Transferring Coverage of Japanese Beauty Companies Shiseido and Kosé; Moats Downgraded to None
We transfer coverage of Shiseido and Kosé, Japan's two largest beauty companies, whose portfolios span premium skincare and color cosmetics.
Kose Holdings Corp 4922
Bulls Say, Bears Say
Bulls
Increasing polarization of consumer spending on cosmetics in Japan suggests demand for prestige cosmetics should stay resilient regardless of economic uncertainty, allowing Decorté and Albion to accelerate share gains.
Bears
Chinese consumers’ downtrading and increased local competition will cap sales growth, weaken Decorté and Albion’s brand equity, increase reliance on promotions, and hinder margin expansion.
Trading Information
- Previous Close Price
- ¥5,945.00
- Day Range
- ¥5,773.00–5,966.00
- 52-Week Range
- ¥4,910.00–6,500.00
- Bid/Ask
- ¥5,782.00 / ¥5,805.00
- Shares Outstanding
- 56.75M
- Market Cap
- ¥328.76B
- Volume/Avg
- 261,900 / 314,234
Key Statistics
- Price/Earnings (Normalized)
- 36.82
- Price/Sales
- 1.01
- Dividend Yield (Trailing)
- 2.35%
- Dividend Yield (Forward)
- 2.35%
- Dividend Payment Schedule
- Mar, Sep
- Total Yield
- 3.38%
Company Profile
Founded in 1946 by Kozaburo Kobayashi and headquartered in Tokyo, Kose´ is one of Japan’s leading premium beauty companies, with a portfolio of more than 30 brands spanning skincare, color cosmetics, and fragrance categories. As of the end of 2025, it is the 10th largest company in the global premium skincare category and the ninth largest in the global color cosmetics category. Its key brands, Decorté, Albion, Sekkisei, Kose´, and Tarte, accounted for 80% of Kose´’s 2025 revenue. Kose´ operates across 40 countries, with Japan accounting for 65% of 2025 sales, Asia-Pacific 13%, and North America 19%. The Kobayashi family has retained a long-standing influence over Kose´’s management across generations.
- Sector
- Consumer Defensive
- Industry
- Household & Personal Products
- Stock Style Box
- Mid Core
- Total Number of Employees
- 13,135
- Website
- https://corp.kose.co.jp
Competitors
Valuation
|
Metric
|
4922
|
OR
|
4911
|
|---|---|---|---|
Price/Earnings (Normalized) | 36.82 | 34.52 | 37.50 |
Price/Book Value | 1.19 | 6.77 | 2.31 |
Price/Sales | 1.01 | 5.07 | 1.47 |
Price/Cash Flow | 12.82 | 26.29 | 12.36 |
Price/Earnings
4922
OR
4911
Financial Strength
|
Metric
|
4922
|
OR
|
4911
|
|---|---|---|---|
Quick Ratio | 2.12 | 0.58 | 0.82 |
Current Ratio | 3.50 | 0.97 | 1.38 |
Interest Coverage | 434.88 | 19.89 | −0.79 |
Quick Ratio
4922
OR
4911
Profitability
|
Metric
|
4922
|
OR
|
4911
|
|---|---|---|---|
Return on Assets (Normalized) | 5.40% | 11.46% | 1.57% |
Return on Equity (Normalized) | 7.44% | 20.96% | 3.25% |
Return on Invested Capital (Normalized) | 6.41% | 15.09% | 1.85% |
Return on Assets
4922
OR
4911
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