# NEW ART HOLDINGS Co., Ltd.: 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32期(2025/04/01－2026/03/31) (S100YL5P)
> Page: https://vizora.meequs.com/en/company/new-art-holdings
> Retrieved: 2026-10-01T03:26:36.150Z

## Company

NEW ART Holdings, founded in 1994, is a company in Meat Processing listed on TSE Standard. It has 981 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | NEW ART HOLDINGS Co., Ltd. |
| Ticker | 7638 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7638.T) |
| Listing | TSE Standard |
| Head office | 東京都中央区銀座二丁目6番3号 (同所は登記上の本店所在地であり、実際の業務は下記で行っております。) |
| Representative (per filing) | 代表取締役会長 白石 幸生 |
| Founded | Sep 1994 |
| Share capital | ¥3.3B |
| Employees (consolidated) | 981 |
| Average salary (parent only) | ¥5.2M |
| Fiscal year end | March |
| Website | newart-ir.jp (https://newart-ir.jp/) |
| Corporate number | 9010001046693 |
| EDINET | E03333 |
| Industries (Vizora) | Meat Processing, Watches, Jewelry & Eyewear, Hotels & Inns, Beauty Salons |

> Profile source: annual securities report (S100YL5P, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: Watches, Jewelry & Eyewear (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 62.5 | 20 |
| Profitability | 92.5 | 20 |
| Cash conversion | 39.5 | 19 |
| Efficiency | 64.3 | 21 |

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 72% of NEW ART Holdings's sales come from Jewelry, Art and Auction Business, with Food Business and Health and Beauty Business making up much of the rest.
- Out of every ¥100 of sales, about ¥15 is left as operating profit.
- Revenue changed +15.8% from the prior year, operating profit +26.1%.

## Company structure

- Segment revenue mix: Jewelry, Art and Auction Business 72.2%、Food Business 22.4%、Health and Beauty Business 4.5%、Resort Development Business 0.8%
- Revenue → net income: ¥32017754000 → ¥2345174000
- Net income → operating cash flow: ¥2345174000 → ¥3399471000（difference ¥1054297000）
- Main uses of operating cash flow: CapEx ¥280228000 / dividends ¥756459000 / buybacks ¥300561000
- Change in cash: ¥634040000
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 | ¥32B |  |
| Operating income | ¥4.91B | Margin 15.3% |
| Net income | ¥2.35B | Margin 7.4% |
| Free cash flow | ¥3.12B |  |
| Largest business | Jewelry, Art and Auction Business | of segment revenue 72.2% |
| Employees (consolidated) | 981 |  |
| EPS | ¥59.05 |  |
| Book value per share | ¥472.27 |  |
| Equity ratio | 39.7% |  |
| Shares outstanding | 17,386,204 |  |
| Treasury shares | 230,600 |  |
| Shareholders | 9,916 |  |
| Average salary (parent only) | ¥5.2M | Filing company only |
| Cash ratio | 7.1% | Cash ÷ revenue 6.2% |
| Vs. industry median margin | +8.7 pp | Watches, Jewelry & Eyewear |
| ROE | 21.5% | Derived from disclosed figures |
| ROA | 8.5% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 98% of positive segment profit
- FY2026, segment profit share differs by 26 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥18936384000 | ¥32017754000 | +69.1% |
| Operating income | ¥2252206000 | ¥4906546000 | +117.9% |
| Operating margin | 11.9% | 15.3% | +3.4 pp |
| Employees | 840 people | 981 people | +16.8% |
| Cash and equivalents | ¥3133148000 | ¥1987520000 | -36.6% |

### Change in segment revenue mix

Span: FY ending Mar 2021 → FY ending Mar 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| ジュエリー・アート・オークション事業 → 事業再編・廃止 | 85.4% |
| ヘルス＆ビューティー事業 → 事業再編・廃止 | 13.6% |
| スポーツ事業 → 事業再編・廃止 | 0.9% |
| フィンテック事業 → 事業再編・廃止 | 0.0% |
| 新設・再編 → ジュエリー・アート・オークション事業 | 72.2% |
| 新設・再編 → 食品事業 | 22.4% |
| 新設・再編 → ヘルス＆ビューティー事業 | 4.5% |
| 新設・再編 → リゾート開発事業 | 0.8% |

