# SHOBIDO Corporation: 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77期(2024/10/01－2025/09/30) (S100XAKV)
> Page: https://vizora.meequs.com/en/company/shobido
> Retrieved: 2026-09-30T20:25:53.420Z

## Company

Shobido, founded in 1948, is a company in Cosmetics listed on TSE Standard. It has 260 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | SHOBIDO Corporation |
| Ticker | 7819 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7819.T) |
| Listing | TSE Standard |
| Head office | 東京都港区港南二丁目15番1号 |
| Representative (per filing) | 代表取締役社長 寺田正秀 |
| Founded | Oct 1948 |
| Share capital | ¥545.5M |
| Employees (consolidated) | 260 |
| Average salary (parent only) | ¥6.2M |
| Fiscal year end | September |
| Corporate number | 4010401097556 |
| EDINET | E23465 |
| Industries (Vizora) | Cosmetics |

> Profile source: annual securities report (S100XAKV, filed 2025-12-18). As of filing

## Five-axis industry profile

Primary industry: Cosmetics (2025-09-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 56.8 | 22 |
| Profitability | 55.8 | 26 |
| Cash conversion | 15.9 | 22 |
| Efficiency | 86.5 | 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)

- Shobido brought in ¥22.1B in revenue.
- Out of every ¥100 of sales, about ¥7 is left as operating profit.
- Revenue changed +5.7% from the prior year, operating profit +45.5%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥22122189000 → ¥1025520000
- Net income → operating cash flow: ¥1025520000 → ¥918003000（difference ¥-107517000）
- Main uses of operating cash flow: CapEx ¥181263000 / dividends ¥310407000 / buybacks —
- Change in cash: ¥604065000
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 | ¥22.1B |  |
| Operating income | ¥1.47B | Margin 6.6% |
| Net income | ¥977.9M | Margin 4.4% |
| Free cash flow | ¥736.7M |  |
| Employees (consolidated) | 260 |  |
| EPS | ¥66.21 |  |
| Book value per share | ¥582.44 |  |
| Equity ratio | 45.5% |  |
| Shares outstanding | 13,410,000 |  |
| Treasury shares | 200,200 |  |
| Shareholders | 9,742 |  |
| Average salary (parent only) | ¥6.2M | Filing company only |
| Cash ratio | 26.5% | Cash ÷ revenue 19.6% |
| Vs. industry median margin | +0.5 pp | Cosmetics |
| ROE | 15.2% | Derived from disclosed figures |
| ROA | 6.4% | Derived from disclosed figures |

## Notable figures

- FY2025, cash is 27% of total assets

## What changed in 5 years

| Metric | FY ending Sep 2020 | FY ending Sep 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥13939993000 | ¥22122189000 | +58.7% |
| Operating income | ¥111287000 | ¥1469486000 | +1220.4% |
| Operating margin | 0.8% | 6.6% | +5.8 pp |
| Employees | 270 people | 260 people | -3.7% |
| Cash and equivalents | ¥4251072000 | ¥4329946000 | +1.9% |

### 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 | 22,122 | 100.0% | S100XAKV |
| Cost of revenue | 15,058 | 68.1% | S100XAKV |
| Gross profit | 7,064 | 31.9% | S100XAKV |
| SG&A | 5,595 | 25.3% | S100XAKV |
| Operating income | 1,469 | 6.6% | S100XAKV |
| Ordinary income | 1,478 | 6.7% | S100XAKV |
| Pretax income | 1,543 | 7.0% | S100XAKV |
| Income tax | 517 | 2.3% | S100XAKV |
| Net income | 1,026 | 4.6% | S100XAKV |
| Net income attributable to owners | 978 | 4.4% | S100XAKV |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 68 |
| SG&A | 25 |
| Operating income | 7 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 31.9% → Operating margin 6.6% → Net margin 4.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +5.7%; Core profit growth: +45.5%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 7.91×
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 | 20,920 | 22,122 | 1,203 | +5.7% |
| Gross profit | 5,504 | 7,064 | 1,560 | +28.3% |
| Operating income | 1,010 | 1,469 | 459 | +45.5% |
| Net income attributable to owners | 774 | 978 | 204 | +26.4% |
| Operating cash flow | 832 | 918 | 86 | +10.3% |
| Free cash flow | 621 | 737 | 115 | +18.5% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Sep 2019 | 16,785 | 263 | 1.6% | 174 | 386 | 335 | S100KE12 |
| FY ending Sep 2020 | 13,940 | 111 | 0.8% | 61 | 530 | -738 | S100N2O2 |
| FY ending Sep 2021 | 14,126 | 355 | 2.5% | 208 | 606 | 550 | S100PTDU |
| FY ending Sep 2022 | 17,280 | 635 | 3.7% | 512 | 332 | 205 | S100SHY0 |
| FY ending Sep 2023 | 20,444 | 869 | 4.3% | 475 | 32 | -47 | S100UYH7 |
| FY ending Sep 2024 | 20,920 | 1,010 | 4.8% | 774 | 832 | 621 | S100XAKV |
| FY ending Sep 2025 | 22,122 | 1,469 | 6.6% | 978 | 918 | 737 | S100XAKV |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥85.1M |
| Operating income per employee (consolidated) | ¥5.7M |
| Net income per employee (consolidated) | ¥3.8M |

