Noevir Holdings Co., Ltd.
4928・Prime Market・Chemicals
Business
Noevir Holdings Co., Ltd. is a holding company for a group comprising 13 companies, including Noevir Co., Ltd. and Tokiwa Yakuhin Kogyo Co., Ltd. Its core business is the Cosmetics Business (Counseling, Self-Selection, and OEM), which accounts for approximately 78% of net sales, alongside the manufacture and sale of pharmaceuticals and food (approximately 18%), and Other Businesses such as air transport and apparel (approximately 4%). Domestically, the company utilizes face-to-face sales, drugstore, and medical institution channels, and it also has subsidiaries in the U.S., Canada, Taiwan, China, and Europe. Its main customers are general consumers, with PALTAC Corporation and Ida Ryogokudo Co., Ltd. serving as major sales channels, together accounting for approximately 30% of total net sales. The company was founded in 1964 and transitioned to the Prime Market of the Tokyo Stock Exchange in 2022.
Business Model
In the Cosmetics Business, Noevir Co., Ltd. enters into consignment sales agreements with its distributors, maintaining customer touchpoints through a system that shifts inventory risk away from distributors while preventing stock-outs. Counseling Cosmetics (Noevir Brand) sales achieve high unit prices through face-to-face and salon-based sales, while Self-Selection Cosmetics (Tokiwa Yakuhin Kogyo Brand) sales are distributed widely to drugstores and medical institutions via wholesalers. The Pharmaceuticals & Food Business combines the home medicine distribution channel with retail distribution to form a stable earnings base. Proprietary formulation and plant extract technologies, backed by R&D spending of ¥1,134 million, support brand differentiation.
Company Strengths
In FY2025 (ending September 2025), the Cosmetics Business segment achieved a profit margin of 24.3% (net sales of ¥50,525 million, segment profit of ¥12,292 million). Sales of high-unit-price products through counseling sales and distribution cost optimization via the consignment sales model are driving overall group profitability.
As of the end of FY2025 (ending September 2025), the equity ratio stood at 70.3%, with net assets of ¥54,209 million and cash and cash equivalents of ¥26,723 million. The company maintains a policy of funding operations with cash on hand rather than relying on interest-bearing debt, resulting in a financial soundness level that is high even within the industry.
The company advances research and development at four locations: Tokyo, Shiga, Suzuka, and Shokanbetsu-dake in Hokkaido. In April 2025, it doubled the research space at the Tokyo Research Institute. With R&D expenditure of ¥1,134 million during the fiscal year under review, the company has presented basic research findings on plant extracts, multilayer liposomes, epigenetics, and other topics at academic conferences, and the accumulation of proprietary technologies forms a competitive advantage.
ENVALITH's Perspective
Performance Trend
Over the past five fiscal years, revenue maintained a gradual growth trend, rising from ¥51,272 million (FY2021) to ¥64,724 million (FY2025), but turned to a decline in the interim period of FY2026 (ending September 2026), falling to ¥30,615 million (down 4.4% year on year). Operating profit fell sharply to ¥4,534 million (down 20.6% year on year), with the operating margin declining from 17.8% in the same period of the previous year to 14.8%. Both mainstay businesses—the Cosmetics Business (revenue down 5.0%) and the Pharmaceuticals & Food Business (down 3.8%)—saw revenue declines. As an external factor, economic uncertainty stemming from the situation in the Middle East and other issues may have affected personal consumption. Net profit increased to ¥2,718 million (up 2.9% year on year), securing growth thanks to the recording of an extraordinary gain of ¥922 million from the sale of fixed assets, but underlying earning power appears to be on a declining trend. The full-year forecast remains unchanged, premised on a substantial recovery in the second half.
Growth Strategy
Achieving sustainable and disciplined growth through brand value enhancement, R&D strengthening, and accelerated diversification
Promoting deeper customer engagement through face-to-face sales and salon development for Counseling Cosmetics, along with expansion of drugstore and medical institution channels for Self-Selection Cosmetics. In the interim period, net sales were ¥24,173 million, down 5.0% year on year, making it urgent to realize the effects of channel-strengthening measures.
Promoting deeper proprietary R&D capabilities leveraging the company's own farm and multiple research laboratories, along with improved supply stability through diversification of production and logistics, as a medium- to long-term strategy. Software investment increased substantially from ¥89 million at the end of the previous fiscal year to ¥895 million, indicating accelerating digital and systems investment.
Promoting expansion of food wholesale and retail through overseas subsidiaries in the U.S., Canada, and Taiwan, along with increased production volume through improved manufacturing capacity. In the interim period, net sales were ¥5,385 million (down 3.8% year on year) and segment profit was ¥389 million (down 8.5% year on year), reflecting lower revenue and profit, with an impairment loss of ¥120 million also recorded in the Pharmaceuticals & Food Business segment.
Last updated: July 17, 2026