# KOSE Holdings Corporation: 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84期(2025/01/01－2025/12/31) (S100XSUW)
> Page: https://vizora.meequs.com/en/company/kose-holdings
> Retrieved: 2026-09-30T20:31:43.409Z

## Company

KOSE Holdings, founded in 1946, is a company in Toiletries & Household Products listed on TSE Prime. It has 8,566 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | KOSÉ Holdings Corporation(旧英訳名 KOSÉ Corporation)(注) 2025年3月28日開催の第83回定時株主総会の決議により、 2026年1月1日から会社名および英訳名を上記のとおり 変更いたしました。 |
| Ticker | 4922 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4922.T) |
| Listing | TSE Prime |
| Head office | 東京都中央区日本橋三丁目6番2号 |
| Representative (per filing) | 代表取締役社長 小林 一俊 |
| Founded | Mar 1946 |
| Share capital | ¥4.85B |
| Employees (consolidated) | 8,566 |
| Average salary (parent only) | ¥7.5M |
| Fiscal year end | December |
| Website | koseholdings.co.jp (https://koseholdings.co.jp/) |
| Corporate number | 7010001043552 |
| EDINET | E01049 |
| Industries (Vizora) | Toiletries & Household Products, Cosmetics |

> Profile source: annual securities report (S100XSUW, filed 2026-03-24). As of filing

## Five-axis industry profile

Primary industry: Cosmetics (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 44.2 | 26 |
| Cash conversion | 11.4 | 22 |
| Efficiency | 36.5 | 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 79% of KOSE Holdings's sales come from Cosmetics Business, with Cosmetaries Business and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥6 is left as operating profit.
- Revenue changed +2.3% from the prior year, operating profit +6.4%.

## Company structure

- Segment revenue mix: Cosmetics Business 79.4%、Cosmetaries Business 19.5%、Other 1.0%
- Revenue → net income: ¥330193000000 → ¥16091000000
- Net income → operating cash flow: ¥16091000000 → ¥11138000000（difference ¥-4953000000）
- Main uses of operating cash flow: CapEx ¥21391000000 / dividends ¥7989000000 / buybacks —
- Change in cash: ¥-17010000000
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 | ¥330.2B |  |
| Operating income | ¥18.5B | Margin 5.6% |
| Net income | ¥15.1B | Margin 4.6% |
| Free cash flow | -¥10.3B |  |
| Largest business | Cosmetics Business | of segment revenue 79.4% |
| Employees (consolidated) | 8,566 |  |
| EPS | ¥255.46 |  |
| Book value per share | ¥2765.17 |  |
| Equity ratio | 72.2% |  |
| Shares outstanding | 60,592,000 |  |
| Treasury shares | 3,518,200 |  |
| Shareholders | 43,863 |  |
| Average salary (parent only) | ¥7.5M | Filing company only |
| Cash ratio | 23.1% | Cash ÷ revenue 27.5% |
| Vs. industry median margin | -0.5 pp | Cosmetics |
| ROE | 6.2% | Derived from disclosed figures |
| ROA | 3.9% | Derived from disclosed figures |

## Notable figures

- FY2025, one segment accounts for 68% of positive segment profit

## What changed in 4 years

| Metric | FY ending Mar 2021 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥279389000000 | ¥330193000000 | +18.2% |
| Operating income | ¥13294000000 | ¥18467000000 | +38.9% |
| Operating margin | 4.8% | 5.6% | +0.8 pp |
| Employees | 8,767 people | 8,566 people | -2.3% |
| Cash and equivalents | ¥80051000000 | ¥90747000000 | +13.4% |

