# ESTELLE HOLDINGS CO.,LTD.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第68期(2025/04/01－2026/03/31) (S100YLKC)
> Page: https://vizora.meequs.com/en/company/estelle-holdings
> Retrieved: 2026-09-30T20:32:52.716Z

## Company

Estelle Holdings, founded in 1946, is a company in Watches, Jewelry & Eyewear listed on TSE Standard. It has 2,875 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | ESTELLE HOLDINGS CO., LTD. |
| Ticker | 7872 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7872.T) |
| Listing | TSE Standard |
| Head office | 東京都中央区銀座一丁目19番7号 |
| Representative (per filing) | 代表取締役社長 丸山 雅史 |
| Founded | Sep 1946 |
| Share capital | ¥1.57B |
| Employees (consolidated) | 2,875 |
| Average salary (parent only) | ¥4.2M |
| Fiscal year end | March |
| Corporate number | 7010401094724 |
| EDINET | E03281 |
| Industries (Vizora) | Watches, Jewelry & Eyewear, Restaurants & Pubs |

> Profile source: annual securities report (S100YLKC, filed 2026-06-29). As of filing

## Five-axis industry profile

Primary industry: Watches, Jewelry & Eyewear (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 12.5 | 20 |
| Profitability | 22.5 | 20 |
| Cash conversion | 97.4 | 19 |
| Efficiency | 59.5 | 21 |

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 Estelle Holdings's sales come from JEWELRY, with Glasses and Food and diner making up much of the rest.
- Out of every ¥100 of sales, about ¥2 is left as operating profit.
- Revenue changed +8.4% from the prior year, operating profit +265.4%.

## Company structure

- Segment revenue mix: JEWELRY 81.1%、Glasses 12.5%、Food and diner 6.3%
- Revenue → net income: ¥33890000000 → ¥49000000
- Net income → operating cash flow: ¥49000000 → ¥1826000000（difference ¥1777000000）
- Main uses of operating cash flow: CapEx ¥1140000000 / dividends ¥282000000 / buybacks —
- Change in cash: ¥18000000
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 | ¥33.9B |  |
| Operating income | ¥687M | Margin 2.0% |
| Net income | ¥46M | Margin 0.1% |
| Free cash flow | ¥686M |  |
| Largest business | JEWELRY | of segment revenue 81.1% |
| Employees (consolidated) | 2,875 |  |
| EPS | ¥8.98 |  |
| Book value per share | ¥898.36 |  |
| Equity ratio | 38.7% |  |
| Shares outstanding | 11,459,000 |  |
| Treasury shares | 981,600 |  |
| Shareholders | 10,126 |  |
| Average salary (parent only) | ¥4.2M | Filing company only |
| Cash ratio | 17.0% | Cash ÷ revenue 15.1% |
| Vs. industry median margin | -4.6 pp | Watches, Jewelry & Eyewear |
| ROE | 0.4% | Derived from disclosed figures |
| ROA | 0.2% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 39.7× net income
- FY2026, one segment accounts for 82% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥27963000000 | ¥33890000000 | +21.2% |
| Operating income | ¥421000000 | ¥687000000 | +63.2% |
| Operating margin | 1.5% | 2.0% | +0.5 pp |
| Employees | 2,603 people | 2,875 people | +10.4% |
| Cash and equivalents | ¥8307000000 | ¥5111000000 | -38.5% |

### Change in segment revenue mix

Span: FY ending Mar 2021 → FY ending Mar 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 宝飾品 → 宝飾品 | 81.1% |
| 宝飾品 → 事業再編・廃止 | 4.2% |
| 眼鏡 → 眼鏡 | 8.4% |
| 食品販売・飲食店 → 食品販売・飲食店 | 6.2% |
| 新設・再編 → 眼鏡 | 4.1% |
| 新設・再編 → 食品販売・飲食店 | 0.1% |

Segment revenue source references: 6 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| JEWELRY | 5 years | +2.9% | ¥27498000000 | 2.9% | 2 |
| Glasses | 5 years | +12.5% | ¥4253000000 | 4.1% | 2 |
| Food and diner | 5 years | +4.2% | ¥2138000000 | -13.0% | 2 |

## Income statement（FY ending Mar 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 33,890 | 100.0% | S100YLKC |
| Cost of revenue | 15,734 | 46.4% | S100YLKC |
| Gross profit | 18,155 | 53.6% | S100YLKC |
| SG&A | 17,468 | 51.5% | S100YLKC |
| Operating income | 687 | 2.0% | S100YLKC |
| Ordinary income | 697 | 2.1% | S100YLKC |
| Pretax income | 266 | 0.8% | S100YLKC |
| Income tax | 216 | 0.6% | S100YLKC |
| Net income | 49 | 0.1% | S100YLKC |
| Net income attributable to owners | 46 | 0.1% | S100YLKC |

