# HOTMAN Co.,Ltd.: business model and financials

> Latest period: FY ending Mar 2026, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第52期(2025/04/01－2026/03/31) (S100YEJ9)
> Page: https://vizora.meequs.com/en/company/hotman
> Retrieved: 2026-09-30T19:42:05.061Z

## Company

Hotman, founded in 1975, is a company in Car Accessories listed on TSE Standard. It has 903 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | HOTMAN Co.,Ltd. |
| Ticker | 3190 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3190.T) |
| Listing | TSE Standard |
| Head office | 宮城県仙台市太白区西多賀四丁目4番17号 |
| Representative (per filing) | 代表取締役 伊藤 信幸 |
| Founded | Jan 1975 |
| Share capital | ¥1.91B |
| Employees (consolidated) | 903 |
| Average salary (parent only) | ¥4.1M |
| Fiscal year end | March |
| Website | www.yg-hotman.com (https://www.yg-hotman.com/) |
| Corporate number | 3370001002204 |
| EDINET | E30451 |
| Industries (Vizora) | Car Accessories, Publishing & Bookstores, Secondhand Retail |

> Profile source: annual securities report (S100YEJ9, filed 2026-06-23). As of filing

## Five-axis industry profile

Primary industry: Car Accessories (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 10 | 15 |
| Profitability | 3.3 | 15 |
| Cash conversion | 83.3 | 15 |
| Efficiency | 76.7 | 15 |

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 77% of Hotman's sales come from Yellowhat, with Other and TSUTAYA making up much of the rest.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed +2.7% from the prior year, operating profit -2.0%.

## Company structure

- Segment revenue mix: Yellowhat 77.1%、Other 11.6%、TSUTAYA 6.1%、UPGARAGE,Reportable segments 5.3%
- Revenue → net income: ¥22501115000 → ¥356956000
- Net income → operating cash flow: ¥356956000 → ¥1092720000（difference ¥735764000）
- Main uses of operating cash flow: CapEx ¥449346000 / dividends ¥70555000 / buybacks —
- Change in cash: ¥471011000
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 | ¥22.5B |  |
| Operating income | ¥648.5M | Margin 2.9% |
| Net income | ¥357M | Margin 1.6% |
| Free cash flow | ¥643.4M |  |
| Largest business | Yellowhat | of segment revenue 77.1% |
| Employees (consolidated) | 903 |  |
| EPS | ¥50.59 |  |
| Book value per share | ¥1096.08 |  |
| Equity ratio | 46.6% |  |
| Shares outstanding | 7,275,500 |  |
| Treasury shares | 220,000 |  |
| Shareholders | 7,399 |  |
| Average salary (parent only) | ¥4.1M | Filing company only |
| Cash ratio | 9.3% | Cash ÷ revenue 6.9% |
| Vs. industry median margin | -2.9 pp | Car Accessories |
| ROE | 4.8% | Derived from disclosed figures |
| ROA | 2.2% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 3.1× net income
- FY2026, one segment accounts for 75% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥21348977000 | ¥22501115000 | +5.4% |
| Operating income | ¥592440000 | ¥648549000 | +9.5% |
| Operating margin | 2.8% | 2.9% | +0.1 pp |
| Employees | 968 people | 903 people | -6.7% |
| Cash and equivalents | ¥1873965000 | ¥1543821000 | -17.6% |

### 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.

| Flow | Revenue share |
| --- | ---: |
| イエローハット → イエローハット | 77.1% |
| イエローハット → 事業再編・廃止 | 2.2% |
| TSUTAYA → TSUTAYA | 6.1% |
| TSUTAYA → 事業再編・廃止 | 5.5% |
| アップガレージ → アップガレージ | 4.4% |
| その他 → その他 | 4.8% |
| 新設・再編 → アップガレージ | 0.9% |
| 新設・再編 → その他 | 6.8% |

Segment revenue source references: 8 (derived)

## Business growth × margin

X-axis: segment revenue CAGR. Y-axis: latest operating margin. Bubble size: latest revenue. CAGR requires at least two comparable years.

