# Decollte Holdings Corporation: business model and financials

> Latest period: FY ending Sep 2025, consolidated, IFRS
> Unit: JPY millions
> Sources: 有価証券報告書－第9期(2024/10/01－2025/09/30) (S100XBN5)
> Page: https://vizora.meequs.com/en/company/decollte-holdings
> Retrieved: 2026-09-30T21:05:32.319Z

## Company

Decollte Holdings, founded in 2016, is a company in Sporting Goods & Fitness listed on TSE Growth. It has 469 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Decollte Holdings Corporation |
| Ticker | 7372 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7372.T) |
| Listing | TSE Growth |
| Head office | 神戸市中央区加納町4丁目4番17号 ニッセイ三宮ビル12階 |
| Representative (per filing) | 代表取締役社長 新井 賢二 |
| Founded | Dec 2016 |
| Share capital | ¥155.4M |
| Employees (consolidated) | 469 |
| Average salary (parent only) | ¥4.8M |
| Fiscal year end | September |
| Website | decollte.co.jp (https://decollte.co.jp/) |
| Corporate number | 2010001180292 |
| EDINET | E36629 |
| Industries (Vizora) | Sporting Goods & Fitness, Weddings |

> Profile source: annual securities report (S100XBN5, filed 2025-12-19). As of filing

## Five-axis industry profile

Primary industry: Weddings (2025-09-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 50 | 7 |
| Profitability | 27.8 | 9 |
| Cash conversion | 94.4 | 9 |
| Efficiency | 5.6 | 9 |

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 100% of Decollte Holdings's sales come from Studio, with Other making up much of the rest.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed +8.2% from the prior year, operating profit +34.3%.

## Company structure

- Segment revenue mix: Studio 99.5%、Other 0.5%
- Revenue → net income: ¥6046172000 → ¥145543000
- Net income → operating cash flow: ¥145543000 → ¥1366537000（difference ¥1220994000）
- Main uses of operating cash flow: CapEx ¥180165000 / dividends — / buybacks —
- Change in cash: ¥107198000
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 | ¥6.05B |  |
| Operating income | ¥294.9M | Margin 4.9% |
| Net income | ¥145.5M | Margin 2.4% |
| Free cash flow | ¥1.19B |  |
| Largest business | Studio | of segment revenue 99.5% |
| Employees (consolidated) | 469 |  |
| EPS | ¥28.42 |  |
| Book value per share | ¥480.92 |  |
| Equity ratio | 40.4% | Derived from disclosed figures |
| Shares outstanding | 5,670,000 |  |
| Treasury shares | 542,500 |  |
| Shareholders | 2,561 |  |
| Average salary (parent only) | ¥4.8M | Filing company only |
| Cash ratio | 2.7% | Cash ÷ revenue 5.5% |
| Vs. industry median margin | -3.2 pp | Weddings |
| ROE | 3.0% | Derived from disclosed figures |
| ROA | 1.2% | Derived from disclosed figures |

## Notable figures

- FY2025, operating cash flow is 9.4× net income
- FY2025, one segment accounts for 100% of positive segment profit
- FY2025, cash is 3% of total assets

## What changed in 5 years

| Metric | FY ending Sep 2020 | FY ending Sep 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥3670431000 | ¥6046172000 | +64.7% |
| Operating income | ¥416731000 | ¥294860000 | -29.2% |
| Operating margin | 11.4% | 4.9% | -6.5 pp |
| Employees | 376 people | 469 people | +24.7% |
| Cash and equivalents | ¥1588120000 | ¥329696000 | -79.2% |

### 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 |
| --- | ---: |
| スタジオ事業 → スタジオ事業 | 97.7% |
| その他 → その他 | 0.5% |
| その他 → 事業再編・廃止 | 1.9% |
| 新設・再編 → スタジオ事業 | 1.9% |

Segment revenue source references: 4 (derived)

