# YAMANO HOLDINGS CORPORATION: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第40期(2025/04/01－2026/03/31) (S100YJEK)
> Page: https://vizora.meequs.com/en/company/yamano-holdings
> Retrieved: 2026-09-30T20:32:39.936Z

## Company

Yamano Holdings, founded in 2006, is a company in Education listed on TSE Standard. It has 566 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | YAMANO HOLDINGS CORPORATION |
| Ticker | 7571 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7571.T) |
| Listing | TSE Standard |
| Head office | 東京都渋谷区代々木一丁目30番7号 |
| Representative (per filing) | 代表取締役社長CEО 山野 義友 |
| Founded | Aug 2006 |
| Share capital | ¥10M |
| Employees (consolidated) | 566 |
| Average salary (parent only) | ¥3.8M |
| Fiscal year end | March |
| Website | www.yamano-hd.com (https://www.yamano-hd.com/) |
| Corporate number | 4011001030931 |
| EDINET | E03299 |
| Industries (Vizora) | Education, Apparel, Secondhand Retail, Beauty Salons |

> Profile source: annual securities report (S100YJEK, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: Apparel (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 40.9 | 55 |
| Profitability | 46.7 | 61 |
| Cash conversion | 47.9 | 47 |
| Efficiency | 84.4 | 61 |

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 85% of Yamano Holdings's sales come from Core Value, with New Value making up much of the rest.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed +5.4% from the prior year, operating profit +60.8%.

## Company structure

- Segment revenue mix: Core Value 84.8%、New Value 15.2%
- Revenue → net income: ¥14724197000 → ¥207750000
- Net income → operating cash flow: ¥207750000 → ¥377477000（difference ¥169727000）
- Main uses of operating cash flow: CapEx ¥84606000 / dividends ¥35102000 / buybacks —
- Change in cash: ¥402518000
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 | ¥14.7B |  |
| Operating income | ¥411.7M | Margin 2.8% |
| Net income | ¥207.8M | Margin 1.4% |
| Free cash flow | ¥292.9M |  |
| Largest business | Core Value | of segment revenue 84.8% |
| Employees (consolidated) | 566 |  |
| EPS | ¥9.06 |  |
| Book value per share | ¥42.43 |  |
| Equity ratio | 17.7% |  |
| Shares outstanding | 35,830,000 |  |
| Treasury shares | 563,800 |  |
| Shareholders | 5,980 |  |
| Average salary (parent only) | ¥3.8M | Filing company only |
| Cash ratio | 28.0% | Cash ÷ revenue 16.0% |
| Vs. industry median margin | -0.2 pp | Apparel |
| ROE | 14.8% | Derived from disclosed figures |
| ROA | 2.5% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 79% of positive segment profit
- FY2026, cash is 28% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥12701107000 | ¥14724197000 | +15.9% |
| Operating income | ¥331819000 | ¥411746000 | +24.1% |
| Operating margin | 2.6% | 2.8% | +0.2 pp |
| Employees | 664 people | 566 people | -14.8% |
| Cash and equivalents | ¥4985372000 | ¥2352751000 | -52.8% |

### 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.

| Flow | Revenue share |
| --- | ---: |
| 美容 → 事業再編・廃止 | 16.7% |
| 和装宝飾 → 事業再編・廃止 | 71.2% |
| ＤＳＭ → 事業再編・廃止 | 8.3% |
| その他 → 事業再編・廃止 | 3.7% |
| 新設・再編 → ニューバリュー | 15.2% |
| 新設・再編 → コアバリュー | 84.8% |

Segment revenue source references: 6 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 14,724 | 100.0% | S100YJEK |
| Cost of revenue | 7,308 | 49.6% | S100YJEK |
| Gross profit | 7,416 | 50.4% | S100YJEK |
| SG&A | 7,004 | 47.6% | S100YJEK |
| Operating income | 412 | 2.8% | S100YJEK |
| Ordinary income | 361 | 2.4% | S100YJEK |
| Pretax income | 309 | 2.1% | S100YJEK |
| Income tax | 101 | 0.7% | S100YJEK |
| Net income | 208 | 1.4% | S100YJEK |
| Net income attributable to owners | 208 | 1.4% | S100YJEK |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 50 |
| SG&A | 47 |
| Operating income | 3 |
| (Ref.) Net income | 1 |

