# IVY COSMETICS CORPORATION: 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51期(2025/04/01－2026/03/31) (S100YHO9)
> Page: https://vizora.meequs.com/en/company/ivy-cosmetics
> Retrieved: 2026-09-30T19:52:22.325Z

## Company

IVY Cosmetics is a company in Cosmetics listed on TSE Standard. It has 100 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | IVY COSMETICS CORPORATION |
| Ticker | 4918 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4918.T) |
| Listing | TSE Standard |
| Head office | 東京都港区赤坂六丁目18番3号 |
| Representative (per filing) | 代表取締役社長 白銀 浩二 |
| Share capital | ¥1.51B |
| Employees (consolidated) | 100 |
| Average salary (parent only) | ¥5.5M |
| Fiscal year end | March |
| Website | www.ivy.co.jp (https://www.ivy.co.jp/) |
| Corporate number | 3010401000784 |
| EDINET | E01035 |
| Industries (Vizora) | Cosmetics |

> Profile source: annual securities report (S100YHO9, filed 2026-06-23). As of filing

## Five-axis industry profile

Primary industry: Cosmetics (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 2.3 | 22 |
| Profitability | 67.3 | 26 |
| Cash conversion | 88.6 | 22 |
| Efficiency | 17.3 | 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)

- IVY Cosmetics brought in ¥2.64B in revenue.
- Out of every ¥100 of sales, about ¥8 is left as operating profit.
- Revenue changed -9.8% from the prior year, operating profit -53.8%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥2641736000 → ¥164525000
- Net income → operating cash flow: ¥164525000 → ¥451036000（difference ¥286511000）
- Main uses of operating cash flow: CapEx ¥74870000 / dividends ¥187890000 / buybacks ¥27000
- Change in cash: ¥463507000
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 | ¥2.64B |  |
| Operating income | ¥195.1M | Margin 7.4% |
| Net income | ¥164.5M | Margin 6.2% |
| Free cash flow | ¥376.2M |  |
| Employees (consolidated) | 100 |  |
| EPS | ¥22.45 |  |
| Diluted EPS | ¥22.44 |  |
| Book value per share | ¥260.77 |  |
| Equity ratio | 72.4% |  |
| Shares outstanding | 6,414,000 |  |
| Treasury shares | 47,800 |  |
| Shareholders | 3,813 |  |
| Average salary (parent only) | ¥5.5M | Filing company only |
| Cash ratio | 28.6% | Cash ÷ revenue 39.4% |
| Vs. industry median margin | +1.3 pp | Cosmetics |
| ROE | 6.2% | Derived from disclosed figures |
| ROA | 4.6% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.7× net income
- FY2026, cash is 29% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥3426764000 | ¥2641736000 | -22.9% |
| Operating income | ¥24822000 | ¥195129000 | +686.1% |
| Operating margin | 0.7% | 7.4% | +6.7 pp |
| Employees | 135 people | 100 people | -25.9% |
| Cash and equivalents | ¥113430000 | ¥1041445000 | +818.1% |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 2,642 | 100.0% | S100YHO9 |
| Cost of revenue | 799 | 30.3% | S100YHO9 |
| Gross profit | 1,842 | 69.7% | S100YHO9 |
| SG&A | 1,647 | 62.4% | S100YHO9 |
| Operating income | 195 | 7.4% | S100YHO9 |
| Ordinary income | 192 | 7.3% | S100YHO9 |
| Pretax income | 182 | 6.9% | S100YHO9 |
| Income tax | 17 | 0.7% | S100YHO9 |
| Net income | 165 | 6.2% | S100YHO9 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 30 |
| SG&A | 62 |
| Operating income | 8 |
| (Ref.) Net income | 6 |

