# Convano Inc.: business model and financials

> Latest period: FY ending Mar 2025, consolidated, IFRS
> Unit: JPY millions
> Sources: 有価証券報告書－第13期(2025/04/01－2026/03/31) (S100YN95), 有価証券報告書－第12期(2024/04/01－2025/03/31) (S100W828)
> Page: https://vizora.meequs.com/en/company/convano
> Retrieved: 2026-09-30T20:58:26.504Z

## Company

Convano, founded in 2013, is a company in Investment Funds listed on TSE Growth. It has 436 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Convano Inc. |
| Ticker | 6574 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6574.T) |
| Listing | TSE Growth |
| Head office | 東京都渋谷区桜丘町22番14号N.E.S.ビルS棟B3F |
| Representative (per filing) | 代表取締役社長 上四元 絢 |
| Founded | Jul 2013 |
| Share capital | ¥10M |
| Employees (consolidated) | 436 |
| Average salary (parent only) | ¥3.1M |
| Fiscal year end | March |
| Website | www.convano.com (https://www.convano.com/) |
| Corporate number | 8011001095822 |
| EDINET | E33864 |
| Industries (Vizora) | Investment Funds, Consulting, Beauty Salons |

> Profile source: annual securities report (S100YN95, filed 2026-06-30). As of filing

## Five-axis industry profile

Primary industry: Beauty Salons (2025-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 41.7 | 6 |
| Cash conversion | 10 | 5 |
| Efficiency | 75 | 6 |

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 88% of Convano's sales come from Nail business, with Consulting and Heaithcare Business making up much of the rest.
- Out of every ¥100 of sales, about ¥4 is left as operating profit.
- Revenue changed +25.2% from the prior year, and it swung back to an operating profit.

## Company structure

- Segment revenue mix: Nail business 87.6%、Consulting 8.0%、Heaithcare Business 2.8%、Investment and Advisory Business 1.6%
- Revenue → net income: ¥3240603000 → ¥77838000
- Net income → operating cash flow: ¥77838000 → ¥165661000（difference ¥87823000）
- Main uses of operating cash flow: CapEx ¥9658000 / dividends — / buybacks ¥36000
- Change in cash: ¥-116928000
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 | ¥3.24B |  |
| Operating income | ¥134.7M | Margin 4.2% |
| Net income | ¥77.8M | Margin 2.4% |
| Free cash flow | ¥156M |  |
| Largest business | Nail business | of segment revenue 87.6% |
| Employees (consolidated) | 436 |  |
| EPS | ¥0.18 |  |
| Diluted EPS | ¥0.18 |  |
| Book value per share | ¥1.03 |  |
| Equity ratio | 55.1% | Derived from disclosed figures |
| Shares outstanding | 4,334,960 |  |
| Treasury shares | 153 |  |
| Shareholders | 380 |  |
| Average salary (parent only) | ¥3.1M | Filing company only |
| Cash ratio | 25.5% | Cash ÷ revenue 24.9% |
| Vs. industry median margin | -0.7 pp | Beauty Salons |
| ROE | 4.6% | Derived from disclosed figures |
| ROA | 2.5% | Derived from disclosed figures |

## Notable figures

- FY2025, operating cash flow is 2.1× net income
- FY2025, segment profit share differs by 45 points
- FY2025, cash is 25% of total assets

## What changed in 6 years

| Metric | FY ending Mar 2019 | FY ending Mar 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥2248140000 | ¥3240603000 | +44.1% |
| Employees | 290 people | 436 people | +50.3% |
| Cash and equivalents | ¥145518000 | ¥806173000 | +454.0% |

### Change in segment revenue mix

Span: FY ending Mar 2019 → FY ending Mar 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 → ネイル事業 | 87.6% |
| 新設・再編 → コンサルティング事業 | 8.0% |
| 新設・再編 → ヘルスケア事業 | 2.8% |
| 新設・再編 → インベストメント＆アドバイザリー事業 | 1.6% |

Segment revenue source references: 4 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Nail business | 5 years | +5.3% | ¥3084911000 | -4.4% | 2 |
| Consulting | — | — | ¥282719000 | 51.0% | 2 |
| Heaithcare Business | — | — | ¥100408000 | 77.4% | 2 |
| Investment and Advisory Business | — | — | ¥55285000 | 88.6% | 2 |

