Medirom Healthcare Technologies Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 6 fiscal years, taken from the XBRL data Medirom Healthcare Technologies Inc. files with the SEC in its annual reports.

In JPY millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2020	FY2020	FY2021	FY2022	FY2023	FY2024
Revenue	3,908	3,342	5,410	6,954	6,828	8,299
Cost of revenue				5,052	5,259	6,053
Gross profit				1,902	1,569	2,246
Selling, general and administrative	872	1,069	1,823	1,805	1,960	2,242
Operating income	34.4	-746	-471	97	-392	-18.1
Interest expense	13.6	13.2	12	9.8	36.9	49.7
Interest income	1.34	1.33	0.84	6.07	1.11	0.01
Other non-operating income	-1.61	119	56.1	82.8	412	65.8
Pre-tax income	32.7	-627	-414	180	20.6	47.7
Income tax	16	-87.5	576	30.8	-94.4	-90.5
Net income to minority interests					-0.36
Net income	17.3	-539	-991	149	115	149
EBITDA	80.5	-684	-344	281	-139	272
EPS, basic	4.63	-133.97	-203.13	30.54	23.64	29.13
EPS, diluted	4.06	-133.97	-203.13	27.23	22.34	28.52
Shares, basic (weighted)	3.75	4.02	4.88	4.88	4.88	5.11
Shares, diluted (weighted)	4.27	4.02	4.88	5.47	5.17	5.85

Balance sheet

	FY2020	FY2020	FY2021	FY2022	FY2023	FY2024
Cash and equivalents	514	1,440	371	605	106	329
Short-term investments	38.5	32.5	26.5	26.5	26.5	6.16
Receivables	337	149	312	535	622	1,355
Inventory	5.51	7.96	18.7	114	140	152
Other current assets	47.5	47.2	111	293	258	217
Total current assets	1,379	2,087	1,382	2,363	1,759	2,706
Property, plant and equipment	169	236	425	424	451	436
Lease right-of-use assets	1,830	1,579	1,824	1,955	2,089	2,074
Goodwill	78.3	151	600	539	485	389
Intangible assets	77.6	97.6	391	404	921	1,139
Long-term investments	14	0.5	53	53	81.5	87.4
Other non-current assets	54.5	79.5	107	13.7	16.7	80.6
Total assets	4,757	5,713	5,753	6,747	6,849	8,091
Accounts payable	123	67	231	208	138	1,014
Accrued liabilities	448	889	866	1,384	1,262	326
Deferred revenue	202	172	104	89	109	53.5
Short-term debt	372	242	162	99.2	100	621
Total current liabilities	2,263	2,653	3,196	3,642	3,561	4,181
Long-term debt	151	668	747	1,150	1,051	764
Lease liabilities	1,137	993	1,129	1,213	1,335	1,288
Other non-current liabilities	5.59	7.72	25.2	30.4	9.8	17.4
Total liabilities	4,157	5,222	5,961	6,807	6,633	6,903
Total debt	342	911	909	1,249	1,151	1,385
Paid-in capital	713	1,018	1,265	1,265	114	355
Retained earnings	-705	-1,703	-2,694	-2,545	80.3	229
Treasury stock	-3	-3	-3	-3	-3	-3
Shareholders' equity	600	491	-208	-59.4	211	933
Minority interests					5.08	54.6
Total equity	600	491	-208	-59.4	216	988
Total liabilities and equity	4,757	5,713	5,753	6,747	6,849	8,091
Shares outstanding						7.9

