# CE Holdings Co.,Ltd.: business model and financials

> Latest period: FY ending Sep 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第30期(2024/10/01－2025/09/30) (S100XB2A)
> Page: https://vizora.meequs.com/en/company/ce-holdings
> Retrieved: 2026-09-30T20:27:39.937Z

## Company

CE Holdings, founded in 1996, is a company in Health Tech listed on TSE Standard. It has 443 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | CE Holdings Co.,Ltd. |
| Ticker | 4320 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4320.T) |
| Listing | TSE Standard |
| Head office | 札幌市白石区平和通十五丁目北1番21号 |
| Representative (per filing) | 代表取締役社長 COO(最高執行責任者) 新里 雅則 |
| Founded | Mar 1996 |
| Share capital | ¥1.73B |
| Employees (consolidated) | 443 |
| Fiscal year end | September |
| Website | www.ce-hd.co.jp (https://www.ce-hd.co.jp/) |
| Corporate number | 8430001003331 |
| EDINET | E05233 |
| Industries (Vizora) | Health Tech, Advertising |

> Profile source: annual securities report (S100XB2A, filed 2025-12-18). As of filing

## Five-axis industry profile

Primary industry: Health Tech (2025-09-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 17.9 | 14 |
| Profitability | 30.6 | 18 |
| Cash conversion | 32.4 | 17 |
| Efficiency | 86.1 | 18 |

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 97% of CE Holdings's sales come from Health care solution business, with Marketing solution business making up much of the rest.
- Out of every ¥100 of sales, about ¥9 is left as operating profit.
- Revenue changed +8.8% from the prior year, operating profit +22.9%.

## Company structure

- Segment revenue mix: Health care solution business 96.8%、Marketing solution business 3.2%
- Revenue → net income: ¥15831137000 → ¥1668999000
- Net income → operating cash flow: ¥1668999000 → ¥986057000（difference ¥-682942000）
- Main uses of operating cash flow: CapEx ¥593825000 / dividends ¥272064000 / buybacks —
- Change in cash: ¥1233065000
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 | ¥15.8B |  |
| Operating income | ¥1.41B | Margin 8.9% |
| Net income | ¥1.56B | Margin 9.8% |
| Free cash flow | ¥392.2M |  |
| Largest business | Health care solution business | of segment revenue 96.8% |
| Employees (consolidated) | 443 |  |
| EPS | ¥106.99 |  |
| Book value per share | ¥303.51 |  |
| Equity ratio | 65.2% |  |
| Shares outstanding | 17,039,400 |  |
| Treasury shares | 398,100 |  |
| Shareholders | 6,649 |  |
| Cash ratio | 39.5% | Cash ÷ revenue 31.8% |
| Vs. industry median margin | -4.9 pp | Health Tech |
| ROE | 21.7% | Derived from disclosed figures |
| ROA | 13.0% | Derived from disclosed figures |

## Notable figures

- FY2025, one segment accounts for 100% of positive segment profit
- FY2025, employees -27% while operating income rose 23%
- FY2025, cash is 39% of total assets

## What changed in 5 years

| Metric | FY ending Sep 2020 | FY ending Sep 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥10603887000 | ¥15831137000 | +49.3% |
| Operating income | ¥547072000 | ¥1411597000 | +158.0% |
| Operating margin | 5.2% | 8.9% | +3.8 pp |
| Employees | 529 people | 443 people | -16.3% |
| Cash and equivalents | ¥2808780000 | ¥5032751000 | +79.2% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| 医療ソリューション事業 → 事業再編・廃止 | 99.1% |
| その他 → 事業再編・廃止 | 0.9% |
| 新設・再編 → ヘルスケアソリューション事業 | 96.8% |
| 新設・再編 → マーケティングソリューション事業 | 3.2% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 15,831 | 100.0% | S100XB2A |
| Cost of revenue | 12,250 | 77.4% | S100XB2A |
| Gross profit | 3,582 | 22.6% | S100XB2A |
| SG&A | 2,170 | 13.7% | S100XB2A |
| Operating income | 1,412 | 8.9% | S100XB2A |
| Ordinary income | 1,427 | 9.0% | S100XB2A |
| Pretax income | 2,264 | 14.3% | S100XB2A |
| Income tax | 595 | 3.8% | S100XB2A |
| Net income | 1,669 | 10.5% | S100XB2A |
| Net income attributable to owners | 1,558 | 9.8% | S100XB2A |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 77 |
| SG&A | 14 |
| Operating income | 9 |
| (Ref.) Net income | 10 |

