# Baroque Japan Limited: 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27期(2025/03/01－2026/02/28) (S100Y6V9)
> Page: https://vizora.meequs.com/en/company/baroque-japan
> Retrieved: 2026-09-30T21:04:05.345Z

## Company

Baroque Japan, founded in 2000, is a company in Apparel listed on TSE Prime. It has 1,266 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | BAROQUE JAPAN LIMITED |
| Ticker | 3548 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3548.T) |
| Listing | TSE Prime |
| Head office | 東京都目黒区青葉台四丁目7番7号 |
| Representative (per filing) | 代表取締役社長 村井 博之 |
| Founded | Mar 2000 |
| Share capital | ¥8.26B |
| Employees (consolidated) | 1,266 |
| Average salary (parent only) | ¥3.6M |
| Fiscal year end | February |
| Website | www.baroque-global.com (https://www.baroque-global.com/) |
| Corporate number | 9013201014379 |
| EDINET | E32697 |
| Industries (Vizora) | Apparel |

> Profile source: annual securities report (S100Y6V9, filed 2026-05-28). As of filing

## Five-axis industry profile

Primary industry: Apparel (2026-02-28)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 31.8 | 55 |
| Profitability | 27 | 61 |
| Cash conversion | 88.3 | 47 |
| Efficiency | 76.2 | 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)

- Baroque Japan brought in ¥51.5B in revenue.
- Out of every ¥100 of sales, about ¥1 is left as operating profit.
- Revenue changed -11.5% from the prior year, operating profit -60.5%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥51499000000 → ¥366000000
- Net income → operating cash flow: ¥366000000 → ¥819000000（difference ¥453000000）
- Main uses of operating cash flow: CapEx ¥1241000000 / dividends ¥1376000000 / buybacks —
- Change in cash: ¥14000000
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 | ¥51.5B |  |
| Operating income | ¥321M | Margin 0.6% |
| Net income | ¥366M | Margin 0.7% |
| Free cash flow | -¥422M |  |
| Employees (consolidated) | 1,266 |  |
| EPS | ¥4.74 |  |
| Book value per share | ¥401.51 |  |
| Equity ratio | 45.1% |  |
| Shares outstanding | 36,676,300 |  |
| Treasury shares | 460,400 |  |
| Shareholders | 60,843 |  |
| Average salary (parent only) | ¥3.6M | Filing company only |
| Cash ratio | 34.7% | Cash ÷ revenue 22.0% |
| Vs. industry median margin | -2.4 pp | Apparel |
| ROE | 2.7% | Derived from disclosed figures |
| ROA | 1.1% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.2× net income
- FY2026, cash is 35% of total assets

## What changed in 5 years

| Metric | FY ending Feb 2021 | FY ending Feb 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥50590000000 | ¥51499000000 | +1.8% |
| Operating income | ¥1312000000 | ¥321000000 | -75.5% |
| Operating margin | 2.6% | 0.6% | -2 pp |
| Employees | 1,532 people | 1,266 people | -17.4% |
| Cash and equivalents | ¥15924000000 | ¥11319000000 | -28.9% |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 51,499 | 100.0% | S100Y6V9 |
| Cost of revenue | 20,572 | 39.9% | S100Y6V9 |
| Gross profit | 30,927 | 60.1% | S100Y6V9 |
| SG&A | 30,606 | 59.4% | S100Y6V9 |
| Operating income | 321 | 0.6% | S100Y6V9 |
| Ordinary income | 383 | 0.7% | S100Y6V9 |
| Pretax income | 391 | 0.8% | S100Y6V9 |
| Income tax | 24 | 0.0% | S100Y6V9 |
| Net income | 366 | 0.7% | S100Y6V9 |
| Net income attributable to owners | 366 | 0.7% | S100Y6V9 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 40 |
| SG&A | 59 |
| Operating income | 1 |
| (Ref.) Net income | 1 |

