Overview
Chemicals

ALMADO,INC.

Almado is a pioneer in eggshell membrane (ESM)-based health and beauty products, developing and selling cosmetics and dietary supplements using proprietary eggshell membrane processing technologies, including micro-pulverization and hydrolysis. The company operates through three sales channels: TV shopping (primarily QVC Japan), OEM and wholesale distribution to drug stores and variety shops, and direct-to-consumer via its own e-commerce platform, with approximately 94,000 subscription members as of March 2025. Its competitive strengths lie in scientifically validated eggshell membrane research conducted through industry-academia collaboration projects with leading universities, a growing portfolio of ESM-related patents, and an anti-aging product lineup targeting health-conscious consumers in an aging society.

Market Cap
¥6.78B
US$43.3M
EV
¥8.18B
US$52.1M
Stock¥733▼-0.95%
US$1 = ¥156.80 (2026-10-23)
LTM EV/EBITDA
6.1
x
LTM EV/EBIT
6.3
x
LTM PER
7.3
x
LTM PBR
5.5
x
Stock vs TOPIX (1Y, base=100)vs TOPIX ▼-54.4%pt
10012
Oct 24, 25 – Oct 23, 26StockTOPIX
1Feb 16, 26Activist investor shareholder proposal announcement
2Aug 17, 26Q1 FY2027/03 earnings announced
MC → EV Bridge
6.78BUS$43.3MMarket Cap3.20BUS$20.4M+ Debt1.81BUS$11.5M− Cash0.00BUS$0.00M− Inv. Sec.8.18BUS$52.1MEV
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Performance & Balance
Revenue 5Y (¥B)
5.37US$34.2M'22/36.53US$41.6M'23/37.54US$48.1M'24/38.48US$54.1M'25/310.1US$64.5M'26/3
EBITDA 5Y (¥B)
0.85US$5.43M'22/30.85US$5.40M'23/30.98US$6.22M'24/30.98US$6.24M'25/30.71US$4.54M'26/3
Net Income 5Y (¥B)
0.58US$3.71M'22/30.59US$3.73M'23/30.70US$4.43M'24/30.65US$4.15M'25/30.52US$3.30M'26/3
Capital Structure
28%
72%
EquityD/E 2.58xDebt
Liquidity vs Debt 5Y (¥B)▼ Net Debt
CashInv. Sec.Debt
1.18US$7.50M0.07US$0.46M'22/31.39US$8.85M0.55US$3.52M'23/31.51US$9.65M1.00US$6.38M'24/31.57US$10.0M2.11US$13.4M'25/31.62US$10.4M2.00US$12.8M'26/3
Shareholders
Top 10 hold 47.2%
1
DALMA Co., Ltd.
16.64%
2
CBC Co.,Ltd.
13.24%
3
Oujio Co., Ltd.
5.45%
4
The Master Trust Bank of Japan, Ltd. (Trust Account)
4.64%
5
Yumi SUZUE
3.78%
6
Shiro HOSHINA
1.25%
7
Yasuhiko TAKAHASHI
0.61%
8
Tokyo Tanshi Co., Ltd.
0.57%
9
Katsuhisa DEGUCHI
0.54%
10
ALMADO,INC. Employee Stock Ownership Association
0.51%
Management
6 officers
Hiromasa WARABI
Representative Director, President
Dec 2006 Joined Arata Audit Corporation (currently PwC Japan LLC) Mar 2014 Joined Deloitte Tohmatsu Consulting LLC Jan 2016 Joined Okasan Securities Co., Ltd. Aug 2018 Joined the Company Sep 2018 General Manager, General Planning Office, the Company Jun 2019 Director, the Company Jun 2022 Managing Director, the Company Jun 2026 Representative Director, President, the Company (current)
1982-09-14
Yukio HASEBE
Director
Oct 2000 Founded the Company; Representative Director, President May 2006 Representative Director, Chairman, the Company Nov 2015 Representative Director, DALMA Co., Ltd. (current) Sep 2017 Resigned as Representative Director, Chairman, the Company Jun 2026 Director, the Company (current)
1937-03-27
Hiroyuki OWADA
Director
Apr 1999 Joined American Family Life Insurance Company (currently Aflac Life Insurance Japan Ltd.) Oct 2002 Joined Chuo Aoyama Audit Corporation Jun 2006 Joined Arata Audit Corporation (currently PwC Japan LLC) Jul 2007 Joined Nomura Securities Co., Ltd. Apr 2009 Representative, Owada Certified Public Accountant Office (current) Nov 2014 Director, Stand by C Inc. (current) Jan 2015 Representative Partner, Canal West Consulting LLC (current) Jun 2019 Director, the Company (current) Aug 2023 Supervisory Officer, Heiwa Real Estate REIT, Inc. (current) Dec 2024 Outside Director, Bizcon Next Inc. May 2025 Representative Director, GreenX Co., Ltd. (current)
