7085
CURVES HOLDINGS Co., Ltd.
株式会社カーブスホールディングス
Services
CURVES HOLDINGS Co., Ltd. engages in the operation and management of fitness club for women under the Curves brand name in Japan and internationally. CURVES HOLDINGS Co., Ltd. was founded in 2005 and is headquartered in Tokyo, Japan.
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Overview
Filings & Signals
Ownership
Financials
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Income Statement
Balance Sheet
Cash Flow
Ratios & Per Share
Metric
FY 2025
EDINET ↗
FY 2024
EDINET ↗
FY 2023
EDINET ↗
FY 2022
EDINET ↗
FY 2021
EDINET ↗
Net Sales
¥37.6B
¥35.5B
¥30.0B
¥27.5B
¥24.7B
Cost of Sales
¥21.5B
¥20.3B
¥17.2B
¥15.5B
¥14.3B
Gross Profit
¥16.0B
¥15.1B
¥12.8B
¥12.0B
¥10.4B
SG&A
¥9.7B
¥9.7B
¥9.0B
¥9.2B
¥8.8B
Operating Income
¥6.3B
¥5.5B
¥3.9B
¥2.7B
¥1.6B
Non-Operating Income
¥206M
¥78M
¥46M
¥633M
¥168M
Non-Operating Expenses
¥66M
¥64M
¥55M
¥65M
¥73M
Interest Expense
¥61M
¥45M
¥48M
¥56M
¥66M
Ordinary Income
¥6.5B
¥5.5B
¥3.8B
¥3.3B
¥1.7B
Pre-tax Income
¥6.5B
¥5.4B
¥3.8B
¥3.1B
¥1.7B
Income Taxes
¥2.2B
¥1.9B
¥1.3B
¥887M
¥576M
Current Tax
¥2.6B
¥2.2B
¥2.0B
¥1.2B
¥1.0B
Deferred Tax
¥-426M
¥-287M
¥-686M
¥-287M
¥-436M
Net Income (owners)
¥4.3B
¥3.6B
¥2.6B
¥2.2B
¥1.1B
Comprehensive Income
¥2.3B
¥5.4B
¥3.5B
¥5.2B
¥1.5B
EBITDA
¥7.2B
¥6.3B
¥4.9B
¥3.6B
¥2.4B
Goodwill Amort. (J-GAAP)
¥112M
¥111M
¥102M
¥88M
¥80M
EPS
¥46.75
¥38.75
¥27.71
¥24.20
¥12.04
Shares Outstanding
93.9M
93.9M
93.9M
93.9M
93.9M
Shares Issued (total)
93.9M
93.9M
93.9M
93.9M
93.9M
Treasury Shares
0.0M
0.0M
0.0M
0.0M
0.0M
Metric
FY 2025
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FY 2024
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FY 2023
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FY 2022
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FY 2021
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Total Assets
¥39.2B
¥41.4B
¥39.1B
¥38.4B
¥36.3B
Current Assets
¥16.9B
¥15.5B
¥14.3B
¥13.7B
¥15.0B
Cash & Deposits
¥8.7B
¥8.3B
¥8.1B
¥8.2B
¥9.8B
Trade Receivables
¥5.6B
¥5.1B
¥4.4B
¥4.2B
—
Inventories
¥1.4B
¥1.2B
¥986M
¥933M
¥1.1B
Non-Current Assets
¥22.3B
¥25.9B
¥24.8B
¥24.6B
¥21.3B
PP&E
¥602M
¥483M
¥437M
¥425M
¥506M
Goodwill
¥1.3B
¥1.6B
¥1.5B
¥1.6B
¥1.3B
Intangible Assets
¥20.4B
¥24.2B
¥23.2B
¥23.4B
¥20.1B
Investment Securities
—
—
¥17M
¥29M
¥60M
Deferred Tax Assets
¥854M
¥725M
¥721M
¥399M
¥288M
Total Liabilities
¥19.0B
¥22.0B
¥24.0B
¥26.0B
¥27.1B
Current Liabilities
¥11.5B
¥11.7B
¥10.7B
¥9.3B
¥8.9B
Accounts Payable
¥2.7B
¥2.3B
¥2.0B
¥1.7B
¥1.7B
ST Debt
¥2.0B
¥3.3B
¥3.3B
¥3.3B
¥3.1B
Taxes Payable
¥1.3B
¥1.1B
¥1.2B
¥649M
¥695M
Non-Current Liabilities
¥7.6B
¥10.3B
¥13.4B
¥16.7B
¥18.2B
Total LT Borrowings
¥3.3B
¥5.4B
¥8.7B
¥12.0B
¥14.3B
Deferred Tax Liab.
