# QB Net Holdings Co.,Ltd.: business model and financials

> Latest period: FY ending Jun 2026, consolidated, IFRS
> Unit: JPY millions
> Sources: 有価証券報告書－第12期(2025/07/01－2026/06/30) (S100Z383)
> Page: https://vizora.meequs.com/en/company/qb-net-holdings
> Retrieved: 2026-09-30T20:42:21.943Z

## Company

QB Net Holdings, founded in 2016, is a company in Beauty Salons listed on TSE Prime. It has 2,725 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | QB Net Holdings Co.,Ltd. |
| Ticker | 6571 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6571.T) |
| Listing | TSE Prime |
| Head office | 東京都渋谷区神泉町8番16号 |
| Representative (per filing) | 代表取締役社長 北野 泰男 |
| Founded | Jul 2016 |
| Share capital | ¥1.48B |
| Employees (consolidated) | 2,725 |
| Average salary (parent only) | ¥9.7M |
| Fiscal year end | June |
| Website | www.qbnet.jp (https://www.qbnet.jp/) |
| Corporate number | 6010001163541 |
| EDINET | E33838 |
| Industries (Vizora) | Beauty Salons |

> Profile source: annual securities report (S100Z383, filed 2026-09-24). As of filing

## Five-axis industry profile

Primary industry: Beauty Salons (2026-06-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 70 | 5 |
| Profitability | 58.3 | 6 |
| Cash conversion | 90 | 5 |
| Efficiency | 25 | 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)

- About 80% of QB Net Holdings's sales come from DOMESTIC, with GLOBAL making up much of the rest.
- Out of every ¥100 of sales, about ¥6 is left as operating profit.
- Revenue changed +6.3% from the prior year, operating profit -11.4%.

## Company structure

- Segment revenue mix: DOMESTIC 79.8%、GLOBAL 20.2%
- Revenue → net income: ¥27154000000 → ¥803000000
- Net income → operating cash flow: ¥803000000 → ¥5105000000（difference ¥4302000000）
- Main uses of operating cash flow: CapEx ¥1541000000 / dividends ¥461000000 / buybacks —
- Change in cash: ¥-610000000
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 | ¥27.2B |  |
| Operating income | ¥1.49B | Margin 5.5% |
| Net income | ¥803M | Margin 3.0% |
| Free cash flow | ¥3.56B |  |
| Largest business | DOMESTIC | of segment revenue 79.8% |
| Employees (consolidated) | 2,725 |  |
| EPS | ¥60.22 |  |
| Diluted EPS | ¥59.53 |  |
| Book value per share | ¥441.67 |  |
| Equity ratio | 43.3% | Derived from disclosed figures |
| Shares outstanding | 13,537,000 |  |
| Treasury shares | 100 |  |
| Shareholders | 28,531 |  |
| Average salary (parent only) | ¥9.7M | Filing company only |
| Cash ratio | 13.0% | Cash ÷ revenue 17.2% |
| Vs. industry median margin | +0.7 pp | Beauty Salons |
| ROE | 5.3% | Derived from disclosed figures |
| ROA | 2.3% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 6.4× net income
- FY2026, one segment accounts for 96% of positive segment profit
- FY2026, parent-company salary changed +39% over five years

## What changed in 5 years

| Metric | FY ending Jun 2021 | FY ending Jun 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥18933000000 | ¥27154000000 | +43.4% |
| Operating income | ¥463000000 | ¥1493000000 | +222.5% |
| Operating margin | 2.4% | 5.5% | +3.1 pp |
| Employees | 2,236 people | 2,725 people | +21.9% |
| Cash and equivalents | ¥4601000000 | ¥4660000000 | +1.3% |

### Change in segment revenue mix

Span: FY ending Jun 2021 → FY ending Jun 2026. 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 | 79.8% |
| 新設・再編 → 海外事業 | 20.2% |

