# YA-MAN LTD.: business model and financials

> Latest period: FY ending Dec 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第52期(2025/05/01－2025/12/31) (S100XSSJ)
> Page: https://vizora.meequs.com/en/company/ya-man
> Retrieved: 2026-09-30T20:48:39.310Z

## Company

Ya-Man, founded in 1978, is a company in Home Appliances listed on TSE Prime. It has 420 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | YA-MAN LTD. |
| Ticker | 6630 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6630.T) |
| Listing | TSE Prime |
| Head office | 東京都江東区古石場一丁目4番4号(上記は登記上の本店所在地であり、実際の本店業務は下記の場所で行っております。) |
| Representative (per filing) | 代表取締役社長 山﨑 貴三代 |
| Founded | Jan 1978 |
| Share capital | ¥1.81B |
| Employees (consolidated) | 420 |
| Average salary (parent only) | ¥4.7M |
| Fiscal year end | December |
| Website | www.ya-man.co.jp (https://www.ya-man.co.jp/) |
| Corporate number | 5010601020184 |
| EDINET | E23829 |
| Industries (Vizora) | Home Appliances |

> Profile source: annual securities report (S100XSSJ, filed 2026-03-26). As of filing

## Five-axis industry profile

Primary industry: Home Appliances (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 25 | 10 |
| Efficiency | 15 | 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 31% of Ya-Man's sales come from Overseas business, with Store sales and Direct sales making up much of the rest.
- It lost about ¥4 for every ¥100 of sales at the operating level.
- Revenue changed -31.1% from the prior year, operating profit -214.3%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥17.2B |  |
| Operating income | -¥718M | Margin -4.2% |
| Net income | -¥1.2B | Margin -6.9% |
| Free cash flow | -¥1.59B |  |
| Largest business | Overseas business | of segment revenue 31.5% |
| Employees (consolidated) | 420 |  |
| EPS | ¥-19.01 |  |
| Book value per share | ¥444.2 |  |
| Equity ratio | 87.4% |  |
| Shares outstanding | 58,348,000 |  |
| Treasury shares | 3,327,600 |  |
| Shareholders | 84,588 |  |
| Average salary (parent only) | ¥4.7M | Filing company only |
| Cash ratio | 52.0% | Cash ÷ revenue 84.1% |
| Vs. industry median margin | -9.9 pp | Home Appliances |
| ROA | -4.3% | Derived from disclosed figures |

## Notable figures

- FY2025, cash is 52% of total assets

## What changed in 1 years

| Metric | FY ending Apr 2025 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥25040000000 | ¥17246000000 | -31.1% |
| Operating income | ¥628000000 | ¥-718000000 | -214.3% |
| Operating margin | 2.5% | -4.2% | -6.7 pp |
| Employees | 448 people | 420 people | -6.3% |
| Cash and equivalents | ¥16968000000 | ¥14498000000 | -14.6% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| 通販部門 → 通販部門 | 8.6% |
| 通販部門 → 事業再編・廃止 | 4.7% |
| 店販部門 → 店販部門 | 28.7% |
| 店販部門 → 事業再編・廃止 | 3.5% |
| 直販部門 → 直販部門 | 28.2% |
| 直販部門 → 事業再編・廃止 | 1.9% |
| 海外部門 → 海外部門 | 23.4% |
| その他 → その他 | 1.0% |
| 新設・再編 → 海外部門 | 8.1% |
| 新設・再編 → その他 | 2.0% |

Segment revenue source references: 10 (derived)

## Business growth × margin

X-axis: segment revenue CAGR. Y-axis: latest operating margin. Bubble size: latest revenue. CAGR requires at least two comparable years.

| Segment | CAGR span | Revenue CAGR | Latest revenue | Operating margin | Source refs |
| --- | ---: | ---: | ---: | ---: | ---: |
| Overseas business | — | — | ¥5427000000 | 8.2% | 2 |
| Store sales | — | — | ¥4953000000 | 17.7% | 2 |
| Direct sales | — | — | ¥4855000000 | 9.2% | 2 |
| On-line business | — | — | ¥1475000000 | 26.9% | 2 |
| Other | — | — | ¥533000000 | 70.0% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 17,246 | 100.0% | S100XSSJ |
| Cost of revenue | 7,706 | 44.7% | S100XSSJ |
| Gross profit | 9,539 | 55.3% | S100XSSJ |
| SG&A | 10,257 | 59.5% | S100XSSJ |
| Operating income | -718 | -4.2% | S100XSSJ |
| Ordinary income | -637 | -3.7% | S100XSSJ |
| Pretax income | -1,192 | -6.9% | S100XSSJ |
| Income tax | 5 | 0.0% | S100XSSJ |
| Net income | -1,197 | -6.9% | S100XSSJ |
| Net income attributable to owners | -1,197 | -6.9% | S100XSSJ |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 45 |
| SG&A | 59 |
| Operating income | -4 |
| (Ref.) Net income | -7 |

### Margin funnel

Gross margin 55.3% → Operating margin -4.2% → Net margin -6.9%
Derived from reported figures (DERIVED).

