# Crossfor Co.,Ltd: business model and financials

> Latest period: FY ending Jul 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第38期(2024/08/01－2025/07/31) (S100WWNJ)
> Page: https://vizora.meequs.com/en/company/crossfor
> Retrieved: 2026-09-30T20:58:27.338Z

## Company

Crossfor, founded in 1987, is a company in Watches, Jewelry & Eyewear listed on TSE Standard. It has 69 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Crossfor Co.,Ltd. |
| Ticker | 7810 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7810.T) |
| Listing | TSE Standard |
| Head office | 山梨県甲府市国母七丁目11番4号 |
| Representative (per filing) | 代表取締役社長 土橋 秀位 |
| Founded | Aug 1987 |
| Share capital | ¥713.3M |
| Employees (consolidated) | 69 |
| Average salary (parent only) | ¥5.1M |
| Fiscal year end | July |
| Website | www.crossfor.com (https://www.crossfor.com/) |
| Corporate number | 1090001001062 |
| EDINET | E33313 |
| Industries (Vizora) | Watches, Jewelry & Eyewear |

> Profile source: annual securities report (S100WWNJ, filed 2025-10-23). As of filing

## Five-axis industry profile

Primary industry: Watches, Jewelry & Eyewear (2025-07-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 42.5 | 20 |
| Profitability | 17.5 | 20 |
| Cash conversion | 2.6 | 19 |
| Efficiency | 16.7 | 21 |
| Financial strength | 12.5 | 4 |

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)

- Crossfor brought in ¥3.76B in revenue.
- Out of every ¥100 of sales, about ¥2 is left as operating profit.
- Revenue changed +10.1% from the prior year, and it swung back to an operating profit.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥3.76B |  |
| Operating income | ¥55.5M | Margin 1.5% |
| Net income | ¥22.1M | Margin 0.6% |
| Free cash flow | -¥144.2M |  |
| Employees (consolidated) | 69 |  |
| EPS | ¥2.19 |  |
| Book value per share | ¥104.95 |  |
| Equity ratio | 35.7% |  |
| Shares outstanding | 17,845,000 |  |
| Treasury shares | 798,000 |  |
| Shareholders | 15,536 |  |
| Average salary (parent only) | ¥5.1M | Filing company only |
| Cash ratio | 10.9% | Net cash -¥1.8B · Cash ÷ revenue 14.6% |
| Vs. industry median margin | -5.2 pp | Watches, Jewelry & Eyewear |
| ROE | 1.2% | Derived from disclosed figures |
| ROA | 0.4% | Derived from disclosed figures |

## Notable figures

- FY2025, parent-company salary changed +34% over five years

## What changed in 5 years

| Metric | FY ending Jul 2020 | FY ending Jul 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥2324336000 | ¥3757259000 | +61.6% |
| Operating income | ¥-413928000 | ¥55452000 | — |
| Operating margin | -17.8% | 1.5% | +19.3 pp |
| Employees | 105 people | 69 people | -34.3% |
| Cash and equivalents | ¥1342085000 | ¥549188000 | -59.1% |

### Change in segment revenue mix

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

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 3,757 | 100.0% | S100WWNJ |
| Cost of revenue | 2,571 | 68.4% | S100WWNJ |
| Gross profit | 1,187 | 31.6% | S100WWNJ |
| SG&A | 1,131 | 30.1% | S100WWNJ |
| Operating income | 55 | 1.5% | S100WWNJ |
| Ordinary income | 24 | 0.6% | S100WWNJ |
| Pretax income | 21 | 0.6% | S100WWNJ |
| Income tax | 3 | 0.1% | S100WWNJ |
| Net income | 17 | 0.5% | S100WWNJ |
| Net income attributable to owners | 22 | 0.6% | S100WWNJ |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 68 |
| SG&A | 30 |
| Operating income | 2 |
| (Ref.) Net income | 1 |

