# Shinnihonseiyaku Co., Ltd.: business model and financials

> Latest period: FY ending Sep 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第37期(2024/10/01－2025/09/30) (S100XA5Q)
> Page: https://vizora.meequs.com/en/company/shinnihonseiyaku
> Retrieved: 2026-09-30T21:58:41.606Z

## Company

Shinnihonseiyaku, founded in 1992, is a company in Cosmetics listed on TSE Prime. It has 316 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Shinnihonseiyaku Co., Ltd. |
| Ticker | 4931 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4931.T) |
| Listing | TSE Prime |
| Head office | 福岡県福岡市中央区大手門一丁目4番7号 |
| Representative (per filing) | 代表取締役社長CEO 後藤 孝洋 |
| Founded | Mar 1992 |
| Share capital | ¥4.16B |
| Employees (consolidated) | 316 |
| Average salary (parent only) | ¥5.3M |
| Fiscal year end | September |
| Website | corporate.shinnihonseiyaku.co.jp (https://corporate.shinnihonseiyaku.co.jp/) |
| Corporate number | 5290001023017 |
| EDINET | E34965 |
| Industries (Vizora) | Cosmetics |

> Profile source: annual securities report (S100XA5Q, filed 2025-12-16). As of filing

## Five-axis industry profile

Primary industry: Cosmetics (2025-09-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 82.7 | 26 |
| Cash conversion | 52.3 | 22 |
| Efficiency | 90.4 | 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)

- Shinnihonseiyaku brought in ¥41.1B in revenue.
- Out of every ¥100 of sales, about ¥12 is left as operating profit.
- Revenue changed +2.7% from the prior year, operating profit +14.5%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥41140000000 → ¥2554000000
- Net income → operating cash flow: ¥2554000000 → ¥4690000000（difference ¥2136000000）
- Main uses of operating cash flow: CapEx ¥196000000 / dividends ¥971000000 / buybacks ¥950000000
- Change in cash: ¥776000000
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 | ¥41.1B |  |
| Operating income | ¥4.78B | Margin 11.6% |
| Net income | ¥2.55B | Margin 6.2% |
| Free cash flow | ¥4.49B |  |
| Employees (consolidated) | 316 |  |
| EPS | ¥111.13 |  |
| Diluted EPS | ¥111.03 |  |
| Book value per share | ¥1084.63 |  |
| Equity ratio | 80.7% |  |
| Shares outstanding | 21,855,200 |  |
| Treasury shares | 709,400 |  |
| Shareholders | 30,152 |  |
| Average salary (parent only) | ¥5.3M | Filing company only |
| Cash ratio | 60.6% | Cash ÷ revenue 41.6% |
| Vs. industry median margin | +5.5 pp | Cosmetics |
| ROE | 11.6% | Derived from disclosed figures |
| ROA | 9.2% | Derived from disclosed figures |

## Notable figures

- FY2025, cash is 61% of total assets

## What changed in 5 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Sep 2020 | FY ending Sep 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥33728000000 | ¥41140000000 | — |
| Operating income | ¥3329000000 | ¥4782000000 | — |
| Operating margin | 9.9% | 11.6% | +1.8 pp |
| Employees | 330 people | 316 people | — |
| Cash and equivalents | ¥12271000000 | ¥17118000000 | — |

### Change in segment revenue mix

Span: FY ending Sep 2020 → FY ending Sep 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 41,140 | 100.0% | S100XA5Q |
| Cost of revenue | 8,246 | 20.0% | S100XA5Q |
| Gross profit | 32,894 | 80.0% | S100XA5Q |
| SG&A | 28,112 | 68.3% | S100XA5Q |
| Operating income | 4,782 | 11.6% | S100XA5Q |
| Ordinary income | 4,887 | 11.9% | S100XA5Q |
| Pretax income | 4,118 | 10.0% | S100XA5Q |
| Income tax | 1,564 | 3.8% | S100XA5Q |
| Net income | 2,554 | 6.2% | S100XA5Q |
| Net income attributable to owners | 2,554 | 6.2% | S100XA5Q |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 20 |
| SG&A | 68 |
| Operating income | 12 |
| (Ref.) Net income | 6 |

