# C'BON COSMETICS Co.,Ltd: 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61期(2025/04/01－2026/03/31) (S100YIUO)
> Page: https://vizora.meequs.com/en/company/c-bon-cosmetics
> Retrieved: 2026-09-30T22:16:53.355Z

## Company

C'bon Cosmetics, founded in 1966, is a company in Cosmetics listed on TSE Standard. It has 717 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | C'BON COSMETICS Co.,Ltd. |
| Ticker | 4926 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4926.T) |
| Listing | TSE Standard |
| Head office | 東京都港区六本木七丁目18番12号 |
| Representative (per filing) | 代表取締役社長 執行役員 崎山 一弘 |
| Founded | Jan 1966 |
| Share capital | ¥483.9M |
| Employees (consolidated) | 717 |
| Average salary (parent only) | ¥4.5M |
| Fiscal year end | March |
| Website | www.cbon.co.jp (https://www.cbon.co.jp/) |
| Corporate number | 4010401012787 |
| EDINET | E23479 |
| Industries (Vizora) | Cosmetics |

> Profile source: annual securities report (S100YIUO, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: Cosmetics (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 20.5 | 22 |
| Profitability | 28.8 | 26 |
| Cash conversion | 97.7 | 22 |
| Efficiency | 63.5 | 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)

- C'bon Cosmetics brought in ¥9.27B in revenue.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed +4.8% from the prior year, operating profit +48.1%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥9267050000 → ¥213614000
- Net income → operating cash flow: ¥213614000 → ¥763099000（difference ¥549485000）
- Main uses of operating cash flow: CapEx ¥210024000 / dividends ¥85819000 / buybacks ¥154867000
- Change in cash: ¥362523000
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 | ¥9.27B |  |
| Operating income | ¥253.3M | Margin 2.7% |
| Net income | ¥213.6M | Margin 2.3% |
| Free cash flow | ¥553.1M |  |
| Employees (consolidated) | 717 |  |
| EPS | ¥56.19 |  |
| Book value per share | ¥1396.69 |  |
| Equity ratio | 66.1% |  |
| Shares outstanding | 4,281,200 |  |
| Treasury shares | 120,600 |  |
| Shareholders | 15,386 |  |
| Average salary (parent only) | ¥4.5M | Filing company only |
| Cash ratio | 35.1% | Cash ÷ revenue 32.5% |
| Vs. industry median margin | -3.4 pp | Cosmetics |
| ROE | 3.9% | Derived from disclosed figures |
| ROA | 2.5% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 3.6× net income
- FY2026, buybacks were 1.8× dividends
- FY2026, cash is 35% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥9101930000 | ¥9267050000 | +1.8% |
| Operating income | ¥-903749000 | ¥253259000 | — |
| Operating margin | -9.9% | 2.7% | +12.7 pp |
| Employees | 971 people | 717 people | -26.2% |
| Cash and equivalents | ¥2308779000 | ¥3016160000 | +30.6% |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 9,267 | 100.0% | S100YIUO |
| Cost of revenue | 2,236 | 24.1% | S100YIUO |
| Gross profit | 7,031 | 75.9% | S100YIUO |
| SG&A | 6,778 | 73.1% | S100YIUO |
| Operating income | 253 | 2.7% | S100YIUO |
| Ordinary income | 282 | 3.0% | S100YIUO |
| Pretax income | 238 | 2.6% | S100YIUO |
| Income tax | 25 | 0.3% | S100YIUO |
| Net income | 214 | 2.3% | S100YIUO |
| Net income attributable to owners | 214 | 2.3% | S100YIUO |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 24 |
| SG&A | 73 |
| Operating income | 3 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 75.9% → Operating margin 2.7% → Net margin 2.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +4.8%; Core profit growth: +48.1%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 9.93×
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 | 8,839 | 9,267 | 428 | +4.8% |
| Gross profit | 6,743 | 7,031 | 288 | +4.3% |
| Operating income | 171 | 253 | 82 | +48.1% |
| Net income attributable to owners | 136 | 214 | 77 | +56.8% |
| Operating cash flow | -43 | 763 | 806 | — |
| Free cash flow | -931 | 553 | 1,484 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 11,102 | -318 | -2.9% | -1,070 | 101 | -210 | S100LQ3P |
| FY ending Mar 2021 | 9,102 | -904 | -9.9% | -622 | -694 | -830 | S100OK2T |
| FY ending Mar 2022 | 9,153 | 194 | 2.1% | 45 | 433 | 321 | S100R6YK |
| FY ending Mar 2023 | 8,525 | -145 | -1.7% | -422 | -81 | -562 | S100TZBU |
| FY ending Mar 2024 | 8,499 | 29 | 0.3% | -26 | 278 | -305 | S100W5UC |
| FY ending Mar 2025 | 8,839 | 171 | 1.9% | 136 | -43 | -931 | S100YIUO |
| FY ending Mar 2026 | 9,267 | 253 | 2.7% | 214 | 763 | 553 | S100YIUO |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥12.9M |
| Operating income per employee (consolidated) | ¥353.2K |
| Net income per employee (consolidated) | ¥297.9K |

