# and ST HD Co., Ltd.: business model and financials

> Latest period: FY ending Feb 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第76期(2025/03/01－2026/02/28) (S100Y5ZC)
> Page: https://vizora.meequs.com/en/company/and-st-hd
> Retrieved: 2026-09-30T19:51:13.587Z

## Company

and ST HD, founded in 1953, is a company in Apparel listed on TSE Prime. It has 6,936 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | and ST HD Co., Ltd.(旧英訳名 Adastria Co., Ltd.)(注) 2025年9月1日をもって当社商号を「株式会社アダストリア(英訳名 Adastria Co., Ltd.)」から「株式会社アンドエスティHD(英訳名 and ST HD Co., Ltd.)」へ変更いたしました。 |
| Ticker | 2685 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2685.T) |
| Listing | TSE Prime |
| Head office | 茨城県水戸市泉町3丁目1番27号 |
| Representative (per filing) | 代表取締役社長 福田泰生 |
| Founded | Oct 1953 |
| Share capital | ¥2.66B |
| Employees (consolidated) | 6,936 |
| Average salary (parent only) | ¥4.3M |
| Fiscal year end | February |
| Website | www.andst-hd.co.jp (https://www.andst-hd.co.jp/) |
| Corporate number | 1050001002254 |
| EDINET | E03368 |
| Industries (Vizora) | Apparel, Restaurants & Pubs |

> Profile source: annual securities report (S100Y5ZC, filed 2026-05-26). As of filing

## Five-axis industry profile

Primary industry: Apparel (2026-02-28)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 84.5 | 55 |
| Profitability | 66.4 | 61 |
| Cash conversion | 67 | 47 |
| Efficiency | 94.3 | 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)

- About 95% of and ST HD's sales come from Apparel and Miscellaneous goods Related, with Other making up much of the rest.
- Out of every ¥100 of sales, about ¥6 is left as operating profit.
- Revenue changed +3.8% from the prior year, operating profit +6.5%.

## Company structure

- Segment revenue mix: Apparel and Miscellaneous goods Related 95.2%、Other 4.8%
- Revenue → net income: ¥304351000000 → ¥9489000000
- Net income → operating cash flow: ¥9489000000 → ¥20566000000（difference ¥11077000000）
- Main uses of operating cash flow: CapEx ¥13847000000 / dividends ¥4688000000 / buybacks ¥636000000
- Change in cash: ¥3738000000
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 | ¥304.4B |  |
| Operating income | ¥16.5B | Margin 5.4% |
| Net income | ¥9.5B | Margin 3.1% |
| Free cash flow | ¥6.72B |  |
| Largest business | Apparel and Miscellaneous goods Related | of segment revenue 95.2% |
| Employees (consolidated) | 6,936 |  |
| EPS | ¥118.31 |  |
| Book value per share | ¥1464.69 |  |
| Equity ratio | 58.3% |  |
| Shares outstanding | 48,800,000 |  |
| Treasury shares | 2,011,300 |  |
| Shareholders | 51,336 |  |
| Average salary (parent only) | ¥4.3M | Filing company only |
| Cash ratio | 17.8% | Cash ÷ revenue 8.2% |
| Vs. industry median margin | +2.4 pp | Apparel |
| ROE | 12.3% | Derived from disclosed figures |
| ROA | 7.0% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.2× net income
- FY2026, employees 0% while operating income rose 7%

## What changed in 5 years

| Metric | FY ending Feb 2021 | FY ending Feb 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥183870000000 | ¥304351000000 | +65.5% |
| Operating income | ¥766000000 | ¥16524000000 | +2057.2% |
| Operating margin | 0.4% | 5.4% | +5 pp |
| Employees | 5,701 people | 6,936 people | +21.7% |
| Cash and equivalents | ¥24082000000 | ¥24820000000 | +3.1% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| 新設・再編 → アパレル・雑貨関連事業 | 95.2% |
| 新設・再編 → その他 | 4.8% |

