# PIGEON CORPORATION: business model and financials

> Latest period: FY ending Dec 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第69期(2025/01/01－2025/12/31) (S100XS40)
> Page: https://vizora.meequs.com/en/company/pigeon
> Retrieved: 2026-09-30T21:12:45.954Z

## Company

Pigeon, founded in 1957, is a company in Baby & Kids Goods listed on TSE Prime. It has 3,042 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | PIGEON CORPORATION |
| Ticker | 7956 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7956.T) |
| Listing | TSE Prime |
| Head office | 東京都中央区日本橋久松町4番4号 |
| Representative (per filing) | 代表取締役社長 矢野 亮 |
| Founded | Aug 1957 |
| Share capital | ¥5.2B |
| Employees (consolidated) | 3,042 |
| Average salary (parent only) | ¥8.3M |
| Fiscal year end | December |
| Website | www.pigeon.co.jp (https://www.pigeon.co.jp/) |
| Corporate number | 8010001027298 |
| EDINET | E02404 |
| Industries (Vizora) | Baby & Kids Goods |

> Profile source: annual securities report (S100XS40, filed 2026-03-19). As of filing

## Key points (generated from figures)

- About 38% of Pigeon's sales come from China, with JapanReportableSegmentMember and Lansinoh making up much of the rest.
- Out of every ¥100 of sales, about ¥12 is left as operating profit.
- Revenue changed +4.8% from the prior year, operating profit +8.4%.

## Company structure

- Segment revenue mix: China 37.6%、JapanReportableSegmentMember 33.3%、Lansinoh 20.0%、Singapore 9.0%
- Revenue → net income: ¥109170000000 → ¥8837000000
- Net income → operating cash flow: ¥8837000000 → ¥13058000000（difference ¥4221000000）
- Main uses of operating cash flow: CapEx ¥3142000000 / dividends ¥9105000000 / buybacks ¥0
- Change in cash: ¥408000000
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 | ¥109.2B |  |
| Operating income | ¥13.2B | Margin 12.1% |
| Net income | ¥8.57B | Margin 7.9% |
| Free cash flow | ¥9.92B |  |
| Largest business | China | of segment revenue 37.6% |
| Employees (consolidated) | 3,042 |  |
| EPS | ¥70.42 |  |
| Book value per share | ¥270.42 |  |
| Equity ratio | 75.3% |  |
| Shares outstanding | 121,653,486 |  |
| Treasury shares | 1,894,500 |  |
| Shareholders | 70,192 |  |
| Average salary (parent only) | ¥8.3M | Filing company only |
| Cash ratio | 36.0% | Cash ÷ revenue 36.3% |
| ROE | 12.8% | Derived from disclosed figures |
| ROA | 7.8% | Derived from disclosed figures |

## Notable figures

- FY2025, one segment accounts for 63% of positive segment profit
- FY2025, segment profit share differs by 25 points
- FY2025, cash is 36% of total assets

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥99380000000 | ¥109170000000 | +9.9% |
| Operating income | ¥15316000000 | ¥13158000000 | -14.1% |
| Operating margin | 15.4% | 12.1% | -3.4 pp |
| Employees | 3,886 people | 3,042 people | -21.7% |
| Cash and equivalents | ¥37050000000 | ¥39609000000 | +6.9% |

