# HABA LABORATORIES, INC.: 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43期(2025/04/01－2026/03/31) (S100YA2L)
> Page: https://vizora.meequs.com/en/company/haba-laboratories
> Retrieved: 2026-09-30T21:04:25.721Z

## Company

Haba Laboratories, founded in 1983, is a company in Cosmetics listed on TSE Standard. It has 523 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | HABA LABORATORIES,INC. |
| Ticker | 4925 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4925.T) |
| Listing | TSE Standard |
| Head office | 東京都千代田区神田須田町一丁目24番地 |
| Representative (per filing) | 代表取締役社長 西 幹男 |
| Founded | May 1983 |
| Share capital | ¥696.5M |
| Employees (consolidated) | 523 |
| Average salary (parent only) | ¥4.2M |
| Fiscal year end | March |
| Website | haba-lab.jp (https://haba-lab.jp/) |
| Corporate number | 5010001066200 |
| EDINET | E01063 |
| Industries (Vizora) | Cosmetics |

> Profile source: annual securities report (S100YA2L, filed 2026-06-19). As of filing

## Five-axis industry profile

Primary industry: Cosmetics (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 11.4 | 22 |
| Profitability | 48.1 | 26 |
| Cash conversion | 84.1 | 22 |
| Efficiency | 59.6 | 26 |

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)

- Haba Laboratories brought in ¥12.1B in revenue.
- Out of every ¥100 of sales, about ¥6 is left as operating profit.
- Revenue changed +0.7% from the prior year, operating profit +23.4%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥12141299000 → ¥760360000
- Net income → operating cash flow: ¥760360000 → ¥1237182000（difference ¥476822000）
- Main uses of operating cash flow: CapEx ¥109440000 / dividends ¥151459000 / buybacks —
- Change in cash: ¥940969000
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 | ¥12.1B |  |
| Operating income | ¥727.4M | Margin 6.0% |
| Net income | ¥760.4M | Margin 6.3% |
| Free cash flow | ¥1.13B |  |
| Employees (consolidated) | 523 |  |
| EPS | ¥127.19 |  |
| Book value per share | ¥1482.25 |  |
| Equity ratio | 76.2% |  |
| Shares outstanding | 3,935,000 |  |
| Treasury shares | 153,500 |  |
| Shareholders | 16,745 |  |
| Average salary (parent only) | ¥4.2M | Filing company only |
| Cash ratio | 45.4% | Cash ÷ revenue 46.8% |
| Vs. industry median margin | -0.1 pp | Cosmetics |
| ROE | 8.2% | Derived from disclosed figures |
| ROA | 6.1% | Derived from disclosed figures |

## Notable figures

- FY2026, employees -8% while operating income rose 23%
- FY2026, cash is 45% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥14307709000 | ¥12141299000 | -15.1% |
| Operating income | ¥226974000 | ¥727365000 | +220.5% |
| Operating margin | 1.6% | 6.0% | +4.4 pp |
| Employees | 710 people | 523 people | -26.3% |
| Cash and equivalents | ¥5663626000 | ¥5684507000 | +0.4% |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 12,141 | 100.0% | S100YA2L |
| Cost of revenue | 4,055 | 33.4% | S100YA2L |
| Gross profit | 8,087 | 66.6% | S100YA2L |
| SG&A | 7,359 | 60.6% | S100YA2L |
| Operating income | 727 | 6.0% | S100YA2L |
| Ordinary income | 708 | 5.8% | S100YA2L |
| Pretax income | 850 | 7.0% | S100YA2L |
| Income tax | 90 | 0.7% | S100YA2L |
| Net income | 760 | 6.3% | S100YA2L |
| Net income attributable to owners | 760 | 6.3% | S100YA2L |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 33 |
| SG&A | 61 |
| Operating income | 6 |
| (Ref.) Net income | 6 |

