# cotta 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27期(2024/10/01－2025/09/30) (S100XBJQ)
> Page: https://vizora.meequs.com/en/company/cotta
> Retrieved: 2026-09-30T21:31:13.979Z

## Company

cotta, founded in 1998, is a company in E-commerce listed on TSE Growth. It has 163 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | cotta CO.,LTD |
| Ticker | 3359 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3359.T) |
| Listing | TSE Growth |
| Head office | 大分県津久見市大字上青江4478番地8 |
| Representative (per filing) | 代表取締役会長 佐藤 成一 |
| Founded | Dec 1998 |
| Share capital | ¥665.1M |
| Employees (consolidated) | 163 |
| Average salary (parent only) | ¥5.9M |
| Fiscal year end | September |
| Website | www.cotta.co.jp (https://www.cotta.co.jp/) |
| Corporate number | 6320201000224 |
| EDINET | E02982 |
| Industries (Vizora) | E-commerce, HR & Staffing, Specialty Trading & Wholesale |

> Profile source: annual securities report (S100XBJQ, filed 2025-12-22). As of filing

## Five-axis industry profile

Primary industry: E-commerce (2025-09-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 74 | 25 |
| Profitability | 57.4 | 34 |
| Cash conversion | 53.7 | 27 |
| Efficiency | 57.4 | 34 |

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 65% of cotta's sales come from Sales business of confectionery materials and miscellaneous goods, with Beauty products sales business and Business providing human resources solutions making up much of the rest.
- Out of every ¥100 of sales, about ¥6 is left as operating profit.
- Revenue changed +52.8% from the prior year, operating profit +61.6%.

## Company structure

- Segment revenue mix: Sales business of confectionery materials and miscellaneous goods 65.3%、Beauty products sales business 24.9%、Business providing human resources solutions 8.5%、Other 1.3%
- Revenue → net income: ¥13675545000 → ¥455193000
- Net income → operating cash flow: ¥455193000 → ¥868914000（difference ¥413721000）
- Main uses of operating cash flow: CapEx ¥168063000 / dividends ¥86707000 / buybacks ¥75863000
- Change in cash: ¥511246000
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 | ¥13.7B |  |
| Operating income | ¥772.3M | Margin 5.6% |
| Net income | ¥437.1M | Margin 3.2% |
| Free cash flow | ¥700.9M |  |
| Largest business | Sales business of confectionery materials and miscellaneous goods | of segment revenue 65.3% |
| Employees (consolidated) | 163 |  |
| EPS | ¥18.95 |  |
| Book value per share | ¥247.64 |  |
| Equity ratio | 43.1% |  |
| Shares outstanding | 11,223,513 |  |
| Treasury shares | 573,700 |  |
| Shareholders | 8,433 |  |
| Average salary (parent only) | ¥5.9M | Filing company only |
| Cash ratio | 21.4% | Cash ÷ revenue 16.1% |
| Vs. industry median margin | +0.7 pp | E-commerce |
| ROE | 10.2% | Derived from disclosed figures |
| ROA | 5.2% | Derived from disclosed figures |

## Notable figures

- FY2025, one segment accounts for 80% of positive segment profit

## What changed in 5 years

| Metric | FY ending Sep 2020 | FY ending Sep 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥7860026000 | ¥13675545000 | +74.0% |
| Operating income | ¥288892000 | ¥772347000 | +167.3% |
| Operating margin | 3.7% | 5.6% | +2 pp |
| Employees | 86 people | 163 people | +89.5% |
| Cash and equivalents | ¥1836904000 | ¥2197724000 | +19.6% |

