# STUDIO ALICE Co.,Ltd.: business model and financials

> Latest period: FY ending Feb 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第52期(2025/03/01－2026/02/28) (S100Y6JW)
> Page: https://vizora.meequs.com/en/company/studio-alice
> Retrieved: 2026-09-30T21:33:19.925Z

## Company

Studio Alice, founded in 1974, is a company in Baby & Kids Goods listed on TSE Standard. It has 1,257 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | STUDIO ALICE Co.,Ltd. |
| Ticker | 2305 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2305.T) |
| Listing | TSE Standard |
| Head office | 大阪市北区梅田一丁目8番17号 |
| Representative (per filing) | 代表取締役社長 牧野 俊介 |
| Founded | May 1974 |
| Share capital | ¥1.89B |
| Employees (consolidated) | 1,257 |
| Average salary (parent only) | ¥4.5M |
| Fiscal year end | February |
| Website | www.studio-alice.co.jp (https://www.studio-alice.co.jp/) |
| Corporate number | 5120001096533 |
| EDINET | E03393 |
| Industries (Vizora) | Baby & Kids Goods, Home & Lifestyle Services |

> Profile source: annual securities report (S100Y6JW, filed 2026-05-27). As of filing

## Five-axis industry profile

Primary industry: Home & Lifestyle Services (2026-02-28)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 5.6 | 9 |
| Profitability | 85 | 10 |
| Cash conversion | 85 | 10 |
| Efficiency | 25 | 10 |

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 100% of Studio Alice's sales come from Photograph, with Clothes Manufacture making up much of the rest.
- Out of every ¥100 of sales, about ¥6 is left as operating profit.
- Revenue changed -7.5% from the prior year, operating profit -30.6%.

## Company structure

- Segment revenue mix: Photograph 99.6%、Clothes Manufacture 0.4%
- Revenue → net income: ¥32928091000 → ¥1162055000
- Net income → operating cash flow: ¥1162055000 → ¥4884559000（difference ¥3722504000）
- Main uses of operating cash flow: CapEx ¥2428938000 / dividends ¥849191000 / buybacks —
- Change in cash: ¥-1217274000
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 | ¥32.9B |  |
| Operating income | ¥2.1B | Margin 6.4% |
| Net income | ¥1.16B | Margin 3.5% |
| Free cash flow | ¥2.46B |  |
| Largest business | Photograph | of segment revenue 99.6% |
| Employees (consolidated) | 1,257 |  |
| EPS | ¥57.11 |  |
| Book value per share | ¥1165.87 |  |
| Equity ratio | 78.7% |  |
| Shares outstanding | 17,185,000 |  |
| Treasury shares | 201,800 |  |
| Shareholders | 41,921 |  |
| Average salary (parent only) | ¥4.5M | Filing company only |
| Cash ratio | 46.5% | Cash ÷ revenue 54.2% |
| Vs. industry median margin | +2 pp | Home & Lifestyle Services |
| ROE | 4.0% | Derived from disclosed figures |
| ROA | 2.9% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 4.2× net income
- FY2026, one segment accounts for 100% of positive segment profit
- FY2026, cash is 46% of total assets