Segment revenue source references: 2 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 304,351 | 100.0% | S100Y5ZC |
| Cost of revenue | 138,242 | 45.4% | S100Y5ZC |
| Gross profit | 166,108 | 54.6% | S100Y5ZC |
| SG&A | 149,583 | 49.1% | S100Y5ZC |
| Operating income | 16,524 | 5.4% | S100Y5ZC |
| Ordinary income | 16,827 | 5.5% | S100Y5ZC |
| Pretax income | 15,538 | 5.1% | S100Y5ZC |
| Income tax | 6,048 | 2.0% | S100Y5ZC |
| Net income | 9,489 | 3.1% | S100Y5ZC |
| Net income attributable to owners | 9,498 | 3.1% | S100Y5ZC |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 45 |
| SG&A | 49 |
| Operating income | 6 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 54.6% → Operating margin 5.4% → Net margin 3.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +3.8%; Core profit growth: +6.5%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.70×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 293,110 | 304,351 | 11,241 | +3.8% |
| Gross profit | 160,282 | 166,108 | 5,826 | +3.6% |
| Operating income | 15,510 | 16,524 | 1,014 | +6.5% |
| Net income attributable to owners | 9,614 | 9,498 | -116 | -1.2% |
| Operating cash flow | 21,373 | 20,566 | -807 | -3.8% |
| Free cash flow | 9,978 | 6,719 | -3,259 | -32.7% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Feb 2020 | 222,376 | 12,885 | 5.8% | 6,363 | 20,850 | 13,496 | S100LEKE |
| FY ending Feb 2021 | 183,870 | 766 | 0.4% | -693 | 11,933 | 5,431 | S100O4C8 |
| FY ending Feb 2022 | 201,582 | 6,564 | 3.3% | 4,917 | 3,504 | -3,428 | S100QTL2 |
| FY ending Feb 2023 | 242,552 | 11,515 | 4.7% | 7,540 | 13,460 | 2,952 | S100THAR |
| FY ending Feb 2024 | 275,596 | 18,015 | 6.5% | 13,513 | 22,223 | 13,235 | S100VUAR |
| FY ending Feb 2025 | 293,110 | 15,510 | 5.3% | 9,614 | 21,373 | 9,978 | S100Y5ZC |
| FY ending Feb 2026 | 304,351 | 16,524 | 5.4% | 9,498 | 20,566 | 6,719 | S100Y5ZC |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥43.9M |
| Operating income per employee (consolidated) | ¥2.4M |
| Net income per employee (consolidated) | ¥1.4M |

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

| History | FY ending Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 6,196 | 6,356 | 6,603 | 6,944 | 6,936 |
| Average salary (parent company) | ¥4M | ¥4.2M | ¥4.4M | ¥4.5M | ¥4.3M |
| Average age (parent company) | 32.5 years | 32.9 years | 33.2 years | 33.3 years | 38.4 years |
| Average tenure (parent company) | 7.3 years | 8.1 years | 8.9 years | 9.1 years | 10.7 years |

Year over year: Employees (consolidated) -0.1% · Revenue (consolidated) +3.8%

## Segments（FY ending Feb 2026, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Apparel and Miscellaneous goods Related | 289,661 | 95.2% | 17,301 | 6.0% |
| Other | 14,690 | 4.8% | -474 | -3.2% |

### segmentMix — Revenue and profit mix

Calculated from disclosed figures (DERIVED). Shares use total segment revenue and total positive segment profit respectively. Difference = profit share − revenue share (pt). Inter-segment sales may prevent reconciliation to company revenue.

| Segment | Revenue share |
| --- | ---: |
| Apparel and Miscellaneous goods Related | 95.2% |
| Other | 4.8% |

Segment → industry: Apparel and Miscellaneous goods Related → Apparel / Other → Restaurants & Pubs

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 20,566 | 6.8% | S100Y5ZC |
| Capital expenditure | 13,847 | 4.5% | S100Y5ZC |
| Free cash flow | 6,719 | 2.2% | 算出 |
| Investing cash flow | -9,515 | -3.1% | S100Y5ZC |
| Financing cash flow | -7,426 | -2.4% | S100Y5ZC |
| Dividends paid | 4,688 | 1.5% | S100Y5ZC |
| Share buyback | 636 | 0.2% | S100Y5ZC |
| Change in cash | 3,738 | 1.2% | S100Y5ZC |
| Cash and equivalents | 24,820 | 8.2% | S100Y5ZC |

