# COSMOS Pharmaceutical Corporation: business model and financials

> Latest period: FY ending May 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第44期(2025/06/01－2026/05/31) (S100YYDI)
> Page: https://vizora.meequs.com/en/company/cosmos-pharmaceutical
> Retrieved: 2026-09-30T20:26:55.646Z

## Company

COSMOS Pharmaceutical, founded in 1983, is a company in Drugstores & Pharmacies listed on TSE Prime. It has 5,984 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | COSMOS Pharmaceutical Corporation |
| Ticker | 3349 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3349.T) |
| Listing | TSE Prime |
| Head office | 福岡県福岡市博多区博多駅東二丁目10番1号 |
| Representative (per filing) | 代表取締役社長 横山 英昭 |
| Founded | Dec 1983 |
| Share capital | ¥4.18B |
| Employees (consolidated) | 5,984 |
| Average salary (parent only) | ¥5.1M |
| Fiscal year end | May |
| Website | www.cosmospc.co.jp (https://www.cosmospc.co.jp/) |
| Corporate number | 9290001025414 |
| EDINET | E03446 |
| Industries (Vizora) | Drugstores & Pharmacies |

> Profile source: annual securities report (S100YYDI, filed 2026-08-26). As of filing

## Five-axis industry profile

Primary industry: Drugstores & Pharmacies (2026-05-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 53.1 | 16 |
| Profitability | 44.7 | 19 |
| Cash conversion | 75 | 18 |
| Efficiency | 81.6 | 19 |

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)

- COSMOS Pharmaceutical brought in ¥1.1T in revenue.
- Out of every ¥100 of sales, about ¥4 is left as operating profit.
- Revenue changed +8.7% from the prior year, operating profit +4.8%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥1099583000000 → ¥32046000000
- Net income → operating cash flow: ¥32046000000 → ¥58790000000（difference ¥26744000000）
- Main uses of operating cash flow: CapEx ¥70462000000 / dividends ¥5942000000 / buybacks ¥0
- Change in cash: ¥-3797000000
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 | ¥1.1T |  |
| Operating income | ¥42.4B | Margin 3.9% |
| Net income | ¥32B | Margin 2.9% |
| Free cash flow | -¥11.7B |  |
| Employees (consolidated) | 5,984 |  |
| EPS | ¥404.37 |  |
| Book value per share | ¥3571.29 |  |
| Equity ratio | 47.6% |  |
| Shares outstanding | 80,001,600 |  |
| Treasury shares | 744,300 |  |
| Shareholders | 14,105 |  |
| Average salary (parent only) | ¥5.1M | Filing company only |
| Cash ratio | 8.9% | Cash ÷ revenue 4.8% |
| Vs. industry median margin | -0.5 pp | Drugstores & Pharmacies |
| ROE | 11.9% | Derived from disclosed figures |
| ROA | 5.7% | Derived from disclosed figures |

## Notable figures

- FY2026, parent-company salary changed +21% over five years

## What changed in 5 years

| Metric | FY ending May 2021 | FY ending May 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥726424000000 | ¥1099583000000 | +51.4% |
| Operating income | ¥33147000000 | ¥42353000000 | +27.8% |
| Operating margin | 4.6% | 3.9% | -0.7 pp |
| Employees | 4,872 people | 5,984 people | +22.8% |
| Cash and equivalents | ¥55108000000 | ¥53241000000 | -3.4% |

### Change in segment revenue mix

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

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 1,099,583 | 100.0% | S100YYDI |
| Cost of revenue | 869,900 | 79.1% | S100YYDI |
| Gross profit | 229,683 | 20.9% | S100YYDI |
| SG&A | 187,330 | 17.0% | S100YYDI |
| Operating income | 42,353 | 3.9% | S100YYDI |
| Ordinary income | 44,614 | 4.1% | S100YYDI |
| Pretax income | 44,218 | 4.0% | S100YYDI |
| Income tax | 12,171 | 1.1% | S100YYDI |
| Net income | 32,046 | 2.9% | S100YYDI |
| Net income attributable to owners | 32,046 | 2.9% | S100YYDI |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 79 |
| SG&A | 17 |
| Operating income | 4 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 20.9% → Operating margin 3.9% → Net margin 2.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +8.7%; Core profit growth: +4.8%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.55×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 1,011,390 | 1,099,583 | 88,193 | +8.7% |
| Gross profit | 213,281 | 229,683 | 16,402 | +7.7% |
| Operating income | 40,404 | 42,353 | 1,949 | +4.8% |
| Net income attributable to owners | 30,978 | 32,046 | 1,068 | +3.4% |
| Operating cash flow | 52,467 | 58,790 | 6,323 | +12.1% |
| Free cash flow | -859 | -11,672 | -10,813 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending May 2020 | 684,403 | 29,094 | 4.3% | 21,435 | 65,461 | 39,513 | S100MD0R |
| FY ending May 2021 | 726,424 | 33,147 | 4.6% | 27,156 | 27,875 | 1,811 | S100P373 |
| FY ending May 2022 | 755,414 | 29,796 | 3.9% | 23,155 | 32,194 | -11,303 | S100RS02 |
| FY ending May 2023 | 827,697 | 30,128 | 3.6% | 23,797 | 54,434 | 7,798 | S100UAMF |
| FY ending May 2024 | 964,989 | 31,501 | 3.3% | 24,454 | 55,175 | -635 | S100WLSP |
| FY ending May 2025 | 1,011,390 | 40,404 | 4.0% | 30,978 | 52,467 | -859 | S100YYDI |
| FY ending May 2026 | 1,099,583 | 42,353 | 3.9% | 32,046 | 58,790 | -11,672 | S100YYDI |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥183.8M |
| Operating income per employee (consolidated) | ¥7.1M |
| Net income per employee (consolidated) | ¥5.4M |