## What changed in 5 years

| Metric | FY ending Feb 2021 | FY ending Feb 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥36352519000 | ¥32928091000 | -9.4% |
| Operating income | ¥4731459000 | ¥2096638000 | -55.7% |
| Operating margin | 13.0% | 6.4% | -6.6 pp |
| Employees | 1,606 people | 1,257 people | -21.7% |
| Cash and equivalents | ¥13181317000 | ¥17839451000 | +35.3% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| 写真事業 → 写真事業 | 99.6% |
| 写真事業 → 事業再編・廃止 | 0.2% |
| 衣装製造卸売事業 → 衣装製造卸売事業 | 0.2% |
| 新設・再編 → 衣装製造卸売事業 | 0.2% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 32,928 | 100.0% | S100Y6JW |
| Cost of revenue | 25,730 | 78.1% | S100Y6JW |
| Gross profit | 7,198 | 21.9% | S100Y6JW |
| SG&A | 5,102 | 15.5% | S100Y6JW |
| Operating income | 2,097 | 6.4% | S100Y6JW |
| Ordinary income | 2,160 | 6.6% | S100Y6JW |
| Pretax income | 1,880 | 5.7% | S100Y6JW |
| Income tax | 718 | 2.2% | S100Y6JW |
| Net income | 1,162 | 3.5% | S100Y6JW |
| Net income attributable to owners | 1,162 | 3.5% | S100Y6JW |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 78 |
| SG&A | 16 |
| Operating income | 6 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 21.9% → Operating margin 6.4% → Net margin 3.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -7.5%; Core profit growth: -30.6%
Operating leverage (core profit growth ÷ revenue growth): 4.08×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 35,598 | 32,928 | -2,670 | -7.5% |
| Gross profit | 8,344 | 7,198 | -1,146 | -13.7% |
| Operating income | 3,021 | 2,097 | -925 | -30.6% |
| Net income attributable to owners | 1,365 | 1,162 | -203 | -14.9% |
| Operating cash flow | 6,336 | 4,885 | -1,452 | -22.9% |
| Free cash flow | 4,325 | 2,456 | -1,869 | -43.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Feb 2020 | 38,879 | 3,245 | 8.3% | 1,210 | 4,552 | 633 | S100LF1Y |
| FY ending Feb 2021 | 36,353 | 4,731 | 13.0% | 2,434 | 6,668 | 3,015 | S100O4IF |
| FY ending Feb 2022 | 40,672 | 6,015 | 14.8% | 3,614 | 9,374 | 4,666 | S100QUSO |
| FY ending Feb 2023 | 38,564 | 4,018 | 10.4% | 2,258 | 4,042 | -152 | S100TI8T |
| FY ending Feb 2024 | 36,396 | 2,284 | 6.3% | 1,157 | 5,699 | 2,198 | S100VTRG |
| FY ending Feb 2025 | 35,598 | 3,021 | 8.5% | 1,365 | 6,336 | 4,325 | S100Y6JW |
| FY ending Feb 2026 | 32,928 | 2,097 | 6.4% | 1,162 | 4,885 | 2,456 | S100Y6JW |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥26.2M |
| Operating income per employee (consolidated) | ¥1.7M |
| Net income per employee (consolidated) | ¥924.5K |

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

| History | FY ending Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 1,541 | 1,490 | 1,447 | 1,347 | 1,257 |
| Average salary (parent company) | ¥4.1M | ¥4.2M | ¥4.3M | ¥4.3M | ¥4.5M |
| Average age (parent company) | 32.5 years | 33.1 years | 33.6 years | 34.3 years | 35.1 years |
| Average tenure (parent company) | 9.0 years | 9.5 years | 9.9 years | 10.7 years | 11.2 years |

Year over year: Employees (consolidated) -6.7% · Revenue (consolidated) -7.5%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Photograph | 32,795 | 99.6% | 2,141 | 6.5% |
| Clothes Manufacture | 133 | 0.4% | -53 | -39.4% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Photograph | 99.6% | 100.0% | 0.4 | 6.5% |
| Clothes Manufacture | 0.4% | — | — | -39.4% |

Loss-making segment (excluded from profit shares): Clothes Manufacture -53 JPY mn

Segment → industry: Clothes Manufacture → Baby & Kids Goods / Photograph → Home & Lifestyle Services

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 4,885 | 14.8% | S100Y6JW |
| Capital expenditure | 2,429 | 7.4% | S100Y6JW |
| Free cash flow | 2,456 | 7.5% | 算出 |
| Investing cash flow | -2,423 | -7.4% | S100Y6JW |
| Financing cash flow | -3,711 | -11.3% | S100Y6JW |
| Dividends paid | 849 | 2.6% | S100Y6JW |
| Change in cash | -1,217 | -3.7% | S100Y6JW |
| Cash and equivalents | 17,839 | 54.2% | S100Y6JW |

