# HIMARAYA 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50期(2024/09/01－2025/08/31) (S100X67D)
> Page: https://vizora.meequs.com/en/company/himaraya
> Retrieved: 2026-09-30T21:34:00.491Z

## Company

Himaraya, founded in 1991, is a company in Outdoor & Sporting Goods Stores listed on TSE Standard. It has 721 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | HIMARAYA Co.,Ltd. |
| Ticker | 7514 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7514.T) |
| Listing | TSE Standard |
| Head office | 岐阜県岐阜市江添一丁目1番1号 |
| Representative (per filing) | 代表取締役社長兼CEO 小田 学 |
| Founded | Aug 1991 |
| Share capital | ¥2.54B |
| Employees (consolidated) | 721 |
| Average salary (parent only) | ¥5M |
| Fiscal year end | August |
| Website | www.hmry.jp (https://www.hmry.jp/) |
| Corporate number | 9200001004384 |
| EDINET | E03271 |
| Industries (Vizora) | Outdoor & Sporting Goods Stores |

> Profile source: annual securities report (S100X67D, filed 2025-11-25). As of filing

## Five-axis industry profile

Primary industry: Outdoor & Sporting Goods Stores (2025-08-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 16.7 | 3 |
| Profitability | 16.7 | 3 |
| Cash conversion | 50 | 3 |
| Efficiency | 83.3 | 3 |

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)

- Himaraya brought in ¥60.4B in revenue.
- Operating profit was close to zero, a slight profit per ¥100 of sales.
- Revenue changed +3.3% from the prior year, operating profit -7.2%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥60447000000 → ¥11000000
- Net income → operating cash flow: ¥11000000 → ¥416000000（difference ¥405000000）
- Main uses of operating cash flow: CapEx ¥788000000 / dividends ¥319000000 / buybacks —
- Change in cash: ¥-430000000
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 | ¥60.4B |  |
| Operating income | ¥285M | Margin 0.5% |
| Net income | ¥11M | Margin 0.0% |
| Free cash flow | -¥372M |  |
| Employees (consolidated) | 721 |  |
| EPS | ¥-2.68 |  |
| Book value per share | ¥1302.5 |  |
| Equity ratio | 47.1% |  |
| Shares outstanding | 12,320,787 |  |
| Treasury shares | 30,400 |  |
| Shareholders | 16,658 |  |
| Average salary (parent only) | ¥5M | Filing company only |
| Cash ratio | 10.6% | Cash ÷ revenue 6.1% |
| Vs. industry median margin | -0.5 pp | Outdoor & Sporting Goods Stores |
| ROE | 0.1% | Derived from disclosed figures |
| ROA | 0.0% | Derived from disclosed figures |

## Notable figures

- FY2025, operating cash flow is 37.8× net income

## What changed in 5 years

| Metric | FY ending Aug 2020 | FY ending Aug 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥57721000000 | ¥60447000000 | +4.7% |
| Operating income | ¥-487000000 | ¥285000000 | — |
| Operating margin | -0.8% | 0.5% | +1.3 pp |
| Employees | 699 people | 721 people | +3.1% |
| Cash and equivalents | ¥9915000000 | ¥3691000000 | -62.8% |

### 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 | 60,447 | 100.0% | S100X67D |
| Cost of revenue | 39,245 | 64.9% | S100X67D |
| Gross profit | 21,202 | 35.1% | S100X67D |
| SG&A | 20,916 | 34.6% | S100X67D |
| Operating income | 285 | 0.5% | S100X67D |
| Ordinary income | 382 | 0.6% | S100X67D |
| Pretax income | 101 | 0.2% | S100X67D |
| Income tax | 90 | 0.1% | S100X67D |
| Net income | 11 | 0.0% | S100X67D |
| Net income attributable to owners | 11 | 0.0% | S100X67D |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 65 |
| SG&A | 35 |
| Operating income | 0 |
| (Ref.) Net income | 0 |

