# Japan Eyewear Holdings: business model and financials

> Latest period: FY ending Jan 2026, consolidated, IFRS
> Unit: JPY millions
> Sources: 有価証券報告書－第7期(2025/02/01－2026/01/31) (S100Y0I2)
> Page: https://vizora.meequs.com/en/company/japan-eyewear-holdings
> Retrieved: 2026-09-30T19:58:20.625Z

## Company

Japan Eyewear Holdings, founded in 2025, is a company in Watches, Jewelry & Eyewear listed on TSE Prime. It has 637 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Japan Eyewear Holdings Co., Ltd. |
| Ticker | 5889 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5889.T) |
| Listing | TSE Prime |
| Head office | 福井県鯖江市吉江町712番地2 |
| Representative (per filing) | 代表取締役社長CEO 金子 真也 |
| Founded | Oct 2025 |
| Share capital | ¥949M |
| Employees (consolidated) | 637 |
| Average salary (parent only) | ¥6.1M |
| Fiscal year end | January |
| Website | www.japan-eyewear-holdings.co.jp (https://www.japan-eyewear-holdings.co.jp/) |
| Corporate number | 6010001202919 |
| EDINET | E39074 |
| Industries (Vizora) | Watches, Jewelry & Eyewear |

> Profile source: annual securities report (S100Y0I2, filed 2026-04-23). As of filing

## Five-axis industry profile

Primary industry: Watches, Jewelry & Eyewear (2026-01-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 97.5 | 20 |
| Profitability | 97.5 | 20 |
| Cash conversion | 55.3 | 19 |
| Efficiency | 2.4 | 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 67% of Japan Eyewear Holdings's sales come from KANEKO, with Four Nines making up much of the rest.
- Out of every ¥100 of sales, about ¥32 is left as operating profit.
- Revenue changed +11.8% from the prior year, operating profit +11.8%.

## Company structure

- Segment revenue mix: KANEKO 66.9%、Four Nines 33.1%
- Revenue → net income: ¥18640000000 → ¥3783000000
- Net income → operating cash flow: ¥3783000000 → ¥5363000000（difference ¥1580000000）
- Main uses of operating cash flow: CapEx ¥721000000 / dividends ¥2074000000 / buybacks ¥0
- Change in cash: ¥-877000000
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 | ¥18.6B |  |
| Operating income | ¥5.96B | Margin 32.0% |
| Net income | ¥3.78B | Margin 20.3% |
| Free cash flow | ¥4.64B |  |
| Largest business | KANEKO | of segment revenue 66.9% |
| Employees (consolidated) | 637 |  |
| EPS | ¥156.82 |  |
| Diluted EPS | ¥154.41 |  |
| Book value per share | ¥463.58 |  |
| Equity ratio | 45.6% | Derived from disclosed figures |
| Shares outstanding | 24,133,560 |  |
| Treasury shares | 0 |  |
| Shareholders | 10,667 |  |
| Average salary (parent only) | ¥6.1M | Filing company only |
| Cash ratio | 7.7% | Cash ÷ revenue 16.4% |
| Vs. industry median margin | +25.3 pp | Watches, Jewelry & Eyewear |
| ROE | 21.9% | Derived from disclosed figures |
| ROA | 9.6% | Derived from disclosed figures |

## Notable figures

- FY2026, revenue is 2.6× its level five years ago
- FY2026, one segment accounts for 72% of positive segment profit
- FY2026, operating income keeps 32 per ¥100 of revenue

## What changed in 4 years

| Metric | FY ending Jan 2022 | FY ending Jan 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥7073000000 | ¥18640000000 | +163.5% |
| Employees | 468 people | 637 people | +36.1% |
| Cash and equivalents | ¥2199000000 | ¥3054000000 | +38.9% |

### Change in segment revenue mix

Span: FY ending Jan 2022 → FY ending Jan 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 新設・再編 → 金子眼鏡 | 66.9% |
| 新設・再編 → フォーナインズ | 33.1% |

Segment revenue source references: 2 (derived)

## Income statement（FY ending Jan 2026, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 18,640 | 100.0% | S100Y0I2 |
| Cost of revenue | 3,968 | 21.3% | S100Y0I2 |
| Gross profit | 14,672 | 78.7% | S100Y0I2 |
| SG&A | 8,725 | 46.8% | S100Y0I2 |
| Operating income | 5,957 | 32.0% | S100Y0I2 |
| Pretax income | 5,623 | 30.2% | S100Y0I2 |
| Income tax | 1,840 | 9.9% | S100Y0I2 |
| Net income | 3,783 | 20.3% | S100Y0I2 |
| Net income attributable to owners | 3,783 | 20.3% | S100Y0I2 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 21 |
| SG&A | 47 |
| Operating income | 32 |
| (Ref.) Net income | 20 |

