# Primo Global Holdings Co., Ltd.: business model and financials

> Latest period: FY ending Aug 2025, consolidated, IFRS
> Unit: JPY millions
> Sources: 有価証券報告書－第5期(2024/09/01－2025/08/31) (S100X66L)
> Page: https://vizora.meequs.com/en/company/primo-global-holdings
> Retrieved: 2026-09-30T21:55:53.660Z

## Company

Primo Global Holdings, founded in 1999, is a company in Watches, Jewelry & Eyewear listed on TSE Standard. It has 1,082 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Primo Global Holdings Co., Ltd. |
| Ticker | 367A |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/367A.T) |
| Listing | TSE Standard |
| Head office | 東京都中央区銀座五丁目12番5号 |
| Representative (per filing) | 代表取締役社長 澤野 直樹 |
| Founded | Apr 1999 |
| Share capital | ¥100M |
| Employees (consolidated) | 1,082 |
| Average salary (parent only) | ¥7.2M |
| Fiscal year end | August |
| Website | www.primoghd.co.jp (https://www.primoghd.co.jp/) |
| Corporate number | 2010001214496 |
| EDINET | E40648 |
| Industries (Vizora) | Watches, Jewelry & Eyewear |

> Profile source: annual securities report (S100X66L, filed 2025-11-26). As of filing

## Five-axis industry profile

Primary industry: Watches, Jewelry & Eyewear (2025-08-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 32.5 | 20 |
| Profitability | 72.5 | 20 |
| Cash conversion | 86.8 | 19 |
| Efficiency | 11.9 | 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 63% of Primo Global Holdings's sales come from Domestic business, with Overseas business making up much of the rest.
- Out of every ¥100 of sales, about ¥11 is left as operating profit.
- Revenue changed +12.5% from the prior year, operating profit +39.4%.

## Company structure

- Segment revenue mix: Domestic business 62.6%、Overseas business 37.4%
- Revenue → net income: ¥28002000000 → ¥1786000000
- Net income → operating cash flow: ¥1786000000 → ¥4705000000（difference ¥2919000000）
- Main uses of operating cash flow: CapEx ¥433000000 / dividends — / buybacks —
- Change in cash: ¥543000000
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 | ¥28B |  |
| Operating income | ¥3.13B | Margin 11.2% |
| Net income | ¥1.79B | Margin 6.4% |
| Free cash flow | ¥4.27B |  |
| Largest business | Domestic business | of segment revenue 62.6% |
| Employees (consolidated) | 1,082 |  |
| EPS | ¥204.25 |  |
| Diluted EPS | ¥195.27 |  |
| Book value per share | ¥993.22 |  |
| Equity ratio | 39.3% | Derived from disclosed figures |
| Shares outstanding | 8,747,143 |  |
| Shareholders | 9,621 |  |
| Average salary (parent only) | ¥7.2M | Filing company only |
| Cash ratio | 8.1% | Cash ÷ revenue 13.4% |
| Vs. industry median margin | +4.5 pp | Watches, Jewelry & Eyewear |
| ROE | 10.6% | Derived from disclosed figures |
| ROA | 3.9% | Derived from disclosed figures |

## Notable figures

- FY2025, operating cash flow is 2.6× net income
- FY2025, one segment accounts for 80% of positive segment profit
- FY2025, employees -1% while operating income rose 39%

## What changed in 2 years

| Metric | FY ending Aug 2023 | FY ending Aug 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥23471000000 | ¥28002000000 | +19.3% |
| Employees | 1,116 people | 1,082 people | -3.0% |
| Cash and equivalents | ¥2609000000 | ¥3743000000 | +43.5% |

### Change in segment revenue mix

Span: FY ending Aug 2023 → FY ending Aug 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 新設・再編 → 国内事業 | 62.6% |
| 新設・再編 → 海外事業 | 37.4% |

Segment revenue source references: 2 (derived)

## Income statement（FY ending Aug 2025, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 28,002 | 100.0% | S100X66L |
| Cost of revenue | 9,937 | 35.5% | S100X66L |
| Gross profit | 18,064 | 64.5% | S100X66L |
| SG&A | 14,743 | 52.6% | S100X66L |
| Operating income | 3,132 | 11.2% | S100X66L |
| Pretax income | 2,732 | 9.8% | S100X66L |
| Income tax | 946 | 3.4% | S100X66L |
| Net income | 1,786 | 6.4% | S100X66L |
| Net income attributable to owners | 1,786 | 6.4% | S100X66L |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 35 |
| SG&A | 53 |
| Other operating | 1 |
| Operating income | 11 |
| (Ref.) Net income | 6 |

### Margin funnel

Gross margin 64.5% → Operating margin 11.2% → Net margin 6.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +12.5%; Core profit growth: +39.4%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 3.17×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 24,900 | 28,002 | 3,102 | +12.5% |
| Gross profit | 16,249 | 18,064 | 1,815 | +11.2% |
| Operating income | 2,246 | 3,132 | 886 | +39.4% |
| Net income attributable to owners | 1,150 | 1,786 | 636 | +55.3% |
| Operating cash flow | 4,242 | 4,705 | 463 | +10.9% |
| Free cash flow | 3,864 | 4,272 | 408 | +10.6% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Aug 2023 | 23,471 | — | — | 878 | 3,767 | — | S100X66L |
| FY ending Aug 2024 | 24,900 | 2,246 | 9.0% | 1,150 | 4,242 | 3,864 | S100X66L |
| FY ending Aug 2025 | 28,002 | 3,132 | 11.2% | 1,786 | 4,705 | 4,272 | S100X66L |

