# HONEYS HOLDINGS CO.,LTD.: business model and financials

> Latest period: FY ending May 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第48期(2025/06/01－2026/05/31) (S100YY3Q)
> Page: https://vizora.meequs.com/en/company/honeys-holdings
> Retrieved: 2026-09-30T23:07:05.365Z

## Company

Honeys Holdings, founded in 1978, is a company in Apparel listed on TSE Prime. It has 6,921 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | HONEYS HOLDINGS CO., LTD. |
| Ticker | 2792 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2792.T) |
| Listing | TSE Prime |
| Head office | 福島県いわき市鹿島町走熊字七本松27番地の1 |
| Representative (per filing) | 代表取締役社長 江尻英介 |
| Founded | Jun 1978 |
| Share capital | ¥3.57B |
| Employees (consolidated) | 6,921 |
| Average salary (parent only) | ¥4.7M |
| Fiscal year end | May |
| Website | www.honeys.co.jp (https://www.honeys.co.jp/) |
| Corporate number | 5380001013644 |
| EDINET | E03424 |
| Industries (Vizora) | Apparel |

> Profile source: annual securities report (S100YY3Q, filed 2026-08-24). As of filing

## Five-axis industry profile

Primary industry: Apparel (2026-05-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 46.4 | 55 |
| Profitability | 76.2 | 61 |
| Cash conversion | 52.1 | 47 |
| Efficiency | 43.4 | 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)

- Honeys Holdings brought in ¥56.2B in revenue.
- Out of every ¥100 of sales, about ¥8 is left as operating profit.
- Revenue changed -2.6% from the prior year, operating profit -21.8%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥56182022000 → ¥2845786000
- Net income → operating cash flow: ¥2845786000 → ¥4659795000（difference ¥1814009000）
- Main uses of operating cash flow: CapEx ¥1153566000 / dividends ¥1533188000 / buybacks ¥223000
- Change in cash: ¥1757575000
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 | ¥56.2B |  |
| Operating income | ¥4.62B | Margin 8.2% |
| Net income | ¥2.85B | Margin 5.1% |
| Free cash flow | ¥3.51B |  |
| Employees (consolidated) | 6,921 |  |
| EPS | ¥138.9 |  |
| Book value per share | ¥1626.94 |  |
| Equity ratio | 85.2% |  |
| Shares outstanding | 27,900,000 |  |
| Treasury shares | 22,200 |  |
| Shareholders | 59,733 |  |
| Average salary (parent only) | ¥4.7M | Filing company only |
| Cash ratio | 26.2% | Cash ÷ revenue 26.9% |
| Vs. industry median margin | +5.2 pp | Apparel |
| ROE | 6.1% | Derived from disclosed figures |
| ROA | 5.1% | Derived from disclosed figures |

## Notable figures

- FY2026, cash is 26% of total assets

## What changed in 5 years

| Metric | FY ending May 2021 | FY ending May 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥45368232000 | ¥56182022000 | +23.8% |
| Operating income | ¥3767181000 | ¥4619498000 | +22.6% |
| Operating margin | 8.3% | 8.2% | -0.1 pp |
| Employees | 4,147 people | 6,921 people | +66.9% |
| Cash and equivalents | ¥13669659000 | ¥15113510000 | +10.6% |