### Margin funnel

Gross margin 69.7% → Operating margin 7.4% → Net margin 6.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -9.8%; Core profit growth: -53.8%
Operating leverage (core profit growth ÷ revenue growth): 5.47×
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 | 2,930 | 2,642 | -288 | -9.8% |
| Gross profit | 2,065 | 1,842 | -223 | -10.8% |
| Operating income | 423 | 195 | -227 | -53.8% |
| Operating cash flow | 446 | 451 | 5 | +1.1% |
| Free cash flow | 419 | 376 | -43 | -10.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 3,832 | -55 | -1.4% | 46 | 35 | 15 | S100LUP4 |
| FY ending Mar 2021 | 3,427 | 25 | 0.7% | -23 | 427 | 375 | S100OLKK |
| FY ending Mar 2022 | 3,534 | 83 | 2.4% | 40 | -107 | -161 | S100RAJ1 |
| FY ending Mar 2023 | 2,942 | -18 | -0.6% | -385 | 279 | 243 | S100TVXX |
| FY ending Mar 2024 | 2,714 | 187 | 6.9% | 160 | 453 | 409 | S100W69G |
| FY ending Mar 2025 | 2,930 | 423 | 14.4% | 43 | 446 | 419 | S100YHO9 |
| FY ending Mar 2026 | 2,642 | 195 | 7.4% | 165 | 451 | 376 | S100YHO9 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥26.4M |
| Operating income per employee (consolidated) | ¥2M |
| Net income per employee (consolidated) | ¥1.6M |

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) | 136 | 131 | 123 | 107 | 100 |
| Average salary (parent company) | ¥6M | ¥5.2M | ¥5.1M | ¥5.1M | ¥5.5M |
| Average age (parent company) | 43.3 years | 44.7 years | 45.5 years | 47.8 years | 48.8 years |
| Average tenure (parent company) | 15.1 years | 16.1 years | 17.6 years | 19.7 years | 20.7 years |

Year over year: Employees (consolidated) -6.5% · Revenue (consolidated) -9.8%

## 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 | 451 | 17.1% | S100YHO9 |
| Capital expenditure | 75 | 2.8% | S100YHO9 |
| Free cash flow | 376 | 14.2% | 算出 |
| Investing cash flow | -58 | -2.2% | S100YHO9 |
| Financing cash flow | 71 | 2.7% | S100YHO9 |
| Dividends paid | 188 | 7.1% | S100YHO9 |
| Share buyback | 0 | 0.0% | S100YHO9 |
| Change in cash | 464 | 17.5% | S100YHO9 |
| Cash and equivalents | 1,041 | 39.4% | S100YHO9 |

## 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 | 129 | 248 | 209 | 578 | 1,041 | S100TVXX, S100W69G, S100YHO9 |
| Total assets | 4,352 | 3,854 | 3,569 | 3,567 | 3,643 | S100RAJ1, S100TVXX, S100W69G, S100YHO9 |
| Net assets | 2,267 | 1,982 | 2,242 | 2,468 | 2,638 | S100TVXX, S100W69G, S100YHO9 |
| Share capital | 1,304 | 1,304 | 1,322 | 1,417 | 1,514 | S100RAJ1, S100TVXX, S100W69G, S100YHO9 |
| Property, plant and equipment | 793 | 773 | 772 | 774 | 790 | S100RAJ1, S100TVXX, S100W69G, S100YHO9 |
| Intangible assets excluding goodwill | 33 | 36 | 36 | 33 | 33 | S100RAJ1, S100TVXX, S100W69G, S100YHO9 |
| Current assets | 2,556 | 2,307 | 2,019 | 2,472 | 2,543 | S100RAJ1, S100TVXX, S100W69G, S100YHO9 |
| Current liabilities | 1,454 | 1,158 | 938 | 885 | 817 | S100RAJ1, S100TVXX, S100W69G, S100YHO9 |
| Short-term borrowings | 262 | 165 | 77 | — | 100 | S100RAJ1, S100TVXX, S100W69G, S100YHO9 |
| Long-term borrowings | 476 | 336 | 210 | 173 | 149 | S100RAJ1, S100TVXX, S100W69G, S100YHO9 |
| Bonds | 102 | 36 | — | — | — | S100RAJ1, S100TVXX |
| Interest-bearing debt | 840 | 538 | — | — | — | 算出 |
| Total liabilities | 2,085 | 1,872 | 1,327 | 1,099 | 1,004 | S100RAJ1, S100TVXX, S100W69G, S100YHO9 |
| Equity attributable to owners of parent | 2,378 | 2,093 | 2,354 | 2,586 | 2,756 | S100RAJ1, S100TVXX, S100W69G, S100YHO9 |
| Retained earnings | 1,262 | 862 | 907 | 950 | 1,115 | S100RAJ1, S100TVXX, S100W69G, S100YHO9 |
| Treasury stock | -1,032 | -918 | -738 | -738 | -738 | S100RAJ1, S100TVXX, S100W69G, S100YHO9 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 28% | S100YHO9 |
| Property, plant and equipment | 22% | S100YHO9 |
| Intangibles and goodwill | 1% | S100YHO9 |
| Other assets | 49% | S100YHO9 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 28% | S100YHO9 |
| Equity | 72% | S100YHO9 |
| Other liabilities | 0% | S100YHO9 |

