# COSMO BIO COMPANY, LIMITED: business model and financials

> Latest period: FY ending Dec 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第43期(2025/01/01－2025/12/31) (S100XRR0)
> Page: https://vizora.meequs.com/en/company/cosmo-bio
> Retrieved: 2026-09-30T17:49:14.813Z

## Company

Cosmo BIO, founded in 1998, is a company in Specialty Trading & Wholesale listed on TSE Standard. It has 182 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | COSMO BIO COMPANY,LIMITED |
| Ticker | 3386 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3386.T) |
| Listing | TSE Standard |
| Head office | 東京都江東区東陽二丁目2番20号 |
| Representative (per filing) | 代表取締役社長 柴山 法彦 |
| Founded | Apr 1998 |
| Share capital | ¥918M |
| Employees (consolidated) | 182 |
| Average salary (parent only) | ¥6.7M |
| Fiscal year end | December |
| Website | www.cosmobio.com (https://www.cosmobio.com/) |
| Corporate number | 6010601023038 |
| EDINET | E02991 |
| Industries (Vizora) | Specialty Trading & Wholesale |

> Profile source: annual securities report (S100XRR0, filed 2026-03-18). As of filing

## Five-axis industry profile

Primary industry: Specialty Trading & Wholesale (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 54.5 | 179 |
| Profitability | 57 | 185 |
| Cash conversion | 82.4 | 179 |
| Efficiency | 9.5 | 185 |

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)

- Cosmo BIO brought in ¥10.8B in revenue.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed +7.3% from the prior year, operating profit +7.9%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥10766000000 → ¥333000000
- Net income → operating cash flow: ¥333000000 → ¥595000000（difference ¥262000000）
- Main uses of operating cash flow: CapEx ¥281000000 / dividends ¥348000000 / buybacks ¥86000000
- Change in cash: ¥354000000
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 | ¥10.8B |  |
| Operating income | ¥343M | Margin 3.2% |
| Net income | ¥337M | Margin 3.1% |
| Free cash flow | ¥314M |  |
| Employees (consolidated) | 182 |  |
| EPS | ¥63.68 |  |
| Book value per share | ¥1590.22 |  |
| Equity ratio | 74.0% |  |
| Shares outstanding | 6,048,000 |  |
| Treasury shares | 374,000 |  |
| Shareholders | 4,259 |  |
| Average salary (parent only) | ¥6.7M | Filing company only |
| Cash ratio | 21.7% | Cash ÷ revenue 25.5% |
| Vs. industry median margin | +0.3 pp | Specialty Trading & Wholesale |
| ROE | 4.4% | Derived from disclosed figures |
| ROA | 2.8% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥8092000000 | ¥10766000000 | +33.0% |
| Operating income | ¥752000000 | ¥343000000 | -54.4% |
| Operating margin | 9.3% | 3.2% | -6.1 pp |
| Employees | 134 people | 182 people | +35.8% |
| Cash and equivalents | ¥3159000000 | ¥2747000000 | -13.0% |

### Change in segment revenue mix

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

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 10,766 | 100.0% | S100XRR0 |
| Cost of revenue | 7,064 | 65.6% | S100XRR0 |
| Gross profit | 3,702 | 34.4% | S100XRR0 |
| SG&A | 3,359 | 31.2% | S100XRR0 |
| Operating income | 343 | 3.2% | S100XRR0 |
| Ordinary income | 489 | 4.5% | S100XRR0 |
| Pretax income | 504 | 4.7% | S100XRR0 |
| Income tax | 170 | 1.6% | S100XRR0 |
| Net income | 333 | 3.1% | S100XRR0 |
| Net income attributable to owners | 337 | 3.1% | S100XRR0 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 66 |
| SG&A | 31 |
| Operating income | 3 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 34.4% → Operating margin 3.2% → Net margin 3.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +7.3%; Core profit growth: +7.9%
Growth quality: similar-growth
Operating leverage (core profit growth ÷ revenue growth): 1.08×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 10,037 | 10,766 | 729 | +7.3% |
| Gross profit | 3,329 | 3,702 | 373 | +11.2% |
| Operating income | 318 | 343 | 25 | +7.9% |
| Net income attributable to owners | 262 | 337 | 75 | +28.6% |
| Operating cash flow | 241 | 595 | 354 | +146.9% |
| Free cash flow | -35 | 314 | 349 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 7,590 | 405 | 5.3% | 237 | 549 | 378 | S100L0HC |
| FY ending Dec 2020 | 8,092 | 752 | 9.3% | 674 | 803 | 738 | S100NPSM |
| FY ending Dec 2021 | 9,231 | 1,048 | 11.4% | 737 | 648 | 507 | S100QFZF |
| FY ending Dec 2022 | 9,553 | 816 | 8.5% | 517 | 284 | 180 | S100T53U |
| FY ending Dec 2023 | 9,340 | 519 | 5.6% | 442 | 736 | 636 | S100VGUM |
| FY ending Dec 2024 | 10,037 | 318 | 3.2% | 262 | 241 | -35 | S100XRR0 |
| FY ending Dec 2025 | 10,766 | 343 | 3.2% | 337 | 595 | 314 | S100XRR0 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥59.2M |
| Operating income per employee (consolidated) | ¥1.9M |
| Net income per employee (consolidated) | ¥1.9M |

