# Premium Water Holdings,Inc.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, IFRS
> Unit: JPY millions
> Sources: 有価証券報告書－第20期(2025/04/01－2026/03/31) (S100YHDW)
> Page: https://vizora.meequs.com/en/company/premium-water-holdings
> Retrieved: 2026-09-30T22:27:27.545Z

## Company

Premium Water Holdings, founded in 2006, is a company in Beverages & Dairy listed on TSE Standard. It has 914 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Premium Water Holdings, Inc. |
| Ticker | 2588 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2588.T) |
| Listing | TSE Standard |
| Head office | 山梨県富士吉田市上吉田4597番地の1(上記は登記上の本店所在地であり、実際の業務は下記の最寄りの連絡場所で行っております。) |
| Representative (per filing) | 代表取締役社長 金本 彰彦 |
| Founded | Oct 2006 |
| Share capital | ¥5.22B |
| Employees (consolidated) | 914 |
| Average salary (parent only) | ¥7.1M |
| Fiscal year end | March |
| Website | premiumwater-hd.co.jp (https://premiumwater-hd.co.jp/) |
| Corporate number | 9090001010626 |
| EDINET | E27294 |
| Industries (Vizora) | Beverages & Dairy |

> Profile source: annual securities report (S100YHDW, filed 2026-06-23). As of filing

## Five-axis industry profile

Primary industry: Beverages & Dairy (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 73.5 | 17 |
| Profitability | 97.5 | 20 |
| Cash conversion | 72.5 | 20 |
| Efficiency | 12.5 | 20 |
| Financial strength | 8.3 | 6 |

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)

- Premium Water Holdings brought in ¥80.3B in revenue.
- Out of every ¥100 of sales, about ¥16 is left as operating profit.
- Revenue changed +4.5% from the prior year, operating profit +10.1%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥80323000000 → ¥8450000000
- Net income → operating cash flow: ¥8450000000 → ¥21673000000（difference ¥13223000000）
- Main uses of operating cash flow: CapEx ¥2704000000 / dividends ¥3261000000 / buybacks ¥24481000000
- Change in cash: ¥8584000000
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 | ¥80.3B |  |
| Operating income | ¥12.6B | Margin 15.7% |
| Net income | ¥8.45B | Margin 10.5% |
| Free cash flow | ¥19B |  |
| Employees (consolidated) | 914 |  |
| EPS | ¥282.8 |  |
| Diluted EPS | ¥277.46 |  |
| Book value per share | ¥792.53 |  |
| Equity ratio | 23.7% | Derived from disclosed figures |
| Shares outstanding | 21,819,399 |  |
| Shareholders | 7,891 |  |
| Average salary (parent only) | ¥7.1M | Filing company only |
| Cash ratio | 29.9% | Net cash -¥37.3B · Cash ÷ revenue 50.4% |
| Vs. industry median margin | +11.4 pp | Beverages & Dairy |
| ROE | 29.6% | Derived from disclosed figures |
| ROA | 6.8% | Derived from disclosed figures |

## Notable figures

- FY2026, buybacks were 7.5× dividends
- FY2026, operating cash flow is 2.6× net income
- FY2026, cash is 30% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥56339000000 | ¥80323000000 | +42.6% |
| Operating income | ¥4394000000 | ¥12647000000 | +187.8% |
| Operating margin | 7.8% | 15.7% | +7.9 pp |
| Employees | 1,003 people | 914 people | -8.9% |
| Cash and equivalents | ¥16873000000 | ¥40484000000 | +139.9% |

### 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.

## Income statement（FY ending Mar 2026, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 80,323 | 100.0% | S100YHDW |
| Cost of revenue | 11,431 | 14.2% | S100YHDW |
| Gross profit | 68,891 | 85.8% | S100YHDW |
| SG&A | 55,908 | 69.6% | S100YHDW |
| Operating income | 12,647 | 15.7% | S100YHDW |
| Pretax income | 12,037 | 15.0% | S100YHDW |
| Income tax | 3,587 | 4.5% | S100YHDW |
| Net income | 8,450 | 10.5% | S100YHDW |
| Net income attributable to owners | 8,450 | 10.5% | S100YHDW |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 14 |
| SG&A | 70 |
| Operating income | 16 |
| (Ref.) Net income | 11 |

