Debt-free Balance SheetA zero-debt capital structure with equity rising from ~¥36.3B (2020) to ~¥49.1B (2025) materially increases financial flexibility. This durable strength lowers insolvency risk, supports multi-year investments in product and salon programs, and enables discretionary uses of cash.
Salon-focused Recurring DemandMilbon’s business centers on salon-consumable products and stylist-recommended take-home lines, creating repeat purchasing by salons and end consumers. Combined with salon education/technical programs, this structural demand drives predictable replenishment and higher customer lifetime value.
Consistent Revenue GrowthA multi-year top-line increase to ¥52.9B by 2025 demonstrates steady underlying demand and scale gains. Persistent revenue growth supports longer-term investments in R&D, distribution and training, and helps absorb fixed costs—key durable drivers for margin recovery and market share maintenance.