# Euglena Co., Ltd.: 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21期(2025/01/01－2025/12/31) (S100XSL3)
> Page: https://vizora.meequs.com/en/company/euglena
> Retrieved: 2026-09-30T20:18:06.241Z

## Company

Euglena, founded in 2005, is a company in Oil Refining & Fuels listed on TSE Prime. It has 793 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Euglena Co.,Ltd. |
| Ticker | 2931 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2931.T) |
| Listing | TSE Prime |
| Head office | 東京都港区芝五丁目29番11号 |
| Representative (per filing) | 代表取締役社長 出雲 充 |
| Founded | Aug 2005 |
| Share capital | ¥16.4B |
| Employees (consolidated) | 793 |
| Average salary (parent only) | ¥7M |
| Fiscal year end | December |
| Website | www.euglena.jp (https://www.euglena.jp/) |
| Corporate number | 8010001112570 |
| EDINET | E27054 |
| Industries (Vizora) | Oil Refining & Fuels, Livestock, Feed & Fertilizer, Processed Foods, Cosmetics |

> Profile source: annual securities report (S100XSL3, filed 2026-03-23). As of filing

## Five-axis industry profile

Primary industry: Cosmetics (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 51.9 | 26 |
| Cash conversion | 75 | 22 |
| Efficiency | 9.6 | 26 |
| Financial strength | 50 | 3 |

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 93% of Euglena's sales come from Health care Business, with Others Business and Biofuel Business making up much of the rest.
- Out of every ¥100 of sales, about ¥6 is left as operating profit.
- Revenue changed +5.8% from the prior year, operating profit +941.0%.

## Company structure

- Segment revenue mix: Health care Business 93.3%、Others Business 4.5%、Biofuel Business 2.2%
- Revenue → net income: ¥50370000000 → ¥526000000
- Net income → operating cash flow: ¥526000000 → ¥5188000000（difference ¥4662000000）
- Main uses of operating cash flow: CapEx ¥595000000 / dividends — / buybacks ¥0
- Change in cash: ¥2172000000
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 | ¥50.4B |  |
| Operating income | ¥3.12B | Margin 6.2% |
| Net income | -¥805M | Margin -1.6% |
| Free cash flow | ¥4.59B |  |
| Largest business | Health care Business | of segment revenue 93.3% |
| Employees (consolidated) | 793 |  |
| EPS | ¥-11.36 |  |
| Book value per share | ¥217.43 |  |
| Equity ratio | 42.7% |  |
| Shares outstanding | 136,599,260 |  |
| Treasury shares | 20,800 |  |
| Shareholders | 112,085 |  |
| Average salary (parent only) | ¥7M | Filing company only |
| Cash ratio | 22.0% | Net cash -¥6.95B · Cash ÷ revenue 31.6% |
| Vs. industry median margin | +2.2 pp | Processed Foods |
| ROA | -1.1% | Derived from disclosed figures |

## Notable figures

- FY2025, employees -12% while operating income rose 941%
- FY2025, one segment accounts for 100% of positive segment profit

## What changed in 5 years

| Metric | FY ending Sep 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥13317316000 | ¥50370000000 | +278.2% |
| Operating income | ¥-1807720000 | ¥3123000000 | — |
| Operating margin | -13.6% | 6.2% | +19.8 pp |
| Employees | 357 people | 793 people | +122.1% |
| Cash and equivalents | ¥6253000000 | ¥15903000000 | +154.3% |

### Change in segment revenue mix

Span: FY ending Sep 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 |
| --- | ---: |
| ヘルスケア事業 → ヘルスケア事業 | 93.3% |
| ヘルスケア事業 → 事業再編・廃止 | 6.5% |
| エネルギー・環境事業 → 事業再編・廃止 | 0.1% |
| 新設・再編 → バイオ燃料事業 | 2.2% |
| 新設・再編 → その他事業 | 4.5% |

