# COTA CO.,LTD.: business model and financials

> Latest period: FY ending Mar 2026, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 訂正有価証券報告書－第47期(2025/04/01－2026/03/31) (S100Z29W)
> Page: https://vizora.meequs.com/en/company/cota
> Retrieved: 2026-09-30T19:42:03.824Z

## Company

Cota, founded in 1979, is a company in Cosmetics listed on TSE Prime. It has 395 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | COTA CO.,LTD. |
| Ticker | 4923 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4923.T) |
| Listing | TSE Prime |
| Head office | 京都府久世郡久御山町田井新荒見77番地 |
| Representative (per filing) | 代表取締役社長 吉田茂治 |
| Founded | Sep 1979 |
| Share capital | ¥387.8M |
| Employees (consolidated) | 395 |
| Average salary (parent only) | ¥5.7M |
| Fiscal year end | March |
| Website | www.cota.co.jp (https://www.cota.co.jp/) |
| Corporate number | 9130001033317 |
| EDINET | E01059 |
| Industries (Vizora) | Cosmetics |

> Profile source: annual securities report (S100Z29W, filed 2026-09-18). As of filing

## Five-axis industry profile

Primary industry: Cosmetics (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 47.7 | 22 |
| Profitability | 94.2 | 26 |
| Cash conversion | 43.2 | 22 |
| Efficiency | 1.9 | 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)

- Cota brought in ¥9.6B in revenue.
- Out of every ¥100 of sales, about ¥21 is left as operating profit.
- Revenue changed +2.4% from the prior year, operating profit +8.9%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥9604030000 → ¥1435681000
- Net income → operating cash flow: ¥1435681000 → ¥1784665000（difference ¥348984000）
- Main uses of operating cash flow: CapEx ¥223759000 / dividends ¥554277000 / buybacks ¥1891000
- Change in cash: ¥383227000
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 | ¥9.6B |  |
| Operating income | ¥2B | Margin 20.8% |
| Net income | ¥1.44B | Margin 14.9% |
| Free cash flow | ¥1.56B |  |
| Employees (consolidated) | 395 |  |
| EPS | ¥49.27 |  |
| Book value per share | ¥414.84 |  |
| Equity ratio | 76.3% |  |
| Shares outstanding | 30,831,463 |  |
| Treasury shares | 3,083,300 |  |
| Shareholders | 42,250 |  |
| Average salary (parent only) | ¥5.7M | Filing company only |
| Cash ratio | 22.4% | Cash ÷ revenue 37.0% |
| Vs. industry median margin | +14.7 pp | Cosmetics |
| ROE | 12.3% | Derived from disclosed figures |
| ROA | 9.3% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥7324613000 | ¥9604030000 | +31.1% |
| Operating income | ¥1620897000 | ¥1995675000 | +23.1% |
| Operating margin | 22.1% | 20.8% | -1.3 pp |
| Employees | 342 people | 395 people | +15.5% |
| Cash and equivalents | ¥3387279000 | ¥3550705000 | +4.8% |

### 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, non-consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 9,604 | 100.0% | S100Z29W |
| Cost of revenue | 2,941 | 30.6% | S100Z29W |
| Gross profit | 6,663 | 69.4% | S100Z29W |
| SG&A | 4,667 | 48.6% | S100Z29W |
| Operating income | 1,996 | 20.8% | S100Z29W |
| Ordinary income | 2,065 | 21.5% | S100Z29W |
| Pretax income | 2,038 | 21.2% | S100Z29W |
| Income tax | 602 | 6.3% | S100Z29W |
| Net income | 1,436 | 14.9% | S100Z29W |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 31 |
| SG&A | 48 |
| Operating income | 21 |
| (Ref.) Net income | 15 |

