# CURVES HOLDINGS Co., Ltd.: business model and financials

> Latest period: FY ending Aug 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第17期(2024/09/01－2025/08/31) (S100X61U)
> Page: https://vizora.meequs.com/en/company/curves-holdings
> Retrieved: 2026-09-30T20:00:09.208Z

## Company

Curves Holdings, founded in 2008, is a company in Sporting Goods & Fitness listed on TSE Prime. It has 601 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | CURVES HOLDINGS Co., Ltd. |
| Ticker | 7085 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7085.T) |
| Listing | TSE Prime |
| Head office | 東京都港区芝浦三丁目9番1号 |
| Representative (per filing) | 代表取締役社長 兼 グループCEO 増本 岳 |
| Founded | Oct 2008 |
| Share capital | ¥848M |
| Employees (consolidated) | 601 |
| Average salary (parent only) | ¥6.2M |
| Fiscal year end | August |
| Website | www.curvesholdings.co.jp (https://www.curvesholdings.co.jp/) |
| Corporate number | 5070001005771 |
| EDINET | E35488 |
| Industries (Vizora) | Sporting Goods & Fitness |

> Profile source: annual securities report (S100X61U, filed 2025-11-21). As of filing

## Five-axis industry profile

Primary industry: Sporting Goods & Fitness (2025-08-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 41.7 | 18 |
| Profitability | 77.5 | 20 |
| Cash conversion | 50 | 17 |
| Efficiency | 27.5 | 20 |

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)

- Curves Holdings brought in ¥37.6B in revenue.
- Out of every ¥100 of sales, about ¥17 is left as operating profit.
- Revenue changed +5.9% from the prior year, operating profit +16.2%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥37566000000 → ¥4303000000
- Net income → operating cash flow: ¥4303000000 → ¥6211000000（difference ¥1908000000）
- Main uses of operating cash flow: CapEx ¥694000000 / dividends ¥1595000000 / buybacks ¥0
- Change in cash: ¥381000000
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 | ¥37.6B |  |
| Operating income | ¥6.34B | Margin 16.9% |
| Net income | ¥4.3B | Margin 11.5% |
| Free cash flow | ¥5.52B |  |
| Employees (consolidated) | 601 |  |
| EPS | ¥39.52 |  |
| Book value per share | ¥88.3 |  |
| Equity ratio | 51.4% |  |
| Shares outstanding | 93,857,493 |  |
| Treasury shares | 200 |  |
| Shareholders | 46,890 |  |
| Average salary (parent only) | ¥6.2M | Filing company only |
| Cash ratio | 21.4% | Cash ÷ revenue 22.3% |
| Vs. industry median margin | +11.3 pp | Sporting Goods & Fitness |
| ROE | 29.7% | Derived from disclosed figures |
| ROA | 10.7% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Aug 2020 | FY ending Aug 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥25082276000 | ¥37566000000 | +49.8% |
| Operating income | ¥1167282000 | ¥6342000000 | +443.3% |
| Operating margin | 4.7% | 16.9% | +12.2 pp |
| Employees | 548 people | 601 people | +9.7% |
| Cash and equivalents | ¥9533587000 | ¥8383000000 | -12.1% |

### Change in segment revenue mix

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

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 37,566 | 100.0% | S100X61U |
| Cost of revenue | 21,517 | 57.3% | S100X61U |
| Gross profit | 16,048 | 42.7% | S100X61U |
| SG&A | 9,706 | 25.8% | S100X61U |
| Operating income | 6,342 | 16.9% | S100X61U |
| Ordinary income | 6,481 | 17.3% | S100X61U |
| Pretax income | 6,467 | 17.2% | S100X61U |
| Income tax | 2,163 | 5.8% | S100X61U |
| Net income | 4,303 | 11.5% | S100X61U |
| Net income attributable to owners | 4,303 | 11.5% | S100X61U |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 57 |
| SG&A | 26 |
| Operating income | 17 |
| (Ref.) Net income | 11 |

