# Valuence Holdings Inc.: business model and financials

> Latest period: FY ending Aug 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第14期(2024/09/01－2025/08/31) (S100X6BK)
> Page: https://vizora.meequs.com/en/company/valuence-holdings
> Retrieved: 2026-09-30T21:55:53.881Z

## Company

Valuence Holdings, founded in 2004, is a company in Secondhand Retail listed on TSE Growth. It has 1,124 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Valuence Holdings Inc. |
| Ticker | 9270 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9270.T) |
| Listing | TSE Growth |
| Head office | 東京都港区南青山五丁目6番19号 |
| Representative (per filing) | 代表取締役 嵜本 晋輔 |
| Founded | Jun 2004 |
| Share capital | ¥1.37B |
| Employees (consolidated) | 1,124 |
| Average salary (parent only) | ¥5.7M |
| Fiscal year end | August |
| Website | www.valuence.inc (https://www.valuence.inc/) |
| Corporate number | 6120001168182 |
| EDINET | E33807 |
| Industries (Vizora) | Secondhand Retail |

> Profile source: annual securities report (S100X6BK, filed 2025-11-25). As of filing

## Five-axis industry profile

Primary industry: Secondhand Retail (2025-08-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 61.8 | 17 |
| Profitability | 32.5 | 20 |
| Cash conversion | 3.3 | 15 |
| Efficiency | 82.5 | 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)

- Valuence Holdings brought in ¥84.8B in revenue.
- Out of every ¥100 of sales, about ¥2 is left as operating profit.
- Revenue changed +4.1% from the prior year, and it swung back to an operating profit.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥84.8B |  |
| Operating income | ¥1.45B | Margin 1.7% |
| Net income | ¥681.9M | Margin 0.8% |
| Free cash flow | -¥3.38B |  |
| Employees (consolidated) | 1,124 |  |
| EPS | ¥55.1 |  |
| Diluted EPS | ¥54.9 |  |
| Book value per share | ¥615.06 |  |
| Equity ratio | 23.8% |  |
| Shares outstanding | 13,744,460 |  |
| Treasury shares | 594,800 |  |
| Shareholders | 2,862 |  |
| Average salary (parent only) | ¥5.7M | Filing company only |
| Cash ratio | 17.1% | Net cash -¥12.2B · Cash ÷ revenue 6.3% |
| Vs. industry median margin | -1.6 pp | Secondhand Retail |
| ROE | 10.1% | Derived from disclosed figures |
| ROA | 2.4% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Aug 2020 | FY ending Aug 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥37932651000 | ¥84841115000 | +123.7% |
| Operating income | ¥631316000 | ¥1453954000 | +130.3% |
| Operating margin | 1.7% | 1.7% | 0 pp |
| Employees | 587 people | 1,124 people | +91.5% |
| Cash and equivalents | ¥6275644000 | ¥5303467000 | -15.5% |

### Change in segment revenue mix

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

## Income statement（FY ending Aug 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 84,841 | 100.0% | S100X6BK |
| Cost of revenue | 63,532 | 74.9% | S100X6BK |
| Gross profit | 21,309 | 25.1% | S100X6BK |
| SG&A | 19,855 | 23.4% | S100X6BK |
| Operating income | 1,454 | 1.7% | S100X6BK |
| Ordinary income | 1,316 | 1.6% | S100X6BK |
| Pretax income | 1,119 | 1.3% | S100X6BK |
| Income tax | 437 | 0.5% | S100X6BK |
| Net income | 682 | 0.8% | S100X6BK |
| Net income attributable to owners | 682 | 0.8% | S100X6BK |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 75 |
| SG&A | 23 |
| Operating income | 2 |
| (Ref.) Net income | 1 |