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

| History | FY ending May 2022 | FY ending May 2023 | FY ending May 2024 | FY ending May 2025 | FY ending May 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 5,101 | 5,290 | 5,512 | 5,709 | 5,984 |
| Average salary (parent company) | ¥4.2M | ¥4.4M | ¥4.6M | ¥4.9M | ¥5.1M |
| Average age (parent company) | 30.4 years | 30.7 years | 31.1 years | 31.7 years | 32.1 years |
| Average tenure (parent company) | 6.1 years | 6.5 years | 6.8 years | 7.1 years | 7.4 years |

Year over year: Employees (consolidated) +4.8% · Revenue (consolidated) +8.7%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 58,790 | 5.3% | S100YYDI |
| Capital expenditure | 70,462 | 6.4% | S100YYDI |
| Free cash flow | -11,672 | -1.1% | 算出 |
| Investing cash flow | -81,903 | -7.4% | S100YYDI |
| Financing cash flow | 19,315 | 1.8% | S100YYDI |
| Dividends paid | 5,942 | 0.5% | S100YYDI |
| Share buyback | 0 | 0.0% | S100YYDI |
| Change in cash | -3,797 | -0.3% | S100YYDI |
| Cash and equivalents | 53,241 | 4.8% | S100YYDI |

## 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 May 2022 | FY ending May 2023 | FY ending May 2024 | FY ending May 2025 | FY ending May 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 37,362 | 45,928 | 52,301 | 57,038 | 53,241 | S100UAMF, S100WLSP, S100YYDI |
| Total assets | 363,052 | 420,967 | 476,546 | 524,755 | 596,485 | S100RS02, S100UAMF, S100WLSP, S100YYDI |
| Net assets | 190,507 | 211,072 | 231,442 | 257,463 | 283,700 | S100UAMF, S100WLSP, S100YYDI |
| Share capital | 4,178 | 4,178 | 4,178 | 4,178 | 4,178 | S100RS02, S100UAMF, S100WLSP, S100YYDI |
| Property, plant and equipment | 225,286 | 259,464 | 295,798 | 331,125 | 380,906 | S100RS02, S100UAMF, S100WLSP, S100YYDI |
| Intangible assets excluding goodwill | 433 | 547 | 497 | 446 | 933 | S100RS02, S100UAMF, S100WLSP, S100YYDI |
| Investment securities | 4 | 4 | 4 | 4 | 3 | S100RS02, S100UAMF, S100WLSP, S100YYDI |
| Current assets | 115,471 | 137,085 | 154,333 | 165,622 | 184,911 | S100RS02, S100UAMF, S100WLSP, S100YYDI |
| Current liabilities | 162,063 | 192,053 | 213,229 | 220,680 | 240,893 | S100RS02, S100UAMF, S100WLSP, S100YYDI |
| Short-term borrowings | 1,387 | 2,741 | 4,581 | — | — | S100RS02, S100UAMF |
| Long-term borrowings | 3,000 | 10,018 | 23,385 | 37,202 | 61,889 | S100RS02, S100UAMF, S100WLSP, S100YYDI |
| Total liabilities | 172,545 | 209,895 | 245,104 | 267,292 | 312,785 | S100RS02, S100UAMF, S100WLSP, S100YYDI |
| Equity attributable to owners of parent | 190,501 | 211,031 | 231,339 | 257,362 | 283,464 | S100RS02, S100UAMF, S100WLSP, S100YYDI |
| Retained earnings | 181,954 | 202,485 | 222,284 | 248,309 | 274,411 | S100RS02, S100UAMF, S100WLSP, S100YYDI |
| Treasury stock | -241 | -242 | -225 | -227 | -227 | S100RS02, S100UAMF, S100WLSP, S100YYDI |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 9% | S100YYDI |
| Property, plant and equipment | 64% | S100YYDI |
| Intangibles and goodwill | 0% | S100YYDI |
| Investment securities | 0% | S100YYDI |
| Other assets | 27% | S100YYDI |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 52% | S100YYDI |
| Equity | 48% | S100YYDI |