### Change in segment revenue mix

Span: FY ending Mar 2021 → 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 |
| --- | ---: |
| 化粧品事業 → 事業再編・廃止 | 78.2% |
| コスメタリー事業 → 事業再編・廃止 | 20.9% |
| その他 → その他 | 0.9% |
| 新設・再編 → 化粧品事業 | 79.4% |
| 新設・再編 → コスメタリー事業 | 19.5% |
| 新設・再編 → その他 | 0.1% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Cosmetics Business | 4 years | +8.5% | ¥262303000000 | 6.4% | 2 |
| Cosmetaries Business | 4 years | +17.1% | ¥64493000000 | 9.7% | 2 |
| Other | 4 years | +8.3% | ¥3396000000 | 49.9% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 330,193 | 100.0% | S100XSUW |
| Cost of revenue | 102,219 | 31.0% | S100XSUW |
| Gross profit | 227,974 | 69.0% | S100XSUW |
| SG&A | 209,507 | 63.4% | S100XSUW |
| Operating income | 18,467 | 5.6% | S100XSUW |
| Ordinary income | 21,463 | 6.5% | S100XSUW |
| Pretax income | 23,224 | 7.0% | S100XSUW |
| Income tax | 7,133 | 2.2% | S100XSUW |
| Net income | 16,091 | 4.9% | S100XSUW |
| Net income attributable to owners | 15,114 | 4.6% | S100XSUW |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 31 |
| SG&A | 63 |
| Operating income | 6 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 69.0% → Operating margin 5.6% → Net margin 4.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +2.3%; Core profit growth: +6.4%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.76×
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 | 322,758 | 330,193 | 7,435 | +2.3% |
| Gross profit | 222,573 | 227,974 | 5,401 | +2.4% |
| Operating income | 17,364 | 18,467 | 1,103 | +6.4% |
| Net income attributable to owners | 7,510 | 15,114 | 7,604 | +101.3% |
| Operating cash flow | 18,379 | 11,138 | -7,241 | -39.4% |
| Free cash flow | -2,668 | -10,253 | -7,585 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2021 | 279,389 | 13,294 | 4.8% | 11,986 | 23,280 | 12,542 | S100NSBC |
| FY ending Dec 2021 | 224,983 | 18,852 | 8.4% | 13,341 | 17,799 | 13,213 | S100QHOZ |
| FY ending Dec 2022 | 289,136 | 22,120 | 7.7% | 18,771 | 20,261 | 13,159 | S100T4ZN |
| FY ending Dec 2023 | 300,406 | 15,985 | 5.3% | 11,663 | 30,443 | 24,917 | S100VI3L |
| FY ending Dec 2024 | 322,758 | 17,364 | 5.4% | 7,510 | 18,379 | -2,668 | S100XSUW |
| FY ending Dec 2025 | 330,193 | 18,467 | 5.6% | 15,114 | 11,138 | -10,253 | S100XSUW |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥38.5M |
| Operating income per employee (consolidated) | ¥2.2M |
| Net income per employee (consolidated) | ¥1.8M |

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) | 8,612 | 7,940 | 7,558 | 8,130 | 8,566 |
| Average salary (parent company) | ¥7.7M | ¥7.7M | ¥7.9M | ¥7.2M | ¥7.5M |
| Average age (parent company) | 41.3 years | 41.1 years | 40.4 years | 40.5 years | 40.5 years |
| Average tenure (parent company) | 16.2 years | 15.7 years | 14.6 years | 13.0 years | 12.8 years |

Year over year: Employees (consolidated) +5.4% · Revenue (consolidated) +2.3%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Cosmetics Business | 262,303 | 79.4% | 16,768 | 6.4% |
| Cosmetaries Business | 64,493 | 19.5% | 6,252 | 9.7% |
| Other | 3,396 | 1.0% | 1,695 | 49.9% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Cosmetics Business | 79.4% | 67.8% | -11.6 | 6.4% |
| Cosmetaries Business | 19.5% | 25.3% | 5.8 | 9.7% |
| Other | 1.0% | 6.9% | 5.8 | 49.9% |

Segment → industry: Cosmetaries Business → Toiletries & Household Products / Cosmetaries Business → Cosmetics / Cosmetics 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 | 11,138 | 3.4% | S100XSUW |
| Capital expenditure | 21,391 | 6.5% | S100XSUW |
| Free cash flow | -10,253 | -3.1% | 算出 |
| Investing cash flow | -17,744 | -5.4% | S100XSUW |
| Financing cash flow | -10,000 | -3.0% | S100XSUW |
| Dividends paid | 7,989 | 2.4% | S100XSUW |
| Change in cash | -17,010 | -5.2% | S100XSUW |
| Cash and equivalents | 90,747 | 27.5% | S100XSUW |