### Margin funnel

Gross margin 25.1% → Operating margin 1.7% → Net margin 0.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Turned profitable
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Aug 2024 → FY ending Aug 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 81,468 | 84,841 | 3,373 | +4.1% |
| Gross profit | 19,524 | 21,309 | 1,785 | +9.1% |
| Operating income | -427 | 1,454 | 1,881 | — |
| Net income attributable to owners | -1,709 | 682 | 2,391 | — |
| Operating cash flow | 226 | -556 | -782 | -345.4% |
| Free cash flow | -1,415 | -3,382 | -1,967 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Aug 2019 | 37,799 | 2,240 | 5.9% | 1,459 | 1,697 | 1,168 | S100K8EE |
| FY ending Aug 2020 | 37,933 | 631 | 1.7% | 306 | 1,583 | 1,202 | S100N9PP |
| FY ending Aug 2021 | 52,513 | 1,169 | 2.2% | 725 | 2,008 | 1,103 | S100RXDV |
| FY ending Aug 2022 | 63,386 | 1,889 | 3.0% | 969 | -1,716 | -2,849 | S100SCTS |
| FY ending Aug 2023 | 76,130 | 2,184 | 2.9% | 1,050 | 1,374 | -799 | S100UTTT |
| FY ending Aug 2024 | 81,468 | -427 | -0.5% | -1,709 | 226 | -1,415 | S100X6BK |
| FY ending Aug 2025 | 84,841 | 1,454 | 1.7% | 682 | -556 | -3,382 | S100X6BK |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥75.5M |
| Operating income per employee (consolidated) | ¥1.3M |
| Net income per employee (consolidated) | ¥606.7K |

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

| History | FY ending Aug 2021 | FY ending Aug 2022 | FY ending Aug 2023 | FY ending Aug 2024 | FY ending Aug 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 873 | 896 | 1,041 | 1,074 | 1,124 |
| Average salary (parent company) | ¥6.1M | ¥6.7M | ¥6.6M | ¥6.6M | ¥5.7M |
| Average age (parent company) | 38.3 years | 34.4 years | 32.9 years | 33.0 years | 38.8 years |
| Average tenure (parent company) | 3.0 years | 3.0 years | 3.0 years | 3.0 years | 5.0 years |

Year over year: Employees (consolidated) +4.7% · Revenue (consolidated) +4.1%

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Aug 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -556 | -0.7% | S100X6BK |
| Capital expenditure | 2,826 | 3.3% | S100X6BK |
| Free cash flow | -3,382 | -4.0% | 算出 |
| Investing cash flow | -2,963 | -3.5% | S100X6BK |
| Financing cash flow | 1,913 | 2.3% | S100X6BK |
| Dividends paid | 0 | 0.0% | S100X6BK |
| Share buyback | 0 | 0.0% | S100X6BK |
| Change in cash | -1,612 | -1.9% | S100X6BK |
| Cash and equivalents | 5,303 | 6.3% | S100X6BK |

## 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 Aug 2021 | FY ending Aug 2022 | FY ending Aug 2023 | FY ending Aug 2024 | FY ending Aug 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 8,269 | 7,806 | 8,335 | 6,915 | 5,303 | S100SCTS, S100UTTT, S100X6BK |
| Total assets | 18,727 | 23,250 | 27,675 | 26,649 | 30,938 | S100RXDV, S100SCTS, S100UTTT, S100X6BK |
| Net assets | 7,270 | 7,854 | 8,834 | 6,856 | 7,676 | S100SCTS, S100UTTT, S100X6BK |
| Share capital | 1,145 | 1,146 | 1,220 | 1,295 | 1,373 | S100RXDV, S100SCTS, S100UTTT, S100X6BK |
| Property, plant and equipment | 2,487 | 2,846 | 3,807 | 4,225 | 5,856 | S100RXDV, S100SCTS, S100UTTT, S100X6BK |
| Intangible assets excluding goodwill | 438 | 852 | 2,093 | 1,809 | 1,792 | S100RXDV, S100SCTS, S100UTTT, S100X6BK |
| Goodwill | — | — | 544 | — | — | S100UTTT |
| Investment securities | 26 | 33 | 35 | 0 | 0 | S100RXDV, S100SCTS, S100UTTT, S100X6BK |
| Current assets | 13,410 | 16,804 | 19,227 | 17,601 | 20,044 | S100RXDV, S100SCTS, S100UTTT, S100X6BK |
| Current liabilities | 10,302 | 14,320 | 14,822 | 10,212 | 12,922 | S100RXDV, S100SCTS, S100UTTT, S100X6BK |
| Short-term borrowings | 8,340 | 11,901 | 11,101 | 6,800 | 8,300 | S100RXDV, S100SCTS, S100UTTT, S100X6BK |
| Long-term borrowings | 211 | 306 | 2,296 | 8,013 | 8,890 | S100RXDV, S100SCTS, S100UTTT, S100X6BK |
| Bonds | — | — | 700 | 500 | 300 | S100UTTT, S100X6BK |
| Interest-bearing debt | — | — | 14,097 | 15,313 | 17,490 | 算出 |
| Total liabilities | 11,457 | 15,396 | 18,841 | 19,793 | 23,262 | S100RXDV, S100SCTS, S100UTTT, S100X6BK |
| Equity attributable to owners of parent | 7,090 | 7,337 | 8,309 | 6,363 | 7,200 | S100RXDV, S100SCTS, S100UTTT, S100X6BK |
| Retained earnings | 4,979 | 5,602 | 6,332 | 4,234 | 4,916 | S100RXDV, S100SCTS, S100UTTT, S100X6BK |
| Treasury stock | -213 | -668 | -668 | -668 | -668 | S100RXDV, S100SCTS, S100UTTT, S100X6BK |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 17% | S100X6BK |
| Property, plant and equipment | 19% | S100X6BK |
| Intangibles and goodwill | 6% | S100X6BK |
| Other assets | 58% | S100X6BK |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Interest-bearing debt | 56% | 算出 |
| Other liabilities | 19% | S100X6BK |
| Equity | 25% | S100X6BK |

