# FELISSIMO  CORPORATION: business model and financials

> Latest period: FY ending Feb 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第61期(2025/03/01－2026/02/28) (S100Y6XM)
> Page: https://vizora.meequs.com/en/company/felissimo
> Retrieved: 2026-09-30T19:49:35.230Z

## Company

Felissimo, founded in 1965, is a company in Catalog & TV Shopping listed on TSE Standard. It has 425 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | FELISSIMO CORPORATION |
| Ticker | 3396 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3396.T) |
| Listing | TSE Standard |
| Head office | 神戸市中央区新港町7番1号 |
| Representative (per filing) | 代表取締役社長 矢崎 和彦 |
| Founded | May 1965 |
| Share capital | ¥1.87B |
| Employees (consolidated) | 425 |
| Average salary (parent only) | ¥6.6M |
| Fiscal year end | February |
| Website | www.felissimo.co.jp (https://www.felissimo.co.jp/) |
| Corporate number | 4140001022298 |
| EDINET | E03467 |
| Industries (Vizora) | Catalog & TV Shopping |

> Profile source: annual securities report (S100Y6XM, filed 2026-05-27). As of filing

## Five-axis industry profile

Primary industry: Catalog & TV Shopping (2026-02-28)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 27.8 | 9 |
| Profitability | 25 | 10 |
| Cash conversion | 94.4 | 9 |
| Efficiency | 15 | 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)

- Felissimo brought in ¥29.2B in revenue.
- Out of every ¥100 of sales, about ¥1 is left as operating profit.
- Revenue changed -0.9% from the prior year, operating profit +207.1%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥29179000000 → ¥358000000
- Net income → operating cash flow: ¥358000000 → ¥830000000（difference ¥472000000）
- Main uses of operating cash flow: CapEx ¥533000000 / dividends ¥106000000 / buybacks —
- Change in cash: ¥2804000000
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 | ¥29.2B |  |
| Operating income | ¥215M | Margin 0.7% |
| Net income | ¥358M | Margin 1.2% |
| Free cash flow | ¥297M |  |
| Employees (consolidated) | 425 |  |
| EPS | ¥50.45 |  |
| Book value per share | ¥2707.28 |  |
| Equity ratio | 70.1% |  |
| Shares outstanding | 9,543,500 |  |
| Treasury shares | 2,420,900 |  |
| Shareholders | 17,427 |  |
| Average salary (parent only) | ¥6.6M | Filing company only |
| Cash ratio | 32.8% | Cash ÷ revenue 31.6% |
| Vs. industry median margin | -3.9 pp | Catalog & TV Shopping |
| ROE | 1.9% | Derived from disclosed figures |
| ROA | 1.3% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.3× net income
- FY2026, cash is 33% of total assets

## What changed in 5 years

| Metric | FY ending Feb 2021 | FY ending Feb 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥33260000000 | ¥29179000000 | -12.3% |
| Operating income | ¥1504000000 | ¥215000000 | -85.7% |
| Operating margin | 4.5% | 0.7% | -3.8 pp |
| Employees | 413 people | 425 people | +2.9% |
| Cash and equivalents | ¥15321000000 | ¥9211000000 | -39.9% |

### Change in segment revenue mix

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

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 29,179 | 100.0% | S100Y6XM |
| Cost of revenue | 13,232 | 45.3% | S100Y6XM |
| Gross profit | 15,947 | 54.7% | S100Y6XM |
| SG&A | 15,731 | 53.9% | S100Y6XM |
| Operating income | 215 | 0.7% | S100Y6XM |
| Ordinary income | 468 | 1.6% | S100Y6XM |
| Pretax income | 411 | 1.4% | S100Y6XM |
| Income tax | 52 | 0.2% | S100Y6XM |
| Net income | 358 | 1.2% | S100Y6XM |
| Net income attributable to owners | 358 | 1.2% | S100Y6XM |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 45 |
| SG&A | 54 |
| Operating income | 1 |
| (Ref.) Net income | 1 |

