# Shiseido Company, Limited: business model and financials

> Latest period: FY ending Dec 2025, consolidated, IFRS
> Unit: JPY millions
> Sources: 有価証券報告書－第126期(2025/01/01－2025/12/31) (S100XSCU)
> Page: https://vizora.meequs.com/en/company/shiseido
> Retrieved: 2026-09-30T19:50:37.992Z

## Company

Shiseido, founded in 1948, is a company in Cosmetics listed on TSE Prime. It has 26,330 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Shiseido Company, Limited |
| Ticker | 4911 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4911.T) |
| Listing | TSE Prime |
| Head office | 東京都中央区銀座七丁目5番5号 |
| Representative (per filing) | 代表執行役社長 CEO 藤原憲太郎 |
| Founded | Dec 1948 |
| Share capital | ¥64.5B |
| Employees (consolidated) | 26,330 |
| Average salary (parent only) | ¥7.1M |
| Fiscal year end | December |
| Website | corp.shiseido.com (https://corp.shiseido.com/) |
| Corporate number | 1010001034813 |
| EDINET | E00990 |
| Industries (Vizora) | Cosmetics |

> Profile source: annual securities report (S100XSCU, filed 2026-03-23). As of filing

## Five-axis industry profile

Primary industry: Cosmetics (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 25 | 22 |
| Profitability | 13.5 | 26 |
| Efficiency | 25 | 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)

- About 35% of Shiseido's sales come from China and travel retail business, with Japan business and EMEA business making up much of the rest.
- It lost about ¥3 for every ¥100 of sales at the operating level.
- Revenue changed -2.1% from the prior year, operating profit -480.0%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥970B |  |
| Operating income | -¥28.8B | Margin -3.0% |
| Net income | -¥40.7B | Margin -4.2% |
| Free cash flow | ¥65.5B |  |
| Largest business | China and travel retail business | of segment revenue 35.3% |
| Employees (consolidated) | 26,330 |  |
| EPS | ¥-101.83 |  |
| Diluted EPS | ¥-101.83 |  |
| Book value per share | ¥958.95 |  |
| Equity ratio | 47.4% | Derived from disclosed figures |
| Shares outstanding | 400,000,000 |  |
| Treasury shares | 463,600 |  |
| Shareholders | 129,970 |  |
| Average salary (parent only) | ¥7.1M | Filing company only |
| Cash ratio | 7.2% | Cash ÷ revenue 9.5% |
| Vs. industry median margin | -9.1 pp | Cosmetics |
| ROA | -3.1% | Derived from disclosed figures |

## Notable figures

- FY2025, segment profit share differs by 22 points

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥920888000000 | ¥969992000000 | +5.3% |
| Operating income | ¥14963000000 | ¥-28788000000 | -292.4% |
| Operating margin | 1.6% | -3.0% | -4.6 pp |
| Employees | 39,035 people | 26,330 people | -32.5% |
| Cash and equivalents | ¥136347000000 | ¥91839000000 | -32.6% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| 日本事業 → 事業再編・廃止 | 33.9% |
| 中国事業 → 事業再編・廃止 | 26.3% |
| アジアパシフィック事業 → 事業再編・廃止 | 6.6% |
| 米州事業 → 事業再編・廃止 | 10.2% |
| 欧州事業 → 事業再編・廃止 | 10.5% |
| トラベルリテール事業 → 事業再編・廃止 | 11.0% |
| プロフェッショナル事業 → 事業再編・廃止 | 1.4% |
| 新設・再編 → 日本事業 | 30.4% |
| 新設・再編 → 中国・トラベルリテール事業 | 35.3% |
| 新設・再編 → アジアパシフィック事業 | 7.6% |
| 新設・再編 → 米州事業 | 11.0% |
| 新設・再編 → 欧州事業 | 14.5% |
| 新設・再編 → その他 | 1.2% |