### 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.

| Flow | Revenue share |
| --- | ---: |
| 日本事業 → 日本事業 | 33.3% |
| 日本事業 → 事業再編・廃止 | 9.1% |
| 中国事業 → 中国事業 | 37.6% |
| 中国事業 → 事業再編・廃止 | 0.1% |
| シンガポール事業 → シンガポール事業 | 7.3% |
| ランシノ事業 → ランシノ事業 | 12.5% |
| 新設・再編 → シンガポール事業 | 1.7% |
| 新設・再編 → ランシノ事業 | 7.5% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| China | 5 years | +1.9% | ¥41098000000 | 25.5% | 2 |
| JapanReportableSegmentMember | 5 years | -2.9% | ¥36360000000 | 7.1% | 2 |
| Lansinoh | 5 years | +11.9% | ¥21884000000 | 6.9% | 2 |
| Singapore | 5 years | +6.2% | ¥9826000000 | 21.6% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 109,170 | 100.0% | S100XS40 |
| Cost of revenue | 54,331 | 49.8% | S100XS40 |
| Gross profit | 54,839 | 50.2% | S100XS40 |
| SG&A | 41,680 | 38.2% | S100XS40 |
| Operating income | 13,158 | 12.1% | S100XS40 |
| Ordinary income | 13,681 | 12.5% | S100XS40 |
| Pretax income | 13,318 | 12.2% | S100XS40 |
| Income tax | 4,481 | 4.1% | S100XS40 |
| Net income | 8,837 | 8.1% | S100XS40 |
| Net income attributable to owners | 8,570 | 7.9% | S100XS40 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 50 |
| SG&A | 38 |
| Operating income | 12 |
| (Ref.) Net income | 8 |

### Margin funnel

Gross margin 50.2% → Operating margin 12.1% → Net margin 7.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +4.8%; Core profit growth: +8.4%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.75×
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 | 104,171 | 109,170 | 4,999 | +4.8% |
| Gross profit | 51,372 | 54,839 | 3,467 | +6.7% |
| Operating income | 12,139 | 13,158 | 1,019 | +8.4% |
| Net income attributable to owners | 8,371 | 8,570 | 199 | +2.4% |
| Operating cash flow | 14,281 | 13,058 | -1,223 | -8.6% |
| Free cash flow | 12,031 | 9,916 | -2,115 | -17.6% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 100,017 | 17,072 | 17.1% | 11,538 | 14,098 | 10,079 | S100L38X |
| FY ending Dec 2020 | 99,380 | 15,316 | 15.4% | 10,643 | 18,400 | 14,577 | S100NRXY |
| FY ending Dec 2021 | 93,080 | 13,336 | 14.3% | 8,785 | 10,893 | 5,000 | S100QHPQ |
| FY ending Dec 2022 | 94,921 | 12,195 | 12.8% | 8,581 | 13,210 | 7,646 | S100T5CY |
| FY ending Dec 2023 | 94,461 | 10,726 | 11.4% | 7,423 | 14,503 | 8,853 | S100VHAD |
| FY ending Dec 2024 | 104,171 | 12,139 | 11.7% | 8,371 | 14,281 | 12,031 | S100XS40 |
| FY ending Dec 2025 | 109,170 | 13,158 | 12.1% | 8,570 | 13,058 | 9,916 | S100XS40 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥35.9M |
| Operating income per employee (consolidated) | ¥4.3M |
| 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) | 3,935 | 3,803 | 3,184 | 3,066 | 3,042 |
| Average salary (parent company) | ¥8M | ¥7.7M | ¥8.1M | ¥8.2M | ¥8.3M |
| Average age (parent company) | 42.7 years | 43.0 years | 43.2 years | 42.9 years | 42.8 years |
| Average tenure (parent company) | 14.8 years | 15.2 years | 15.5 years | 15.0 years | 15.0 years |

Year over year: Employees (consolidated) -0.8% · Revenue (consolidated) +4.8%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| JapanReportableSegmentMember | 36,360 | 33.3% | 2,596 | 7.1% |
| China | 41,098 | 37.6% | 10,496 | 25.5% |
| Singapore | 9,826 | 9.0% | 2,124 | 21.6% |
| Lansinoh | 21,884 | 20.0% | 1,517 | 6.9% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| JapanReportableSegmentMember | 33.3% | 15.5% | -17.8 | 7.1% |
| China | 37.6% | 62.7% | 25.1 | 25.5% |
| Singapore | 9.0% | 12.7% | 3.7 | 21.6% |
| Lansinoh | 20.0% | 9.1% | -11.0 | 6.9% |