### Margin funnel

Gross margin 22.6% → Operating margin 8.9% → Net margin 9.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +8.8%; Core profit growth: +22.9%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.61×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 14,554 | 15,831 | 1,277 | +8.8% |
| Gross profit | 3,365 | 3,582 | 216 | +6.4% |
| Operating income | 1,148 | 1,412 | 263 | +22.9% |
| Net income attributable to owners | 123 | 1,558 | 1,434 | +1162.2% |
| Operating cash flow | 752 | 986 | 234 | +31.1% |
| Free cash flow | 90 | 392 | 302 | +336.3% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Sep 2019 | 11,652 | 962 | 8.3% | 532 | 324 | -144 | S100KDRY |
| FY ending Sep 2020 | 10,604 | 547 | 5.2% | 121 | 913 | 567 | S100N3A0 |
| FY ending Sep 2021 | 12,285 | 879 | 7.2% | 633 | 1,004 | 614 | S100PTO2 |
| FY ending Sep 2022 | 13,703 | 1,031 | 7.5% | 588 | 1,551 | 46 | S100SHNJ |
| FY ending Sep 2023 | 13,632 | 1,255 | 9.2% | 688 | 796 | -46 | S100UZ28 |
| FY ending Sep 2024 | 14,554 | 1,148 | 7.9% | 123 | 752 | 90 | S100XB2A |
| FY ending Sep 2025 | 15,831 | 1,412 | 8.9% | 1,558 | 986 | 392 | S100XB2A |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥35.7M |
| Operating income per employee (consolidated) | ¥3.2M |
| Net income per employee (consolidated) | ¥3.5M |

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

| History | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 529 | 593 | 610 | 606 | 443 |
| Average salary (parent company) | — | — | — | — | — |
| Average age (parent company) | — | — | — | — | — |
| Average tenure (parent company) | — | — | — | — | — |

Year over year: Employees (consolidated) -26.9% · Revenue (consolidated) +8.8%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Health care solution business | 15,329 | 96.8% | 1,454 | 9.5% |
| Marketing solution business | 502 | 3.2% | -8 | -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 |
| --- | ---: | ---: | ---: | ---: |
| Health care solution business | 96.8% | 100.0% | 3.2 | 9.5% |
| Marketing solution business | 3.2% | — | — | -1.6% |

Loss-making segment (excluded from profit shares): Marketing solution business -8 JPY mn

Segment → industry: Health care solution business → Health Tech / Marketing solution business → Advertising

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 986 | 6.2% | S100XB2A |
| Capital expenditure | 594 | 3.8% | S100XB2A |
| Free cash flow | 392 | 2.5% | 算出 |
| Investing cash flow | 394 | 2.5% | S100XB2A |
| Financing cash flow | -147 | -0.9% | S100XB2A |
| Dividends paid | 272 | 1.7% | S100XB2A |
| Change in cash | 1,233 | 7.8% | S100XB2A |
| Cash and equivalents | 5,033 | 31.8% | S100XB2A |

## 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 Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 2,865 | 3,959 | 3,138 | 3,826 | 5,033 | S100SHNJ, S100UZ28, S100XB2A |
| Total assets | 9,459 | 10,905 | 11,244 | 11,252 | 12,746 | S100PTO2, S100SHNJ, S100UZ28, S100XB2A |
| Net assets | 5,479 | 6,082 | 6,583 | 6,600 | 8,842 | S100SHNJ, S100UZ28, S100XB2A |
| Share capital | 1,176 | 1,199 | 1,218 | 1,270 | 1,725 | S100PTO2, S100SHNJ, S100UZ28, S100XB2A |
| Trade receivables | 2,538 | — | — | — | — | S100PTO2 |
| Property, plant and equipment | 652 | 1,740 | 1,891 | 1,724 | 1,697 | S100PTO2, S100SHNJ, S100UZ28, S100XB2A |
| Intangible assets excluding goodwill | 637 | 988 | 1,198 | 1,017 | 1,021 | S100PTO2, S100SHNJ, S100UZ28, S100XB2A |
| Goodwill | 166 | 370 | 305 | 16 | 9 | S100PTO2, S100SHNJ, S100UZ28, S100XB2A |
| Investment securities | 480 | 436 | 440 | 438 | 408 | S100PTO2, S100SHNJ, S100UZ28, S100XB2A |
| Current assets | 7,104 | 7,101 | 7,056 | 7,468 | 9,076 | S100PTO2, S100SHNJ, S100UZ28, S100XB2A |
| Current liabilities | 2,862 | 3,263 | 3,621 | 2,838 | 2,855 | S100PTO2, S100SHNJ, S100UZ28, S100XB2A |
| Short-term borrowings | — | 100 | 200 | — | — | S100SHNJ, S100UZ28 |
| Long-term borrowings | 841 | 1,187 | 661 | 1,430 | 884 | S100PTO2, S100SHNJ, S100UZ28, S100XB2A |
| Bonds | 5 | — | — | — | — | S100PTO2 |
| Total liabilities | 3,980 | 4,823 | 4,661 | 4,652 | 3,904 | S100PTO2, S100SHNJ, S100UZ28, S100XB2A |
| Non-controlling interests | 407 | 457 | 504 | 501 | 537 | S100PTO2, S100SHNJ, S100UZ28, S100XB2A |
| Equity attributable to owners of parent | 5,041 | 5,615 | 6,060 | 6,078 | 8,272 | S100PTO2, S100SHNJ, S100UZ28, S100XB2A |
| Retained earnings | 2,763 | 3,292 | 3,799 | 3,713 | 4,998 | S100PTO2, S100SHNJ, S100UZ28, S100XB2A |
| Treasury stock | -100 | -100 | -200 | -200 | -200 | S100PTO2, S100SHNJ, S100UZ28, S100XB2A |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 40% | S100XB2A |
| Property, plant and equipment | 13% | S100XB2A |
| Intangibles and goodwill | 8% | S100XB2A |
| Investment securities | 3% | S100XB2A |
| Other assets | 36% | S100XB2A |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 31% | S100XB2A |
| Equity | 69% | S100XB2A |
| Other liabilities | 0% | S100XB2A |

