# happiness and d 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35期(2024/09/01－2025/08/31) (S100X6RU)
> Page: https://vizora.meequs.com/en/company/happiness-and-d
> Retrieved: 2026-09-30T22:40:48.836Z

## Company

happiness and d, founded in 2006, is a company in Watches, Jewelry & Eyewear listed on TSE Standard. It has 316 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Happiness and D Co.,Ltd. |
| Ticker | 3174 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3174.T) |
| Listing | TSE Standard |
| Head office | 東京都中央区銀座一丁目16番1号 東貨ビル4階 |
| Representative (per filing) | 代表取締役社長 前原 聡 |
| Founded | Jan 2006 |
| Share capital | ¥352.3M |
| Employees (consolidated) | 316 |
| Average salary (parent only) | ¥4.1M |
| Fiscal year end | August |
| Corporate number | 4040001063955 |
| EDINET | E26579 |
| Industries (Vizora) | Watches, Jewelry & Eyewear |

> Profile source: annual securities report (S100X6RU, filed 2025-11-26). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 2.5 | 20 |
| Efficiency | 88.1 | 21 |

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)

- happiness and d brought in ¥8.84B in revenue.
- It lost about ¥5 for every ¥100 of sales at the operating level.
- Revenue changed -18.0% from the prior year.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥8.84B |  |
| Operating income | -¥404.2M | Margin -4.6% |
| Net income | -¥808.6M | Margin -9.1% |
| Free cash flow | ¥105.7M |  |
| Employees (consolidated) | 316 |  |
| EPS | ¥-321.28 |  |
| Book value per share | ¥36.44 |  |
| Equity ratio | 2.7% |  |
| Shares outstanding | 2,591,600 |  |
| Treasury shares | 45,800 |  |
| Shareholders | 5,204 |  |
| Average salary (parent only) | ¥4.1M | Filing company only |
| Cash ratio | 12.2% | Cash ÷ revenue 7.8% |
| Vs. industry median margin | -11.2 pp | Watches, Jewelry & Eyewear |
| ROA | -12.7% | Derived from disclosed figures |

## What changed in 5 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Aug 2020 | FY ending Aug 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥17569283000 | ¥8841449000 | — |
| Operating income | ¥101462000 | ¥-404212000 | — |
| Operating margin | 0.6% | -4.6% | -5.1 pp |
| Employees | 319 people | 316 people | — |
| Cash and equivalents | ¥3122334000 | ¥689512000 | — |

### 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 | 8,841 | 100.0% | S100X6RU |
| Cost of revenue | 5,255 | 59.4% | S100X6RU |
| Gross profit | 3,587 | 40.6% | S100X6RU |
| SG&A | 3,991 | 45.1% | S100X6RU |
| Operating income | -404 | -4.6% | S100X6RU |
| Ordinary income | -436 | -4.9% | S100X6RU |
| Pretax income | -718 | -8.1% | S100X6RU |
| Income tax | 91 | 1.0% | S100X6RU |
| Net income | -809 | -9.1% | S100X6RU |
| Net income attributable to owners | -809 | -9.1% | S100X6RU |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 60 |
| SG&A | 45 |
| Operating income | -5 |
| (Ref.) Net income | -9 |

### Margin funnel

Gross margin 40.6% → Operating margin -4.6% → Net margin -9.1%
Derived from reported figures (DERIVED).

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 10,781 | 8,841 | -1,940 | -18.0% |
| Gross profit | 4,114 | 3,587 | -527 | -12.8% |
| Operating income | -158 | -404 | -246 | — |
| Net income attributable to owners | -459 | -809 | -350 | — |
| Operating cash flow | 757 | 170 | -586 | -77.5% |
| Free cash flow | 643 | 106 | -537 | -83.5% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Aug 2019 | 20,760 | 544 | 2.6% | 269 | 178 | 153 | S100K9JC |
| FY ending Aug 2020 | 17,569 | 101 | 0.6% | -189 | 700 | 657 | S100MY4L |
| FY ending Aug 2021 | 18,312 | -72 | -0.4% | -124 | -360 | -432 | S100PPTL |
| FY ending Aug 2022 | 13,609 | 190 | 1.4% | 90 | 897 | 850 | S100PPTL |
| FY ending Aug 2023 | 12,743 | -217 | -1.7% | -668 | -34 | -144 | S100UWVS |
| FY ending Aug 2024 | 10,781 | -158 | -1.5% | -459 | 757 | 643 | S100X6RU |
| FY ending Aug 2025 | 8,841 | -404 | -4.6% | -809 | 170 | 106 | S100X6RU |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥28M |
| Operating income per employee (consolidated) | -¥1.3M |
| Net income per employee (consolidated) | -¥2.6M |

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) | 332 | 359 | 392 | 359 | 316 |
| Average salary (parent company) | ¥3.6M | ¥3.6M | ¥3.7M | ¥3.7M | ¥4.1M |
| Average age (parent company) | 39.1 years | 39.0 years | 39.3 years | 40.1 years | 40.1 years |
| Average tenure (parent company) | 6.9 years | 6.7 years | 6.9 years | 7.7 years | 8.4 years |

Year over year: Employees (consolidated) -12.0% · Revenue (consolidated) -18.0%

## 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 | 170 | 1.9% | S100X6RU |
| Capital expenditure | 65 | 0.7% | S100X6RU |
| Free cash flow | 106 | 1.2% | 算出 |
| Investing cash flow | -113 | -1.3% | S100X6RU |
| Financing cash flow | -349 | -3.9% | S100X6RU |
| Dividends paid | 29 | 0.3% | S100X6RU |
| Change in cash | -292 | -3.3% | S100X6RU |
| Cash and equivalents | 690 | 7.8% | S100X6RU |