## Income statement（FY ending Sep 2025, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 6,046 | 100.0% | S100XBN5 |
| Cost of revenue | 3,968 | 65.6% | S100XBN5 |
| Gross profit | 2,078 | 34.4% | S100XBN5 |
| SG&A | 1,647 | 27.2% | S100XBN5 |
| Operating income | 295 | 4.9% | S100XBN5 |
| Pretax income | 199 | 3.3% | S100XBN5 |
| Income tax | 53 | 0.9% | S100XBN5 |
| Net income | 146 | 2.4% | S100XBN5 |
| Net income attributable to owners | 146 | 2.4% | S100XBN5 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 66 |
| SG&A | 27 |
| Other operating | 2 |
| Operating income | 5 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 34.4% → Operating margin 4.9% → Net margin 2.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +8.2%; Core profit growth: +34.3%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 4.20×
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 | 5,590 | 6,046 | 457 | +8.2% |
| Gross profit | 1,842 | 2,078 | 236 | +12.8% |
| Operating income | 220 | 295 | 75 | +34.3% |
| Net income attributable to owners | 106 | 146 | 39 | +37.1% |
| Operating cash flow | 716 | 1,367 | 651 | +90.9% |
| Free cash flow | 515 | 1,186 | 671 | +130.4% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Sep 2019 | 4,704 | — | — | 468 | 1,233 | — | S100SHZG |
| FY ending Sep 2020 | 3,670 | 417 | 11.4% | 172 | 636 | 515 | S100N47D |
| FY ending Sep 2021 | 4,592 | 872 | 19.0% | 575 | 1,247 | 960 | S100PVCH |
| FY ending Sep 2022 | 5,322 | 1,378 | 25.9% | 1,019 | 1,152 | 915 | S100SHZG |
| FY ending Sep 2023 | 5,854 | 891 | 15.2% | 492 | 1,236 | 600 | S100UZAF |
| FY ending Sep 2024 | 5,590 | 220 | 3.9% | 106 | 716 | 515 | S100XBN5 |
| FY ending Sep 2025 | 6,046 | 295 | 4.9% | 146 | 1,367 | 1,186 | S100XBN5 |

## People and productivity（FY ending Sep 2025, consolidated, IFRS）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥12.9M |
| Operating income per employee (consolidated) | ¥628.7K |
| Net income per employee (consolidated) | ¥310.3K |

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) | 357 | 365 | 395 | 444 | 469 |
| Average salary (parent company) | ¥4.9M | ¥4.6M | ¥4.2M | ¥5.2M | ¥4.8M |
| Average age (parent company) | 33.0 years | 35.4 years | 36.4 years | 37.1 years | 37.7 years |
| Average tenure (parent company) | 3.2 years | 4.0 years | 4.0 years | 4.6 years | 5.1 years |

Year over year: Employees (consolidated) +5.6% · Revenue (consolidated) +8.2%

## Segments（FY ending Sep 2025, consolidated, IFRS、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Studio | 6,017 | 99.5% | 318 | 5.3% |
| Other | 29 | 0.5% | -23 | -80.8% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Studio | 99.5% | 100.0% | 0.5 | 5.3% |
| Other | 0.5% | — | — | -80.8% |

Loss-making segment (excluded from profit shares): Other -23 JPY mn

Segment → industry: Other → Sporting Goods & Fitness / Studio → Weddings

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Sep 2025, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 1,367 | 22.6% | S100XBN5 |
| Capital expenditure | 180 | 3.0% | S100XBN5 |
| Free cash flow | 1,186 | 19.6% | 算出 |
| Investing cash flow | -265 | -4.4% | S100XBN5 |
| Financing cash flow | -995 | -16.5% | S100XBN5 |
| Change in cash | 107 | 1.8% | S100XBN5 |
| Cash and equivalents | 330 | 5.5% | S100XBN5 |