### Margin funnel

Gross margin 50.4% → Operating margin 2.8% → Net margin 1.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +5.4%; Core profit growth: +60.8%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 11.18×
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 | 13,965 | 14,724 | 760 | +5.4% |
| Gross profit | 7,062 | 7,416 | 355 | +5.0% |
| Operating income | 256 | 412 | 156 | +60.8% |
| Net income attributable to owners | 42 | 208 | 166 | +396.7% |
| Operating cash flow | 385 | 377 | -7 | -1.9% |
| Free cash flow | 302 | 293 | -9 | -3.1% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 14,064 | 52 | 0.4% | 3 | -876 | -971 | S100LO1Y |
| FY ending Mar 2021 | 12,701 | 332 | 2.6% | -325 | 940 | 857 | S100OM2I |
| FY ending Mar 2022 | 13,176 | 281 | 2.1% | 102 | -1,264 | -1,306 | S100R9EJ |
| FY ending Mar 2023 | 13,905 | 298 | 2.1% | 174 | -109 | -145 | S100TUK2 |
| FY ending Mar 2024 | 13,837 | 101 | 0.7% | -29 | 210 | 135 | S100W8Z2 |
| FY ending Mar 2025 | 13,965 | 256 | 1.8% | 42 | 385 | 302 | S100YJEK |
| FY ending Mar 2026 | 14,724 | 412 | 2.8% | 208 | 377 | 293 | S100YJEK |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥26M |
| Operating income per employee (consolidated) | ¥727.5K |
| Net income per employee (consolidated) | ¥367K |

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) | 610 | 581 | 575 | 545 | 566 |
| Average salary (parent company) | ¥3.3M | ¥3.4M | ¥3.7M | ¥3.7M | ¥3.8M |
| Average age (parent company) | 52.7 years | 51.8 years | 51.3 years | 51.3 years | 48.1 years |
| Average tenure (parent company) | 11.7 years | 12.3 years | 12.6 years | 12.6 years | 11.7 years |

Year over year: Employees (consolidated) +3.9% · Revenue (consolidated) +5.4%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| New Value | 2,244 | 15.2% | 121 | 5.4% |
| Core Value | 12,480 | 84.8% | 451 | 3.6% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| New Value | 15.2% | 21.2% | 5.9 | 5.4% |
| Core Value | 84.8% | 78.8% | -5.9 | 3.6% |

Segment → industry: New Value → Education / Core Value → Apparel / New Value → Secondhand Retail / Core Value → Beauty Salons

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 377 | 2.6% | S100YJEK |
| Capital expenditure | 85 | 0.6% | S100YJEK |
| Free cash flow | 293 | 2.0% | 算出 |
| Investing cash flow | -300 | -2.0% | S100YJEK |
| Financing cash flow | 325 | 2.2% | S100YJEK |
| Dividends paid | 35 | 0.2% | S100YJEK |
| Change in cash | 403 | 2.7% | S100YJEK |
| Cash and equivalents | 2,353 | 16.0% | S100YJEK |

## 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 | 3,289 | 2,831 | 2,243 | 1,950 | 2,353 | S100TUK2, S100W8Z2, S100YJEK |
| Total assets | 9,297 | 9,357 | 8,647 | 7,956 | 8,413 | S100R9EJ, S100TUK2, S100W8Z2, S100YJEK |
| Net assets | 1,165 | 1,331 | 1,224 | 1,327 | 1,493 | S100TUK2, S100W8Z2, S100YJEK |
| Share capital | 30 | 10 | 10 | 10 | 10 | S100R9EJ, S100TUK2, S100W8Z2, S100YJEK |
| Property, plant and equipment | 372 | 339 | 318 | 354 | 382 | S100R9EJ, S100TUK2, S100W8Z2, S100YJEK |
| Intangible assets excluding goodwill | 23 | 344 | 364 | 427 | 775 | S100R9EJ, S100TUK2, S100W8Z2, S100YJEK |
| Goodwill | 10 | 325 | 338 | 300 | 631 | S100R9EJ, S100TUK2, S100W8Z2, S100YJEK |
| Investment securities | 142 | 152 | 133 | 122 | 35 | S100R9EJ, S100TUK2, S100W8Z2, S100YJEK |
| Current assets | 7,832 | 7,477 | 6,865 | 6,077 | 6,181 | S100R9EJ, S100TUK2, S100W8Z2, S100YJEK |
| Current liabilities | 6,169 | 5,901 | 5,560 | 4,818 | 4,672 | S100R9EJ, S100TUK2, S100W8Z2, S100YJEK |
| Trade payables | 992 | 899 | 965 | 751 | 672 | S100R9EJ, S100TUK2, S100W8Z2, S100YJEK |
| Short-term borrowings | 1,950 | 1,630 | 1,340 | 1,040 | 1,090 | S100R9EJ, S100TUK2, S100W8Z2, S100YJEK |
| Long-term borrowings | 1,549 | 1,707 | 1,462 | 1,299 | 1,668 | S100R9EJ, S100TUK2, S100W8Z2, S100YJEK |
| Total liabilities | 8,132 | 8,026 | 7,424 | 6,629 | 6,921 | S100R9EJ, S100TUK2, S100W8Z2, S100YJEK |
| Equity attributable to owners of parent | 1,221 | 1,360 | 1,278 | 1,320 | 1,493 | S100R9EJ, S100TUK2, S100W8Z2, S100YJEK |
| Retained earnings | 1,124 | 1,263 | 1,181 | 1,223 | 1,396 | S100R9EJ, S100TUK2, S100W8Z2, S100YJEK |
| Treasury stock | -99 | -92 | -91 | -91 | -91 | S100R9EJ, S100TUK2, S100W8Z2, S100YJEK |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 28% | S100YJEK |
| Property, plant and equipment | 5% | S100YJEK |
| Intangibles and goodwill | 17% | S100YJEK |
| Investment securities | 0% | S100YJEK |
| Other assets | 50% | S100YJEK |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 8% | S100YJEK |
| Other liabilities | 74% | S100YJEK |
| Equity | 18% | S100YJEK |
| Other liabilities | 0% | S100YJEK |