### Margin funnel

Gross margin 78.7% → Operating margin 32.0% → Net margin 20.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +11.8%; Core profit growth: +11.8%
Growth quality: similar-growth
Operating leverage (core profit growth ÷ revenue growth): 1.00×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 16,666 | 18,640 | 1,974 | +11.8% |
| Gross profit | 13,145 | 14,672 | 1,527 | +11.6% |
| Operating income | 5,328 | 5,957 | 629 | +11.8% |
| Net income attributable to owners | 3,994 | 3,783 | -211 | -5.3% |
| Operating cash flow | 5,258 | 5,363 | 105 | +2.0% |
| Free cash flow | 3,079 | 4,642 | 1,563 | +50.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Jan 2022 | 7,073 | — | — | 90 | 1,614 | — | S100Y0I2 |
| FY ending Jan 2023 | 10,722 | 2,226 | 20.8% | 292 | 2,936 | 2,616 | S100V7RR |
| FY ending Jan 2024 | 13,528 | 3,700 | 27.4% | 2,217 | 3,446 | 2,673 | S100VOMS |
| FY ending Jan 2025 | 16,666 | 5,328 | 32.0% | 3,994 | 5,258 | 3,079 | S100Y0I2 |
| FY ending Jan 2026 | 18,640 | 5,957 | 32.0% | 3,783 | 5,363 | 4,642 | S100Y0I2 |

## People and productivity（FY ending Jan 2026, consolidated, IFRS）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥29.3M |
| Operating income per employee (consolidated) | ¥9.4M |
| Net income per employee (consolidated) | ¥5.9M |

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

| History | FY ending Jan 2022 | FY ending Jan 2023 | FY ending Jan 2024 | FY ending Jan 2025 | FY ending Jan 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 468 | 477 | 542 | 580 | 637 |
| Average salary (parent company) | — | — | ¥6.3M | ¥6.3M | ¥6.1M |
| Average age (parent company) | — | — | 43.3 years | 45.0 years | 42.1 years |
| Average tenure (parent company) | — | — | 5.3 years | 5.3 years | 6.2 years |

Year over year: Employees (consolidated) +9.8% · Revenue (consolidated) +11.8%

## Segments（FY ending Jan 2026, consolidated, IFRS、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| KANEKO | 12,469 | 66.9% | 4,686 | 37.6% |
| Four Nines | 6,171 | 33.1% | 1,855 | 30.1% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| KANEKO | 66.9% | 71.6% | 4.7 | 37.6% |
| Four Nines | 33.1% | 28.4% | -4.7 | 30.1% |

Segment → industry: Four Nines → Watches, Jewelry & Eyewear / KANEKO → Watches, Jewelry & Eyewear

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Jan 2026, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 5,363 | 28.8% | S100Y0I2 |
| Capital expenditure | 721 | 3.9% | S100Y0I2 |
| Free cash flow | 4,642 | 24.9% | 算出 |
| Investing cash flow | -1,422 | -7.6% | S100Y0I2 |
| Financing cash flow | -4,856 | -26.1% | S100Y0I2 |
| Dividends paid | 2,074 | 11.1% | S100Y0I2 |
| Share buyback | 0 | 0.0% | S100Y0I2 |
| Change in cash | -877 | -4.7% | S100Y0I2 |
| Cash and equivalents | 3,054 | 16.4% | S100Y0I2 |

## 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 Jan 2022 | FY ending Jan 2023 | FY ending Jan 2024 | FY ending Jan 2025 | FY ending Jan 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 2,199 | 2,209 | 4,426 | 3,931 | 3,054 | S100V7RR, S100VOMS, S100Y0I2 |
| Total assets | 30,785 | 31,170 | 34,766 | 38,833 | 39,911 | S100Y0I2, S100V7RR, S100VOMS |
| Net assets | 8,439 | 9,081 | 13,270 | 16,421 | 18,187 | S100V7RR, S100VOMS, S100Y0I2 |
| Share capital | — | 10 | 900 | 943 | 949 | S100V7RR, S100VOMS, S100Y0I2 |
| Property, plant and equipment | — | 2,079 | 2,655 | 4,769 | 5,209 | S100V7RR, S100VOMS, S100Y0I2 |
| Goodwill | — | 13,899 | 13,899 | 13,950 | 14,332 | S100V7RR, S100VOMS, S100Y0I2 |
| Current assets | — | 4,585 | 7,240 | 7,436 | 7,340 | S100V7RR, S100VOMS, S100Y0I2 |
| Total liabilities | — | 22,089 | 21,495 | 22,411 | 21,723 | S100V7RR, S100VOMS, S100Y0I2 |
| Equity attributable to owners of parent | — | 4,676 | 13,270 | 16,421 | 18,187 | S100V7RR, S100VOMS, S100Y0I2 |
| Retained earnings | — | -443 | 1,774 | 5,769 | 9,552 | S100V7RR, S100VOMS, S100Y0I2 |
| Treasury stock | — | — | — | — | 0 | S100Y0I2 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 8% | S100Y0I2 |
| Property, plant and equipment | 13% | S100Y0I2 |
| Intangibles and goodwill | 36% | — |
| Other assets | 43% | S100Y0I2 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 54% | S100Y0I2 |
| Equity | 46% | S100Y0I2 |
| Other liabilities | 0% | S100Y0I2 |