## Income statement（FY ending Mar 2025, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 3,241 | 100.0% | S100YN95 |
| Cost of revenue | 1,952 | 60.2% | S100YN95 |
| Gross profit | 1,289 | 39.8% | S100YN95 |
| SG&A | 1,144 | 35.3% | S100YN95 |
| Operating income | 135 | 4.2% | S100YN95 |
| Pretax income | 128 | 3.9% | S100YN95 |
| Income tax | 50 | 1.5% | S100YN95 |
| Net income | 78 | 2.4% | S100YN95 |
| Net income attributable to owners | 78 | 2.4% | S100YN95 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 60 |
| SG&A | 36 |
| Operating income | 4 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 39.8% → Operating margin 4.2% → Net margin 2.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Turned profitable
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 2,589 | 3,241 | 652 | +25.2% |
| Gross profit | 979 | 1,289 | 309 | +31.6% |
| Operating income | -59 | 135 | 193 | — |
| Net income attributable to owners | -199 | 78 | 277 | — |
| Operating cash flow | 336 | 166 | -171 | -50.8% |
| Free cash flow | 274 | 156 | -118 | -43.0% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2017 | 1,788 | — | — | 63 | 133 | — | S100LV8L |
| FY ending Mar 2018 | 2,009 | — | — | 91 | 162 | — | S100QEID |
| FY ending Mar 2019 | 2,248 | — | — | 89 | 108 | — | S100R8AJ |
| FY ending Mar 2020 | 2,414 | 173 | 7.2% | 113 | 363 | 320 | S100LV8L |
| FY ending Mar 2022 | 2,143 | 89 | 4.1% | 51 | 366 | 277 | S100R8AJ |
| FY ending Mar 2023 | 2,330 | -36 | -1.5% | -34 | 127 | 91 | S100TG59 |
| FY ending Mar 2024 | 2,589 | -59 | -2.3% | -199 | 336 | 274 | S100W828 |
| FY ending Mar 2025 | 3,241 | 135 | 4.2% | 78 | 166 | 156 | S100YN95 |

## People and productivity（FY ending Mar 2025, consolidated, IFRS）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥7.4M |
| Operating income per employee (consolidated) | ¥308.9K |
| Net income per employee (consolidated) | ¥178.5K |

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

| History | FY ending Mar 2020 | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 343 | 325 | 376 | 424 | 436 |
| Average salary (parent company) | — | ¥3.2M | ¥3.1M | ¥3M | ¥3.1M |
| Average age (parent company) | — | 27.7 years | 28.2 years | 27.3 years | 27.6 years |
| Average tenure (parent company) | — | 3.0 years | 3.0 years | 3.0 years | 3.0 years |

Year over year: Employees (consolidated) +2.8% · Revenue (consolidated) +25.2%

## Segments（FY ending Mar 2025, consolidated, IFRS、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Nail business | 3,085 | 87.6% | -135 | -4.4% |
| Consulting | 283 | 8.0% | 144 | 51.0% |
| Heaithcare Business | 100 | 2.8% | 78 | 77.4% |
| Investment and Advisory Business | 55 | 1.6% | 49 | 88.6% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Nail business | 87.6% | — | — | -4.4% |
| Consulting | 8.0% | 53.2% | 45.2 | 51.0% |
| Heaithcare Business | 2.8% | 28.7% | 25.8 | 77.4% |
| Investment and Advisory Business | 1.6% | 18.1% | 16.5 | 88.6% |

Loss-making segment (excluded from profit shares): Nail business -135 JPY mn

Segment → industry: Investment and Advisory Business → Investment Funds / Consulting → Consulting / Nail business → Beauty Salons

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2025, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 166 | 5.1% | S100YN95 |
| Capital expenditure | 10 | 0.3% | S100YN95 |
| Free cash flow | 156 | 4.8% | 算出 |
| Investing cash flow | -10 | -0.3% | S100YN95 |
| Financing cash flow | -273 | -8.4% | S100YN95 |
| Share buyback | 0 | 0.0% | S100YN95 |
| Change in cash | -117 | -3.6% | S100YN95 |
| Cash and equivalents | 806 | 24.9% | S100YN95 |