### 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 | 9,297 | 9,357 | 8,647 | 7,956 | 8,413 |
| Equity | 1,165 | 1,331 | 1,224 | 1,327 | 1,493 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 3,289 | 2,831 | 2,243 | 1,950 | 2,353 |

## 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) | 2.6% | S100YJEK |
| Fixed assets ÷ total assets | 4.5% | S100YJEK |
| Goodwill ÷ parent equity | 42.3% | S100YJEK |

Goodwill over 4 years: 10 → 631 JPY; total investing cash flow: -656 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) | 28.0% |
| Cash ÷ revenue | 16.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 91.7% |
| Cash vs. profit gap | 170 JPY mn (of net income 81.7%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 16.9% |
| Shareholder payments — dividends / FCF | 12.0% |
| CapEx intensity (capex ÷ revenue) | 0.6% |
| Investing CF relative to operating CF | 79.4% |

## 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 | 0.8% | 1.42× | 1.1% | 7.61× | 8.3% | S100R9EJ |
| 2023 | 1.2% | 1.49× | 1.9% | 7.23× | 13.5% | S100TUK2 |
| 2024 | — | —× | -0.3% | —× | — | S100W8Z2 |
| 2025 | 0.3% | 1.68× | 0.5% | 6.39× | 3.2% | S100YJEK |
| 2026 | 1.4% | 1.80× | 2.5% | 5.82× | 14.8% | S100YJEK |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社ヤマノネットワーク | Major shareholder | 13.7% | 2026-03-31 |
| 山野義友 | Major shareholder | 10.9% | 2026-03-31 |
| 株式会社ヤマノビューティメイトグループ | Major shareholder | 9.6% | 2026-03-31 |
| 山野功子 | Major shareholder | 6.0% | 2026-03-31 |
| 山野美容商事株式会社 | Major shareholder | 5.4% | 2026-03-31 |
| 伊藤和則 | Major shareholder | 3.8% | 2026-03-31 |
| YHC取引先持株会 | Major shareholder | 2.9% | 2026-03-31 |
| YHC従業員持株会 | Major shareholder | 2.7% | 2026-03-31 |
| 村山信也 | Major shareholder | 2.6% | 2026-03-31 |
| 株式会社アップフロントグループ | Major shareholder | 2.5% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第40期(2025/04/01－2026/03/31) | S100YJEK | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YJEK,, |
| 有価証券報告書－第39期(2024/04/01－2025/03/31) | S100W8Z2 | 2025-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W8Z2,, |
| 有価証券報告書－第38期(2023/04/01－2024/03/31) | S100TUK2 | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TUK2,, |
| 有価証券報告書－第37期(2022/04/01－2023/03/31) | S100R9EJ | 2023-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R9EJ,, |
| 有価証券報告書－第36期(令和3年4月1日－令和4年3月31日) | S100OM2I | 2022-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OM2I,, |
| 有価証券報告書－第35期(令和2年4月1日－令和3年3月31日) | S100LO1Y | 2021-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LO1Y,, |

## 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).