## Year over year（FY ending Apr 2025 → FY ending Dec 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 25,040 | 17,246 | -7,794 | -31.1% |
| Gross profit | 14,215 | 9,539 | -4,676 | -32.9% |
| Operating income | 628 | -718 | -1,346 | -214.3% |
| Net income attributable to owners | 706 | -1,197 | -1,903 | -269.5% |
| Operating cash flow | 2,215 | -1,413 | -3,628 | -163.8% |
| Free cash flow | 1,859 | -1,587 | -3,446 | -185.4% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Apr 2025 | 25,040 | 628 | 2.5% | 706 | 2,215 | 1,859 | S100XSSJ |
| FY ending Dec 2025 | 17,246 | -718 | -4.2% | -1,197 | -1,413 | -1,587 | S100XSSJ |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥41.1M |
| Operating income per employee (consolidated) | -¥1.7M |
| Net income per employee (consolidated) | -¥2.9M |

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

| History | FY ending Apr 2025 | FY ending Dec 2025 |
| --- | ---: | ---: |
| Employees (consolidated) | 448 | 420 |
| Average salary (parent company) | — | ¥4.7M |
| Average age (parent company) | — | 36.8 years |
| Average tenure (parent company) | — | 5.8 years |

## Segments（FY ending Dec 2025, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| On-line business | 1,475 | 8.6% | 397 | 26.9% |
| Store sales | 4,953 | 28.7% | 875 | 17.7% |
| Direct sales | 4,855 | 28.2% | 449 | 9.2% |
| Overseas business | 5,427 | 31.5% | 443 | 8.2% |
| Other | 533 | 3.1% | 373 | 70.0% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| On-line business | 8.6% | 15.6% | 7.1 | 26.9% |
| Store sales | 28.7% | 34.5% | 5.8 | 17.7% |
| Direct sales | 28.2% | 17.7% | -10.5 | 9.2% |
| Overseas business | 31.5% | 17.5% | -14.0 | 8.2% |
| Other | 3.1% | 14.7% | 11.6 | 70.0% |

Segment → industry: Overseas business → Home Appliances / Direct sales → Home Appliances / Store sales → Home Appliances / On-line business → Home Appliances

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -1,413 | -8.2% | S100XSSJ |
| Capital expenditure | 174 | 1.0% | S100XSSJ |
| Free cash flow | -1,587 | -9.2% | 算出 |
| Investing cash flow | -175 | -1.0% | S100XSSJ |
| Financing cash flow | -964 | -5.6% | S100XSSJ |
| Dividends paid | 491 | 2.8% | S100XSSJ |
| Change in cash | -2,469 | -14.3% | S100XSSJ |
| Cash and equivalents | 14,498 | 84.1% | S100XSSJ |

## 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 Apr 2025 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: |
| Cash and equivalents | 16,968 | 14,498 | S100XSSJ |
| Total assets | 29,436 | 27,889 | S100XSSJ |
| Net assets | 25,897 | 24,386 | S100XSSJ |
| Share capital | 1,813 | 1,813 | S100XSSJ |
| Property, plant and equipment | 761 | 714 | S100XSSJ |
| Intangible assets excluding goodwill | 1,257 | 577 | S100XSSJ |
| Goodwill | 615 | — | S100XSSJ |
| Investment securities | 1,153 | 1,350 | S100XSSJ |
| Current assets | 25,640 | 24,691 | S100XSSJ |
| Current liabilities | 2,979 | 3,236 | S100XSSJ |
| Trade payables | 1,030 | 1,770 | S100XSSJ |
| Long-term borrowings | 387 | 100 | S100XSSJ |
| Total liabilities | 3,539 | 3,503 | S100XSSJ |
| Equity attributable to owners of parent | 25,260 | 23,568 | S100XSSJ |
| Retained earnings | 24,901 | 23,208 | S100XSSJ |
| Treasury stock | -2,887 | -2,887 | S100XSSJ |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 52% | S100XSSJ |
| Property, plant and equipment | 3% | S100XSSJ |
| Intangibles and goodwill | 2% | S100XSSJ |
| Investment securities | 5% | S100XSSJ |
| Other assets | 38% | S100XSSJ |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 6% | S100XSSJ |
| Other liabilities | 6% | S100XSSJ |
| Equity | 88% | S100XSSJ |

### Balance sheet history

| Metric | FY ending Apr 2025 | FY ending Dec 2025 |
| --- | ---: | ---: |
| Total assets | 29,436 | 27,889 |
| Equity | 25,897 | 24,386 |
| Interest-bearing debt | — | — |
| Cash | 16,968 | 14,498 |

## 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) | 4.1% | S100XSSJ |
| Fixed assets ÷ total assets | 2.6% | S100XSSJ |
| Goodwill ÷ parent equity | — | —, S100XSSJ |

### 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) | 52.0% |
| Cash ÷ revenue | 84.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | -216 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 1.0% |
| 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2025 | 2.8% | 0.85× | 2.4% | 1.17× | 2.8% | S100XSSJ |
| 2025 | — | —× | -4.3% | —× | — | S100XSSJ |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 山﨑 静子 | Major shareholder | 17.3% | 2025-12-31 |
| 山﨑 貴三代 | Major shareholder | 11.3% | 2025-12-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 5.8% | 2025-12-31 |
| 一般社団法人美山﨑 | Major shareholder | 5.1% | 2025-12-31 |
| 山﨑 光英 | Major shareholder | 4.5% | 2025-12-31 |
| Victoria Yamazaki(常任代理人 三菱UFJモルガン・スタンレー証券株式会社) | Major shareholder | 3.8% | 2025-12-31 |
| 山﨑 知美(常任代理人 三菱UFJモルガン・スタンレー証券株式会社) | Major shareholder | 3.8% | 2025-12-31 |
| 山﨑 岩男 | Major shareholder | 2.7% | 2025-12-31 |
| エコライト合同会社 | Major shareholder | 1.2% | 2025-12-31 |
| 伊藤 千保美 | Major shareholder | 0.8% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第52期(2025/05/01－2025/12/31) | S100XSSJ | 2026-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XSSJ,, |

## 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).