# RYOHIN KEIKAKU CO.,LTD.: business model and financials

> Latest period: FY ending Aug 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第47期(2024/09/01－2025/08/31) (S100X5NI)
> Page: https://vizora.meequs.com/en/company/ryohin-keikaku
> Retrieved: 2026-09-30T21:50:37.699Z

## Company

Ryohin Keikaku, founded in 1989, is a company in Furniture, Interior & Lifestyle Goods listed on TSE Prime. It has 13,912 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | RYOHIN KEIKAKU CO., LTD. |
| Ticker | 7453 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7453.T) |
| Listing | TSE Prime |
| Head office | 東京都文京区後楽二丁目5番1号 住友不動産飯田橋ファーストビル |
| Representative (per filing) | 代表取締役社長 清水 智 |
| Founded | Jun 1989 |
| Share capital | ¥6.77B |
| Employees (consolidated) | 13,912 |
| Average salary (parent only) | ¥6.7M |
| Fiscal year end | August |
| Website | www.ryohin-keikaku.jp (https://www.ryohin-keikaku.jp/) |
| Corporate number | 5013301012443 |
| EDINET | E03248 |
| Industries (Vizora) | Furniture, Interior & Lifestyle Goods |

> Profile source: annual securities report (S100X5NI, filed 2025-11-21). As of filing

## Five-axis industry profile

Primary industry: Furniture, Interior & Lifestyle Goods (2025-08-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 75 | 18 |
| Cash conversion | 50 | 17 |
| Efficiency | 63.9 | 18 |
| Financial strength | 62.5 | 4 |

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 60% of Ryohin Keikaku's sales come from Domestic Business, with East Asia business and East South Asia and Oceania business making up much of the rest.
- Out of every ¥100 of sales, about ¥9 is left as operating profit.
- Revenue changed +18.6% from the prior year, operating profit +31.5%.

## Company structure

- Segment revenue mix: Domestic Business 59.8%、East Asia business 28.3%、East South Asia and Oceania business 6.4%、Europe and US business 5.4%、Other 0.2%
- Revenue → net income: ¥784629000000 → ¥50872000000
- Net income → operating cash flow: ¥50872000000 → ¥73355000000（difference ¥22483000000）
- Main uses of operating cash flow: CapEx ¥38326000000 / dividends ¥11634000000 / buybacks —
- Change in cash: ¥10007000000
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 | ¥784.6B |  |
| Operating income | ¥73.8B | Margin 9.4% |
| Net income | ¥50.8B | Margin 6.5% |
| Free cash flow | ¥35B |  |
| Largest business | Domestic Business | of segment revenue 59.8% |
| Employees (consolidated) | 13,912 |  |
| EPS | ¥82.57 |  |
| Diluted EPS | ¥82.47 |  |
| Book value per share | ¥524.34 |  |
| Equity ratio | 59.0% |  |
| Shares outstanding | 280,780,000 |  |
| Treasury shares | 3,151,500 |  |
| Shareholders | 149,117 |  |
| Average salary (parent only) | ¥6.7M | Filing company only |
| Cash ratio | 24.1% | Net cash ¥98.6B · Cash ÷ revenue 17.3% |
| Vs. industry median margin | +5.1 pp | Furniture, Interior & Lifestyle Goods |
| ROE | 17.6% | Derived from disclosed figures |
| ROA | 9.5% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Aug 2020 | FY ending Aug 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥178933000000 | ¥784629000000 | +338.5% |
| Operating income | ¥872000000 | ¥73840000000 | +8367.9% |
| Operating margin | 0.5% | 9.4% | +8.9 pp |
| Employees | 9,046 people | 13,912 people | +53.8% |
| Cash and equivalents | ¥91599000000 | ¥135359000000 | +47.8% |

### Change in segment revenue mix

Span: FY ending Aug 2020 → 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 |
| --- | ---: |
| 国内事業 → 国内事業 | 59.8% |
| 国内事業 → 事業再編・廃止 | 8.4% |
| 東アジア事業 → 東アジア事業 | 25.3% |
| 欧米事業 → 欧米事業 | 3.7% |
| 西南アジア・オセアニア事業 → 事業再編・廃止 | 2.8% |
| その他 → その他 | 0.0% |
| 新設・再編 → 東アジア事業 | 3.0% |
| 新設・再編 → 東南アジア・オセアニア事業 | 6.4% |
| 新設・再編 → 欧米事業 | 1.7% |
| 新設・再編 → その他 | 0.2% |

