# Festaria Holdings Co.,Ltd.: business model and financials

> Latest period: FY ending Aug 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第62期(2024/09/01－2025/08/31) (S100X6QO)
> Page: https://vizora.meequs.com/en/company/festaria-holdings
> Retrieved: 2026-09-30T20:31:51.433Z

## Company

Festaria Holdings, founded in 1964, is a company in Watches, Jewelry & Eyewear listed on TSE Standard. It has 520 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Festaria Holdings Co.,Ltd. |
| Ticker | 2736 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2736.T) |
| Listing | TSE Standard |
| Head office | 東京都品川区西五反田七丁目20番9号 |
| Representative (per filing) | 代表取締役社長 貞松 隆弥 |
| Founded | Mar 1964 |
| Share capital | ¥812.5M |
| Employees (consolidated) | 520 |
| Fiscal year end | August |
| Website | www.festaria.jp (https://www.festaria.jp/) |
| Corporate number | 6310001008798 |
| EDINET | E03392 |
| Industries (Vizora) | Watches, Jewelry & Eyewear |

> Profile source: annual securities report (S100X6QO, filed 2025-11-26). As of filing

## Five-axis industry profile

Primary industry: Watches, Jewelry & Eyewear (2025-08-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 2.5 | 20 |
| Profitability | 27.5 | 20 |
| Cash conversion | 76.3 | 19 |
| Efficiency | 73.8 | 21 |
| Financial strength | 37.5 | 4 |

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)

- Festaria Holdings brought in ¥9.4B in revenue.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed +1.0% from the prior year, operating profit +7.0%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥9403118000 → ¥176413000
- Net income → operating cash flow: ¥176413000 → ¥399989000（difference ¥223576000）
- Main uses of operating cash flow: CapEx ¥249021000 / dividends ¥23603000 / buybacks —
- Change in cash: ¥-49473000
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 | ¥9.4B |  |
| Operating income | ¥289.5M | Margin 3.1% |
| Net income | ¥176.4M | Margin 1.9% |
| Free cash flow | ¥151M |  |
| Employees (consolidated) | 520 |  |
| EPS | ¥7.35 |  |
| Diluted EPS | ¥6.99 |  |
| Book value per share | ¥437.84 |  |
| Equity ratio | 22.6% |  |
| Shares outstanding | 3,630,600 |  |
| Treasury shares | 59,000 |  |
| Shareholders | 3,977 |  |
| Cash ratio | 15.9% | Net cash -¥1.3B · Cash ÷ revenue 12.2% |
| Vs. industry median margin | -3.6 pp | Watches, Jewelry & Eyewear |
| ROE | 12.1% | Derived from disclosed figures |
| ROA | 2.4% | Derived from disclosed figures |

## Notable figures

- FY2025, operating cash flow is 2.3× net income

## What changed in 5 years

| Metric | FY ending Aug 2020 | FY ending Aug 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥8428324000 | ¥9403118000 | +11.6% |
| Operating income | ¥-498332000 | ¥289453000 | — |
| Operating margin | -5.9% | 3.1% | +9 pp |
| Employees | 571 people | 520 people | -8.9% |
| Cash and equivalents | ¥950566000 | ¥1143341000 | +20.3% |

### Change in segment revenue mix

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

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 9,403 | 100.0% | S100X6QO |
| Cost of revenue | 3,548 | 37.7% | S100X6QO |
| Gross profit | 5,855 | 62.3% | S100X6QO |
| SG&A | 5,566 | 59.2% | S100X6QO |
| Operating income | 289 | 3.1% | S100X6QO |
| Ordinary income | 285 | 3.0% | S100X6QO |
| Pretax income | 266 | 2.8% | S100X6QO |
| Income tax | 90 | 1.0% | S100X6QO |
| Net income | 176 | 1.9% | S100X6QO |
| Net income attributable to owners | 176 | 1.9% | S100X6QO |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 38 |
| SG&A | 59 |
| Operating income | 3 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 62.3% → Operating margin 3.1% → Net margin 1.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +1.0%; Core profit growth: +7.0%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 6.74×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 9,306 | 9,403 | 97 | +1.0% |
| Gross profit | 5,856 | 5,855 | -0 | -0.0% |
| Operating income | 270 | 289 | 19 | +7.0% |
| Net income attributable to owners | 139 | 176 | 37 | +26.9% |
| Operating cash flow | 487 | 400 | -87 | -17.9% |
| Free cash flow | 324 | 151 | -173 | -53.4% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Aug 2019 | 9,962 | 145 | 1.5% | 26 | 171 | -44 | S100K983 |
| FY ending Aug 2020 | 8,428 | -498 | -5.9% | -807 | 13 | -185 | S100MY55 |
| FY ending Aug 2021 | 8,725 | 383 | 4.4% | 128 | 1,337 | 1,191 | S100PP1E |
| FY ending Aug 2022 | 8,782 | 407 | 4.6% | 259 | 708 | 539 | S100SDNI |
| FY ending Aug 2023 | 8,660 | 193 | 2.2% | 58 | 246 | 10 | S100UVGQ |
| FY ending Aug 2024 | 9,306 | 270 | 2.9% | 139 | 487 | 324 | S100X6QO |
| FY ending Aug 2025 | 9,403 | 289 | 3.1% | 176 | 400 | 151 | S100X6QO |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥18.1M |
| Operating income per employee (consolidated) | ¥556.6K |
| Net income per employee (consolidated) | ¥339.3K |

