# LIBERTA CO.,LTD.: 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30期(2025/01/01－2025/12/31) (S100XVNJ)
> Page: https://vizora.meequs.com/en/company/liberta-j
> Retrieved: 2026-09-30T21:05:31.901Z

## Company

Liberta, founded in 1997, is a company in Cosmetics listed on TSE Standard. It has 136 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | LIBERTA CO.,LTD. |
| Ticker | 4935 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4935.T) |
| Listing | TSE Standard |
| Head office | 東京都渋谷区桜丘町26番1号 |
| Representative (per filing) | 代表取締役社長 佐藤 透 |
| Founded | Feb 1997 |
| Share capital | ¥215.6M |
| Employees (consolidated) | 136 |
| Average salary (parent only) | ¥5.3M |
| Fiscal year end | December |
| Website | liberta-j.co.jp (https://liberta-j.co.jp/) |
| Corporate number | 4011001034965 |
| EDINET | E36133 |
| Industries (Vizora) | Cosmetics |

> Profile source: annual securities report (S100XVNJ, filed 2026-03-31). As of filing

## Five-axis industry profile

Primary industry: Cosmetics (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 70.5 | 22 |
| Profitability | 25 | 26 |
| Cash conversion | 2.3 | 22 |
| Efficiency | 78.8 | 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)

- Liberta brought in ¥10B in revenue.
- Out of every ¥100 of sales, about ¥1 is left as operating profit.
- Revenue changed +16.2% from the prior year, operating profit +85.2%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥10B |  |
| Operating income | ¥133.2M | Margin 1.3% |
| Net income | ¥46.3M | Margin 0.5% |
| Free cash flow | -¥411.7M |  |
| Employees (consolidated) | 136 |  |
| EPS | ¥5.13 |  |
| Diluted EPS | ¥5.07 |  |
| Book value per share | ¥69.66 |  |
| Equity ratio | 20.3% |  |
| Shares outstanding | 6,052,520 |  |
| Treasury shares | 27,700 |  |
| Shareholders | 5,497 |  |
| Average salary (parent only) | ¥5.3M | Filing company only |
| Cash ratio | 10.2% | Cash ÷ revenue 8.0% |
| Vs. industry median margin | -4.8 pp | Cosmetics |
| ROE | 2.9% | Derived from disclosed figures |
| ROA | 0.7% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥5110247000 | ¥10031969000 | +96.3% |
| Operating income | ¥295367000 | ¥133219000 | -54.9% |
| Operating margin | 5.8% | 1.3% | -4.5 pp |
| Employees | 92 people | 136 people | +47.8% |
| Cash and equivalents | ¥678944000 | ¥799795000 | +17.8% |

### Change in segment revenue mix

Span: FY ending Dec 2020 → FY ending Dec 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 10,032 | 100.0% | S100XVNJ |
| Cost of revenue | 5,958 | 59.4% | S100XVNJ |
| Gross profit | 4,074 | 40.6% | S100XVNJ |
| SG&A | 3,940 | 39.3% | S100XVNJ |
| Operating income | 133 | 1.3% | S100XVNJ |
| Ordinary income | 50 | 0.5% | S100XVNJ |
| Pretax income | 42 | 0.4% | S100XVNJ |
| Income tax | -4 | -0.0% | S100XVNJ |
| Net income | 46 | 0.5% | S100XVNJ |
| Net income attributable to owners | 46 | 0.5% | S100XVNJ |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 60 |
| SG&A | 39 |
| Operating income | 1 |
| (Ref.) Net income | 0 |