Segment revenue source references: 2 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 27,154 | 100.0% | S100Z383 |
| Cost of revenue | 21,300 | 78.4% | S100Z383 |
| Gross profit | 5,854 | 21.6% | S100Z383 |
| SG&A | 4,356 | 16.0% | S100Z383 |
| Operating income | 1,493 | 5.5% | S100Z383 |
| Pretax income | 1,255 | 4.6% | S100Z383 |
| Income tax | 452 | 1.7% | S100Z383 |
| Net income | 803 | 3.0% | S100Z383 |
| Net income attributable to owners | 803 | 3.0% | S100Z383 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 78 |
| SG&A | 16 |
| Operating income | 6 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 21.6% → Operating margin 5.5% → Net margin 3.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +6.3%; Core profit growth: -11.4%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -1.81×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Jun 2025 → FY ending Jun 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 25,543 | 27,154 | 1,611 | +6.3% |
| Gross profit | 5,719 | 5,854 | 135 | +2.4% |
| Operating income | 1,685 | 1,493 | -192 | -11.4% |
| Net income attributable to owners | 1,022 | 803 | -219 | -21.4% |
| Operating cash flow | 4,299 | 5,105 | 806 | +18.7% |
| Free cash flow | 3,115 | 3,564 | 449 | +14.4% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Jun 2017 | 17,971 | 1,502 | 8.4% | 1,023 | 2,051 | — | S100MH2S |
| FY ending Jun 2018 | 19,287 | 1,641 | 8.5% | 1,041 | 1,564 | — | S100P8LX |
| FY ending Jun 2019 | 20,864 | 1,969 | 9.4% | 1,272 | 2,370 | — | S100RWWE |
| FY ending Jun 2020 | 19,089 | 239 | 1.3% | 104 | 2,747 | 2,025 | S100MH2S |
| FY ending Jun 2021 | 18,933 | 463 | 2.4% | 243 | 4,050 | 3,663 | S100P8LX |
| FY ending Jun 2022 | 20,564 | 1,398 | 6.8% | 856 | 4,706 | 4,226 | S100RWWE |
| FY ending Jun 2023 | 22,746 | 2,138 | 9.4% | 1,444 | 4,694 | 4,256 | S100UF2E |
| FY ending Jun 2024 | 24,757 | 2,115 | 8.5% | 1,301 | 5,058 | 4,166 | S100WQ4P |
| FY ending Jun 2025 | 25,543 | 1,685 | 6.6% | 1,022 | 4,299 | 3,115 | S100Z383 |
| FY ending Jun 2026 | 27,154 | 1,493 | 5.5% | 803 | 5,105 | 3,564 | S100Z383 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥10M |
| Operating income per employee (consolidated) | ¥547.9K |
| Net income per employee (consolidated) | ¥294.7K |

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

| History | FY ending Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 | FY ending Jun 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 2,173 | 2,248 | 2,401 | 2,552 | 2,725 |
| Average salary (parent company) | ¥7M | ¥7M | ¥9.3M | ¥10.4M | ¥9.7M |
| Average age (parent company) | 47.4 years | 47.5 years | 53.1 years | 47.0 years | 49.4 years |
| Average tenure (parent company) | 4.1 years | 5.9 years | 5.2 years | 3.3 years | 5.2 years |

Year over year: Employees (consolidated) +6.8% · Revenue (consolidated) +6.3%

## Segments（FY ending Jun 2026, consolidated, IFRS、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| DOMESTIC | 21,659 | 79.8% | 1,437 | 6.6% |
| GLOBAL | 5,494 | 20.2% | 56 | 1.0% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| DOMESTIC | 79.8% | 96.2% | 16.5 | 6.6% |
| GLOBAL | 20.2% | 3.8% | -16.5 | 1.0% |

Segment → industry: GLOBAL → Beauty Salons / DOMESTIC → Beauty Salons

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 5,105 | 18.8% | S100Z383 |
| Capital expenditure | 1,541 | 5.7% | S100Z383 |
| Free cash flow | 3,564 | 13.1% | 算出 |
| Investing cash flow | -1,745 | -6.4% | S100Z383 |
| Financing cash flow | -4,135 | -15.2% | S100Z383 |
| Dividends paid | 461 | 1.7% | S100Z383 |
| Change in cash | -610 | -2.2% | S100Z383 |
| Cash and equivalents | 4,660 | 17.2% | S100Z383 |