## People and productivity（FY ending Aug 2025, consolidated, IFRS）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥25.9M |
| Operating income per employee (consolidated) | ¥2.9M |
| Net income per employee (consolidated) | ¥1.7M |

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

| History | FY ending Aug 2023 | FY ending Aug 2024 | FY ending Aug 2025 |
| --- | ---: | ---: | ---: |
| Employees (consolidated) | 1,116 | 1,090 | 1,082 |
| Average salary (parent company) | — | — | ¥7.2M |
| Average age (parent company) | — | — | 48.0 years |
| Average tenure (parent company) | — | — | 21.0 years |

Year over year: Employees (consolidated) -0.7% · Revenue (consolidated) +12.5%

## Segments（FY ending Aug 2025, consolidated, IFRS、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Domestic business | 17,542 | 62.6% | 2,491 | 14.2% |
| Overseas business | 10,460 | 37.4% | 641 | 6.1% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Domestic business | 62.6% | 79.5% | 16.9 | 14.2% |
| Overseas business | 37.4% | 20.5% | -16.9 | 6.1% |

Segment → industry: Overseas business → Watches, Jewelry & Eyewear / Domestic business → Watches, Jewelry & Eyewear

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Aug 2025, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 4,705 | 16.8% | S100X66L |
| Capital expenditure | 433 | 1.5% | S100X66L |
| Free cash flow | 4,272 | 15.3% | 算出 |
| Investing cash flow | -222 | -0.8% | S100X66L |
| Financing cash flow | -4,003 | -14.3% | S100X66L |
| Change in cash | 543 | 1.9% | S100X66L |
| Cash and equivalents | 3,743 | 13.4% | S100X66L |

## 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 Aug 2023 | FY ending Aug 2024 | FY ending Aug 2025 | Source |
| --- | ---: | ---: | ---: | ---: |
| Cash and equivalents | 2,609 | 3,199 | 3,743 | S100X66L |
| Total assets | 44,236 | 45,392 | 45,949 | S100X66L |
| Net assets | 14,390 | 15,700 | 18,052 | S100X66L |
| Share capital | — | 100 | 100 | S100X66L |
| Property, plant and equipment | — | 1,632 | 1,354 | S100X66L |
| Goodwill | — | 16,201 | 16,491 | S100X66L |
| Current assets | — | 11,407 | 12,512 | S100X66L |
| Total liabilities | — | 29,691 | 27,896 | S100X66L |
| Equity attributable to owners of parent | — | 15,700 | 18,052 | S100X66L |
| Retained earnings | — | 2,705 | 6,278 | S100X66L |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 8% | S100X66L |
| Property, plant and equipment | 3% | S100X66L |
| Intangibles and goodwill | 36% | — |
| Other assets | 53% | S100X66L |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 61% | S100X66L |
| Equity | 39% | S100X66L |
| Other liabilities | 0% | S100X66L |

### Balance sheet history

| Metric | FY ending Aug 2023 | FY ending Aug 2024 | FY ending Aug 2025 |
| --- | ---: | ---: | ---: |
| Total assets | 44,236 | 45,392 | 45,949 |
| Equity | 14,390 | 15,700 | 18,052 |
| Interest-bearing debt | — | — | — |
| Cash | 2,609 | 3,199 | 3,743 |

## 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) | 4.8% | S100X66L |
| Fixed assets ÷ total assets | 2.9% | S100X66L |
| Goodwill ÷ parent equity | 91.4% | S100X66L |

### 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) | 8.1% |
| Cash ÷ revenue | 13.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 150.2% |
| Cash vs. profit gap | 2,919 JPY mn (of net income 163.4%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 1.5% |
| Investing CF relative to operating CF | 4.7% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2023 | 3.7% | 0.53× | 2.0% | 3.07× | 6.1% | S100X66L |
| 2024 | 4.6% | 0.56× | 2.6% | 2.85× | 7.3% | S100X66L |
| 2025 | 6.4% | 0.61× | 3.9% | 2.71× | 10.6% | S100X66L |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| プリモ・インテグラル2投資事業有限責任組合 | Major shareholder | 18.9% | 2025-08-31 |
| Innovation Alpha Primo L.P. | Major shareholder | 3.0% | 2025-08-31 |
| プリモ・インテグラル1投資事業有限責任組合 | Major shareholder | 3.0% | 2025-08-31 |
| BNY GCM CLIENT ACCOUNT JPRD AC ISG （FE-AC） | Major shareholder | 2.6% | 2025-08-31 |
| ヨシダ トモヒロ | Major shareholder | 2.6% | 2025-08-31 |
| HSBC OVERSEAS NOMINEE （UK）LIMITED A／C HST5 | Major shareholder | 1.3% | 2025-08-31 |
| 株式会社桑山 | Major shareholder | 1.2% | 2025-08-31 |
| 株式会社ロージィブルー | Major shareholder | 1.1% | 2025-08-31 |
| BNYM SA／NV FOR BNYM FOR BNYM GCM CLIENT ACCTS M ILM FE | Major shareholder | 1.0% | 2025-08-31 |
| 澤野 直樹 | Major shareholder | 1.0% | 2025-08-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第5期(2024/09/01－2025/08/31) | S100X66L | 2025-11-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100X66L,, |

## 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).