### 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 |
| --- | ---: |
| 新設・再編 → 菓子・パン資材及び雑貨等の販売事業 | 65.3% |
| 新設・再編 → 人材ソリューション事業 | 8.5% |
| 新設・再編 → 美容関連用品等の販売事業 | 24.9% |
| 新設・再編 → その他 | 1.3% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Sales business of confectionery materials and miscellaneous goods | — | — | ¥8931605000 | 7.6% | 2 |
| Beauty products sales business | — | — | ¥3401307000 | 2.1% | 2 |
| Business providing human resources solutions | — | — | ¥1163745000 | 3.7% | 2 |
| Other | — | — | ¥178886000 | 33.3% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 13,676 | 100.0% | S100XBJQ |
| Cost of revenue | 9,613 | 70.3% | S100XBJQ |
| Gross profit | 4,063 | 29.7% | S100XBJQ |
| SG&A | 3,290 | 24.1% | S100XBJQ |
| Operating income | 772 | 5.6% | S100XBJQ |
| Ordinary income | 772 | 5.6% | S100XBJQ |
| Pretax income | 754 | 5.5% | S100XBJQ |
| Income tax | 299 | 2.2% | S100XBJQ |
| Net income | 455 | 3.3% | S100XBJQ |
| Net income attributable to owners | 437 | 3.2% | S100XBJQ |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 70 |
| SG&A | 24 |
| Operating income | 6 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 29.7% → Operating margin 5.6% → Net margin 3.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +52.8%; Core profit growth: +61.6%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.17×
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 | 8,952 | 13,676 | 4,724 | +52.8% |
| Gross profit | 2,824 | 4,063 | 1,239 | +43.9% |
| Operating income | 478 | 772 | 295 | +61.6% |
| Net income attributable to owners | 341 | 437 | 96 | +28.1% |
| Operating cash flow | 280 | 869 | 588 | +209.8% |
| Free cash flow | 215 | 701 | 486 | +226.0% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Sep 2019 | 6,400 | 317 | 5.0% | 226 | 144 | 101 | S100KFW2 |
| FY ending Sep 2020 | 7,860 | 289 | 3.7% | 263 | 534 | 355 | S100N52A |
| FY ending Sep 2021 | 9,258 | 453 | 4.9% | 325 | -107 | -317 | S100PV0Q |
| FY ending Sep 2022 | 8,844 | 552 | 6.2% | 400 | 447 | 321 | S100SHD6 |
| FY ending Sep 2023 | 8,616 | 798 | 9.3% | 571 | 446 | 396 | S100UZQQ |
| FY ending Sep 2024 | 8,952 | 478 | 5.3% | 341 | 280 | 215 | S100XBJQ |
| FY ending Sep 2025 | 13,676 | 772 | 5.6% | 437 | 869 | 701 | S100XBJQ |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥83.9M |
| Operating income per employee (consolidated) | ¥4.7M |
| Net income per employee (consolidated) | ¥2.7M |

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) | 94 | 92 | 96 | 111 | 163 |
| Average salary (parent company) | ¥5.2M | ¥5.2M | ¥5.6M | ¥5.7M | ¥5.9M |
| Average age (parent company) | 39.0 years | 39.9 years | 40.7 years | 41.5 years | 42.4 years |
| Average tenure (parent company) | 8.2 years | 9.3 years | 9.8 years | 9.7 years | 10.7 years |

Year over year: Employees (consolidated) +46.8% · Revenue (consolidated) +52.8%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Sales business of confectionery materials and miscellaneous goods | 8,932 | 65.3% | 680 | 7.6% |
| Business providing human resources solutions | 1,164 | 8.5% | 43 | 3.7% |
| Beauty products sales business | 3,401 | 24.9% | 71 | 2.1% |
| Other | 179 | 1.3% | 60 | 33.3% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Sales business of confectionery materials and miscellaneous goods | 65.3% | 79.7% | 14.4 | 7.6% |
| Business providing human resources solutions | 8.5% | 5.0% | -3.5 | 3.7% |
| Beauty products sales business | 24.9% | 8.3% | -16.6 | 2.1% |
| Other | 1.3% | 7.0% | 5.7 | 33.3% |

Segment → industry: Sales business of confectionery materials and miscellaneous goods → E-commerce / Business providing human resources solutions → HR & Staffing / Beauty products sales business → Specialty Trading & Wholesale / Sales business of confectionery materials and miscellaneous goods → Specialty Trading & Wholesale

## 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 | 869 | 6.4% | S100XBJQ |
| Capital expenditure | 168 | 1.2% | S100XBJQ |
| Free cash flow | 701 | 5.1% | 算出 |
| Investing cash flow | -2,795 | -20.4% | S100XBJQ |
| Financing cash flow | 2,437 | 17.8% | S100XBJQ |
| Dividends paid | 87 | 0.6% | S100XBJQ |
| Share buyback | 76 | 0.6% | S100XBJQ |
| Change in cash | 511 | 3.7% | S100XBJQ |
| Cash and equivalents | 2,198 | 16.1% | S100XBJQ |

