# Alpen Co.,Ltd.: business model and financials

> Latest period: FY ending Jun 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第54期(2025/07/01－2026/06/30) (S100Z2YO)
> Page: https://vizora.meequs.com/en/company/alpen
> Retrieved: 2026-09-30T20:18:03.040Z

## Company

Alpen, founded in 1972, is a company in Outdoor & Sporting Goods Stores listed on TSE Prime. It has 3,275 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Alpen Co.,Ltd. |
| Ticker | 3028 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3028.T) |
| Listing | TSE Prime |
| Head office | 名古屋市中区丸の内二丁目9番40号 |
| Representative (per filing) | 代表取締役社長 水野 敦之 |
| Founded | Jul 1972 |
| Share capital | ¥15.2B |
| Employees (consolidated) | 3,275 |
| Average salary (parent only) | ¥5.7M |
| Fiscal year end | June |
| Website | store.alpen-group.jp (https://store.alpen-group.jp/) |
| Corporate number | 7180001024676 |
| EDINET | E03475 |
| Industries (Vizora) | Outdoor & Sporting Goods Stores |

> Profile source: annual securities report (S100Z2YO, filed 2026-09-24). As of filing

## Five-axis industry profile

Primary industry: Outdoor & Sporting Goods Stores (2026-06-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 50 | 3 |
| Profitability | 83.3 | 3 |
| Cash conversion | 16.7 | 3 |
| Efficiency | 50 | 3 |

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)

- Alpen brought in ¥286B in revenue.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed +6.4% from the prior year, operating profit +0.3%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥285954000000 → ¥6267000000
- Net income → operating cash flow: ¥6267000000 → ¥10712000000（difference ¥4445000000）
- Main uses of operating cash flow: CapEx ¥9451000000 / dividends ¥1869000000 / buybacks ¥5540000000
- Change in cash: ¥-244000000
Segment shares use total reported segment revenue, which may include inter-segment sales. The cash bridge is operating cash flow minus net income and combines non-cash items and working-capital effects.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥286B |  |
| Operating income | ¥8.54B | Margin 3.0% |
| Net income | ¥6.27B | Margin 2.2% |
| Free cash flow | ¥1.26B |  |
| Employees (consolidated) | 3,275 |  |
| EPS | ¥162.96 |  |
| Book value per share | ¥3191.09 |  |
| Equity ratio | 58.9% |  |
| Shares outstanding | 38,888,000 |  |
| Treasury shares | 329,800 |  |
| Shareholders | 44,302 |  |
| Average salary (parent only) | ¥5.7M | Filing company only |
| Cash ratio | 7.3% | Cash ÷ revenue 5.5% |
| Vs. industry median margin | +2 pp | Outdoor & Sporting Goods Stores |
| ROE | 5.3% | Derived from disclosed figures |
| ROA | 3.0% | Derived from disclosed figures |

## Notable figures

- FY2026, buybacks were 3.0× dividends

## What changed in 5 years

| Metric | FY ending Jun 2021 | FY ending Jun 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥233215000000 | ¥285954000000 | +22.6% |
| Operating income | ¥15088000000 | ¥8543000000 | -43.4% |
| Operating margin | 6.5% | 3.0% | -3.5 pp |
| Employees | 2,982 people | 3,275 people | +9.8% |
| Cash and equivalents | ¥57159000000 | ¥15729000000 | -72.5% |

