# Verite Co.,Ltd.: business model and financials

> Latest period: FY ending Mar 2026, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 訂正有価証券報告書－第82期(2025/04/01－2026/03/31) (S100YMU6)
> Page: https://vizora.meequs.com/en/company/verite
> Retrieved: 2026-09-30T21:32:52.447Z

## Company

Verite, founded in 1948, is a company in Watches, Jewelry & Eyewear listed on TSE Standard. It has 505 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Vérité Co.,Ltd. |
| Ticker | 9904 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9904.T) |
| Listing | TSE Standard |
| Head office | 神奈川県横浜市神奈川区鶴屋町三丁目33番8号 |
| Representative (per filing) | 代表取締役社長CEO ジャベリ・アルパン・キルティクマール |
| Founded | May 1948 |
| Share capital | ¥100M |
| Employees (consolidated) | 505 |
| Average salary (parent only) | ¥3.4M |
| Fiscal year end | March |
| Website | www.verite.jp (https://www.verite.jp/) |
| Corporate number | 3020001050312 |
| EDINET | E03181 |
| Industries (Vizora) | Watches, Jewelry & Eyewear |

> Profile source: annual securities report (S100YMU6, filed 2026-06-29). As of filing

## Five-axis industry profile

Primary industry: Watches, Jewelry & Eyewear (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 22.5 | 20 |
| Profitability | 52.5 | 20 |
| Cash conversion | 92.1 | 19 |
| Efficiency | 69 | 21 |

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)

- Verite brought in ¥9.44B in revenue.
- Out of every ¥100 of sales, about ¥7 is left as operating profit.
- Revenue changed +18.8% from the prior year, operating profit -20.0%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥9441000000 → ¥322000000
- Net income → operating cash flow: ¥322000000 → ¥1169000000（difference ¥847000000）
- Main uses of operating cash flow: CapEx ¥208000000 / dividends ¥567000000 / buybacks —
- Change in cash: ¥1083000000
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 | ¥9.44B |  |
| Operating income | ¥700M | Margin 7.4% |
| Net income | ¥322M | Margin 3.4% |
| Free cash flow | ¥961M |  |
| Employees (consolidated) | 505 |  |
| EPS | ¥11.88 |  |
| Book value per share | ¥155.53 |  |
| Equity ratio | 49.7% |  |
| Shares outstanding | 27,230,825 |  |
| Treasury shares | 96,500 |  |
| Shareholders | 14,351 |  |
| Average salary (parent only) | ¥3.4M | Filing company only |
| Cash ratio | 36.1% | Cash ÷ revenue 32.4% |
| Vs. industry median margin | +0.8 pp | Watches, Jewelry & Eyewear |
| ROE | 7.4% | Derived from disclosed figures |
| ROA | 4.0% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 3.6× net income
- FY2026, cash is 36% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥7545000000 | ¥9441000000 | +25.1% |
| Operating income | ¥817000000 | ¥700000000 | -14.3% |
| Operating margin | 10.8% | 7.4% | -3.4 pp |
| Employees | 407 people | 505 people | +24.1% |
| Cash and equivalents | ¥2481000000 | ¥3060000000 | +23.3% |