Segment revenue source references: 13 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| China and travel retail business | — | — | ¥342244000000 | 18.9% | 2 |
| Japan business | 4 years | +3.4% | ¥295343000000 | 13.2% | 1 |
| EMEA business | 4 years | +4.8% | ¥141129000000 | 2.8% | 1 |
| Americas business | 4 years | -3.2% | ¥106584000000 | -10.9% | 1 |
| Asia pacific business | 4 years | +3.6% | ¥73290000000 | 6.9% | 1 |
| Other | 4 years | -26.3% | ¥11399000000 | -11.0% | 1 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 969,992 | 100.0% | S100XSCU |
| Cost of revenue | 226,989 | 23.4% | S100XSCU |
| Gross profit | 743,003 | 76.6% | S100XSCU |
| SG&A | 725,558 | 74.8% | S100XSCU |
| Operating income | -28,788 | -3.0% | S100XSCU |
| Pretax income | -27,715 | -2.9% | S100XSCU |
| Income tax | 12,048 | 1.2% | S100XSCU |
| Net income | -39,763 | -4.1% | S100XSCU |
| Net income attributable to owners | -40,680 | -4.2% | S100XSCU |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 23 |
| SG&A | 75 |
| Other operating | 5 |
| Operating income | -3 |
| (Ref.) Net income | -4 |

### Margin funnel

Gross margin 76.6% → Operating margin -3.0% → Net margin -4.2%
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 Dec 2024 → FY ending Dec 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 990,586 | 969,992 | -20,594 | -2.1% |
| Gross profit | 753,191 | 743,003 | -10,188 | -1.4% |
| Operating income | 7,575 | -28,788 | -36,363 | -480.0% |
| Net income attributable to owners | -10,813 | -40,680 | -29,867 | — |
| Operating cash flow | 48,403 | 109,890 | 61,487 | +127.0% |
| Free cash flow | -2,305 | 65,464 | 67,769 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2016 | 850,306 | 36,780 | 4.3% | 32,101 | 59,129 | — | S100L0PD |
| FY ending Dec 2017 | 1,005,062 | 80,437 | 8.0% | 22,749 | 95,392 | — | S100NQ14 |
| FY ending Dec 2018 | 1,094,825 | 108,350 | 9.9% | 61,403 | 92,577 | — | S100QFTK |
| FY ending Dec 2019 | 1,131,547 | 113,831 | 10.1% | 73,562 | 75,562 | -36,238 | S100L0PD |
| FY ending Dec 2020 | 920,888 | 14,963 | 1.6% | -11,660 | 64,045 | -9,444 | S100NQ14 |
| FY ending Dec 2021 | 1,009,966 | 40,726 | 4.0% | 46,909 | 134,249 | 39,035 | S100XSCU |
| FY ending Dec 2022 | 1,067,355 | 46,572 | 4.4% | 34,202 | 46,735 | -19,469 | S100T45G |
| FY ending Dec 2023 | 973,038 | 28,133 | 2.9% | 21,749 | 89,026 | 33,351 | S100VFVQ |
| FY ending Dec 2024 | 990,586 | 7,575 | 0.8% | -10,813 | 48,403 | -2,305 | S100XSCU |
| FY ending Dec 2025 | 969,992 | -28,788 | -3.0% | -40,680 | 109,890 | 65,464 | S100XSCU |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥36.8M |
| Operating income per employee (consolidated) | -¥1.1M |
| Net income per employee (consolidated) | -¥1.5M |

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

| History | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 35,318 | 33,414 | 30,540 | 27,908 | 26,330 |
| Average salary (parent company) | ¥7.1M | ¥6.6M | ¥7.4M | ¥7.2M | ¥7.1M |
| Average age (parent company) | 38.9 years | 38.9 years | 38.7 years | 38.9 years | 39.3 years |
| Average tenure (parent company) | 11.2 years | 10.9 years | 10.7 years | 10.8 years | 11.2 years |