### Margin funnel

Gross margin 80.0% → Operating margin 11.6% → Net margin 6.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +2.7%; Core profit growth: +14.5%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 5.30×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 40,043 | 41,140 | 1,097 | +2.7% |
| Gross profit | 31,812 | 32,894 | 1,082 | +3.4% |
| Operating income | 4,176 | 4,782 | 606 | +14.5% |
| Net income attributable to owners | 2,795 | 2,554 | -241 | -8.6% |
| Operating cash flow | 2,097 | 4,690 | 2,593 | +123.7% |
| Free cash flow | 1,665 | 4,494 | 2,829 | +169.9% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Sep 2019 | 33,570 | 2,864 | 8.5% | 1,824 | 1,992 | 1,548 | S100KFJI |
| FY ending Sep 2020 | 33,728 | 3,329 | 9.9% | 2,122 | 2,920 | 2,572 | S100KFJI |
| FY ending Sep 2021 | 33,899 | 3,424 | 10.1% | 2,323 | 2,071 | 1,901 | S100PTOK |
| FY ending Sep 2022 | 36,107 | 3,522 | 9.8% | 2,357 | 2,287 | 1,909 | S100SHFC |
| FY ending Sep 2023 | 37,653 | 3,754 | 10.0% | 2,394 | 3,468 | 3,262 | S100UYOV |
| FY ending Sep 2024 | 40,043 | 4,176 | 10.4% | 2,795 | 2,097 | 1,665 | S100XA5Q |
| FY ending Sep 2025 | 41,140 | 4,782 | 11.6% | 2,554 | 4,690 | 4,494 | S100XA5Q |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥130.2M |
| Operating income per employee (consolidated) | ¥15.1M |
| Net income per employee (consolidated) | ¥8.1M |

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

| History | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 309 | 302 | 307 | 316 | 316 |
| Average salary (parent company) | ¥4.5M | ¥4.9M | ¥5M | ¥5.1M | ¥5.3M |
| Average age (parent company) | 38.1 years | 38.4 years | 38.5 years | 38.2 years | 37.9 years |
| Average tenure (parent company) | 7.9 years | 7.9 years | 8.0 years | 8.0 years | 7.9 years |

Year over year: Employees (consolidated) 0.0% · Revenue (consolidated) +2.7%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 4,690 | 11.4% | S100XA5Q |
| Capital expenditure | 196 | 0.5% | S100XA5Q |
| Free cash flow | 4,494 | 10.9% | 算出 |
| Investing cash flow | -1,794 | -4.4% | S100XA5Q |
| Financing cash flow | -2,098 | -5.1% | S100XA5Q |
| Dividends paid | 971 | 2.4% | S100XA5Q |
| Share buyback | 950 | 2.3% | S100XA5Q |
| Change in cash | 776 | 1.9% | S100XA5Q |
| Cash and equivalents | 17,118 | 41.6% | S100XA5Q |

## 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 Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 13,652 | 14,351 | 15,518 | 16,341 | 17,118 | S100SHFC, S100UYOV, S100XA5Q |
| Total assets | 23,240 | 23,857 | 25,501 | 27,222 | 28,251 | S100PTOK, S100SHFC, S100UYOV, S100XA5Q |
| Net assets | 16,180 | 17,918 | 19,661 | 21,792 | 22,809 | S100SHFC, S100UYOV, S100XA5Q |
| Share capital | 4,158 | 4,158 | 4,158 | 4,158 | 4,158 | S100PTOK, S100SHFC, S100UYOV, S100XA5Q |
| Inventories | — | — | 2,092 | 2,028 | 2,133 | S100UYOV, S100XA5Q |
| Property, plant and equipment | 2,157 | 2,050 | 1,983 | 1,953 | 1,892 | S100PTOK, S100SHFC, S100UYOV, S100XA5Q |
| Intangible assets excluding goodwill | 1,478 | 1,492 | 1,318 | 1,340 | 506 | S100PTOK, S100SHFC, S100UYOV, S100XA5Q |
| Goodwill | 1,029 | 923 | 818 | 712 | — | S100PTOK, S100SHFC, S100UYOV, S100XA5Q |
| Investment securities | 384 | 467 | 326 | 324 | 1,494 | S100PTOK, S100SHFC, S100UYOV, S100XA5Q |
| Current assets | 18,528 | 19,265 | 21,254 | 23,062 | 24,020 | S100PTOK, S100SHFC, S100UYOV, S100XA5Q |
| Current liabilities | 4,712 | 3,975 | 5,083 | 4,873 | 4,860 | S100PTOK, S100SHFC, S100UYOV, S100XA5Q |
| Long-term borrowings | 1,839 | 1,443 | 254 | 76 | 2 | S100PTOK, S100SHFC, S100UYOV, S100XA5Q |
| Total liabilities | 7,059 | 5,938 | 5,840 | 5,430 | 5,442 | S100PTOK, S100SHFC, S100UYOV, S100XA5Q |
| Equity attributable to owners of parent | 15,996 | 17,744 | 19,501 | 21,688 | 22,418 | S100PTOK, S100SHFC, S100UYOV, S100XA5Q |
| Retained earnings | 8,538 | 10,199 | 11,885 | 13,971 | 15,554 | S100PTOK, S100SHFC, S100UYOV, S100XA5Q |
| Treasury stock | -852 | -735 | -647 | -529 | -1,363 | S100PTOK, S100SHFC, S100UYOV, S100XA5Q |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 61% | S100XA5Q |
| Inventories | 7% | S100XA5Q |
| Property, plant and equipment | 7% | S100XA5Q |
| Intangibles and goodwill | 2% | S100XA5Q |
| Investment securities | 5% | S100XA5Q |
| Other assets | 18% | S100XA5Q |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 19% | S100XA5Q |
| Equity | 81% | S100XA5Q |