## Per ¥100 of revenue（FY ending Mar 2026）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 46 |
| SG&A | 52 |
| Operating income | 2 |
| (Ref.) Net income | 0 |

### Margin funnel

Gross margin 53.6% → Operating margin 2.0% → Net margin 0.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +8.4%; Core profit growth: +265.4%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 31.69×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Mar 2025 → FY ending Mar 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 31,271 | 33,890 | 2,619 | +8.4% |
| Gross profit | 17,531 | 18,155 | 624 | +3.6% |
| Operating income | 188 | 687 | 499 | +265.4% |
| Net income attributable to owners | -345 | 46 | 391 | — |
| Operating cash flow | 118 | 1,826 | 1,708 | +1447.5% |
| Free cash flow | -344 | 686 | 1,030 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 32,172 | 1,370 | 4.3% | 620 | 1,406 | 736 | S100LQYD |
| FY ending Mar 2021 | 27,963 | 421 | 1.5% | 306 | 131 | -435 | S100OBY2 |
| FY ending Mar 2022 | 29,985 | 566 | 1.9% | 73 | 34 | -399 | S100R241 |
| FY ending Mar 2023 | 29,627 | 106 | 0.4% | 100 | -1,150 | -1,617 | S100TR6V |
| FY ending Mar 2024 | 31,699 | 163 | 0.5% | -979 | 984 | 402 | S100W8TS |
| FY ending Mar 2025 | 31,271 | 188 | 0.6% | -345 | 118 | -344 | S100YLKC |
| FY ending Mar 2026 | 33,890 | 687 | 2.0% | 46 | 1,826 | 686 | S100YLKC |

## People and productivity（FY ending Mar 2026, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥11.8M |
| Operating income per employee (consolidated) | ¥239K |
| Net income per employee (consolidated) | ¥16K |

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

| History | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 2,563 | 2,578 | 2,642 | 2,751 | 2,875 |
| Average salary (parent company) | ¥4.3M | ¥4.1M | ¥4.1M | ¥4.2M | ¥4.2M |
| Average age (parent company) | 43.3 years | 42.8 years | 43.0 years | 43.2 years | 44.7 years |
| Average tenure (parent company) | 9.9 years | 9.5 years | 9.9 years | 10.7 years | 11.4 years |

Year over year: Employees (consolidated) +4.5% · Revenue (consolidated) +8.4%

## Segments（FY ending Mar 2026, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| JEWELRY | 27,498 | 81.1% | 788 | 2.9% |
| Glasses | 4,253 | 12.5% | 173 | 4.1% |
| Food and diner | 2,138 | 6.3% | -277 | -13.0% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| JEWELRY | 81.1% | 82.0% | 0.9 | 2.9% |
| Glasses | 12.5% | 18.0% | 5.5 | 4.1% |
| Food and diner | 6.3% | — | — | -13.0% |

Loss-making segment (excluded from profit shares): Food and diner -277 JPY mn

Segment → industry: Glasses → Watches, Jewelry & Eyewear / JEWELRY → Watches, Jewelry & Eyewear / Food and diner → Restaurants & Pubs

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 1,826 | 5.4% | S100YLKC |
| Capital expenditure | 1,140 | 3.4% | S100YLKC |
| Free cash flow | 686 | 2.0% | 算出 |
| Investing cash flow | -1,184 | -3.5% | S100YLKC |
| Financing cash flow | -608 | -1.8% | S100YLKC |
| Dividends paid | 282 | 0.8% | S100YLKC |
| Change in cash | 18 | 0.1% | S100YLKC |
| Cash and equivalents | 5,111 | 15.1% | S100YLKC |