| Segment | CAGR span | Revenue CAGR | Latest revenue | Operating margin | Source refs |
| --- | ---: | ---: | ---: | ---: | ---: |
| Yellowhat | 5 years | +0.5% | ¥17340196000 | 4.9% | 2 |
| Other | 5 years | +20.7% | ¥2607732000 | 4.9% | 2 |
| TSUTAYA | 5 years | -11.2% | ¥1362873000 | -2.2% | 2 |
| UPGARAGE,Reportable segments | 5 years | +4.7% | ¥1190313000 | 13.3% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 22,501 | 100.0% | S100YEJ9 |
| Cost of revenue | 12,449 | 55.3% | 算出 |
| Gross profit | 10,052 | 44.7% | S100YEJ9 |
| SG&A | 9,404 | 41.8% | S100YEJ9 |
| Operating income | 649 | 2.9% | S100YEJ9 |
| Ordinary income | 704 | 3.1% | S100YEJ9 |
| Pretax income | 569 | 2.5% | S100YEJ9 |
| Income tax | 212 | 0.9% | S100YEJ9 |
| Net income | 357 | 1.6% | S100YEJ9 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 55 |
| SG&A | 42 |
| Operating income | 3 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 44.7% → Operating margin 2.9% → Net margin 1.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +2.7%; Core profit growth: -2.0%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -0.73×
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 | 21,909 | 22,501 | 592 | +2.7% |
| Gross profit | 10,005 | 10,052 | 47 | +0.5% |
| Operating income | 662 | 649 | -13 | -2.0% |
| Operating cash flow | 947 | 1,093 | 146 | +15.4% |
| Free cash flow | 146 | 643 | 498 | +341.4% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 21,217 | 576 | 2.7% | 276 | 444 | -306 | S100LNOY |
| FY ending Mar 2021 | 21,349 | 592 | 2.8% | 342 | 1,133 | 838 | S100OEGJ |
| FY ending Mar 2022 | 20,891 | 428 | 2.1% | 266 | 118 | -556 | S100R0ND |
| FY ending Mar 2023 | 21,802 | 379 | 1.7% | 187 | 748 | -77 | S100TRW9 |
| FY ending Mar 2024 | 20,998 | 288 | 1.4% | 205 | 735 | -590 | S100W28J |
| FY ending Mar 2025 | 21,909 | 662 | 3.0% | 334 | 947 | 146 | S100YEJ9 |
| FY ending Mar 2026 | 22,501 | 649 | 2.9% | 357 | 1,093 | 643 | S100YEJ9 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥24.9M |
| Operating income per employee (consolidated) | ¥718.2K |
| Net income per employee (consolidated) | ¥395.3K |

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) | 928 | 928 | 882 | 885 | 903 |
| Average salary (parent company) | ¥3.8M | ¥3.8M | ¥3.8M | ¥4.1M | ¥4.1M |
| Average age (parent company) | 37.3 years | 37.9 years | 38.3 years | 38.5 years | 39.1 years |
| Average tenure (parent company) | 11.1 years | 11.3 years | 11.8 years | 11.7 years | 11.8 years |

Year over year: Employees (consolidated) +2.0% · Revenue (consolidated) +2.7%

## Segments（FY ending Mar 2026, non-consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Yellowhat | 17,340 | 77.1% | 850 | 4.9% |
| TSUTAYA | 1,363 | 6.1% | -30 | -2.2% |
| UPGARAGE,Reportable segments | 1,190 | 5.3% | 158 | 13.3% |
| Other | 2,608 | 11.6% | 128 | 4.9% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Yellowhat | 77.1% | 74.8% | -2.3 | 4.9% |
| TSUTAYA | 6.1% | — | — | -2.2% |
| UPGARAGE,Reportable segments | 5.3% | 13.9% | 8.6 | 13.3% |
| Other | 11.6% | 11.3% | -0.3 | 4.9% |

Loss-making segment (excluded from profit shares): TSUTAYA -30 JPY mn

Segment → industry: UPGARAGE,Reportable segments → Car Accessories / Yellowhat → Car Accessories / TSUTAYA → Publishing & Bookstores / UPGARAGE,Reportable segments → Secondhand Retail

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 1,093 | 4.9% | S100YEJ9 |
| Capital expenditure | 449 | 2.0% | S100YEJ9 |
| Free cash flow | 643 | 2.9% | 算出 |
| Investing cash flow | -311 | -1.4% | S100YEJ9 |
| Financing cash flow | -311 | -1.4% | S100YEJ9 |
| Dividends paid | 71 | 0.3% | S100YEJ9 |
| Change in cash | 471 | 2.1% | S100YEJ9 |
| Cash and equivalents | 1,544 | 6.9% | S100YEJ9 |