### Margin funnel

Gross margin 85.8% → Operating margin 15.7% → Net margin 10.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +4.5%; Core profit growth: +10.1%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.28×
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 | 76,895 | 80,323 | 3,428 | +4.5% |
| Gross profit | 65,296 | 68,891 | 3,595 | +5.5% |
| Operating income | 11,482 | 12,647 | 1,165 | +10.1% |
| Net income attributable to owners | 5,631 | 8,450 | 2,819 | +50.1% |
| Operating cash flow | 20,659 | 21,673 | 1,014 | +4.9% |
| Free cash flow | 14,275 | 18,969 | 4,694 | +32.9% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2019 | 37,744 | — | — | -312 | 4,781 | — | S100R1S1 |
| FY ending Mar 2020 | 45,453 | 1,859 | 4.1% | 1,866 | 6,659 | 5,400 | S100LMRV |
| FY ending Mar 2021 | 56,339 | 4,394 | 7.8% | 3,193 | 9,448 | 6,088 | S100OC2Y |
| FY ending Mar 2022 | 68,452 | 6,097 | 8.9% | 3,542 | 7,991 | 4,782 | S100R1S1 |
| FY ending Mar 2023 | 76,463 | 7,346 | 9.6% | 6,057 | 13,814 | 9,955 | S100TO96 |
| FY ending Mar 2024 | 80,578 | 9,436 | 11.7% | 5,777 | 19,669 | 15,271 | S100WEW8 |
| FY ending Mar 2025 | 76,895 | 11,482 | 14.9% | 5,631 | 20,659 | 14,275 | S100YHDW |
| FY ending Mar 2026 | 80,323 | 12,647 | 15.7% | 8,450 | 21,673 | 18,969 | S100YHDW |

## People and productivity（FY ending Mar 2026, consolidated, IFRS）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥87.9M |
| Operating income per employee (consolidated) | ¥13.8M |
| Net income per employee (consolidated) | ¥9.2M |

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) | 1,167 | 1,179 | 848 | 882 | 914 |
| Average salary (parent company) | — | ¥5.9M | ¥6.4M | ¥4.1M | ¥7.1M |
| Average age (parent company) | 39.0 years | 38.6 years | 42.6 years | 39.5 years | 43.0 years |
| Average tenure (parent company) | 7.3 years | 5.3 years | 7.1 years | 9.4 years | 11.3 years |

Year over year: Employees (consolidated) +3.6% · Revenue (consolidated) +4.5%

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 21,673 | 27.0% | S100YHDW |
| Capital expenditure | 2,704 | 3.4% | S100YHDW |
| Free cash flow | 18,969 | 23.6% | 算出 |
| Investing cash flow | -10,743 | -13.4% | S100YHDW |
| Financing cash flow | -2,542 | -3.2% | S100YHDW |
| Dividends paid | 3,261 | 4.1% | S100YHDW |
| Share buyback | 24,481 | 30.5% | S100YHDW |
| Change in cash | 8,584 | 10.7% | S100YHDW |
| Cash and equivalents | 40,484 | 50.4% | S100YHDW |

## 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 | 20,322 | 25,737 | 30,561 | 31,900 | 40,484 | S100TO96, S100WEW8, S100YHDW |
| Total assets | 73,084 | 86,872 | 99,406 | 112,076 | 135,265 | S100R1S1, S100TO96, S100WEW8, S100YHDW |
| Net assets | 14,297 | 19,640 | 22,770 | 25,073 | 32,076 | S100TO96, S100WEW8, S100YHDW |
| Share capital | 4,450 | 4,584 | 4,698 | 4,727 | 5,223 | S100R1S1, S100TO96, S100WEW8, S100YHDW |
| Property, plant and equipment | 22,074 | 25,567 | 29,503 | 32,797 | 35,343 | S100R1S1, S100TO96, S100WEW8, S100YHDW |
| Goodwill | 75 | 75 | 75 | 148 | 148 | S100R1S1, S100TO96, S100WEW8, S100YHDW |
| Current assets | 32,350 | 40,562 | 44,801 | 47,324 | 55,161 | S100R1S1, S100TO96, S100WEW8, S100YHDW |
| Interest-bearing debt | 46,230 | 53,572 | 59,494 | 67,770 | 77,786 | S100R1S1, S100TO96, S100WEW8, S100YHDW |
| Total liabilities | 58,787 | 67,232 | 76,636 | 87,003 | 103,188 | S100R1S1, S100TO96, S100WEW8, S100YHDW |
| Equity attributable to owners of parent | 14,281 | 19,623 | 22,753 | 25,057 | 32,061 | S100R1S1, S100TO96, S100WEW8, S100YHDW |
| Retained earnings | 5,985 | 10,962 | 13,774 | 16,640 | 21,785 | S100R1S1, S100TO96, S100WEW8, S100YHDW |
| Treasury stock | -80 | -80 | -80 | -479 | -980 | S100R1S1, S100TO96, S100WEW8, S100YHDW |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 30% | S100YHDW |
| Property, plant and equipment | 26% | S100YHDW |
| Intangibles and goodwill | 0% | — |
| Other assets | 44% | S100YHDW |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Interest-bearing debt | 57% | S100YHDW |
| Other liabilities | 19% | S100YHDW |
| Equity | 24% | S100YHDW |
| Other liabilities | 0% | S100YHDW |