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) | 257 | 245 | 232 | 237 | 260 |
| Average salary (parent company) | ¥5.3M | ¥5.6M | ¥6.2M | ¥6.1M | ¥6.2M |
| Average age (parent company) | 39.9 years | 40.7 years | 40.4 years | 41.1 years | 41.6 years |
| Average tenure (parent company) | 11.2 years | 12.0 years | 12.2 years | 11.6 years | 13.2 years |

Year over year: Employees (consolidated) +9.7% · Revenue (consolidated) +5.7%

## 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 | 918 | 4.1% | S100XAKV |
| Capital expenditure | 181 | 0.8% | S100XAKV |
| Free cash flow | 737 | 3.3% | 算出 |
| Investing cash flow | 214 | 1.0% | S100XAKV |
| Financing cash flow | -508 | -2.3% | S100XAKV |
| Dividends paid | 310 | 1.4% | S100XAKV |
| Change in cash | 604 | 2.7% | S100XAKV |
| Cash and equivalents | 4,330 | 19.6% | S100XAKV |

## 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 | 3,710 | 4,233 | 4,089 | 3,726 | 4,330 | S100SHY0, S100UYH7, S100XAKV |
| Total assets | 14,025 | 14,758 | 15,197 | 14,427 | 16,321 | S100PTDU, S100SHY0, S100UYH7, S100XAKV |
| Net assets | 5,239 | 5,980 | 6,300 | 6,576 | 7,811 | S100SHY0, S100UYH7, S100XAKV |
| Share capital | 546 | 546 | 546 | 546 | 546 | S100PTDU, S100SHY0, S100UYH7, S100XAKV |
| Trade receivables | 2,965 | — | — | — | — | S100N2O2 |
| Property, plant and equipment | 2,883 | 2,460 | 2,346 | 2,337 | 2,141 | S100PTDU, S100SHY0, S100UYH7, S100XAKV |
| Intangible assets excluding goodwill | 299 | 262 | 228 | 205 | 120 | S100PTDU, S100SHY0, S100UYH7, S100XAKV |
| Goodwill | 259 | 230 | 202 | 173 | 20 | S100PTDU, S100SHY0, S100UYH7, S100XAKV |
| Investment securities | 203 | 189 | 226 | 1,176 | 1,465 | S100PTDU, S100SHY0, S100UYH7, S100XAKV |
| Current assets | 10,232 | 11,484 | 12,004 | 10,332 | 12,159 | S100PTDU, S100SHY0, S100UYH7, S100XAKV |
| Current liabilities | 4,807 | 5,031 | 5,816 | 5,486 | 5,960 | S100PTDU, S100SHY0, S100UYH7, S100XAKV |
| Trade payables | 1,813 | 2,044 | 1,824 | 1,876 | — | S100PTDU, S100SHY0, S100UYH7 |
| Short-term borrowings | 100 | 100 | 900 | 1,300 | 1,400 | S100PTDU, S100SHY0, S100UYH7, S100XAKV |
| Long-term borrowings | 3,722 | 3,268 | 2,704 | 2,015 | 2,194 | S100PTDU, S100SHY0, S100UYH7, S100XAKV |
| Total liabilities | 8,786 | 8,778 | 8,897 | 7,852 | 8,511 | S100PTDU, S100SHY0, S100UYH7, S100XAKV |
| Non-controlling interests | 100 | 89 | 94 | — | 392 | S100PTDU, S100SHY0, S100UYH7, S100XAKV |
| Equity attributable to owners of parent | 4,898 | 5,278 | 5,621 | 6,101 | 6,768 | S100PTDU, S100SHY0, S100UYH7, S100XAKV |
| Retained earnings | 4,169 | 4,549 | 4,893 | 5,372 | 6,040 | S100PTDU, S100SHY0, S100UYH7, S100XAKV |
| Treasury stock | -81 | -81 | -81 | -81 | -81 | S100PTDU, S100SHY0, S100UYH7, S100XAKV |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 27% | S100XAKV |
| Property, plant and equipment | 13% | S100XAKV |
| Intangibles and goodwill | 1% | S100XAKV |
| Investment securities | 9% | S100XAKV |
| Other assets | 50% | S100XAKV |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 52% | S100XAKV |
| Equity | 48% | S100XAKV |

