# Milbon Co., Ltd.: business model and financials

> Latest period: FY ending Dec 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 訂正有価証券報告書－第66期(2025/01/01－2025/12/31) (S100XZ4Q)
> Page: https://vizora.meequs.com/en/company/milbon
> Retrieved: 2026-09-30T21:00:33.329Z

## Company

Milbon, founded in 1960, is a company in Cosmetics listed on TSE Prime. It has 1,237 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Milbon Co.,Ltd. |
| Ticker | 4919 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4919.T) |
| Listing | TSE Prime |
| Head office | 大阪市都島区善源寺町2丁目3番35号 |
| Representative (per filing) | 代表取締役 社長執行役員 坂下 秀憲 |
| Founded | Jul 1960 |
| Share capital | ¥2B |
| Employees (consolidated) | 1,237 |
| Average salary (parent only) | ¥7.6M |
| Fiscal year end | December |
| Website | www.milbon.com (https://www.milbon.com/) |
| Corporate number | 3120001001206 |
| EDINET | E01039 |
| Industries (Vizora) | Cosmetics |

> Profile source: annual securities report (S100XZ4Q, filed 2026-04-15). As of filing

## Five-axis industry profile

Primary industry: Cosmetics (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 52.3 | 22 |
| Profitability | 78.8 | 26 |
| Cash conversion | 47.7 | 22 |
| Efficiency | 48.1 | 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)

- Milbon brought in ¥52.9B in revenue.
- Out of every ¥100 of sales, about ¥11 is left as operating profit.
- Revenue changed +3.0% from the prior year, operating profit -17.4%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥52863291000 → ¥3437911000
- Net income → operating cash flow: ¥3437911000 → ¥5383960000（difference ¥1946049000）
- Main uses of operating cash flow: CapEx ¥3334360000 / dividends ¥2864786000 / buybacks ¥2000372000
- Change in cash: ¥-2264982000
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 | ¥52.9B |  |
| Operating income | ¥5.65B | Margin 10.7% |
| Net income | ¥3.44B | Margin 6.5% |
| Free cash flow | ¥2.05B |  |
| Employees (consolidated) | 1,237 |  |
| EPS | ¥95.27 |  |
| Book value per share | ¥1316.26 |  |
| Equity ratio | 84.9% |  |
| Shares outstanding | 32,305,534 |  |
| Treasury shares | 524,900 |  |
| Shareholders | 33,655 |  |
| Average salary (parent only) | ¥7.6M | Filing company only |
| Cash ratio | 19.9% | Cash ÷ revenue 21.8% |
| Vs. industry median margin | +4.6 pp | Cosmetics |
| ROE | 7.6% | Derived from disclosed figures |
| ROA | 5.9% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥35725069000 | ¥52863291000 | +48.0% |
| Operating income | ¥6394794000 | ¥5652803000 | -11.6% |
| Operating margin | 17.9% | 10.7% | -7.2 pp |
| Employees | 975 people | 1,237 people | +26.9% |
| Cash and equivalents | ¥12307591000 | ¥11513601000 | -6.5% |

### 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 | 52,863 | 100.0% | S100XZ4Q |
| Cost of revenue | 19,687 | 37.2% | S100XZ4Q |
| Gross profit | 33,176 | 62.8% | S100XZ4Q |
| SG&A | 27,524 | 52.1% | S100XZ4Q |
| Operating income | 5,653 | 10.7% | S100XZ4Q |
| Ordinary income | 5,456 | 10.3% | S100XZ4Q |
| Pretax income | 4,926 | 9.3% | S100XZ4Q |
| Income tax | 1,489 | 2.8% | S100XZ4Q |
| Net income | 3,438 | 6.5% | S100XZ4Q |
| Net income attributable to owners | 3,438 | 6.5% | S100XZ4Q |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 37 |
| SG&A | 52 |
| Operating income | 11 |
| (Ref.) Net income | 7 |