## 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 | 1,288 | 1,351 | 809 | 222 | 330 | S100SHZG, S100UZAF, S100XBN5 |
| Total assets | 11,153 | 12,588 | 13,654 | 12,778 | 12,323 | S100PVCH, S100SHZG, S100UZAF, S100XBN5 |
| Net assets | 3,827 | 4,257 | 4,763 | 4,832 | 4,982 | S100SHZG, S100UZAF, S100XBN5 |
| Share capital | 155 | 155 | 155 | 155 | 155 | S100PVCH, S100SHZG, S100UZAF, S100XBN5 |
| Property, plant and equipment | 802 | 939 | 1,311 | 1,263 | 1,208 | S100PVCH, S100SHZG, S100UZAF, S100XBN5 |
| Goodwill | 5,636 | 5,636 | 5,636 | 5,636 | 5,636 | S100PVCH, S100SHZG, S100UZAF, S100XBN5 |
| Current assets | 1,630 | 1,723 | 1,276 | 773 | 809 | S100PVCH, S100SHZG, S100UZAF, S100XBN5 |
| Total liabilities | 7,326 | 8,331 | 8,890 | 7,947 | 7,341 | S100PVCH, S100SHZG, S100UZAF, S100XBN5 |
| Equity attributable to owners of parent | 3,827 | 4,257 | 4,763 | 4,832 | 4,982 | S100PVCH, S100SHZG, S100UZAF, S100XBN5 |
| Retained earnings | 901 | 1,920 | 2,412 | 2,518 | 2,664 | S100PVCH, S100SHZG, S100UZAF, S100XBN5 |
| Treasury stock | -0 | -600 | -600 | -590 | -569 | S100PVCH, S100SHZG, S100UZAF, S100XBN5 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 2% | S100XBN5 |
| Property, plant and equipment | 10% | S100XBN5 |
| Intangibles and goodwill | 46% | — |
| Other assets | 42% | S100XBN5 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 60% | S100XBN5 |
| Equity | 40% | S100XBN5 |
| Other liabilities | 0% | S100XBN5 |

### 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 | 11,153 | 12,588 | 13,654 | 12,778 | 12,323 |
| Equity | 3,827 | 4,257 | 4,763 | 4,832 | 4,982 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,288 | 1,351 | 809 | 222 | 330 |

## 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) | 20.0% | S100XBN5 |
| Fixed assets ÷ total assets | 9.8% | S100XBN5 |
| Goodwill ÷ parent equity | 113.1% | S100XBN5 |

Goodwill over 4 years: 5,636 → 5,636 JPY; total investing cash flow: -1,368 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) | 2.7% |
| Cash ÷ revenue | 5.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 463.5% |
| Cash vs. profit gap | 1,221 JPY mn (of net income 838.9%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 3.0% |
| Investing CF relative to operating CF | 19.4% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 12.5% | 0.41× | 5.2% | 2.91× | 15.0% | S100PVCH |
| 2022 | 19.1% | 0.45× | 8.6% | 2.94× | 25.2% | S100SHZG |
| 2023 | 8.4% | 0.45× | 3.7% | 2.91× | 10.9% | S100UZAF |
| 2024 | 1.9% | 0.42× | 0.8% | 2.75× | 2.2% | S100XBN5 |
| 2025 | 2.4% | 0.48× | 1.2% | 2.56× | 3.0% | S100XBN5 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社ＩＢＪ | Major shareholder | 33.0% | 2025-09-30 |
| 小林 健一郎 | Major shareholder | 5.5% | 2025-09-30 |
| 株式会社日本カストディ銀行 （信託口） | Major shareholder | 3.7% | 2025-09-30 |
| 株式会社MIXI | Major shareholder | 3.5% | 2025-09-30 |
| 楽天証券株式会社 | Major shareholder | 2.9% | 2025-09-30 |
| 平松 裕将 | Major shareholder | 2.0% | 2025-09-30 |
| 塚田 崇 | Major shareholder | 1.5% | 2025-09-30 |
| 野村證券株式会社 | Major shareholder | 1.5% | 2025-09-30 |
| 株式会社ＳＢＩ証券 | Major shareholder | 1.5% | 2025-09-30 |
| 前田 朋己 | Major shareholder | 1.4% | 2025-09-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第9期(2024/10/01－2025/09/30) | S100XBN5 | 2025-12-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XBN5,, |
| 有価証券報告書－第8期(2023/10/01－2024/09/30) | S100UZAF | 2024-12-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UZAF,, |
| 有価証券報告書－第7期(2022/10/01－2023/09/30) | S100SHZG | 2023-12-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SHZG,, |
| 有価証券報告書－第6期(令和3年10月1日－令和4年9月30日) | S100PVCH | 2022-12-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PVCH,, |
| 有価証券報告書－第5期(令和2年10月1日－令和3年9月30日) | S100N47D | 2021-12-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100N47D,, |

## 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).