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) | 835 | 737 | 694 | 716 | 717 |
| Average salary (parent company) | ¥3.9M | ¥4.1M | ¥4.4M | ¥4.4M | ¥4.5M |
| Average age (parent company) | 37.7 years | 38.9 years | 39.5 years | 38.7 years | 38.9 years |
| Average tenure (parent company) | 11.1 years | 12.6 years | 13.0 years | 12.4 years | 12.6 years |

Year over year: Employees (consolidated) +0.1% · Revenue (consolidated) +4.8%

## 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 | 763 | 8.2% | S100YIUO |
| Capital expenditure | 210 | 2.3% | S100YIUO |
| Free cash flow | 553 | 6.0% | 算出 |
| Investing cash flow | -160 | -1.7% | S100YIUO |
| Financing cash flow | -241 | -2.6% | S100YIUO |
| Dividends paid | 86 | 0.9% | S100YIUO |
| Share buyback | 155 | 1.7% | S100YIUO |
| Change in cash | 363 | 3.9% | S100YIUO |
| Cash and equivalents | 3,016 | 32.5% | S100YIUO |

## 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 | 2,785 | 3,967 | 3,634 | 2,654 | 3,016 | S100TZBU, S100W5UC, S100YIUO |
| Total assets | 9,563 | 8,839 | 8,809 | 8,523 | 8,602 | S100R6YK, S100TZBU, S100W5UC, S100YIUO |
| Net assets | 6,201 | 5,710 | 5,660 | 5,703 | 5,688 | S100TZBU, S100W5UC, S100YIUO |
| Share capital | 484 | 484 | 484 | 484 | 484 | S100R6YK, S100TZBU, S100W5UC, S100YIUO |
| Trade receivables | 757 | 837 | 842 | 817 | 807 | S100R6YK, S100TZBU, S100W5UC, S100YIUO |
| Property, plant and equipment | 3,341 | 1,503 | 1,948 | 2,654 | 2,567 | S100R6YK, S100TZBU, S100W5UC, S100YIUO |
| Intangible assets excluding goodwill | 75 | 55 | 50 | 35 | 24 | S100R6YK, S100TZBU, S100W5UC, S100YIUO |
| Investment securities | 317 | 342 | 331 | 317 | 323 | S100R6YK, S100TZBU, S100W5UC, S100YIUO |
| Current assets | 4,852 | 5,968 | 5,514 | 4,614 | 4,803 | S100R6YK, S100TZBU, S100W5UC, S100YIUO |
| Current liabilities | 2,843 | 2,660 | 2,693 | 2,491 | 2,571 | S100R6YK, S100TZBU, S100W5UC, S100YIUO |
| Long-term borrowings | 9 | 3 | — | — | — | S100R6YK, S100TZBU |
| Total liabilities | 3,363 | 3,129 | 3,149 | 2,820 | 2,913 | S100R6YK, S100TZBU, S100W5UC, S100YIUO |
| Equity attributable to owners of parent | 6,042 | 5,534 | 5,486 | 5,537 | 5,510 | S100R6YK, S100TZBU, S100W5UC, S100YIUO |
| Retained earnings | 5,191 | 4,684 | 4,636 | 4,687 | 4,815 | S100R6YK, S100TZBU, S100W5UC, S100YIUO |
| Treasury stock | -1 | -1 | -2 | -2 | -156 | S100R6YK, S100TZBU, S100W5UC, S100YIUO |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 35% | S100YIUO |
| Receivables | 9% | S100YIUO |
| Property, plant and equipment | 30% | S100YIUO |
| Intangibles and goodwill | 0% | S100YIUO |
| Investment securities | 4% | S100YIUO |
| Other assets | 22% | S100YIUO |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 34% | S100YIUO |
| Equity | 66% | S100YIUO |

