# I-ne: business model and financials

> Latest period: FY ending Dec 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 訂正有価証券報告書－第19期(2025/01/01－2025/12/31) (S100YBL7)
> Page: https://vizora.meequs.com/en/company/i-ne
> Retrieved: 2026-09-30T20:25:06.952Z

## Company

I-ne, founded in 2007, is a company in Home Appliances listed on TSE Prime. It has 433 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | I-ne CO., LTD. |
| Ticker | 4933 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4933.T) |
| Listing | TSE Prime |
| Head office | 大阪市中央区南久宝寺町四丁目1番2号 |
| Representative (per filing) | 代表取締役社長 CEO 大西 洋平 |
| Founded | Mar 2007 |
| Share capital | ¥50M |
| Employees (consolidated) | 433 |
| Average salary (parent only) | ¥7.1M |
| Fiscal year end | December |
| Website | i-ne.co.jp (https://i-ne.co.jp/) |
| Corporate number | 6140001082869 |
| EDINET | E35928 |
| Industries (Vizora) | Home Appliances, Cosmetics |

> Profile source: annual securities report (S100YBL7, filed 2026-06-15). As of filing

## Five-axis industry profile

Primary industry: Cosmetics (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 79.5 | 22 |
| Profitability | 71.2 | 26 |
| Cash conversion | 56.8 | 22 |
| Efficiency | 71.2 | 26 |

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 97% of I-ne's sales come from Domestic business, with Overseas business making up much of the rest.
- Out of every ¥100 of sales, about ¥8 is left as operating profit.
- Revenue changed +8.8% from the prior year, operating profit -14.4%.

## Company structure

- Segment revenue mix: Domestic business 97.5%、Overseas business 2.5%
- Revenue → net income: ¥48975000000 → ¥2271000000
- Net income → operating cash flow: ¥2271000000 → ¥4058000000（difference ¥1787000000）
- Main uses of operating cash flow: CapEx ¥288000000 / dividends ¥227000000 / buybacks ¥0
- Change in cash: ¥1261000000
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 | ¥49B |  |
| Operating income | ¥3.88B | Margin 7.9% |
| Net income | ¥2.1B | Margin 4.3% |
| Free cash flow | ¥3.77B |  |
| Largest business | Domestic business | of segment revenue 97.5% |
| Employees (consolidated) | 433 |  |
| EPS | ¥105.11 |  |
| Diluted EPS | ¥104.43 |  |
| Book value per share | ¥1025.55 |  |
| Equity ratio | 49.8% |  |
| Shares outstanding | 17,791,270 |  |
| Treasury shares | 9,400 |  |
| Shareholders | 27,887 |  |
| Average salary (parent only) | ¥7.1M | Filing company only |
| Cash ratio | 23.0% | Cash ÷ revenue 17.4% |
| Vs. industry median margin | +2.2 pp | Home Appliances |
| ROE | 12.0% | Derived from disclosed figures |
| ROA | 5.6% | Derived from disclosed figures |

## Notable figures

- FY2025, one segment accounts for 100% of positive segment profit
- FY2025, parent-company salary changed +42% over five years

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥23363000000 | ¥48975000000 | +109.6% |
| Operating income | ¥1512000000 | ¥3880000000 | +156.6% |
| Operating margin | 6.5% | 7.9% | +1.5 pp |
| Employees | 272 people | 433 people | +59.2% |
| Cash and equivalents | ¥6741000000 | ¥8531000000 | +26.6% |

### Change in segment revenue mix

Span: FY ending Dec 2020 → FY ending Dec 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 国内事業 → 国内事業 | 96.2% |
| 海外事業 → 海外事業 | 2.5% |
| 海外事業 → 事業再編・廃止 | 1.3% |
| 新設・再編 → 国内事業 | 1.3% |

Segment revenue source references: 4 (derived)