### Margin funnel

Gross margin 42.7% → Operating margin 16.9% → Net margin 11.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +5.9%; Core profit growth: +16.2%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.73×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 35,465 | 37,566 | 2,101 | +5.9% |
| Gross profit | 15,145 | 16,048 | 903 | +6.0% |
| Operating income | 5,458 | 6,342 | 884 | +16.2% |
| Net income attributable to owners | 3,566 | 4,303 | 737 | +20.7% |
| Operating cash flow | 5,426 | 6,211 | 785 | +14.5% |
| Free cash flow | 4,472 | 5,517 | 1,045 | +23.4% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Aug 2019 | 28,036 | 5,436 | 19.4% | 3,707 | 5,322 | 4,909 | S100K9C5 |
| FY ending Aug 2020 | 25,082 | 1,167 | 4.7% | 765 | 1,882 | 1,458 | S100MXY8 |
| FY ending Aug 2021 | 24,681 | 1,622 | 6.6% | 1,130 | 3,241 | 2,583 | S100POO2 |
| FY ending Aug 2022 | 27,510 | 2,743 | 10.0% | 2,248 | 3,273 | 2,338 | S100SCIX |
| FY ending Aug 2023 | 30,022 | 3,852 | 12.8% | 2,551 | 4,921 | 4,071 | S100UUKD |
| FY ending Aug 2024 | 35,465 | 5,458 | 15.4% | 3,566 | 5,426 | 4,472 | S100X61U |
| FY ending Aug 2025 | 37,566 | 6,342 | 16.9% | 4,303 | 6,211 | 5,517 | S100X61U |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥62.5M |
| Operating income per employee (consolidated) | ¥10.6M |
| Net income per employee (consolidated) | ¥7.2M |

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

| History | FY ending Aug 2021 | FY ending Aug 2022 | FY ending Aug 2023 | FY ending Aug 2024 | FY ending Aug 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 565 | 557 | 568 | 568 | 601 |
| Average salary (parent company) | ¥5.5M | ¥5.9M | ¥5.9M | ¥6.3M | ¥6.2M |
| Average age (parent company) | 36.9 years | 37.8 years | 38.0 years | 38.1 years | 37.8 years |
| Average tenure (parent company) | 4.1 years | 5.3 years | 5.9 years | 5.9 years | 6.4 years |

Year over year: Employees (consolidated) +5.8% · Revenue (consolidated) +5.9%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 6,211 | 16.5% | S100X61U |
| Capital expenditure | 694 | 1.8% | S100X61U |
| Free cash flow | 5,517 | 14.7% | 算出 |
| Investing cash flow | -727 | -1.9% | S100X61U |
| Financing cash flow | -4,892 | -13.0% | S100X61U |
| Dividends paid | 1,595 | 4.2% | S100X61U |
| Share buyback | 0 | 0.0% | S100X61U |
| Change in cash | 381 | 1.0% | S100X61U |
| Cash and equivalents | 8,383 | 22.3% | S100X61U |

## 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 Aug 2021 | FY ending Aug 2022 | FY ending Aug 2023 | FY ending Aug 2024 | FY ending Aug 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 9,760 | 7,944 | 7,855 | 8,002 | 8,383 | S100SCIX, S100UUKD, S100X61U |
| Total assets | 36,285 | 38,352 | 39,111 | 41,374 | 39,205 | S100POO2, S100SCIX, S100UUKD, S100X61U |
| Net assets | 9,164 | 12,356 | 15,070 | 19,409 | 20,160 | S100SCIX, S100UUKD, S100X61U |
| Share capital | 849 | 849 | 849 | 848 | 848 | S100POO2, S100SCIX, S100UUKD, S100X61U |
| Trade receivables | 3,857 | 4,156 | 4,445 | 5,128 | 5,592 | S100POO2, S100SCIX, S100UUKD, S100X61U |
| Property, plant and equipment | 506 | 425 | 437 | 483 | 602 | S100POO2, S100SCIX, S100UUKD, S100X61U |
| Intangible assets excluding goodwill | 20,128 | 23,402 | 23,183 | 24,238 | 20,379 | S100POO2, S100SCIX, S100UUKD, S100X61U |
| Goodwill | 1,346 | 1,560 | 1,546 | 1,598 | 1,347 | S100POO2, S100SCIX, S100UUKD, S100X61U |
| Investment securities | 60 | 29 | 17 | — | — | S100POO2, S100SCIX, S100UUKD |
| Current assets | 14,961 | 13,739 | 14,338 | 15,490 | 16,916 | S100POO2, S100SCIX, S100UUKD, S100X61U |
| Current liabilities | 8,930 | 9,308 | 10,687 | 11,654 | 11,451 | S100POO2, S100SCIX, S100UUKD, S100X61U |
| Trade payables | 1,691 | 1,747 | 2,028 | 2,338 | 2,671 | S100POO2, S100SCIX, S100UUKD, S100X61U |
| Long-term borrowings | 14,330 | 11,956 | 8,666 | 5,375 | 3,334 | S100POO2, S100SCIX, S100UUKD, S100X61U |
| Total liabilities | 27,121 | 25,996 | 24,041 | 21,965 | 19,045 | S100POO2, S100SCIX, S100UUKD, S100X61U |
| Equity attributable to owners of parent | 8,666 | 8,868 | 10,622 | 13,158 | 15,866 | S100POO2, S100SCIX, S100UUKD, S100X61U |
| Retained earnings | 6,988 | 8,438 | 10,192 | 12,726 | 15,434 | S100POO2, S100SCIX, S100UUKD, S100X61U |
| Treasury stock | -0 | -1,247 | -1,247 | -1,245 | -1,244 | S100POO2, S100SCIX, S100UUKD, S100X61U |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 21% | S100X61U |
| Receivables | 14% | S100X61U |
| Property, plant and equipment | 2% | S100X61U |
| Intangibles and goodwill | 56% | S100X61U |
| Other assets | 7% | S100X61U |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 7% | S100X61U |
| Other liabilities | 42% | S100X61U |
| Equity | 51% | S100X61U |