### Margin funnel

Gross margin 54.7% → Operating margin 0.7% → Net margin 1.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue down, profit up
Revenue growth: -0.9%; Core profit growth: +207.1%
Operating leverage (core profit growth ÷ revenue growth): -225.93×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 29,449 | 29,179 | -270 | -0.9% |
| Gross profit | 15,865 | 15,947 | 82 | +0.5% |
| Operating income | 70 | 215 | 145 | +207.1% |
| Net income attributable to owners | 136 | 358 | 222 | +163.2% |
| Operating cash flow | 691 | 830 | 139 | +20.1% |
| Free cash flow | -87 | 297 | 384 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Feb 2020 | 28,607 | 304 | 1.1% | 365 | 328 | -1,105 | S100LESE |
| FY ending Feb 2021 | 33,260 | 1,504 | 4.5% | 1,285 | 2,545 | 1,057 | S100O4JC |
| FY ending Feb 2022 | 33,729 | 1,310 | 3.9% | 1,654 | 1,845 | -1,352 | S100QUU4 |
| FY ending Feb 2023 | 32,160 | 440 | 1.4% | 671 | 191 | -917 | S100TJGR |
| FY ending Feb 2024 | 29,607 | -931 | -3.1% | -858 | -877 | -1,879 | S100VULK |
| FY ending Feb 2025 | 29,449 | 70 | 0.2% | 136 | 691 | -87 | S100Y6XM |
| FY ending Feb 2026 | 29,179 | 215 | 0.7% | 358 | 830 | 297 | S100Y6XM |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥68.7M |
| Operating income per employee (consolidated) | ¥505.9K |
| Net income per employee (consolidated) | ¥842.4K |

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

| History | FY ending Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 425 | 441 | 425 | 419 | 425 |
| Average salary (parent company) | ¥6.8M | ¥7M | ¥7M | ¥6.7M | ¥6.6M |
| Average age (parent company) | 42.6 years | 42.3 years | 42.4 years | 42.2 years | 42.0 years |
| Average tenure (parent company) | 16.3 years | 15.9 years | 16.0 years | 15.7 years | 15.2 years |

Year over year: Employees (consolidated) +1.4% · Revenue (consolidated) -0.9%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 830 | 2.8% | S100Y6XM |
| Capital expenditure | 533 | 1.8% | S100Y6XM |
| Free cash flow | 297 | 1.0% | 算出 |
| Investing cash flow | 2,110 | 7.2% | S100Y6XM |
| Financing cash flow | -112 | -0.4% | S100Y6XM |
| Dividends paid | 106 | 0.4% | S100Y6XM |
| Change in cash | 2,804 | 9.6% | S100Y6XM |
| Cash and equivalents | 9,211 | 31.6% | S100Y6XM |

## 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 Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 10,704 | 10,143 | 7,733 | 6,407 | 9,211 | S100TJGR, S100VULK, S100Y6XM |
| Total assets | 31,925 | 31,543 | 29,064 | 28,889 | 28,053 | S100QUU4, S100TJGR, S100VULK, S100Y6XM |
| Net assets | 19,551 | 19,882 | 18,943 | 19,271 | 19,651 | S100TJGR, S100VULK, S100Y6XM |
| Share capital | 1,868 | 1,868 | 1,868 | 1,868 | 1,868 | S100QUU4, S100TJGR, S100VULK, S100Y6XM |
| Property, plant and equipment | 6,877 | 6,723 | 6,803 | 6,684 | 6,481 | S100QUU4, S100TJGR, S100VULK, S100Y6XM |
| Intangible assets excluding goodwill | 1,402 | 1,742 | 1,865 | 1,782 | 1,572 | S100QUU4, S100TJGR, S100VULK, S100Y6XM |
| Investment securities | 1,406 | 1,412 | 2,225 | 2,136 | 2,362 | S100QUU4, S100TJGR, S100VULK, S100Y6XM |
| Current assets | 21,900 | 20,841 | 16,939 | 17,494 | 17,347 | S100QUU4, S100TJGR, S100VULK, S100Y6XM |
| Current liabilities | 9,167 | 8,469 | 6,977 | 6,932 | 5,915 | S100QUU4, S100TJGR, S100VULK, S100Y6XM |
| Trade payables | 1,280 | 1,097 | 1,025 | 1,138 | — | S100QUU4, S100TJGR, S100VULK |
| Total liabilities | 12,374 | 11,661 | 10,121 | 9,618 | 8,401 | S100QUU4, S100TJGR, S100VULK, S100Y6XM |
| Equity attributable to owners of parent | 19,513 | 19,873 | 18,908 | 18,938 | 19,190 | S100QUU4, S100TJGR, S100VULK, S100Y6XM |
| Retained earnings | 15,664 | 16,025 | 15,060 | 15,089 | 14,851 | S100QUU4, S100TJGR, S100VULK, S100Y6XM |
| Treasury stock | -2,862 | -2,862 | -2,862 | -2,862 | -2,372 | S100QUU4, S100TJGR, S100VULK, S100Y6XM |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 33% | S100Y6XM |
| Property, plant and equipment | 23% | S100Y6XM |
| Intangibles and goodwill | 6% | S100Y6XM |
| Investment securities | 8% | S100Y6XM |
| Other assets | 30% | S100Y6XM |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 30% | S100Y6XM |
| Equity | 70% | S100Y6XM |
| Other liabilities | 0% | S100Y6XM |