### Change in segment revenue mix

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

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 9,441 | 100.0% | S100YMU6 |
| Cost of revenue | 3,181 | 33.7% | 算出 |
| Gross profit | 6,260 | 66.3% | S100YMU6 |
| SG&A | 5,559 | 58.9% | S100YMU6 |
| Operating income | 700 | 7.4% | S100YMU6 |
| Ordinary income | 658 | 7.0% | S100YMU6 |
| Pretax income | 515 | 5.5% | S100YMU6 |
| Income tax | 193 | 2.0% | S100YMU6 |
| Net income | 322 | 3.4% | S100YMU6 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 34 |
| SG&A | 59 |
| Operating income | 7 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 66.3% → Operating margin 7.4% → Net margin 3.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +18.8%; Core profit growth: -20.0%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -1.06×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 7,947 | 9,441 | 1,494 | +18.8% |
| Gross profit | 5,501 | 6,260 | 759 | +13.8% |
| Operating income | 875 | 700 | -175 | -20.0% |
| Operating cash flow | 407 | 1,169 | 762 | +187.2% |
| Free cash flow | 315 | 961 | 646 | +205.1% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 7,873 | 611 | 7.8% | 464 | 426 | 358 | S100LQOL |
| FY ending Mar 2021 | 7,545 | 817 | 10.8% | 583 | 857 | 711 | S100OFS3 |
| FY ending Mar 2022 | 7,270 | 775 | 10.7% | 464 | 864 | 777 | S100RPDU |
| FY ending Mar 2023 | 7,617 | 932 | 12.2% | 545 | 893 | 722 | S100U5B5 |
| FY ending Mar 2024 | 7,639 | 855 | 11.2% | 502 | 456 | 298 | S100W8HA |
| FY ending Mar 2025 | 7,947 | 875 | 11.0% | 569 | 407 | 315 | S100YMU6 |
| FY ending Mar 2026 | 9,441 | 700 | 7.4% | 322 | 1,169 | 961 | S100YMU6 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥18.7M |
| Operating income per employee (consolidated) | ¥1.4M |
| Net income per employee (consolidated) | ¥637.6K |

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

| History | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 427 | 413 | 407 | 436 | 505 |
| Average salary (parent company) | ¥3.5M | ¥3.7M | ¥3.6M | ¥3.8M | ¥3.4M |
| Average age (parent company) | 39.0 years | 38.0 years | 38.7 years | 38.8 years | 38.3 years |
| Average tenure (parent company) | 8.0 years | 7.7 years | 8.2 years | 7.8 years | 6.9 years |

Year over year: Employees (consolidated) +15.8% · Revenue (consolidated) +18.8%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 1,169 | 12.4% | S100YMU6 |
| Capital expenditure | 208 | 2.2% | S100YMU6 |
| Free cash flow | 961 | 10.2% | 算出 |
| Investing cash flow | -218 | -2.3% | S100YMU6 |
| Financing cash flow | 132 | 1.4% | S100YMU6 |
| Dividends paid | 567 | 6.0% | S100YMU6 |
| Change in cash | 1,083 | 11.5% | S100YMU6 |
| Cash and equivalents | 3,060 | 32.4% | S100YMU6 |

## 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 Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 2,147 | 1,869 | 2,110 | 1,977 | 3,060 | S100U5B5, S100W8HA, S100YMU6 |
| Total assets | 7,570 | 7,376 | 7,661 | 7,552 | 8,485 | S100RPDU, S100U5B5, S100W8HA, S100YMU6 |
| Net assets | 4,373 | 4,458 | 4,437 | 4,467 | 4,220 | S100U5B5, S100W8HA, S100YMU6 |
| Share capital | 100 | 100 | 100 | 100 | 100 | S100RPDU, S100U5B5, S100W8HA, S100YMU6 |
| Property, plant and equipment | 435 | 445 | 475 | 470 | 555 | S100RPDU, S100U5B5, S100W8HA, S100YMU6 |
| Intangible assets excluding goodwill | 45 | 115 | 82 | 61 | 57 | S100RPDU, S100U5B5, S100W8HA, S100YMU6 |
| Investment securities | 35 | 38 | 69 | 0 | 0 | S100RPDU, S100U5B5, S100W8HA, S100YMU6 |
| Current assets | 6,354 | 6,043 | 6,350 | 6,321 | 7,085 | S100RPDU, S100U5B5, S100W8HA, S100YMU6 |
| Current liabilities | 3,169 | 2,892 | 3,197 | 3,066 | 4,246 | S100RPDU, S100U5B5, S100W8HA, S100YMU6 |
| Short-term borrowings | 1,500 | 1,000 | 1,500 | 1,500 | 2,200 | S100RPDU, S100U5B5, S100W8HA, S100YMU6 |
| Total liabilities | 3,197 | 2,918 | 3,223 | 3,084 | 4,264 | S100RPDU, S100U5B5, S100W8HA, S100YMU6 |
| Equity attributable to owners of parent | 4,360 | 4,442 | 4,399 | 4,467 | 4,220 | S100RPDU, S100U5B5, S100W8HA, S100YMU6 |
| Retained earnings | 668 | 750 | 707 | 775 | 528 | S100RPDU, S100U5B5, S100W8HA, S100YMU6 |
| Treasury stock | -25 | -25 | -25 | -25 | -26 | S100RPDU, S100U5B5, S100W8HA, S100YMU6 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 36% | S100YMU6 |
| Property, plant and equipment | 6% | S100YMU6 |
| Intangibles and goodwill | 1% | S100YMU6 |
| Other assets | 57% | S100YMU6 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 50% | S100YMU6 |
| Equity | 50% | S100YMU6 |
| Other liabilities | 0% | S100YMU6 |

