# Haruyama Holdings 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52期(2025/04/01－2026/03/31) (S100YLJD)
> Page: https://vizora.meequs.com/en/company/haruyama-holdings
> Retrieved: 2026-09-30T22:28:31.765Z

## Company

Haruyama Holdings, founded in 1974, is a company in Apparel listed on TSE Standard. It has 1,089 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Haruyama Holdings Inc. |
| Ticker | 7416 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7416.T) |
| Listing | TSE Standard |
| Head office | 岡山市北区青江一丁目17番21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) | 代表取締役会長兼社長 治山 正史 |
| Founded | Nov 1974 |
| Share capital | ¥3.99B |
| Employees (consolidated) | 1,089 |
| Average salary (parent only) | ¥5.5M |
| Fiscal year end | March |
| Website | www.haruyama.co.jp (https://www.haruyama.co.jp/) |
| Corporate number | 1260001005475 |
| EDINET | E03233 |
| Industries (Vizora) | Apparel |

> Profile source: annual securities report (S100YLJD, filed 2026-06-26). As of filing

## Five-axis industry profile

Primary industry: Apparel (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 20.9 | 55 |
| Profitability | 15.6 | 61 |
| Efficiency | 28.7 | 61 |

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)

- Haruyama Holdings brought in ¥35.2B in revenue.
- It lost about ¥2 for every ¥100 of sales at the operating level.
- Revenue changed -2.6% from the prior year, operating profit -205.2%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥35.2B |  |
| Operating income | -¥658M | Margin -1.9% |
| Net income | -¥1.09B | Margin -3.1% |
| Free cash flow | -¥3.45B |  |
| Employees (consolidated) | 1,089 |  |
| EPS | ¥-72.13 |  |
| Book value per share | ¥1445.98 |  |
| Equity ratio | 54.7% |  |
| Shares outstanding | 16,485,000 |  |
| Treasury shares | 805,000 |  |
| Shareholders | 40,965 |  |
| Average salary (parent only) | ¥5.5M | Filing company only |
| Cash ratio | 20.1% | Cash ÷ revenue 23.6% |
| Vs. industry median margin | -4.9 pp | Apparel |
| ROA | -2.6% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥38220683000 | ¥35212653000 | -7.9% |
| Operating income | ¥-3687447000 | ¥-657970000 | — |
| Operating margin | -9.6% | -1.9% | +7.8 pp |
| Employees | 1,360 people | 1,089 people | -19.9% |
| Cash and equivalents | ¥11813268000 | ¥8317713000 | -29.6% |

### 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 | 35,213 | 100.0% | S100YLJD |
| Cost of revenue | 14,628 | 41.5% | S100YLJD |
| Gross profit | 20,584 | 58.5% | S100YLJD |
| SG&A | 21,242 | 60.3% | S100YLJD |
| Operating income | -658 | -1.9% | S100YLJD |
| Ordinary income | -297 | -0.8% | S100YLJD |
| Pretax income | -770 | -2.2% | S100YLJD |
| Income tax | 324 | 0.9% | S100YLJD |
| Net income | -1,094 | -3.1% | S100YLJD |
| Net income attributable to owners | -1,094 | -3.1% | S100YLJD |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 42 |
| SG&A | 60 |
| Operating income | -2 |
| (Ref.) Net income | -3 |

