# YONDOSHI HOLDINGS INC.: 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76期(2025/03/01－2026/02/28) (S100Y6MY)
> Page: https://vizora.meequs.com/en/company/yondoshi-holdings
> Retrieved: 2026-09-30T19:50:43.746Z

## Company

Yondoshi Holdings, founded in 1950, is a company in Watches, Jewelry & Eyewear listed on TSE Prime. It has 1,047 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | YONDOSHI HOLDINGS INC. |
| Ticker | 8008 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8008.T) |
| Listing | TSE Prime |
| Head office | 東京都品川区上大崎二丁目19番10号 |
| Representative (per filing) | 代表取締役社長 増田 英紀 |
| Founded | May 1950 |
| Share capital | ¥2.49B |
| Employees (consolidated) | 1,047 |
| Average salary (parent only) | ¥4.9M |
| Fiscal year end | February |
| Website | yondoshi.co.jp (https://yondoshi.co.jp/) |
| Corporate number | 3010701025184 |
| EDINET | E02621 |
| Industries (Vizora) | Watches, Jewelry & Eyewear, Apparel |

> Profile source: annual securities report (S100Y6MY, filed 2026-05-27). As of filing

## Five-axis industry profile

Primary industry: Watches, Jewelry & Eyewear (2026-02-28)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 72.5 | 20 |
| Profitability | 32.5 | 20 |
| Cash conversion | 28.9 | 19 |
| Efficiency | 50 | 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)

- About 65% of Yondoshi Holdings's sales come from Brand Business, with Apparel Business making up much of the rest.
- Out of every ¥100 of sales, about ¥4 is left as operating profit.
- Revenue changed +52.4% from the prior year, operating profit +43.0%.

## Company structure

- Segment revenue mix: Brand Business 64.8%、Apparel Business 35.2%
- Revenue → net income: ¥69962000000 → ¥1792000000
- Net income → operating cash flow: ¥1792000000 → ¥1102000000（difference ¥-690000000）
- Main uses of operating cash flow: CapEx ¥709000000 / dividends ¥1795000000 / buybacks ¥0
- Change in cash: ¥-379000000
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 | ¥70B |  |
| Operating income | ¥2.8B | Margin 4.0% |
| Net income | ¥1.79B | Margin 2.6% |
| Free cash flow | ¥393M |  |
| Largest business | Brand Business | of segment revenue 64.8% |
| Employees (consolidated) | 1,047 |  |
| EPS | ¥6.55 |  |
| Book value per share | ¥1053.08 |  |
| Equity ratio | 59.6% |  |
| Shares outstanding | 24,331,000 |  |
| Treasury shares | 2,682,500 |  |
| Shareholders | 33,912 |  |
| Average salary (parent only) | ¥4.9M | Filing company only |
| Cash ratio | 1.9% | Cash ÷ revenue 1.9% |
| Vs. industry median margin | -2.6 pp | Watches, Jewelry & Eyewear |
| ROE | 5.3% | Derived from disclosed figures |
| ROA | 2.6% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 74% of positive segment profit
- FY2026, employees -3% while operating income rose 43%
- FY2026, cash is 2% of total assets

## What changed in 5 years

| Metric | FY ending Feb 2021 | FY ending Feb 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥39449000000 | ¥69962000000 | +77.3% |
| Operating income | ¥2767000000 | ¥2802000000 | +1.3% |
| Operating margin | 7.0% | 4.0% | -3 pp |
| Employees | 1,356 people | 1,047 people | -22.8% |
| Cash and equivalents | ¥2732000000 | ¥1326000000 | -51.5% |