### Margin funnel

Gross margin 62.8% → Operating margin 10.7% → Net margin 6.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +3.0%; Core profit growth: -17.4%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -5.76×
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 | 51,316 | 52,863 | 1,547 | +3.0% |
| Gross profit | 32,598 | 33,176 | 579 | +1.8% |
| Operating income | 6,840 | 5,653 | -1,187 | -17.4% |
| Net income attributable to owners | 5,018 | 3,438 | -1,580 | -31.5% |
| Operating cash flow | 7,626 | 5,384 | -2,242 | -29.4% |
| Free cash flow | 5,085 | 2,050 | -3,036 | -59.7% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 36,266 | 6,752 | 18.6% | 4,518 | 4,487 | 2,980 | S100L1R2 |
| FY ending Dec 2020 | 35,725 | 6,395 | 17.9% | 4,204 | 6,548 | 4,579 | S100NRHT |
| FY ending Dec 2021 | 41,582 | 7,818 | 18.8% | 5,109 | 6,637 | 2,149 | S100QGV5 |
| FY ending Dec 2022 | 45,238 | 7,552 | 16.7% | 5,577 | 5,008 | 1,185 | S100T538 |
| FY ending Dec 2023 | 47,762 | 5,525 | 11.6% | 4,002 | 4,766 | 1,555 | S100VGJH |
| FY ending Dec 2024 | 51,316 | 6,840 | 13.3% | 5,018 | 7,626 | 5,085 | S100XZ4Q |
| FY ending Dec 2025 | 52,863 | 5,653 | 10.7% | 3,438 | 5,384 | 2,050 | S100XZ4Q |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥42.7M |
| Operating income per employee (consolidated) | ¥4.6M |
| Net income per employee (consolidated) | ¥2.8M |

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) | 1,038 | 1,097 | 1,140 | 1,188 | 1,237 |
| Average salary (parent company) | ¥7M | ¥7.2M | ¥7.4M | ¥7.4M | ¥7.6M |
| Average age (parent company) | 35.2 years | 35.5 years | 35.4 years | 35.6 years | 36.0 years |
| Average tenure (parent company) | 10.3 years | 10.8 years | 10.8 years | 11.1 years | 11.2 years |

Year over year: Employees (consolidated) +4.1% · Revenue (consolidated) +3.0%

## 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 | 5,384 | 10.2% | S100XZ4Q |
| Capital expenditure | 3,334 | 6.3% | S100XZ4Q |
| Free cash flow | 2,050 | 3.9% | 算出 |
| Investing cash flow | -3,014 | -5.7% | S100XZ4Q |
| Financing cash flow | -4,865 | -9.2% | S100XZ4Q |
| Dividends paid | 2,865 | 5.4% | S100XZ4Q |
| Share buyback | 2,000 | 3.8% | S100XZ4Q |
| Change in cash | -2,265 | -4.3% | S100XZ4Q |
| Cash and equivalents | 11,514 | 21.8% | S100XZ4Q |

## 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 | 13,313 | 12,258 | 11,292 | 13,779 | 11,514 | S100T538, S100VGJH, S100XZ4Q |
| Total assets | 48,238 | 52,760 | 53,392 | 58,899 | 57,802 | S100QGV5, S100T538, S100VGJH, S100XZ4Q |
| Net assets | 40,197 | 43,992 | 45,932 | 48,817 | 49,059 | S100T538, S100VGJH, S100XZ4Q |
| Share capital | 2,000 | 2,000 | 2,000 | 2,000 | 2,000 | S100QGV5, S100T538, S100VGJH, S100XZ4Q |
| Trade receivables | 4,673 | 5,256 | 5,346 | 6,038 | 5,956 | S100QGV5, S100T538, S100VGJH, S100XZ4Q |
| Property, plant and equipment | 17,816 | 19,820 | 20,999 | 22,308 | 22,910 | S100QGV5, S100T538, S100VGJH, S100XZ4Q |
| Intangible assets excluding goodwill | 1,517 | 1,902 | 1,930 | 1,675 | 1,539 | S100QGV5, S100T538, S100VGJH, S100XZ4Q |
| Investment securities | 1,611 | 1,776 | 1,312 | 875 | 643 | S100QGV5, S100T538, S100VGJH, S100XZ4Q |
| Current assets | 24,901 | 26,699 | 26,178 | 30,936 | 29,101 | S100QGV5, S100T538, S100VGJH, S100XZ4Q |
| Current liabilities | 7,310 | 7,996 | 6,568 | 9,208 | 7,685 | S100QGV5, S100T538, S100VGJH, S100XZ4Q |
| Total liabilities | 8,041 | 8,769 | 7,460 | 10,082 | 8,743 | S100QGV5, S100T538, S100VGJH, S100XZ4Q |
| Equity attributable to owners of parent | 39,001 | 42,119 | 43,404 | 45,625 | 44,282 | S100QGV5, S100T538, S100VGJH, S100XZ4Q |
| Retained earnings | 38,835 | 41,875 | 43,079 | 45,232 | 43,576 | S100QGV5, S100T538, S100VGJH, S100XZ4Q |
| Treasury stock | -2,080 | -2,031 | -1,982 | -1,906 | -1,493 | S100QGV5, S100T538, S100VGJH, S100XZ4Q |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 20% | S100XZ4Q |
| Receivables | 10% | S100XZ4Q |
| Property, plant and equipment | 40% | S100XZ4Q |
| Intangibles and goodwill | 3% | S100XZ4Q |
| Investment securities | 1% | S100XZ4Q |
| Other assets | 26% | S100XZ4Q |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 15% | S100XZ4Q |
| Equity | 85% | S100XZ4Q |