### Balance sheet history

| Metric | FY ending Aug 2021 | FY ending Aug 2022 | FY ending Aug 2023 | FY ending Aug 2024 | FY ending Aug 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 36,285 | 38,352 | 39,111 | 41,374 | 39,205 |
| Equity | 9,164 | 12,356 | 15,070 | 19,409 | 20,160 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 9,760 | 7,944 | 7,855 | 8,002 | 8,383 |

## 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) | 1.6% | S100X61U |
| Fixed assets ÷ total assets | 1.5% | S100X61U |
| Goodwill ÷ parent equity | 8.5% | S100X61U |

Goodwill over 4 years: 1,346 → 1,347 JPY; total investing cash flow: -4,263 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 | 22.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 97.9% |
| Cash vs. profit gap | 1,908 JPY mn (of net income 44.3%) |
| Shareholder returns / net income | 37.1% |
| Shareholder returns / FCF | 28.9% |
| Shareholder payments — dividends / net income | 37.1% |
| Shareholder payments — dividends / FCF | 28.9% |
| CapEx intensity (capex ÷ revenue) | 1.8% |
| Investing CF relative to operating CF | 11.7% |

## 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 | 4.6% | 0.68× | 3.1% | 4.19× | 13.0% | S100POO2 |
| 2022 | 8.2% | 0.74× | 6.0% | 4.26× | 25.6% | S100SCIX |
| 2023 | 8.5% | 0.78× | 6.6% | 3.97× | 26.2% | S100UUKD |
| 2024 | 10.1% | 0.88× | 8.9% | 3.38× | 30.0% | S100X61U |
| 2025 | 11.5% | 0.93× | 10.7% | 2.78× | 29.7% | S100X61U |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社ヨウザン | Major shareholder | 31.7% | 2025-08-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 10.9% | 2025-08-31 |
| NORTHERN TRUST CO.(AVFC) RE FIDELITY FUNDS（常任代理人 香港上海銀行東京支店 カストディ業務部） | Major shareholder | 6.5% | 2025-08-31 |
| 株式会社ティーワイエヌ | Major shareholder | 5.4% | 2025-08-31 |
| 株式会社アイエムオー | Major shareholder | 4.0% | 2025-08-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 2.9% | 2025-08-31 |
| 坂本 眞樹 | Major shareholder | 2.2% | 2025-08-31 |
| 増本 陽子 | Major shareholder | 2.2% | 2025-08-31 |
| 株式会社日本カストディ銀行（信託Ｅ口） | Major shareholder | 1.9% | 2025-08-31 |
| THE NOMURA TRUST AND BANKING CO., LTD. AS THE TRUSTEE OF REPURCHASE AGREEMENT MOTHER FUND （常任代理人 シティバンク、エヌ・エイ東京支店 カストディ業務部） | Major shareholder | 1.9% | 2025-08-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第17期(2024/09/01－2025/08/31) | S100X61U | 2025-11-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100X61U,, |
| 有価証券報告書－第16期(2023/09/01－2024/08/31) | S100UUKD | 2024-11-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UUKD,, |
| 有価証券報告書－第15期(2022/09/01－2023/08/31) | S100SCIX | 2023-11-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SCIX,, |
| 有価証券報告書－第14期(令和3年9月1日－令和4年8月31日) | S100POO2 | 2022-11-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100POO2,, |
| 有価証券報告書－第13期(令和2年9月1日－令和3年8月31日) | S100MXY8 | 2021-11-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MXY8,, |
| 有価証券報告書－第12期(令和1年9月1日－令和2年8月31日) | S100K9C5 | 2020-11-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100K9C5,, |

## 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).