### Balance sheet history

| Metric | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 9,459 | 10,905 | 11,244 | 11,252 | 12,746 |
| Equity | 5,479 | 6,082 | 6,583 | 6,600 | 8,842 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 2,865 | 3,959 | 3,138 | 3,826 | 5,033 |

## 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) | 10.7% | S100XB2A |
| Fixed assets ÷ total assets | 13.3% | S100XB2A |
| Goodwill ÷ parent equity | 0.1% | S100XB2A |

Goodwill over 4 years: 166 → 9 JPY; total investing cash flow: -1,972 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) | 39.5% |
| Cash ÷ revenue | 31.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 69.9% |
| Cash vs. profit gap | -572 JPY mn (of net income -36.7%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 17.5% |
| Shareholder payments — dividends / FCF | 69.4% |
| CapEx intensity (capex ÷ revenue) | 3.8% |
| Investing CF relative to operating CF | 39.9% |

## 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 | 5.2% | 1.30× | 6.7% | 1.88× | 12.6% | S100PTO2 |
| 2022 | 4.3% | 1.35× | 5.8% | 1.91× | 11.0% | S100SHNJ |
| 2023 | 5.0% | 1.23× | 6.2% | 1.90× | 11.8% | S100UZ28 |
| 2024 | 0.8% | 1.29× | 1.1% | 1.85× | 2.0% | S100XB2A |
| 2025 | 9.8% | 1.32× | 13.0% | 1.67× | 21.7% | S100XB2A |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 杉本 惠昭 | Major shareholder | 9.8% | 2025-09-30 |
| 日本電気㈱ | Major shareholder | 7.2% | 2025-09-30 |
| ＵＨ Ｐａｒｔｎｅｒｓ ３ | Major shareholder | 7.0% | 2025-09-30 |
| ＵＨ Ｐａｒｔｎｅｒｓ ２ 投資事業有限責任組合 | Major shareholder | 6.9% | 2025-09-30 |
| 光通信㈱ | Major shareholder | 6.5% | 2025-09-30 |
| エスアイエル 投資事業有限責任組合 | Major shareholder | 5.9% | 2025-09-30 |
| ㈱ＥＭシステムズ | Major shareholder | 4.2% | 2025-09-30 |
| ＧＬＯＢＡＬ ＥＳＧ ＳＴＲＡＴＥＧＹ （常任代理人 立花証券株式会社） | Major shareholder | 3.2% | 2025-09-30 |
| ㈱ＳＢＩ証券 | Major shareholder | 2.1% | 2025-09-30 |
| 日本事務器㈱ | Major shareholder | 1.7% | 2025-09-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第30期(2024/10/01－2025/09/30) | S100XB2A | 2025-12-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XB2A,, |
| 有価証券報告書－第29期(2023/10/01－2024/09/30) | S100UZ28 | 2024-12-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UZ28,, |
| 有価証券報告書－第28期(2022/10/01－2023/09/30) | S100SHNJ | 2023-12-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SHNJ,, |
| 有価証券報告書－第27期(令和3年10月1日－令和4年9月30日) | S100PTO2 | 2022-12-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PTO2,, |
| 有価証券報告書－第26期(令和2年10月1日－令和3年9月30日) | S100N3A0 | 2021-12-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100N3A0,, |
| 有価証券報告書－第25期(令和1年10月1日－令和2年9月30日) | S100KDRY | 2020-12-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KDRY,, |

## 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).