# POLA ORBIS HOLDINGS INC.: 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20期(2025/01/01－2025/12/31) (S100XSDL)
> Page: https://vizora.meequs.com/en/company/pola-orbis-holdings
> Retrieved: 2026-09-30T21:52:25.976Z

## Company

Pola Orbis Holdings, founded in 1940, is a company in Real Estate Development & Leasing listed on TSE Prime. It has 3,898 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | POLA ORBIS HOLDINGS INC. |
| Ticker | 4927 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4927.T) |
| Listing | TSE Prime |
| Head office | 東京都品川区西五反田二丁目2番3号 |
| Representative (per filing) | 代表取締役社長 横手 喜一 |
| Founded | Dec 1940 |
| Share capital | ¥10B |
| Employees (consolidated) | 3,898 |
| Average salary (parent only) | ¥7.7M |
| Fiscal year end | December |
| Website | www.po-holdings.co.jp (https://www.po-holdings.co.jp/) |
| Corporate number | 4010701017916 |
| EDINET | E24951 |
| Industries (Vizora) | Real Estate Development & Leasing, Cosmetics |

> Profile source: annual securities report (S100XSDL, filed 2026-03-25). As of filing

## Five-axis industry profile

Primary industry: Cosmetics (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 15.9 | 22 |
| Profitability | 75 | 26 |
| Cash conversion | 65.9 | 22 |
| Efficiency | 40.4 | 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 96% of Pola Orbis Holdings's sales come from Beauty care, with Other and Real estate making up much of the rest.
- Out of every ¥100 of sales, about ¥9 is left as operating profit.
- Revenue changed -0.0% from the prior year, operating profit +13.6%.

## Company structure

- Segment revenue mix: Beauty care 96.4%、Other 1.8%、Real estate 1.8%
- Revenue → net income: ¥170285000000 → ¥9472000000
- Net income → operating cash flow: ¥9472000000 → ¥18536000000（difference ¥9064000000）
- Main uses of operating cash flow: CapEx ¥6681000000 / dividends ¥11523000000 / buybacks ¥8000000
- Change in cash: ¥14642000000
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 | ¥170.3B |  |
| Operating income | ¥15.7B | Margin 9.2% |
| Net income | ¥9.47B | Margin 5.6% |
| Free cash flow | ¥11.9B |  |
| Largest business | Beauty care | of segment revenue 96.4% |
| Employees (consolidated) | 3,898 |  |
| EPS | ¥56.38 |  |
| Diluted EPS | ¥56.32 |  |
| Book value per share | ¥450.32 |  |
| Equity ratio | 82.3% |  |
| Shares outstanding | 229,136,156 |  |
| Treasury shares | 7,524,100 |  |
| Shareholders | 148,181 |  |
| Average salary (parent only) | ¥7.7M | Filing company only |
| Cash ratio | 31.3% | Cash ÷ revenue 36.4% |
| Vs. industry median margin | +3.1 pp | Cosmetics |
| ROE | 5.7% | Derived from disclosed figures |
| ROA | 4.8% | Derived from disclosed figures |

## Notable figures

- FY2025, one segment accounts for 96% of positive segment profit
- FY2025, employees -3% while operating income rose 14%
- FY2025, cash is 31% of total assets

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥176311000000 | ¥170285000000 | -3.4% |
| Operating income | ¥13752000000 | ¥15693000000 | +14.1% |
| Operating margin | 7.8% | 9.2% | +1.4 pp |
| Employees | 4,374 people | 3,898 people | -10.9% |
| Cash and equivalents | ¥58844000000 | ¥61948000000 | +5.3% |

### 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 |
| --- | ---: |
| ビューティケア事業 → ビューティケア事業 | 96.4% |
| ビューティケア事業 → 事業再編・廃止 | 1.0% |
| 不動産事業 → 不動産事業 | 1.3% |
| その他 → その他 | 1.3% |
| 新設・再編 → 不動産事業 | 0.5% |
| 新設・再編 → その他 | 0.5% |

Segment revenue source references: 6 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Beauty care | 5 years | -0.9% | ¥164148000000 | 9.7% | 2 |
| Other | 5 years | +5.7% | ¥3112000000 | 7.0% | 2 |
| Real estate | 5 years | +5.7% | ¥3023000000 | 13.9% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 170,285 | 100.0% | S100XSDL |
| Cost of revenue | 32,021 | 18.8% | S100XSDL |
| Gross profit | 138,264 | 81.2% | S100XSDL |
| SG&A | 122,570 | 72.0% | S100XSDL |
| Operating income | 15,693 | 9.2% | S100XSDL |
| Ordinary income | 17,022 | 10.0% | S100XSDL |
| Pretax income | 13,296 | 7.8% | S100XSDL |
| Income tax | 3,823 | 2.2% | S100XSDL |
| Net income | 9,472 | 5.6% | S100XSDL |
| Net income attributable to owners | 9,472 | 5.6% | S100XSDL |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 19 |
| SG&A | 72 |
| Operating income | 9 |
| (Ref.) Net income | 6 |