### Change in segment revenue mix

Span: FY ending May 2021 → FY ending May 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 56,182 | 100.0% | S100YY3Q |
| Cost of revenue | 23,109 | 41.1% | S100YY3Q |
| Gross profit | 33,073 | 58.9% | S100YY3Q |
| SG&A | 28,454 | 50.6% | S100YY3Q |
| Operating income | 4,619 | 8.2% | S100YY3Q |
| Ordinary income | 4,858 | 8.6% | S100YY3Q |
| Pretax income | 4,343 | 7.7% | S100YY3Q |
| Income tax | 1,498 | 2.7% | S100YY3Q |
| Net income | 2,846 | 5.1% | S100YY3Q |
| Net income attributable to owners | 2,846 | 5.1% | S100YY3Q |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 41 |
| SG&A | 51 |
| Operating income | 8 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 58.9% → Operating margin 8.2% → Net margin 5.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -2.6%; Core profit growth: -21.8%
Operating leverage (core profit growth ÷ revenue growth): 8.27×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending May 2025 → FY ending May 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 57,701 | 56,182 | -1,519 | -2.6% |
| Gross profit | 34,151 | 33,073 | -1,077 | -3.2% |
| Operating income | 5,906 | 4,619 | -1,287 | -21.8% |
| Net income attributable to owners | 3,733 | 2,846 | -887 | -23.8% |
| Operating cash flow | 4,919 | 4,660 | -259 | -5.3% |
| Free cash flow | 2,890 | 3,506 | 617 | +21.3% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending May 2020 | 42,560 | 2,407 | 5.7% | 2,516 | 190 | -1,367 | S100MC0O |
| FY ending May 2021 | 45,368 | 3,767 | 8.3% | 2,404 | 7,708 | 5,922 | S100P2OM |
| FY ending May 2022 | 47,696 | 4,993 | 10.5% | 3,255 | 2,214 | 839 | S100RQKK |
| FY ending May 2023 | 54,889 | 7,671 | 14.0% | 5,337 | 6,805 | 5,158 | S100UVQW |
| FY ending May 2024 | 56,572 | 6,971 | 12.3% | 4,877 | 2,134 | -1,955 | S100WKJF |
| FY ending May 2025 | 57,701 | 5,906 | 10.2% | 3,733 | 4,919 | 2,890 | S100YY3Q |
| FY ending May 2026 | 56,182 | 4,619 | 8.2% | 2,846 | 4,660 | 3,506 | S100YY3Q |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥8.1M |
| Operating income per employee (consolidated) | ¥667.5K |
| Net income per employee (consolidated) | ¥411.2K |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending May 2022 | FY ending May 2023 | FY ending May 2024 | FY ending May 2025 | FY ending May 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 5,173 | 5,666 | 6,105 | 6,408 | 6,921 |
| Average salary (parent company) | ¥4.2M | ¥4.4M | ¥4.7M | ¥4.8M | ¥4.7M |
| Average age (parent company) | 41.4 years | 41.5 years | 42.1 years | 41.8 years | 42.4 years |
| Average tenure (parent company) | 12.8 years | 13.3 years | 13.8 years | 13.4 years | 14.1 years |

Year over year: Employees (consolidated) +8.0% · Revenue (consolidated) -2.6%

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending May 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 4,660 | 8.3% | S100YY3Q |
| Capital expenditure | 1,154 | 2.1% | S100YY3Q |
| Free cash flow | 3,506 | 6.2% | 算出 |
| Investing cash flow | -1,419 | -2.5% | S100YY3Q |
| Financing cash flow | -1,533 | -2.7% | S100YY3Q |
| Dividends paid | 1,533 | 2.7% | S100YY3Q |
| Share buyback | 0 | 0.0% | S100YY3Q |
| Change in cash | 1,758 | 3.1% | S100YY3Q |
| Cash and equivalents | 15,114 | 26.9% | S100YY3Q |

## 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 May 2022 | FY ending May 2023 | FY ending May 2024 | FY ending May 2025 | FY ending May 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 12,537 | 16,359 | 12,863 | 13,356 | 15,114 | S100UVQW, S100WKJF, S100YY3Q |
| Total assets | 46,579 | 50,145 | 52,839 | 52,998 | 57,608 | S100RQKK, S100UVQW, S100WKJF, S100YY3Q |
| Net assets | 37,754 | 40,755 | 44,800 | 44,707 | 49,087 | S100UVQW, S100WKJF, S100YY3Q |
| Share capital | 3,567 | 3,567 | 3,567 | 3,567 | 3,567 | S100RQKK, S100UVQW, S100WKJF, S100YY3Q |
| Inventories | 7,512 | 8,135 | 10,746 | 10,849 | 10,156 | S100RQKK, S100UVQW, S100WKJF, S100YY3Q |
| Property, plant and equipment | 10,424 | 10,695 | 13,576 | 13,175 | 12,747 | S100RQKK, S100UVQW, S100WKJF, S100YY3Q |
| Intangible assets excluding goodwill | 273 | 247 | 274 | 245 | 188 | S100RQKK, S100UVQW, S100WKJF, S100YY3Q |
| Investment securities | 616 | 694 | 940 | 966 | 1,276 | S100RQKK, S100UVQW, S100WKJF, S100YY3Q |
| Current assets | 27,815 | 30,795 | 30,660 | 30,789 | 36,030 | S100RQKK, S100UVQW, S100WKJF, S100YY3Q |
| Current liabilities | 5,925 | 6,576 | 5,138 | 5,219 | 4,792 | S100RQKK, S100UVQW, S100WKJF, S100YY3Q |
| Total liabilities | 8,825 | 9,390 | 8,039 | 8,291 | 8,520 | S100RQKK, S100UVQW, S100WKJF, S100YY3Q |
| Equity attributable to owners of parent | 36,202 | 40,421 | 43,765 | 45,981 | 47,298 | S100RQKK, S100UVQW, S100WKJF, S100YY3Q |
| Retained earnings | 28,726 | 32,948 | 36,292 | 38,492 | 39,805 | S100RQKK, S100UVQW, S100WKJF, S100YY3Q |
| Treasury stock | -36 | -39 | -40 | -29 | -25 | S100RQKK, S100UVQW, S100WKJF, S100YY3Q |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 26% | S100YY3Q |
| Inventories | 18% | S100YY3Q |
| Property, plant and equipment | 22% | S100YY3Q |
| Intangibles and goodwill | 0% | S100YY3Q |
| Investment securities | 2% | S100YY3Q |
| Other assets | 32% | S100YY3Q |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 15% | S100YY3Q |
| Equity | 85% | S100YY3Q |
| Other liabilities | 0% | S100YY3Q |