## 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 2020 | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 281 | 393 | 399 | 923 | 806 | S100QEID, S100TG59, S100W828, S100YN95 |
| Total assets | 2,219 | 2,423 | 2,536 | 3,002 | 3,164 | S100LV8L, S100R8AJ, S100TG59, S100W828, S100YN95 |
| Net assets | 1,003 | 848 | 816 | 1,644 | 1,743 | S100QEID, S100TG59, S100W828, S100YN95 |
| Share capital | 93 | 51 | 52 | 568 | 10 | S100LV8L, S100R8AJ, S100TG59, S100W828, S100YN95 |
| Property, plant and equipment | 85 | 70 | 75 | 86 | 86 | S100LV8L, S100R8AJ, S100TG59, S100W828, S100YN95 |
| Goodwill | 650 | 650 | 650 | 650 | 650 | S100LV8L, S100R8AJ, S100TG59, S100W828, S100YN95 |
| Current assets | 443 | 591 | 628 | 1,154 | 1,384 | S100LV8L, S100R8AJ, S100TG59, S100W828, S100YN95 |
| Total liabilities | 1,216 | 1,575 | 1,720 | 1,358 | 1,421 | S100LV8L, S100R8AJ, S100TG59, S100W828, S100YN95 |
| Equity attributable to owners of parent | 1,003 | 848 | 816 | 1,644 | 1,743 | S100LV8L, S100R8AJ, S100TG59, S100W828, S100YN95 |
| Retained earnings | 252 | 795 | 761 | 562 | 1,162 | S100LV8L, S100R8AJ, S100TG59, S100W828, S100YN95 |
| Treasury stock | -0 | -0 | -0 | -0 | -0 | S100LV8L, S100R8AJ, S100TG59, S100W828, S100YN95 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 25% | S100YN95 |
| Property, plant and equipment | 3% | S100YN95 |
| Intangibles and goodwill | 21% | — |
| Other assets | 51% | S100YN95 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 45% | S100YN95 |
| Equity | 55% | S100YN95 |

### Balance sheet history

| Metric | FY ending Mar 2020 | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 2,219 | 2,423 | 2,536 | 3,002 | 3,164 |
| Equity | 1,003 | 848 | 816 | 1,644 | 1,743 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 281 | 393 | 399 | 923 | 806 |

## 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) | 2.6% | S100YN95 |
| Fixed assets ÷ total assets | 2.7% | S100YN95 |
| Goodwill ÷ parent equity | 37.3% | S100YN95 |

### 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) | 25.5% |
| Cash ÷ revenue | 24.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 123.0% |
| Cash vs. profit gap | 88 JPY mn (of net income 112.8%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.3% |
| Investing CF relative to operating CF | 5.7% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2020 | 4.7% | 1.09× | 5.1% | 2.21× | 11.2% | S100LV8L |
| 2022 | 2.4% | 0.88× | 2.1% | 2.86× | 6.0% | S100R8AJ |
| 2023 | — | —× | -1.4% | —× | — | S100TG59 |
| 2024 | — | —× | -7.2% | —× | — | S100W828 |
| 2025 | 2.4% | 1.05× | 2.5% | 1.82× | 4.6% | S100YN95 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社NT | Major shareholder | 61.6% | 2026-03-31 |
| 株式会社ディメンショナル | Major shareholder | 7.3% | 2026-03-31 |
| 川口佑 | Major shareholder | 4.4% | 2026-03-31 |
| 山下奈津紀 | Major shareholder | 4.0% | 2026-03-31 |
| 日本美容・ヘルスケア成長投資１号組合 | Major shareholder | 2.0% | 2026-03-31 |
| 合同会社Ｇｏｄｆａｔｈｅｒ Ｃａｐｉｔａｌ | Major shareholder | 1.7% | 2026-03-31 |
| 堀内康啓 | Major shareholder | 1.4% | 2026-03-31 |
| 原華織 | Major shareholder | 1.0% | 2026-03-31 |
| 坂達典 | Major shareholder | 0.9% | 2026-03-31 |
| 東大陽 | Major shareholder | 0.8% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第13期(2025/04/01－2026/03/31) | S100YN95 | 2026-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YN95,, |
| 有価証券報告書－第12期(2024/04/01－2025/03/31) | S100W828 | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W828,, |
| 有価証券報告書－第11期(2023/04/01－2024/03/31) | S100TG59 | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TG59,, |
| 有価証券報告書－第10期(2022/04/01－2023/03/31) | S100R8AJ | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R8AJ,, |
| 訂正有価証券報告書－第9期(2021/04/01－2022/03/31) | S100QEID | 2023-03-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QEID,, |
| 有価証券報告書－第8期(令和2年4月1日－令和3年3月31日) | S100LV8L | 2021-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LV8L,, |

## 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).