### Margin funnel

Gross margin 31.6% → Operating margin 1.5% → Net margin 0.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Turned profitable
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 3,414 | 3,757 | 343 | +10.1% |
| Gross profit | 1,140 | 1,187 | 46 | +4.1% |
| Operating income | -16 | 55 | 72 | — |
| Net income attributable to owners | 28 | 22 | -6 | -22.2% |
| Operating cash flow | 483 | -126 | -609 | -126.0% |
| Free cash flow | 447 | -144 | -592 | -132.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Jul 2019 | 3,494 | 62 | 1.8% | 14 | 656 | 494 | S100JYRR |
| FY ending Jul 2020 | 2,324 | -414 | -17.8% | -612 | 136 | 42 | S100MOEB |
| FY ending Jul 2021 | 2,812 | -138 | -4.9% | -114 | 176 | 28 | S100PETZ |
| FY ending Jul 2022 | 3,098 | 44 | 1.4% | 222 | -248 | -375 | S100S2YI |
| FY ending Jul 2023 | 3,006 | -204 | -6.8% | -272 | -406 | -567 | S100ULBB |
| FY ending Jul 2024 | 3,414 | -16 | -0.5% | 28 | 483 | 447 | S100WWNJ |
| FY ending Jul 2025 | 3,757 | 55 | 1.5% | 22 | -126 | -144 | S100WWNJ |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥54.5M |
| Operating income per employee (consolidated) | ¥803.7K |
| Net income per employee (consolidated) | ¥320.2K |

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

| History | FY ending Jul 2021 | FY ending Jul 2022 | FY ending Jul 2023 | FY ending Jul 2024 | FY ending Jul 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 90 | 79 | 77 | 74 | 69 |
| Average salary (parent company) | ¥3.8M | ¥4.4M | ¥4.8M | ¥4.8M | ¥5.1M |
| Average age (parent company) | 37.9 years | 40.4 years | 41.5 years | 42.3 years | 42.9 years |
| Average tenure (parent company) | 6.0 years | 7.3 years | 8.4 years | 9.2 years | 9.3 years |

Year over year: Employees (consolidated) -6.8% · Revenue (consolidated) +10.1%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -126 | -3.3% | S100WWNJ |
| Capital expenditure | 18 | 0.5% | S100WWNJ |
| Free cash flow | -144 | -3.8% | 算出 |
| Investing cash flow | -21 | -0.6% | S100WWNJ |
| Financing cash flow | -208 | -5.5% | S100WWNJ |
| Dividends paid | 6 | 0.2% | S100WWNJ |
| Change in cash | -360 | -9.6% | S100WWNJ |
| Cash and equivalents | 549 | 14.6% | S100WWNJ |

## 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 Jul 2021 | FY ending Jul 2022 | FY ending Jul 2023 | FY ending Jul 2024 | FY ending Jul 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 816 | 726 | 585 | 909 | 549 | S100S2YI, S100ULBB, S100WWNJ |
| Total assets | 4,653 | 5,185 | 5,260 | 5,218 | 5,058 | S100PETZ, S100S2YI, S100ULBB, S100WWNJ |
| Net assets | 1,886 | 2,129 | 1,808 | 1,791 | 1,807 | S100S2YI, S100ULBB, S100WWNJ |
| Share capital | 695 | 705 | 711 | 712 | 713 | S100PETZ, S100S2YI, S100ULBB, S100WWNJ |
| Trade receivables | 477 | — | — | — | — | S100PETZ |
| Property, plant and equipment | 1,421 | 1,367 | 1,325 | 1,269 | 1,209 | S100PETZ, S100S2YI, S100ULBB, S100WWNJ |
| Intangible assets excluding goodwill | 72 | 118 | 217 | 201 | 163 | S100PETZ, S100S2YI, S100ULBB, S100WWNJ |
| Investment securities | 0 | 0 | 1 | 0 | 1 | S100PETZ, S100S2YI, S100ULBB, S100WWNJ |
| Current assets | 2,992 | 3,478 | 3,535 | 3,603 | 3,587 | S100PETZ, S100S2YI, S100ULBB, S100WWNJ |
| Current liabilities | 1,387 | 1,275 | 1,252 | 1,546 | 1,748 | S100PETZ, S100S2YI, S100ULBB, S100WWNJ |
| Trade payables | 73 | 174 | 83 | 131 | 150 | S100PETZ, S100S2YI, S100ULBB, S100WWNJ |
| Short-term borrowings | 800 | 600 | 530 | 670 | 850 | S100PETZ, S100S2YI, S100ULBB, S100WWNJ |
| Long-term borrowings | 1,379 | 1,640 | 2,047 | 1,783 | 1,461 | S100PETZ, S100S2YI, S100ULBB, S100WWNJ |
| Bonds | — | 140 | 149 | 95 | 41 | S100S2YI, S100ULBB, S100WWNJ |
| Interest-bearing debt | — | 2,380 | 2,726 | 2,548 | 2,351 | 算出 |
| Total liabilities | 2,767 | 3,056 | 3,452 | 3,428 | 3,251 | S100PETZ, S100S2YI, S100ULBB, S100WWNJ |
| Non-controlling interests | — | — | — | — | 0 | S100WWNJ |
| Equity attributable to owners of parent | 1,854 | 2,093 | 1,774 | 1,793 | 1,811 | S100PETZ, S100S2YI, S100ULBB, S100WWNJ |
| Retained earnings | 391 | 611 | 280 | 295 | 311 | S100PETZ, S100S2YI, S100ULBB, S100WWNJ |
| Treasury stock | -20 | -20 | -20 | -20 | -20 | S100PETZ, S100S2YI, S100ULBB, S100WWNJ |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 11% | S100WWNJ |
| Property, plant and equipment | 24% | S100WWNJ |
| Intangibles and goodwill | 3% | S100WWNJ |
| Investment securities | 0% | S100WWNJ |
| Other assets | 62% | S100WWNJ |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 3% | S100WWNJ |
| Interest-bearing debt | 46% | 算出 |
| Other liabilities | 15% | S100WWNJ |
| Equity | 36% | S100WWNJ |
| Other liabilities | 0% | S100WWNJ |

