# halmek holdings Co.,Ltd.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, IFRS
> Unit: JPY millions
> Sources: 訂正有価証券報告書－第7期(2025/04/01－2026/03/31) (S100YLIQ)
> Page: https://vizora.meequs.com/en/company/halmek-holdings
> Retrieved: 2026-09-30T21:38:48.960Z

## Company

halmek holdings, founded in 2020, is a company in Publishing & Bookstores listed on TSE Growth. It has 417 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | halmek holdings Co.,Ltd. |
| Ticker | 7119 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7119.T) |
| Listing | TSE Growth |
| Head office | 東京都新宿区神楽坂四丁目1番1号(同所は登記上の本店所在地で実際の業務は「最寄りの連絡場所」で行っております。) |
| Representative (per filing) | 代表取締役社長 宮澤 孝夫 |
| Founded | Jul 2020 |
| Share capital | ¥2.1B |
| Employees (consolidated) | 417 |
| Average salary (parent only) | ¥8.4M |
| Fiscal year end | March |
| Website | www.halmek-holdings.co.jp (https://www.halmek-holdings.co.jp/) |
| Corporate number | 9011101091910 |
| EDINET | E38427 |
| Industries (Vizora) | Publishing & Bookstores, Catalog & TV Shopping |

> Profile source: annual securities report (S100YLIQ, filed 2026-06-26). As of filing

## Five-axis industry profile

Primary industry: Catalog & TV Shopping (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 55 | 10 |
| Cash conversion | 50 | 9 |
| Efficiency | 65 | 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)

- About 81% of halmek holdings's sales come from Halmek business, with Cotose business making up much of the rest.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed -0.3% from the prior year, operating profit +66.1%.

## Company structure

- Segment revenue mix: Halmek business 80.7%、Cotose business 19.3%
- Revenue → net income: ¥33812000000 → ¥1051000000
- Net income → operating cash flow: ¥1051000000 → ¥1698000000（difference ¥647000000）
- Main uses of operating cash flow: CapEx ¥358000000 / dividends ¥385000000 / buybacks —
- Change in cash: ¥383000000
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 | ¥33.8B |  |
| Operating income | ¥1.77B | Margin 5.2% |
| Net income | ¥1.05B | Margin 3.1% |
| Free cash flow | ¥1.34B |  |
| Largest business | Halmek business | of segment revenue 80.7% |
| Employees (consolidated) | 417 |  |
| EPS | ¥95.4 |  |
| Diluted EPS | ¥94.15 |  |
| Book value per share | ¥583.89 |  |
| Equity ratio | 42.0% | Derived from disclosed figures |
| Shares outstanding | 11,045,988 |  |
| Shareholders | 9,823 |  |
| Average salary (parent only) | ¥8.4M | Filing company only |
| Cash ratio | 13.1% | Cash ÷ revenue 8.2% |
| Vs. industry median margin | -0.2 pp | Publishing & Bookstores |
| ROE | 12.3% | Derived from disclosed figures |
| ROA | 5.0% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 100% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥15135000000 | ¥33812000000 | +123.4% |
| Employees | 305 people | 417 people | +36.7% |
| Cash and equivalents | ¥1835000000 | ¥2778000000 | +51.4% |

### 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.

| Flow | Revenue share |
| --- | ---: |
| 新設・再編 → ハルメク事業 | 80.7% |
| 新設・再編 → ことせ事業 | 19.3% |

Segment revenue source references: 2 (derived)