### Margin funnel

Gross margin 66.6% → Operating margin 6.0% → Net margin 6.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +0.7%; Core profit growth: +23.4%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 35.49×
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 | 12,062 | 12,141 | 79 | +0.7% |
| Gross profit | 8,093 | 8,087 | -6 | -0.1% |
| Operating income | 590 | 727 | 138 | +23.4% |
| Net income attributable to owners | 577 | 760 | 184 | +31.9% |
| Operating cash flow | 1,621 | 1,237 | -384 | -23.7% |
| Free cash flow | 1,409 | 1,128 | -281 | -20.0% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 18,370 | 1,998 | 10.9% | 1,313 | 676 | -234 | S100LKMI |
| FY ending Mar 2021 | 14,308 | 227 | 1.6% | 216 | 535 | -347 | S100O8VX |
| FY ending Mar 2022 | 12,909 | -317 | -2.5% | -269 | 1,714 | 1,527 | S100QZ4V |
| FY ending Mar 2023 | 12,038 | -610 | -5.1% | -708 | 56 | -233 | S100TPF1 |
| FY ending Mar 2024 | 12,324 | -188 | -1.5% | -2,119 | -588 | -1,021 | S100VXV6 |
| FY ending Mar 2025 | 12,062 | 590 | 4.9% | 577 | 1,621 | 1,409 | S100YA2L |
| FY ending Mar 2026 | 12,141 | 727 | 6.0% | 760 | 1,237 | 1,128 | S100YA2L |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥23.2M |
| Operating income per employee (consolidated) | ¥1.4M |
| Net income per employee (consolidated) | ¥1.5M |

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) | 673 | 654 | 631 | 568 | 523 |
| Average salary (parent company) | ¥3.8M | ¥3.9M | ¥3.9M | ¥4M | ¥4.2M |
| Average age (parent company) | 40.2 years | 40.9 years | 42.5 years | 43.9 years | 44.8 years |
| Average tenure (parent company) | 8.8 years | 9.4 years | 10.1 years | 11.2 years | 11.7 years |

Year over year: Employees (consolidated) -7.9% · Revenue (consolidated) +0.7%

## 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 | 1,237 | 10.2% | S100YA2L |
| Capital expenditure | 109 | 0.9% | S100YA2L |
| Free cash flow | 1,128 | 9.3% | 算出 |
| Investing cash flow | 485 | 4.0% | S100YA2L |
| Financing cash flow | -781 | -6.4% | S100YA2L |
| Dividends paid | 151 | 1.2% | S100YA2L |
| Change in cash | 941 | 7.8% | S100YA2L |
| Cash and equivalents | 5,685 | 46.8% | S100YA2L |

## 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 | 5,651 | 4,818 | 3,959 | 4,744 | 5,685 | S100TPF1, S100VXV6, S100YA2L |
| Total assets | 15,685 | 14,655 | 12,431 | 12,344 | 12,519 | S100QZ4V, S100TPF1, S100VXV6, S100YA2L |
| Net assets | 11,638 | 10,774 | 8,507 | 8,927 | 9,536 | S100TPF1, S100VXV6, S100YA2L |
| Share capital | 696 | 696 | 696 | 696 | 696 | S100QZ4V, S100TPF1, S100VXV6, S100YA2L |
| Property, plant and equipment | 4,655 | 4,452 | 2,956 | 2,970 | 2,375 | S100QZ4V, S100TPF1, S100VXV6, S100YA2L |
| Intangible assets excluding goodwill | 346 | 316 | 0 | 93 | 113 | S100QZ4V, S100TPF1, S100VXV6, S100YA2L |
| Investment securities | 6 | 7 | 12 | — | — | S100QZ4V, S100TPF1, S100VXV6 |
| Current assets | 10,072 | 9,344 | 9,077 | 9,035 | 9,780 | S100QZ4V, S100TPF1, S100VXV6, S100YA2L |
| Current liabilities | 2,532 | 2,798 | 2,814 | 2,659 | 2,346 | S100QZ4V, S100TPF1, S100VXV6, S100YA2L |
| Short-term borrowings | 300 | 200 | 600 | 500 | 100 | S100QZ4V, S100TPF1, S100VXV6, S100YA2L |
| Long-term borrowings | 1,473 | 1,032 | 1,000 | 728 | 608 | S100QZ4V, S100TPF1, S100VXV6, S100YA2L |
| Total liabilities | 4,048 | 3,882 | 3,924 | 3,417 | 2,983 | S100QZ4V, S100TPF1, S100VXV6, S100YA2L |
| Equity attributable to owners of parent | 11,631 | 10,772 | 8,502 | 8,927 | 9,536 | S100QZ4V, S100TPF1, S100VXV6, S100YA2L |
| Retained earnings | 11,258 | 10,399 | 8,129 | 8,554 | 9,163 | S100QZ4V, S100TPF1, S100VXV6, S100YA2L |
| Treasury stock | -1,136 | -1,136 | -1,136 | -1,136 | -1,136 | S100QZ4V, S100TPF1, S100VXV6, S100YA2L |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 45% | S100YA2L |
| Property, plant and equipment | 19% | S100YA2L |
| Intangibles and goodwill | 1% | S100YA2L |
| Other assets | 35% | S100YA2L |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 24% | S100YA2L |
| Equity | 76% | S100YA2L |
| Other liabilities | 0% | S100YA2L |