### Balance sheet history

| Metric | FY ending Aug 2021 | FY ending Aug 2022 | FY ending Aug 2023 | FY ending Aug 2024 | FY ending Aug 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 18,727 | 23,250 | 27,675 | 26,649 | 30,938 |
| Equity | 7,270 | 7,854 | 8,834 | 6,856 | 7,676 |
| Interest-bearing debt | — | — | 14,097 | 15,313 | 17,490 |
| Cash | 8,269 | 7,806 | 8,335 | 6,915 | 5,303 |

## 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) | 6.9% | S100X6BK |
| Fixed assets ÷ total assets | 18.9% | S100X6BK |
| Goodwill ÷ parent equity | — | —, S100X6BK |

### 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) | 17.1% |
| Cash ÷ revenue | 6.3% |
| Net cash (cash − interest-bearing debt) | -¥12.2B |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -38.2% |
| Cash vs. profit gap | -1,238 JPY mn (of net income -181.5%) |
| Shareholder returns / net income | 0.0% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 0.0% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 3.3% |
| 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 1.4% | 2.80× | 3.9% | 2.64× | 10.2% | S100RXDV |
| 2022 | 1.5% | 3.02× | 4.6% | 2.91× | 13.4% | S100SCTS |
| 2023 | 1.4% | 2.99× | 4.1% | 3.25× | 13.4% | S100UTTT |
| 2024 | — | —× | -6.3% | —× | — | S100X6BK |
| 2025 | 0.8% | 2.95× | 2.4% | 4.25× | 10.1% | S100X6BK |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| SFプロパティマネジメント株式会社 | Major shareholder | 56.0% | 2025-08-31 |
| 嵜本 晋輔 | Major shareholder | 4.3% | 2025-08-31 |
| 嵜本 晃次 | Major shareholder | 3.4% | 2025-08-31 |
| SIX SIS LTD． （常任代理人 株式会社三菱ＵＦＪ銀行） | Major shareholder | 3.3% | 2025-08-31 |
| TAKUMI CAPITAL MANAGEMENT MASTER FUND LP （常任代理人 香港上海銀行東京支店） | Major shareholder | 2.7% | 2025-08-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 1.8% | 2025-08-31 |
| 野村證券株式会社 | Major shareholder | 0.9% | 2025-08-31 |
| BNY GCM CLIENT ACCOUNT JPRD AC ISG (FE-AC) （常任代理人 株式会社三菱ＵＦＪ銀行） | Major shareholder | 0.7% | 2025-08-31 |
| MSIP CLIENT SECURITIES （常任代理人 モルガン・スタンレーＭＵＦＧ証券株式会社） | Major shareholder | 0.7% | 2025-08-31 |
| STATE STREET BANK AND TRUST COMPANY 510499 （常任代理人 株式会社みずほ銀行） | Major shareholder | 0.6% | 2025-08-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第14期(2024/09/01－2025/08/31) | S100X6BK | 2025-11-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100X6BK,, |
| 有価証券報告書－第13期(2023/09/01－2024/08/31) | S100UTTT | 2024-11-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UTTT,, |
| 有価証券報告書－第12期(2022/09/01－2023/08/31) | S100SCTS | 2023-11-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SCTS,, |
| 訂正有価証券報告書－第11期(2021/09/01－2022/08/31) | S100RXDV | 2023-09-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RXDV,, |
| 訂正有価証券報告書－第10期(令和2年9月1日－令和3年8月31日) | S100N9PP | 2022-01-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100N9PP,, |
| 有価証券報告書－第9期(令和1年9月1日－令和2年8月31日) | S100K8EE | 2020-11-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100K8EE,, |

## 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).