### 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 | 4,352 | 3,854 | 3,569 | 3,567 | 3,643 |
| Equity | 2,267 | 1,982 | 2,242 | 2,468 | 2,638 |
| Interest-bearing debt | 840 | 538 | — | — | — |
| Cash | 129 | 248 | 209 | 578 | 1,041 |

## 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) | 29.9% | S100YHO9 |
| Fixed assets ÷ total assets | 21.7% | S100YHO9 |
| Goodwill ÷ parent equity | — | —, S100YHO9 |

### 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) | 28.6% |
| Cash ÷ revenue | 39.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 231.1% |
| Cash vs. profit gap | 287 JPY mn (of net income 174.1%) |
| Shareholder returns / net income | 114.2% |
| Shareholder returns / FCF | 50.0% |
| Shareholder payments — dividends / net income | 114.2% |
| Shareholder payments — dividends / FCF | 49.9% |
| CapEx intensity (capex ÷ revenue) | 2.8% |
| Investing CF relative to operating CF | 12.9% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 1.1% | 0.81× | 0.9% | 1.83× | 1.7% | S100RAJ1 |
| 2023 | — | —× | -9.4% | —× | — | S100TVXX |
| 2024 | 5.9% | 0.73× | 4.3% | 1.67× | 7.2% | S100W69G |
| 2025 | 1.5% | 0.82× | 1.2% | 1.44× | 1.7% | S100YHO9 |
| 2026 | 6.2% | 0.73× | 4.6% | 1.35× | 6.2% | S100YHO9 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社白銀社 | Major shareholder | 16.9% | 2026-03-31 |
| 株式会社ブリーズ | Major shareholder | 3.3% | 2026-03-31 |
| アイビー化粧品取引先持株会 | Major shareholder | 2.4% | 2026-03-31 |
| 安藤 英基 | Major shareholder | 2.1% | 2026-03-31 |
| 白銀 恵美子 | Major shareholder | 1.9% | 2026-03-31 |
| 安藤 英雄 | Major shareholder | 1.8% | 2026-03-31 |
| 白銀 浩二 | Major shareholder | 1.7% | 2026-03-31 |
| アイビー共栄会 | Major shareholder | 1.7% | 2026-03-31 |
| 上田八木短資株式会社 | Major shareholder | 1.6% | 2026-03-31 |
| 山崎和也 | Major shareholder | 1.3% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第51期(2025/04/01－2026/03/31) | S100YHO9 | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YHO9,, |
| 有価証券報告書－第50期(2024/04/01－2025/03/31) | S100W69G | 2025-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W69G,, |
| 有価証券報告書－第49期(2023/04/01－2024/03/31) | S100TVXX | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TVXX,, |
| 有価証券報告書－第48期(2022/04/01－2023/03/31) | S100RAJ1 | 2023-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RAJ1,, |
| 有価証券報告書－第47期(令和3年4月1日－令和4年3月31日) | S100OLKK | 2022-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OLKK,, |
| 有価証券報告書－第46期(令和2年4月1日－令和3年3月31日) | S100LUP4 | 2021-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LUP4,, |

## 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).