### Balance sheet history

| Metric | FY ending May 2022 | FY ending May 2023 | FY ending May 2024 | FY ending May 2025 | FY ending May 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 46,579 | 50,145 | 52,839 | 52,998 | 57,608 |
| Equity | 37,754 | 40,755 | 44,800 | 44,707 | 49,087 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 12,537 | 16,359 | 12,863 | 13,356 | 15,114 |

## 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) | 22.7% | S100YY3Q |
| Fixed assets ÷ total assets | 22.1% | S100YY3Q |
| Goodwill ÷ parent equity | — | —, S100YY3Q |

### 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) | 26.2% |
| Cash ÷ revenue | 26.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 100.9% |
| Cash vs. profit gap | 1,814 JPY mn (of net income 63.7%) |
| Shareholder returns / net income | 53.9% |
| Shareholder returns / FCF | 43.7% |
| Shareholder payments — dividends / net income | 53.9% |
| Shareholder payments — dividends / FCF | 43.7% |
| CapEx intensity (capex ÷ revenue) | 2.1% |
| Investing CF relative to operating CF | 30.5% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 6.8% | 1.02× | 7.0% | 1.29× | 9.0% | S100RQKK |
| 2023 | 9.7% | 1.13× | 11.0% | 1.26× | 13.9% | S100UVQW |
| 2024 | 8.6% | 1.10× | 9.5% | 1.22× | 11.6% | S100WKJF |
| 2025 | 6.5% | 1.09× | 7.1% | 1.18× | 8.3% | S100YY3Q |
| 2026 | 5.1% | 1.02× | 5.1% | 1.19× | 6.1% | S100YY3Q |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社E・E・Y | Major shareholder | 33.4% | 2026-05-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 5.2% | 2026-05-31 |
| 公益財団法人ハニーズ財団 | Major shareholder | 3.6% | 2026-05-31 |
| 江尻 義久 | Major shareholder | 3.0% | 2026-05-31 |
| 江尻 英介 | Major shareholder | 3.0% | 2026-05-31 |
| 江尻 あい子 | Major shareholder | 2.3% | 2026-05-31 |
| 福山通運株式会社 | Major shareholder | 1.5% | 2026-05-31 |
| BNP PARIBAS NEW YORK BRANCH – PRIME BROKERAGE SEGREGATION ACCOUNT（常任代理人 香港上海銀行東京支店） | Major shareholder | 1.4% | 2026-05-31 |
| 江尻 あゆみ | Major shareholder | 0.6% | 2026-05-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 0.5% | 2026-05-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第48期(2025/06/01－2026/05/31) | S100YY3Q | 2026-08-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YY3Q,, |
| 有価証券報告書－第47期(2024/06/01－2025/05/31) | S100WKJF | 2025-08-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WKJF,, |
| 訂正有価証券報告書－第46期(2023/06/01－2024/05/31) | S100UVQW | 2024-12-02 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UVQW,, |
| 有価証券報告書－第45期(2022/06/01－2023/05/31) | S100RQKK | 2023-08-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RQKK,, |
| 有価証券報告書－第44期(令和3年6月1日－令和4年5月31日) | S100P2OM | 2022-08-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100P2OM,, |
| 有価証券報告書－第43期(令和2年6月1日－令和3年5月31日) | S100MC0O | 2021-08-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MC0O,, |

## 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).