### Balance sheet history

| Metric | FY ending Jul 2021 | FY ending Jul 2022 | FY ending Jul 2023 | FY ending Jul 2024 | FY ending Jul 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 4,653 | 5,185 | 5,260 | 5,218 | 5,058 |
| Equity | 1,886 | 2,129 | 1,808 | 1,791 | 1,807 |
| Interest-bearing debt | — | 2,380 | 2,726 | 2,548 | 2,351 |
| Cash | 816 | 726 | 585 | 909 | 549 |

## 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) | 32.2% | S100WWNJ |
| Fixed assets ÷ total assets | 23.9% | S100WWNJ |
| Goodwill ÷ parent equity | — | —, S100WWNJ |

### 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) | 10.9% |
| Cash ÷ revenue | 14.6% |
| Net cash (cash − interest-bearing debt) | -¥1.8B |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -226.9% |
| Cash vs. profit gap | -148 JPY mn (of net income -669.5%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 26.9% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.5% |
| Investing CF relative to operating CF | — |

## 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 | — | —× | -2.4% | —× | — | S100PETZ |
| 2022 | 7.1% | 0.63× | 4.5% | 2.49× | 11.2% | S100S2YI |
| 2023 | — | —× | -5.2% | —× | — | S100ULBB |
| 2024 | 0.8% | 0.65× | 0.5% | 2.94× | 1.6% | S100WWNJ |
| 2025 | 0.6% | 0.73× | 0.4% | 2.85× | 1.2% | S100WWNJ |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社Ｓ．Ｈホールディングス | Major shareholder | 43.9% | 2025-07-31 |
| 土橋 秀位 | Major shareholder | 3.0% | 2025-07-31 |
| 内藤 彰彦 | Major shareholder | 1.5% | 2025-07-31 |
| 土橋 祥子 | Major shareholder | 1.1% | 2025-07-31 |
| 山口 毅 | Major shareholder | 1.0% | 2025-07-31 |
| 奥野 辰也 | Major shareholder | 0.9% | 2025-07-31 |
| 土橋 元気 | Major shareholder | 0.8% | 2025-07-31 |
| 土橋 翼 | Major shareholder | 0.8% | 2025-07-31 |
| 笠松 紀之 | Major shareholder | 0.6% | 2025-07-31 |
| クロスフォー従業員持株会 | Major shareholder | 0.6% | 2025-07-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第38期(2024/08/01－2025/07/31) | S100WWNJ | 2025-10-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WWNJ,, |
| 有価証券報告書－第37期(2023/08/01－2024/07/31) | S100ULBB | 2024-10-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100ULBB,, |
| 有価証券報告書－第36期(2022/08/01－2023/07/31) | S100S2YI | 2023-10-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100S2YI,, |
| 有価証券報告書－第35期(令和3年8月1日－令和4年7月31日) | S100PETZ | 2022-10-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PETZ,, |
| 有価証券報告書－第34期(令和2年8月1日－令和3年7月31日) | S100MOEB | 2021-10-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MOEB,, |
| 有価証券報告書－第33期(令和1年8月1日－令和2年7月31日) | S100JYRR | 2020-10-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100JYRR,, |

## 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).