# Earth Corporation: business model and financials

> Latest period: FY ending Dec 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第102期(2025/01/01－2025/12/31) (S100XSLS)
> Page: https://vizora.meequs.com/en/company/earth
> Retrieved: 2026-09-30T20:20:48.223Z

## Company

Earth, founded in 1925, is a company in Toiletries & Household Products listed on TSE Prime. It has 4,963 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Earth Corporation |
| Ticker | 4985 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4985.T) |
| Listing | TSE Prime |
| Head office | 東京都千代田区神田司町二丁目12番地1 |
| Representative (per filing) | 代表取締役社長 CEO(兼)グループ各社取締役会長 川端克宜 |
| Founded | Aug 1925 |
| Share capital | ¥10.2B |
| Employees (consolidated) | 4,963 |
| Average salary (parent only) | ¥7.7M |
| Fiscal year end | December |
| Website | corp.earth.jp (https://corp.earth.jp/) |
| Corporate number | 9010001009832 |
| EDINET | E01015 |
| Industries (Vizora) | Toiletries & Household Products |

> Profile source: annual securities report (S100XSLS, filed 2026-03-24). As of filing

## Five-axis industry profile

Primary industry: Toiletries & Household Products (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 5 | 10 |
| Profitability | 50 | 9 |
| Cash conversion | 50 | 9 |
| Efficiency | 95 | 10 |

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 81% of Earth's sales come from Household products business, with General sanitary management making up much of the rest.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed +5.9% from the prior year, operating profit +25.9%.

## Company structure

- Segment revenue mix: Household products business 81.1%、General sanitary management 18.9%
- Revenue → net income: ¥179182000000 → ¥5591000000
- Net income → operating cash flow: ¥5591000000 → ¥10795000000（difference ¥5204000000）
- Main uses of operating cash flow: CapEx ¥4172000000 / dividends ¥2613000000 / buybacks ¥0
- Change in cash: ¥6154000000
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 | ¥179.2B |  |
| Operating income | ¥8.09B | Margin 4.5% |
| Net income | ¥5.24B | Margin 2.9% |
| Free cash flow | ¥6.62B |  |
| Largest business | Household products business | of segment revenue 81.1% |
| Employees (consolidated) | 4,963 |  |
| EPS | ¥178.3 |  |
| Book value per share | ¥2354.65 |  |
| Equity ratio | 50.2% |  |
| Shares outstanding | 22,209,000 |  |
| Treasury shares | 362,300 |  |
| Shareholders | 30,479 |  |
| Average salary (parent only) | ¥7.7M | Filing company only |
| Cash ratio | 15.3% | Cash ÷ revenue 12.8% |
| Vs. industry median margin | 0 pp | Toiletries & Household Products |
| ROE | 8.4% | Derived from disclosed figures |
| ROA | 3.7% | Derived from disclosed figures |

## Notable figures

- FY2025, operating cash flow is 2.1× net income
- FY2025, one segment accounts for 81% of positive segment profit

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥196045000000 | ¥179182000000 | -8.6% |
| Operating income | ¥11416000000 | ¥8087000000 | -29.2% |
| Operating margin | 5.8% | 4.5% | -1.3 pp |
| Employees | 4,255 people | 4,963 people | +16.6% |
| Cash and equivalents | ¥23716000000 | ¥22930000000 | -3.3% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| 家庭用品事業 → 家庭用品事業 | 81.1% |
| 家庭用品事業 → 事業再編・廃止 | 5.5% |
| 総合環境衛生事業 → 総合環境衛生事業 | 13.4% |
| 新設・再編 → 総合環境衛生事業 | 5.5% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 179,182 | 100.0% | S100XSLS |
| Cost of revenue | 104,448 | 58.3% | S100XSLS |
| Gross profit | 74,733 | 41.7% | S100XSLS |
| SG&A | 66,645 | 37.2% | S100XSLS |
| Operating income | 8,087 | 4.5% | S100XSLS |
| Ordinary income | 8,893 | 5.0% | S100XSLS |
| Pretax income | 8,075 | 4.5% | S100XSLS |
| Income tax | 2,483 | 1.4% | S100XSLS |
| Net income | 5,591 | 3.1% | S100XSLS |
| Net income attributable to owners | 5,238 | 2.9% | S100XSLS |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 58 |
| SG&A | 37 |
| Operating income | 5 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 41.7% → Operating margin 4.5% → Net margin 2.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +5.9%; Core profit growth: +25.9%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 4.42×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 169,278 | 179,182 | 9,904 | +5.9% |
| Gross profit | 68,968 | 74,733 | 5,765 | +8.4% |
| Operating income | 6,425 | 8,087 | 1,662 | +25.9% |
| Net income attributable to owners | 3,475 | 5,238 | 1,763 | +50.7% |
| Operating cash flow | 13,964 | 10,795 | -3,169 | -22.7% |
| Free cash flow | 9,198 | 6,623 | -2,575 | -28.0% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 189,527 | 3,916 | 2.1% | 1,250 | 10,022 | 7,634 | S100L1XX |
| FY ending Dec 2020 | 196,045 | 11,416 | 5.8% | 3,547 | 24,590 | 22,292 | S100NQUW |
| FY ending Dec 2021 | 203,785 | 10,667 | 5.2% | 7,142 | 4,814 | 1,912 | S100QFOX |
| FY ending Dec 2022 | 152,339 | 7,434 | 4.9% | 5,303 | 3,901 | -1,991 | S100T3MR |
| FY ending Dec 2023 | 158,344 | 6,370 | 4.0% | 4,102 | 7,524 | 1,481 | S100VI8H |
| FY ending Dec 2024 | 169,278 | 6,425 | 3.8% | 3,475 | 13,964 | 9,198 | S100XSLS |
| FY ending Dec 2025 | 179,182 | 8,087 | 4.5% | 5,238 | 10,795 | 6,623 | S100XSLS |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥36.1M |
| Operating income per employee (consolidated) | ¥1.6M |
| Net income per employee (consolidated) | ¥1.1M |