### 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, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 285,954 | 100.0% | S100Z2YO |
| Cost of revenue | 172,916 | 60.5% | S100Z2YO |
| Gross profit | 113,037 | 39.5% | S100Z2YO |
| SG&A | 104,494 | 36.5% | S100Z2YO |
| Operating income | 8,543 | 3.0% | S100Z2YO |
| Ordinary income | 10,072 | 3.5% | S100Z2YO |
| Pretax income | 9,366 | 3.3% | S100Z2YO |
| Income tax | 3,098 | 1.1% | S100Z2YO |
| Net income | 6,267 | 2.2% | S100Z2YO |
| Net income attributable to owners | 6,267 | 2.2% | S100Z2YO |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 60 |
| SG&A | 37 |
| Operating income | 3 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 39.5% → Operating margin 3.0% → Net margin 2.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +6.4%; Core profit growth: +0.3%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.05×
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 | 268,655 | 285,954 | 17,299 | +6.4% |
| Gross profit | 107,564 | 113,037 | 5,473 | +5.1% |
| Operating income | 8,516 | 8,543 | 27 | +0.3% |
| Net income attributable to owners | 5,573 | 6,267 | 694 | +12.5% |
| Operating cash flow | 9,080 | 10,712 | 1,632 | +18.0% |
| Free cash flow | 1,876 | 1,261 | -615 | -32.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Jun 2020 | 217,943 | 4,133 | 1.9% | 17 | 7,806 | 2,875 | S100MH3Z |
| FY ending Jun 2021 | 233,215 | 15,088 | 6.5% | 10,773 | 46,882 | 41,229 | S100P91N |
| FY ending Jun 2022 | 232,332 | 7,153 | 3.1% | 5,310 | -4,700 | -9,176 | S100RX6X |
| FY ending Jun 2023 | 244,540 | 5,062 | 2.1% | 5,469 | 5,785 | -394 | S100UDX1 |
| FY ending Jun 2024 | 252,936 | 3,330 | 1.3% | 1,733 | 5,705 | -3,854 | S100WQEC |
| FY ending Jun 2025 | 268,655 | 8,516 | 3.2% | 5,573 | 9,080 | 1,876 | S100Z2YO |
| FY ending Jun 2026 | 285,954 | 8,543 | 3.0% | 6,267 | 10,712 | 1,261 | S100Z2YO |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥87.3M |
| Operating income per employee (consolidated) | ¥2.6M |
| Net income per employee (consolidated) | ¥1.9M |

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) | 2,948 | 2,993 | 3,127 | 3,257 | 3,275 |
| Average salary (parent company) | ¥5.4M | ¥5.9M | ¥5.5M | ¥5.6M | ¥5.7M |
| Average age (parent company) | 42.6 years | 42.7 years | 42.1 years | 41.6 years | 41.3 years |
| Average tenure (parent company) | 16.8 years | 16.8 years | 16.3 years | 16.0 years | 15.8 years |

Year over year: Employees (consolidated) +0.6% · Revenue (consolidated) +6.4%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 10,712 | 3.7% | S100Z2YO |
| Capital expenditure | 9,451 | 3.3% | S100Z2YO |
| Free cash flow | 1,261 | 0.4% | 算出 |
| Investing cash flow | -10,575 | -3.7% | S100Z2YO |
| Financing cash flow | -456 | -0.2% | S100Z2YO |
| Dividends paid | 1,869 | 0.7% | S100Z2YO |
| Share buyback | 5,540 | 1.9% | S100Z2YO |
| Change in cash | -244 | -0.1% | S100Z2YO |
| Cash and equivalents | 15,729 | 5.5% | S100Z2YO |

## 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 | 29,059 | 18,238 | 18,840 | 15,974 | 15,729 | S100UDX1, S100WQEC, S100Z2YO |
| Total assets | 193,299 | 186,505 | 201,884 | 205,920 | 214,443 | S100RX6X, S100UDX1, S100WQEC, S100Z2YO |
| Net assets | 111,328 | 115,700 | 117,240 | 121,142 | 126,359 | S100UDX1, S100WQEC, S100Z2YO |
| Share capital | 15,163 | 15,163 | 15,163 | 15,163 | 15,163 | S100RX6X, S100UDX1, S100WQEC, S100Z2YO |
| Property, plant and equipment | 43,517 | 44,808 | 48,246 | 49,514 | 52,616 | S100RX6X, S100UDX1, S100WQEC, S100Z2YO |
| Intangible assets excluding goodwill | 3,718 | 3,194 | 2,707 | 2,665 | 2,400 | S100RX6X, S100UDX1, S100WQEC, S100Z2YO |
| Investment securities | 2,136 | 3,564 | 4,309 | 4,964 | 4,516 | S100RX6X, S100UDX1, S100WQEC, S100Z2YO |
| Current assets | 113,199 | 101,631 | 112,100 | 113,597 | 117,541 | S100RX6X, S100UDX1, S100WQEC, S100Z2YO |
| Current liabilities | 71,412 | 60,888 | 70,489 | 73,233 | 68,764 | S100RX6X, S100UDX1, S100WQEC, S100Z2YO |
| Trade payables | 46,874 | 14,674 | 17,473 | 16,957 | 17,931 | S100RX6X, S100UDX1, S100WQEC, S100Z2YO |
| Short-term borrowings | — | — | 7,000 | 6,000 | 4,500 | S100WQEC, S100Z2YO |
| Long-term borrowings | 3,000 | — | 4,000 | — | 8,000 | S100RX6X, S100WQEC, S100Z2YO |
| Total liabilities | 81,971 | 70,804 | 84,644 | 84,777 | 88,084 | S100RX6X, S100UDX1, S100WQEC, S100Z2YO |
| Equity attributable to owners of parent | 110,790 | 113,805 | 113,627 | 117,289 | 121,048 | S100RX6X, S100UDX1, S100WQEC, S100Z2YO |
| Retained earnings | 74,183 | 77,716 | 77,523 | 81,170 | 85,026 | S100RX6X, S100UDX1, S100WQEC, S100Z2YO |
| Treasury stock | -182 | -701 | -685 | -671 | -768 | S100RX6X, S100UDX1, S100WQEC, S100Z2YO |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 7% | S100Z2YO |
| Property, plant and equipment | 25% | S100Z2YO |
| Intangibles and goodwill | 1% | S100Z2YO |
| Investment securities | 2% | S100Z2YO |
| Other assets | 65% | S100Z2YO |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 8% | S100Z2YO |
| Other liabilities | 33% | S100Z2YO |
| Equity | 59% | S100Z2YO |