Cash flow statement

	FY2020	FY2020	FY2021	FY2022	FY2023	FY2024
Net income	17.3	-539	-991	149	115	138
Depreciation and amortization	46.2	62.3	126	184	253	290
Stock-based compensation			197
Deferred income tax	5.74	-107	551		-102	-189
Change in receivables	-66.9	189	-37	-222	581	339
Change in inventory	0.89	-2.45	-2.44	-95.4	-25.9	-10.6
Change in payables	-18.7	-55.6	58.4	-23.3	-69.9	877
Cash from operations	7.87	-366	-557	-686	-632	-1,332
Capital expenditures	-7.41	-73.6	-95.7	-121	-136	-71.4
Acquisitions	-3.2	-99.2	-376	-148		-21.3
Purchases of investments	-37.9	-26.7	-26.4			-5.66
Cash from investing	-37.9	-140	-83.9	580	-329	361
Debt issued		775		548		300
Debt repaid	-234	-206	-251	-45.3	-99.1	-96.7
Stock issued	700	6.75
Cash from financing	332	1,432	-428	340	461	1,193
Net change in cash	302	926	-1,069	235	-499	223
Free cash flow	0.46	-440	-653	-806	-768	-1,403
Interest paid	11.9	10.2	10.9	7.54	34.6	47.6
Income taxes paid	24.3	7.01	45.5	30.8	52.1	12.8

Key metrics

Worked out from the statements above. Latest values use fiscal 2024. No valuation: the share price is quoted in a different currency than the statements.

Profitability

Metric	Value	How it is calculated
Gross margin	27.1%	Gross profit / revenue.
Operating margin	-0.2%	Operating income / revenue.
EBITDA margin	3.3%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	0.6%	Pre-tax income / revenue.
Net margin	1.8%	Net income / revenue.
FCF margin	-16.9%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	-16.0%	Cash from operations / revenue.
Effective tax rate	-189.6%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	26.0%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	2.0%	Net income / average total assets.
Return on invested capital (ROIC)	-0.9%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	27.0%	Selling, general and administrative expense / revenue.
Capex / revenue	0.9%	Capital expenditures / revenue.
D&A / revenue	3.5%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	21.5%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	15.3%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	16.3%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	43.2%	Gross profit vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 5y	27.6%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	28.9%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 5y	53.7%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	27.7%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 5y	47.7%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	342.6%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 5y	9.2%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	18.1%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	12.0%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	11.2%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	13.3%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	6.3%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	6.5%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	0.65x	Current assets / current liabilities.
Quick ratio	0.40x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.08x	(Cash + short-term investments) / current liabilities.
Debt / equity	1.48x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	17.1%	Total debt / total assets.
Liabilities / assets	85.3%	Total liabilities / total assets.
Net debt	¥1.05B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	3.86x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	-0.36x	Operating income / interest expense.
Working capital	-¥1.48B	Current assets - current liabilities.
Goodwill and intangibles / assets	18.9%	(Goodwill + intangible assets) / total assets.
Tangible book value	-¥595.2M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.11x	Revenue / average total assets.
Fixed asset turnover	18.7x	Revenue / average property, plant and equipment.
Inventory turnover	41.5x	Cost of revenue / average inventory.
Days inventory	9 days	365 x average inventory / cost of revenue.
Receivables turnover	8.39x	Revenue / average receivables.
Days sales outstanding	43 days	365 x average receivables / revenue.
Days payables	35 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	18 days	Days inventory + days sales outstanding - days payables.
FCF conversion	-943.2%	Free cash flow / net income, when net income is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	¥28.52	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	¥29.13	Net income per basic share, as reported (split-adjusted).
Revenue per share	¥1,418.00	Revenue / diluted weighted shares.
FCF per share	-¥239.78	Free cash flow / diluted weighted shares.
Operating cash flow per share	-¥227.58	Cash from operations / diluted weighted shares.
Book value per share	¥118.11	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-¥75.32	Tangible book value / shares outstanding.
Cash per share	¥42.46	(Cash + short-term investments) / shares outstanding.

What was Medirom Healthcare Technologies Inc.'s revenue in fiscal 2024?

Medirom Healthcare Technologies Inc. reported revenue of ¥8.3B for fiscal 2024, 21.5% higher than the year before.

Was Medirom Healthcare Technologies Inc. profitable in fiscal 2024?

Yes. Net income was ¥148.8M, a net margin of 1.8%.

How much free cash flow did Medirom Healthcare Technologies Inc. generate in fiscal 2024?

Cash from operations of ¥1.33B minus capital expenditures of ¥71.4M left free cash flow of -¥1.4B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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