## 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 Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 8,512 | 6,528 | 6,263 | 5,092 | 5,111 | S100TR6V, S100W8TS, S100YLKC |
| Total assets | 34,576 | 33,831 | 32,032 | 29,873 | 30,087 | S100R241, S100TR6V, S100W8TS, S100YLKC |
| Net assets | 14,091 | 13,953 | 12,629 | 12,238 | 12,285 | S100TR6V, S100W8TS, S100YLKC |
| Share capital | 1,571 | 1,571 | 1,571 | 1,571 | 1,571 | S100R241, S100TR6V, S100W8TS, S100YLKC |
| Trade receivables | 2,207 | 2,156 | 2,547 | 2,284 | 2,544 | S100R241, S100TR6V, S100W8TS, S100YLKC |
| Property, plant and equipment | 1,829 | 1,649 | 1,598 | 1,401 | 1,975 | S100R241, S100TR6V, S100W8TS, S100YLKC |
| Intangible assets excluding goodwill | 167 | 163 | 116 | 127 | 113 | S100R241, S100TR6V, S100W8TS, S100YLKC |
| Investment securities | 282 | 213 | 168 | 226 | 285 | S100R241, S100TR6V, S100W8TS, S100YLKC |
| Current assets | 26,999 | 26,473 | 25,830 | 23,921 | 23,678 | S100R241, S100TR6V, S100W8TS, S100YLKC |
| Current liabilities | 11,298 | 10,929 | 10,664 | 10,087 | 10,748 | S100R241, S100TR6V, S100W8TS, S100YLKC |
| Trade payables | 4,451 | 3,985 | 3,728 | 1,211 | 1,857 | S100R241, S100TR6V, S100W8TS, S100YLKC |
| Long-term borrowings | 6,917 | 6,686 | 6,486 | 5,902 | 5,424 | S100R241, S100TR6V, S100W8TS, S100YLKC |
| Total liabilities | 20,585 | 19,877 | 19,402 | 17,634 | 17,802 | S100R241, S100TR6V, S100W8TS, S100YLKC |
| Non-controlling interests | 175 | 217 | 228 | 327 | 630 | S100R241, S100TR6V, S100W8TS, S100YLKC |
| Equity attributable to owners of parent | 13,762 | 13,569 | 12,210 | 11,566 | 11,350 | S100R241, S100TR6V, S100W8TS, S100YLKC |
| Retained earnings | 9,376 | 9,183 | 7,917 | 7,289 | 7,052 | S100R241, S100TR6V, S100W8TS, S100YLKC |
| Treasury stock | -570 | -570 | -662 | -662 | -662 | S100R241, S100TR6V, S100W8TS, S100YLKC |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 17% | S100YLKC |
| Receivables | 8% | S100YLKC |
| Property, plant and equipment | 7% | S100YLKC |
| Intangibles and goodwill | 0% | S100YLKC |
| Investment securities | 1% | S100YLKC |
| Other assets | 67% | S100YLKC |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 6% | S100YLKC |
| Other liabilities | 53% | S100YLKC |
| Equity | 41% | S100YLKC |

### Balance sheet history

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 34,576 | 33,831 | 32,032 | 29,873 | 30,087 |
| Equity | 14,091 | 13,953 | 12,629 | 12,238 | 12,285 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 8,512 | 6,528 | 6,263 | 5,092 | 5,111 |

## 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) | 5.8% | S100YLKC |
| Fixed assets ÷ total assets | 6.6% | S100YLKC |
| Goodwill ÷ parent equity | — | —, S100YLKC |

### 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) | 17.0% |
| Cash ÷ revenue | 15.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 265.8% |
| Cash vs. profit gap | 1,780 JPY mn (of net income 3869.6%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 613.0% |
| Shareholder payments — dividends / FCF | 41.1% |
| CapEx intensity (capex ÷ revenue) | 3.4% |
| Investing CF relative to operating CF | 64.8% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 0.2% | 0.87× | 0.2% | 2.51× | 0.5% | S100R241 |
| 2023 | 0.3% | 0.87× | 0.3% | 2.50× | 0.7% | S100TR6V |
| 2024 | — | —× | -3.0% | —× | — | S100W8TS |
| 2025 | — | —× | -1.1% | —× | — | S100YLKC |
| 2026 | 0.1% | 1.13× | 0.2% | 2.62× | 0.4% | S100YLKC |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社雅コーポレーション | Major shareholder | 33.9% | 2026-03-31 |
| 株式会社桑山 | Major shareholder | 7.3% | 2026-03-31 |
| BANK JULIUS BAER AND CO. LTD. SINGAPORE CLIENTS常任代理人 株式会社三菱UFJ銀行決済営業部 | Major shareholder | 2.6% | 2026-03-31 |
| 有限会社英 | Major shareholder | 2.2% | 2026-03-31 |
| 小島 康誉 | Major shareholder | 1.9% | 2026-03-31 |
| エステールホールディングス従業員持株会 | Major shareholder | 1.7% | 2026-03-31 |
| 森 るり子 | Major shareholder | 1.7% | 2026-03-31 |
| 東京貴宝株式会社 | Major shareholder | 1.6% | 2026-03-31 |
| 株式会社ナガホリ | Major shareholder | 1.3% | 2026-03-31 |
| 株式会社オリエントコーポレーション | Major shareholder | 1.3% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第68期(2025/04/01－2026/03/31) | S100YLKC | 2026-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YLKC,, |
| 有価証券報告書－第67期(2024/04/01－2025/03/31) | S100W8TS | 2025-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W8TS,, |
| 有価証券報告書－第66期(2023/04/01－2024/03/31) | S100TR6V | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TR6V,, |
| 有価証券報告書－第65期(2022/04/01－2023/03/31) | S100R241 | 2023-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R241,, |
| 有価証券報告書－第64期(令和3年4月1日－令和4年3月31日) | S100OBY2 | 2022-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OBY2,, |
| 有価証券報告書－第63期(令和2年4月1日－令和3年3月31日) | S100LQYD | 2021-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LQYD,, |

## 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).