Segment revenue source references: 10 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Domestic Business | 5 years | +30.9% | ¥470143000000 | 11.1% | 2 |
| East Asia business | 5 years | +37.4% | ¥222247000000 | 19.3% | 2 |
| East South Asia and Oceania business | 4 years | +38.8% | ¥50105000000 | 11.1% | 2 |
| Europe and US business | 5 years | +44.9% | ¥42133000000 | 16.4% | 2 |
| Other | 5 years | +270.8% | ¥1401000000 | 5.2% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 784,629 | 100.0% | S100X5NI |
| SG&A | 329,135 | 41.9% | S100X5NI |
| Operating income | 73,840 | 9.4% | S100X5NI |
| Ordinary income | 72,301 | 9.2% | S100X5NI |
| Pretax income | 65,958 | 8.4% | S100X5NI |
| Income tax | 15,085 | 1.9% | S100X5NI |
| Net income | 50,872 | 6.5% | S100X5NI |
| Net income attributable to owners | 50,846 | 6.5% | S100X5NI |

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

| Part | JPY |
| --- | ---: |
| Operating expenses | 91 |
| Operating income | 9 |
| (Ref.) Net income | 6 |

### Margin funnel

Operating margin 9.4% → Net margin 6.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +18.6%; Core profit growth: +31.5%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.70×
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 | 661,677 | 784,629 | 122,952 | +18.6% |
| Operating income | 56,135 | 73,840 | 17,705 | +31.5% |
| Net income attributable to owners | 41,566 | 50,846 | 9,280 | +22.3% |
| Operating cash flow | 58,504 | 73,355 | 14,851 | +25.4% |
| Free cash flow | 23,918 | 35,029 | 11,111 | +46.5% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Feb 2020 | 437,775 | 36,380 | 8.3% | 23,253 | 24,452 | -3,870 | S100KA0X |
| FY ending Aug 2020 | 178,933 | 872 | 0.5% | -16,917 | -1,758 | -10,010 | S100MYFI |
| FY ending Aug 2021 | 453,689 | 42,447 | 9.4% | 33,903 | 61,447 | 44,108 | S100POA3 |
| FY ending Aug 2022 | 496,171 | 32,773 | 6.6% | 24,558 | 23,350 | 7,467 | S100SBV6 |
| FY ending Aug 2023 | 581,412 | 33,137 | 5.7% | 22,052 | 56,527 | 33,229 | S100UTSJ |
| FY ending Aug 2024 | 661,677 | 56,135 | 8.5% | 41,566 | 58,504 | 23,918 | S100X5NI |
| FY ending Aug 2025 | 784,629 | 73,840 | 9.4% | 50,846 | 73,355 | 35,029 | S100X5NI |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥56.4M |
| Operating income per employee (consolidated) | ¥5.3M |
| Net income per employee (consolidated) | ¥3.7M |

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

| History | FY ending Aug 2021 | FY ending Aug 2022 | FY ending Aug 2023 | FY ending Aug 2024 | FY ending Aug 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 8,882 | 9,175 | 10,074 | 12,071 | 13,912 |
| Average salary (parent company) | ¥5.7M | ¥5.9M | ¥6.2M | ¥6.4M | ¥6.7M |
| Average age (parent company) | 37.9 years | 38.3 years | 38.4 years | 37.5 years | 36.9 years |
| Average tenure (parent company) | 8.3 years | 8.5 years | 8.3 years | 7.9 years | 7.5 years |

Year over year: Employees (consolidated) +15.3% · Revenue (consolidated) +18.6%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Domestic Business | 470,143 | 59.8% | 52,111 | 11.1% |
| East Asia business | 222,247 | 28.3% | 42,794 | 19.3% |
| East South Asia and Oceania business | 50,105 | 6.4% | 5,584 | 11.1% |
| Europe and US business | 42,133 | 5.4% | 6,922 | 16.4% |
| Other | 1,401 | 0.2% | 73 | 5.2% |

### 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 | 59.8% | 48.5% | -11.3 | 11.1% |
| East Asia business | 28.3% | 39.8% | 11.5 | 19.3% |
| East South Asia and Oceania business | 6.4% | 5.2% | -1.2 | 11.1% |
| Europe and US business | 5.4% | 6.4% | 1.1 | 16.4% |
| Other | 0.2% | 0.1% | -0.1 | 5.2% |

Segment → industry: Europe and US business → Furniture, Interior & Lifestyle Goods / East South Asia and Oceania business → Furniture, Interior & Lifestyle Goods / East Asia business → Furniture, Interior & Lifestyle Goods / Domestic Business → Furniture, Interior & Lifestyle Goods

