# SHINWA WISE HOLDINGS CO.,LTD.: business model and financials

> Latest period: FY ending May 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第37期(2025/06/01－2026/05/31) (S100YZC3)
> Page: https://vizora.meequs.com/en/company/shinwa-wise-holdings
> Retrieved: 2026-09-30T22:27:18.531Z

## Company

Shinwa Wise Holdings, founded in 1989, is a company in Secondhand Retail listed on TSE Standard. It has 36 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | SHINWA WISE HOLDINGS CO.,LTD. |
| Ticker | 2437 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2437.T) |
| Listing | TSE Standard |
| Head office | 東京都千代田区丸の内二丁目3番2号 |
| Representative (per filing) | 代表取締役社長 米田 岳 |
| Founded | Jun 1989 |
| Share capital | ¥220.1M |
| Employees (consolidated) | 36 |
| Average salary (parent only) | ¥6.4M |
| Fiscal year end | May |
| Website | www.shinwa-wise.com (https://www.shinwa-wise.com/) |
| Corporate number | 7010001047124 |
| EDINET | E05450 |
| Industries (Vizora) | Secondhand Retail |

> Profile source: annual securities report (S100YZC3, filed 2026-08-28). As of filing

## Five-axis industry profile

Primary industry: Secondhand Retail (2026-05-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 2.9 | 17 |
| Profitability | 2.5 | 20 |
| Efficiency | 7.5 | 20 |

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 98% of Shinwa Wise Holdings's sales come from Auction-related business, with Energy-related business making up much of the rest.
- It lost about ¥9 for every ¥100 of sales at the operating level.
- Revenue changed -23.7% from the prior year, operating profit -1271.6%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥1.58B |  |
| Operating income | -¥144.4M | Margin -9.2% |
| Net income | -¥237M | Margin -15.0% |
| Free cash flow | -¥174.4M |  |
| Largest business | Auction-related business | of segment revenue 98.5% |
| Employees (consolidated) | 36 |  |
| EPS | ¥-24.48 |  |
| Book value per share | ¥174.56 |  |
| Equity ratio | 59.6% |  |
| Shares outstanding | 11,017,818 |  |
| Shareholders | 3,332 |  |
| Average salary (parent only) | ¥6.4M | Filing company only |
| Cash ratio | 28.6% | Cash ÷ revenue 63.9% |
| Vs. industry median margin | -12.5 pp | Secondhand Retail |
| ROA | -6.9% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 100% of positive segment profit
- FY2026, parent-company salary changed +75% over five years
- FY2026, cash is 29% of total assets

## What changed in 5 years

| Metric | FY ending May 2021 | FY ending May 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥2813145000 | ¥1577885000 | -43.9% |
| Operating income | ¥211998000 | ¥-144380000 | -168.1% |
| Operating margin | 7.5% | -9.2% | -16.7 pp |
| Employees | 36 people | 36 people | 0.0% |
| Cash and equivalents | ¥345571000 | ¥1008874000 | +191.9% |

### Change in segment revenue mix

Span: FY ending May 2021 → FY ending May 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| アート関連事業 → アート関連事業 | 66.3% |
| その他事業 → その他事業 | 1.5% |
| その他事業 → 事業再編・廃止 | 32.0% |
| その他 → 事業再編・廃止 | 0.2% |
| 新設・再編 → アート関連事業 | 32.2% |

Segment revenue source references: 5 (derived)

## Income statement（FY ending May 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 1,578 | 100.0% | S100YZC3 |
| Cost of revenue | 692 | 43.9% | S100YZC3 |
| Gross profit | 886 | 56.1% | S100YZC3 |
| SG&A | 1,030 | 65.3% | S100YZC3 |
| Operating income | -144 | -9.2% | S100YZC3 |
| Ordinary income | -161 | -10.2% | S100YZC3 |
| Pretax income | -207 | -13.1% | S100YZC3 |
| Income tax | 30 | 1.9% | S100YZC3 |
| Net income | -237 | -15.0% | S100YZC3 |
| Net income attributable to owners | -237 | -15.0% | S100YZC3 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 44 |
| SG&A | 65 |
| Operating income | -9 |
| (Ref.) Net income | -15 |