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

| History | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 4,522 | 4,727 | 4,788 | 4,878 | 4,963 |
| Average salary (parent company) | ¥7.4M | ¥7.2M | ¥6.6M | ¥6.8M | ¥7.7M |
| Average age (parent company) | 42.6 years | 42.7 years | 42.2 years | 42.5 years | 42.3 years |
| Average tenure (parent company) | 14.2 years | 14.2 years | 13.8 years | 13.8 years | 13.6 years |

Year over year: Employees (consolidated) +1.7% · Revenue (consolidated) +5.9%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Household products business | 145,263 | 81.1% | 6,501 | 4.5% |
| General sanitary management | 33,918 | 18.9% | 1,530 | 4.5% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Household products business | 81.1% | 80.9% | -0.1 | 4.5% |
| General sanitary management | 18.9% | 19.1% | 0.1 | 4.5% |

Segment → industry: Household products business → Toiletries & Household Products

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 10,795 | 6.0% | S100XSLS |
| Capital expenditure | 4,172 | 2.3% | S100XSLS |
| Free cash flow | 6,623 | 3.7% | 算出 |
| Investing cash flow | -3,759 | -2.1% | S100XSLS |
| Financing cash flow | -1,016 | -0.6% | S100XSLS |
| Dividends paid | 2,613 | 1.5% | S100XSLS |
| Share buyback | 0 | 0.0% | S100XSLS |
| Change in cash | 6,154 | 3.4% | S100XSLS |
| Cash and equivalents | 22,930 | 12.8% | S100XSLS |

## 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 Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 21,027 | 14,772 | 17,505 | 16,775 | 22,930 | S100T3MR, S100VI8H, S100XSLS |
| Total assets | 120,715 | 124,489 | 132,407 | 135,636 | 149,382 | S100QFOX, S100T3MR, S100VI8H, S100XSLS |
| Net assets | 64,596 | 68,018 | 72,000 | 74,652 | 81,290 | S100T3MR, S100VI8H, S100XSLS |
| Share capital | 9,895 | 9,895 | 10,043 | 10,192 | 10,192 | S100QFOX, S100T3MR, S100VI8H, S100XSLS |
| Trade receivables | 21,210 | 22,321 | 23,573 | 23,293 | 23,197 | S100QFOX, S100T3MR, S100VI8H, S100XSLS |
| Property, plant and equipment | 27,551 | 29,483 | 31,383 | 31,443 | 29,375 | S100QFOX, S100T3MR, S100VI8H, S100XSLS |
| Intangible assets excluding goodwill | 4,276 | 5,355 | 8,774 | 7,428 | 7,543 | S100QFOX, S100T3MR, S100VI8H, S100XSLS |
| Goodwill | 423 | 105 | 1,261 | 1,013 | 1,186 | S100QFOX, S100T3MR, S100VI8H, S100XSLS |
| Investment securities | 6,025 | 5,261 | 5,162 | 5,440 | 6,630 | S100QFOX, S100T3MR, S100VI8H, S100XSLS |
| Current assets | 74,018 | 73,962 | 74,170 | 75,073 | 84,339 | S100QFOX, S100T3MR, S100VI8H, S100XSLS |
| Current liabilities | 52,300 | 53,341 | 57,493 | 57,877 | 62,954 | S100QFOX, S100T3MR, S100VI8H, S100XSLS |
| Trade payables | 22,617 | 24,236 | 21,484 | 23,477 | 23,972 | S100QFOX, S100T3MR, S100VI8H, S100XSLS |
| Short-term borrowings | 1,480 | 1,000 | 10,000 | 5,000 | 7,420 | S100QFOX, S100T3MR, S100VI8H, S100XSLS |
| Long-term borrowings | 1,200 | — | — | — | 165 | S100QFOX, S100XSLS |
| Total liabilities | 56,118 | 56,470 | 60,406 | 60,983 | 68,092 | S100QFOX, S100T3MR, S100VI8H, S100XSLS |
| Non-controlling interests | 4,638 | 5,224 | 5,453 | 5,786 | 6,371 | S100QFOX, S100T3MR, S100VI8H, S100XSLS |
| Equity attributable to owners of parent | 57,537 | 59,631 | 61,415 | 60,578 | 63,573 | S100QFOX, S100T3MR, S100VI8H, S100XSLS |
| Retained earnings | 37,929 | 39,897 | 41,385 | 42,236 | 44,862 | S100QFOX, S100T3MR, S100VI8H, S100XSLS |
| Treasury stock | -215 | -79 | -79 | -2,080 | -1,743 | S100QFOX, S100T3MR, S100VI8H, S100XSLS |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 15% | S100XSLS |
| Receivables | 16% | S100XSLS |
| Property, plant and equipment | 20% | S100XSLS |
| Intangibles and goodwill | 6% | S100XSLS |
| Investment securities | 4% | S100XSLS |
| Other assets | 39% | S100XSLS |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 16% | S100XSLS |
| Other liabilities | 30% | S100XSLS |
| Equity | 54% | S100XSLS |

