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Japanese cosmetics maker selling skincare and beauty products primarily through a direct-sales/door-to-door model.
Japanese cosmetics maker selling skincare and beauty products primarily through a direct-sales/door-to-door model.
Sells through consultants who counsel customers in person, so the company controls pricing and skips retailer margins, and sales depend on repeat customers who stay with their consultant. Skin care is the core and health foods a side line. Japan carries the business.
In one line: Japan's Avon/Mary Kay for direct-sales cosmetics.
Moat: narrow (brand, distribution). Established direct-sales consultant network for skincare in Japan.
Headquarters: Kobe, Japan · Founded: 1954 · Employees: 1,354
Size Noevir (4928.T) is a Japan Consumer Staples company (Household/Personal Care) with a market value of $977M, the 744th largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥4,510 on 6 Nov 2026.
Performance Over six months the shares gained 3.1%, against +6.5% for the median peer and +1.8% for the Japan market (cap-weighted) — 11th highest of 21 in its peer set.
Growth Revenue grew 1.0% over the last twelve months (peer median +10.2%); the operating margin is 15.7% (peer median 8.9%).
Valuation It trades at 19.4× forward earnings against a peer median of 19.2× (11th cheapest of 21).
Price implies For today's price to make sense, revenue must grow about -5% a year for seven years (Req g). Recent delivered growth is +5%, so the hurdle is -9 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 19.2 points above its cost of capital (5.0% WACC).
Next results Next results expected around 10 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥63.5B | ¥64.7B | ¥63.8B | ¥62.6B | ¥61.1B |
| Revenue growth | — | +1% | +2% | +2% | — |
| Gross profit | ¥42.6B | ¥43.3B | ¥43.2B | ¥42.6B | ¥42.1B |
| EBITDA | ¥11.0B | ¥11.9B | ¥12.4B | ¥12.2B | ¥11.6B |
| Net income | ¥8.00B | ¥8.03B | ¥7.97B | ¥7.67B | ¥7.59B |
| Free cash flow | n/a | ¥5.66B | ¥8.50B | ¥6.89B | ¥5.30B |
| Capital expenditure | n/a | ¥2.52B | ¥1.01B | ¥1.05B | ¥613M |
| Total debt | ¥684M | ¥742M | ¥828M | ¥914M | ¥1.00B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Noevir 4928.T | $977M | +3% | +1% | 16% | 19.4× | -4.8% |
| Pola Orbis 4927.T | $1.96B | +8% | +1% | 10% | 28.8× | -3.1% |
| KOSE 4922.T | $2.16B | +7% | +3% | 4% | 27.2× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 4928.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +2.4% | +0.3% | 9th highest of 21 |
| 6-month return | +3.1% | +6.5% | 11th highest of 21 |
| Distance from 52-week high | -11.1% | -31.6% | 7th highest of 21 |
| Revenue growth (TTM) | +1.0% | +10.2% | 5th lowest of 21 |
| Operating margin | 15.7% | 8.9% | 5th highest of 21 |
| Forward P/E | 19.4× | 19.2× | 11th cheapest of 21 |
| Growth the price implies (Req g, 7 yrs) | -4.8% | 4.2% | 5th least demanding of 19 |
| Growth delivered (Del g) | +4.5% | +9.8% | 6th lowest of 19 |
| Hurdle (Req g minus delivered) | -9.4 pp | -6.5 pp | 8th least demanding of 19 |
| ROIC minus cost of capital | +19.2 pp | +5.2 pp | 5th highest of 21 |
| EV / EBITDA | 12.0× | 10.5× | 4th most expensive of 13 |
| Net debt / EBITDA | -2.1× | -1.0× | 3rd least indebted of 13 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Noevir 4928.T | Japan | $977M | +3% | +1% | 16% | 19.4× | -4.8% | +4.5% |
| Tongling Jieya Biologic Technology 301108.SZ | China | $961M | +47% | +54% | 7% | 54.0× | n/a | n/a |
| SYoung 300740.SZ | China | $1.00B | -37% | +14% | 3% | 39.6× | 18.1% | +6.1% |
| Dencare (Chongqing) Oral Care 001328.SZ | China | $944M | +15% | +10% | 11% | 28.9× | 4.3% | +10.8% |
| Runben Biotechnology 603193.SS | China | $940M | -33% | +13% | 21% | 18.9× | 1.7% | +28.4% |
| Shanghai Forest Cabin Cosmetics 2657.HK | Hong Kong | $1.06B | 0% | +74% | 18% | 12.1× | 11.5% | +49.0% |
| Galaxy Surfactants GALAXYSURF.NS | India | $819M | +13% | +30% | 9% | 18.6× | 18.0% | +13.7% |
| Cosmecca Korea 241710.KS | South Korea | $798M | +25% | +44% | 13% | 14.4× | -5.9% | +13.6% |
| Shanghai Chicmax Cosmetics 2145.HK | Hong Kong | $1.22B | -52% | +23% | 8% | 15.0× | -5.9% | +21.2% |
| Jyothy Labs JYOTHYLAB.NS | India | $773M | -23% | +5% | 8% | 30.9× | 35.0% | +8.9% |
| Hangzhou Haoyue Personal Care 605009.SS | China | $750M | -19% | +10% | 6% | 17.7× | 4.7% | +7.7% |
| Edgewell Personal Care EPC | United States | $1.29B | +32% | -7% | 6% | 12.4× | 4.1% | +2.7% |
| d'Alba Global 483650.KS | South Korea | $1.32B | -37% | +55% | 21% | 13.6× | -2.2% | +53.0% |
| Milbon 4919.T | Japan | $669M | +30% | +6% | 13% | 22.9× | -3.1% | +8.2% |
| Guangdong Marubi Biotechnology 603983.SS | China | $1.45B | -4% | -6% | 2% | 37.0× | n/a | n/a |
| Chongqing Baiya Sanitary Products 003006.SZ | China | $1.49B | +25% | 0% | 3% | 41.2× | 30.6% | +22.8% |
| Intercos ICOS.MI | Italy | $1.50B | +16% | -5% | 9% | 19.5× | 4.5% | +11.5% |
| AMOREPACIFIC 002790.KS | South Korea | $1.55B | -3% | +9% | 9% | 8.4× | -17.9% | -1.3% |
| Harbin Fuerjia Technology 301371.SZ | China | $1.58B | -30% | +28% | 20% | 22.5× | 8.7% | +3.6% |
| Energizer ENR | United States | $1.63B | +26% | +2% | 16% | 7.2× | -5.2% | +1.5% |
| Pigeon 7956.T | Japan | $1.66B | +30% | +7% | 13% | 26.3× | -1.3% | +1.9% |