### Margin funnel

Gross margin 69.4% → Operating margin 20.8% → Net margin 14.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +2.4%; Core profit growth: +8.9%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 3.69×
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 | 9,377 | 9,604 | 227 | +2.4% |
| Gross profit | 6,522 | 6,663 | 141 | +2.2% |
| Operating income | 1,832 | 1,996 | 164 | +8.9% |
| Operating cash flow | 999 | 1,785 | 786 | +78.7% |
| Free cash flow | 658 | 1,561 | 903 | +137.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 7,461 | 1,470 | 19.7% | 1,036 | 1,301 | 1,215 | S100LJ2R |
| FY ending Mar 2021 | 7,325 | 1,621 | 22.1% | 1,169 | 1,378 | 819 | S100O96T |
| FY ending Mar 2022 | 8,691 | 2,151 | 24.8% | 1,394 | 1,660 | 750 | S100QZXK |
| FY ending Mar 2023 | 8,805 | 2,021 | 22.9% | 1,561 | 1,301 | 359 | S100TND3 |
| FY ending Mar 2024 | 9,137 | 1,922 | 21.0% | 1,349 | 2,168 | 906 | S100VZ8E |
| FY ending Mar 2025 | 9,377 | 1,832 | 19.5% | 1,305 | 999 | 658 | S100Z29W |
| FY ending Mar 2026 | 9,604 | 1,996 | 20.8% | 1,436 | 1,785 | 1,561 | S100Z29W |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥24.3M |
| Operating income per employee (consolidated) | ¥5.1M |
| Net income per employee (consolidated) | ¥3.6M |

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) | 355 | 355 | 373 | 390 | 395 |
| Average salary (parent company) | ¥5.8M | ¥5.5M | ¥5.4M | ¥5.6M | ¥5.7M |
| Average age (parent company) | 34.2 years | 34.6 years | 34.5 years | 34.7 years | 35.0 years |
| Average tenure (parent company) | 9.9 years | 10.3 years | 10.3 years | 10.4 years | 10.7 years |

Year over year: Employees (consolidated) +1.3% · Revenue (consolidated) +2.4%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 1,785 | 18.6% | S100Z29W |
| Capital expenditure | 224 | 2.3% | S100Z29W |
| Free cash flow | 1,561 | 16.3% | 算出 |
| Investing cash flow | -845 | -8.8% | S100Z29W |
| Financing cash flow | -556 | -5.8% | S100Z29W |
| Dividends paid | 554 | 5.8% | S100Z29W |
| Share buyback | 2 | 0.0% | S100Z29W |
| Change in cash | 383 | 4.0% | S100Z29W |
| Cash and equivalents | 3,551 | 37.0% | S100Z29W |

## 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 | 3,319 | 3,224 | 3,695 | 3,167 | 3,551 | S100TND3, S100VZ8E, S100Z29W |
| Total assets | 13,085 | 13,693 | 14,801 | 14,878 | 15,849 | S100QZXK, S100TND3, S100VZ8E, S100Z29W |
| Net assets | 9,540 | 10,177 | 11,040 | 11,208 | 12,087 | S100TND3, S100VZ8E, S100Z29W |
| Share capital | 388 | 388 | 388 | 388 | 388 | S100QZXK, S100TND3, S100VZ8E, S100Z29W |
| Property, plant and equipment | 3,587 | 4,229 | 4,999 | 4,933 | 4,746 | S100QZXK, S100TND3, S100VZ8E, S100Z29W |
| Intangible assets excluding goodwill | 66 | 90 | 73 | 168 | 278 | S100QZXK, S100TND3, S100VZ8E, S100Z29W |
| Investment securities | 193 | 43 | 142 | 192 | 233 | S100QZXK, S100TND3, S100VZ8E, S100Z29W |
| Current assets | 8,563 | 8,667 | 8,912 | 8,898 | 9,896 | S100QZXK, S100TND3, S100VZ8E, S100Z29W |
| Current liabilities | 2,307 | 2,158 | 2,370 | 2,288 | 2,457 | S100QZXK, S100TND3, S100VZ8E, S100Z29W |
| Total liabilities | 3,545 | 3,516 | 3,761 | 3,670 | 3,762 | S100QZXK, S100TND3, S100VZ8E, S100Z29W |
| Equity attributable to owners of parent | 9,538 | 10,176 | 11,039 | 11,207 | 12,086 | S100QZXK, S100TND3, S100VZ8E, S100Z29W |
| Retained earnings | 11,186 | 12,316 | 13,198 | 13,990 | 13,635 | S100QZXK, S100TND3, S100VZ8E, S100Z29W |
| Treasury stock | -2,678 | -3,170 | -3,189 | -3,812 | -2,268 | S100QZXK, S100TND3, S100VZ8E, S100Z29W |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 22% | S100Z29W |
| Property, plant and equipment | 30% | S100Z29W |
| Intangibles and goodwill | 2% | S100Z29W |
| Investment securities | 2% | S100Z29W |
| Other assets | 44% | S100Z29W |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 24% | S100Z29W |
| Equity | 76% | S100Z29W |