### Balance sheet history

| Metric | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 23,240 | 23,857 | 25,501 | 27,222 | 28,251 |
| Equity | 16,180 | 17,918 | 19,661 | 21,792 | 22,809 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 13,652 | 14,351 | 15,518 | 16,341 | 17,118 |

## 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) | 4.6% | S100XA5Q |
| Fixed assets ÷ total assets | 6.7% | S100XA5Q |
| Goodwill ÷ parent equity | — | —, S100XA5Q |

### 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) | 60.6% |
| Cash ÷ revenue | 41.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 98.1% |
| Cash vs. profit gap | 2,136 JPY mn (of net income 83.6%) |
| Shareholder returns / net income | 75.2% |
| Shareholder returns / FCF | 42.7% |
| Shareholder payments — dividends / net income | 38.0% |
| Shareholder payments — dividends / FCF | 21.6% |
| CapEx intensity (capex ÷ revenue) | 0.5% |
| Investing CF relative to operating CF | 38.3% |

## 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 | 6.9% | 1.46× | 10.0% | 1.45× | 14.5% | S100PTOK |
| 2022 | 6.5% | 1.53× | 10.0% | 1.40× | 14.0% | S100SHFC |
| 2023 | 6.4% | 1.53× | 9.7% | 1.33× | 12.9% | S100UYOV |
| 2024 | 7.0% | 1.52× | 10.6% | 1.28× | 13.6% | S100XA5Q |
| 2025 | 6.2% | 1.48× | 9.2% | 1.26× | 11.6% | S100XA5Q |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 山田 英二郎 | Major shareholder | 19.4% | 2025-09-30 |
| 株式会社ラプリス | Major shareholder | 14.1% | 2025-09-30 |
| 山田 恵美 | Major shareholder | 13.9% | 2025-09-30 |
| 公益財団法人新日本先進医療研究財団 | Major shareholder | 8.2% | 2025-09-30 |
| 日本マスタートラスト信託銀行株式会社(信託口) | Major shareholder | 5.1% | 2025-09-30 |
| 後藤 孝洋 | Major shareholder | 4.0% | 2025-09-30 |
| STATE STREET BANK AND TRUST COMPANY 510355(常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 0.6% | 2025-09-30 |
| 佐川印刷株式会社 | Major shareholder | 0.5% | 2025-09-30 |
| 新日本製薬社員持株会 | Major shareholder | 0.5% | 2025-09-30 |
| 株式会社日本カストディ銀行(信託口) | Major shareholder | 0.5% | 2025-09-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第37期(2024/10/01－2025/09/30) | S100XA5Q | 2025-12-16 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XA5Q,, |
| 有価証券報告書－第36期(2023/10/01－2024/09/30) | S100UYOV | 2024-12-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UYOV,, |
| 有価証券報告書－第35期(2022/10/01－2023/09/30) | S100SHFC | 2023-12-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SHFC,, |
| 有価証券報告書－第34期(令和3年10月1日－令和4年9月30日) | S100PTOK | 2022-12-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PTOK,, |
| 有価証券報告書－第33期(令和2年10月1日－令和3年9月30日) | S100N34G | 2021-12-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100N34G,, |
| 有価証券報告書－第32期(令和1年10月1日－令和2年9月30日) | S100KFJI | 2020-12-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KFJI,, |

## 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).