# airCloset, Inc.: business model and financials

> Latest period: FY ending Jun 2026, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第12期(2025/07/01－2026/06/30) (S100Z3ST)
> Page: https://vizora.meequs.com/en/company/air-closet
> Retrieved: 2026-09-30T21:04:27.491Z

## Company

airCloset, founded in 2014, is a company in Apparel listed on TSE Growth. It has 81 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | airCloset, Inc. |
| Ticker | 9557 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9557.T) |
| Listing | TSE Growth |
| Head office | 東京都港区南青山三丁目1番31号 |
| Representative (per filing) | 代表取締役社長兼CEO 天沼 聰 |
| Founded | Jul 2014 |
| Share capital | ¥56.9M |
| Employees (consolidated) | 81 |
| Average salary (parent only) | ¥5.8M |
| Fiscal year end | June |
| Website | corp.air-closet.com (https://corp.air-closet.com/) |
| Corporate number | 6040001086707 |
| EDINET | E37796 |
| Industries (Vizora) | Apparel |

> Profile source: annual securities report (S100Z3ST, filed 2026-09-24). As of filing

## Five-axis industry profile

Primary industry: Apparel (2026-06-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 90 | 55 |
| Profitability | 12.3 | 61 |
| Efficiency | 87.7 | 61 |

Each axis is shown independently. Missing values are labeled unavailable; no combined score is calculated. Industry rank is not an investment recommendation.

## Key points (generated from figures)

- airCloset brought in ¥5.18B in revenue.
- It lost about ¥5 for every ¥100 of sales at the operating level.
- Revenue changed +4.4% from the prior year, operating profit -328.9%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥5.18B |  |
| Operating income | -¥234.5M | Margin -4.5% |
| Net income | -¥246.7M | Margin -4.8% |
| Free cash flow | -¥412.7M |  |
| Employees (consolidated) | 81 |  |
| EPS | ¥-29.78 |  |
| Book value per share | ¥35.63 |  |
| Equity ratio | 11.2% |  |
| Shareholders | 3,383 |  |
| Average salary (parent only) | ¥5.8M | Filing company only |
| Cash ratio | 25.3% | Cash ÷ revenue 12.9% |
| Vs. industry median margin | -7.6 pp | Apparel |
| ROA | -9.2% | Derived from disclosed figures |

## Notable figures

- FY2026, parent-company salary changed +22% over five years
- FY2026, cash is 25% of total assets

## What changed in 5 years

| Metric | FY ending Jun 2021 | FY ending Jun 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥2887057000 | ¥5175679000 | +79.3% |
| Operating income | ¥38378000 | ¥-234470000 | -710.9% |
| Operating margin | 1.3% | -4.5% | -5.9 pp |
| Employees | 62 people | 81 people | +30.6% |
| Cash and equivalents | ¥789046000 | ¥665320000 | -15.7% |

### Change in segment revenue mix

Span: FY ending Jun 2021 → FY ending Jun 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

## Income statement（FY ending Jun 2026, non-consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 5,176 | 100.0% | S100Z3ST |
| Cost of revenue | 2,840 | 54.9% | S100Z3ST |
| Gross profit | 2,335 | 45.1% | S100Z3ST |
| SG&A | 2,570 | 49.6% | S100Z3ST |
| Operating income | -234 | -4.5% | S100Z3ST |
| Ordinary income | -252 | -4.9% | S100Z3ST |
| Pretax income | -246 | -4.8% | S100Z3ST |
| Income tax | 1 | 0.0% | S100Z3ST |
| Net income | -247 | -4.8% | S100Z3ST |

## Per ¥100 of revenue（FY ending Jun 2026）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 55 |
| SG&A | 50 |
| Operating income | -5 |
| (Ref.) Net income | -5 |