Year over year: Employees (consolidated) -5.7% · Revenue (consolidated) -2.1%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Japan business | 295,343 | 30.4% | 38,972 | 13.2% |
| China and travel retail business | 342,244 | 35.3% | 64,525 | 18.9% |
| Asia pacific business | 73,290 | 7.6% | 5,079 | 6.9% |
| Americas business | 106,584 | 11.0% | -11,566 | -10.9% |
| EMEA business | 141,129 | 14.5% | 3,949 | 2.8% |
| Other | 11,399 | 1.2% | -1,259 | -11.0% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Japan business | 30.4% | 34.6% | 4.2 | 13.2% |
| China and travel retail business | 35.3% | 57.3% | 22.1 | 18.9% |
| Asia pacific business | 7.6% | 4.5% | -3.0 | 6.9% |
| Americas business | 11.0% | — | — | -10.9% |
| EMEA business | 14.5% | 3.5% | -11.0 | 2.8% |
| Other | 1.2% | — | — | -11.0% |

Loss-making segment (excluded from profit shares): Americas business -11,566 JPY mn

Loss-making segment (excluded from profit shares): Other -1,259 JPY mn

Segment → industry: EMEA business → Cosmetics / Americas business → Cosmetics / Asia pacific business → Cosmetics / China and travel retail business → Cosmetics / Japan business → Cosmetics

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 109,890 | 11.3% | S100XSCU |
| Capital expenditure | 44,426 | 4.6% | S100XSCU |
| Free cash flow | 65,464 | 6.7% | 算出 |
| Investing cash flow | -43,424 | -4.5% | S100XSCU |
| Financing cash flow | -77,248 | -8.0% | S100XSCU |
| Dividends paid | 12,004 | 1.2% | S100XSCU |
| Share buyback | 2 | 0.0% | S100XSCU |
| Change in cash | -6,640 | -0.7% | S100XSCU |
| Cash and equivalents | 91,839 | 9.5% | S100XSCU |

## 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 Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 156,503 | 119,036 | 104,685 | 98,479 | 91,839 | S100XSCU, S100VFVQ |
| Total assets | 1,300,979 | 1,307,661 | 1,255,497 | 1,331,848 | 1,267,256 | S100XSCU, S100T45G, S100VFVQ |
| Net assets | 567,497 | 625,754 | 640,392 | 654,643 | 621,270 | S100XSCU, S100VFVQ |
| Share capital | 64,506 | 64,506 | 64,506 | 64,506 | 64,506 | S100QFTK, S100T45G, S100VFVQ, S100XSCU |
| Property, plant and equipment | — | 318,339 | 301,838 | 294,411 | 283,813 | S100T45G, S100VFVQ, S100XSCU |
| Goodwill | — | 57,879 | 62,143 | 108,013 | 58,793 | S100T45G, S100VFVQ, S100XSCU |
| Current assets | — | 524,229 | 470,014 | 477,800 | 471,514 | S100T45G, S100VFVQ, S100XSCU |
| Total liabilities | — | 681,907 | 615,104 | 677,205 | 645,985 | S100T45G, S100VFVQ, S100XSCU |
| Equity attributable to owners of parent | — | 604,259 | 618,748 | 632,474 | 600,756 | S100T45G, S100VFVQ, S100XSCU |
| Retained earnings | — | 394,877 | 380,208 | 356,877 | 320,612 | S100T45G, S100VFVQ, S100XSCU |
| Treasury stock | — | -2,089 | -1,591 | -2,325 | -1,868 | S100T45G, S100VFVQ, S100XSCU |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 7% | S100XSCU |
| Property, plant and equipment | 22% | S100XSCU |
| Intangibles and goodwill | 5% | — |
| Other assets | 66% | S100XSCU |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 51% | S100XSCU |
| Equity | 49% | S100XSCU |
| Other liabilities | 0% | S100XSCU |

### Balance sheet history

| Metric | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 1,300,979 | 1,307,661 | 1,255,497 | 1,331,848 | 1,267,256 |
| Equity | 567,497 | 625,754 | 640,392 | 654,643 | 621,270 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 156,503 | 119,036 | 104,685 | 98,479 | 91,839 |

## 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) | 29.3% | S100XSCU |
| Fixed assets ÷ total assets | 22.4% | S100XSCU |
| Goodwill ÷ parent equity | 9.8% | S100XSCU |