### 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 | 48,238 | 52,760 | 53,392 | 58,899 | 57,802 |
| Equity | 40,197 | 43,992 | 45,932 | 48,817 | 49,059 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 13,313 | 12,258 | 11,292 | 13,779 | 11,514 |

## 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) | 43.3% | S100XZ4Q |
| Fixed assets ÷ total assets | 39.6% | S100XZ4Q |
| Goodwill ÷ parent equity | — | —, S100XZ4Q |

### 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) | 19.9% |
| Cash ÷ revenue | 21.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 95.2% |
| Cash vs. profit gap | 1,946 JPY mn (of net income 56.6%) |
| Shareholder returns / net income | 141.5% |
| Shareholder returns / FCF | 237.4% |
| Shareholder payments — dividends / net income | 83.3% |
| Shareholder payments — dividends / FCF | 139.8% |
| CapEx intensity (capex ÷ revenue) | 6.3% |
| Investing CF relative to operating CF | 56.0% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 12.3% | 0.86× | 10.6% | 1.24× | 13.1% | S100QGV5 |
| 2022 | 12.3% | 0.90× | 11.0% | 1.25× | 13.8% | S100T538 |
| 2023 | 8.4% | 0.90× | 7.5% | 1.24× | 9.4% | S100VGJH |
| 2024 | 9.8% | 0.91× | 8.9% | 1.26× | 11.3% | S100XZ4Q |
| 2025 | 6.5% | 0.91× | 5.9% | 1.30× | 7.6% | S100XZ4Q |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 9.7% | 2025-12-31 |
| 鴻池資産管理株式会社 | Major shareholder | 8.8% | 2025-12-31 |
| 株式会社コーセー | Major shareholder | 4.2% | 2025-12-31 |
| ミルボン従業員持株会 | Major shareholder | 2.3% | 2025-12-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 2.2% | 2025-12-31 |
| RBC IST 15 PCT NON LENDING ACCOUNT-CLIENT ACCOUNT（常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 2.1% | 2025-12-31 |
| STATE STREET BANK AND TRUST COMPANY （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 |
| 北嶋 舞子 | Major shareholder | 1.5% | 2025-12-31 |
| 村井 佳比子 | Major shareholder | 1.5% | 2025-12-31 |
| 大阪佐々木化学株式会社 | Major shareholder | 1.5% | 2025-12-31 |
| 彩資生株式会社 | Major shareholder | 1.5% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 訂正有価証券報告書－第66期(2025/01/01－2025/12/31) | S100XZ4Q | 2026-04-15 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XZ4Q,, |
| 有価証券報告書－第65期(2024/01/01－2024/12/31) | S100VGJH | 2025-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VGJH,, |
| 有価証券報告書－第64期(2023/01/01－2023/12/31) | S100T538 | 2024-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T538,, |
| 有価証券報告書－第63期(2022/01/01－2022/12/31) | S100QGV5 | 2023-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QGV5,, |
| 有価証券報告書－第62期(令和3年1月1日－令和3年12月31日) | S100NRHT | 2022-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NRHT,, |
| 有価証券報告書－第61期(令和2年1月1日－令和2年12月31日) | S100L1R2 | 2021-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L1R2,, |

## 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).