Segment revenue source references: 8 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Jewelry, Art and Auction Business | 2 years | +9.2% | ¥23067936000 | 24.9% | 2 |
| Food Business | — | — | ¥7164461000 | 1.5% | 2 |
| Health and Beauty Business | 2 years | +4.3% | ¥1448541000 | -17.0% | 2 |
| Resort Development Business | 2 years | -4.7% | ¥266609000 | -43.8% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 32,018 | 100.0% | S100YL5P |
| Cost of revenue | 12,737 | 39.8% | S100YL5P |
| Gross profit | 19,281 | 60.2% | S100YL5P |
| SG&A | 14,374 | 44.9% | S100YL5P |
| Operating income | 4,907 | 15.3% | S100YL5P |
| Ordinary income | 4,841 | 15.1% | S100YL5P |
| Pretax income | 4,307 | 13.5% | S100YL5P |
| Income tax | 1,961 | 6.1% | S100YL5P |
| Net income | 2,345 | 7.3% | S100YL5P |
| Net income attributable to owners | 2,354 | 7.4% | S100YL5P |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 40 |
| SG&A | 45 |
| Operating income | 15 |
| (Ref.) Net income | 7 |

### Margin funnel

Gross margin 60.2% → Operating margin 15.3% → Net margin 7.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +15.8%; Core profit growth: +26.1%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.65×
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 | 27,644 | 32,018 | 4,374 | +15.8% |
| Gross profit | 16,783 | 19,281 | 2,498 | +14.9% |
| Operating income | 3,890 | 4,907 | 1,016 | +26.1% |
| Net income attributable to owners | 1,985 | 2,354 | 369 | +18.6% |
| Operating cash flow | 1,760 | 3,399 | 1,640 | +93.2% |
| Free cash flow | 1,192 | 3,119 | 1,928 | +161.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 18,621 | 3,331 | 17.9% | 1,529 | 1,738 | 1,157 | S100LW30 |
| FY ending Mar 2021 | 18,936 | 2,252 | 11.9% | 1,126 | 3,120 | 540 | S100P3EY |
| FY ending Mar 2022 | 18,722 | 2,699 | 14.4% | 1,479 | 1,904 | 1,295 | S100RAY0 |
| FY ending Mar 2023 | 21,463 | 3,305 | 15.4% | 1,727 | 1,971 | 1,076 | S100U1WV |
| FY ending Mar 2024 | 21,100 | 2,864 | 13.6% | 1,086 | 1,909 | 343 | S100W9WJ |
| FY ending Mar 2025 | 27,644 | 3,890 | 14.1% | 1,985 | 1,760 | 1,192 | S100YL5P |
| FY ending Mar 2026 | 32,018 | 4,907 | 15.3% | 2,354 | 3,399 | 3,119 | S100YL5P |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥32.6M |
| Operating income per employee (consolidated) | ¥5M |
| Net income per employee (consolidated) | ¥2.4M |

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

| History | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 851 | 752 | 710 | 911 | 981 |
| Average salary (parent company) | ¥4.7M | ¥4.7M | ¥4.8M | ¥5.2M | ¥5.2M |
| Average age (parent company) | 39.7 years | 39.6 years | 38.9 years | 39.0 years | 38.5 years |
| Average tenure (parent company) | 4.0 years | 4.0 years | 4.0 years | 5.0 years | 5.0 years |

Year over year: Employees (consolidated) +7.7% · Revenue (consolidated) +15.8%

## Segments（FY ending Mar 2026, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Jewelry, Art and Auction Business | 23,068 | 72.2% | 5,752 | 24.9% |
| Food Business | 7,164 | 22.4% | 105 | 1.5% |
| Health and Beauty Business | 1,449 | 4.5% | -246 | -17.0% |
| Resort Development Business | 267 | 0.8% | -117 | -43.8% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Jewelry, Art and Auction Business | 72.2% | 98.2% | 26.0 | 24.9% |
| Food Business | 22.4% | 1.8% | -20.6 | 1.5% |
| Health and Beauty Business | 4.5% | — | — | -17.0% |
| Resort Development Business | 0.8% | — | — | -43.8% |