### 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 |
| --- | ---: |
| ジュエリー事業 → 事業再編・廃止 | 52.3% |
| アパレル事業 → アパレル事業 | 35.2% |
| アパレル事業 → 事業再編・廃止 | 12.5% |
| 新設・再編 → ブランド事業 | 64.8% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 69,962 | 100.0% | S100Y6MY |
| Cost of revenue | 46,713 | 66.8% | S100Y6MY |
| Gross profit | 23,249 | 33.2% | S100Y6MY |
| SG&A | 20,446 | 29.2% | S100Y6MY |
| Operating income | 2,802 | 4.0% | S100Y6MY |
| Ordinary income | 3,164 | 4.5% | S100Y6MY |
| Pretax income | 3,179 | 4.5% | S100Y6MY |
| Income tax | 1,387 | 2.0% | S100Y6MY |
| Net income | 1,792 | 2.6% | S100Y6MY |
| Net income attributable to owners | 1,792 | 2.6% | S100Y6MY |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 67 |
| SG&A | 29 |
| Operating income | 4 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 33.2% → Operating margin 4.0% → Net margin 2.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +52.4%; Core profit growth: +43.0%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.82×
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 | 45,902 | 69,962 | 24,060 | +52.4% |
| Gross profit | 19,942 | 23,249 | 3,307 | +16.6% |
| Operating income | 1,960 | 2,802 | 842 | +43.0% |
| Net income attributable to owners | 1,377 | 1,792 | 415 | +30.1% |
| Operating cash flow | 3,023 | 1,102 | -1,921 | -63.5% |
| Free cash flow | 2,208 | 393 | -1,815 | -82.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Feb 2020 | 44,970 | 3,975 | 8.8% | 2,475 | 2,433 | 1,648 | S100LF16 |
| FY ending Feb 2021 | 39,449 | 2,767 | 7.0% | 1,622 | 6,633 | 5,913 | S100P5OG |
| FY ending Feb 2022 | 38,123 | 1,788 | 4.7% | 1,490 | 1,871 | 1,273 | S100QTTU |
| FY ending Feb 2023 | 39,508 | 1,979 | 5.0% | 1,149 | 3,103 | 2,085 | S100TJJ4 |
| FY ending Feb 2024 | 39,457 | 2,096 | 5.3% | 1,300 | 2,666 | 1,583 | S100VUWH |
| FY ending Feb 2025 | 45,902 | 1,960 | 4.3% | 1,377 | 3,023 | 2,208 | S100Y6MY |
| FY ending Feb 2026 | 69,962 | 2,802 | 4.0% | 1,792 | 1,102 | 393 | S100Y6MY |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥66.8M |
| Operating income per employee (consolidated) | ¥2.7M |
| Net income per employee (consolidated) | ¥1.7M |

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) | 1,252 | 1,149 | 1,003 | 1,076 | 1,047 |
| Average salary (parent company) | ¥4.8M | ¥4.7M | ¥5.1M | ¥5.3M | ¥4.9M |
| Average age (parent company) | 44.3 years | 44.2 years | 42.5 years | 38.8 years | 38.1 years |
| Average tenure (parent company) | 12.2 years | 9.7 years | 12.0 years | 8.8 years | 7.3 years |

Year over year: Employees (consolidated) -2.7% · Revenue (consolidated) +52.4%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Brand Business | 45,346 | 64.8% | 2,859 | 6.3% |
| Apparel Business | 24,615 | 35.2% | 996 | 4.0% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Brand Business | 64.8% | 74.2% | 9.3 | 6.3% |
| Apparel Business | 35.2% | 25.8% | -9.3 | 4.0% |

Segment → industry: Brand Business → Watches, Jewelry & Eyewear / Apparel Business → Apparel

## 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 | 1,102 | 1.6% | S100Y6MY |
| Capital expenditure | 709 | 1.0% | S100Y6MY |
| Free cash flow | 393 | 0.6% | 算出 |
| Investing cash flow | 2,266 | 3.2% | S100Y6MY |
| Financing cash flow | -3,748 | -5.4% | S100Y6MY |
| Dividends paid | 1,795 | 2.6% | S100Y6MY |
| Share buyback | 0 | 0.0% | S100Y6MY |
| Change in cash | -379 | -0.5% | S100Y6MY |
| Cash and equivalents | 1,326 | 1.9% | S100Y6MY |

## 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 | 2,900 | 1,799 | 1,570 | 1,705 | 1,326 | S100TJJ4, S100VUWH, S100Y6MY |
| Total assets | 56,884 | 50,211 | 50,643 | 66,494 | 68,836 | S100QTTU, S100TJJ4, S100VUWH, S100Y6MY |
| Net assets | 42,917 | 38,214 | 38,596 | 38,935 | 41,067 | S100TJJ4, S100VUWH, S100Y6MY |
| Share capital | 2,486 | 2,486 | 2,486 | 2,486 | 2,486 | S100QTTU, S100TJJ4, S100VUWH, S100Y6MY |
| Trade receivables | 2,445 | 2,876 | 2,905 | 2,926 | 3,455 | S100QTTU, S100TJJ4, S100VUWH, S100Y6MY |
| Property, plant and equipment | 10,899 | 10,538 | 10,316 | 10,267 | 9,652 | S100QTTU, S100TJJ4, S100VUWH, S100Y6MY |
| Intangible assets excluding goodwill | 2,523 | 2,107 | 1,724 | 10,567 | 9,358 | S100QTTU, S100TJJ4, S100VUWH, S100Y6MY |
| Goodwill | 2,234 | 1,737 | 1,241 | 8,553 | 7,650 | S100QTTU, S100TJJ4, S100VUWH, S100Y6MY |
| Investment securities | 24,037 | 19,408 | 20,530 | 21,475 | 22,612 | S100QTTU, S100TJJ4, S100VUWH, S100Y6MY |
| Current assets | 14,899 | 13,699 | 13,941 | 19,939 | 23,006 | S100QTTU, S100TJJ4, S100VUWH, S100Y6MY |
| Current liabilities | 5,447 | 5,872 | 5,605 | 12,305 | 13,603 | S100QTTU, S100TJJ4, S100VUWH, S100Y6MY |
| Trade payables | 2,181 | 2,089 | 2,369 | 1,957 | 2,286 | S100QTTU, S100TJJ4, S100VUWH, S100Y6MY |
| Short-term borrowings | — | — | — | 4,900 | 4,900 | S100Y6MY |
| Long-term borrowings | — | — | — | 8,000 | 6,000 | S100Y6MY |
| Total liabilities | 13,966 | 11,996 | 12,047 | 27,559 | 27,769 | S100QTTU, S100TJJ4, S100VUWH, S100Y6MY |
| Equity attributable to owners of parent | 35,215 | 34,584 | 34,109 | 33,706 | 33,720 | S100QTTU, S100TJJ4, S100VUWH, S100Y6MY |
| Retained earnings | 31,707 | 31,056 | 30,567 | 30,153 | 30,150 | S100QTTU, S100TJJ4, S100VUWH, S100Y6MY |
| Treasury stock | -6,175 | -6,148 | -6,123 | -6,104 | -6,074 | S100QTTU, S100TJJ4, S100VUWH, S100Y6MY |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 2% | S100Y6MY |
| Receivables | 5% | S100Y6MY |
| Property, plant and equipment | 14% | S100Y6MY |
| Intangibles and goodwill | 25% | S100Y6MY |
| Investment securities | 33% | S100Y6MY |
| Other assets | 21% | S100Y6MY |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 3% | S100Y6MY |
| Other liabilities | 37% | S100Y6MY |
| Equity | 60% | S100Y6MY |