### 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 | 73,084 | 86,872 | 99,406 | 112,076 | 135,265 |
| Equity | 14,297 | 19,640 | 22,770 | 25,073 | 32,076 |
| Interest-bearing debt | 46,230 | 53,572 | 59,494 | 67,770 | 77,786 |
| Cash | 20,322 | 25,737 | 30,561 | 31,900 | 40,484 |

## 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) | 44.0% | S100YHDW |
| Fixed assets ÷ total assets | 26.1% | S100YHDW |
| Goodwill ÷ parent equity | 0.5% | S100YHDW |

Goodwill over 4 years: 75 → 148 JPY; total investing cash flow: -35,506 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) | 29.9% |
| Cash ÷ revenue | 50.4% |
| Net cash (cash − interest-bearing debt) | -¥37.3B |
| Net debt ÷ operating cash flow | 1.72× |
| Cash conversion (operating CF ÷ operating income) | 171.4% |
| Cash vs. profit gap | 13,223 JPY mn (of net income 156.5%) |
| Shareholder returns / net income | 328.3% |
| Shareholder returns / FCF | 146.2% |
| Shareholder payments — dividends / net income | 38.6% |
| Shareholder payments — dividends / FCF | 17.2% |
| CapEx intensity (capex ÷ revenue) | 3.4% |
| Investing CF relative to operating CF | 49.6% |

## 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 | 5.2% | 0.94× | 4.8% | 5.12× | 24.8% | S100R1S1 |
| 2023 | 7.9% | 0.96× | 7.6% | 4.72× | 35.7% | S100TO96 |
| 2024 | 7.2% | 0.87× | 6.2% | 4.40× | 27.3% | S100WEW8 |
| 2025 | 7.3% | 0.73× | 5.3% | 4.42× | 23.6% | S100YHDW |
| 2026 | 10.5% | 0.65× | 6.8% | 4.33× | 29.6% | S100YHDW |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社HCMAアルファ | Major shareholder | 40.4% | 2026-03-31 |
| 株式会社光通信 | Major shareholder | 29.6% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 9.0% | 2026-03-31 |
| 萩尾 陽平 | Major shareholder | 3.9% | 2026-03-31 |
| 金本 彰彦 | Major shareholder | 1.6% | 2026-03-31 |
| 今泉 貴広 | Major shareholder | 1.2% | 2026-03-31 |
| 木下 政弘 | Major shareholder | 1.1% | 2026-03-31 |
| プレミアムウォーターホールディングス従業員持株会 | Major shareholder | 0.8% | 2026-03-31 |
| 日本テクノロジーベンチャーパートナーズアイ六号投資事業有限責任組合 | Major shareholder | 0.7% | 2026-03-31 |
| 三木谷 浩史 | Major shareholder | 0.6% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第20期(2025/04/01－2026/03/31) | S100YHDW | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YHDW,, |
| 訂正有価証券報告書－第19期(2024/04/01－2025/03/31) | S100WEW8 | 2025-07-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WEW8,, |
| 有価証券報告書－第18期(2023/04/01－2024/03/31) | S100TO96 | 2024-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TO96,, |
| 有価証券報告書－第17期(2022/04/01－2023/03/31) | S100R1S1 | 2023-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R1S1,, |
| 有価証券報告書－第16期(令和3年4月1日－令和4年3月31日) | S100OC2Y | 2022-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OC2Y,, |
| 有価証券報告書－第15期(令和2年4月1日－令和3年3月31日) | S100LMRV | 2021-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LMRV,, |

## 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).