### Margin funnel

Gross margin 81.2% → Operating margin 9.2% → Net margin 5.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue down, profit up
Revenue growth: -0.0%; Core profit growth: +13.6%
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 | 170,359 | 170,285 | -74 | -0.0% |
| Gross profit | 138,513 | 138,264 | -249 | -0.2% |
| Operating income | 13,810 | 15,693 | 1,883 | +13.6% |
| Net income attributable to owners | 9,286 | 9,472 | 186 | +2.0% |
| Operating cash flow | 26,185 | 18,536 | -7,649 | -29.2% |
| Free cash flow | 14,030 | 11,855 | -2,175 | -15.5% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 219,920 | 31,137 | 14.2% | 19,694 | 21,127 | 11,808 | S100L0SU |
| FY ending Dec 2020 | 176,311 | 13,752 | 7.8% | 4,632 | 23,394 | 15,942 | S100NQDT |
| FY ending Dec 2021 | 178,642 | 16,888 | 9.5% | 11,734 | 23,830 | 16,634 | S100QGYT |
| FY ending Dec 2022 | 166,307 | 12,581 | 7.6% | 11,446 | 15,548 | 4,149 | S100T3O2 |
| FY ending Dec 2023 | 173,304 | 16,080 | 9.3% | 9,665 | 14,423 | -1,811 | S100VG9G |
| FY ending Dec 2024 | 170,359 | 13,810 | 8.1% | 9,286 | 26,185 | 14,030 | S100XSDL |
| FY ending Dec 2025 | 170,285 | 15,693 | 9.2% | 9,472 | 18,536 | 11,855 | S100XSDL |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥43.7M |
| Operating income per employee (consolidated) | ¥4M |
| 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 Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 4,261 | 4,128 | 4,046 | 4,021 | 3,898 |
| Average salary (parent company) | ¥7.7M | ¥7.4M | ¥7.5M | ¥7.8M | ¥7.7M |
| Average age (parent company) | 45.1 years | 44.0 years | 42.9 years | 42.9 years | 43.1 years |
| Average tenure (parent company) | 5.4 years | 4.7 years | 4.3 years | 4.5 years | 4.9 years |

Year over year: Employees (consolidated) -3.1% · Revenue (consolidated) -0.0%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Beauty care | 164,148 | 96.4% | 15,856 | 9.7% |
| Real estate | 3,023 | 1.8% | 421 | 13.9% |
| Other | 3,112 | 1.8% | 218 | 7.0% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Beauty care | 96.4% | 96.1% | -0.3 | 9.7% |
| Real estate | 1.8% | 2.6% | 0.8 | 13.9% |
| Other | 1.8% | 1.3% | -0.5 | 7.0% |

Segment → industry: Real estate → Real Estate Development & Leasing / Beauty care → Cosmetics

## 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 | 18,536 | 10.9% | S100XSDL |
| Capital expenditure | 6,681 | 3.9% | S100XSDL |
| Free cash flow | 11,855 | 7.0% | 算出 |
| Investing cash flow | 7,878 | 4.6% | S100XSDL |
| Financing cash flow | -12,361 | -7.3% | S100XSDL |
| Dividends paid | 11,523 | 6.8% | S100XSDL |
| Share buyback | 8 | 0.0% | S100XSDL |
| Change in cash | 14,642 | 8.6% | S100XSDL |
| Cash and equivalents | 61,948 | 36.4% | S100XSDL |

