# MUSCAT GROUP: 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10期(2025/04/01－2026/03/31) (S100YGM7)
> Page: https://vizora.meequs.com/en/company/muscat-group
> Retrieved: 2026-09-30T21:02:35.720Z

## Company

Muscat Group, founded in 2016, is a company in Cosmetics listed on TSE Growth. It has 112 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | MUSCAT GROUP Inc.(旧英訳名 Ricecurry Inc.)(注)2025年6月26日開催の第9回定時株主総会の決議により、2025年7月1日から会社名を上記のとおり変更いたしました。 |
| Ticker | 195A |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/195A.T) |
| Listing | TSE Growth |
| Head office | 東京都渋谷区道玄坂一丁目12番1号 渋谷マークシティウエスト20階 |
| Representative (per filing) | 代表取締役 大久保 遼 |
| Founded | Apr 2016 |
| Share capital | ¥423.2M |
| Employees (consolidated) | 112 |
| Average salary (parent only) | ¥5.6M |
| Fiscal year end | March |
| Website | muscatgroup.co.jp (https://muscatgroup.co.jp/) |
| Corporate number | 2011101076579 |
| EDINET | E39662 |
| Industries (Vizora) | Cosmetics |

> Profile source: annual securities report (S100YGM7, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: Cosmetics (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 97.7 | 22 |
| Profitability | 5.8 | 26 |
| Efficiency | 44.2 | 26 |
| Financial strength | 16.7 | 3 |

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)

- Muscat Group brought in ¥4.13B in revenue.
- It lost about ¥10 for every ¥100 of sales at the operating level.
- Revenue changed +38.3% from the prior year, operating profit -553.6%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥4.13B |  |
| Operating income | -¥399.2M | Margin -9.7% |
| Net income | -¥368.6M | Margin -8.9% |
| Free cash flow | -¥779.7M |  |
| Employees (consolidated) | 112 |  |
| EPS | ¥-66.37 |  |
| Book value per share | ¥369.56 |  |
| Equity ratio | 19.2% |  |
| Shares outstanding | 3,418,520 |  |
| Shareholders | 1,676 |  |
| Average salary (parent only) | ¥5.6M | Filing company only |
| Cash ratio | 12.2% | Net cash -¥1.84B · Cash ÷ revenue 16.7% |
| Vs. industry median margin | -15.8 pp | Cosmetics |
| ROA | -8.0% | Derived from disclosed figures |

## Notable figures

- FY2026, operating loss is 10 per ¥100 of revenue

## What changed in 3 years

| Metric | FY ending Mar 2023 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥1833900000 | ¥4129746000 | +125.2% |
| Operating income | ¥-166712000 | ¥-399197000 | — |
| Operating margin | -9.1% | -9.7% | -0.6 pp |
| Employees | 90 people | 112 people | +24.4% |
| Cash and equivalents | ¥196323000 | ¥689619000 | +251.3% |

### Change in segment revenue mix

Span: FY ending Mar 2023 → FY ending Mar 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 4,130 | 100.0% | S100YGM7 |
| Cost of revenue | 1,916 | 46.4% | S100YGM7 |
| Gross profit | 2,213 | 53.6% | S100YGM7 |
| SG&A | 2,613 | 63.3% | S100YGM7 |
| Operating income | -399 | -9.7% | S100YGM7 |
| Ordinary income | -451 | -10.9% | S100YGM7 |
| Pretax income | -87 | -2.1% | S100YGM7 |
| Income tax | 308 | 7.4% | S100YGM7 |
| Net income | -395 | -9.6% | S100YGM7 |
| Net income attributable to owners | -369 | -8.9% | S100YGM7 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 47 |
| SG&A | 63 |
| Operating income | -10 |
| (Ref.) Net income | -9 |

### Margin funnel

Gross margin 53.6% → Operating margin -9.7% → Net margin -8.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Turned to a loss
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 | 2,987 | 4,130 | 1,143 | +38.3% |
| Gross profit | 1,622 | 2,213 | 591 | +36.4% |
| Operating income | 88 | -399 | -487 | -553.6% |
| Net income attributable to owners | 113 | -369 | -482 | -426.4% |
| Operating cash flow | -408 | -676 | -268 | — |
| Free cash flow | -475 | -780 | -305 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2023 | 1,834 | -167 | -9.1% | -122 | -154 | -181 | S100U8CN |
| FY ending Mar 2024 | 2,375 | 88 | 3.7% | 110 | 92 | 63 | S100W4X2 |
| FY ending Mar 2025 | 2,987 | 88 | 2.9% | 113 | -408 | -475 | S100YGM7 |
| FY ending Mar 2026 | 4,130 | -399 | -9.7% | -369 | -676 | -780 | S100YGM7 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥36.9M |
| Operating income per employee (consolidated) | -¥3.6M |
| Net income per employee (consolidated) | -¥3.3M |

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

| History | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 90 | 82 | 91 | 112 |
| Average salary (parent company) | — | ¥4.9M | ¥4M | ¥5.6M |
| Average age (parent company) | — | 32.0 years | 33.3 years | 33.6 years |
| Average tenure (parent company) | — | 3.5 years | 3.3 years | 3.8 years |