### Balance sheet history

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 7,570 | 7,376 | 7,661 | 7,552 | 8,485 |
| Equity | 4,373 | 4,458 | 4,437 | 4,467 | 4,220 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 2,147 | 1,869 | 2,110 | 1,977 | 3,060 |

## 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) | 5.9% | S100YMU6 |
| Fixed assets ÷ total assets | 6.5% | S100YMU6 |
| Goodwill ÷ parent equity | — | —, S100YMU6 |

### 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) | 36.1% |
| Cash ÷ revenue | 32.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 167.0% |
| Cash vs. profit gap | 847 JPY mn (of net income 263.0%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 176.1% |
| Shareholder payments — dividends / FCF | 59.0% |
| CapEx intensity (capex ÷ revenue) | 2.2% |
| Investing CF relative to operating CF | 18.6% |

## 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 | 6.4% | 0.96× | 6.1% | 1.74× | 10.6% | S100RPDU |
| 2023 | 7.2% | 1.02× | 7.3% | 1.70× | 12.4% | S100U5B5 |
| 2024 | 6.6% | 1.02× | 6.7% | 1.70× | 11.4% | S100W8HA |
| 2025 | 7.2% | 1.04× | 7.5% | 1.72× | 12.8% | S100YMU6 |
| 2026 | 3.4% | 1.18× | 4.0% | 1.85× | 7.4% | S100YMU6 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| センコーグループホールディングス株式会社 | Major shareholder | 50.2% | 2026-03-31 |
| JPモルガン証券株式会社 | Major shareholder | 1.5% | 2026-03-31 |
| 株式会社オーエイ | Major shareholder | 1.3% | 2026-03-31 |
| 大久保 仁雄 | Major shareholder | 1.1% | 2026-03-31 |
| PHILLIP SECURITIES (HONG KONG) LIMITED（常任代理人フィリップ証券株式会社） | Major shareholder | 0.9% | 2026-03-31 |
| 有賀 弘英 | Major shareholder | 0.8% | 2026-03-31 |
| BNYM SA/NV FOR BNYM FOR BNYM GCM CLIENT ACCTS M ILM FE（常任代理人株式会社三菱UFJ銀行） | Major shareholder | 0.7% | 2026-03-31 |
| モルガン・スタンレーMUFG証券株式会社 | Major shareholder | 0.4% | 2026-03-31 |
| MURAKAMI TAKATERU（常任代理人三田証券株式会社） | Major shareholder | 0.4% | 2026-03-31 |
| ベリテ従業員持株会 | Major shareholder | 0.3% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 訂正有価証券報告書－第82期(2025/04/01－2026/03/31) | S100YMU6 | 2026-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YMU6,, |
| 有価証券報告書－第81期(2024/04/01－2025/03/31) | S100W8HA | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W8HA,, |
| 訂正有価証券報告書－第80期(2023/04/01－2024/03/31) | S100U5B5 | 2024-08-02 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100U5B5,, |
| 訂正有価証券報告書－第79期(2022/04/01－2023/03/31) | S100RPDU | 2023-08-14 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RPDU,, |
| 有価証券報告書－第78期(令和3年4月1日－令和4年3月31日) | S100OFS3 | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OFS3,, |
| 有価証券報告書－第77期(令和2年4月1日－令和3年3月31日) | S100LQOL | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LQOL,, |

## 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).