### Margin funnel

Gross margin 58.5% → Operating margin -1.9% → Net margin -3.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Turned to a loss
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 | 36,136 | 35,213 | -923 | -2.6% |
| Gross profit | 21,469 | 20,584 | -885 | -4.1% |
| Operating income | 626 | -658 | -1,284 | -205.2% |
| Net income attributable to owners | 670 | -1,094 | -1,764 | -263.3% |
| Operating cash flow | -139 | -2,120 | -1,981 | — |
| Free cash flow | -1,209 | -3,452 | -2,243 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 50,583 | 376 | 0.7% | 403 | 1,587 | 727 | S100LVAF |
| FY ending Mar 2021 | 38,221 | -3,687 | -9.6% | -4,880 | -4,197 | -4,780 | S100OMDK |
| FY ending Mar 2022 | 36,685 | -2,788 | -7.6% | -7,896 | -1,823 | -2,360 | S100R9Y8 |
| FY ending Mar 2023 | 36,893 | 740 | 2.0% | 247 | 4,166 | 3,269 | S100TX4Q |
| FY ending Mar 2024 | 35,916 | 927 | 2.6% | 406 | 1,277 | 572 | S100W946 |
| FY ending Mar 2025 | 36,136 | 626 | 1.7% | 670 | -139 | -1,209 | S100YLJD |
| FY ending Mar 2026 | 35,213 | -658 | -1.9% | -1,094 | -2,120 | -3,452 | S100YLJD |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥32.3M |
| Operating income per employee (consolidated) | -¥604.2K |
| Net income per employee (consolidated) | -¥1M |

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) | 1,286 | 1,223 | 1,119 | 1,097 | 1,089 |
| Average salary (parent company) | ¥4.7M | ¥4.6M | ¥5.9M | ¥6.1M | ¥5.5M |
| Average age (parent company) | 45.2 years | 44.8 years | 44.8 years | 46.9 years | 43.0 years |
| Average tenure (parent company) | 12.6 years | 9.3 years | 9.6 years | 11.8 years | 6.3 years |

Year over year: Employees (consolidated) -0.7% · Revenue (consolidated) -2.6%

## 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 | -2,120 | -6.0% | S100YLJD |
| Capital expenditure | 1,332 | 3.8% | S100YLJD |
| Free cash flow | -3,452 | -9.8% | 算出 |
| Investing cash flow | -1,274 | -3.6% | S100YLJD |
| Financing cash flow | 1,160 | 3.3% | S100YLJD |
| Dividends paid | 320 | 0.9% | S100YLJD |
| Share buyback | 243 | 0.7% | S100YLJD |
| Change in cash | -2,233 | -6.3% | S100YLJD |
| Cash and equivalents | 8,318 | 23.6% | S100YLJD |

## 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 | 12,358 | 14,617 | 13,827 | 10,551 | 8,318 | S100TX4Q, S100W946, S100YLJD |
| Total assets | 51,132 | 48,598 | 47,291 | 43,450 | 41,457 | S100R9Y8, S100TX4Q, S100W946, S100YLJD |
| Net assets | 23,488 | 23,752 | 23,944 | 24,166 | 22,675 | S100TX4Q, S100W946, S100YLJD |
| Share capital | 3,991 | 3,991 | 3,991 | 3,991 | 3,991 | S100R9Y8, S100TX4Q, S100W946, S100YLJD |
| Trade receivables | 96 | 257 | 290 | 356 | 339 | S100R9Y8, S100TX4Q, S100W946, S100YLJD |
| Property, plant and equipment | 13,045 | 12,523 | 12,535 | 12,017 | 12,121 | S100R9Y8, S100TX4Q, S100W946, S100YLJD |
| Intangible assets excluding goodwill | 1,115 | 1,371 | 1,017 | 923 | 1,176 | S100R9Y8, S100TX4Q, S100W946, S100YLJD |
| Goodwill | 77 | — | — | — | — | S100R9Y8 |
| Investment securities | 507 | 520 | 543 | 568 | 776 | S100R9Y8, S100TX4Q, S100W946, S100YLJD |
| Current assets | 28,806 | 27,413 | 26,685 | 23,503 | 21,441 | S100R9Y8, S100TX4Q, S100W946, S100YLJD |
| Current liabilities | 14,579 | 13,060 | 13,383 | 12,546 | 12,147 | S100R9Y8, S100TX4Q, S100W946, S100YLJD |
| Trade payables | 5,785 | 5,004 | 4,771 | 3,901 | 2,056 | S100R9Y8, S100TX4Q, S100W946, S100YLJD |
| Short-term borrowings | 600 | 600 | 600 | 2,500 | 5,200 | S100R9Y8, S100TX4Q, S100W946, S100YLJD |
| Long-term borrowings | 9,453 | 8,142 | 6,265 | 3,310 | 2,976 | S100R9Y8, S100TX4Q, S100W946, S100YLJD |
| Total liabilities | 27,645 | 24,846 | 23,347 | 19,284 | 18,782 | S100R9Y8, S100TX4Q, S100W946, S100YLJD |
| Equity attributable to owners of parent | 23,493 | 23,740 | 23,892 | 24,096 | 22,439 | S100R9Y8, S100TX4Q, S100W946, S100YLJD |
| Retained earnings | 15,778 | 16,025 | 16,177 | 16,594 | 15,179 | S100R9Y8, S100TX4Q, S100W946, S100YLJD |
| Treasury stock | -139 | -139 | -139 | -351 | -594 | S100R9Y8, S100TX4Q, S100W946, S100YLJD |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 20% | S100YLJD |
| Receivables | 1% | S100YLJD |
| Property, plant and equipment | 29% | S100YLJD |
| Intangibles and goodwill | 3% | S100YLJD |
| Investment securities | 2% | S100YLJD |
| Other assets | 45% | S100YLJD |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 5% | S100YLJD |
| Other liabilities | 40% | S100YLJD |
| Equity | 55% | S100YLJD |
| Other liabilities | 0% | S100YLJD |

