# noevir holdings co.,ltd.: business model and financials

> Latest period: FY ending Sep 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第15期(2024/10/01－2025/09/30) (S100X8TQ)
> Page: https://vizora.meequs.com/en/company/noevir-holdings
> Retrieved: 2026-09-30T23:27:06.020Z

## Company

noevir holdings, founded in 1971, is a company in Pharmaceuticals listed on TSE Prime. It has 1,354 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Noevir Holdings Co., Ltd. |
| Ticker | 4928 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4928.T) |
| Listing | TSE Prime |
| Head office | 神戸市中央区港島中町六丁目13番地の1 |
| Representative (per filing) | 代表取締役社長 大倉 俊 |
| Founded | Jun 1971 |
| Share capital | ¥7.32B |
| Employees (consolidated) | 1,354 |
| Average salary (parent only) | ¥8M |
| Fiscal year end | September |
| Website | www.noevirholdings.co.jp (https://www.noevirholdings.co.jp/) |
| Corporate number | 3140001034179 |
| EDINET | E24991 |
| Industries (Vizora) | Pharmaceuticals, Processed Foods, Cosmetics |

> Profile source: annual securities report (S100X8TQ, filed 2025-12-08). As of filing

## Five-axis industry profile

Primary industry: Cosmetics (2025-09-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 43.2 | 22 |
| Profitability | 90.4 | 26 |
| Cash conversion | 25 | 22 |
| Efficiency | 32.7 | 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 78% of noevir holdings's sales come from Cosmetics, with Medicine and grocery and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥17 is left as operating profit.
- Revenue changed +1.4% from the prior year, operating profit -3.0%.

## Company structure

- Segment revenue mix: Cosmetics 78.1%、Medicine and grocery 17.8%、Other 4.1%
- Revenue → net income: ¥64724000000 → ¥8189000000
- Net income → operating cash flow: ¥8189000000 → ¥7928000000（difference ¥-261000000）
- Main uses of operating cash flow: CapEx ¥2518000000 / dividends ¥7683000000 / buybacks —
- Change in cash: ¥-2283000000
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 | ¥64.7B |  |
| Operating income | ¥11.1B | Margin 17.1% |
| Net income | ¥8.03B | Margin 12.4% |
| Free cash flow | ¥5.41B |  |
| Largest business | Cosmetics | of segment revenue 78.1% |
| Employees (consolidated) | 1,354 |  |
| EPS | ¥279.54 |  |
| Book value per share | ¥1274.69 |  |
| Equity ratio | 70.3% |  |
| Shares outstanding | 34,156,000 |  |
| Treasury shares | 400 |  |
| Shareholders | 20,751 |  |
| Average salary (parent only) | ¥8M | Filing company only |
| Cash ratio | 34.9% | Cash ÷ revenue 41.3% |
| Vs. industry median margin | +11 pp | Cosmetics |
| ROE | 15.7% | Derived from disclosed figures |
| ROA | 10.5% | Derived from disclosed figures |

## Notable figures

- FY2025, one segment accounts for 91% of positive segment profit
- FY2025, parent-company salary changed +44% over five years
- FY2025, cash is 35% of total assets

## What changed in 5 years

| Metric | FY ending Sep 2020 | FY ending Sep 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥51841000000 | ¥64724000000 | +24.9% |
| Operating income | ¥8060000000 | ¥11075000000 | +37.4% |
| Operating margin | 15.5% | 17.1% | +1.6 pp |
| Employees | 1,507 people | 1,354 people | -10.2% |
| Cash and equivalents | ¥29199000000 | ¥26723000000 | -8.5% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| 化粧品事業 → 化粧品事業 | 77.5% |
| 医薬・食品事業 → 医薬・食品事業 | 17.8% |
| 医薬・食品事業 → 事業再編・廃止 | 4.7% |
| 新設・再編 → 化粧品事業 | 0.6% |
| 新設・再編 → その他 | 4.1% |

Segment revenue source references: 5 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Cosmetics | 5 years | +5.5% | ¥50525000000 | 24.3% | 2 |
| Medicine and grocery | 5 years | +0.5% | ¥11535000000 | 8.5% | 2 |
| Other | 3 years | -0.5% | ¥2664000000 | 11.3% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 64,724 | 100.0% | S100X8TQ |
| Cost of revenue | 21,446 | 33.1% | S100X8TQ |
| Gross profit | 43,278 | 66.9% | S100X8TQ |
| SG&A | 32,202 | 49.8% | S100X8TQ |
| Operating income | 11,075 | 17.1% | S100X8TQ |
| Ordinary income | 11,774 | 18.2% | S100X8TQ |
| Pretax income | 11,879 | 18.4% | S100X8TQ |
| Income tax | 3,690 | 5.7% | S100X8TQ |
| Net income | 8,189 | 12.7% | S100X8TQ |
| Net income attributable to owners | 8,030 | 12.4% | S100X8TQ |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 33 |
| SG&A | 50 |
| Operating income | 17 |
| (Ref.) Net income | 12 |