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

| History | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 144 | 146 | 155 | 174 | 182 |
| Average salary (parent company) | ¥7.9M | ¥7.4M | ¥6.5M | ¥6.7M | ¥6.7M |
| Average age (parent company) | 42.0 years | 42.1 years | 41.8 years | 42.5 years | 42.9 years |
| Average tenure (parent company) | 9.4 years | 9.6 years | 8.8 years | 9.0 years | 9.1 years |

Year over year: Employees (consolidated) +4.6% · Revenue (consolidated) +7.3%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 595 | 5.5% | S100XRR0 |
| Capital expenditure | 281 | 2.6% | S100XRR0 |
| Free cash flow | 314 | 2.9% | 算出 |
| Investing cash flow | 43 | 0.4% | S100XRR0 |
| Financing cash flow | -283 | -2.6% | S100XRR0 |
| Dividends paid | 348 | 3.2% | S100XRR0 |
| Share buyback | 86 | 0.8% | S100XRR0 |
| Change in cash | 354 | 3.3% | S100XRR0 |
| Cash and equivalents | 2,747 | 25.5% | S100XRR0 |

## 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 Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 3,255 | 3,036 | 2,826 | 2,393 | 2,747 | S100T53U, S100VGUM, S100XRR0 |
| Total assets | 10,072 | 10,313 | 10,872 | 11,723 | 12,662 | S100QFZF, S100T53U, S100VGUM, S100XRR0 |
| Net assets | 8,319 | 8,617 | 9,026 | 9,555 | 9,955 | S100T53U, S100VGUM, S100XRR0 |
| Share capital | 918 | 918 | 918 | 918 | 918 | S100QFZF, S100T53U, S100VGUM, S100XRR0 |
| Trade receivables | 2,714 | — | — | — | — | S100QFZF |
| Property, plant and equipment | 599 | 577 | 572 | 701 | 862 | S100QFZF, S100T53U, S100VGUM, S100XRR0 |
| Intangible assets excluding goodwill | 182 | 171 | 155 | 162 | 167 | S100QFZF, S100T53U, S100VGUM, S100XRR0 |
| Investment securities | 1,700 | 2,136 | 2,762 | 3,288 | 3,809 | S100QFZF, S100T53U, S100VGUM, S100XRR0 |
| Current assets | 7,310 | 7,136 | 7,102 | 7,229 | 7,441 | S100QFZF, S100T53U, S100VGUM, S100XRR0 |
| Current liabilities | 1,093 | 1,038 | 1,123 | 1,166 | 1,422 | S100QFZF, S100T53U, S100VGUM, S100XRR0 |
| Short-term borrowings | 20 | 20 | 20 | 20 | 20 | S100QFZF, S100T53U, S100VGUM, S100XRR0 |
| Total liabilities | 1,752 | 1,695 | 1,846 | 2,167 | 2,706 | S100QFZF, S100T53U, S100VGUM, S100XRR0 |
| Non-controlling interests | 532 | 565 | 581 | 587 | 582 | S100QFZF, S100T53U, S100VGUM, S100XRR0 |
| Equity attributable to owners of parent | 7,212 | 7,521 | 7,789 | 7,756 | 7,686 | S100QFZF, S100T53U, S100VGUM, S100XRR0 |
| Retained earnings | 5,274 | 5,560 | 5,805 | 5,891 | 5,880 | S100QFZF, S100T53U, S100VGUM, S100XRR0 |
| Treasury stock | -239 | -216 | -194 | -317 | -379 | S100QFZF, S100T53U, S100VGUM, S100XRR0 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 22% | S100XRR0 |
| Property, plant and equipment | 7% | S100XRR0 |
| Intangibles and goodwill | 1% | S100XRR0 |
| Investment securities | 30% | S100XRR0 |
| Other assets | 40% | S100XRR0 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 21% | S100XRR0 |
| Equity | 79% | S100XRR0 |
| Other liabilities | 0% | S100XRR0 |

