# SKYLARK HOLDINGS CO., LTD.: business model and financials

> Latest period: FY ending Dec 2025, consolidated, IFRS
> Unit: JPY millions
> Sources: 有価証券報告書－第15期(2025/01/01－2025/12/31) (S100XUBI)
> Page: https://vizora.meequs.com/en/company/skylark-holdings
> Retrieved: 2026-09-30T21:18:34.890Z

## Company

Skylark Holdings, founded in 2011, is a company in Restaurants & Pubs listed on TSE Prime. It has 6,744 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | SKYLARK HOLDINGS CO., LTD. |
| Ticker | 3197 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3197.T) |
| Listing | TSE Prime |
| Head office | 東京都武蔵野市西久保一丁目25番8号 |
| Representative (per filing) | 代表取締役社長COO 金谷 実 |
| Founded | Feb 2011 |
| Share capital | ¥25.1B |
| Employees (consolidated) | 6,744 |
| Average salary (parent only) | ¥7.6M |
| Fiscal year end | December |
| Website | corp.skylark.co.jp (https://corp.skylark.co.jp/) |
| Corporate number | 2010001138365 |
| EDINET | E03515 |
| Industries (Vizora) | Restaurants & Pubs |

> Profile source: annual securities report (S100XUBI, filed 2026-03-26). As of filing

## Five-axis industry profile

Primary industry: Restaurants & Pubs (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 34.8 | 56 |
| Profitability | 81.1 | 66 |
| Cash conversion | 80.9 | 55 |
| Efficiency | 11.4 | 66 |

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)

- Skylark Holdings brought in ¥457.8B in revenue.
- Out of every ¥100 of sales, about ¥7 is left as operating profit.
- Revenue changed +14.1% from the prior year, operating profit +23.9%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥457794000000 → ¥16748000000
- Net income → operating cash flow: ¥16748000000 → ¥74495000000（difference ¥57747000000）
- Main uses of operating cash flow: CapEx ¥24781000000 / dividends ¥4320000000 / buybacks —
- Change in cash: ¥15161000000
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 | ¥457.8B |  |
| Operating income | ¥30B | Margin 6.5% |
| Net income | ¥16.7B | Margin 3.7% |
| Free cash flow | ¥49.7B |  |
| Employees (consolidated) | 6,744 |  |
| EPS | ¥73.62 |  |
| Diluted EPS | ¥73.62 |  |
| Book value per share | ¥340.93 |  |
| Equity ratio | 36.2% | Derived from disclosed figures |
| Shares outstanding | 227,502,200 |  |
| Treasury shares | 100 |  |
| Shareholders | 448,046 |  |
| Average salary (parent only) | ¥7.6M | Filing company only |
| Cash ratio | 6.6% | Cash ÷ revenue 7.5% |
| Vs. industry median margin | +2.6 pp | Restaurants & Pubs |
| ROE | 9.3% | Derived from disclosed figures |
| ROA | 3.4% | Derived from disclosed figures |

