# Komehyo Holdings Co.,Ltd.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第48期(2025/04/01－2026/03/31) (S100YHJR)
> Page: https://vizora.meequs.com/en/company/komehyo-holdings
> Retrieved: 2026-09-30T20:33:07.261Z

## Company

Komehyo Holdings, founded in 1979, is a company in Car Accessories listed on TSE Standard. It has 2,095 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Komehyo Holdings Co.,Ltd. |
| Ticker | 2780 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2780.T) |
| Listing | TSE Standard |
| Head office | 名古屋市中区大須三丁目25番31号 |
| Representative (per filing) | 代表取締役社長 石原 卓児 |
| Founded | May 1979 |
| Share capital | ¥1.8B |
| Employees (consolidated) | 2,095 |
| Fiscal year end | March |
| Website | komehyohds.com (https://komehyohds.com/) |
| Corporate number | 2180001036008 |
| EDINET | E03416 |
| Industries (Vizora) | Car Accessories, Real Estate Development & Leasing, Secondhand Retail |

> Profile source: annual securities report (S100YHJR, filed 2026-06-23). As of filing

## Five-axis industry profile

Primary industry: Secondhand Retail (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 85.3 | 17 |
| Profitability | 57.5 | 20 |
| Cash conversion | 10 | 15 |
| Efficiency | 77.5 | 20 |

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 Komehyo Holdings's sales come from brand fashion business, with tire wheel business and real estate leasing business making up much of the rest.
- Out of every ¥100 of sales, about ¥4 is left as operating profit.
- Revenue changed +39.4% from the prior year, operating profit +50.4%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥221.7B |  |
| Operating income | ¥9.29B | Margin 4.2% |
| Net income | ¥5.49B | Margin 2.5% |
| Free cash flow | -¥5B |  |
| Largest business | brand fashion business | of segment revenue 97.0% |
| Employees (consolidated) | 2,095 |  |
| EPS | ¥121.36 |  |
| Book value per share | ¥1428.42 |  |
| Equity ratio | 34.2% |  |
| Shares outstanding | 11,257,000 |  |
| Treasury shares | 267,700 |  |
| Shareholders | 5,408 |  |
| Cash ratio | 20.7% | Cash ÷ revenue 10.2% |
| Vs. industry median margin | +0.9 pp | Secondhand Retail |
| ROE | 16.3% | Derived from disclosed figures |
| ROA | 5.5% | Derived from disclosed figures |

## Notable figures

- FY2026, revenue is 3.1× its level five years ago
- FY2026, one segment accounts for 95% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥50723241000 | ¥221707231000 | +337.1% |
| Operating income | ¥590506000 | ¥9288004000 | +1472.9% |
| Operating margin | 1.2% | 4.2% | +3 pp |
| Employees | 940 people | 2,095 people | +122.9% |
| Cash and equivalents | ¥11894785000 | ¥22582973000 | +89.9% |

### 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 |
| --- | ---: |
| ブランド・ファッション事業 → ブランド・ファッション事業 | 91.9% |
| タイヤ・ホイール事業 → タイヤ・ホイール事業 | 2.9% |
| タイヤ・ホイール事業 → 事業再編・廃止 | 5.0% |
| 不動産賃貸事業 → 不動産賃貸事業 | 0.0% |
| 不動産賃貸事業 → 事業再編・廃止 | 0.1% |
| 新設・再編 → ブランド・ファッション事業 | 5.2% |