Segment → industry: Lansinoh → Baby & Kids Goods / Singapore → Baby & Kids Goods / China → Baby & Kids Goods / JapanReportableSegmentMember → Baby & Kids Goods

## 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 | 13,058 | 12.0% | S100XS40 |
| Capital expenditure | 3,142 | 2.9% | S100XS40 |
| Free cash flow | 9,916 | 9.1% | 算出 |
| Investing cash flow | -3,144 | -2.9% | S100XS40 |
| Financing cash flow | -10,818 | -9.9% | S100XS40 |
| Dividends paid | 9,105 | 8.3% | S100XS40 |
| Share buyback | 0 | 0.0% | S100XS40 |
| Change in cash | 408 | 0.4% | S100XS40 |
| Cash and equivalents | 39,609 | 36.3% | S100XS40 |

## 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 | 35,218 | 34,283 | 34,357 | 39,201 | 39,609 | S100T5CY, S100VHAD, S100XS40 |
| Total assets | 98,042 | 101,733 | 100,440 | 108,308 | 110,088 | S100QHPQ, S100T5CY, S100VHAD, S100XS40 |
| Net assets | 76,810 | 79,952 | 81,087 | 84,607 | 85,887 | S100T5CY, S100VHAD, S100XS40 |
| Share capital | 5,199 | 5,199 | 5,199 | 5,199 | 5,199 | S100QHPQ, S100T5CY, S100VHAD, S100XS40 |
| Trade receivables | 16,253 | 15,975 | 14,412 | 18,392 | 18,642 | S100QHPQ, S100T5CY, S100VHAD, S100XS40 |
| Property, plant and equipment | 27,093 | 30,132 | 31,952 | 30,841 | 29,676 | S100QHPQ, S100T5CY, S100VHAD, S100XS40 |
| Intangible assets excluding goodwill | 2,572 | 2,308 | 1,483 | 1,295 | 1,179 | S100QHPQ, S100T5CY, S100VHAD, S100XS40 |
| Goodwill | 534 | 380 | 215 | 20 | — | S100QHPQ, S100T5CY, S100VHAD, S100XS40 |
| Investment securities | 532 | 547 | 558 | 553 | 561 | S100QHPQ, S100T5CY, S100VHAD, S100XS40 |
| Current assets | 66,254 | 67,143 | 64,800 | 73,462 | 76,561 | S100QHPQ, S100T5CY, S100VHAD, S100XS40 |
| Current liabilities | 15,072 | 15,563 | 13,532 | 17,383 | 18,127 | S100QHPQ, S100T5CY, S100VHAD, S100XS40 |
| Trade payables | 4,087 | 5,066 | 3,643 | 5,195 | 5,121 | S100QHPQ, S100T5CY, S100VHAD, S100XS40 |
| Short-term borrowings | — | — | 76 | — | — | S100VHAD |
| Total liabilities | 21,232 | 21,781 | 19,352 | 23,701 | 24,201 | S100QHPQ, S100T5CY, S100VHAD, S100XS40 |
| Non-controlling interests | 2,925 | 3,257 | 3,505 | 3,463 | 2,970 | S100QHPQ, S100T5CY, S100VHAD, S100XS40 |
| Equity attributable to owners of parent | 70,062 | 69,706 | 67,876 | 67,145 | 66,689 | S100QHPQ, S100T5CY, S100VHAD, S100XS40 |
| Retained earnings | 61,163 | 60,762 | 59,033 | 58,303 | 57,717 | S100QHPQ, S100T5CY, S100VHAD, S100XS40 |
| Treasury stock | -1,479 | -1,387 | -1,488 | -1,489 | -1,360 | S100QHPQ, S100T5CY, S100VHAD, S100XS40 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 36% | S100XS40 |
| Receivables | 17% | S100XS40 |
| Property, plant and equipment | 27% | S100XS40 |
| Intangibles and goodwill | 1% | S100XS40 |
| Investment securities | 0% | S100XS40 |
| Other assets | 19% | S100XS40 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 5% | S100XS40 |
| Other liabilities | 17% | S100XS40 |
| Equity | 78% | S100XS40 |

