# LIPPS CO,.LTD: business model and financials

> Latest period: FY ending Aug 2025, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第18期(2024/09/01－2025/08/31) (S100X6NP)
> Page: https://vizora.meequs.com/en/company/lipps-co
> Retrieved: 2026-09-30T21:01:52.205Z

## Company

Lipps CO,., founded in 2008, is a company in Cosmetics listed on TSE Growth. It has 48 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | LIPPS CO.,LTD |
| Ticker | 373A |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/373A.T) |
| Listing | TSE Growth |
| Head office | 東京都渋谷区神宮前三丁目1番30号 |
| Representative (per filing) | 代表取締役社長 的場 隆光 |
| Founded | Apr 2008 |
| Share capital | ¥172M |
| Employees (consolidated) | 48 |
| Average salary (parent only) | ¥6M |
| Fiscal year end | August |
| Website | www.lipps.co.jp (https://www.lipps.co.jp/) |
| Corporate number | 1011001056203 |
| EDINET | E40640 |
| Industries (Vizora) | Cosmetics, Beauty Salons |

> Profile source: annual securities report (S100X6NP, filed 2025-11-26). As of filing

## Five-axis industry profile

Primary industry: Cosmetics (2025-08-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 84.1 | 22 |
| Profitability | 98.1 | 26 |
| Cash conversion | 20.5 | 22 |
| Efficiency | 67.3 | 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)

- About 90% of Lipps CO,.'s sales come from Product business, with Salon franchiser business making up much of the rest.
- Out of every ¥100 of sales, about ¥22 is left as operating profit.
- Revenue changed +17.2% from the prior year, operating profit +31.7%.

## Company structure

- Segment revenue mix: Product business 90.0%、Salon franchiser business 10.0%
- Revenue → net income: ¥4409577000 → ¥652302000
- Net income → operating cash flow: ¥652302000 → ¥676827000（difference ¥24525000）
- Main uses of operating cash flow: CapEx ¥13749000 / dividends — / buybacks —
- Change in cash: ¥787773000
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 | ¥4.41B |  |
| Operating income | ¥949.3M | Margin 21.5% |
| Net income | ¥652.3M | Margin 14.8% |
| Free cash flow | ¥663.1M |  |
| Largest business | Product business | of segment revenue 90.0% |
| Employees (consolidated) | 48 |  |
| EPS | ¥260.01 |  |
| Diluted EPS | ¥238.02 |  |
| Book value per share | ¥1418.7 |  |
| Equity ratio | 88.8% |  |
| Shares outstanding | 2,550,000 |  |
| Shareholders | 1,227 |  |
| Average salary (parent only) | ¥6M | Filing company only |
| Cash ratio | 65.1% | Cash ÷ revenue 60.2% |
| Vs. industry median margin | +15.4 pp | Cosmetics |
| ROE | 20.3% | Derived from disclosed figures |
| ROA | 17.8% | Derived from disclosed figures |

## Notable figures

- FY2025, one segment accounts for 83% of positive segment profit
- FY2025, cash is 65% of total assets

## What changed in 1 years

| Metric | FY ending Aug 2024 | FY ending Aug 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥3760918000 | ¥4409577000 | +17.2% |
| Operating income | ¥720970000 | ¥949306000 | +31.7% |
| Operating margin | 19.2% | 21.5% | +2.4 pp |
| Employees | 39 people | 48 people | +23.1% |
| Cash and equivalents | ¥1864803000 | ¥2652576000 | +42.2% |

### Change in segment revenue mix

Span: FY ending Aug 2024 → FY ending Aug 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 商品事業 → 商品事業 | 88.0% |
| サロンフランチャイズ事業 → サロンフランチャイズ事業 | 10.0% |
| サロンフランチャイズ事業 → 事業再編・廃止 | 2.0% |
| 新設・再編 → 商品事業 | 2.0% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 4,410 | 100.0% | S100X6NP |
| Cost of revenue | 1,851 | 42.0% | S100X6NP |
| Gross profit | 2,559 | 58.0% | S100X6NP |
| SG&A | 1,609 | 36.5% | S100X6NP |
| Operating income | 949 | 21.5% | S100X6NP |
| Ordinary income | 941 | 21.3% | S100X6NP |
| Pretax income | 943 | 21.4% | S100X6NP |
| Income tax | 290 | 6.6% | S100X6NP |
| Net income | 652 | 14.8% | S100X6NP |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 42 |
| SG&A | 36 |
| Operating income | 22 |
| (Ref.) Net income | 15 |

### Margin funnel

Gross margin 58.0% → Operating margin 21.5% → Net margin 14.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +17.2%; Core profit growth: +31.7%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.84×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Aug 2024 → FY ending Aug 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 3,761 | 4,410 | 649 | +17.2% |
| Gross profit | 2,227 | 2,559 | 331 | +14.9% |
| Operating income | 721 | 949 | 228 | +31.7% |
| Operating cash flow | -21 | 677 | 698 | — |
| Free cash flow | -137 | 663 | 800 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Aug 2024 | 3,761 | 721 | 19.2% | 424 | -21 | -137 | S100X6NP |
| FY ending Aug 2025 | 4,410 | 949 | 21.5% | 652 | 677 | 663 | S100X6NP |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥91.9M |
| Operating income per employee (consolidated) | ¥19.8M |
| Net income per employee (consolidated) | ¥13.6M |