Segment revenue source references: 6 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| brand fashion business | 5 years | +35.8% | ¥215146041000 | 4.1% | 2 |
| tire wheel business | 5 years | +10.0% | ¥6522896000 | 5.0% | 2 |
| real estate leasing business | 5 years | -11.1% | ¥38293000 | 320.5% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 221,707 | 100.0% | S100YHJR |
| Cost of revenue | 174,557 | 78.7% | S100YHJR |
| Gross profit | 47,151 | 21.3% | S100YHJR |
| SG&A | 37,863 | 17.1% | S100YHJR |
| Operating income | 9,288 | 4.2% | S100YHJR |
| Ordinary income | 8,515 | 3.8% | S100YHJR |
| Pretax income | 8,421 | 3.8% | S100YHJR |
| Income tax | 2,914 | 1.3% | S100YHJR |
| Net income | 5,507 | 2.5% | S100YHJR |
| Net income attributable to owners | 5,489 | 2.5% | S100YHJR |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 79 |
| SG&A | 17 |
| Operating income | 4 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 21.3% → Operating margin 4.2% → Net margin 2.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +39.4%; Core profit growth: +50.4%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.28×
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 | 158,995 | 221,707 | 62,713 | +39.4% |
| Gross profit | 35,249 | 47,151 | 11,902 | +33.8% |
| Operating income | 6,177 | 9,288 | 3,111 | +50.4% |
| Net income attributable to owners | 4,777 | 5,489 | 711 | +14.9% |
| Operating cash flow | -5,180 | -1,046 | 4,135 | — |
| Free cash flow | -7,861 | -5,004 | 2,857 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 57,510 | 297 | 0.5% | -234 | -1,269 | -1,817 | S100LRFG |
| FY ending Mar 2021 | 50,723 | 591 | 1.2% | -596 | 4,380 | 2,922 | S100OI9B |
| FY ending Mar 2022 | 71,148 | 3,715 | 5.2% | 2,259 | 1,134 | 506 | S100R6C7 |
| FY ending Mar 2023 | 86,114 | 5,169 | 6.0% | 3,707 | 1,537 | -106 | S100TU2E |
| FY ending Mar 2024 | 119,460 | 7,453 | 6.2% | 5,025 | -548 | -3,265 | S100W3LG |
| FY ending Mar 2025 | 158,995 | 6,177 | 3.9% | 4,777 | -5,180 | -7,861 | S100YHJR |
| FY ending Mar 2026 | 221,707 | 9,288 | 4.2% | 5,489 | -1,046 | -5,004 | S100YHJR |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥105.8M |
| Operating income per employee (consolidated) | ¥4.4M |
| Net income per employee (consolidated) | ¥2.6M |

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) | 978 | 1,087 | 1,405 | 1,895 | 2,095 |
| Average salary (parent company) | — | — | — | — | — |
| Average age (parent company) | — | — | — | — | — |
| Average tenure (parent company) | — | — | — | — | — |

Year over year: Employees (consolidated) +10.6% · Revenue (consolidated) +39.4%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| brand fashion business | 215,146 | 97.0% | 8,732 | 4.1% |
| tire wheel business | 6,523 | 2.9% | 323 | 5.0% |
| real estate leasing business | 38 | 0.0% | 123 | 320.5% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| brand fashion business | 97.0% | 95.1% | -1.9 | 4.1% |
| tire wheel business | 2.9% | 3.5% | 0.6 | 5.0% |
| real estate leasing business | 0.0% | 1.3% | 1.3 | 320.5% |

Segment → industry: tire wheel business → Car Accessories / real estate leasing business → Real Estate Development & Leasing / brand fashion business → Secondhand Retail

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -1,046 | -0.5% | S100YHJR |
| Capital expenditure | 3,958 | 1.8% | S100YHJR |
| Free cash flow | -5,004 | -2.3% | 算出 |
| Investing cash flow | -4,549 | -2.1% | S100YHJR |
| Financing cash flow | 9,870 | 4.5% | S100YHJR |
| Dividends paid | 1,151 | 0.5% | S100YHJR |
| Share buyback | 0 | 0.0% | S100YHJR |
| Change in cash | 4,377 | 2.0% | S100YHJR |
| Cash and equivalents | 22,583 | 10.2% | S100YHJR |

## 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 | 10,739 | 12,283 | 18,092 | 18,206 | 22,583 | S100TU2E, S100W3LG, S100YHJR |
| Total assets | 39,667 | 46,753 | 64,039 | 88,626 | 109,181 | S100R6C7, S100TU2E, S100W3LG, S100YHJR |
| Net assets | 20,701 | 24,247 | 28,770 | 33,199 | 37,827 | S100TU2E, S100W3LG, S100YHJR |
| Share capital | 1,804 | 1,804 | 1,804 | 1,804 | 1,804 | S100R6C7, S100TU2E, S100W3LG, S100YHJR |
| Property, plant and equipment | 5,759 | 6,245 | 7,469 | 9,202 | 10,536 | S100R6C7, S100TU2E, S100W3LG, S100YHJR |
| Intangible assets excluding goodwill | 1,867 | 2,156 | 2,871 | 5,511 | 6,672 | S100R6C7, S100TU2E, S100W3LG, S100YHJR |
| Goodwill | 445 | 529 | 450 | 1,992 | 2,402 | S100R6C7, S100TU2E, S100W3LG, S100YHJR |
| Current assets | 29,454 | 35,323 | 49,927 | 68,457 | 85,697 | S100R6C7, S100TU2E, S100W3LG, S100YHJR |
| Current liabilities | 14,231 | 18,027 | 28,436 | 43,006 | 59,289 | S100R6C7, S100TU2E, S100W3LG, S100YHJR |
| Short-term borrowings | 8,360 | 12,515 | 19,154 | 34,953 | 48,129 | S100R6C7, S100TU2E, S100W3LG, S100YHJR |
| Long-term borrowings | 3,430 | 3,113 | 4,825 | 9,218 | 8,223 | S100R6C7, S100TU2E, S100W3LG, S100YHJR |
| Bonds | 212 | 140 | 68 | — | — | S100R6C7, S100TU2E, S100W3LG |
| Interest-bearing debt | 12,002 | 15,768 | 24,047 | — | — | 算出 |
| Total liabilities | 18,967 | 22,506 | 35,269 | 55,427 | 71,354 | S100R6C7, S100TU2E, S100W3LG, S100YHJR |
| Non-controlling interests | 263 | 314 | 365 | 425 | 473 | S100R6C7, S100TU2E, S100W3LG, S100YHJR |
| Equity attributable to owners of parent | 20,274 | 23,487 | 27,647 | 31,385 | 35,806 | S100R6C7, S100TU2E, S100W3LG, S100YHJR |
| Retained earnings | 16,641 | 19,854 | 24,014 | 27,739 | 32,075 | S100R6C7, S100TU2E, S100W3LG, S100YHJR |
| Treasury stock | -80 | -80 | -81 | -81 | -73 | S100R6C7, S100TU2E, S100W3LG, S100YHJR |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 21% | S100YHJR |
| Property, plant and equipment | 10% | S100YHJR |
| Intangibles and goodwill | 8% | S100YHJR |
| Other assets | 61% | S100YHJR |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 65% | S100YHJR |
| Equity | 35% | S100YHJR |
| Other liabilities | 0% | S100YHJR |