### Margin funnel

Gross margin 60.1% → Operating margin 0.6% → Net margin 0.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -11.5%; Core profit growth: -60.5%
Operating leverage (core profit growth ÷ revenue growth): 5.27×
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 | 58,180 | 51,499 | -6,681 | -11.5% |
| Gross profit | 33,100 | 30,927 | -2,173 | -6.6% |
| Operating income | 812 | 321 | -491 | -60.5% |
| Net income attributable to owners | -2,575 | 366 | 2,941 | — |
| Operating cash flow | 2,201 | 819 | -1,382 | -62.8% |
| Free cash flow | 543 | -422 | -965 | -177.7% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Feb 2020 | 65,880 | 4,604 | 7.0% | 2,871 | 3,593 | 2,479 | S100LF31 |
| FY ending Feb 2021 | 50,590 | 1,312 | 2.6% | 375 | 142 | -817 | S100O4OJ |
| FY ending Feb 2022 | 59,139 | 2,752 | 4.7% | 1,471 | 1,995 | 1,153 | S100QUA0 |
| FY ending Feb 2023 | 58,842 | 2,150 | 3.7% | 243 | 2,041 | 809 | S100TJ4L |
| FY ending Feb 2024 | 60,290 | 1,954 | 3.2% | 945 | 1,562 | -1,243 | S100VTU9 |
| FY ending Feb 2025 | 58,180 | 812 | 1.4% | -2,575 | 2,201 | 543 | S100Y6V9 |
| FY ending Feb 2026 | 51,499 | 321 | 0.6% | 366 | 819 | -422 | S100Y6V9 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥40.7M |
| Operating income per employee (consolidated) | ¥253.6K |
| Net income per employee (consolidated) | ¥289.1K |

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) | 1,502 | 1,488 | 1,424 | 1,381 | 1,266 |
| Average salary (parent company) | ¥3.2M | ¥3.3M | ¥3.6M | ¥3.6M | ¥3.6M |
| Average age (parent company) | 29.8 years | 29.7 years | 30.4 years | 30.8 years | 30.5 years |
| Average tenure (parent company) | 6.0 years | 6.0 years | 6.0 years | 7.0 years | 7.0 years |

Year over year: Employees (consolidated) -8.3% · Revenue (consolidated) -11.5%

## 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 | 819 | 1.6% | S100Y6V9 |
| Capital expenditure | 1,241 | 2.4% | S100Y6V9 |
| Free cash flow | -422 | -0.8% | 算出 |
| Investing cash flow | 560 | 1.1% | S100Y6V9 |
| Financing cash flow | -1,435 | -2.8% | S100Y6V9 |
| Dividends paid | 1,376 | 2.7% | S100Y6V9 |
| Change in cash | 14 | 0.0% | S100Y6V9 |
| Cash and equivalents | 11,319 | 22.0% | S100Y6V9 |

## 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 | 15,010 | 14,744 | 12,181 | 11,305 | 11,319 | S100TJ4L, S100VTU9, S100Y6V9 |
| Total assets | 38,632 | 37,245 | 37,261 | 34,051 | 32,593 | S100QUA0, S100TJ4L, S100VTU9, S100Y6V9 |
| Net assets | 22,437 | 22,085 | 22,202 | 18,796 | 14,705 | S100TJ4L, S100VTU9, S100Y6V9 |
| Share capital | 8,258 | 8,258 | 8,258 | 8,258 | 8,258 | S100QUA0, S100TJ4L, S100VTU9, S100Y6V9 |
| Trade receivables | 8,869 | — | — | — | — | S100O4OJ |
| Property, plant and equipment | 1,496 | 1,553 | 1,923 | 1,747 | 1,643 | S100QUA0, S100TJ4L, S100VTU9, S100Y6V9 |
| Intangible assets excluding goodwill | 970 | 1,235 | 2,601 | 3,246 | 3,527 | S100QUA0, S100TJ4L, S100VTU9, S100Y6V9 |
| Investment securities | 1,603 | 774 | 539 | — | 3,941 | S100QUA0, S100TJ4L, S100VTU9, S100Y6V9 |
| Current assets | 29,846 | 29,184 | 27,651 | 24,789 | 19,151 | S100QUA0, S100TJ4L, S100VTU9, S100Y6V9 |
| Current liabilities | 11,313 | 10,235 | 7,017 | 7,316 | 11,107 | S100QUA0, S100TJ4L, S100VTU9, S100Y6V9 |
| Trade payables | 3,329 | 2,990 | 2,272 | 3,010 | 1,915 | S100QUA0, S100TJ4L, S100VTU9, S100Y6V9 |
| Short-term borrowings | 2,000 | 2,000 | 2,000 | 2,000 | 2,000 | S100QUA0, S100TJ4L, S100VTU9, S100Y6V9 |
| Long-term borrowings | 3,000 | 3,000 | 6,000 | 6,000 | 5,000 | S100QUA0, S100TJ4L, S100VTU9, S100Y6V9 |
| Total liabilities | 16,194 | 15,159 | 15,058 | 15,254 | 17,887 | S100QUA0, S100TJ4L, S100VTU9, S100Y6V9 |
| Non-controlling interests | 2,184 | 2,563 | 2,900 | 3,166 | — | S100QUA0, S100TJ4L, S100VTU9, S100Y6V9 |
| Equity attributable to owners of parent | 19,793 | 18,667 | 18,244 | 14,247 | 13,223 | S100QUA0, S100TJ4L, S100VTU9, S100Y6V9 |
| Retained earnings | 4,168 | 3,036 | 2,605 | -367 | -75 | S100QUA0, S100TJ4L, S100VTU9, S100Y6V9 |
| Treasury stock | -692 | -686 | -678 | -724 | -664 | S100QUA0, S100TJ4L, S100VTU9, S100Y6V9 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 35% | S100Y6V9 |
| Property, plant and equipment | 5% | S100Y6V9 |
| Intangibles and goodwill | 11% | S100Y6V9 |
| Investment securities | 12% | S100Y6V9 |
| Other assets | 37% | S100Y6V9 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 6% | S100Y6V9 |
| Other liabilities | 49% | S100Y6V9 |
| Equity | 45% | S100Y6V9 |
| Other liabilities | 0% | S100Y6V9 |