### 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 | 51,132 | 48,598 | 47,291 | 43,450 | 41,457 |
| Equity | 23,488 | 23,752 | 23,944 | 24,166 | 22,675 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 12,358 | 14,617 | 13,827 | 10,551 | 8,318 |

## 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) | 34.4% | S100YLJD |
| Fixed assets ÷ total assets | 29.2% | S100YLJD |
| Goodwill ÷ parent equity | — | —, S100YLJD |

### 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) | 20.1% |
| Cash ÷ revenue | 23.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | -1,026 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 3.8% |
| Investing CF relative to operating CF | — |

## 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 | — | —× | -15.4% | —× | — | S100R9Y8 |
| 2023 | 0.7% | 0.74× | 0.5% | 2.11× | 1.0% | S100TX4Q |
| 2024 | 1.1% | 0.75× | 0.8% | 2.01× | 1.7% | S100W946 |
| 2025 | 1.9% | 0.80× | 1.5% | 1.89× | 2.8% | S100YLJD |
| 2026 | — | —× | -2.6% | —× | — | S100YLJD |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社はるか | Major shareholder | 21.3% | 2026-03-31 |
| 治山 邦雄 | Major shareholder | 8.8% | 2026-03-31 |
| 有限会社岩渕コーポレーション | Major shareholder | 8.4% | 2026-03-31 |
| 治山 公子 | Major shareholder | 4.6% | 2026-03-31 |
| 株式会社四国銀行 | Major shareholder | 4.5% | 2026-03-31 |
| 治山 美智子 | Major shareholder | 2.6% | 2026-03-31 |
| はるやま社員持株会 | Major shareholder | 2.5% | 2026-03-31 |
| 岩渕 典子 | Major shareholder | 2.2% | 2026-03-31 |
| 治山 高広 | Major shareholder | 2.1% | 2026-03-31 |
| 治山 純子 | Major shareholder | 2.0% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第52期(2025/04/01－2026/03/31) | S100YLJD | 2026-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YLJD,, |
| 有価証券報告書－第51期(2024/04/01－2025/03/31) | S100W946 | 2025-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W946,, |
| 有価証券報告書－第50期(2023/04/01－2024/03/31) | S100TX4Q | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TX4Q,, |
| 有価証券報告書－第49期(2022/04/01－2023/03/31) | S100R9Y8 | 2023-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R9Y8,, |
| 有価証券報告書－第48期(令和3年4月1日－令和4年3月31日) | S100OMDK | 2022-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OMDK,, |
| 有価証券報告書－第47期(令和2年4月1日－令和3年3月31日) | S100LVAF | 2021-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LVAF,, |

## 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).