1976-04-10
Fujio KAMIJO
Full-time Audit & Supervisory Board Member
Apr 1977 Joined Subaru Shinshu Co., Ltd. Nov 1989 Joined PARCO Co., Ltd. May 2006 Joined Bantec Inc. Jul 2012 Joined Hitachi Logistics Bantec Forwarding Co., Ltd. Oct 2014 Full-time Audit & Supervisory Board Member, Port Co., Ltd. Jul 2015 Full-time Audit & Supervisory Board Member, Realize Co., Ltd. Apr 2016 Full-time Audit & Supervisory Board Member, Customers Delight Co., Ltd. Apr 2016 Part-time Audit & Supervisory Board Member, East Planning Co., Ltd. Jun 2018 Audit & Supervisory Board Member, the Company (current)
1954-05-21
Takashi YOKOI
Audit & Supervisory Board Member
Apr 1996 Joined Fujitsu Limited Oct 1999 Joined Ohta Showa Audit Corporation (currently EY ShinNihon LLC) Sep 2006 Joined KPMG FAS Co., Ltd. Oct 2011 Joined Financial Services Agency Inspection Bureau as a designated fixed-term official Sep 2015 Representative Director, H Financial Advisory Co., Ltd. (currently H Consulting Co., Ltd.) (current) Mar 2016 Member, H Tax Accountant Corporation Oct 2018 Representative Member, H Tax Accountant Corporation (current) Jun 2019 Audit & Supervisory Board Member, the Company (current) Mar 2023 Representative Partner, Misago Audit Corporation (current)
1973-11-20
Eriko ISHII
Audit & Supervisory Board Member
Oct 2004 Registered as attorney-at-law (Japan) Oct 2004 Joined Mori Hamada & Matsumoto Dec 2007 Specialist, Corporate Disclosure Division, Financial Services Agency (seconded) Feb 2011 Registered as attorney admitted in New York State Jul 2016 Partner, Shinko Sogo Law Office (current) May 2019 Supervisory Officer, Canadian Solar Infrastructure Fund, Inc. (current) Jun 2019 Audit & Supervisory Board Member, the Company (current) Mar 2020 Outside Director, TAMRON Co., Ltd. (current) Mar 2021 Outside Director (Audit and Supervisory Committee Member), Sun Asterisk Inc. (current) Feb 2022 Supervisory Officer, Advance Private Investment Corporation (current) Oct 2022 Executive Officer, Ichigo Hotel REIT Investment Corporation (current) Jun 2023 Audit & Supervisory Board Member, eREX Co., Ltd. (current) Dec 2023 Outside Director (Audit and Supervisory Committee Member), Smart Drive Co., Ltd. (current)
1981-01-03
Large Shareholding Reports
No filings
Disclosures
No disclosures
Primary Source Filings
TDnet
2026-08-14
Q1 Earnings Flash
FY ending Mar 2027
EDINET
2026-06-22
Annual Securities Report
Period: Apr 2025 – Mar 2026
TDnet
2026-02-13
Q3 Earnings Flash
FY ending Mar 2026
EDINET
2025-11-14
Semi-Annual Securities Report
Period: Apr 2025 – Mar 2026
TDnet
2025-08-14
Q1 Earnings Flash
FY ending Mar 2026
EDINET
2025-06-26
Annual Securities Report
Period: Apr 2024 – Mar 2025
TDnet
2025-02-14
Q3 Earnings Flash
FY ending Mar 2025
EDINET
2024-11-14
Semi-Annual Securities Report
Period: Apr 2024 – Mar 2025
TDnet
2024-08-14
Q1 Earnings Flash
FY ending Mar 2025
EDINET
2024-06-28
Annual Securities Report
Period: Apr 2023 – Mar 2024
EDINET
2024-02-14
Quarterly Securities Report
Period: Oct 2023 – Dec 2023
EDINET
2023-11-14
Quarterly Securities Report
Period: Jul 2023 – Sep 2023
EDINET
2023-08-14
Quarterly Securities Report
Period: Apr 2023 – Jun 2023
EDINET
2023-06-30
Annual Securities Report
Period: Apr 2022 – Mar 2023
EDINET
2023-02-14
Quarterly Securities Report
Period: Sep 2022 – Dec 2022
EDINET
2022-11-14
Quarterly Securities Report
EDINET
2022-08-12
Quarterly Securities Report
EDINET
2022-06-30
Annual Securities Report
EDINET
2022-02-14
Quarterly Securities Report
EDINET
2021-11-15
Quarterly Securities Report
EDINET
2021-08-13
Quarterly Securities Report
EDINET
2021-06-30
Annual Securities Report
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