## 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 | 2,222 | 1,664 | 1,937 | 981 | 690 | S100PPTL, S100X6RU |
| Total assets | 10,131 | 9,259 | 9,094 | 7,052 | 5,651 | S100PPTL, S100UWVS, S100X6RU |
| Net assets | 2,175 | 2,215 | 1,503 | 1,016 | 199 | S100PPTL, S100X6RU |
| Share capital | 339 | 344 | 349 | 349 | 352 | S100PPTL, S100UWVS, S100X6RU |
| Property, plant and equipment | 929 | 912 | 765 | 534 | 268 | S100PPTL, S100UWVS, S100X6RU |
| Intangible assets excluding goodwill | 18 | 32 | 120 | 97 | 70 | S100PPTL, S100UWVS, S100X6RU |
| Goodwill | — | — | 51 | 39 | 27 | S100UWVS, S100X6RU |
| Investment securities | 60 | 64 | 73 | 29 | 54 | S100PPTL, S100UWVS, S100X6RU |
| Current assets | 8,197 | 7,304 | 7,404 | 5,719 | 4,764 | S100PPTL, S100UWVS, S100X6RU |
| Current liabilities | 3,506 | 3,454 | 3,407 | 3,274 | 4,242 | S100PPTL, S100UWVS, S100X6RU |
| Trade payables | — | — | 571 | 460 | 437 | S100UWVS, S100X6RU |
| Short-term borrowings | 50 | — | — | — | 104 | S100PPTL, S100X6RU |
| Long-term borrowings | 3,791 | 2,931 | 3,558 | 2,222 | 803 | S100PPTL, S100UWVS, S100X6RU |
| Total liabilities | 7,956 | 7,044 | 7,590 | 6,036 | 5,452 | S100PPTL, S100UWVS, S100X6RU |
| Equity attributable to owners of parent | 2,107 | 2,160 | 1,461 | 969 | 139 | S100PPTL, S100UWVS, S100X6RU |
| Retained earnings | 1,456 | 1,511 | 804 | 307 | -531 | S100PPTL, S100UWVS, S100X6RU |
| Treasury stock | -11 | -20 | -28 | -23 | -22 | S100PPTL, S100UWVS, S100X6RU |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 12% | S100X6RU |
| Property, plant and equipment | 5% | S100X6RU |
| Intangibles and goodwill | 2% | S100X6RU |
| Investment securities | 1% | S100X6RU |
| Other assets | 80% | S100X6RU |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 8% | S100X6RU |
| Other liabilities | 89% | S100X6RU |
| Equity | 3% | S100X6RU |

### 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 | 10,131 | 9,259 | 9,094 | 7,052 | 5,651 |
| Equity | 2,175 | 2,215 | 1,503 | 1,016 | 199 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 2,222 | 1,664 | 1,937 | 981 | 690 |

## 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) | 3.0% | S100X6RU |
| Fixed assets ÷ total assets | 4.7% | S100X6RU |
| Goodwill ÷ parent equity | 19.3% | S100X6RU |

### 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) | 12.2% |
| Cash ÷ revenue | 7.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | 979 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | 27.1% |
| CapEx intensity (capex ÷ revenue) | 0.7% |
| Investing CF relative to operating CF | 66.5% |

## 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 | — | —× | -1.2% | —× | — | S100PPTL |
| 2022 | 0.7% | 1.40× | 0.9% | 4.54× | 4.2% | S100PPTL |
| 2023 | — | —× | -7.3% | —× | — | S100UWVS |
| 2024 | — | —× | -5.7% | —× | — | S100X6RU |
| 2025 | — | —× | -12.7% | —× | — | S100X6RU |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 田 篤史 | Major shareholder | 23.1% | 2025-08-31 |
| 田 泰夫 | Major shareholder | 21.9% | 2025-08-31 |
| 有限会社ＤＥＮ | Major shareholder | 5.9% | 2025-08-31 |
| 野村 正治 | Major shareholder | 4.2% | 2025-08-31 |
| 田 啓子 | Major shareholder | 2.8% | 2025-08-31 |
| ハピネス・アンド・ディ従業員持株会 | Major shareholder | 0.7% | 2025-08-31 |
| 長戸 悠一郎 | Major shareholder | 0.7% | 2025-08-31 |
| 前原 聡 | Major shareholder | 0.5% | 2025-08-31 |
| 新沼 吾史 | Major shareholder | 0.5% | 2025-08-31 |
| 高安 勝 | Major shareholder | 0.4% | 2025-08-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第35期(2024/09/01－2025/08/31) | S100X6RU | 2025-11-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100X6RU,, |
| 訂正有価証券報告書－第34期(2023/09/01－2024/08/31) | S100UWVS | 2024-12-06 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UWVS,, |
| 有価証券報告書－第33期(2022/09/01－2023/08/31) | S100SDG8 | 2023-11-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SDG8,, |
| 有価証券報告書－第32期(令和3年9月1日－令和4年8月31日) | S100PPTL | 2022-11-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PPTL,, |
| 有価証券報告書－第31期(令和2年9月1日－令和3年8月31日) | S100MY4L | 2021-11-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MY4L,, |
| 有価証券報告書－第30期(令和1年9月1日－令和2年8月31日) | S100K9JC | 2020-11-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100K9JC,, |

## 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).