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Aug 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 73,355 | 9.3% | S100X5NI |
| Capital expenditure | 38,326 | 4.9% | S100X5NI |
| Free cash flow | 35,029 | 4.5% | 算出 |
| Investing cash flow | -40,931 | -5.2% | S100X5NI |
| Financing cash flow | -22,120 | -2.8% | S100X5NI |
| Dividends paid | 11,634 | 1.5% | S100X5NI |
| Change in cash | 10,007 | 1.3% | S100X5NI |
| Cash and equivalents | 135,359 | 17.3% | S100X5NI |

## 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 2021 | FY ending Aug 2022 | FY ending Aug 2023 | FY ending Aug 2024 | FY ending Aug 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 135,019 | 90,231 | 115,184 | 125,527 | 135,359 | S100SBV6, S100UTSJ, S100X5NI |
| Total assets | 393,357 | 399,324 | 453,715 | 509,551 | 562,749 | S100POA3, S100SBV6, S100UTSJ, S100X5NI |
| Net assets | 214,871 | 244,852 | 267,446 | 297,004 | 335,920 | S100SBV6, S100UTSJ, S100X5NI |
| Share capital | 6,766 | 6,766 | 6,766 | 6,766 | 6,766 | S100POA3, S100SBV6, S100UTSJ, S100X5NI |
| Trade receivables | 8,742 | 10,268 | 12,323 | 16,804 | 18,024 | S100POA3, S100SBV6, S100UTSJ, S100X5NI |
| Property, plant and equipment | 67,060 | 73,082 | 83,630 | 93,514 | 109,929 | S100POA3, S100SBV6, S100UTSJ, S100X5NI |
| Intangible assets excluding goodwill | 29,479 | 29,627 | 29,555 | 34,843 | 42,201 | S100POA3, S100SBV6, S100UTSJ, S100X5NI |
| Goodwill | 2,439 | 1,767 | 759 | 223 | 173 | S100POA3, S100SBV6, S100UTSJ, S100X5NI |
| Investment securities | 4,730 | 4,573 | 1,713 | 2,425 | 2,841 | S100POA3, S100SBV6, S100UTSJ, S100X5NI |
| Current assets | 269,047 | 262,206 | 293,412 | 335,447 | 367,068 | S100POA3, S100SBV6, S100UTSJ, S100X5NI |
| Current liabilities | 141,716 | 78,923 | 123,470 | 121,024 | 134,689 | S100POA3, S100SBV6, S100UTSJ, S100X5NI |
| Short-term borrowings | 4,630 | 3,902 | 14,775 | 5,446 | 4,914 | S100POA3, S100SBV6, S100UTSJ, S100X5NI |
| Long-term borrowings | 5,000 | 31,906 | 11,171 | 10,000 | 1,824 | S100POA3, S100SBV6, S100UTSJ, S100X5NI |
| Bonds | — | — | — | 30,000 | 30,000 | S100X5NI |
| Interest-bearing debt | — | — | — | 45,446 | 36,738 | 算出 |
| Total liabilities | 178,486 | 154,472 | 186,268 | 212,546 | 226,828 | S100POA3, S100SBV6, S100UTSJ, S100X5NI |
| Non-controlling interests | 2,068 | 2,632 | 3,216 | 3,704 | 3,828 | S100POA3, S100SBV6, S100UTSJ, S100X5NI |
| Equity attributable to owners of parent | 209,709 | 224,805 | 237,008 | 268,002 | 308,841 | S100POA3, S100SBV6, S100UTSJ, S100X5NI |
| Retained earnings | 205,995 | 219,534 | 230,541 | 260,789 | 300,771 | S100POA3, S100SBV6, S100UTSJ, S100X5NI |
| Treasury stock | -30,973 | -31,082 | -29,920 | -29,272 | -30,461 | S100POA3, S100SBV6, S100UTSJ, S100X5NI |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 24% | S100X5NI |
| Receivables | 3% | S100X5NI |
| Property, plant and equipment | 20% | S100X5NI |
| Intangibles and goodwill | 8% | S100X5NI |
| Investment securities | 0% | S100X5NI |
| Other assets | 45% | S100X5NI |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Interest-bearing debt | 6% | 算出 |
| Other liabilities | 34% | S100X5NI |
| Equity | 60% | S100X5NI |
| Other liabilities | 0% | S100X5NI |

### Balance sheet history

| Metric | FY ending Aug 2021 | FY ending Aug 2022 | FY ending Aug 2023 | FY ending Aug 2024 | FY ending Aug 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 393,357 | 399,324 | 453,715 | 509,551 | 562,749 |
| Equity | 214,871 | 244,852 | 267,446 | 297,004 | 335,920 |
| Interest-bearing debt | — | — | — | 45,446 | 36,738 |
| Cash | 135,019 | 90,231 | 115,184 | 125,527 | 135,359 |