Year over year: Employees (consolidated) +23.1% · Revenue (consolidated) +38.3%

## 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 | -676 | -16.4% | S100YGM7 |
| Capital expenditure | 103 | 2.5% | S100YGM7 |
| Free cash flow | -780 | -18.9% | 算出 |
| Investing cash flow | -484 | -11.7% | S100YGM7 |
| Financing cash flow | 1,306 | 31.6% | S100YGM7 |
| Change in cash | 146 | 3.5% | S100YGM7 |
| Cash and equivalents | 690 | 16.7% | S100YGM7 |

## 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 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 196 | 613 | 544 | 690 | S100W4X2, S100YGM7 |
| Total assets | 1,255 | 1,795 | 3,554 | 5,649 | S100U8CN, S100W4X2, S100YGM7 |
| Net assets | 642 | 752 | 1,165 | 1,087 | S100W4X2, S100YGM7 |
| Share capital | 100 | 100 | 250 | 423 | S100U8CN, S100W4X2, S100YGM7 |
| Trade receivables | — | 256 | 504 | 591 | S100W4X2, S100YGM7 |
| Property, plant and equipment | 16 | 17 | 565 | 317 | S100U8CN, S100W4X2, S100YGM7 |
| Intangible assets excluding goodwill | 577 | 551 | 825 | 2,386 | S100U8CN, S100W4X2, S100YGM7 |
| Goodwill | 535 | 497 | 762 | 2,311 | S100U8CN, S100W4X2, S100YGM7 |
| Investment securities | — | — | — | 188 | S100YGM7 |
| Current assets | 536 | 1,104 | 1,856 | 2,620 | S100U8CN, S100W4X2, S100YGM7 |
| Current liabilities | 376 | 590 | 970 | 2,831 | S100U8CN, S100W4X2, S100YGM7 |
| Short-term borrowings | 25 | 75 | 220 | 820 | S100U8CN, S100W4X2, S100YGM7 |
| Long-term borrowings | 234 | 450 | 1,183 | 1,556 | S100U8CN, S100W4X2, S100YGM7 |
| Bonds | — | — | 210 | 150 | S100YGM7 |
| Interest-bearing debt | — | — | 1,613 | 2,527 | 算出 |
| Total liabilities | 614 | 1,043 | 2,390 | 4,562 | S100U8CN, S100W4X2, S100YGM7 |
| Equity attributable to owners of parent | 641 | 751 | 1,164 | 1,142 | S100U8CN, S100W4X2, S100YGM7 |
| Retained earnings | -122 | -12 | 101 | -268 | S100U8CN, S100W4X2, S100YGM7 |

### Balance sheet history

| Metric | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: |
| Total assets | 1,255 | 1,795 | 3,554 | 5,649 |
| Equity | 642 | 752 | 1,165 | 1,087 |
| Interest-bearing debt | — | — | 1,613 | 2,527 |
| Cash | 196 | 613 | 544 | 690 |

## 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) | 7.7% | S100YGM7 |
| Fixed assets ÷ total assets | 5.6% | S100YGM7 |
| Goodwill ÷ parent equity | 202.4% | S100YGM7 |

### 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) | 12.2% |
| Cash ÷ revenue | 16.7% |
| Net cash (cash − interest-bearing debt) | -¥1.84B |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | -308 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 2.5% |
| 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2023 | — | —× | -9.7% | —× | — | S100U8CN |
| 2024 | 4.6% | 1.56× | 7.2% | 2.19× | 15.8% | S100W4X2 |
| 2025 | 3.8% | 1.12× | 4.2% | 2.79× | 11.8% | S100YGM7 |
| 2026 | — | —× | -8.0% | —× | — | S100YGM7 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 大久保 遼 | Major shareholder | 30.9% | 2026-03-31 |
| INTERACTIVE BROKERS LLC（常任代理人：インタラクティブブローカーズ証券株式会社） | Major shareholder | 11.9% | 2026-03-31 |
| 株式会社SBI証券 | Major shareholder | 5.7% | 2026-03-31 |
| 楽天証券株式会社 | Major shareholder | 2.8% | 2026-03-31 |
| 株式会社丸井グループ | Major shareholder | 2.7% | 2026-03-31 |
| GMOメイクショップ株式会社 | Major shareholder | 2.5% | 2026-03-31 |
| 森岡 祐平 | Major shareholder | 2.1% | 2026-03-31 |
| GMOベンチャー通信スタートアップ支援株式会社 | Major shareholder | 2.1% | 2026-03-31 |
| 株式会社クボタヤス | Major shareholder | 1.5% | 2026-03-31 |
| シニフィアン・アントレプレナーズファンド投資事業有限責任組合 | Major shareholder | 1.5% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第10期(2025/04/01－2026/03/31) | S100YGM7 | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YGM7,, |
| 有価証券報告書－第9期(2024/04/01－2025/03/31) | S100W4X2 | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W4X2,, |
| 訂正有価証券報告書－第8期(2023/04/01－2024/03/31) | S100U8CN | 2024-08-14 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100U8CN,, |

## 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).