## Notable figures

- FY2025, operating cash flow is 4.4× net income

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥288434000000 | ¥457794000000 | +58.7% |
| Operating income | ¥-23031000000 | ¥29957000000 | — |
| Operating margin | -8.0% | 6.5% | +14.5 pp |
| Employees | 6,161 people | 6,744 people | +9.5% |
| Cash and equivalents | ¥17030000000 | ¥34331000000 | +101.6% |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 457,794 | 100.0% | S100XUBI |
| Cost of revenue | 152,663 | 33.3% | S100XUBI |
| Gross profit | 305,131 | 66.7% | S100XUBI |
| SG&A | 272,144 | 59.4% | S100XUBI |
| Operating income | 29,957 | 6.5% | S100XUBI |
| Pretax income | 26,279 | 5.7% | S100XUBI |
| Income tax | 9,531 | 2.1% | S100XUBI |
| Net income | 16,748 | 3.7% | S100XUBI |
| Net income attributable to owners | 16,748 | 3.7% | S100XUBI |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 33 |
| SG&A | 59 |
| Other operating | 1 |
| Operating income | 7 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 66.7% → Operating margin 6.5% → Net margin 3.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +14.1%; Core profit growth: +23.9%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.69×
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 | 401,130 | 457,794 | 56,664 | +14.1% |
| Gross profit | 270,175 | 305,131 | 34,956 | +12.9% |
| Operating income | 24,184 | 29,957 | 5,773 | +23.9% |
| Net income attributable to owners | 13,965 | 16,748 | 2,783 | +19.9% |
| Operating cash flow | 67,923 | 74,495 | 6,572 | +9.7% |
| Free cash flow | 50,876 | 49,714 | -1,162 | -2.3% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2016 | 354,513 | 31,249 | 8.8% | 18,213 | 36,029 | — | S100L2SH |
| FY ending Dec 2017 | 359,445 | 28,103 | 7.8% | 15,549 | 31,510 | — | S100NS8P |
| FY ending Dec 2018 | 366,360 | 22,857 | 6.2% | 11,438 | 31,571 | — | S100QI2H |
| FY ending Dec 2019 | 375,394 | 20,562 | 5.5% | 9,487 | 67,825 | 47,439 | S100L2SH |
| FY ending Dec 2020 | 288,434 | -23,031 | -8.0% | -17,214 | 36,724 | 20,954 | S100NS8P |
| FY ending Dec 2021 | 264,570 | 18,213 | 6.9% | 8,742 | 50,065 | — | S100XUBI |
| FY ending Dec 2022 | 303,705 | -5,575 | -1.8% | -6,371 | 45,716 | 29,928 | S100T6PL |
| FY ending Dec 2023 | 354,831 | 11,688 | 3.3% | 4,781 | 70,717 | 55,870 | S100VJA4 |
| FY ending Dec 2024 | 401,130 | 24,184 | 6.0% | 13,965 | 67,923 | 50,876 | S100XUBI |
| FY ending Dec 2025 | 457,794 | 29,957 | 6.5% | 16,748 | 74,495 | 49,714 | S100XUBI |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥67.9M |
| Operating income per employee (consolidated) | ¥4.4M |
| Net income per employee (consolidated) | ¥2.5M |

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) | 5,952 | 5,804 | 5,700 | 6,150 | 6,744 |
| Average salary (parent company) | — | ¥6.6M | ¥6.9M | ¥7.3M | ¥7.6M |
| Average age (parent company) | — | 47.7 years | 48.0 years | 47.7 years | 47.5 years |
| Average tenure (parent company) | — | 21.0 years | 21.0 years | 20.3 years | 19.6 years |

Year over year: Employees (consolidated) +9.7% · Revenue (consolidated) +14.1%

## 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 | 74,495 | 16.3% | S100XUBI |
| Capital expenditure | 24,781 | 5.4% | S100XUBI |
| Free cash flow | 49,714 | 10.9% | 算出 |
| Investing cash flow | -34,051 | -7.4% | S100XUBI |
| Financing cash flow | -25,524 | -5.6% | S100XUBI |
| Dividends paid | 4,320 | 0.9% | S100XUBI |
| Change in cash | 15,161 | 3.3% | S100XUBI |
| Cash and equivalents | 34,331 | 7.5% | S100XUBI |

## 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 | 38,331 | 15,275 | 26,790 | 19,170 | 34,331 | S100XUBI, S100VJA4 |
| Total assets | 457,993 | 424,772 | 426,093 | 470,866 | 518,549 | S100XUBI, S100T6PL, S100VJA4 |
| Net assets | — | 157,708 | 162,290 | 173,372 | 187,567 | S100VJA4, S100XUBI |
| Share capital | — | 25,134 | 25,134 | 25,134 | 25,134 | S100T6PL, S100VJA4, S100XUBI |
| Property, plant and equipment | — | 191,072 | 188,824 | 210,718 | 230,208 | S100T6PL, S100VJA4, S100XUBI |
| Goodwill | — | 144,816 | 141,790 | 157,636 | 162,683 | S100T6PL, S100VJA4, S100XUBI |
| Current assets | — | 41,840 | 51,085 | 49,110 | 67,578 | S100T6PL, S100VJA4, S100XUBI |
| Total liabilities | — | 267,064 | 263,803 | 297,493 | 330,982 | S100T6PL, S100VJA4, S100XUBI |
| Equity attributable to owners of parent | — | 157,708 | 162,290 | 173,372 | 187,567 | S100T6PL, S100VJA4, S100XUBI |
| Retained earnings | — | 56,425 | 75,890 | 89,861 | 106,611 | S100T6PL, S100VJA4, S100XUBI |
| Treasury stock | — | 0 | 0 | 0 | 0 | S100T6PL, S100VJA4, S100XUBI |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 7% | S100XUBI |
| Property, plant and equipment | 44% | S100XUBI |
| Intangibles and goodwill | 31% | — |
| Other assets | 18% | S100XUBI |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 64% | S100XUBI |
| Equity | 36% | S100XUBI |