## Income statement（FY ending Dec 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 48,975 | 100.0% | S100YBL7 |
| Cost of revenue | 20,230 | 41.3% | S100YBL7 |
| Gross profit | 28,745 | 58.7% | S100YBL7 |
| SG&A | 24,864 | 50.8% | S100YBL7 |
| Operating income | 3,880 | 7.9% | S100YBL7 |
| Ordinary income | 3,830 | 7.8% | S100YBL7 |
| Pretax income | 3,879 | 7.9% | S100YBL7 |
| Income tax | 1,607 | 3.3% | S100YBL7 |
| Net income | 2,271 | 4.6% | S100YBL7 |
| Net income attributable to owners | 2,097 | 4.3% | S100YBL7 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 41 |
| SG&A | 51 |
| Operating income | 8 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 58.7% → Operating margin 7.9% → Net margin 4.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +8.8%; Core profit growth: -14.4%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -1.64×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 45,006 | 48,975 | 3,969 | +8.8% |
| Gross profit | 24,046 | 28,745 | 4,699 | +19.5% |
| Operating income | 4,534 | 3,880 | -654 | -14.4% |
| Net income attributable to owners | 2,951 | 2,097 | -854 | -28.9% |
| Operating cash flow | 38 | 4,058 | 4,020 | +10578.9% |
| Free cash flow | -395 | 3,770 | 4,165 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 21,206 | 702 | 3.3% | 464 | -853 | -911 | S100MBKB |
| FY ending Dec 2020 | 23,363 | 1,512 | 6.5% | 905 | 2,743 | 2,567 | S100NQIO |
| FY ending Dec 2021 | 28,397 | 2,335 | 8.2% | 1,244 | 573 | 482 | S100QIJ6 |
| FY ending Dec 2022 | 35,269 | 3,235 | 9.2% | 1,927 | 1,235 | -742 | S100T52C |
| FY ending Dec 2023 | 41,643 | 4,379 | 10.5% | 3,954 | 1,236 | 903 | S100VI7G |
| FY ending Dec 2024 | 45,006 | 4,534 | 10.1% | 2,951 | 38 | -395 | S100YBL7 |
| FY ending Dec 2025 | 48,975 | 3,880 | 7.9% | 2,097 | 4,058 | 3,770 | S100YBL7 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥113.1M |
| Operating income per employee (consolidated) | ¥9M |
| Net income per employee (consolidated) | ¥4.8M |

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

| History | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 289 | 294 | 343 | 434 | 433 |
| Average salary (parent company) | ¥5M | ¥6M | ¥6.7M | ¥6.9M | ¥7.1M |
| Average age (parent company) | 33.8 years | 34.9 years | 35.1 years | 35.8 years | 36.7 years |
| Average tenure (parent company) | 3.4 years | 4.1 years | 4.1 years | 4.6 years | 4.7 years |

Year over year: Employees (consolidated) -0.2% · Revenue (consolidated) +8.8%

## Segments（FY ending Dec 2025, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Domestic business | 47,736 | 97.5% | 7,298 | 15.3% |
| Overseas business | 1,239 | 2.5% | -125 | -10.1% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Domestic business | 97.5% | 100.0% | 2.5 | 15.3% |
| Overseas business | 2.5% | — | — | -10.1% |

Loss-making segment (excluded from profit shares): Overseas business -125 JPY mn

Segment → industry: Overseas business → Home Appliances / Domestic business → Home Appliances / Overseas business → Cosmetics / Domestic business → Cosmetics

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Dec 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 4,058 | 8.3% | S100YBL7 |
| Capital expenditure | 288 | 0.6% | S100YBL7 |
| Free cash flow | 3,770 | 7.7% | 算出 |
| Investing cash flow | 802 | 1.6% | S100YBL7 |
| Financing cash flow | -3,589 | -7.3% | S100YBL7 |
| Dividends paid | 227 | 0.5% | S100YBL7 |
| Share buyback | 0 | 0.0% | S100YBL7 |
| Change in cash | 1,261 | 2.6% | S100YBL7 |
| Cash and equivalents | 8,531 | 17.4% | S100YBL7 |

## 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 Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 6,199 | 4,799 | 8,350 | 7,270 | 8,531 | S100T52C, S100VI7G, S100YBL7 |
| Total assets | 14,060 | 16,490 | 22,908 | 38,358 | 37,060 | S100QIJ6, S100T52C, S100VI7G, S100YBL7 |
| Net assets | 8,415 | 10,331 | 14,331 | 17,809 | 20,109 | S100T52C, S100VI7G, S100YBL7 |
| Share capital | 3,291 | 3,291 | 3,299 | 50 | 50 | S100QIJ6, S100T52C, S100VI7G, S100YBL7 |
| Property, plant and equipment | 157 | 201 | 204 | 1,209 | 1,050 | S100QIJ6, S100T52C, S100VI7G, S100YBL7 |
| Intangible assets excluding goodwill | 62 | 1,771 | 1,270 | 13,312 | 12,004 | S100QIJ6, S100T52C, S100VI7G, S100YBL7 |
| Goodwill | — | — | — | 6,405 | 5,754 | S100YBL7 |
| Investment securities | — | 30 | — | — | — | S100T52C |
| Current assets | 13,280 | 13,748 | 20,231 | 21,712 | 22,243 | S100QIJ6, S100T52C, S100VI7G, S100YBL7 |
| Current liabilities | 5,440 | 6,062 | 8,513 | 17,728 | 9,308 | S100QIJ6, S100T52C, S100VI7G, S100YBL7 |
| Short-term borrowings | — | — | — | 10,000 | — | S100YBL7 |
| Long-term borrowings | 186 | 60 | 20 | — | 5,357 | S100QIJ6, S100T52C, S100VI7G, S100YBL7 |
| Total liabilities | 5,645 | 6,158 | 8,577 | 20,548 | 16,950 | S100QIJ6, S100T52C, S100VI7G, S100YBL7 |
| Non-controlling interests | — | — | — | 1,253 | 1,467 | S100YBL7 |
| Equity attributable to owners of parent | 8,396 | 10,323 | 14,293 | 16,533 | 18,444 | S100QIJ6, S100T52C, S100VI7G, S100YBL7 |
| Retained earnings | 2,253 | 4,180 | 8,135 | 10,855 | 12,726 | S100QIJ6, S100T52C, S100VI7G, S100YBL7 |
| Treasury stock | 0 | 0 | 0 | -493 | -15 | S100QIJ6, S100T52C, S100VI7G, S100YBL7 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 23% | S100YBL7 |
| Property, plant and equipment | 3% | S100YBL7 |
| Intangibles and goodwill | 48% | S100YBL7 |
| Other assets | 26% | S100YBL7 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 46% | S100YBL7 |
| Equity | 54% | S100YBL7 |
| Other liabilities | 0% | S100YBL7 |