## 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 | 1,479 | 1,661 | 1,787 | 1,686 | 2,198 | S100SHD6, S100UZQQ, S100XBJQ |
| Total assets | 5,834 | 5,996 | 6,420 | 6,395 | 10,287 | S100PV0Q, S100SHD6, S100UZQQ, S100XBJQ |
| Net assets | 3,111 | 3,353 | 3,905 | 4,160 | 4,485 | S100SHD6, S100UZQQ, S100XBJQ |
| Share capital | 649 | 649 | 665 | 665 | 665 | S100PV0Q, S100SHD6, S100UZQQ, S100XBJQ |
| Trade receivables | 349 | 354 | 347 | 414 | 666 | S100PV0Q, S100SHD6, S100UZQQ, S100XBJQ |
| Inventories | 1,663 | 1,838 | 2,011 | 2,088 | 2,596 | S100PV0Q, S100SHD6, S100UZQQ, S100XBJQ |
| Property, plant and equipment | 1,512 | 1,483 | 1,411 | 1,382 | 1,393 | S100PV0Q, S100SHD6, S100UZQQ, S100XBJQ |
| Intangible assets excluding goodwill | 74 | 62 | 58 | 121 | 2,270 | S100PV0Q, S100SHD6, S100UZQQ, S100XBJQ |
| Goodwill | 1 | 1 | 1 | 0 | 2,028 | S100PV0Q, S100SHD6, S100UZQQ, S100XBJQ |
| Current assets | 4,082 | 4,272 | 4,577 | 4,662 | 6,226 | S100PV0Q, S100SHD6, S100UZQQ, S100XBJQ |
| Current liabilities | 1,968 | 2,041 | 2,166 | 1,982 | 3,501 | S100PV0Q, S100SHD6, S100UZQQ, S100XBJQ |
| Trade payables | 638 | 647 | 517 | 571 | 1,088 | S100PV0Q, S100SHD6, S100UZQQ, S100XBJQ |
| Short-term borrowings | 440 | 740 | 840 | 820 | 1,210 | S100PV0Q, S100SHD6, S100UZQQ, S100XBJQ |
| Long-term borrowings | 698 | 551 | 304 | 158 | 2,200 | S100PV0Q, S100SHD6, S100UZQQ, S100XBJQ |
| Total liabilities | 2,723 | 2,643 | 2,515 | 2,235 | 5,802 | S100PV0Q, S100SHD6, S100UZQQ, S100XBJQ |
| Non-controlling interests | — | — | — | — | 49 | S100XBJQ |
| Equity attributable to owners of parent | 3,103 | 3,345 | 3,905 | 4,160 | 4,435 | S100PV0Q, S100SHD6, S100UZQQ, S100XBJQ |
| Retained earnings | 1,980 | 2,335 | 2,863 | 3,118 | 3,468 | S100PV0Q, S100SHD6, S100UZQQ, S100XBJQ |
| Treasury stock | -148 | -262 | -262 | -261 | -337 | S100PV0Q, S100SHD6, S100UZQQ, S100XBJQ |

### 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 | 5,834 | 5,996 | 6,420 | 6,395 | 10,287 |
| Equity | 3,111 | 3,353 | 3,905 | 4,160 | 4,485 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,479 | 1,661 | 1,787 | 1,686 | 2,198 |

## 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) | 10.2% | S100XBJQ |
| Fixed assets ÷ total assets | 13.5% | S100XBJQ |
| Goodwill ÷ parent equity | 45.7% | S100XBJQ |

Goodwill over 4 years: 1 → 2,028 JPY; total investing cash flow: -3,392 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) | 21.4% |
| Cash ÷ revenue | 16.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 112.5% |
| Cash vs. profit gap | 432 JPY mn (of net income 98.8%) |
| Shareholder returns / net income | 37.2% |
| Shareholder returns / FCF | 23.2% |
| Shareholder payments — dividends / net income | 19.8% |
| Shareholder payments — dividends / FCF | 12.4% |
| CapEx intensity (capex ÷ revenue) | 1.2% |
| Investing CF relative to operating CF | 321.7% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 3.5% | 1.59× | 5.6% | 1.88× | 10.5% | S100PV0Q |
| 2022 | 4.5% | 1.50× | 6.8% | 1.83× | 12.4% | S100SHD6 |
| 2023 | 6.6% | 1.39× | 9.2% | 1.71× | 15.7% | S100UZQQ |
| 2024 | 3.8% | 1.40× | 5.3% | 1.59× | 8.5% | S100XBJQ |
| 2025 | 3.2% | 1.64× | 5.2% | 1.94× | 10.2% | S100XBJQ |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 黒須 綾希子 | Major shareholder | 11.2% | 2025-09-30 |
| 佐藤 嵩大 | Major shareholder | 5.5% | 2025-09-30 |
| 不二製油株式会社 | Major shareholder | 5.2% | 2025-09-30 |
| 株式会社シモジマ | Major shareholder | 4.8% | 2025-09-30 |
| 佐藤 成一 | Major shareholder | 3.5% | 2025-09-30 |
| 児玉 佳子 | Major shareholder | 2.3% | 2025-09-30 |
| 野村證券株式会社 | Major shareholder | 1.8% | 2025-09-30 |
| 黒須 則彦 | Major shareholder | 1.4% | 2025-09-30 |
| 株式会社日本カストディ銀行（信託Ｅ口） | Major shareholder | 1.4% | 2025-09-30 |
| 株式会社ＳＢＩ証券 | Major shareholder | 1.2% | 2025-09-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第27期(2024/10/01－2025/09/30) | S100XBJQ | 2025-12-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XBJQ,, |
| 有価証券報告書－第26期(2023/10/01－2024/09/30) | S100UZQQ | 2024-12-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UZQQ,, |
| 有価証券報告書－第25期(2022/10/01－2023/09/30) | S100SHD6 | 2023-12-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SHD6,, |
| 有価証券報告書－第24期(令和3年10月1日－令和4年9月30日) | S100PV0Q | 2022-12-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PV0Q,, |
| 有価証券報告書－第23期(令和2年10月1日－令和3年9月30日) | S100N52A | 2021-12-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100N52A,, |
| 有価証券報告書－第22期(令和1年10月1日－令和2年9月30日) | S100KFW2 | 2020-12-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KFW2,, |

## 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).