### Balance sheet history

| Metric | FY ending Jan 2022 | FY ending Jan 2023 | FY ending Jan 2024 | FY ending Jan 2025 | FY ending Jan 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 30,785 | 31,170 | 34,766 | 38,833 | 39,911 |
| Equity | 8,439 | 9,081 | 13,270 | 16,421 | 18,187 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 2,199 | 2,209 | 4,426 | 3,931 | 3,054 |

## 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) | 27.9% | S100Y0I2 |
| Fixed assets ÷ total assets | 13.1% | S100Y0I2 |
| Goodwill ÷ parent equity | 78.8% | S100Y0I2 |

### 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) | 7.7% |
| Cash ÷ revenue | 16.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 90.0% |
| Cash vs. profit gap | 1,580 JPY mn (of net income 41.8%) |
| Shareholder returns / net income | 54.8% |
| Shareholder returns / FCF | 44.7% |
| Shareholder payments — dividends / net income | 54.8% |
| Shareholder payments — dividends / FCF | 44.7% |
| CapEx intensity (capex ÷ revenue) | 3.9% |
| Investing CF relative to operating CF | 26.5% |

## 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% | 0.23× | 0.3% | 3.65× | 1.1% | S100Y0I2, S100V7RR |
| 2023 | 2.7% | 0.35× | 0.9% | 6.62× | 6.2% | S100V7RR |
| 2024 | 16.4% | 0.41× | 6.7% | 3.67× | 24.7% | S100VOMS |
| 2025 | 24.0% | 0.45× | 10.9% | 2.48× | 26.9% | S100Y0I2 |
| 2026 | 20.3% | 0.47× | 9.6% | 2.28× | 21.9% | S100Y0I2 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 金子インベスト株式会社 | Major shareholder | 37.7% | 2026-01-31 |
| 株式会社日本カストディ銀行(信託口） | Major shareholder | 6.4% | 2026-01-31 |
| 日本企業成長投資１号投資事業有限責任組合 | Major shareholder | 4.7% | 2026-01-31 |
| ＮＯＲＴＨＥＲＮ ＴＲＵＳＴ ＣＯ．（ＡＶＦＣ） ＲＥ ＩＥＤＵ ＵＣＩＴＳ ＣＬＩＥＮＴＳ ＮＯＮ ＬＥＮＤＩＮＧ １５ ＰＣＴ ＴＲＥＡＴＹ ＡＣＣＯＵＮＴ （常任代理人 香港上海銀行東京支店） | Major shareholder | 2.9% | 2026-01-31 |
| 日本マスタートラスト信託銀行株式会社（ 信託口） | Major shareholder | 2.6% | 2026-01-31 |
| ＣＡＭＥＬＬＩＡ ＦＵＮＤ Ｉ ＣＡＹＭＡＮ， ＬＰ（常任代理人 大和証券株式会社） | Major shareholder | 2.5% | 2026-01-31 |
| 野村信託銀行株式会社（投信口） | Major shareholder | 2.1% | 2026-01-31 |
| ＣＥＲＡＳＵＳ ＦＵＮＤ Ⅰ ＣＡＹＭＡＮ， ＬＰ （常任代理人 大和証券株式会社） | Major shareholder | 2.0% | 2026-01-31 |
| 株式会社日本政策投資銀行 | Major shareholder | 1.9% | 2026-01-31 |
| ＴＨＥ ＮＯＭＵＲＡ ＴＲＵＳＴ ＡＮＤ ＢＡＮＫＩＮＧ ＣＯ．， ＬＴＤ． ＡＳ ＴＨＥ ＴＲＵＳＴＥＥ ＯＦ ＲＥＰＵＲＣＨＡＳＥ ＡＧＲＥＥＭＥＮＴ ＭＯＴＨＥＲ ＦＵＮＤ（常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 1.9% | 2026-01-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第7期(2025/02/01－2026/01/31) | S100Y0I2 | 2026-04-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y0I2,, |
| 有価証券報告書－第6期(2024/02/01－2025/01/31) | S100VOMS | 2025-04-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VOMS,, |
| 訂正有価証券報告書－第5期(2023/02/01－2024/01/31) | S100V7RR | 2025-02-10 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100V7RR,, |

## 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).