### 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 | 38,632 | 37,245 | 37,261 | 34,051 | 32,593 |
| Equity | 22,437 | 22,085 | 22,202 | 18,796 | 14,705 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 15,010 | 14,744 | 12,181 | 11,305 | 11,319 |

## 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) | 3.2% | S100Y6V9 |
| Fixed assets ÷ total assets | 5.0% | S100Y6V9 |
| Goodwill ÷ parent equity | — | —, S100Y6V9 |

### 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) | 34.7% |
| Cash ÷ revenue | 22.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 255.1% |
| Cash vs. profit gap | 453 JPY mn (of net income 123.8%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 376.0% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 2.4% |
| Investing CF relative to operating CF | 68.4% |

## 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 | 2.5% | 1.53× | 3.8% | 1.95× | 7.4% | S100QUA0 |
| 2023 | 0.4% | 1.55× | 0.6% | 1.97× | 1.3% | S100TJ4L |
| 2024 | 1.6% | 1.62× | 2.5% | 2.02× | 5.1% | S100VTU9 |
| 2025 | — | —× | -7.2% | —× | — | S100Y6V9 |
| 2026 | 0.7% | 1.55× | 1.1% | 2.43× | 2.7% | S100Y6V9 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| MUTUAL CROWN LIMITED（常任代理人 大和証券株式会社） | Major shareholder | 20.1% | 2026-02-28 |
| オリックス株式会社 | Major shareholder | 15.5% | 2026-02-28 |
| 村井資本株式会社 | Major shareholder | 7.2% | 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 | 5.1% | 2026-02-28 |
| 村井 博之 | Major shareholder | 2.9% | 2026-02-28 |
| 株式会社日本カストディ銀行（信託E口） | Major shareholder | 0.5% | 2026-02-28 |
| 奈良 世輝 | Major shareholder | 0.4% | 2026-02-28 |
| SMBC日興証券株式会社 | Major shareholder | 0.4% | 2026-02-28 |
| 深澤 瑞岐 | Major shareholder | 0.4% | 2026-02-28 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 0.4% | 2026-02-28 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第27期(2025/03/01－2026/02/28) | S100Y6V9 | 2026-05-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y6V9,, |
| 有価証券報告書－第26期(2024/03/01－2025/02/28) | S100VTU9 | 2025-05-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VTU9,, |
| 有価証券報告書－第25期(2023/03/01－2024/02/29) | S100TJ4L | 2024-05-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TJ4L,, |
| 有価証券報告書－第24期(2022/03/01－2023/02/28) | S100QUA0 | 2023-05-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QUA0,, |
| 有価証券報告書－第23期(令和3年3月1日－令和4年2月28日) | S100O4OJ | 2022-05-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O4OJ,, |
| 有価証券報告書－第22期(令和2年3月1日－令和3年2月28日) | S100LF31 | 2021-05-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LF31,, |

## 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).