### 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 | 14,025 | 14,758 | 15,197 | 14,427 | 16,321 |
| Equity | 5,239 | 5,980 | 6,300 | 6,576 | 7,811 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 3,710 | 4,233 | 4,089 | 3,726 | 4,330 |

## 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) | 9.7% | S100XAKV |
| Fixed assets ÷ total assets | 13.1% | S100XAKV |
| Goodwill ÷ parent equity | 0.3% | S100XAKV |

Goodwill over 4 years: 259 → 20 JPY; total investing cash flow: -280 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) | 26.5% |
| Cash ÷ revenue | 19.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 62.5% |
| Cash vs. profit gap | -60 JPY mn (of net income -6.1%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 31.7% |
| Shareholder payments — dividends / FCF | 42.1% |
| CapEx intensity (capex ÷ revenue) | 0.8% |
| Investing CF relative to operating CF | 23.4% |

## 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 | 1.5% | 1.01× | 1.5% | 2.86× | 4.2% | S100PTDU |
| 2022 | 3.0% | 1.20× | 3.6% | 2.83× | 10.1% | S100SHY0 |
| 2023 | 2.3% | 1.36× | 3.2% | 2.75× | 8.7% | S100UYH7 |
| 2024 | 3.7% | 1.41× | 5.2% | 2.53× | 13.2% | S100XAKV |
| 2025 | 4.4% | 1.44× | 6.4% | 2.39× | 15.2% | S100XAKV |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ＴＣＳ株式会社 | Major shareholder | 28.2% | 2025-09-30 |
| 寺田 一郎 | Major shareholder | 16.2% | 2025-09-30 |
| 寺田 正秀 | Major shareholder | 10.7% | 2025-09-30 |
| 寺田 久子 | Major shareholder | 3.0% | 2025-09-30 |
| ベル投資事業有限責任組合１ | Major shareholder | 2.7% | 2025-09-30 |
| 平賀 優子 | Major shareholder | 2.3% | 2025-09-30 |
| 粧美堂従業員持株会 | Major shareholder | 2.2% | 2025-09-30 |
| NOMURA PB NOMINEES LIMITED OMNIBUS-MARGIN（CASHPB） （常任代理人 野村證券株式会社） | Major shareholder | 1.9% | 2025-09-30 |
| 株式会社みずほ銀行 | Major shareholder | 1.5% | 2025-09-30 |
| GOLDOMAN SACHS INTERNATIONAL （常任代理人 ゴールドマン・サックス証券株式会社） | Major shareholder | 0.6% | 2025-09-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第77期(2024/10/01－2025/09/30) | S100XAKV | 2025-12-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XAKV,, |
| 有価証券報告書－第76期(2023/10/01－2024/09/30) | S100UYH7 | 2024-12-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UYH7,, |
| 有価証券報告書－第75期(2022/10/01－2023/09/30) | S100SHY0 | 2023-12-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SHY0,, |
| 有価証券報告書－第74期(令和3年10月1日－令和4年9月30日) | S100PTDU | 2022-12-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PTDU,, |
| 有価証券報告書－第73期(令和2年10月1日－令和3年9月30日) | S100N2O2 | 2021-12-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100N2O2,, |
| 有価証券報告書－第72期(令和1年10月1日－令和2年9月30日) | S100KE12 | 2020-12-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KE12,, |

## 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).