### Margin funnel

Gross margin 56.1% → Operating margin -9.2% → Net margin -15.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Turned to a loss
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 2,068 | 1,578 | -490 | -23.7% |
| Gross profit | 1,184 | 886 | -298 | -25.2% |
| Operating income | 12 | -144 | -157 | -1271.6% |
| Net income attributable to owners | -142 | -237 | -95 | — |
| Operating cash flow | -211 | -161 | 50 | — |
| Free cash flow | -228 | -174 | 53 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending May 2020 | 1,719 | -271 | -15.8% | -306 | 36 | 28 | S100MCR4 |
| FY ending May 2021 | 2,813 | 212 | 7.5% | 23 | 759 | 740 | S100P3YY |
| FY ending May 2022 | 2,629 | 410 | 15.6% | 144 | 555 | 548 | S100RRXM |
| FY ending May 2023 | 3,487 | 516 | 14.8% | 305 | 1,181 | 1,176 | S100V3IX |
| FY ending May 2024 | 2,036 | -243 | -11.9% | -1,011 | -810 | -921 | S100WM4T |
| FY ending May 2025 | 2,068 | 12 | 0.6% | -142 | -211 | -228 | S100YZC3 |
| FY ending May 2026 | 1,578 | -144 | -9.2% | -237 | -161 | -174 | S100YZC3 |

## People and productivity（FY ending May 2026, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥43.8M |
| Operating income per employee (consolidated) | -¥4M |
| Net income per employee (consolidated) | -¥6.6M |

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

| History | FY ending May 2022 | FY ending May 2023 | FY ending May 2024 | FY ending May 2025 | FY ending May 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 46 | 42 | 47 | 40 | 36 |
| Average salary (parent company) | ¥3.7M | ¥4.9M | ¥5.2M | ¥5.1M | ¥6.4M |
| Average age (parent company) | 44.8 years | 49.3 years | 48.7 years | 47.7 years | 47.9 years |
| Average tenure (parent company) | 9.6 years | 10.0 years | 8.6 years | 8.3 years | 6.6 years |

Year over year: Employees (consolidated) -10.0% · Revenue (consolidated) -23.7%

## Segments（FY ending May 2026, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Auction-related business | 1,554 | 98.5% | 29 | 1.9% |
| Energy-related business | 24 | 1.5% | -1 | -3.1% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Auction-related business | 98.5% | 100.0% | 1.5 | 1.9% |
| Energy-related business | 1.5% | — | — | -3.1% |

Loss-making segment (excluded from profit shares): Energy-related business -1 JPY mn

Segment → industry: Auction-related business → Secondhand Retail

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending May 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -161 | -10.2% | S100YZC3 |
| Capital expenditure | 13 | 0.8% | S100YZC3 |
| Free cash flow | -174 | -11.1% | 算出 |
| Investing cash flow | -14 | -0.9% | S100YZC3 |
| Financing cash flow | -38 | -2.4% | S100YZC3 |
| Change in cash | -213 | -13.5% | S100YZC3 |
| Cash and equivalents | 1,009 | 63.9% | S100YZC3 |