### 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 | 39,667 | 46,753 | 64,039 | 88,626 | 109,181 |
| Equity | 20,701 | 24,247 | 28,770 | 33,199 | 37,827 |
| Interest-bearing debt | 12,002 | 15,768 | 24,047 | — | — |
| Cash | 10,739 | 12,283 | 18,092 | 18,206 | 22,583 |

## 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) | 4.8% | S100YHJR |
| Fixed assets ÷ total assets | 9.6% | S100YHJR |
| Goodwill ÷ parent equity | 6.7% | S100YHJR |

Goodwill over 4 years: 445 → 2,402 JPY; total investing cash flow: -16,957 JPY. This does not imply causation.

### 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) | 20.7% |
| Cash ÷ revenue | 10.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -11.3% |
| Cash vs. profit gap | -6,534 JPY mn (of net income -119.1%) |
| Shareholder returns / net income | 21.0% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 21.0% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 1.8% |
| Investing CF relative to operating CF | — |

## 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 | 3.2% | 1.79× | 5.7% | 1.96× | 11.1% | S100R6C7 |
| 2023 | 4.3% | 1.99× | 8.6% | 1.97× | 16.9% | S100TU2E |
| 2024 | 4.2% | 2.16× | 9.1% | 2.17× | 19.7% | S100W3LG |
| 2025 | 3.0% | 2.08× | 6.3% | 2.59× | 16.2% | S100YHJR |
| 2026 | 2.5% | 2.24× | 5.5% | 2.94× | 16.3% | S100YHJR |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社Ｉ－ＢＥＬＩＥＶＥ | Major shareholder | 14.9% | 2026-03-31 |
| 株式会社ＹＳＳ | Major shareholder | 6.6% | 2026-03-31 |
| 株式会社ＳＩ | Major shareholder | 3.4% | 2026-03-31 |
| 株式会社ＴＭＳ | Major shareholder | 3.3% | 2026-03-31 |
| コメ兵ホールディングス社員持株会 | Major shareholder | 3.2% | 2026-03-31 |
| 株式会社ＫＩ | Major shareholder | 3.2% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 3.1% | 2026-03-31 |
| 石原卓児 | Major shareholder | 3.0% | 2026-03-31 |
| 島澤忠史 | Major shareholder | 3.0% | 2026-03-31 |
| 株式会社りそな銀行 | Major shareholder | 2.0% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第48期(2025/04/01－2026/03/31) | S100YHJR | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YHJR,, |
| 有価証券報告書－第47期(2024/04/01－2025/03/31) | S100W3LG | 2025-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W3LG,, |
| 有価証券報告書－第46期(2023/04/01－2024/03/31) | S100TU2E | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TU2E,, |
| 有価証券報告書－第45期(2022/04/01－2023/03/31) | S100R6C7 | 2023-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R6C7,, |
| 有価証券報告書－第44期(令和3年4月1日－令和4年3月31日) | S100OI9B | 2022-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OI9B,, |
| 有価証券報告書－第43期(令和2年4月1日－令和3年3月31日) | S100LRFG | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LRFG,, |

## 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).