### 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 | 457,993 | 424,772 | 426,093 | 470,866 | 518,549 |
| Equity | — | 157,708 | 162,290 | 173,372 | 187,567 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 38,331 | 15,275 | 26,790 | 19,170 | 34,331 |

## 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) | 50.3% | S100XUBI |
| Fixed assets ÷ total assets | 44.4% | S100XUBI |
| Goodwill ÷ parent equity | 86.7% | S100XUBI |

### 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) | 6.6% |
| Cash ÷ revenue | 7.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 248.7% |
| Cash vs. profit gap | 57,747 JPY mn (of net income 344.8%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 25.8% |
| Shareholder payments — dividends / FCF | 8.7% |
| CapEx intensity (capex ÷ revenue) | 5.4% |
| Investing CF relative to operating CF | 45.7% |

## 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 | — | —× | 1.9% | —× | — | S100XUBI |
| 2022 | — | —× | -1.4% | —× | — | S100T6PL |
| 2023 | 1.3% | 0.83× | 1.1% | 2.66× | 3.0% | S100VJA4 |
| 2024 | 3.5% | 0.89× | 3.1% | 2.67× | 8.3% | S100XUBI |
| 2025 | 3.7% | 0.93× | 3.4% | 2.74× | 9.3% | S100XUBI |

## 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 | 11.7% | 2025-12-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 2.1% | 2025-12-31 |
| アサヒビール株式会社 | Major shareholder | 1.5% | 2025-12-31 |
| 麒麟麦酒株式会社 | 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 | 1.4% | 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 | 1.1% | 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 | 0.7% | 2025-12-31 |
| JP MORGAN CHASE BANK 385864 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 0.7% | 2025-12-31 |
| STATE STREET BANK AND TRUST COMPANY 505103 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 0.7% | 2025-12-31 |
| サントリー株式会社 | Major shareholder | 0.7% | 2025-12-31 |

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

- Revenue for the FY ending Dec 2025 was ¥457.8B, up 14.1% from ¥401.1B.
- Profit grew faster than sales: operating income rose 23.9% to ¥30B and net income attributable to owners rose 19.9% to ¥16.7B.
- Operating cash flow increased to ¥74.5B, but free cash flow slipped 2.3% to ¥49.7B.

### Drivers

- The company added both cheap small plates and higher-priced dishes you can only get eating out, and targeted app coupons by area and customer, so both customer numbers and average spend rose.
- It kept opening new restaurants and converting or refurbishing existing ones.
- Giving store managers more authority and paying for results cut staff turnover and raised store productivity, which lowered SG&A as a share of sales.

### Risks

- Prices rising faster than wages could weaken dining-out demand, and higher costs for ingredients, labor, rent and utilities could squeeze profit.
- Many ingredients are bought abroad and the company does not hedge currency, so a sharp fall in the yen would raise costs.
- The group carries large borrowings, and breaching loan covenants could force early repayment.

Cited: Annual Securities Report, 15th term (2025/01/01-2025/12/31) (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, 15th term (2025/01/01-2025/12/31) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第15期(2025/01/01－2025/12/31) | S100XUBI | 2026-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XUBI,, |
| 有価証券報告書－第14期(2024/01/01－2024/12/31) | S100VJA4 | 2025-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VJA4,, |
| 有価証券報告書－第13期(2023/01/01－2023/12/31) | S100T6PL | 2024-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T6PL,, |
| 有価証券報告書－第12期(2022/01/01－2022/12/31) | S100QI2H | 2023-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QI2H,, |
| 有価証券報告書－第11期(令和3年1月1日－令和3年12月31日) | S100NS8P | 2022-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NS8P,, |
| 有価証券報告書－第10期(令和2年1月1日－令和2年12月31日) | S100L2SH | 2021-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L2SH,, |

## 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).