## 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 May 2022 | FY ending May 2023 | FY ending May 2024 | FY ending May 2025 | FY ending May 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,186 | 2,273 | 1,342 | 1,221 | 1,009 | S100V3IX, S100WM4T, S100YZC3 |
| Total assets | 4,158 | 4,970 | 4,239 | 3,313 | 3,532 | S100RRXM, S100V3IX, S100WM4T, S100YZC3 |
| Net assets | 2,768 | 3,231 | 2,405 | 2,348 | 2,111 | S100V3IX, S100WM4T, S100YZC3 |
| Share capital | 1,594 | 1,675 | 166 | 220 | 220 | S100RRXM, S100V3IX, S100WM4T, S100YZC3 |
| Property, plant and equipment | — | 85 | 288 | 233 | 181 | S100V3IX, S100WM4T, S100YZC3 |
| Intangible assets excluding goodwill | — | 678 | 261 | 239 | 206 | S100V3IX, S100WM4T, S100YZC3 |
| Goodwill | — | 660 | 252 | 225 | 197 | S100V3IX, S100WM4T, S100YZC3 |
| Investment securities | — | 27 | 53 | 8 | 7 | S100V3IX, S100WM4T, S100YZC3 |
| Current assets | — | 3,972 | 3,419 | 2,644 | 2,929 | S100V3IX, S100WM4T, S100YZC3 |
| Current liabilities | — | 1,449 | 1,581 | 713 | 1,217 | S100V3IX, S100WM4T, S100YZC3 |
| Short-term borrowings | — | 90 | 90 | 90 | 90 | S100V3IX, S100WM4T, S100YZC3 |
| Long-term borrowings | — | 238 | 203 | 167 | 127 | S100V3IX, S100WM4T, S100YZC3 |
| Total liabilities | — | 1,739 | 1,834 | 965 | 1,422 | S100V3IX, S100WM4T, S100YZC3 |
| Equity attributable to owners of parent | — | 3,199 | 2,376 | 2,343 | 2,106 | S100V3IX, S100WM4T, S100YZC3 |
| Retained earnings | — | 129 | -734 | -876 | -1,113 | S100V3IX, S100WM4T, S100YZC3 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 29% | S100YZC3 |
| Property, plant and equipment | 5% | S100YZC3 |
| Intangibles and goodwill | 11% | S100YZC3 |
| Investment securities | 0% | S100YZC3 |
| Other assets | 55% | S100YZC3 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 40% | S100YZC3 |
| Equity | 60% | S100YZC3 |

### Balance sheet history

| Metric | FY ending May 2022 | FY ending May 2023 | FY ending May 2024 | FY ending May 2025 | FY ending May 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 4,158 | 4,970 | 4,239 | 3,313 | 3,532 |
| Equity | 2,768 | 3,231 | 2,405 | 2,348 | 2,111 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,186 | 2,273 | 1,342 | 1,221 | 1,009 |

## 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) | 11.5% | S100YZC3 |
| Fixed assets ÷ total assets | 5.1% | S100YZC3 |
| Goodwill ÷ parent equity | 9.4% | S100YZC3 |

### 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) | 28.6% |
| Cash ÷ revenue | 63.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | 76 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.8% |
| Investing CF relative to operating CF | — |

## 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 | 5.5% | 0.63× | 3.5% | 1.50× | 5.2% | S100RRXM, S100V3IX |
| 2023 | 8.7% | 0.76× | 6.7% | 1.43× | 9.5% | S100V3IX |
| 2024 | — | —× | -21.9% | —× | — | S100WM4T |
| 2025 | — | —× | -3.8% | —× | — | S100YZC3 |
| 2026 | — | —× | -6.9% | —× | — | S100YZC3 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| Catalyst Art Investments株式会社 | Major shareholder | 33.3% | 2026-05-31 |
| 松井証券株式会社 | Major shareholder | 13.3% | 2026-05-31 |
| 株式会社ＳＢＩ証券 | Major shareholder | 11.3% | 2026-05-31 |
| ＪＵＮ・ＡＳＥＴ株式会社 | Major shareholder | 3.4% | 2026-05-31 |
| 采譽投資有限公司（常任代理人 三田証券株式会社） | Major shareholder | 3.0% | 2026-05-31 |
| 楽天証券株式会社共有口 | Major shareholder | 2.2% | 2026-05-31 |
| 佐山 公男 | Major shareholder | 2.1% | 2026-05-31 |
| ＧＭＯクリック証券株式会社 | Major shareholder | 1.5% | 2026-05-31 |
| 松島 隆太郎 | Major shareholder | 1.1% | 2026-05-31 |
| 株式会社ＤＳＧ１ | Major shareholder | 0.9% | 2026-05-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第37期(2025/06/01－2026/05/31) | S100YZC3 | 2026-08-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YZC3,, |
| 有価証券報告書－第36期(2024/06/01－2025/05/31) | S100WM4T | 2025-08-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WM4T,, |
| 訂正有価証券報告書－第35期(2023/06/01－2024/05/31) | S100V3IX | 2025-01-16 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100V3IX,, |
| 有価証券報告書－第34期(2022/06/01－2023/05/31) | S100RRXM | 2023-08-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RRXM,, |
| 有価証券報告書－第33期(令和3年6月1日－令和4年5月31日) | S100P3YY | 2022-08-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100P3YY,, |
| 有価証券報告書－第32期(令和2年6月1日－令和3年5月31日) | S100MCR4 | 2021-08-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MCR4,, |

## 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).