## 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 | 81,876 | 94,063 | 105,669 | 107,757 | 90,747 | S100T4ZN, S100VI3L, S100XSUW |
| Total assets | 320,018 | 359,600 | 371,657 | 386,793 | 393,454 | S100QHOZ, S100T4ZN, S100VI3L, S100XSUW |
| Net assets | 254,267 | 275,349 | 283,038 | 292,276 | 304,784 | S100T4ZN, S100VI3L, S100XSUW |
| Share capital | 4,848 | 4,848 | 4,848 | 4,848 | 4,848 | S100QHOZ, S100T4ZN, S100VI3L, S100XSUW |
| Trade receivables | 44,211 | 52,451 | 44,405 | 50,020 | 56,075 | S100QHOZ, S100T4ZN, S100VI3L, S100XSUW |
| Property, plant and equipment | 59,554 | 63,923 | 61,247 | 73,749 | 81,800 | S100QHOZ, S100T4ZN, S100VI3L, S100XSUW |
| Intangible assets excluding goodwill | 14,266 | 14,450 | 14,105 | 26,944 | 25,492 | S100QHOZ, S100T4ZN, S100VI3L, S100XSUW |
| Goodwill | 4,615 | 4,356 | 3,621 | 6,972 | 5,629 | S100QHOZ, S100T4ZN, S100VI3L, S100XSUW |
| Investment securities | 15,534 | 17,979 | 15,838 | 16,750 | 19,852 | S100QHOZ, S100T4ZN, S100VI3L, S100XSUW |
| Current assets | 217,324 | 244,481 | 256,732 | 240,336 | 228,947 | S100QHOZ, S100T4ZN, S100VI3L, S100XSUW |
| Current liabilities | 59,136 | 67,580 | 70,224 | 71,162 | 63,212 | S100QHOZ, S100T4ZN, S100VI3L, S100XSUW |
| Trade payables | 7,450 | 7,913 | 8,628 | 7,356 | 9,204 | S100QHOZ, S100T4ZN, S100VI3L, S100XSUW |
| Short-term borrowings | 600 | 1,361 | 500 | 831 | 799 | S100QHOZ, S100T4ZN, S100VI3L, S100XSUW |
| Total liabilities | 65,751 | 84,251 | 88,619 | 94,516 | 88,669 | S100QHOZ, S100T4ZN, S100VI3L, S100XSUW |
| Non-controlling interests | 15,909 | 16,356 | 16,881 | 19,980 | 20,591 | S100QHOZ, S100T4ZN, S100VI3L, S100XSUW |
| Equity attributable to owners of parent | 224,576 | 235,975 | 239,721 | 239,316 | 246,493 | S100QHOZ, S100T4ZN, S100VI3L, S100XSUW |
| Retained earnings | 228,791 | 240,147 | 243,823 | 243,345 | 250,470 | S100QHOZ, S100T4ZN, S100VI3L, S100XSUW |
| Treasury stock | -9,090 | -9,082 | -9,073 | -9,055 | -9,031 | S100QHOZ, S100T4ZN, S100VI3L, S100XSUW |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 23% | S100XSUW |
| Receivables | 14% | S100XSUW |
| Property, plant and equipment | 21% | S100XSUW |
| Intangibles and goodwill | 8% | S100XSUW |
| Investment securities | 5% | S100XSUW |
| Other assets | 29% | S100XSUW |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 2% | S100XSUW |
| Other liabilities | 20% | S100XSUW |
| Equity | 78% | S100XSUW |
| Other liabilities | 0% | S100XSUW |

### 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 | 320,018 | 359,600 | 371,657 | 386,793 | 393,454 |
| Equity | 254,267 | 275,349 | 283,038 | 292,276 | 304,784 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 81,876 | 94,063 | 105,669 | 107,757 | 90,747 |

## 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) | 24.8% | S100XSUW |
| Fixed assets ÷ total assets | 20.8% | S100XSUW |
| Goodwill ÷ parent equity | 2.3% | S100XSUW |