### Balance sheet history

| Metric | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 10,072 | 10,313 | 10,872 | 11,723 | 12,662 |
| Equity | 8,319 | 8,617 | 9,026 | 9,555 | 9,955 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 3,255 | 3,036 | 2,826 | 2,393 | 2,747 |

## 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) | 8.0% | S100XRR0 |
| Fixed assets ÷ total assets | 6.8% | S100XRR0 |
| Goodwill ÷ parent equity | — | —, S100XRR0 |

### 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) | 21.7% |
| Cash ÷ revenue | 25.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 173.5% |
| Cash vs. profit gap | 258 JPY mn (of net income 76.6%) |
| Shareholder returns / net income | 128.8% |
| Shareholder returns / FCF | 138.2% |
| Shareholder payments — dividends / net income | 103.3% |
| Shareholder payments — dividends / FCF | 110.8% |
| CapEx intensity (capex ÷ revenue) | 2.6% |
| Investing CF relative to operating CF | 7.2% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 8.0% | 0.92× | 7.3% | 1.40× | 10.2% | S100QFZF |
| 2022 | 5.4% | 0.94× | 5.1% | 1.38× | 7.0% | S100T53U |
| 2023 | 4.7% | 0.88× | 4.2% | 1.38× | 5.8% | S100VGUM |
| 2024 | 2.6% | 0.89× | 2.3% | 1.45× | 3.4% | S100XRR0 |
| 2025 | 3.1% | 0.88× | 2.8% | 1.58× | 4.4% | S100XRR0 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 東京中小企業投資育成株式会社 | Major shareholder | 20.3% | 2025-12-31 |
| みずほ信託銀行株式会社 退職給付信託 コスモ石油口 再信託受託者 株式会社日本カストディ銀行 | Major shareholder | 10.2% | 2025-12-31 |
| UH Partners 2 投資事業有限責任組合 無限責任組合員株式会社UH Partners 2 | Major shareholder | 7.7% | 2025-12-31 |
| 光通信KK投資事業有限責任組合 無限責任組合員光通信株式会社 | Major shareholder | 6.6% | 2025-12-31 |
| UH Partners 3 投資事業有限責任組合 無限責任組合員株式会社UH Partners 3 | Major shareholder | 2.1% | 2025-12-31 |
| 櫻井 治久 | Major shareholder | 1.7% | 2025-12-31 |
| 鈴木 由美子 | Major shareholder | 1.5% | 2025-12-31 |
| コスモ・バイオ従業員持株会 | Major shareholder | 1.4% | 2025-12-31 |
| 高橋 潔 | Major shareholder | 1.3% | 2025-12-31 |
| 舩戸 俊明 | Major shareholder | 1.3% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第43期(2025/01/01－2025/12/31) | S100XRR0 | 2026-03-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XRR0,, |
| 有価証券報告書－第42期(2024/01/01－2024/12/31) | S100VGUM | 2025-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VGUM,, |
| 有価証券報告書－第41期(2023/01/01－2023/12/31) | S100T53U | 2024-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T53U,, |
| 有価証券報告書－第40期(2022/01/01－2022/12/31) | S100QFZF | 2023-03-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QFZF,, |
| 有価証券報告書－第39期(令和3年1月1日－令和3年12月31日) | S100NPSM | 2022-03-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NPSM,, |
| 有価証券報告書－第38期(令和2年1月1日－令和2年12月31日) | S100L0HC | 2021-03-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L0HC,, |

## 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).