## 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 Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 16,863 | 16,343 | 23,341 | 21,081 | 24,820 | S100THAR, S100VUAR, S100Y5ZC |
| Total assets | 97,957 | 111,392 | 127,915 | 133,108 | 139,688 | S100QTL2, S100THAR, S100VUAR, S100Y5ZC |
| Net assets | 54,963 | 60,762 | 71,581 | 77,200 | 81,823 | S100THAR, S100VUAR, S100Y5ZC |
| Share capital | 2,660 | 2,660 | 2,660 | 2,660 | 2,660 | S100QTL2, S100THAR, S100VUAR, S100Y5ZC |
| Trade receivables | 9,878 | 12,171 | 15,815 | 14,527 | 15,971 | S100QTL2, S100THAR, S100VUAR, S100Y5ZC |
| Inventories | 19,259 | 24,679 | 26,839 | 29,082 | 30,526 | S100QTL2, S100THAR, S100VUAR, S100Y5ZC |
| Property, plant and equipment | 16,005 | 22,065 | 23,901 | 26,864 | 24,727 | S100QTL2, S100THAR, S100VUAR, S100Y5ZC |
| Intangible assets excluding goodwill | 10,836 | 11,908 | 12,376 | 14,683 | 12,579 | S100QTL2, S100THAR, S100VUAR, S100Y5ZC |
| Goodwill | 922 | 1,331 | 1,109 | 2,673 | 566 | S100QTL2, S100THAR, S100VUAR, S100Y5ZC |
| Investment securities | 1,003 | 1,108 | 768 | 691 | 463 | S100QTL2, S100THAR, S100VUAR, S100Y5ZC |
| Current assets | 48,169 | 55,772 | 68,731 | 67,173 | 77,644 | S100QTL2, S100THAR, S100VUAR, S100Y5ZC |
| Current liabilities | 38,416 | 43,989 | 48,491 | 47,079 | 50,340 | S100QTL2, S100THAR, S100VUAR, S100Y5ZC |
| Trade payables | 11,282 | 13,280 | 14,013 | 13,402 | 13,773 | S100QTL2, S100THAR, S100VUAR, S100Y5ZC |
| Short-term borrowings | 95 | 197 | — | — | — | S100QTL2, S100THAR |
| Long-term borrowings | 896 | 554 | 504 | — | — | S100QTL2, S100THAR, S100VUAR |
| Total liabilities | 42,994 | 50,629 | 56,334 | 55,908 | 57,864 | S100QTL2, S100THAR, S100VUAR, S100Y5ZC |
| Non-controlling interests | 1,000 | 1,355 | 1,437 | 97 | 379 | S100QTL2, S100THAR, S100VUAR, S100Y5ZC |
| Equity attributable to owners of parent | 53,351 | 58,555 | 68,642 | 75,275 | 79,624 | S100QTL2, S100THAR, S100VUAR, S100Y5ZC |
| Retained earnings | 51,114 | 55,968 | 66,286 | 71,980 | 76,800 | S100QTL2, S100THAR, S100VUAR, S100Y5ZC |
| Treasury stock | -7,636 | -7,286 | -7,516 | -5,627 | -6,098 | S100QTL2, S100THAR, S100VUAR, S100Y5ZC |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 18% | S100Y5ZC |
| Receivables | 11% | S100Y5ZC |
| Inventories | 22% | S100Y5ZC |
| Property, plant and equipment | 18% | S100Y5ZC |
| Intangibles and goodwill | 9% | S100Y5ZC |
| Investment securities | 0% | S100Y5ZC |
| Other assets | 22% | S100Y5ZC |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 10% | S100Y5ZC |
| Other liabilities | 31% | S100Y5ZC |
| Equity | 59% | S100Y5ZC |
| Other liabilities | 0% | S100Y5ZC |

### Balance sheet history

| Metric | FY ending Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 97,957 | 111,392 | 127,915 | 133,108 | 139,688 |
| Equity | 54,963 | 60,762 | 71,581 | 77,200 | 81,823 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 16,863 | 16,343 | 23,341 | 21,081 | 24,820 |

## 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) | 8.1% | S100Y5ZC |
| Fixed assets ÷ total assets | 17.7% | S100Y5ZC |
| Goodwill ÷ parent equity | 0.7% | S100Y5ZC |

Goodwill over 4 years: 922 → 566 JPY; total investing cash flow: -54,149 JPY. This does not imply causation.