### Balance sheet history

| Metric | FY ending May 2022 | FY ending May 2023 | FY ending May 2024 | FY ending May 2025 | FY ending May 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 363,052 | 420,967 | 476,546 | 524,755 | 596,485 |
| Equity | 190,507 | 211,072 | 231,442 | 257,463 | 283,700 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 37,362 | 45,928 | 52,301 | 57,038 | 53,241 |

## 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) | 34.6% | S100YYDI |
| Fixed assets ÷ total assets | 63.9% | S100YYDI |
| Goodwill ÷ parent equity | — | —, S100YYDI |

### 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) | 8.9% |
| Cash ÷ revenue | 4.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 138.8% |
| Cash vs. profit gap | 26,744 JPY mn (of net income 83.5%) |
| Shareholder returns / net income | 18.5% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 18.5% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 6.4% |
| Investing CF relative to operating CF | 139.3% |

## 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 | 3.1% | 2.08× | 6.4% | 1.91× | 12.2% | S100RS02 |
| 2023 | 2.9% | 2.11× | 6.1% | 1.95× | 11.9% | S100UAMF |
| 2024 | 2.5% | 2.15× | 5.4% | 2.03× | 11.1% | S100WLSP |
| 2025 | 3.1% | 2.02× | 6.2% | 2.05× | 12.7% | S100YYDI |
| 2026 | 2.9% | 1.96× | 5.7% | 2.07× | 11.9% | S100YYDI |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 有限会社萬緑 | Major shareholder | 38.6% | 2026-05-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 7.9% | 2026-05-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 4.1% | 2026-05-31 |
| 公益財団法人余慶会 | Major shareholder | 3.8% | 2026-05-31 |
| 管理信託（A036）受託者 株式会社SMBC信託銀行 | Major shareholder | 3.0% | 2026-05-31 |
| 管理信託（A038）受託者 株式会社SMBC信託銀行 | Major shareholder | 2.6% | 2026-05-31 |
| 管理信託（A037）受託者 株式会社SMBC信託銀行 | Major shareholder | 2.6% | 2026-05-31 |
| コスモス薬品従業員持株会 | Major shareholder | 2.0% | 2026-05-31 |
| CEP LUX-ORBIS SICAV(常任代理人 シティバンク、エヌ・エイ) | Major shareholder | 1.9% | 2026-05-31 |
| STATE STREET BANK AND TRUST COMPANY 505001（常任代理人 株式会社みずほ銀行） | Major shareholder | 1.2% | 2026-05-31 |

## AI commentary（text by AI; the tables above are authoritative、claude-code）

- Revenue for the FY ending May 2026 was ¥1.1T, up +8.7% from ¥1.01T a year earlier.
- Operating income grew +4.8% to ¥42.4B and net income grew +3.4% to ¥32B, so profit rose more slowly than sales.
- Operating cash flow increased +12.1% to ¥58.8B, but capital expenditure of ¥70.5B for new stores pushed free cash flow to -¥11.7B.

### Drivers

- Many new store openings and the everyday-low-price policy lifted sales, with groceries growing the most
- The company held back on passing inflation through to prices to stay cheaper than rivals, which trimmed its gross margin slightly
- Higher costs from inflation and a larger store count pushed SG&A up

### Risks

- If hiring, including pharmacists and registered sellers, cannot keep up with store growth, openings may slow and service may suffer
- Large stores need review under Japan's Large-Scale Retail Store Location Act, and delays in finding sites or approvals could push back opening plans
- Earthquakes, typhoons, or other disasters that damage stores or supply networks could hurt results

Cited: Annual Securities Report (44th term) (経営者による財政状態、経営成績及びキャッシュ・フローの状況の分析); Annual Securities Report (44th term) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第44期(2025/06/01－2026/05/31) | S100YYDI | 2026-08-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YYDI,, |
| 有価証券報告書－第43期(2024/06/01－2025/05/31) | S100WLSP | 2025-08-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WLSP,, |
| 有価証券報告書－第42期(2023/06/01－2024/05/31) | S100UAMF | 2024-08-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UAMF,, |
| 有価証券報告書－第41期(2022/06/01－2023/05/31) | S100RS02 | 2023-08-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RS02,, |
| 有価証券報告書－第40期(令和3年6月1日－令和4年5月31日) | S100P373 | 2022-08-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100P373,, |
| 有価証券報告書－第39期(令和2年6月1日－令和3年5月31日) | S100MD0R | 2021-08-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MD0R,, |

## 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).