### Margin funnel

Gross margin 40.6% → Operating margin 1.3% → Net margin 0.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +16.2%; Core profit growth: +85.2%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 5.27×
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 | 8,636 | 10,032 | 1,396 | +16.2% |
| Gross profit | 3,338 | 4,074 | 736 | +22.1% |
| Operating income | 72 | 133 | 61 | +85.2% |
| Net income attributable to owners | -21 | 46 | 68 | — |
| Operating cash flow | -577 | -304 | 274 | — |
| Free cash flow | -625 | -412 | 213 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 4,204 | 134 | 3.2% | 72 | 46 | 39 | S100L1Y6 |
| FY ending Dec 2020 | 5,110 | 295 | 5.8% | 155 | -151 | — | S100NQZ7 |
| FY ending Dec 2021 | 5,029 | 251 | 5.0% | 200 | 417 | — | S100QH6I |
| FY ending Dec 2022 | 6,638 | 167 | 2.5% | 115 | -799 | -825 | S100T799 |
| FY ending Dec 2023 | 7,088 | 173 | 2.4% | 111 | 414 | 311 | S100VHY8 |
| FY ending Dec 2024 | 8,636 | 72 | 0.8% | -21 | -577 | -625 | S100XVNJ |
| FY ending Dec 2025 | 10,032 | 133 | 1.3% | 46 | -304 | -412 | S100XVNJ |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥73.8M |
| Operating income per employee (consolidated) | ¥979.6K |
| Net income per employee (consolidated) | ¥340.7K |

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) | 94 | 127 | 118 | 128 | 136 |
| Average salary (parent company) | ¥5.1M | ¥5M | ¥5.2M | ¥5.7M | ¥5.3M |
| Average age (parent company) | 33.1 years | 33.1 years | 35.0 years | 35.1 years | 36.0 years |
| Average tenure (parent company) | 4.1 years | 5.0 years | 5.1 years | 5.0 years | 5.1 years |

Year over year: Employees (consolidated) +6.3% · Revenue (consolidated) +16.2%

## 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 | -304 | -3.0% | S100XVNJ |
| Capital expenditure | 108 | 1.1% | S100XVNJ |
| Free cash flow | -412 | -4.1% | 算出 |
| Investing cash flow | -93 | -0.9% | S100XVNJ |
| Financing cash flow | 571 | 5.7% | S100XVNJ |
| Dividends paid | 54 | 0.5% | S100XVNJ |
| Share buyback | 0 | 0.0% | S100XVNJ |
| Change in cash | 171 | 1.7% | S100XVNJ |
| Cash and equivalents | 800 | 8.0% | S100XVNJ |

## 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 | 643 | 658 | 528 | 629 | 800 | S100T799, S100VHY8, S100XVNJ |
| Total assets | 2,945 | 5,312 | 5,521 | 6,437 | 7,810 | S100QH6I, S100T799, S100VHY8, S100XVNJ |
| Net assets | 1,325 | 1,576 | 1,637 | 1,572 | 1,593 | S100T799, S100VHY8, S100XVNJ |
| Share capital | 192 | 195 | 199 | 208 | 216 | S100QH6I, S100T799, S100VHY8, S100XVNJ |
| Trade receivables | 469 | 1,214 | 1,261 | 1,805 | 2,565 | S100QH6I, S100T799, S100VHY8, S100XVNJ |
| Property, plant and equipment | 39 | 708 | 688 | 681 | 715 | S100QH6I, S100T799, S100VHY8, S100XVNJ |
| Intangible assets excluding goodwill | 29 | 590 | 771 | 789 | 682 | S100QH6I, S100T799, S100VHY8, S100XVNJ |
| Goodwill | — | 308 | 443 | 478 | 414 | S100T799, S100VHY8, S100XVNJ |
| Current assets | 2,675 | 3,792 | 3,893 | 4,804 | 6,133 | S100QH6I, S100T799, S100VHY8, S100XVNJ |
| Current liabilities | 1,030 | 2,322 | 2,611 | 3,582 | 5,180 | S100QH6I, S100T799, S100VHY8, S100XVNJ |
| Trade payables | 282 | 639 | 743 | 552 | 1,004 | S100QH6I, S100T799, S100VHY8, S100XVNJ |
| Short-term borrowings | — | 700 | 900 | 1,850 | 2,404 | S100T799, S100VHY8, S100XVNJ |
| Long-term borrowings | 350 | 1,152 | 1,064 | 1,091 | 852 | S100QH6I, S100T799, S100VHY8, S100XVNJ |
| Bonds | 150 | 90 | 30 | — | — | S100QH6I, S100T799, S100VHY8 |
| Interest-bearing debt | — | 1,942 | 1,994 | — | — | 算出 |
| Total liabilities | 1,620 | 3,736 | 3,884 | 4,865 | 6,217 | S100QH6I, S100T799, S100VHY8, S100XVNJ |
| Non-controlling interests | 4 | 4 | 4 | — | — | S100QH6I, S100T799, S100VHY8 |
| Equity attributable to owners of parent | 1,319 | 1,569 | 1,627 | 1,561 | 1,585 | S100QH6I, S100T799, S100VHY8, S100XVNJ |
| Retained earnings | 944 | 995 | 1,053 | 978 | 972 | S100QH6I, S100T799, S100VHY8, S100XVNJ |
| Treasury stock | — | -0 | -8 | -17 | -11 | S100T799, S100VHY8, S100XVNJ |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 10% | S100XVNJ |
| Receivables | 33% | S100XVNJ |
| Property, plant and equipment | 9% | S100XVNJ |
| Intangibles and goodwill | 14% | S100XVNJ |
| Other assets | 34% | S100XVNJ |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 13% | S100XVNJ |
| Other liabilities | 67% | S100XVNJ |
| Equity | 20% | S100XVNJ |