¥3.7B
¥4.4B
¥4.3B
¥4.4B
¥3.7B
Total Equity
¥20.2B
¥19.4B
¥15.1B
¥12.4B
¥9.2B
Capital Stock
¥848M
¥849M
¥849M
¥849M
¥849M
Capital Surplus
¥828M
¥829M
¥829M
¥829M
¥829M
Retained Earnings
¥15.4B
¥12.7B
¥10.2B
¥8.4B
¥7.0B
Treasury Stock
¥-1.2B
¥-1.2B
¥-1.2B
¥-1.2B
¥-0M
AOCI
¥4.3B
¥6.3B
¥4.4B
¥3.5B
¥498M
Equity (owners)
¥15.9B
¥13.2B
¥10.6B
¥8.9B
¥8.7B
Total Interest-Bearing Debt ⓘ
¥5.4B
¥8.7B
¥12.0B
¥15.2B
¥17.4B
Net Cash ⓘ
¥3.3B
¥-369M
¥-3.8B
¥-7.0B
¥-7.7B
NCAV ⓘ
¥-2.1B
¥-6.5B
¥-9.7B
¥-12.3B
¥-12.2B
NCAV/Share
¥-23
¥-69
¥-103
¥-131
¥-130
BV/Share
¥169
¥140
¥113
¥94
¥92
Metric
FY 2025
EDINET ↗
FY 2024
EDINET ↗
FY 2023
EDINET ↗
FY 2022
EDINET ↗
FY 2021
EDINET ↗
Operating CF
¥6.2B
¥5.4B
¥4.9B
¥3.3B
¥3.2B
Taxes Paid
¥-2.5B
¥-2.1B
¥-1.5B
¥-1.3B
¥-173M
Interest Paid
¥-60M
¥-44M
¥-51M
¥-56M
¥-66M
Interest Received
¥6M
¥1M
¥0M
¥0M
¥0M
D&A
¥720M
¥716M
¥909M
¥798M
¥664M
Goodwill Amort.
¥112M
¥111M
¥102M
¥88M
¥80M
Investing CF
¥-727M
¥-967M
¥-892M
¥-944M
¥-733M
CapEx
¥151M
¥149M
¥162M
¥218M
¥250M
Proceeds from Invest.
—
¥20M
—
—
—
Financing CF
¥-4.9B
¥-4.3B
¥-4.1B
¥-4.2B
¥-2.3B
Dividends Paid
¥-1.6B
¥-1.0B
¥-798M
¥-798M
¥-469M
Share Buybacks
¥0M
¥-0M
—
¥-1.2B
—
LT Debt Repaid
¥-3.3B
¥-3.3B
¥-3.3B
¥-3.2B
¥-1.8B
Free Cash Flow
¥6.1B
¥5.3B
¥4.8B
¥3.1B
¥3.0B
Net Change in Cash
¥381M
¥147M
¥-88M
¥-1.8B
¥226M
Metric
FY 2025
EDINET ↗
FY 2024
EDINET ↗
FY 2023
EDINET ↗
FY 2022
EDINET ↗
FY 2021
EDINET ↗
ROE
21.8%
20.7%
18.6%
20.9%
13.1%
ROA
10.7%
8.9%
6.6%
6.0%
3.1%
EPS
¥46.75
¥38.75
¥27.71
¥24.20
¥12.04
DPS
¥17.00
¥15.00
¥10.00
¥7.00
¥5.00
BPS
¥218.99
¥210.83
¥163.70
¥134.22
¥97.63
FCF/Share
¥65
¥56
¥51
¥33
¥32
NCAV/Share
¥-23
¥-69
¥-103
¥-131
¥-130
Payout Ratio
36.4%
38.7%
36.1%
28.9%
41.5%
Event Timeline
S Shareholder
A Capital Signal
▾ Hide Chart
Large Shareholder Reports 21
Date Activist Stake Event Flag Demands Source
2026-05-13
Youzan
31.72%
change
Passive
—
2026-03-23
FMR LLC
9.96%
change
Passive
—
2026-03-06
FMR LLC
9.96%
-0.03%
change
Passive
—
2025-11-20
Osamu Koshidaka
4.99%
-0.55%
change
Passive
—
2025-09-22
FMR LLC
9.99%
-0.01%
change
Passive
—
2025-09-05
FMR LLC
10.0%
+0.09%
change
Passive
—
2025-03-24
FMR LLC
9.91%
+0.23%
change
Passive
—
2025-02-21
FMR LLC
9.68%
-0.23%
change
Passive
—
2025-02-20
Invesco Asset Management (Japan) Limited
4.96%
-0.49%
change
Passive
—
2025-02-10
Takeshi Masumoto
7.66%
change
Passive
—
2024-12-05
Osamu Koshidaka
5.54%
change
Passive
—
2024-11-07
Invesco Asset Management (Japan) Limited
5.45%
-1.13%
change
Passive
—
2024-07-26
Takeshi Masumoto
7.66%
correction
Passive
—
2024-07-25
Takeshi Masumoto
7.66%
change
Passive
—
2024-07-17
Hiroshi Koshidaka
32.7%
change
Passive
—
2024-07-16
Takeshi Masumoto
7.66%
change
Passive
—
2024-05-22
Mizuho Securities Co., Ltd.