### 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 | 13,085 | 13,693 | 14,801 | 14,878 | 15,849 |
| Equity | 9,540 | 10,177 | 11,040 | 11,208 | 12,087 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 3,319 | 3,224 | 3,695 | 3,167 | 3,551 |

## 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) | 49.4% | S100Z29W |
| Fixed assets ÷ total assets | 29.9% | S100Z29W |
| Goodwill ÷ parent equity | — | —, S100Z29W |

### 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) | 22.4% |
| Cash ÷ revenue | 37.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 89.4% |
| Cash vs. profit gap | 349 JPY mn (of net income 24.3%) |
| Shareholder returns / net income | 38.7% |
| Shareholder returns / FCF | 35.6% |
| Shareholder payments — dividends / net income | 38.6% |
| Shareholder payments — dividends / FCF | 35.5% |
| CapEx intensity (capex ÷ revenue) | 2.3% |
| Investing CF relative to operating CF | 47.4% |

## 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 | 16.0% | 0.66× | 10.7% | 1.37× | 14.6% | S100QZXK |
| 2023 | 17.7% | 0.66× | 11.7% | 1.36× | 15.8% | S100TND3 |
| 2024 | 14.8% | 0.64× | 9.5% | 1.34× | 12.7% | S100VZ8E |
| 2025 | 13.9% | 0.63× | 8.8% | 1.33× | 11.7% | S100Z29W |
| 2026 | 14.9% | 0.63× | 9.3% | 1.32× | 12.3% | S100Z29W |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 6.3% | 2026-03-31 |
| 株式会社英和商事 | Major shareholder | 6.2% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 3.1% | 2026-03-31 |
| 小田 博英 | Major shareholder | 3.1% | 2026-03-31 |
| 斎藤 三映子 | Major shareholder | 2.5% | 2026-03-31 |
| 片山 正規 | Major shareholder | 2.5% | 2026-03-31 |
| 小田 将博 | Major shareholder | 2.3% | 2026-03-31 |
| 西角 亜沙美 | Major shareholder | 2.3% | 2026-03-31 |
| 加藤 賢二 | Major shareholder | 2.2% | 2026-03-31 |
| 大成化工株式会社 | Major shareholder | 2.2% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 訂正有価証券報告書－第47期(2025/04/01－2026/03/31) | S100Z29W | 2026-09-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Z29W,, |
| 有価証券報告書－第46期(2024/04/01－2025/03/31) | S100VZ8E | 2025-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VZ8E,, |
| 有価証券報告書－第45期(2023/04/01－2024/03/31) | S100TND3 | 2024-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TND3,, |
| 有価証券報告書－第44期(2022/04/01－2023/03/31) | S100QZXK | 2023-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QZXK,, |
| 有価証券報告書－第43期(令和3年4月1日－令和4年3月31日) | S100O96T | 2022-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O96T,, |
| 有価証券報告書－第42期(令和2年4月1日－令和3年3月31日) | S100LJ2R | 2021-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LJ2R,, |

## 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).