### Margin funnel

Gross margin 66.9% → Operating margin 17.1% → Net margin 12.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +1.4%; Core profit growth: -3.0%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -2.16×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 63,823 | 64,724 | 901 | +1.4% |
| Gross profit | 43,156 | 43,278 | 122 | +0.3% |
| Operating income | 11,423 | 11,075 | -348 | -3.0% |
| Net income attributable to owners | 7,970 | 8,030 | 60 | +0.8% |
| Operating cash flow | 9,123 | 7,928 | -1,195 | -13.1% |
| Free cash flow | 8,113 | 5,410 | -2,703 | -33.3% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Sep 2019 | 59,252 | 11,992 | 20.2% | 7,226 | 10,191 | 8,335 | S100KAP2 |
| FY ending Sep 2020 | 51,841 | 8,060 | 15.5% | 5,618 | 7,312 | 5,665 | S100MYPB |
| FY ending Sep 2021 | 51,272 | 8,557 | 16.7% | 6,383 | 9,063 | 8,630 | S100PS6R |
| FY ending Sep 2022 | 61,143 | 10,115 | 16.5% | 7,589 | 5,845 | 5,232 | S100SEXP |
| FY ending Sep 2023 | 62,552 | 11,024 | 17.6% | 7,673 | 7,624 | 6,572 | S100WQSD |
| FY ending Sep 2024 | 63,823 | 11,423 | 17.9% | 7,970 | 9,123 | 8,113 | S100X8TQ |
| FY ending Sep 2025 | 64,724 | 11,075 | 17.1% | 8,030 | 7,928 | 5,410 | S100X8TQ |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥47.8M |
| Operating income per employee (consolidated) | ¥8.2M |
| Net income per employee (consolidated) | ¥5.9M |

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

| History | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 1,453 | 1,398 | 1,368 | 1,369 | 1,354 |
| Average salary (parent company) | ¥5.6M | ¥6.7M | ¥7M | ¥7.5M | ¥8M |
| Average age (parent company) | 47.8 years | 42.2 years | 41.0 years | 41.8 years | 43.9 years |
| Average tenure (parent company) | 7.5 years | 7.8 years | 7.4 years | 8.3 years | 8.8 years |

Year over year: Employees (consolidated) -1.1% · Revenue (consolidated) +1.4%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Cosmetics | 50,525 | 78.1% | 12,292 | 24.3% |
| Medicine and grocery | 11,535 | 17.8% | 980 | 8.5% |
| Other | 2,664 | 4.1% | 301 | 11.3% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Cosmetics | 78.1% | 90.6% | 12.5 | 24.3% |
| Medicine and grocery | 17.8% | 7.2% | -10.6 | 8.5% |
| Other | 4.1% | 2.2% | -1.9 | 11.3% |

Segment → industry: Medicine and grocery → Pharmaceuticals / Medicine and grocery → Processed Foods / Cosmetics → Cosmetics

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 7,928 | 12.2% | S100X8TQ |
| Capital expenditure | 2,518 | 3.9% | S100X8TQ |
| Free cash flow | 5,410 | 8.4% | 算出 |
| Investing cash flow | -2,417 | -3.7% | S100X8TQ |
| Financing cash flow | -7,924 | -12.2% | S100X8TQ |
| Dividends paid | 7,683 | 11.9% | S100X8TQ |
| Change in cash | -2,283 | -3.5% | S100X8TQ |
| Cash and equivalents | 26,723 | 41.3% | S100X8TQ |