### Margin funnel

Gross margin 35.1% → Operating margin 0.5% → Net margin 0.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +3.3%; Core profit growth: -7.2%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -2.17×
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 | 58,512 | 60,447 | 1,935 | +3.3% |
| Gross profit | 20,458 | 21,202 | 744 | +3.6% |
| Operating income | 307 | 285 | -22 | -7.2% |
| Net income attributable to owners | 206 | 11 | -195 | -94.7% |
| Operating cash flow | 982 | 416 | -566 | -57.6% |
| Free cash flow | 457 | -372 | -829 | -181.4% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Aug 2019 | 66,560 | 867 | 1.3% | 587 | -680 | -831 | S100K92A |
| FY ending Aug 2020 | 57,721 | -487 | -0.8% | -789 | -44 | -211 | S100MXZF |
| FY ending Aug 2021 | 62,133 | 2,024 | 3.3% | 1,412 | 6,894 | 6,771 | S100PPRS |
| FY ending Aug 2022 | 58,914 | 2,041 | 3.5% | 1,431 | 838 | -154 | S100SCTK |
| FY ending Aug 2023 | 60,189 | 1,001 | 1.7% | 589 | -42 | -2,259 | S100UUFF |
| FY ending Aug 2024 | 58,512 | 307 | 0.5% | 206 | 982 | 457 | S100X67D |
| FY ending Aug 2025 | 60,447 | 285 | 0.5% | 11 | 416 | -372 | S100X67D |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥83.8M |
| Operating income per employee (consolidated) | ¥395.3K |
| Net income per employee (consolidated) | ¥15.3K |

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) | 695 | 744 | 749 | 730 | 721 |
| Average salary (parent company) | ¥4.8M | ¥5.2M | ¥5M | ¥4.9M | ¥5M |
| Average age (parent company) | 38.0 years | 37.6 years | 38.0 years | 38.8 years | 39.6 years |
| Average tenure (parent company) | 12.3 years | 11.9 years | 12.3 years | 13.1 years | 13.7 years |

Year over year: Employees (consolidated) -1.2% · Revenue (consolidated) +3.3%

## 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 | 416 | 0.7% | S100X67D |
| Capital expenditure | 788 | 1.3% | S100X67D |
| Free cash flow | -372 | -0.6% | 算出 |
| Investing cash flow | -216 | -0.4% | S100X67D |
| Financing cash flow | -630 | -1.0% | S100X67D |
| Dividends paid | 319 | 0.5% | S100X67D |
| Change in cash | -430 | -0.7% | S100X67D |
| Cash and equivalents | 3,691 | 6.1% | S100X67D |

## 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 | 13,753 | 9,676 | 4,396 | 4,121 | 3,691 | S100SCTK, S100UUFF, S100X67D |
| Total assets | 40,048 | 38,260 | 35,540 | 34,743 | 34,667 | S100PPRS, S100SCTK, S100UUFF, S100X67D |
| Net assets | 15,119 | 16,177 | 16,590 | 16,478 | 16,331 | S100SCTK, S100UUFF, S100X67D |
| Share capital | 2,544 | 2,544 | 2,544 | 2,544 | 2,544 | S100PPRS, S100SCTK, S100UUFF, S100X67D |
| Property, plant and equipment | 4,916 | 5,501 | 6,893 | 6,567 | 6,427 | S100PPRS, S100SCTK, S100UUFF, S100X67D |
| Intangible assets excluding goodwill | 414 | 335 | 492 | 501 | 501 | S100PPRS, S100SCTK, S100UUFF, S100X67D |
| Investment securities | 1,242 | 1,189 | 1,121 | 1,201 | 618 | S100PPRS, S100SCTK, S100UUFF, S100X67D |
| Current assets | 29,410 | 27,206 | 22,849 | 22,511 | 22,955 | S100PPRS, S100SCTK, S100UUFF, S100X67D |
| Current liabilities | 15,559 | 15,353 | 14,588 | 14,811 | 14,232 | S100PPRS, S100SCTK, S100UUFF, S100X67D |
| Trade payables | 9,335 | 10,129 | 10,036 | — | — | S100PPRS, S100SCTK |
| Long-term borrowings | 8,230 | 5,534 | 3,022 | 2,450 | 3,107 | S100PPRS, S100SCTK, S100UUFF, S100X67D |
| Total liabilities | 24,928 | 22,082 | 18,950 | 18,265 | 18,336 | S100PPRS, S100SCTK, S100UUFF, S100X67D |
| Equity attributable to owners of parent | 15,032 | 16,081 | 16,356 | 16,232 | 15,941 | S100PPRS, S100SCTK, S100UUFF, S100X67D |
| Retained earnings | 8,483 | 9,604 | 9,847 | 9,692 | 9,383 | S100PPRS, S100SCTK, S100UUFF, S100X67D |
| Treasury stock | 0 | -65 | -34 | -2 | -30 | S100PPRS, S100SCTK, S100UUFF, S100X67D |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 11% | S100X67D |
| Property, plant and equipment | 18% | S100X67D |
| Intangibles and goodwill | 1% | S100X67D |
| Investment securities | 2% | S100X67D |
| Other assets | 68% | S100X67D |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 53% | S100X67D |
| Equity | 47% | S100X67D |