## Income statement（FY ending Mar 2026, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 33,812 | 100.0% | S100YLIQ |
| Cost of revenue | 14,768 | 43.7% | S100YLIQ |
| Gross profit | 19,043 | 56.3% | S100YLIQ |
| SG&A | 17,272 | 51.1% | S100YLIQ |
| Operating income | 1,774 | 5.2% | S100YLIQ |
| Pretax income | 1,727 | 5.1% | S100YLIQ |
| Income tax | 676 | 2.0% | S100YLIQ |
| Net income | 1,051 | 3.1% | S100YLIQ |
| Net income attributable to owners | 1,051 | 3.1% | S100YLIQ |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 44 |
| SG&A | 51 |
| Operating income | 5 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 56.3% → Operating margin 5.2% → Net margin 3.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue down, profit up
Revenue growth: -0.3%; Core profit growth: +66.1%
Operating leverage (core profit growth ÷ revenue growth): -190.08×
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 | 33,930 | 33,812 | -118 | -0.3% |
| Gross profit | 19,095 | 19,043 | -52 | -0.3% |
| Operating income | 1,068 | 1,774 | 706 | +66.1% |
| Net income attributable to owners | 623 | 1,051 | 428 | +68.7% |
| Operating cash flow | 2,395 | 1,698 | -697 | -29.1% |
| Free cash flow | 2,057 | 1,340 | -717 | -34.9% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2021 | 15,135 | — | — | 301 | 870 | — | S100W49R |
| FY ending Mar 2022 | 25,233 | 1,358 | 5.4% | 796 | 881 | 178 | S100R86N |
| FY ending Mar 2023 | 28,738 | 2,030 | 7.1% | 1,248 | 2,260 | 1,852 | S100TUOS |
| FY ending Mar 2024 | 31,415 | 857 | 2.7% | 476 | 152 | -230 | S100W49R |
| FY ending Mar 2025 | 33,930 | 1,068 | 3.1% | 623 | 2,395 | 2,057 | S100YLIQ |
| FY ending Mar 2026 | 33,812 | 1,774 | 5.2% | 1,051 | 1,698 | 1,340 | S100YLIQ |

## People and productivity（FY ending Mar 2026, consolidated, IFRS）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥81.1M |
| Operating income per employee (consolidated) | ¥4.3M |
| Net income per employee (consolidated) | ¥2.5M |

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) | 329 | 344 | 386 | 414 | 417 |
| Average salary (parent company) | — | ¥8.5M | ¥7.4M | ¥8.3M | ¥8.4M |
| Average age (parent company) | — | 47.5 years | 47.1 years | 47.7 years | 46.2 years |
| Average tenure (parent company) | — | 8.5 years | 6.6 years | 6.9 years | 6.9 years |

Year over year: Employees (consolidated) +0.7% · Revenue (consolidated) -0.3%

## Segments（FY ending Mar 2026, consolidated, IFRS、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Halmek business | 27,524 | 80.7% | 1,692 | 6.1% |
| Cotose business | 6,595 | 19.3% | 3 | 0.0% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Halmek business | 80.7% | 99.8% | 19.2 | 6.1% |
| Cotose business | 19.3% | 0.2% | -19.2 | 0.0% |

Segment → industry: Halmek business → Publishing & Bookstores / Halmek business → Catalog & TV Shopping

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 1,698 | 5.0% | S100YLIQ |
| Capital expenditure | 358 | 1.1% | S100YLIQ |
| Free cash flow | 1,340 | 4.0% | 算出 |
| Investing cash flow | -380 | -1.1% | S100YLIQ |
| Financing cash flow | -934 | -2.8% | S100YLIQ |
| Dividends paid | 385 | 1.1% | S100YLIQ |
| Change in cash | 383 | 1.1% | S100YLIQ |
| Cash and equivalents | 2,778 | 8.2% | S100YLIQ |