Segment revenue source references: 5 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Health care Business | 5 years | +28.7% | ¥47018000000 | 11.7% | 2 |
| Others Business | 3 years | -3.5% | ¥2259000000 | -23.6% | 2 |
| Biofuel Business | 3 years | +60.9% | ¥1092000000 | -29.8% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 50,370 | 100.0% | S100XSL3 |
| Cost of revenue | 15,336 | 30.4% | S100XSL3 |
| Gross profit | 35,033 | 69.6% | S100XSL3 |
| SG&A | 31,910 | 63.4% | S100XSL3 |
| Operating income | 3,123 | 6.2% | S100XSL3 |
| Ordinary income | 2,365 | 4.7% | S100XSL3 |
| Pretax income | 1,889 | 3.8% | S100XSL3 |
| Income tax | 1,363 | 2.7% | S100XSL3 |
| Net income | 526 | 1.0% | S100XSL3 |
| Net income attributable to owners | -805 | -1.6% | S100XSL3 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 31 |
| SG&A | 63 |
| Operating income | 6 |
| (Ref.) Net income | -2 |

### Margin funnel

Gross margin 69.6% → Operating margin 6.2% → Net margin -1.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +5.8%; Core profit growth: +941.0%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 162.82×
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 | 47,618 | 50,370 | 2,752 | +5.8% |
| Gross profit | 33,267 | 35,033 | 1,766 | +5.3% |
| Operating income | 300 | 3,123 | 2,823 | +941.0% |
| Net income attributable to owners | -650 | -805 | -155 | — |
| Operating cash flow | 2,645 | 5,188 | 2,543 | +96.1% |
| Free cash flow | 1,913 | 4,593 | 2,680 | +140.1% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Sep 2020 | 13,317 | -1,808 | -13.6% | -1,487 | -1,217 | -1,611 | S100NQH8 |
| FY ending Dec 2022 | 44,392 | -3,455 | -7.8% | -2,672 | 924 | 428 | S100T31E |
| FY ending Dec 2023 | 46,482 | -1,464 | -3.1% | -2,652 | 658 | -35 | S100VI3O |
| FY ending Dec 2024 | 47,618 | 300 | 0.6% | -650 | 2,645 | 1,913 | S100XSL3 |
| FY ending Dec 2025 | 50,370 | 3,123 | 6.2% | -805 | 5,188 | 4,593 | S100XSL3 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥63.5M |
| Operating income per employee (consolidated) | ¥3.9M |
| Net income per employee (consolidated) | -¥1M |

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

| History | FY ending Sep 2020 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 357 | 865 | 846 | 897 | 793 |
| Average salary (parent company) | — | ¥6.7M | ¥7.5M | ¥7M | ¥7M |
| Average age (parent company) | — | 41.0 years | 41.0 years | 43.0 years | 44.0 years |
| Average tenure (parent company) | — | 4.0 years | 5.0 years | 6.0 years | 5.0 years |

Year over year: Employees (consolidated) -11.6% · Revenue (consolidated) +5.8%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Health care Business | 47,018 | 93.3% | 5,487 | 11.7% |
| Biofuel Business | 1,092 | 2.2% | -325 | -29.8% |
| Others Business | 2,259 | 4.5% | -533 | -23.6% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Health care Business | 93.3% | 100.0% | 6.7 | 11.7% |
| Biofuel Business | 2.2% | — | — | -29.8% |
| Others Business | 4.5% | — | — | -23.6% |

Loss-making segment (excluded from profit shares): Biofuel Business -325 JPY mn

Loss-making segment (excluded from profit shares): Others Business -533 JPY mn

Segment → industry: Biofuel Business → Oil Refining & Fuels / Others Business → Livestock, Feed & Fertilizer / Health care Business → Processed Foods / Health care Business → Cosmetics

## 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 | 5,188 | 10.3% | S100XSL3 |
| Capital expenditure | 595 | 1.2% | S100XSL3 |
| Free cash flow | 4,593 | 9.1% | 算出 |
| Investing cash flow | -585 | -1.2% | S100XSL3 |
| Financing cash flow | -2,428 | -4.8% | S100XSL3 |
| Share buyback | 0 | 0.0% | S100XSL3 |
| Change in cash | 2,172 | 4.3% | S100XSL3 |
| Cash and equivalents | 15,903 | 31.6% | S100XSL3 |