## 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 Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 18,705 | 17,452 | 17,922 | 19,057 | 17,839 | S100TI8T, S100VTRG, S100Y6JW |
| Total assets | 43,170 | 43,226 | 42,347 | 41,224 | 38,393 | S100QUSO, S100TI8T, S100VTRG, S100Y6JW |
| Net assets | 29,568 | 30,525 | 30,956 | 31,073 | 30,229 | S100TI8T, S100VTRG, S100Y6JW |
| Share capital | 1,886 | 1,886 | 1,886 | 1,886 | 1,886 | S100QUSO, S100TI8T, S100VTRG, S100Y6JW |
| Trade receivables | 844 | 1,062 | 986 | 926 | 901 | S100QUSO, S100TI8T, S100VTRG, S100Y6JW |
| Property, plant and equipment | 13,335 | 13,627 | 12,336 | 10,583 | 9,391 | S100QUSO, S100TI8T, S100VTRG, S100Y6JW |
| Intangible assets excluding goodwill | 998 | 1,048 | 1,080 | 984 | 878 | S100QUSO, S100TI8T, S100VTRG, S100Y6JW |
| Goodwill | 3 | 1 | 1 | 1 | 0 | S100QUSO, S100TI8T, S100VTRG, S100Y6JW |
| Investment securities | 1,423 | 1,255 | 1,865 | 1,780 | 1,906 | S100QUSO, S100TI8T, S100VTRG, S100Y6JW |
| Current assets | 22,919 | 22,713 | 22,779 | 23,316 | 21,988 | S100QUSO, S100TI8T, S100VTRG, S100Y6JW |
| Current liabilities | 8,103 | 6,997 | 6,203 | 5,854 | 4,811 | S100QUSO, S100TI8T, S100VTRG, S100Y6JW |
| Total liabilities | 13,602 | 12,701 | 11,391 | 10,150 | 8,163 | S100QUSO, S100TI8T, S100VTRG, S100Y6JW |
| Non-controlling interests | 1,267 | 1,281 | 1,284 | 1,295 | — | S100QUSO, S100TI8T, S100VTRG, S100Y6JW |
| Equity attributable to owners of parent | 27,881 | 28,904 | 28,873 | 29,049 | 29,371 | S100QUSO, S100TI8T, S100VTRG, S100Y6JW |
| Retained earnings | 24,216 | 25,240 | 25,208 | 25,384 | 25,697 | S100QUSO, S100TI8T, S100VTRG, S100Y6JW |
| Treasury stock | -276 | -277 | -277 | -277 | -277 | S100QUSO, S100TI8T, S100VTRG, S100Y6JW |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 47% | S100Y6JW |
| Receivables | 2% | S100Y6JW |
| Property, plant and equipment | 24% | S100Y6JW |
| Intangibles and goodwill | 2% | S100Y6JW |
| Investment securities | 5% | S100Y6JW |
| Other assets | 20% | S100Y6JW |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 21% | S100Y6JW |
| Equity | 79% | S100Y6JW |

### Balance sheet history

| Metric | FY ending Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 43,170 | 43,226 | 42,347 | 41,224 | 38,393 |
| Equity | 29,568 | 30,525 | 30,956 | 31,073 | 30,229 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 18,705 | 17,452 | 17,922 | 19,057 | 17,839 |

## 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) | 28.5% | S100Y6JW |
| Fixed assets ÷ total assets | 24.5% | S100Y6JW |
| Goodwill ÷ parent equity | 0.0% | S100Y6JW |

Goodwill over 4 years: 3 → 0 JPY; total investing cash flow: -17,628 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) | 46.5% |
| Cash ÷ revenue | 54.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 233.0% |
| Cash vs. profit gap | 3,723 JPY mn (of net income 320.3%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 73.1% |
| Shareholder payments — dividends / FCF | 34.6% |
| CapEx intensity (capex ÷ revenue) | 7.4% |
| Investing CF relative to operating CF | 49.6% |

## 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 | 8.9% | 0.94× | 8.4% | 1.55× | 13.0% | S100QUSO |
| 2023 | 5.9% | 0.89× | 5.2% | 1.52× | 8.0% | S100TI8T |
| 2024 | 3.2% | 0.85× | 2.7% | 1.48× | 4.0% | S100VTRG |
| 2025 | 3.8% | 0.85× | 3.3% | 1.44× | 4.7% | S100Y6JW |
| 2026 | 3.5% | 0.83× | 2.9% | 1.36× | 4.0% | S100Y6JW |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社トーランス・ジャパン | Major shareholder | 23.3% | 2026-02-28 |
| 富士フイルム株式会社 | Major shareholder | 20.3% | 2026-02-28 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 4.7% | 2026-02-28 |
| 本村 初江 | Major shareholder | 3.0% | 2026-02-28 |
| SMBC日興証券株式会社 | Major shareholder | 2.8% | 2026-02-28 |
| スタジオアリス従業員持株会 | Major shareholder | 2.1% | 2026-02-28 |
| 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 | 1.5% | 2026-02-28 |
| 山本 浤 | Major shareholder | 1.2% | 2026-02-28 |
| 株式会社三菱UFJ銀行 | Major shareholder | 1.1% | 2026-02-28 |
| BNP PARIBAS NEW YORK BRANCH - PRIME BROKERAGE CLEARANCE ACCOUNT (常任代理人 香港上海銀行東京支店)） | Major shareholder | 0.8% | 2026-02-28 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第52期(2025/03/01－2026/02/28) | S100Y6JW | 2026-05-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y6JW,, |
| 有価証券報告書－第51期(2024/03/01－2025/02/28) | S100VTRG | 2025-05-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VTRG,, |
| 有価証券報告書－第50期(2023/03/01－2024/02/29) | S100TI8T | 2024-05-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TI8T,, |
| 有価証券報告書－第49期(2022/03/01－2023/02/28) | S100QUSO | 2023-05-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QUSO,, |
| 有価証券報告書－第48期(令和3年3月1日－令和4年2月28日) | S100O4IF | 2022-05-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O4IF,, |
| 有価証券報告書－第47期(令和2年3月1日－令和3年2月28日) | S100LF1Y | 2021-05-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LF1Y,, |

## 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).