### 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 | 2,945 | 5,312 | 5,521 | 6,437 | 7,810 |
| Equity | 1,325 | 1,576 | 1,637 | 1,572 | 1,593 |
| Interest-bearing debt | — | 1,942 | 1,994 | — | — |
| Cash | 643 | 658 | 528 | 629 | 800 |

## 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) | 7.1% | S100XVNJ |
| Fixed assets ÷ total assets | 9.2% | S100XVNJ |
| Goodwill ÷ parent equity | 26.1% | S100XVNJ |

### 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) | 10.2% |
| Cash ÷ revenue | 8.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -227.9% |
| Cash vs. profit gap | -350 JPY mn (of net income -755.2%) |
| Shareholder returns / net income | 116.0% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 115.9% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 1.1% |
| 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 4.0% | 1.71× | 6.8% | 2.23× | 15.2% | S100QH6I |
| 2022 | 1.7% | 1.61× | 2.8% | 2.86× | 7.9% | S100T799 |
| 2023 | 1.6% | 1.31× | 2.1% | 3.39× | 7.0% | S100VHY8 |
| 2024 | — | —× | -0.4% | —× | — | S100XVNJ |
| 2025 | 0.5% | 1.41× | 0.7% | 4.53× | 2.9% | S100XVNJ |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社モア | Major shareholder | 30.7% | 2025-12-31 |
| 佐 藤 透 | Major shareholder | 10.5% | 2025-12-31 |
| 石 田 幸 司 | Major shareholder | 2.1% | 2025-12-31 |
| 二 田 俊 作 | Major shareholder | 1.9% | 2025-12-31 |
| 楽天証券株式会社共有口 | Major shareholder | 1.5% | 2025-12-31 |
| 日本証券金融株式会社 | Major shareholder | 1.1% | 2025-12-31 |
| 野村證券株式会社 | Major shareholder | 1.1% | 2025-12-31 |
| 株式会社シンソーワ | Major shareholder | 1.0% | 2025-12-31 |
| LGT BANK LTD | Major shareholder | 0.9% | 2025-12-31 |
| 山 﨑 豊 和 | Major shareholder | 0.8% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第30期(2025/01/01－2025/12/31) | S100XVNJ | 2026-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XVNJ,, |
| 有価証券報告書－第29期(2024/01/01－2024/12/31) | S100VHY8 | 2025-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VHY8,, |
| 訂正有価証券報告書－第28期(2023/01/01－2023/12/31) | S100T799 | 2024-04-02 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T799,, |
| 有価証券報告書－第27期(2022/01/01－2022/12/31) | S100QH6I | 2023-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QH6I,, |
| 有価証券報告書－第26期(令和3年1月1日－令和3年12月31日) | S100NQZ7 | 2022-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NQZ7,, |
| 有価証券報告書－第25期(令和2年1月1日－令和2年12月31日) | S100L1Y6 | 2021-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L1Y6,, |

## 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).