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

| History | FY ending Aug 2021 | FY ending Aug 2022 | FY ending Aug 2023 | FY ending Aug 2024 | FY ending Aug 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 531 | 506 | 500 | 515 | 520 |
| Average salary (parent company) | — | — | — | — | — |
| Average age (parent company) | — | — | — | — | — |
| Average tenure (parent company) | — | — | — | — | — |

Year over year: Employees (consolidated) +1.0% · Revenue (consolidated) +1.0%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 400 | 4.3% | S100X6QO |
| Capital expenditure | 249 | 2.6% | S100X6QO |
| Free cash flow | 151 | 1.6% | 算出 |
| Investing cash flow | -291 | -3.1% | S100X6QO |
| Financing cash flow | -137 | -1.5% | S100X6QO |
| Dividends paid | 24 | 0.3% | S100X6QO |
| Change in cash | -49 | -0.5% | S100X6QO |
| Cash and equivalents | 1,143 | 12.2% | S100X6QO |

## 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 Aug 2021 | FY ending Aug 2022 | FY ending Aug 2023 | FY ending Aug 2024 | FY ending Aug 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,040 | 985 | 966 | 1,193 | 1,143 | S100SDNI, S100UVGQ, S100X6QO |
| Total assets | 7,104 | 6,949 | 6,718 | 7,349 | 7,189 | S100PP1E, S100SDNI, S100UVGQ, S100X6QO |
| Net assets | 1,012 | 1,288 | 1,409 | 1,537 | 1,664 | S100SDNI, S100UVGQ, S100X6QO |
| Share capital | 803 | 808 | 811 | 812 | 813 | S100PP1E, S100SDNI, S100UVGQ, S100X6QO |
| Trade receivables | 711 | — | — | — | — | S100PP1E |
| Property, plant and equipment | 380 | 406 | 376 | 465 | 437 | S100PP1E, S100SDNI, S100UVGQ, S100X6QO |
| Intangible assets excluding goodwill | 74 | 54 | 143 | 126 | 230 | S100PP1E, S100SDNI, S100UVGQ, S100X6QO |
| Investment securities | 82 | 92 | 89 | 91 | 92 | S100PP1E, S100SDNI, S100UVGQ, S100X6QO |
| Current assets | 5,531 | 5,477 | 5,252 | 5,852 | 5,663 | S100PP1E, S100SDNI, S100UVGQ, S100X6QO |
| Current liabilities | 3,574 | 3,757 | 3,205 | 3,850 | 4,239 | S100PP1E, S100SDNI, S100UVGQ, S100X6QO |
| Trade payables | 563 | 695 | 558 | 703 | 630 | S100PP1E, S100SDNI, S100UVGQ, S100X6QO |
| Short-term borrowings | 1,080 | 1,330 | 1,430 | 1,730 | 1,650 | S100PP1E, S100SDNI, S100UVGQ, S100X6QO |
| Long-term borrowings | 2,074 | 1,458 | 1,610 | 1,411 | 768 | S100PP1E, S100SDNI, S100UVGQ, S100X6QO |
| Bonds | — | — | 70 | 50 | 30 | S100UVGQ, S100X6QO |
| Interest-bearing debt | — | — | 3,110 | 3,191 | 2,448 | 算出 |
| Total liabilities | 6,092 | 5,661 | 5,310 | 5,812 | 5,525 | S100PP1E, S100SDNI, S100UVGQ, S100X6QO |
| Equity attributable to owners of parent | 973 | 1,217 | 1,260 | 1,380 | 1,539 | S100PP1E, S100SDNI, S100UVGQ, S100X6QO |
| Retained earnings | -406 | -171 | -136 | -21 | 132 | S100PP1E, S100SDNI, S100UVGQ, S100X6QO |
| Treasury stock | -34 | -34 | -34 | -30 | -26 | S100PP1E, S100SDNI, S100UVGQ, S100X6QO |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 16% | S100X6QO |
| Property, plant and equipment | 6% | S100X6QO |
| Intangibles and goodwill | 3% | S100X6QO |
| Investment securities | 1% | S100X6QO |
| Other assets | 74% | S100X6QO |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 9% | S100X6QO |
| Interest-bearing debt | 34% | 算出 |
| Other liabilities | 34% | S100X6QO |
| Equity | 23% | S100X6QO |