### Balance sheet history

| Metric | FY ending Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 31,925 | 31,543 | 29,064 | 28,889 | 28,053 |
| Equity | 19,551 | 19,882 | 18,943 | 19,271 | 19,651 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 10,704 | 10,143 | 7,733 | 6,407 | 9,211 |

## 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) | 22.2% | S100Y6XM |
| Fixed assets ÷ total assets | 23.1% | S100Y6XM |
| Goodwill ÷ parent equity | — | —, S100Y6XM |

### 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) | 32.8% |
| Cash ÷ revenue | 31.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 386.0% |
| Cash vs. profit gap | 472 JPY mn (of net income 131.8%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 29.6% |
| Shareholder payments — dividends / FCF | 35.7% |
| CapEx intensity (capex ÷ revenue) | 1.8% |
| Investing CF relative to operating CF | 254.2% |

## 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 | 4.9% | 1.06× | 5.2% | 1.64× | 8.5% | S100QUU4 |
| 2023 | 2.1% | 1.01× | 2.1% | 1.61× | 3.4% | S100TJGR |
| 2024 | — | —× | -2.8% | —× | — | S100VULK |
| 2025 | 0.5% | 1.02× | 0.5% | 1.53× | 0.7% | S100Y6XM |
| 2026 | 1.2% | 1.02× | 1.3% | 1.49× | 1.9% | S100Y6XM |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社目神山事務所 | Major shareholder | 11.3% | 2026-02-28 |
| 一般財団法人フェリシモ財団 | Major shareholder | 8.4% | 2026-02-28 |
| フェリシモ共創会 | Major shareholder | 5.4% | 2026-02-28 |
| 矢崎 和彦 | Major shareholder | 4.2% | 2026-02-28 |
| 子守 康範 | Major shareholder | 3.7% | 2026-02-28 |
| 星 美佐 | Major shareholder | 3.7% | 2026-02-28 |
| 矢崎 真理 | Major shareholder | 2.5% | 2026-02-28 |
| 戸島 依里 | Major shareholder | 2.4% | 2026-02-28 |
| フェリシモ従業員持株会 | Major shareholder | 1.8% | 2026-02-28 |
| 高橋 秀子 | Major shareholder | 1.7% | 2026-02-28 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第61期(2025/03/01－2026/02/28) | S100Y6XM | 2026-05-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y6XM,, |
| 有価証券報告書－第60期(2024/03/01－2025/02/28) | S100VULK | 2025-05-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VULK,, |
| 訂正有価証券報告書－第59期(2023/03/01－2024/02/29) | S100TJGR | 2024-06-04 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TJGR,, |
| 有価証券報告書－第58期(2022/03/01－2023/02/28) | S100QUU4 | 2023-05-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QUU4,, |
| 有価証券報告書－第57期(令和3年3月1日－令和4年2月28日) | S100O4JC | 2022-05-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O4JC,, |
| 有価証券報告書－第56期(令和2年3月1日－令和3年2月28日) | S100LESE | 2021-05-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LESE,, |

## 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).