### 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) | 17.8% |
| Cash ÷ revenue | 8.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 124.5% |
| Cash vs. profit gap | 11,068 JPY mn (of net income 116.5%) |
| Shareholder returns / net income | 56.1% |
| Shareholder returns / FCF | 79.2% |
| Shareholder payments — dividends / net income | 49.4% |
| Shareholder payments — dividends / FCF | 69.8% |
| CapEx intensity (capex ÷ revenue) | 4.5% |
| Investing CF relative to operating CF | 46.3% |

## 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 | 2.4% | 2.06× | 5.0% | 1.84× | 9.2% | S100QTL2 |
| 2023 | 3.1% | 2.32× | 7.2% | 1.87× | 13.5% | S100THAR |
| 2024 | 4.9% | 2.30× | 11.3% | 1.88× | 21.2% | S100VUAR |
| 2025 | 3.3% | 2.25× | 7.4% | 1.81× | 13.4% | S100Y5ZC |
| 2026 | 3.1% | 2.23× | 7.0% | 1.76× | 12.3% | S100Y5ZC |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社フクゾウ | Major shareholder | 36.6% | 2026-02-28 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 6.7% | 2026-02-28 |
| 豊島株式会社 | Major shareholder | 4.3% | 2026-02-28 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 2.1% | 2026-02-28 |
| 福田 三千男 | Major shareholder | 2.0% | 2026-02-28 |
| アンドエスティHD従業員持株会 | Major shareholder | 1.3% | 2026-02-28 |
| 三菱ＵＦＪモルガン・スタンレー証券株式会社 | Major shareholder | 1.1% | 2026-02-28 |
| STATE STREET BANK AND TRUST COMPANY 505103（常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.1% | 2026-02-28 |
| STATE STREET BANK AND TRUST COMPANY 505001（常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.1% | 2026-02-28 |
| STATE STREET BANK AND TRUST COMPANY 505044（常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.0% | 2026-02-28 |

## AI commentary（text by AI; the tables above are authoritative、claude-code）

- Revenue for the FY ending Feb 2026 grew +3.8% to ¥304.4B, up from ¥293.1B.
- Operating income rose +6.5% to ¥16.5B, but net income dipped -1.2% to ¥9.5B.
- Cash generation weakened: operating cash flow fell -3.8% to ¥20.6B and free cash flow dropped -32.7% to ¥6.72B.

### Drivers

- Sales grew thanks to acquired brands, opening the and ST online store to other companies' products, and new stores abroad
- Unseasonable weather meant fewer items sold at full price, trimming the gross margin, but tighter control of SG&A still lifted operating income
- A gain on selling a logistics center was outweighed by impairment losses on goodwill and stores and a loss on selling the US subsidiary, which pulled net income down

### Risks

- A shrinking domestic apparel market as Japan's population ages
- Higher product costs from a weak yen, freight and factory wages, since most goods are made in Asia
- Fast-changing trends, unusual weather and inflation shifting how customers shop

Cited: Annual Securities Report, 76th fiscal period (経営者による財政状態、経営成績及びキャッシュ・フローの状況の分析); Annual Securities Report, 76th fiscal period (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第76期(2025/03/01－2026/02/28) | S100Y5ZC | 2026-05-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y5ZC,, |
| 有価証券報告書－第75期(2024/03/01－2025/02/28) | S100VUAR | 2025-05-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VUAR,, |
| 有価証券報告書－第74期(2023/03/01－2024/02/29) | S100THAR | 2024-05-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100THAR,, |
| 有価証券報告書－第73期(2022/03/01－2023/02/28) | S100QTL2 | 2023-05-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QTL2,, |
| 有価証券報告書－第72期(令和3年3月1日－令和4年2月28日) | S100O4C8 | 2022-05-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O4C8,, |
| 有価証券報告書－第71期(令和2年3月1日－令和3年2月28日) | S100LEKE | 2021-05-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LEKE,, |

## 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).