### Margin funnel

Gross margin 45.1% → Operating margin -4.5% → Net margin -4.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Turned to a loss
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Jun 2025 → FY ending Jun 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 4,958 | 5,176 | 218 | +4.4% |
| Gross profit | 2,378 | 2,335 | -43 | -1.8% |
| Operating income | 102 | -234 | -337 | -328.9% |
| Operating cash flow | 1,061 | 941 | -120 | -11.3% |
| Free cash flow | -273 | -413 | -139 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Jun 2021 | 2,887 | 38 | 1.3% | -345 | 353 | -444 | S100P9J7 |
| FY ending Jun 2022 | 3,390 | -52 | -1.5% | -378 | 156 | -661 | S100RY2A |
| FY ending Jun 2023 | 3,740 | -188 | -5.0% | -354 | 479 | -399 | S100UEYL |
| FY ending Jun 2024 | 4,216 | -36 | -0.8% | -53 | 803 | -109 | S100WQ8N |
| FY ending Jun 2025 | 4,958 | 102 | 2.1% | 24 | 1,061 | -273 | S100Z3ST |
| FY ending Jun 2026 | 5,176 | -234 | -4.5% | -247 | 941 | -413 | S100Z3ST |

## People and productivity（FY ending Jun 2026, non-consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥63.9M |
| Operating income per employee (consolidated) | -¥2.9M |
| Net income per employee (consolidated) | -¥3M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 | FY ending Jun 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 69 | 67 | 70 | 79 | 81 |
| Average salary (parent company) | ¥4.7M | ¥4.9M | ¥5M | ¥5.7M | ¥5.8M |
| Average age (parent company) | 30.5 years | 31.2 years | 31.9 years | 32.0 years | 32.5 years |
| Average tenure (parent company) | 2.9 years | 3.4 years | 3.9 years | 3.8 years | 3.7 years |

Year over year: Employees (consolidated) +2.5% · Revenue (consolidated) +4.4%

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Jun 2026, non-consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 941 | 18.2% | S100Z3ST |
| Capital expenditure | 1,353 | 26.1% | S100Z3ST |
| Free cash flow | -413 | -8.0% | 算出 |
| Investing cash flow | -1,409 | -27.2% | S100Z3ST |
| Financing cash flow | 41 | 0.8% | S100Z3ST |
| Change in cash | -427 | -8.3% | S100Z3ST |
| Cash and equivalents | 665 | 12.9% | S100Z3ST |

## Balance sheet

Figures are as of each fiscal year end. Derived values are marked as such in the source column. Lease liabilities are excluded from interest-bearing debt.

| Metric | FY ending Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 | FY ending Jun 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,140 | 1,252 | 1,455 | 1,093 | 665 | S100UEYL, S100WQ8N, S100Z3ST |
| Total assets | 2,186 | 2,504 | 2,710 | 2,753 | 2,627 | S100RY2A, S100UEYL, S100WQ8N, S100Z3ST |
| Net assets | 323 | 558 | 510 | 554 | 306 | S100UEYL, S100WQ8N, S100Z3ST |
| Share capital | 1,116 | 50 | 50 | 56 | 57 | S100RY2A, S100UEYL, S100WQ8N, S100Z3ST |
| Property, plant and equipment | 315 | 477 | 612 | 1,018 | 1,317 | S100RY2A, S100UEYL, S100WQ8N, S100Z3ST |
| Intangible assets excluding goodwill | 2 | 1 | 1 | 0 | — | S100RY2A, S100UEYL, S100WQ8N, S100Z3ST |
| Current assets | 1,580 | 1,906 | 1,910 | 1,567 | 1,097 | S100RY2A, S100UEYL, S100WQ8N, S100Z3ST |
| Current liabilities | 662 | 959 | 1,214 | 1,618 | 1,716 | S100RY2A, S100UEYL, S100WQ8N, S100Z3ST |
| Short-term borrowings | 253 | 225 | 417 | 573 | 684 | S100RY2A, S100UEYL, S100WQ8N, S100Z3ST |
| Long-term borrowings | 1,175 | 960 | 960 | 560 | 540 | S100RY2A, S100UEYL, S100WQ8N, S100Z3ST |
| Total liabilities | 1,863 | 1,946 | 2,200 | 2,199 | 2,321 | S100RY2A, S100UEYL, S100WQ8N, S100Z3ST |
| Equity attributable to owners of parent | 322 | 558 | 505 | 541 | 295 | S100RY2A, S100UEYL, S100WQ8N, S100Z3ST |
| Retained earnings | -2,053 | -354 | -407 | -384 | -631 | S100RY2A, S100UEYL, S100WQ8N, S100Z3ST |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 25% | S100Z3ST |
| Property, plant and equipment | 50% | S100Z3ST |
| Other assets | 25% | S100Z3ST |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 88% | S100Z3ST |
| Equity | 12% | S100Z3ST |