## 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) | 14.0% | S100X5NI |
| Fixed assets ÷ total assets | 19.5% | S100X5NI |
| Goodwill ÷ parent equity | 0.1% | S100X5NI |

Goodwill over 4 years: 2,439 → 173 JPY; total investing cash flow: -120,912 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) | 24.1% |
| Cash ÷ revenue | 17.3% |
| Net cash (cash − interest-bearing debt) | ¥98.6B |
| Net debt ÷ operating cash flow | -1.34× |
| Cash conversion (operating CF ÷ operating income) | 99.3% |
| Cash vs. profit gap | 22,509 JPY mn (of net income 44.3%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 22.9% |
| Shareholder payments — dividends / FCF | 33.2% |
| CapEx intensity (capex ÷ revenue) | 4.9% |
| Investing CF relative to operating CF | 55.8% |

## 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 | 7.5% | 1.15× | 8.6% | 1.88× | 16.2% | S100POA3 |
| 2022 | 4.9% | 1.25× | 6.2% | 1.82× | 11.3% | S100SBV6 |
| 2023 | 3.8% | 1.36× | 5.2% | 1.85× | 9.6% | S100UTSJ |
| 2024 | 6.3% | 1.37× | 8.6% | 1.91× | 16.5% | S100X5NI |
| 2025 | 6.5% | 1.46× | 9.5% | 1.86× | 17.6% | S100X5NI |

## 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 | 19.0% | 2025-08-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 9.4% | 2025-08-31 |
| 株式会社日本カストディ銀行（信託E口） | Major shareholder | 4.0% | 2025-08-31 |
| 三菱商事株式会社 | Major shareholder | 3.9% | 2025-08-31 |
| JPモルガン証券株式会社 | Major shareholder | 2.7% | 2025-08-31 |
| JP MORGAN CHASE BANK 385632 （常任代理人 株式会社みずほ銀行） | Major shareholder | 2.5% | 2025-08-31 |
| STATE STREET BANK WEST CLIENT - TREATY 505234 （常任代理人 株式会社みずほ銀行） | Major shareholder | 1.9% | 2025-08-31 |
| 三菱UFJモルガン・スタンレー証券株式会社 | Major shareholder | 1.8% | 2025-08-31 |
| SMBC日興証券株式会社 | Major shareholder | 1.6% | 2025-08-31 |
| RBC IST 15 PCT LENDING ACCOUNT - CLIENT ACCOUNT （常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 1.5% | 2025-08-31 |

## AI commentary（text by AI; the tables above are authoritative、claude-code）

- Revenue for the FY ending Aug 2025 was ¥784.6B, up 18.6% from ¥661.7B.
- Operating income climbed 31.5% to ¥73.8B, growing faster than sales.
- Net income attributable to owners rose 22.3% to ¥50.8B.
- Operating cash flow reached ¥73.4B, and free cash flow grew 46.5% to ¥35B.

### Drivers

- In Japan, stronger skincare and everyday consumables, plus marketing through social media and its own app, kept same-store sales rising all year
- Higher sales in Japan lowered costs such as rent and delivery as a share of revenue
- In mainland China, online sales grew and fewer markdowns helped margins; in Europe and North America, closing unprofitable stores improved profits

### Risks

- Weather, economic downturns and weaker consumer spending at home and abroad could hurt results
- Overseas business is exposed to currency swings, changes in laws and regulations, and political or economic instability
- Cyberattacks could halt operations or leak customer data

Cited: Annual Securities Report, 47th fiscal year (Sep 2024 – Aug 2025) (経営者による財政状態、経営成績及びキャッシュ・フローの状況の分析); Annual Securities Report, 47th fiscal year (Sep 2024 – Aug 2025) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第47期(2024/09/01－2025/08/31) | S100X5NI | 2025-11-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100X5NI,, |
| 有価証券報告書－第46期(2023/09/01－2024/08/31) | S100UTSJ | 2024-11-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UTSJ,, |
| 有価証券報告書－第45期(2022/09/01－2023/08/31) | S100SBV6 | 2023-11-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SBV6,, |
| 有価証券報告書－第44期(令和3年9月1日－令和4年8月31日) | S100POA3 | 2022-11-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100POA3,, |
| 有価証券報告書－第43期(令和2年9月1日－令和3年8月31日) | S100MYFI | 2021-11-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MYFI,, |
| 有価証券報告書－第42期(令和2年3月1日－令和2年8月31日) | S100KA0X | 2020-11-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KA0X,, |

## 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).