## 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 2020 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 6,253 | 9,814 | 15,651 | 13,731 | 15,903 | S100QG7X, S100VI3O, S100XSL3 |
| Total assets | 15,351 | 57,275 | 59,619 | 73,256 | 72,332 | S100NQH8, S100T31E, S100VI3O, S100XSL3 |
| Net assets | 9,386 | 19,353 | 20,214 | 32,113 | 28,526 | S100QG7X, S100VI3O, S100XSL3 |
| Share capital | 7,324 | 13,985 | 15,867 | 16,331 | 16,373 | S100NQH8, S100T31E, S100VI3O, S100XSL3 |
| Trade receivables | 1,076 | 3,842 | 3,817 | 4,262 | 5,043 | S100NQH8, S100T31E, S100VI3O, S100XSL3 |
| Property, plant and equipment | 3,304 | 5,848 | 5,506 | 6,048 | 5,750 | S100NQH8, S100T31E, S100VI3O, S100XSL3 |
| Intangible assets excluding goodwill | 1,560 | 30,022 | 27,764 | 33,564 | 30,964 | S100NQH8, S100T31E, S100VI3O, S100XSL3 |
| Goodwill | 961 | 12,485 | 11,639 | 12,231 | 11,107 | S100NQH8, S100T31E, S100VI3O, S100XSL3 |
| Investment securities | 320 | 679 | 836 | 748 | 1,523 | S100NQH8, S100T31E, S100VI3O, S100XSL3 |
| Current assets | 9,792 | 19,694 | 24,431 | 30,865 | 33,437 | S100NQH8, S100T31E, S100VI3O, S100XSL3 |
| Current liabilities | 2,160 | 12,276 | 12,271 | 12,811 | 13,978 | S100NQH8, S100T31E, S100VI3O, S100XSL3 |
| Trade payables | 260 | 1,423 | 1,396 | 1,467 | 1,882 | S100NQH8, S100T31E, S100VI3O, S100XSL3 |
| Short-term borrowings | 547 | 2,708 | 3,293 | 4,144 | 3,938 | S100NQH8, S100T31E, S100VI3O, S100XSL3 |
| Long-term borrowings | 3,217 | 19,496 | 16,971 | 15,964 | 17,916 | S100NQH8, S100T31E, S100VI3O, S100XSL3 |
| Bonds | — | — | — | 1,000 | 1,000 | S100XSL3 |
| Interest-bearing debt | — | — | — | 21,108 | 22,854 | 算出 |
| Total liabilities | 5,964 | 37,921 | 39,404 | 41,142 | 43,805 | S100NQH8, S100T31E, S100VI3O, S100XSL3 |
| Non-controlling interests | 10 | 2 | — | 409 | -2,431 | S100NQH8, S100T31E, S100XSL3 |
| Equity attributable to owners of parent | 9,373 | 18,957 | 20,070 | 30,918 | 30,196 | S100NQH8, S100T31E, S100VI3O, S100XSL3 |
| Retained earnings | -85 | -8,309 | -10,961 | -2,260 | -3,066 | S100NQH8, S100T31E, S100VI3O, S100XSL3 |
| Treasury stock | -95 | -34 | -34 | -34 | -34 | S100NQH8, S100T31E, S100VI3O, S100XSL3 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 22% | S100XSL3 |
| Receivables | 7% | S100XSL3 |
| Property, plant and equipment | 8% | S100XSL3 |
| Intangibles and goodwill | 58% | S100XSL3 |
| Investment securities | 2% | S100XSL3 |
| Other assets | 3% | S100XSL3 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 3% | S100XSL3 |
| Interest-bearing debt | 32% | 算出 |
| Other liabilities | 26% | S100XSL3 |
| Equity | 39% | S100XSL3 |
| Other liabilities | 0% | S100XSL3 |