### 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 | 98,042 | 101,733 | 100,440 | 108,308 | 110,088 |
| Equity | 76,810 | 79,952 | 81,087 | 84,607 | 85,887 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 35,218 | 34,283 | 34,357 | 39,201 | 39,609 |

## 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) | 27.2% | S100XS40 |
| Fixed assets ÷ total assets | 27.0% | S100XS40 |
| Goodwill ÷ parent equity | — | —, S100XS40 |

### 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) | 36.0% |
| Cash ÷ revenue | 36.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 99.2% |
| Cash vs. profit gap | 4,488 JPY mn (of net income 52.4%) |
| Shareholder returns / net income | 106.2% |
| Shareholder returns / FCF | 91.8% |
| Shareholder payments — dividends / net income | 106.2% |
| Shareholder payments — dividends / FCF | 91.8% |
| CapEx intensity (capex ÷ revenue) | 2.9% |
| Investing CF relative to operating CF | 24.1% |

## 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 | 9.4% | 0.95× | 9.0% | 1.40× | 12.5% | S100QHPQ |
| 2022 | 9.0% | 0.95× | 8.6% | 1.43× | 12.3% | S100T5CY |
| 2023 | 7.9% | 0.93× | 7.3% | 1.47× | 10.8% | S100VHAD |
| 2024 | 8.0% | 1.00× | 8.0% | 1.55× | 12.4% | S100XS40 |
| 2025 | 7.9% | 1.00× | 7.8% | 1.63× | 12.8% | S100XS40 |

## 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 | 14.6% | 2025-12-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 7.6% | 2025-12-31 |
| ＪＡＰＡＮ ＡＣＴＩＶＡＴＩＯＮ ＣＡＰＩＴＡＬ Ｉ Ｌ．Ｐ． （常任代理人 株式会社三菱ＵＦＪ銀行） | Major shareholder | 3.6% | 2025-12-31 |
| ＮＯＲＴＨＥＲＮ ＴＲＵＳＴ ＣＯ．（ＡＶＦＣ） ＲＥ ＩＥＤＵ ＵＣＩＴＳ ＣＬＩＥＮＴＳ ＮＯＮ ＬＥＮＤＩＮＧ １５ ＰＣＴ ＴＲＥＡＴＹ ＡＣＣＯＵＮＴ （常任代理人 香港上海銀行東京支店） | Major shareholder | 3.3% | 2025-12-31 |
| ＳＴＡＴＥ ＳＴＲＥＥＴ ＢＡＮＫ ＡＮＤ ＴＲＵＳＴ ＣＯＭＰＡＮＹ ５０５１０３ （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 2.6% | 2025-12-31 |
| 野村信託銀行株式会社（信託口） | Major shareholder | 2.2% | 2025-12-31 |
| 株式会社日本カストディ銀行（信託口４） | Major shareholder | 1.7% | 2025-12-31 |
| ＪＰモルガン証券株式会社 | Major shareholder | 1.7% | 2025-12-31 |
| 仲田 洋一 | Major shareholder | 1.6% | 2025-12-31 |
| ワイ．エヌ株式会社 | Major shareholder | 1.4% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第69期(2025/01/01－2025/12/31) | S100XS40 | 2026-03-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XS40,, |
| 有価証券報告書－第68期(2024/01/01－2024/12/31) | S100VHAD | 2025-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VHAD,, |
| 有価証券報告書－第67期(2023/01/01－2023/12/31) | S100T5CY | 2024-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T5CY,, |
| 有価証券報告書－第66期(2022/01/01－2022/12/31) | S100QHPQ | 2023-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QHPQ,, |
| 有価証券報告書－第65期(令和3年1月1日－令和3年12月31日) | S100NRXY | 2022-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NRXY,, |
| 有価証券報告書－第64期(令和2年1月1日－令和2年12月31日) | S100L38X | 2021-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L38X,, |

## 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).