Loss-making segment (excluded from profit shares): Health and Beauty Business -246 JPY mn

Loss-making segment (excluded from profit shares): Resort Development Business -117 JPY mn

Segment → industry: Food Business → Meat Processing / Jewelry, Art and Auction Business → Watches, Jewelry & Eyewear / Resort Development Business → Hotels & Inns / Health and Beauty Business → Beauty Salons

## 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 | 3,399 | 10.6% | S100YL5P |
| Capital expenditure | 280 | 0.9% | S100YL5P |
| Free cash flow | 3,119 | 9.7% | 算出 |
| Investing cash flow | -371 | -1.2% | S100YL5P |
| Financing cash flow | -2,438 | -7.6% | S100YL5P |
| Dividends paid | 756 | 2.4% | S100YL5P |
| Share buyback | 301 | 0.9% | S100YL5P |
| Change in cash | 634 | 2.0% | S100YL5P |
| Cash and equivalents | 1,988 | 6.2% | S100YL5P |

## 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 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 3,323 | 2,628 | 1,642 | 1,353 | 1,988 | S100U1WV, S100W9WJ, S100YL5P |
| Total assets | 20,906 | 22,394 | 21,992 | 27,329 | 28,105 | S100RAY0, S100U1WV, S100W9WJ, S100YL5P |
| Net assets | 9,648 | 9,398 | 8,867 | 10,672 | 11,865 | S100U1WV, S100W9WJ, S100YL5P |
| Share capital | 2,617 | 2,617 | 2,617 | 3,301 | 3,301 | S100RAY0, S100U1WV, S100W9WJ, S100YL5P |
| Property, plant and equipment | 5,538 | 6,645 | 7,782 | 5,877 | 5,387 | S100RAY0, S100U1WV, S100W9WJ, S100YL5P |
| Intangible assets excluding goodwill | 201 | 355 | 302 | 1,170 | 1,014 | S100RAY0, S100U1WV, S100W9WJ, S100YL5P |
| Goodwill | 169 | 284 | 238 | 1,126 | 961 | S100RAY0, S100U1WV, S100W9WJ, S100YL5P |
| Investment securities | 356 | 290 | 17 | 1 | 1 | S100RAY0, S100U1WV, S100W9WJ, S100YL5P |
| Current assets | 13,011 | 13,105 | 12,043 | 17,549 | 19,116 | S100RAY0, S100U1WV, S100W9WJ, S100YL5P |
| Current liabilities | 8,449 | 8,895 | 9,504 | 12,421 | 11,557 | S100RAY0, S100U1WV, S100W9WJ, S100YL5P |
| Trade payables | 483 | 274 | 459 | 1,107 | 1,112 | S100RAY0, S100U1WV, S100W9WJ, S100YL5P |
| Short-term borrowings | 3,620 | 3,536 | 3,293 | 5,260 | 4,704 | S100RAY0, S100U1WV, S100W9WJ, S100YL5P |
| Long-term borrowings | 1,054 | 2,248 | 1,988 | 2,526 | 2,332 | S100RAY0, S100U1WV, S100W9WJ, S100YL5P |
| Total liabilities | 11,258 | 12,996 | 13,124 | 16,656 | 16,240 | S100RAY0, S100U1WV, S100W9WJ, S100YL5P |
| Non-controlling interests | 150 | 165 | 205 | 737 | 710 | S100RAY0, S100U1WV, S100W9WJ, S100YL5P |
| Equity attributable to owners of parent | 9,856 | 9,483 | 9,030 | 10,319 | 11,610 | S100RAY0, S100U1WV, S100W9WJ, S100YL5P |
| Retained earnings | 5,264 | 5,795 | 5,343 | 5,791 | 5,565 | S100RAY0, S100U1WV, S100W9WJ, S100YL5P |
| Treasury stock | -499 | -1,403 | -1,405 | -1,932 | -312 | S100RAY0, S100U1WV, S100W9WJ, S100YL5P |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 7% | S100YL5P |
| Property, plant and equipment | 19% | S100YL5P |
| Intangibles and goodwill | 7% | S100YL5P |
| Investment securities | 0% | S100YL5P |
| Other assets | 67% | S100YL5P |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 4% | S100YL5P |
| Other liabilities | 54% | S100YL5P |
| Equity | 42% | S100YL5P |

