# INTERMESTIC INC.: business model and financials

> Latest period: FY ending Dec 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第33期(2025/01/01－2025/12/31) (S100XT2Q)
> Page: https://vizora.meequs.com/en/company/intermestic
> Retrieved: 2026-09-30T20:24:39.738Z

## Company

Intermestic, founded in 1993, is a company in Watches, Jewelry & Eyewear listed on TSE Prime. It has 3,347 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | INTERMESTIC INC. |
| Ticker | 262A |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/262A.T) |
| Listing | TSE Prime |
| Head office | 東京都港区北青山三丁目6番1号 オーク表参道6階 |
| Representative (per filing) | 代表取締役社長 上野 博史 |
| Founded | Mar 1993 |
| Share capital | ¥220M |
| Employees (consolidated) | 3,347 |
| Average salary (parent only) | ¥7.1M |
| Fiscal year end | December |
| Website | www.zoff.com (https://www.zoff.com/) |
| Corporate number | 6011001038675 |
| EDINET | E03492 |
| Industries (Vizora) | Watches, Jewelry & Eyewear |

> Profile source: annual securities report (S100XT2Q, filed 2026-03-24). As of filing

## Five-axis industry profile

Primary industry: Watches, Jewelry & Eyewear (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 77.5 | 20 |
| Profitability | 77.5 | 20 |
| Cash conversion | 50 | 19 |
| Efficiency | 45.2 | 21 |

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 98% of Intermestic's sales come from Domestic business, with Overseas business making up much of the rest.
- Out of every ¥100 of sales, about ¥12 is left as operating profit.
- Revenue changed +11.8% from the prior year, operating profit +19.5%.

## Company structure

- Segment revenue mix: Domestic business 98.2%、Overseas business 1.8%
- Revenue → net income: ¥50151000000 → ¥4119000000
- Net income → operating cash flow: ¥4119000000 → ¥5220000000（difference ¥1101000000）
- Main uses of operating cash flow: CapEx ¥2274000000 / dividends ¥1229000000 / buybacks —
- Change in cash: ¥-9984000000
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 | ¥50.2B |  |
| Operating income | ¥5.99B | Margin 11.9% |
| Net income | ¥4.12B | Margin 8.2% |
| Free cash flow | ¥2.95B |  |
| Largest business | Domestic business | of segment revenue 98.2% |
| Employees (consolidated) | 3,347 |  |
| EPS | ¥143.94 |  |
| Diluted EPS | ¥140.05 |  |
| Book value per share | ¥871.99 |  |
| Equity ratio | 41.2% |  |
| Shares outstanding | 30,600,000 |  |
| Shareholders | 6,855 |  |
| Average salary (parent only) | ¥7.1M | Filing company only |
| Cash ratio | 16.0% | Cash ÷ revenue 20.1% |
| Vs. industry median margin | +5.3 pp | Watches, Jewelry & Eyewear |
| ROE | 16.9% | Derived from disclosed figures |
| ROA | 8.4% | Derived from disclosed figures |

## Notable figures

- FY2025, one segment accounts for 99% of positive segment profit

## What changed in 2 years

| Metric | FY ending Dec 2023 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥39875000000 | ¥50151000000 | +25.8% |
| Operating income | ¥3497000000 | ¥5990000000 | +71.3% |
| Operating margin | 8.8% | 11.9% | +3.2 pp |
| Employees | 1,794 people | 3,347 people | +86.6% |
| Cash and equivalents | ¥6268000000 | ¥10060000000 | +60.5% |

### Change in segment revenue mix

Span: FY ending Dec 2023 → 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 | 94.8% |
| 海外事業 → 海外事業 | 1.8% |
| 海外事業 → 事業再編・廃止 | 3.5% |
| 新設・再編 → 国内事業 | 3.5% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 50,151 | 100.0% | S100XT2Q |
| Cost of revenue | 11,680 | 23.3% | S100XT2Q |
| Gross profit | 38,470 | 76.7% | S100XT2Q |
| SG&A | 32,479 | 64.8% | S100XT2Q |
| Operating income | 5,990 | 11.9% | S100XT2Q |
| Ordinary income | 5,979 | 11.9% | S100XT2Q |
| Pretax income | 5,924 | 11.8% | S100XT2Q |
| Income tax | 1,805 | 3.6% | S100XT2Q |
| Net income | 4,119 | 8.2% | S100XT2Q |
| Net income attributable to owners | 4,119 | 8.2% | S100XT2Q |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 23 |
| SG&A | 65 |
| Operating income | 12 |
| (Ref.) Net income | 8 |

### Margin funnel

Gross margin 76.7% → Operating margin 11.9% → Net margin 8.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +11.8%; Core profit growth: +19.5%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.65×
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 | 44,845 | 50,151 | 5,306 | +11.8% |
| Gross profit | 33,707 | 38,470 | 4,763 | +14.1% |
| Operating income | 5,012 | 5,990 | 978 | +19.5% |
| Net income attributable to owners | 3,515 | 4,119 | 604 | +17.2% |
| Operating cash flow | 6,359 | 5,220 | -1,139 | -17.9% |
| Free cash flow | 4,883 | 2,946 | -1,937 | -39.7% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2023 | 39,875 | 3,497 | 8.8% | 2,562 | 2,104 | 1,208 | S100VGNS |
| FY ending Dec 2024 | 44,845 | 5,012 | 11.2% | 3,515 | 6,359 | 4,883 | S100XT2Q |
| FY ending Dec 2025 | 50,151 | 5,990 | 11.9% | 4,119 | 5,220 | 2,946 | S100XT2Q |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥15M |
| Operating income per employee (consolidated) | ¥1.8M |
| Net income per employee (consolidated) | ¥1.2M |