### 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 | 9,563 | 8,839 | 8,809 | 8,523 | 8,602 |
| Equity | 6,201 | 5,710 | 5,660 | 5,703 | 5,688 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 2,785 | 3,967 | 3,634 | 2,654 | 3,016 |

## 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) | 27.7% | S100YIUO |
| Fixed assets ÷ total assets | 29.8% | S100YIUO |
| Goodwill ÷ parent equity | — | —, S100YIUO |

### 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) | 35.1% |
| Cash ÷ revenue | 32.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 301.3% |
| Cash vs. profit gap | 549 JPY mn (of net income 257.2%) |
| Shareholder returns / net income | 112.7% |
| Shareholder returns / FCF | 43.5% |
| Shareholder payments — dividends / net income | 40.2% |
| Shareholder payments — dividends / FCF | 15.5% |
| CapEx intensity (capex ÷ revenue) | 2.3% |
| Investing CF relative to operating CF | 21.0% |

## 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 | 0.5% | 0.96× | 0.5% | 1.58× | 0.7% | S100R6YK |
| 2023 | — | —× | -4.6% | —× | — | S100TZBU |
| 2024 | — | —× | -0.3% | —× | — | S100W5UC |
| 2025 | 1.5% | 1.02× | 1.6% | 1.57× | 2.5% | S100YIUO |
| 2026 | 2.3% | 1.08× | 2.5% | 1.55× | 3.9% | S100YIUO |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 犬塚 雅大 | Major shareholder | 17.6% | 2026-03-31 |
| シーボン従業員持株会 | Major shareholder | 2.7% | 2026-03-31 |
| 犬塚 公子 | Major shareholder | 2.3% | 2026-03-31 |
| 安田 亜希 | Major shareholder | 2.3% | 2026-03-31 |
| 望月 曉一 | Major shareholder | 1.8% | 2026-03-31 |
| 大石 靖代 | Major shareholder | 1.7% | 2026-03-31 |
| 永井 詳二 | Major shareholder | 1.3% | 2026-03-31 |
| 本村 善文 | Major shareholder | 0.9% | 2026-03-31 |
| 崎山 一弘 | Major shareholder | 0.7% | 2026-03-31 |
| 久保田 英男 | Major shareholder | 0.6% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第61期(2025/04/01－2026/03/31) | S100YIUO | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YIUO,, |
| 有価証券報告書－第60期(2024/04/01－2025/03/31) | S100W5UC | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W5UC,, |
| 訂正有価証券報告書－第59期(2023/04/01－2024/03/31) | S100TZBU | 2024-07-02 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TZBU,, |
| 有価証券報告書－第58期(2022/04/01－2023/03/31) | S100R6YK | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R6YK,, |
| 有価証券報告書－第57期(令和3年4月1日－令和4年3月31日) | S100OK2T | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OK2T,, |
| 有価証券報告書－第56期(令和2年4月1日－令和3年3月31日) | S100LQ3P | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LQ3P,, |

## 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).