## 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 | 71,693 | 62,562 | 46,376 | 47,305 | 61,948 | S100T3O2, S100VG9G, S100XSDL |
| Total assets | 208,039 | 205,935 | 201,207 | 200,320 | 197,906 | S100QGYT, S100T3O2, S100VG9G, S100XSDL |
| Net assets | 173,267 | 171,459 | 168,398 | 164,916 | 163,094 | S100T3O2, S100VG9G, S100XSDL |
| Share capital | 10,000 | 10,000 | 10,000 | 10,000 | 10,000 | S100QGYT, S100T3O2, S100VG9G, S100XSDL |
| Trade receivables | 17,545 | 17,817 | 17,820 | 17,465 | 17,631 | S100QGYT, S100T3O2, S100VG9G, S100XSDL |
| Property, plant and equipment | 40,449 | 44,446 | 53,696 | 57,530 | 56,718 | S100QGYT, S100T3O2, S100VG9G, S100XSDL |
| Intangible assets excluding goodwill | 15,425 | 12,604 | 11,926 | 11,700 | 11,136 | S100QGYT, S100T3O2, S100VG9G, S100XSDL |
| Goodwill | 2,366 | — | — | — | — | S100QGYT |
| Investment securities | 12,110 | 16,154 | 17,361 | 15,407 | 14,640 | S100QGYT, S100T3O2, S100VG9G, S100XSDL |
| Current assets | 129,596 | 118,273 | 107,697 | 106,120 | 105,151 | S100QGYT, S100T3O2, S100VG9G, S100XSDL |
| Current liabilities | 25,236 | 25,954 | 25,644 | 27,351 | 26,305 | S100QGYT, S100T3O2, S100VG9G, S100XSDL |
| Trade payables | 2,513 | 2,745 | 2,751 | 2,264 | 2,206 | S100QGYT, S100T3O2, S100VG9G, S100XSDL |
| Long-term borrowings | 72 | 59 | 46 | 40 | 30 | S100QGYT, S100T3O2, S100VG9G, S100XSDL |
| Total liabilities | 34,772 | 34,476 | 32,809 | 35,404 | 34,812 | S100QGYT, S100T3O2, S100VG9G, S100XSDL |
| Non-controlling interests | 220 | 291 | 348 | 23 | 25 | S100QGYT, S100T3O2, S100VG9G, S100XSDL |
| Equity attributable to owners of parent | 172,013 | 170,924 | 169,093 | 166,203 | 164,159 | S100QGYT, S100T3O2, S100VG9G, S100XSDL |
| Retained earnings | 83,853 | 82,759 | 80,907 | 78,674 | 76,622 | S100QGYT, S100T3O2, S100VG9G, S100XSDL |
| Treasury stock | -2,867 | -2,860 | -2,839 | -2,922 | -2,915 | S100QGYT, S100T3O2, S100VG9G, S100XSDL |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 31% | S100XSDL |
| Receivables | 9% | S100XSDL |
| Property, plant and equipment | 29% | S100XSDL |
| Intangibles and goodwill | 6% | S100XSDL |
| Investment securities | 7% | S100XSDL |
| Other assets | 18% | S100XSDL |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 1% | S100XSDL |
| Other liabilities | 17% | S100XSDL |
| Equity | 82% | S100XSDL |

### 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 | 208,039 | 205,935 | 201,207 | 200,320 | 197,906 |
| Equity | 173,267 | 171,459 | 168,398 | 164,916 | 163,094 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 71,693 | 62,562 | 46,376 | 47,305 | 61,948 |

## 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) | 33.3% | S100XSDL |
| Fixed assets ÷ total assets | 28.7% | S100XSDL |
| Goodwill ÷ parent equity | — | —, S100XSDL |

### 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) | 31.3% |
| Cash ÷ revenue | 36.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 118.1% |
| Cash vs. profit gap | 9,064 JPY mn (of net income 95.7%) |
| Shareholder returns / net income | 121.7% |
| Shareholder returns / FCF | 97.3% |
| Shareholder payments — dividends / net income | 121.7% |
| Shareholder payments — dividends / FCF | 97.2% |
| CapEx intensity (capex ÷ revenue) | 3.9% |
| Investing CF relative to operating CF | 42.5% |

## 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 | 6.6% | 0.86× | 5.6% | 1.21× | 6.8% | S100QGYT |
| 2022 | 6.9% | 0.80× | 5.5% | 1.21× | 6.7% | S100T3O2 |
| 2023 | 5.6% | 0.85× | 4.7% | 1.20× | 5.7% | S100VG9G |
| 2024 | 5.5% | 0.85× | 4.6% | 1.20× | 5.5% | S100XSDL |
| 2025 | 5.6% | 0.86× | 4.8% | 1.21× | 5.7% | S100XSDL |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 公益財団法人ポーラ美術振興財団 | Major shareholder | 35.5% | 2025-12-31 |
| 鈴木 郷史 | Major shareholder | 18.6% | 2025-12-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 4.7% | 2025-12-31 |
| 公益財団法人まちのこども財団 | Major shareholder | 2.9% | 2025-12-31 |
| 中村 直子 | Major shareholder | 2.1% | 2025-12-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 1.5% | 2025-12-31 |
| THE BANK OF NEW YORK MELLON 140051 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.5% | 2025-12-31 |
| 鈴木 宏美 | Major shareholder | 1.1% | 2025-12-31 |
| THE BANK OF NEW YORK 133612 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 0.9% | 2025-12-31 |
| 公益財団法人ポーラ伝統文化振興財団 | Major shareholder | 0.8% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第20期(2025/01/01－2025/12/31) | S100XSDL | 2026-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XSDL,, |
| 有価証券報告書－第19期(2024/01/01－2024/12/31) | S100VG9G | 2025-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VG9G,, |
| 有価証券報告書－第18期(2023/01/01－2023/12/31) | S100T3O2 | 2024-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T3O2,, |
| 有価証券報告書－第17期(2022/01/01－2022/12/31) | S100QGYT | 2023-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QGYT,, |
| 有価証券報告書－第16期(令和3年1月1日－令和3年12月31日) | S100NQDT | 2022-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NQDT,, |
| 有価証券報告書－第15期(令和2年1月1日－令和2年12月31日) | S100L0SU | 2021-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L0SU,, |

## 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).