### 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) | 7.2% |
| Cash ÷ revenue | 9.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | 150,570 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | 18.3% |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | 18.3% |
| CapEx intensity (capex ÷ revenue) | 4.6% |
| Investing CF relative to operating CF | 39.5% |

## 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 | 4.6% | 0.78× | 3.6% | 2.29× | 8.3% | S100XSCU, S100QFTK |
| 2022 | 3.2% | 0.82× | 2.6% | 2.16× | 5.7% | S100T45G |
| 2023 | 2.2% | 0.76× | 1.7% | 2.10× | 3.6% | S100VFVQ |
| 2024 | — | —× | -0.8% | —× | — | S100XSCU |
| 2025 | — | —× | -3.1% | —× | — | S100XSCU |

## 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)(注)1 | Major shareholder | 17.1% | 2025-12-31 |
| GOVERNMENT OF NORWAY(常任代理人 シティバンク、エヌ・エイ東京支店) | Major shareholder | 5.4% | 2025-12-31 |
| 株式会社日本カストディ銀行(信託口)(注)1 | Major shareholder | 5.1% | 2025-12-31 |
| STATE STREET BANK AND TRUST COMPANY 505001(常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 2.4% | 2025-12-31 |
| NORTHERN TRUST CO. (AVFC) RE NON TREATY CLIENTS ACCOUNT(常任代理人 香港上海銀行東京支店) | Major shareholder | 2.3% | 2025-12-31 |
| STATE STREET BANK AND TRUST COMPANY 505301(常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 2.2% | 2025-12-31 |
| みずほ信託銀行株式会社 退職給付信託 みずほ銀行口 再信託受託者 株式会社日本カストディ銀行 | Major shareholder | 1.8% | 2025-12-31 |
| THE BANK OF NEW YORK 134104(常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 1.6% | 2025-12-31 |
| NORTHERN TRUST CO. (AVFC) RE IEDU UCITS CLIENTS NON LENDING 15 PCT TREATY ACCOUNT(常任代理人 香港上海銀行東京支店) | Major shareholder | 1.5% | 2025-12-31 |
| JP MORGAN CHASE BANK 385781(常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 1.5% | 2025-12-31 |

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

- Revenue for the FY ending Dec 2025 was ¥970B, down 2.1% from ¥990.6B.
- Operating income swung from ¥7.58B to -¥28.8B, a loss.
- The net loss attributable to owners widened to -¥40.7B from -¥10.8B.
- Cash generation improved, though: operating cash flow rose 127.0% to ¥109.9B, and free cash flow turned positive at ¥65.5B.

### Drivers

- Weak consumer spending in China and travel retail, mostly in the first half, and continued struggles at Drunk Elephant in the Americas pulled revenue down
- The operating loss came mainly from a goodwill impairment (a write-down of the premium paid in past acquisitions) after profitability in the Americas fell
- Core operating income, which excludes one-off costs, still rose thanks to growth in priority brands, restructuring and tighter cost control

### Risks

- Worse sentiment toward Japan or trade disputes in its markets could lead consumers to hold back and disrupt production, supply and sales
- If it is slow to respond to changing consumer values and shopping habits, competitors could take the opportunity
- Currency swings, inflation and tariff changes could disrupt raw-material sourcing and logistics

Cited: Annual Securities Report, 126th fiscal term (Jan–Dec 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, 126th fiscal term (Jan–Dec 2025) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第126期(2025/01/01－2025/12/31) | S100XSCU | 2026-03-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XSCU,, |
| 有価証券報告書－第125期(2024/01/01－2024/12/31) | S100VFVQ | 2025-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VFVQ,, |
| 有価証券報告書－第124期(2023/01/01－2023/12/31) | S100T45G | 2024-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T45G,, |
| 有価証券報告書－第123期(2022/01/01－2022/12/31) | S100QFTK | 2023-03-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QFTK,, |
| 有価証券報告書－第122期(令和3年1月1日－令和3年12月31日) | S100NQ14 | 2022-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NQ14,, |
| 有価証券報告書－第121期(令和2年1月1日－令和2年12月31日) | S100L0PD | 2021-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L0PD,, |

## 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).