### Balance sheet history

| Metric | FY ending Sep 2020 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 15,351 | 57,275 | 59,619 | 73,256 | 72,332 |
| Equity | 9,386 | 19,353 | 20,214 | 32,113 | 28,526 |
| Interest-bearing debt | — | — | — | 21,108 | 22,854 |
| Cash | 6,253 | 9,814 | 15,651 | 13,731 | 15,903 |

## 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) | 11.4% | S100XSL3 |
| Fixed assets ÷ total assets | 7.9% | S100XSL3 |
| Goodwill ÷ parent equity | 36.8% | S100XSL3 |

### 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) | 22.0% |
| Cash ÷ revenue | 31.6% |
| Net cash (cash − interest-bearing debt) | -¥6.95B |
| Net debt ÷ operating cash flow | 1.34× |
| Cash conversion (operating CF ÷ operating income) | 166.1% |
| Cash vs. profit gap | 5,993 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 1.2% |
| Investing CF relative to operating CF | 11.3% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2020 | — | —× | -9.7% | —× | — | S100NQH8 |
| 2022 | — | —× | -4.7% | —× | — | S100T31E |
| 2023 | — | —× | -4.5% | —× | — | S100VI3O |
| 2024 | — | —× | -1.0% | —× | — | S100XSL3 |
| 2025 | — | —× | -1.1% | —× | — | S100XSL3 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 出雲 充 | Major shareholder | 9.1% | 2025-12-31 |
| 株式会社綺麗創造ホールディングス | Major shareholder | 8.4% | 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 | 8.1% | 2025-12-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 1.8% | 2025-12-31 |
| 株式会社丸井グループ | Major shareholder | 1.6% | 2025-12-31 |
| 山内 正義 | Major shareholder | 1.5% | 2025-12-31 |
| 楽天証券株式会社共有口 | Major shareholder | 1.1% | 2025-12-31 |
| HSBC HONG KONG - TREASURY SERVICES A/C ASIAN EQUITIES DERIVATIVES （常任代理人 香港上海銀行東京支店） | Major shareholder | 0.8% | 2025-12-31 |
| ロート製薬株式会社 | Major shareholder | 0.8% | 2025-12-31 |
| 東京センチュリー株式会社 | Major shareholder | 0.7% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第21期(2025/01/01－2025/12/31) | S100XSL3 | 2026-03-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XSL3,, |
| 有価証券報告書－第20期(2024/01/01－2024/12/31) | S100VI3O | 2025-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VI3O,, |
| 有価証券報告書－第19期(2023/01/01－2023/12/31) | S100T31E | 2024-03-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T31E,, |
| 有価証券報告書－第18期(2022/01/01－2022/12/31) | S100QG7X | 2023-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QG7X,, |
| 有価証券報告書－第17期(令和2年10月1日－令和3年12月31日) | S100NQH8 | 2022-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NQH8,, |

## Key alliances (from the filing's material contracts)

| Partner | Type | Description | Source |
| --- | ---: | ---: | ---: |
| 日本コルマー株式会社 | Supply/OEM | ユーグレナエキス配合化粧品等の研究・製造を委託（現TOA株式会社） | S100XSL3 |
| PETRONAS Research Sdn. Bhd. | Co-development | バイオ燃料原料用微細藻類の大規模生産技術の共同研究 | S100XSL3 |
| 丸井グループ | Capital alliance | 資本業務提携（当社株式の割当て） | S100XSL3 |
| ロート製薬 | Capital alliance | 資本業務提携（当社株式の割当て） | S100XSL3 |
| PETRONAS Mobility Lestari Sdn Bhd | Joint venture | マレーシアのバイオ燃料製造プラントの合弁（Enilive と共同） | S100XSL3 |
| Enilive S.p.A. | Joint venture | マレーシアのバイオ燃料製造プラントの合弁（PETRONAS と共同） | S100XSL3 |

## 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).