### 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 | 56,884 | 50,211 | 50,643 | 66,494 | 68,836 |
| Equity | 42,917 | 38,214 | 38,596 | 38,935 | 41,067 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 2,900 | 1,799 | 1,570 | 1,705 | 1,326 |

## 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) | 13.8% | S100Y6MY |
| Fixed assets ÷ total assets | 14.0% | S100Y6MY |
| Goodwill ÷ parent equity | 22.7% | S100Y6MY |

Goodwill over 4 years: 2,234 → 7,650 JPY; total investing cash flow: -11,638 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) | 1.9% |
| Cash ÷ revenue | 1.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 39.3% |
| Cash vs. profit gap | -690 JPY mn (of net income -38.5%) |
| Shareholder returns / net income | 100.2% |
| Shareholder returns / FCF | 456.7% |
| Shareholder payments — dividends / net income | 100.2% |
| Shareholder payments — dividends / FCF | 456.7% |
| CapEx intensity (capex ÷ revenue) | 1.0% |
| Investing CF relative to operating CF | 205.6% |

## 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 | 3.9% | 0.67× | 2.6% | 1.62× | 4.2% | S100QTTU |
| 2023 | 2.9% | 0.74× | 2.1% | 1.53× | 3.3% | S100TJJ4 |
| 2024 | 3.3% | 0.78× | 2.6% | 1.47× | 3.8% | S100VUWH |
| 2025 | 3.0% | 0.78× | 2.4% | 1.73× | 4.1% | S100Y6MY |
| 2026 | 2.6% | 1.03× | 2.6% | 2.01× | 5.3% | S100Y6MY |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行㈱（信託口） | Major shareholder | 7.2% | 2026-02-28 |
| ㈱広島銀行（常任代理人㈱日本カストディ銀行） | Major shareholder | 4.9% | 2026-02-28 |
| ４℃ホールディングスグループ共栄会 | Major shareholder | 4.0% | 2026-02-28 |
| ㈱伊予銀行（常任代理人㈱日本カストディ銀行） | Major shareholder | 3.4% | 2026-02-28 |
| 大田 敏子 | Major shareholder | 2.9% | 2026-02-28 |
| 尾山 嗣雄 | Major shareholder | 1.8% | 2026-02-28 |
| 第一生命保険㈱（常任代理人㈱日本カストディ銀行） | Major shareholder | 1.8% | 2026-02-28 |
| ㈱日本カストディ銀行（三井住友信託銀行再信託分・㈱もみじ銀行退職給付信託口） | Major shareholder | 1.6% | 2026-02-28 |
| 住川 志満子 | Major shareholder | 1.6% | 2026-02-28 |
| ㈱日本カストディ銀行（信託口） | Major shareholder | 1.5% | 2026-02-28 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第76期(2025/03/01－2026/02/28) | S100Y6MY | 2026-05-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y6MY,, |
| 有価証券報告書－第75期(2024/03/01－2025/02/28) | S100VUWH | 2025-05-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VUWH,, |
| 有価証券報告書－第74期(2023/03/01－2024/02/29) | S100TJJ4 | 2024-05-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TJJ4,, |
| 有価証券報告書－第73期(2022/03/01－2023/02/28) | S100QTTU | 2023-05-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QTTU,, |
| 訂正有価証券報告書－第72期(令和3年3月1日－令和4年2月28日) | S100P5OG | 2022-09-09 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100P5OG,, |
| 有価証券報告書－第71期(令和2年3月1日－令和3年2月28日) | S100LF16 | 2021-05-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LF16,, |

## 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).