### Balance sheet history

| Metric | FY ending Aug 2021 | FY ending Aug 2022 | FY ending Aug 2023 | FY ending Aug 2024 | FY ending Aug 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 7,104 | 6,949 | 6,718 | 7,349 | 7,189 |
| Equity | 1,012 | 1,288 | 1,409 | 1,537 | 1,664 |
| Interest-bearing debt | — | — | 3,110 | 3,191 | 2,448 |
| Cash | 1,040 | 985 | 966 | 1,193 | 1,143 |

## 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) | 4.6% | S100X6QO |
| Fixed assets ÷ total assets | 6.1% | S100X6QO |
| Goodwill ÷ parent equity | — | —, S100X6QO |

### 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) | 15.9% |
| Cash ÷ revenue | 12.2% |
| Net cash (cash − interest-bearing debt) | -¥1.3B |
| Net debt ÷ operating cash flow | 3.26× |
| Cash conversion (operating CF ÷ operating income) | 138.2% |
| Cash vs. profit gap | 224 JPY mn (of net income 126.7%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 13.4% |
| Shareholder payments — dividends / FCF | 15.6% |
| CapEx intensity (capex ÷ revenue) | 2.6% |
| Investing CF relative to operating CF | 72.9% |

## 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 | 1.5% | 1.23× | 1.8% | 7.30× | 13.2% | S100PP1E |
| 2022 | 3.0% | 1.25× | 3.7% | 6.42× | 23.7% | S100SDNI |
| 2023 | 0.7% | 1.27× | 0.8% | 5.52× | 4.7% | S100UVGQ |
| 2024 | 1.5% | 1.32× | 2.0% | 5.33× | 10.5% | S100X6QO |
| 2025 | 1.9% | 1.29× | 2.4% | 4.98× | 12.1% | S100X6QO |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 貞松隆弥 | Major shareholder | 20.4% | 2025-08-31 |
| 貞松豊三 | Major shareholder | 11.8% | 2025-08-31 |
| 有限会社隆豊 | Major shareholder | 4.7% | 2025-08-31 |
| BNYM AS AGT/CLTS NON TREATY JASDEC(常任代理人 株式会社三菱UFJ銀行) | Major shareholder | 3.8% | 2025-08-31 |
| 貞松佑哉 | Major shareholder | 3.1% | 2025-08-31 |
| 株式会社十八親和銀行 | Major shareholder | 3.0% | 2025-08-31 |
| 貞翔持株会 | Major shareholder | 2.2% | 2025-08-31 |
| 高石正 | Major shareholder | 1.4% | 2025-08-31 |
| 貞松良成 | Major shareholder | 1.3% | 2025-08-31 |
| 貞松智子 | Major shareholder | 1.3% | 2025-08-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第62期(2024/09/01－2025/08/31) | S100X6QO | 2025-11-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100X6QO,, |
| 有価証券報告書－第61期(2023/09/01－2024/08/31) | S100UVGQ | 2024-11-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UVGQ,, |
| 有価証券報告書－第60期(2022/09/01－2023/08/31) | S100SDNI | 2023-11-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SDNI,, |
| 有価証券報告書－第59期(令和3年9月1日－令和4年8月31日) | S100PP1E | 2022-11-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PP1E,, |
| 有価証券報告書－第58期(令和2年9月1日－令和3年8月31日) | S100MY55 | 2021-11-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MY55,, |
| 有価証券報告書－第57期(令和1年9月1日－令和2年8月31日) | S100K983 | 2020-11-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100K983,, |

## 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).