5.3%
initial_5pct
Passive
—
2024-05-21
Invesco Asset Management (Japan) Limited
6.58%
-1.03%
change
Passive
—
2024-05-08
Invesco Asset Management (Japan) Limited
7.61%
change
Passive
—
2024-04-22
FMR LLC
9.91%
change
Passive
—
2024-03-05
Hiroshi Koshidaka
32.7%
change
Passive
—
Top 10 Shareholders
Ownership DNA
#
Shareholder
Shares (thou.)
% of Total
1
株式会社ヨウザン
29,768,000
31.71%
2
Japan Master Trust Bank
日本マスタートラスト信託銀行株式会社(信託口)
10,230,700
10.90%
3
NORTHERN TRUST CO.(AVFC) RE FIDELITY FUNDS
NORTHERN TRUST CO.(AVFC) RE FIDELITY FUNDS(常任代理人 香港上海銀行東京支店 カストディ業務部)
6,104,237
6.50%
4
株式会社ティーワイエヌ
5,109,900
5.44%
5
株式会社アイエムオー
3,784,000
4.03%
6
Japan Custody Bank
株式会社日本カストディ銀行(信託口)
2,696,800
2.87%
7
坂本 眞樹
2,077,447
2.21%
8
増本 陽子
2,077,447
2.21%
9
Japan Custody Bank
株式会社日本カストディ銀行(信託E口)
1,795,970
1.91%
10
THE NOMURA TRUST AND BANKING CO., LTD. AS THE TRUSTEE OF REPURCHASE AGREEMENT MOTHER FUND (常任代理人 シティバンク、エヌ・エイ東京支店 カストディ業務部)
1,773,400
1.88%
Domestic Nominees
15.7%
-0.2% vs 2024
Trust bank custodians — GPIF, pensions, investment trusts
Foreign Custodians
6.5%
-4.2% vs 2024
Sub-custodians for foreign asset managers
Direct / Strategic
47.5%
+1.9% vs 2024
Named entities with disclosed investment intent
Shareholder
Trend
2023
2024
2025
式会社ヨウザン
22.72%
31.71%
31.71%
Japan Master Trust Bank
日本マスタートラスト信託銀行
10.02%
10.46%
10.90%
+0.44%
Northern Trust
8.61%
9.06%
6.50%
-2.56%
式会社ティーワイエヌ
—
5.44%
5.44%
Japan Custody Bank
日本カストディ銀行
2.50%
5.41%
4.78%
-0.63%
式会社アイエムオー
4.03%
4.03%
4.03%
増本 陽子
—
2.21%
2.21%
坂本 眞樹
2.21%
2.21%
2.21%
THE NOMURA TRUST AND BANKING CO., LTD. AS THE TRUSTEE OF REPURCHASE AGREEMENT MOTHER FUND
NEW ENTRY
—
—
—
1.88%
NEW
BNY Mellon
last seen 2024
Exited Top 10
2.76%
1.68%
—
腰髙 修
last seen 2023
Exited Top 10
2.22%
—
—
増本 岳
last seen 2023
Exited Top 10
5.44%
—
—
腰髙 博
last seen 2023
Exited Top 10
9.84%
—
—
Concentration (HHI)
ⓘ
857
1285
1249
3 fiscal years · top-10 holders per year · >2,500 HHI = high concentration · entity-resolved