## 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 Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 30,841 | 29,530 | 26,166 | 29,006 | 26,723 | S100SEXP, S100WQSD, S100X8TQ |
| Total assets | 80,448 | 76,781 | 77,246 | 76,471 | 76,492 | S100PS6R, S100SEXP, S100WQSD, S100X8TQ |
| Net assets | 52,233 | 52,384 | 53,205 | 53,906 | 54,209 | S100SEXP, S100WQSD, S100X8TQ |
| Share capital | 7,319 | 7,319 | 7,319 | 7,319 | 7,319 | S100PS6R, S100SEXP, S100WQSD, S100X8TQ |
| Trade receivables | 9,307 | 8,970 | 10,495 | 10,788 | 12,110 | S100PS6R, S100SEXP, S100WQSD, S100X8TQ |
| Property, plant and equipment | 22,041 | 20,692 | 20,193 | 19,907 | 21,397 | S100PS6R, S100SEXP, S100WQSD, S100X8TQ |
| Intangible assets excluding goodwill | 431 | 418 | 699 | 994 | 1,184 | S100PS6R, S100SEXP, S100WQSD, S100X8TQ |
| Goodwill | 240 | 209 | 178 | 158 | 125 | S100PS6R, S100SEXP, S100WQSD, S100X8TQ |
| Investment securities | 2,779 | 2,132 | 2,611 | 3,112 | 2,866 | S100PS6R, S100SEXP, S100WQSD, S100X8TQ |
| Current assets | 51,128 | 50,569 | 51,175 | 50,148 | 48,884 | S100PS6R, S100SEXP, S100WQSD, S100X8TQ |
| Current liabilities | 8,639 | 9,653 | 10,506 | 9,323 | 9,847 | S100PS6R, S100SEXP, S100WQSD, S100X8TQ |
| Trade payables | 2,592 | 2,935 | 2,903 | 2,951 | 3,240 | S100PS6R, S100SEXP, S100WQSD, S100X8TQ |
| Total liabilities | 28,215 | 24,397 | 24,040 | 22,564 | 22,283 | S100PS6R, S100SEXP, S100WQSD, S100X8TQ |
| Non-controlling interests | 306 | 328 | 415 | 428 | 441 | S100PS6R, S100SEXP, S100WQSD, S100X8TQ |
| Equity attributable to owners of parent | 50,357 | 50,300 | 50,629 | 51,084 | 51,429 | S100PS6R, S100SEXP, S100WQSD, S100X8TQ |
| Retained earnings | 43,040 | 42,982 | 43,312 | 43,768 | 44,113 | S100PS6R, S100SEXP, S100WQSD, S100X8TQ |
| Treasury stock | -1 | -1 | -1 | -2 | -2 | S100PS6R, S100SEXP, S100WQSD, S100X8TQ |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 35% | S100X8TQ |
| Receivables | 16% | S100X8TQ |
| Property, plant and equipment | 28% | S100X8TQ |
| Intangibles and goodwill | 1% | S100X8TQ |
| Investment securities | 4% | S100X8TQ |
| Other assets | 16% | S100X8TQ |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 4% | S100X8TQ |
| Other liabilities | 25% | S100X8TQ |
| Equity | 71% | S100X8TQ |

### Balance sheet history

| Metric | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 80,448 | 76,781 | 77,246 | 76,471 | 76,492 |
| Equity | 52,233 | 52,384 | 53,205 | 53,906 | 54,209 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 30,841 | 29,530 | 26,166 | 29,006 | 26,723 |

## 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) | 33.1% | S100X8TQ |
| Fixed assets ÷ total assets | 28.0% | S100X8TQ |
| Goodwill ÷ parent equity | 0.2% | S100X8TQ |

Goodwill over 4 years: 240 → 125 JPY; total investing cash flow: -5,107 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) | 34.9% |
| Cash ÷ revenue | 41.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 71.6% |
| Cash vs. profit gap | -102 JPY mn (of net income -1.3%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 95.7% |
| Shareholder payments — dividends / FCF | 142.0% |
| CapEx intensity (capex ÷ revenue) | 3.9% |
| Investing CF relative to operating CF | 30.5% |

## 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 | 12.4% | 0.64× | 7.9% | 1.60× | 12.7% | S100PS6R |
| 2022 | 12.4% | 0.78× | 9.7% | 1.56× | 15.1% | S100SEXP |
| 2023 | 12.3% | 0.81× | 10.0% | 1.53× | 15.2% | S100WQSD |
| 2024 | 12.5% | 0.83× | 10.4% | 1.51× | 15.7% | S100X8TQ |
| 2025 | 12.4% | 0.85× | 10.5% | 1.49× | 15.7% | S100X8TQ |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社エヌ・アイ・アイ | Major shareholder | 36.3% | 2025-09-30 |
| 大倉 俊 | Major shareholder | 10.8% | 2025-09-30 |
| 日本マスタートラスト信託銀行株式会社 (信託口) | Major shareholder | 6.1% | 2025-09-30 |
| 大倉 昊 | Major shareholder | 2.9% | 2025-09-30 |
| 株式会社三井住友銀行 | Major shareholder | 2.6% | 2025-09-30 |
| 株式会社日本カストディ銀行(信託口) | Major shareholder | 1.9% | 2025-09-30 |
| 株式会社日本カストディ銀行(信託口4) | Major shareholder | 1.1% | 2025-09-30 |
| ノエビアホールディングス従業員持株会 | Major shareholder | 1.1% | 2025-09-30 |
| ＴＯＡ株式会社 | Major shareholder | 0.9% | 2025-09-30 |
| 住友生命保険相互会社 (常任代理人 株式会社日本カストディ銀行) | Major shareholder | 0.9% | 2025-09-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第15期(2024/10/01－2025/09/30) | S100X8TQ | 2025-12-08 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100X8TQ,, |
| 訂正有価証券報告書－第14期(2023/10/01－2024/09/30) | S100WQSD | 2025-09-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WQSD,, |
| 有価証券報告書－第13期(2022/10/01－2023/09/30) | S100SEXP | 2023-12-08 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SEXP,, |
| 訂正有価証券報告書－第12期(令和3年10月1日－令和4年9月30日) | S100PS6R | 2022-12-12 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PS6R,, |
| 有価証券報告書－第11期(令和2年10月1日－令和3年9月30日) | S100MYPB | 2021-12-06 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MYPB,, |
| 有価証券報告書－第10期(令和1年10月1日－令和2年9月30日) | S100KAP2 | 2020-12-04 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KAP2,, |

## 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).