### Balance sheet history

| Metric | FY ending Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 | FY ending Jun 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 2,186 | 2,504 | 2,710 | 2,753 | 2,627 |
| Equity | 323 | 558 | 510 | 554 | 306 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,140 | 1,252 | 1,455 | 1,093 | 665 |

## Asset intensity and goodwill

Ratios are derived from reported values. Goodwill is used only when separately reported, never inferred from combined intangible assets.

| Metric | Value | Sources |
| --- | ---: | ---: |
| Asset intensity (fixed assets ÷ revenue) | 25.4% | S100Z3ST |
| Fixed assets ÷ total assets | 50.1% | S100Z3ST |
| Goodwill ÷ parent equity | — | —, S100Z3ST |

### Cash quality

Net cash = cash − interest-bearing debt. Net debt ratio = (interest-bearing debt − cash) ÷ positive operating cash flow. Omit when debt components are incomplete; other ratios are derived from reported figures.

| Metric | Value |
| --- | ---: |
| Cash ratio (cash ÷ total assets) | 25.3% |
| Cash ÷ revenue | 12.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | 1,187 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 26.1% |
| Investing CF relative to operating CF | 149.8% |

## ROA and ROE

ROE is decomposed into net margin × asset turnover × financial leverage. Leverage can raise ROE, so the ratio alone does not assess a company's condition. Ending balances are used without a prior year; total equity approximates parent equity when unavailable.

| Period | Net margin | Asset turnover | ROA | Financial leverage | ROE | Sources |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | — | —× | -17.3% | —× | — | S100RY2A |
| 2023 | — | —× | -15.1% | —× | — | S100UEYL |
| 2024 | — | —× | -2.0% | —× | — | S100WQ8N |
| 2025 | 0.5% | 1.81× | 0.9% | 5.22× | 4.5% | S100Z3ST |
| 2026 | — | —× | -9.2% | —× | — | S100Z3ST |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 天沼 聰 | Major shareholder | 16.8% | 2026-06-30 |
| 寺田倉庫株式会社 | Major shareholder | 10.2% | 2026-06-30 |
| Monoful Pte. Ltd. | Major shareholder | 10.0% | 2026-06-30 |
| MLPFS CUSTODY ACCOUNT | Major shareholder | 9.7% | 2026-06-30 |
| 住友商事株式会社 | Major shareholder | 4.8% | 2026-06-30 |
| 前川 祐介 | Major shareholder | 3.8% | 2026-06-30 |
| 株式会社SBI証券 | Major shareholder | 2.7% | 2026-06-30 |
| 小谷 翔一 | Major shareholder | 1.9% | 2026-06-30 |
| 中園化学株式会社 | Major shareholder | 1.9% | 2026-06-30 |
| 株式会社エイブル＆パートナーズ | Major shareholder | 1.5% | 2026-06-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第12期(2025/07/01－2026/06/30) | S100Z3ST | 2026-09-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Z3ST,, |
| 有価証券報告書－第11期(2024/07/01－2025/06/30) | S100WQ8N | 2025-09-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WQ8N,, |
| 有価証券報告書－第10期(2023/07/01－2024/06/30) | S100UEYL | 2024-09-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UEYL,, |
| 有価証券報告書－第9期(2022/07/01－2023/06/30) | S100RY2A | 2023-09-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RY2A,, |
| 有価証券報告書－第8期(令和3年7月1日－令和4年6月30日) | S100P9J7 | 2022-09-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100P9J7,, |

## Definitions

- Amounts are in millions of JPY (rounded). The period is stated in each table heading
- Operating margin = operating income ÷ revenue. Net income is attributable to owners of the parent when disclosed
- Free cash flow (FCF) = operating cash flow − capital expenditure
- ¥100 model = breakdown per ¥100 of revenue (rounded so parts sum to 100)
- Segment revenues include inter-segment sales and may not sum to consolidated revenue
- Source IDs are EDINET document IDs (docID). "算出" (derived) means computed from other disclosed values
- All figures are extracted mechanically from filings. AI-written text never generates figures
- Source: company filings submitted to EDINET (Financial Services Agency of Japan). Figures were extracted, edited and processed, and charts and text were created, by Vizora — not by the FSA (used under the Public Data License v1.0).