## 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 | 1,254 | 888 | 781 | 1,073 | 1,544 | S100TRW9, S100W28J, S100YEJ9 |
| Total assets | 15,464 | 15,912 | 15,886 | 16,368 | 16,607 | S100R0ND, S100TRW9, S100W28J, S100YEJ9 |
| Net assets | 6,918 | 7,000 | 7,109 | 7,387 | 7,733 | S100TRW9, S100W28J, S100YEJ9 |
| Share capital | 1,911 | 1,911 | 1,911 | 1,911 | 1,911 | S100R0ND, S100TRW9, S100W28J, S100YEJ9 |
| Property, plant and equipment | 4,874 | 5,357 | 6,119 | 6,261 | 6,034 | S100R0ND, S100TRW9, S100W28J, S100YEJ9 |
| Intangible assets excluding goodwill | 11 | 24 | 20 | 21 | 17 | S100R0ND, S100TRW9, S100W28J, S100YEJ9 |
| Investment securities | 169 | 193 | 248 | 346 | 394 | S100R0ND, S100TRW9, S100W28J, S100YEJ9 |
| Current assets | 7,984 | 8,137 | 7,492 | 7,782 | 8,133 | S100R0ND, S100TRW9, S100W28J, S100YEJ9 |
| Current liabilities | 5,788 | 6,375 | 6,126 | 6,143 | 6,228 | S100R0ND, S100TRW9, S100W28J, S100YEJ9 |
| Short-term borrowings | 3,050 | 3,050 | 3,250 | 3,250 | 3,150 | S100R0ND, S100TRW9, S100W28J, S100YEJ9 |
| Long-term borrowings | 827 | 517 | 642 | 820 | 689 | S100R0ND, S100TRW9, S100W28J, S100YEJ9 |
| Total liabilities | 8,546 | 8,912 | 8,777 | 8,982 | 8,873 | S100R0ND, S100TRW9, S100W28J, S100YEJ9 |
| Equity attributable to owners of parent | 6,777 | 6,894 | 7,028 | 7,292 | 7,579 | S100R0ND, S100TRW9, S100W28J, S100YEJ9 |
| Retained earnings | 4,474 | 4,591 | 4,726 | 4,989 | 5,276 | S100R0ND, S100TRW9, S100W28J, S100YEJ9 |
| Treasury stock | -108 | -108 | -108 | -108 | -108 | S100R0ND, S100TRW9, S100W28J, S100YEJ9 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 9% | S100YEJ9 |
| Property, plant and equipment | 36% | S100YEJ9 |
| Intangibles and goodwill | 0% | S100YEJ9 |
| Investment securities | 3% | S100YEJ9 |
| Other assets | 52% | S100YEJ9 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 53% | S100YEJ9 |
| Equity | 47% | S100YEJ9 |

### 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 | 15,464 | 15,912 | 15,886 | 16,368 | 16,607 |
| Equity | 6,918 | 7,000 | 7,109 | 7,387 | 7,733 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,254 | 888 | 781 | 1,073 | 1,544 |

## 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) | 26.8% | S100YEJ9 |
| Fixed assets ÷ total assets | 36.3% | S100YEJ9 |
| Goodwill ÷ parent equity | — | —, S100YEJ9 |

### 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) | 9.3% |
| Cash ÷ revenue | 6.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 168.5% |
| Cash vs. profit gap | 736 JPY mn (of net income 206.1%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 19.8% |
| Shareholder payments — dividends / FCF | 11.0% |
| CapEx intensity (capex ÷ revenue) | 2.0% |
| Investing CF relative to operating CF | 28.5% |

## 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 | 1.3% | 1.35× | 1.7% | 2.28× | 3.9% | S100R0ND |
| 2023 | 0.9% | 1.39× | 1.2% | 2.30× | 2.7% | S100TRW9 |
| 2024 | 1.0% | 1.32× | 1.3% | 2.28× | 2.9% | S100W28J |
| 2025 | 1.5% | 1.36× | 2.1% | 2.25× | 4.7% | S100YEJ9 |
| 2026 | 1.6% | 1.36× | 2.2% | 2.22× | 4.8% | S100YEJ9 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 伊藤 信幸 | Major shareholder | 16.0% | 2026-03-31 |
| 株式会社イエローハット | Major shareholder | 15.6% | 2026-03-31 |
| ホットマン従業員持株会 | Major shareholder | 6.3% | 2026-03-31 |
| 株式会社幸栄企画 | Major shareholder | 5.0% | 2026-03-31 |
| ブリヂストンタイヤソリューション ジャパン株式会社 | Major shareholder | 3.5% | 2026-03-31 |
| 株式会社ヨコハマタイヤジャパン | Major shareholder | 3.5% | 2026-03-31 |
| 株式会社日本政策投資銀行 | Major shareholder | 2.3% | 2026-03-31 |
| 株式会社七十七銀行 | Major shareholder | 2.1% | 2026-03-31 |
| 株式会社日専連ライフサービス | Major shareholder | 2.1% | 2026-03-31 |
| 株式会社ウェッズ | Major shareholder | 1.4% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第52期(2025/04/01－2026/03/31) | S100YEJ9 | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YEJ9,, |
| 有価証券報告書－第51期(2024/04/01－2025/03/31) | S100W28J | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W28J,, |
| 有価証券報告書－第50期(2023/04/01－2024/03/31) | S100TRW9 | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TRW9,, |
| 有価証券報告書－第49期(2022/04/01－2023/03/31) | S100R0ND | 2023-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R0ND,, |
| 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) | S100OEGJ | 2022-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OEGJ,, |
| 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) | S100LNOY | 2021-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LNOY,, |

## 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).