### Balance sheet history

| Metric | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 120,715 | 124,489 | 132,407 | 135,636 | 149,382 |
| Equity | 64,596 | 68,018 | 72,000 | 74,652 | 81,290 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 21,027 | 14,772 | 17,505 | 16,775 | 22,930 |

## 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) | 16.4% | S100XSLS |
| Fixed assets ÷ total assets | 19.7% | S100XSLS |
| Goodwill ÷ parent equity | 1.9% | S100XSLS |

Goodwill over 4 years: 423 → 1,186 JPY; total investing cash flow: -28,660 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) | 15.3% |
| Cash ÷ revenue | 12.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 133.5% |
| Cash vs. profit gap | 5,557 JPY mn (of net income 106.1%) |
| Shareholder returns / net income | 49.9% |
| Shareholder returns / FCF | 39.5% |
| Shareholder payments — dividends / net income | 49.9% |
| Shareholder payments — dividends / FCF | 39.5% |
| CapEx intensity (capex ÷ revenue) | 2.3% |
| Investing CF relative to operating CF | 34.8% |

## 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% | 1.69× | 5.9% | 2.10× | 12.4% | S100QFOX |
| 2022 | 3.5% | 1.24× | 4.3% | 2.09× | 9.1% | S100T3MR |
| 2023 | 2.6% | 1.23× | 3.2% | 2.12× | 6.8% | S100VI8H |
| 2024 | 2.1% | 1.26× | 2.6% | 2.20× | 5.7% | S100XSLS |
| 2025 | 2.9% | 1.26× | 3.7% | 2.30× | 8.4% | S100XSLS |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 大塚製薬株式会社 | Major shareholder | 10.1% | 2025-12-31 |
| 株式会社大塚製薬工場 | Major shareholder | 8.9% | 2025-12-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 8.7% | 2025-12-31 |
| アース製薬社員持株会 | Major shareholder | 4.9% | 2025-12-31 |
| 大鵬薬品工業株式会社 | Major shareholder | 2.7% | 2025-12-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 2.1% | 2025-12-31 |
| 大塚化学株式会社 | Major shareholder | 1.8% | 2025-12-31 |
| 株式会社中国銀行 | Major shareholder | 1.6% | 2025-12-31 |
| 大塚エステート株式会社 | Major shareholder | 1.1% | 2025-12-31 |
| JP MORGAN CHASE BANK 385781（常任代理人みずほ銀行決済営業部） | Major shareholder | 1.0% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第102期(2025/01/01－2025/12/31) | S100XSLS | 2026-03-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XSLS,, |
| 有価証券報告書－第101期(2024/01/01－2024/12/31) | S100VI8H | 2025-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VI8H,, |
| 有価証券報告書－第100期(2023/01/01－2023/12/31) | S100T3MR | 2024-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T3MR,, |
| 有価証券報告書－第99期(2022/01/01－2022/12/31) | S100QFOX | 2023-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QFOX,, |
| 有価証券報告書－第98期(令和3年1月1日－令和3年12月31日) | S100NQUW | 2022-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NQUW,, |
| 有価証券報告書－第97期(令和2年1月1日－令和2年12月31日) | S100L1XX | 2021-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L1XX,, |

## 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).