### 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 | 40,048 | 38,260 | 35,540 | 34,743 | 34,667 |
| Equity | 15,119 | 16,177 | 16,590 | 16,478 | 16,331 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 13,753 | 9,676 | 4,396 | 4,121 | 3,691 |

## 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) | 10.6% | S100X67D |
| Fixed assets ÷ total assets | 18.5% | S100X67D |
| Goodwill ÷ parent equity | — | —, S100X67D |

### 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) | 10.6% |
| Cash ÷ revenue | 6.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 146.0% |
| Cash vs. profit gap | 405 JPY mn (of net income 3681.8%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 2900.0% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 1.3% |
| Investing CF relative to operating CF | 51.9% |

## 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 | 2.3% | 1.55× | 3.5% | 2.66× | 9.4% | S100PPRS |
| 2022 | 2.4% | 1.50× | 3.7% | 2.52× | 9.2% | S100SCTK |
| 2023 | 1.0% | 1.63× | 1.6% | 2.28× | 3.6% | S100UUFF |
| 2024 | 0.4% | 1.67× | 0.6% | 2.16× | 1.3% | S100X67D |
| 2025 | 0.0% | 1.74× | 0.0% | 2.16× | 0.1% | S100X67D |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社コモリホールディングス | Major shareholder | 33.4% | 2025-08-31 |
| 株式会社大垣共立銀行 （常任代理人 株式会社日本カストディ銀行） | Major shareholder | 4.1% | 2025-08-31 |
| 株式会社十六銀行 | Major shareholder | 3.9% | 2025-08-31 |
| 小森裕作 | Major shareholder | 3.0% | 2025-08-31 |
| 株式会社電算システム | Major shareholder | 2.5% | 2025-08-31 |
| ヒマラヤ従業員持株会 | Major shareholder | 2.1% | 2025-08-31 |
| 小森温子 | Major shareholder | 1.9% | 2025-08-31 |
| 小森一輝 | Major shareholder | 1.4% | 2025-08-31 |
| 株式会社トーカイ | Major shareholder | 1.2% | 2025-08-31 |
| 木島あすか | Major shareholder | 1.2% | 2025-08-31 |
| 小田加奈代 | Major shareholder | 1.2% | 2025-08-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第50期(2024/09/01－2025/08/31) | S100X67D | 2025-11-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100X67D,, |
| 有価証券報告書－第49期(2023/09/01－2024/08/31) | S100UUFF | 2024-11-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UUFF,, |
| 有価証券報告書－第48期(2022/09/01－2023/08/31) | S100SCTK | 2023-11-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SCTK,, |
| 有価証券報告書－第47期(令和3年9月1日－令和4年8月31日) | S100PPRS | 2022-11-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PPRS,, |
| 有価証券報告書－第46期(令和2年9月1日－令和3年8月31日) | S100MXZF | 2021-11-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MXZF,, |
| 有価証券報告書－第45期(令和1年9月1日－令和2年8月31日) | S100K92A | 2020-11-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100K92A,, |

## 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).