## 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 Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 | FY ending Jun 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 3,724 | 4,432 | 4,701 | 5,271 | 4,660 | S100UF2E, S100WQ4P, S100Z383 |
| Total assets | 29,736 | 31,108 | 32,297 | 34,211 | 35,719 | S100RWWE, S100UF2E, S100WQ4P, S100Z383 |
| Net assets | 11,387 | 12,874 | 14,170 | 14,683 | 15,450 | S100UF2E, S100WQ4P, S100Z383 |
| Share capital | 1,289 | 1,326 | 1,352 | 1,373 | 1,482 | S100RWWE, S100UF2E, S100WQ4P, S100Z383 |
| Property, plant and equipment | 1,360 | 1,213 | 1,389 | 1,578 | 2,092 | S100RWWE, S100UF2E, S100WQ4P, S100Z383 |
| Goodwill | 15,430 | 15,430 | 15,430 | 15,430 | 15,430 | S100RWWE, S100UF2E, S100WQ4P, S100Z383 |
| Current assets | 4,912 | 5,800 | 6,482 | 6,884 | 6,276 | S100RWWE, S100UF2E, S100WQ4P, S100Z383 |
| Total liabilities | 18,348 | 18,233 | 18,126 | 19,528 | 20,268 | S100RWWE, S100UF2E, S100WQ4P, S100Z383 |
| Equity attributable to owners of parent | 11,387 | 12,874 | 14,170 | 14,683 | 15,450 | S100RWWE, S100UF2E, S100WQ4P, S100Z383 |
| Retained earnings | 4,987 | 6,431 | 7,733 | 8,755 | 9,559 | S100RWWE, S100UF2E, S100WQ4P, S100Z383 |
| Treasury stock | 0 | 0 | 0 | 0 | 0 | S100RWWE, S100UF2E, S100WQ4P, S100Z383 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 13% | S100Z383 |
| Property, plant and equipment | 6% | S100Z383 |
| Intangibles and goodwill | 43% | — |
| Other assets | 38% | S100Z383 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 57% | S100Z383 |
| Equity | 43% | S100Z383 |
| Other liabilities | 0% | S100Z383 |

### Balance sheet history

| Metric | FY ending Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 | FY ending Jun 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 29,736 | 31,108 | 32,297 | 34,211 | 35,719 |
| Equity | 11,387 | 12,874 | 14,170 | 14,683 | 15,450 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 3,724 | 4,432 | 4,701 | 5,271 | 4,660 |

## 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) | 7.7% | S100Z383 |
| Fixed assets ÷ total assets | 5.9% | S100Z383 |
| Goodwill ÷ parent equity | 99.9% | S100Z383 |

Goodwill over 4 years: 15,430 → 15,430 JPY; total investing cash flow: -4,939 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) | 13.0% |
| Cash ÷ revenue | 17.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 341.9% |
| Cash vs. profit gap | 4,302 JPY mn (of net income 535.7%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 57.4% |
| Shareholder payments — dividends / FCF | 12.9% |
| CapEx intensity (capex ÷ revenue) | 5.7% |
| Investing CF relative to operating CF | 34.2% |

## 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 | 4.2% | 0.69× | 2.9% | 2.61× | 7.5% | S100RWWE |
| 2023 | 6.3% | 0.75× | 4.7% | 2.51× | 11.9% | S100UF2E |
| 2024 | 5.3% | 0.78× | 4.1% | 2.34× | 9.6% | S100WQ4P |
| 2025 | 4.0% | 0.77× | 3.1% | 2.31× | 7.1% | S100Z383 |
| 2026 | 3.0% | 0.78× | 2.3% | 2.32× | 5.3% | S100Z383 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| TVC MATSU FUND （常任代理人 香港上海銀行） | Major shareholder | 11.1% | 2026-06-30 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 9.2% | 2026-06-30 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 7.3% | 2026-06-30 |
| TRIVISTA MASTER FUND （常任代理人 香港上海銀行） | Major shareholder | 6.6% | 2026-06-30 |
| インテグラル株式会社 | Major shareholder | 4.4% | 2026-06-30 |
| 株式会社Kzグループ | Major shareholder | 4.1% | 2026-06-30 |
| 北野 泰男 | Major shareholder | 2.5% | 2026-06-30 |
| BRIDGESTREAM LIMITED （常任代理人 立花証券株式会社） | Major shareholder | 1.6% | 2026-06-30 |
| 野村信託銀行株式会社（投信口） | Major shareholder | 1.5% | 2026-06-30 |
| INTERACTIVE BROKERS LLC （常任代理人 インタラクティブ・ブローカーズ証券株式会社） | Major shareholder | 1.3% | 2026-06-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第12期(2025/07/01－2026/06/30) | S100Z383 | 2026-09-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Z383,, |
| 有価証券報告書－第11期(2024/07/01－2025/06/30) | S100WQ4P | 2025-09-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WQ4P,, |
| 有価証券報告書－第10期(2023/07/01－2024/06/30) | S100UF2E | 2024-09-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UF2E,, |
| 有価証券報告書－第9期(2022/07/01－2023/06/30) | S100RWWE | 2023-09-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RWWE,, |
| 有価証券報告書－第8期(令和3年7月1日－令和4年6月30日) | S100P8LX | 2022-09-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100P8LX,, |
| 有価証券報告書－第7期(令和2年7月1日－令和3年6月30日) | S100MH2S | 2021-09-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MH2S,, |

## 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).