Goodwill over 4 years: 4,615 → 5,629 JPY; total investing cash flow: -48,936 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) | 23.1% |
| Cash ÷ revenue | 27.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 60.3% |
| Cash vs. profit gap | -3,976 JPY mn (of net income -26.3%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 52.9% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 6.5% |
| Investing CF relative to operating CF | 159.3% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 5.9% | 0.70× | 4.2% | 1.42× | 5.9% | S100QHOZ |
| 2022 | 6.5% | 0.85× | 5.5% | 1.48× | 8.2% | S100T4ZN |
| 2023 | 3.9% | 0.82× | 3.2% | 1.54× | 4.9% | S100VI3L |
| 2024 | 2.3% | 0.85× | 2.0% | 1.58× | 3.1% | S100XSUW |
| 2025 | 4.6% | 0.85× | 3.9% | 1.61× | 6.2% | S100XSUW |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 一般社団法人コーセーマネジメント | Major shareholder | 10.0% | 2025-12-31 |
| 一般社団法人ウッド | Major shareholder | 9.8% | 2025-12-31 |
| 一般社団法人ＭＹＭラボラトリーズ | Major shareholder | 9.6% | 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 | 9.3% | 2025-12-31 |
| 小林 和夫 | Major shareholder | 3.4% | 2025-12-31 |
| 公益財団法人コーセーコスメトロジー研究財団 | Major shareholder | 2.2% | 2025-12-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 2.0% | 2025-12-31 |
| ＳＴＡＴＥ ＳＴＲＥＥＴ ＢＡＮＫ ＡＮＤ ＴＲＵＳＴ ＣＯＭＰＡＮＹ ５０５１０３（常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.9% | 2025-12-31 |
| みずほ信託銀行株式会社 退職給付信託 みずほ銀行口 再信託受託者 株式会社日本カストディ銀行 | Major shareholder | 1.5% | 2025-12-31 |
| 小林 美智子 | Major shareholder | 1.2% | 2025-12-31 |

## AI commentary（text by AI; the tables above are authoritative、claude-code）

- Revenue for FY ending Dec 2025 was ¥330.2B, up +2.3% from ¥322.8B.
- Operating income grew faster, rising +6.4% to ¥18.5B.
- Net income attributable to owners roughly doubled, up +101.3% from ¥7.51B to ¥15.1B.
- Cash generation weakened: operating cash flow fell -39.4% to ¥11.1B, and free cash flow went further negative to -¥10.3B.

### Drivers

- Sales grew at the core KOSÉ, ALBION and KOSÉ COSMEPORT businesses.
- Tarte and ALBION earned less after heavy marketing spending, but the KOSÉ business held down selling and admin costs, and mainland China turned profitable after restructuring.
- Net income jumped mainly because the prior year carried a loss from winding down operations in mainland China, and income taxes were lower.

### Risks

- US shoppers have become more price-sensitive, making life hard for mid- and high-priced brands, and the tariff outlook is still unclear.
- Spending by Chinese tourists in Japan slowed from December after China's government told its citizens to avoid travel to Japan.
- In China, local brands are gaining ground and consumer spending remains weak.

Cited: Annual Securities Report, 84th term (Jan–Dec 2025) (経営者による財政状態、経営成績及びキャッシュ・フローの状況の分析 (MD&A)); Annual Securities Report, 84th term (Jan–Dec 2025) (事業等のリスク (Business risks))

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第84期(2025/01/01－2025/12/31) | S100XSUW | 2026-03-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XSUW,, |
| 有価証券報告書－第83期(2024/01/01－2024/12/31) | S100VI3L | 2025-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VI3L,, |
| 有価証券報告書－第82期(2023/01/01－2023/12/31) | S100T4ZN | 2024-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T4ZN,, |
| 有価証券報告書－第81期(2022/01/01－2022/12/31) | S100QHOZ | 2023-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QHOZ,, |
| 有価証券報告書－第80期(令和3年4月1日－令和3年12月31日) | S100NSBC | 2022-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NSBC,, |

## 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).