### Balance sheet history

| Metric | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 14,060 | 16,490 | 22,908 | 38,358 | 37,060 |
| Equity | 8,415 | 10,331 | 14,331 | 17,809 | 20,109 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 6,199 | 4,799 | 8,350 | 7,270 | 8,531 |

## 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) | 2.1% | S100YBL7 |
| Fixed assets ÷ total assets | 2.8% | S100YBL7 |
| Goodwill ÷ parent equity | 31.2% | S100YBL7 |

### 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) | 23.0% |
| Cash ÷ revenue | 17.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 104.6% |
| Cash vs. profit gap | 1,961 JPY mn (of net income 93.5%) |
| Shareholder returns / net income | 10.8% |
| Shareholder returns / FCF | 6.0% |
| Shareholder payments — dividends / net income | 10.8% |
| Shareholder payments — dividends / FCF | 6.0% |
| CapEx intensity (capex ÷ revenue) | 0.6% |
| Investing CF relative to operating CF | 19.8% |

## 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 | 4.4% | 2.02× | 8.8% | 1.67× | 14.8% | S100QIJ6 |
| 2022 | 5.5% | 2.31× | 12.6% | 1.63× | 20.6% | S100T52C |
| 2023 | 9.5% | 2.11× | 20.1% | 1.60× | 32.1% | S100VI7G |
| 2024 | 6.6% | 1.47× | 9.6% | 1.99× | 19.1% | S100YBL7 |
| 2025 | 4.3% | 1.30× | 5.6% | 2.16× | 12.0% | S100YBL7 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社ＣＯＨ | Major shareholder | 41.8% | 2025-12-31 |
| 大西 洋平 | Major shareholder | 10.4% | 2025-12-31 |
| ＴＨＥ ＢＡＮＫ ＯＦ ＮＥＷ ＹＯＲＫ １３３６５２（常任代理人：株式会社みずほ銀行決済営業部） | Major shareholder | 3.8% | 2025-12-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 3.4% | 2025-12-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 2.9% | 2025-12-31 |
| 日本証券金融株式会社 | Major shareholder | 2.4% | 2025-12-31 |
| 今井 新 | Major shareholder | 1.2% | 2025-12-31 |
| 伊藤 翔哉 | Major shareholder | 1.2% | 2025-12-31 |
| 杉元 将二 | Major shareholder | 1.2% | 2025-12-31 |
| 藤岡 礼記 | Major shareholder | 1.2% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 訂正有価証券報告書－第19期(2025/01/01－2025/12/31) | S100YBL7 | 2026-06-15 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YBL7,, |
| 有価証券報告書－第18期(2024/01/01－2024/12/31) | S100VI7G | 2025-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VI7G,, |
| 有価証券報告書－第17期(2023/01/01－2023/12/31) | S100T52C | 2024-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T52C,, |
| 訂正有価証券報告書－第16期(2022/01/01－2022/12/31) | S100QIJ6 | 2023-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QIJ6,, |
| 有価証券報告書－第15期(令和3年1月1日－令和3年12月31日) | S100NQIO | 2022-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NQIO,, |
| 訂正有価証券報告書－第14期(令和2年1月1日－令和2年12月31日) | S100MBKB | 2021-08-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MBKB,, |

## Key alliances (from the filing's material contracts)

| Partner | Type | Description | Source |
| --- | ---: | ---: | ---: |
| 山田製薬㈱ | Supply/OEM | 山田製薬が「BOTANIST」を製造・供給 | S100YBL7 |
| TOA | Supply/OEM | TOAが「BOTANIST」「YOLU」等を製造・供給 | S100YBL7 |
| Dongguan Dongjing Electric Appliance Co.,Ltd | Supply/OEM | 子会社Artemisの「SALONIA」を製造・供給 | S100YBL7 |
| 株式会社東亜産業 | Joint venture | 株式会社Artemis（旧TTrading）の共同運営に関する株主間契約 | S100YBL7 |

## 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).