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

| History | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: |
| Employees (consolidated) | 1,794 | 1,824 | 3,347 |
| Average salary (parent company) | — | — | ¥7.1M |
| Average age (parent company) | — | 39.9 years | 39.5 years |
| Average tenure (parent company) | — | 7.9 years | 7.5 years |

Year over year: Employees (consolidated) +83.5% · Revenue (consolidated) +11.8%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Domestic business | 49,253 | 98.2% | 5,937 | 12.1% |
| Overseas business | 898 | 1.8% | 52 | 5.8% |

### 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 | 98.2% | 99.1% | 0.9 | 12.1% |
| Overseas business | 1.8% | 0.9% | -0.9 | 5.8% |

Segment → industry: Overseas business → Watches, Jewelry & Eyewear / Domestic business → Watches, Jewelry & Eyewear

## 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 | 5,220 | 10.4% | S100XT2Q |
| Capital expenditure | 2,274 | 4.5% | S100XT2Q |
| Free cash flow | 2,946 | 5.9% | 算出 |
| Investing cash flow | -28,933 | -57.7% | S100XT2Q |
| Financing cash flow | 13,716 | 27.3% | S100XT2Q |
| Dividends paid | 1,229 | 2.5% | S100XT2Q |
| Change in cash | -9,984 | -19.9% | S100XT2Q |
| Cash and equivalents | 10,060 | 20.1% | S100XT2Q |

## 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 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: |
| Cash and equivalents | 6,268 | 20,045 | 10,060 | S100XT2Q |
| Total assets | 20,070 | 34,842 | 62,952 | S100VGNS, S100XT2Q |
| Net assets | 6,374 | 23,058 | 25,966 | S100XT2Q |
| Share capital | 220 | 220 | 220 | S100VGNS, S100XT2Q |
| Property, plant and equipment | 2,042 | 2,726 | 6,015 | S100VGNS, S100XT2Q |
| Intangible assets excluding goodwill | 571 | 702 | 24,917 | S100VGNS, S100XT2Q |
| Goodwill | — | — | 23,865 | S100XT2Q |
| Current assets | 14,366 | 27,948 | 25,052 | S100VGNS, S100XT2Q |
| Current liabilities | 9,700 | 11,374 | 34,612 | S100VGNS, S100XT2Q |
| Short-term borrowings | 2,900 | 2,900 | 18,000 | S100VGNS, S100XT2Q |
| Long-term borrowings | 3,643 | — | — | S100VGNS |
| Total liabilities | 13,696 | 11,783 | 36,986 | S100VGNS, S100XT2Q |
| Equity attributable to owners of parent | 6,257 | 22,939 | 25,828 | S100VGNS, S100XT2Q |
| Retained earnings | 9,862 | 12,479 | 15,368 | S100VGNS, S100XT2Q |
| Treasury stock | -3,975 | — | — | S100VGNS |

### Balance sheet history

| Metric | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: |
| Total assets | 20,070 | 34,842 | 62,952 |
| Equity | 6,374 | 23,058 | 25,966 |
| Interest-bearing debt | — | — | — |
| Cash | 6,268 | 20,045 | 10,060 |

## 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) | 12.0% | S100XT2Q |
| Fixed assets ÷ total assets | 9.6% | S100XT2Q |
| Goodwill ÷ parent equity | 92.4% | S100XT2Q |

### 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) | 16.0% |
| Cash ÷ revenue | 20.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 87.1% |
| Cash vs. profit gap | 1,101 JPY mn (of net income 26.7%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 29.8% |
| Shareholder payments — dividends / FCF | 41.7% |
| CapEx intensity (capex ÷ revenue) | 4.5% |
| Investing CF relative to operating CF | 554.3% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2023 | 6.4% | 1.99× | 12.8% | 3.21× | 40.9% | S100VGNS |
| 2024 | 7.8% | 1.63× | 12.8% | 1.88× | 24.1% | S100XT2Q |
| 2025 | 8.2% | 1.03× | 8.4% | 2.01× | 16.9% | S100XT2Q |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社ルイ・ボストン | Major shareholder | 35.0% | 2025-12-31 |
| 上野 博史 | Major shareholder | 10.7% | 2025-12-31 |
| 上野 剛史 | Major shareholder | 8.2% | 2025-12-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 5.7% | 2025-12-31 |
| ＭＳＩＰ ＣＬＩＥＮＴ ＳＥＣＵＲＩＴＩＥＳ（常任代理人 モルガン・スタンレーＭＵＦＧ証券株式会社） | Major shareholder | 4.6% | 2025-12-31 |
| ＧＯＬＤＭＡＮ ＳＡＣＨＳ ＩＮＴＥＲＮＡＴＩＯＮＡＬ（常任代理人 ゴールドマン・サックス証券株式会社） | Major shareholder | 4.3% | 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 | 3.8% | 2025-12-31 |
| 野村信託銀行株式会社（投信口） | Major shareholder | 2.6% | 2025-12-31 |
| ＲＥ ＦＵＮＤ １０７－ＣＬＩＥＮＴ ＡＣ（常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 1.9% | 2025-12-31 |
| 日本証券金融株式会社 | Major shareholder | 1.9% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第33期(2025/01/01－2025/12/31) | S100XT2Q | 2026-03-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XT2Q,, |
| 有価証券報告書－第32期(2024/01/01－2024/12/31) | S100VGNS | 2025-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VGNS,, |

## 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).