## 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 | 964 | 5,036 | 938 | 2,394 | 2,778 | S100TUOS, S100W49R, S100YLIQ |
| Total assets | 18,304 | 23,097 | 20,114 | 20,893 | 21,164 | S100R86N, S100TUOS, S100W49R, S100YLIQ |
| Net assets | 1,823 | 6,482 | 7,555 | 8,195 | 8,893 | S100TUOS, S100W49R, S100YLIQ |
| Share capital | 10 | 1,768 | 2,074 | 2,082 | 2,098 | S100R86N, S100TUOS, S100W49R, S100YLIQ |
| Property, plant and equipment | 224 | 222 | 325 | 416 | 448 | S100R86N, S100TUOS, S100W49R, S100YLIQ |
| Goodwill | 4,452 | 4,452 | 4,452 | 4,452 | 4,452 | S100R86N, S100TUOS, S100W49R, S100YLIQ |
| Current assets | 4,843 | 9,280 | 6,229 | 7,591 | 8,308 | S100R86N, S100TUOS, S100W49R, S100YLIQ |
| Total liabilities | 16,480 | 16,614 | 12,559 | 12,697 | 12,270 | S100R86N, S100TUOS, S100W49R, S100YLIQ |
| Equity attributable to owners of parent | 1,823 | 6,482 | 7,555 | 8,195 | 8,893 | S100R86N, S100TUOS, S100W49R, S100YLIQ |
| Retained earnings | 1,448 | 2,697 | 3,173 | 3,797 | 4,463 | S100R86N, S100TUOS, S100W49R, S100YLIQ |
| Treasury stock | — | — | — | 0 | 0 | S100YLIQ |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 13% | S100YLIQ |
| Property, plant and equipment | 2% | S100YLIQ |
| Intangibles and goodwill | 21% | — |
| Other assets | 64% | S100YLIQ |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 58% | S100YLIQ |
| Equity | 42% | S100YLIQ |
| Other liabilities | 0% | S100YLIQ |

### 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 | 18,304 | 23,097 | 20,114 | 20,893 | 21,164 |
| Equity | 1,823 | 6,482 | 7,555 | 8,195 | 8,893 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 964 | 5,036 | 938 | 2,394 | 2,778 |

## 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) | 1.3% | S100YLIQ |
| Fixed assets ÷ total assets | 2.1% | S100YLIQ |
| Goodwill ÷ parent equity | 50.1% | S100YLIQ |

Goodwill over 4 years: 4,452 → 4,452 JPY; total investing cash flow: -2,375 JPY. This does not imply causation.

### 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) | 13.1% |
| Cash ÷ revenue | 8.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 95.7% |
| Cash vs. profit gap | 647 JPY mn (of net income 61.6%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 36.6% |
| Shareholder payments — dividends / FCF | 28.7% |
| CapEx intensity (capex ÷ revenue) | 1.1% |
| Investing CF relative to operating CF | 22.4% |

## 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 | 3.2% | 1.38× | 4.3% | 10.04× | 43.7% | S100R86N |
| 2023 | 4.3% | 1.39× | 6.0% | 4.99× | 30.1% | S100TUOS |
| 2024 | 1.5% | 1.45× | 2.2% | 3.08× | 6.8% | S100W49R |
| 2025 | 1.8% | 1.65× | 3.0% | 2.60× | 7.9% | S100YLIQ |
| 2026 | 3.1% | 1.61× | 5.0% | 2.46× | 12.3% | S100YLIQ |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 松島 陽介 | Major shareholder | 17.2% | 2026-03-31 |
| 宮澤 孝夫 | Major shareholder | 14.7% | 2026-03-31 |
| 山元 雄太 | Major shareholder | 13.8% | 2026-03-31 |
| ＩＨドリーム株式会社（注） | Major shareholder | 10.9% | 2026-03-31 |
| 土屋 淳一 | Major shareholder | 7.3% | 2026-03-31 |
| 和田 朝子 | Major shareholder | 2.5% | 2026-03-31 |
| 林 南平 | Major shareholder | 2.2% | 2026-03-31 |
| 大谷 貴志 | Major shareholder | 1.4% | 2026-03-31 |
| 中村 大 | Major shareholder | 0.4% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 0.4% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 訂正有価証券報告書－第7期(2025/04/01－2026/03/31) | S100YLIQ | 2026-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YLIQ,, |
| 有価証券報告書－第6期(2024/04/01－2025/03/31) | S100W49R | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W49R,, |
| 有価証券報告書－第5期(2023/04/01－2024/03/31) | S100TUOS | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TUOS,, |
| 有価証券報告書－第4期(2022/04/01－2023/03/31) | S100R86N | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R86N,, |

## 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).