |
| Other liabilities | 37% | S100YS74 |
| Equity | 47% | S100YS74 |

### Balance sheet history

| Metric | FY ending Apr 2022 | FY ending Apr 2023 | FY ending Apr 2024 | FY ending Apr 2025 | FY ending Apr 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 10,548 | 12,064 | 13,625 | 16,258 | 18,516 |
| Equity | 5,469 | 6,245 | 7,140 | 7,866 | 8,681 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 2,671 | 3,363 | 3,506 | 4,442 | 3,526 |

## 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) | 5.2% | S100YS74 |
| Fixed assets ÷ total assets | 10.8% | S100YS74 |
| Goodwill ÷ parent equity | 1.3% | S100YS74 |

Goodwill over 4 years: 361 → 107 JPY; total investing cash flow: -3,791 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) | 19.0% |
| Cash ÷ revenue | 9.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 36.6% |
| Cash vs. profit gap | -357 JPY mn (of net income -39.1%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 22.0% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 4.5% |
| Investing CF relative to operating CF | 345.2% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 3.0% | 2.22× | 6.7% | 2.00× | 13.5% | S100RHBJ |
| 2023 | 3.3% | 2.34× | 7.7% | 2.00× | 15.3% | S100U3WU |
| 2024 | 3.6% | 2.32× | 8.4% | 1.98× | 16.7% | S100WE42 |
| 2025 | 3.0% | 2.26× | 6.8% | 2.05× | 14.0% | S100YS74 |
| 2026 | 2.4% | 2.20× | 5.3% | 2.17× | 11.4% | S100YS74 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 野村 秀輝 | Major shareholder | 23.3% | 2026-04-30 |
| 供田 修一 | Major shareholder | 8.2% | 2026-04-30 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 6.9% | 2026-04-30 |
| ＳＩＸ ＳＩＳ ＬＴＤ．（常任代理人 株式会社三菱ＵＦＪ銀行） | Major shareholder | 5.2% | 2026-04-30 |
| TAKUMI CAPITAL MANAGEMENT MASTER FUND LP（常任代理人 香港上海銀行東京支店カストディ業務部） | Major shareholder | 4.8% | 2026-04-30 |
| 野村 貴久 | Major shareholder | 4.1% | 2026-04-30 |
| 樺島 義明 | Major shareholder | 3.4% | 2026-04-30 |
| 日本カストディ銀行（信託口） | Major shareholder | 3.3% | 2026-04-30 |
| GOLDMAN,SACHS & CO.REG（常任代理人 ゴールドマン・サックス証券株式会社） | Major shareholder | 2.7% | 2026-04-30 |
| 高橋 慧 | Major shareholder | 2.2% | 2026-04-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第24期(2025/05/01－2026/04/30) | S100YS74 | 2026-07-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YS74,, |
| 有価証券報告書－第23期(2024/05/01－2025/04/30) | S100WE42 | 2025-07-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WE42,, |
| 有価証券報告書－第22期(2023/05/01－2024/04/30) | S100U3WU | 2024-07-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100U3WU,, |
| 有価証券報告書－第21期(2022/05/01－2023/04/30) | S100RHBJ | 2023-07-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RHBJ,, |
| 有価証券報告書－第20期(令和3年5月1日－令和4年4月30日) | S100OT82 | 2022-07-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OT82,, |
| 有価証券報告書－第19期(令和2年5月1日－令和3年4月30日) | S100M2VM | 2021-07-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100M2VM,, |

## 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).