### 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 | 193,299 | 186,505 | 201,884 | 205,920 | 214,443 |
| Equity | 111,328 | 115,700 | 117,240 | 121,142 | 126,359 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 29,059 | 18,238 | 18,840 | 15,974 | 15,729 |

## 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) | 18.4% | S100Z2YO |
| Fixed assets ÷ total assets | 24.5% | S100Z2YO |
| Goodwill ÷ parent equity | — | —, S100Z2YO |

### 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) | 7.3% |
| Cash ÷ revenue | 5.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 125.4% |
| Cash vs. profit gap | 4,445 JPY mn (of net income 70.9%) |
| Shareholder returns / net income | 118.2% |
| Shareholder returns / FCF | 587.5% |
| Shareholder payments — dividends / net income | 29.8% |
| Shareholder payments — dividends / FCF | 148.2% |
| CapEx intensity (capex ÷ revenue) | 3.3% |
| Investing CF relative to operating CF | 98.7% |

## 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 | 2.3% | 1.20× | 2.7% | 1.74× | 4.8% | S100RX6X |
| 2023 | 2.2% | 1.29× | 2.9% | 1.69× | 4.9% | S100UDX1 |
| 2024 | 0.7% | 1.30× | 0.9% | 1.71× | 1.5% | S100WQEC |
| 2025 | 2.1% | 1.32× | 2.7% | 1.77× | 4.8% | S100Z2YO |
| 2026 | 2.2% | 1.36× | 3.0% | 1.76× | 5.3% | S100Z2YO |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ㈱ミズノ・ホールディングス | Major shareholder | 35.2% | 2026-06-30 |
| 水野泰三 | Major shareholder | 11.5% | 2026-06-30 |
| 水野敦之 | Major shareholder | 8.6% | 2026-06-30 |
| 日本マスタートラスト信託銀行㈱ (信託口) | Major shareholder | 4.2% | 2026-06-30 |
| アルペン社員持株会 | Major shareholder | 1.3% | 2026-06-30 |
| BNYM SA/NV FOR BNYM FOR BNYM GCM CLIENT ACCTS M ILM FE （常任代理人 大澤正和） | Major shareholder | 0.8% | 2026-06-30 |
| モルガン・スタンレーMUFG証券㈱ | Major shareholder | 0.5% | 2026-06-30 |
| JPモルガン証券㈱ | Major shareholder | 0.5% | 2026-06-30 |
| STATE STREET BANK AND TRUST COMPANY 510499 （常任代理人 日置貴史） | Major shareholder | 0.4% | 2026-06-30 |
| ㈱日本カストディ銀行（信託口） | Major shareholder | 0.3% | 2026-06-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第54期(2025/07/01－2026/06/30) | S100Z2YO | 2026-09-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Z2YO,, |
| 有価証券報告書－第53期(2024/07/01－2025/06/30) | S100WQEC | 2025-09-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WQEC,, |
| 有価証券報告書－第52期(2023/07/01－2024/06/30) | S100UDX1 | 2024-09-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UDX1,, |
| 有価証券報告書－第51期(2022/07/01－2023/06/30) | S100RX6X | 2023-09-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RX6X,, |
| 有価証券報告書－第50期(令和3年7月1日－令和4年6月30日) | S100P91N | 2022-09-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100P91N,, |
| 有価証券報告書－第49期(令和2年7月1日－令和3年6月30日) | S100MH3Z | 2021-09-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MH3Z,, |

## 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).