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

| History | FY ending Aug 2024 | FY ending Aug 2025 |
| --- | ---: | ---: |
| Employees (consolidated) | 39 | 48 |
| Average salary (parent company) | — | ¥6M |
| Average age (parent company) | — | 33.8 years |
| Average tenure (parent company) | — | 2.1 years |

Year over year: Employees (consolidated) +23.1% · Revenue (consolidated) +17.2%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Product business | 3,969 | 90.0% | 786 | 19.8% |
| Salon franchiser business | 441 | 10.0% | 163 | 37.1% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Product business | 90.0% | 82.8% | -7.2 | 19.8% |
| Salon franchiser business | 10.0% | 17.2% | 7.2 | 37.1% |

Segment → industry: Product business → Cosmetics / Salon franchiser business → Beauty Salons

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Aug 2025, non-consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 677 | 15.3% | S100X6NP |
| Capital expenditure | 14 | 0.3% | S100X6NP |
| Free cash flow | 663 | 15.0% | 算出 |
| Investing cash flow | -14 | -0.3% | S100X6NP |
| Financing cash flow | 125 | 2.8% | S100X6NP |
| Change in cash | 788 | 17.9% | S100X6NP |
| Cash and equivalents | 2,653 | 60.2% | S100X6NP |

## 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 Aug 2024 | FY ending Aug 2025 | Source |
| --- | ---: | ---: | ---: |
| Cash and equivalents | 1,865 | 2,653 | S100X6NP |
| Total assets | 3,253 | 4,074 | S100X6NP |
| Net assets | 2,823 | 3,618 | S100X6NP |
| Share capital | 100 | 172 | S100X6NP |
| Property, plant and equipment | 43 | 38 | S100X6NP |
| Intangible assets excluding goodwill | 26 | 23 | S100X6NP |
| Current assets | 3,059 | 3,944 | S100X6NP |
| Current liabilities | 403 | 432 | S100X6NP |
| Total liabilities | 429 | 456 | S100X6NP |
| Equity attributable to owners of parent | 2,821 | 3,618 | S100X6NP |
| Retained earnings | 1,208 | 1,861 | S100X6NP |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 65% | S100X6NP |
| Property, plant and equipment | 1% | S100X6NP |
| Intangibles and goodwill | 1% | S100X6NP |
| Other assets | 33% | S100X6NP |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 11% | S100X6NP |
| Equity | 89% | S100X6NP |

### Balance sheet history

| Metric | FY ending Aug 2024 | FY ending Aug 2025 |
| --- | ---: | ---: |
| Total assets | 3,253 | 4,074 |
| Equity | 2,823 | 3,618 |
| Interest-bearing debt | — | — |
| Cash | 1,865 | 2,653 |

## 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) | 0.9% | S100X6NP |
| Fixed assets ÷ total assets | 0.9% | S100X6NP |
| Goodwill ÷ parent equity | — | —, S100X6NP |

### 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) | 65.1% |
| Cash ÷ revenue | 60.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 71.3% |
| Cash vs. profit gap | 25 JPY mn (of net income 3.8%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.3% |
| Investing CF relative to operating CF | 2.0% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2024 | 11.3% | 1.16× | 13.0% | 1.15× | 15.0% | S100X6NP |
| 2025 | 14.8% | 1.20× | 17.8% | 1.14× | 20.3% | S100X6NP |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社Akeru | Major shareholder | 41.2% | 2025-08-31 |
| 的場 隆光 | Major shareholder | 8.8% | 2025-08-31 |
| 株式会社SBI証券 | Major shareholder | 8.3% | 2025-08-31 |
| 楽天証券株式会社 | Major shareholder | 7.2% | 2025-08-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 4.1% | 2025-08-31 |
| NOMURA INTERNATION AL PLC A/C JAPAN FLOW（常任代理人 野村證券株式会社） | Major shareholder | 1.9% | 2025-08-31 |
| BNYM SA/NV FOR BNYM FOR BNY GCM CLIENT ACCOUNTS M LSCB RD（常任代理人 株式会社三菱UFJ銀行） | Major shareholder | 1.6% | 2025-08-31 |
| 松井証券株式会社 | Major shareholder | 1.5% | 2025-08-31 |
| 伊藤 伸 | Major shareholder | 1.4% | 2025-08-31 |
| JP JPMSE LUX RE UBS AG LONDON BRANCH EQ CO（常任代理人 株式会社三菱UFJ銀行） | Major shareholder | 1.3% | 2025-08-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第18期(2024/09/01－2025/08/31) | S100X6NP | 2025-11-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100X6NP,, |

## 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).