### Balance sheet history

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 20,906 | 22,394 | 21,992 | 27,329 | 28,105 |
| Equity | 9,648 | 9,398 | 8,867 | 10,672 | 11,865 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 3,323 | 2,628 | 1,642 | 1,353 | 1,988 |

## 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) | 16.8% | S100YL5P |
| Fixed assets ÷ total assets | 19.2% | S100YL5P |
| Goodwill ÷ parent equity | 8.3% | S100YL5P |

Goodwill over 4 years: 169 → 961 JPY; total investing cash flow: -4,250 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) | 7.1% |
| Cash ÷ revenue | 6.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 69.3% |
| Cash vs. profit gap | 1,046 JPY mn (of net income 44.4%) |
| Shareholder returns / net income | 44.9% |
| Shareholder returns / FCF | 33.9% |
| Shareholder payments — dividends / net income | 32.1% |
| Shareholder payments — dividends / FCF | 24.3% |
| CapEx intensity (capex ÷ revenue) | 0.9% |
| Investing CF relative to operating CF | 10.9% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 7.9% | 0.90× | 7.1% | 2.12× | 15.0% | S100RAY0 |
| 2023 | 8.0% | 0.99× | 8.0% | 2.24× | 17.9% | S100U1WV |
| 2024 | 5.1% | 0.95× | 4.9% | 2.40× | 11.7% | S100W9WJ |
| 2025 | 7.2% | 1.12× | 8.0% | 2.55× | 20.5% | S100YL5P |
| 2026 | 7.4% | 1.16× | 8.5% | 2.53× | 21.5% | S100YL5P |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| YUKIO SHIRAISHI （常任代理人岡三証券株式会社） | Major shareholder | 21.3% | 2026-03-31 |
| 株式会社ホワイトストーン | Major shareholder | 9.5% | 2026-03-31 |
| 白石 勝代 | Major shareholder | 8.4% | 2026-03-31 |
| KOEI SHIRAISHI （常任代理人三田証券株式会社） | Major shareholder | 6.5% | 2026-03-31 |
| Master Express GroupLimited （常任代理人香港上海銀行東京支店） | Major shareholder | 4.9% | 2026-03-31 |
| 株式会社ベルコ | Major shareholder | 3.7% | 2026-03-31 |
| KGI ASIA LIMITED-CLIENT ACCOUNT （常任代理人香港上海銀行東京支店カストディ業務部） | Major shareholder | 3.4% | 2026-03-31 |
| 丹下 博文 | Major shareholder | 2.1% | 2026-03-31 |
| 小田 明 | Major shareholder | 1.7% | 2026-03-31 |
| 梁谷 洋介 | Major shareholder | 0.7% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第32期(2025/04/01－2026/03/31) | S100YL5P | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YL5P,, |
| 有価証券報告書－第31期(2024/04/01－2025/03/31) | S100W9WJ | 2025-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W9WJ,, |
| 訂正有価証券報告書－第30期(2023/04/01－2024/03/31) | S100U1WV | 2024-07-12 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100U1WV,, |
| 有価証券報告書－第29期(2022/04/01－2023/03/31) | S100RAY0 | 2023-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RAY0,, |
| 訂正有価証券報告書－第28期(令和3年4月1日－令和4年3月31日) | S100P3EY | 2022-08-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100P3EY,, |
| 有価証券報告書－第27期(令和2年4月1日－令和3年3月31日) | S100LW30 | 2021-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LW30,, |

## 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).