### 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 | 15,685 | 14,655 | 12,431 | 12,344 | 12,519 |
| Equity | 11,638 | 10,774 | 8,507 | 8,927 | 9,536 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 5,651 | 4,818 | 3,959 | 4,744 | 5,685 |

## 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) | 19.6% | S100YA2L |
| Fixed assets ÷ total assets | 19.0% | S100YA2L |
| Goodwill ÷ parent equity | — | —, S100YA2L |

### 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) | 45.4% |
| Cash ÷ revenue | 46.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 170.1% |
| Cash vs. profit gap | 477 JPY mn (of net income 62.7%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 19.9% |
| Shareholder payments — dividends / FCF | 13.4% |
| CapEx intensity (capex ÷ revenue) | 0.9% |
| Investing CF relative to operating CF | 39.2% |

## 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 | — | —× | -1.7% | —× | — | S100QZ4V |
| 2023 | — | —× | -4.7% | —× | — | S100TPF1 |
| 2024 | — | —× | -15.6% | —× | — | S100VXV6 |
| 2025 | 4.8% | 0.97× | 4.7% | 1.42× | 6.6% | S100YA2L |
| 2026 | 6.3% | 0.98× | 6.1% | 1.35× | 8.2% | S100YA2L |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 公益財団法人小柳財団 | Major shareholder | 35.3% | 2026-03-31 |
| 小柳 東子 | Major shareholder | 2.9% | 2026-03-31 |
| 小柳 かず江 | Major shareholder | 1.7% | 2026-03-31 |
| 小柳 典子 | Major shareholder | 0.6% | 2026-03-31 |
| 梅田 常和 | Major shareholder | 0.6% | 2026-03-31 |
| 明治安田生命保険相互会社 （常任代理人 株式会社日本カストディ銀行） | Major shareholder | 0.4% | 2026-03-31 |
| 小柳 久美子 | Major shareholder | 0.4% | 2026-03-31 |
| ハーバー研究所従業員持株会 | Major shareholder | 0.3% | 2026-03-31 |
| 株式会社レジャラース | Major shareholder | 0.3% | 2026-03-31 |
| 日本証券金融株式会社 | Major shareholder | 0.2% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第43期(2025/04/01－2026/03/31) | S100YA2L | 2026-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YA2L,, |
| 有価証券報告書－第42期(2024/04/01－2025/03/31) | S100VXV6 | 2025-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VXV6,, |
| 有価証券報告書－第41期(2023/04/01－2024/03/31) | S100TPF1 | 2024-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TPF1,, |
| 有価証券報告書－第40期(2022/04/01－2023/03/31) | S100QZ4V | 2023-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QZ4V,, |
| 有価証券報告書－第39期(令和3年4月1日－令和4年3月31日) | S100O8VX | 2022-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O8VX,, |
| 有価証券報告書－第38期(令和2年4月1日－令和3年3月31日) | S100LKMI | 2021-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LKMI,, |

## 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).