# CENTRAL SPORTS CO.,LTD.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第56期(2025/04/01－2026/03/31) (S100YEYH)
> Page: https://vizora.meequs.com/en/company/central
> Retrieved: 2026-09-30T21:06:47.565Z

## Company

Central Sports, founded in 1970, is a company in Sporting Goods & Fitness listed on TSE Prime. It has 890 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | CENTRAL SPORTS CO.,LTD. |
| Ticker | 4801 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4801.T) |
| Listing | TSE Prime |
| Head office | 東京都中央区新川一丁目21番2号 |
| Representative (per filing) | 代表取締役社長 執行役員 後藤 聖治 |
| Founded | May 1970 |
| Share capital | ¥2.26B |
| Employees (consolidated) | 890 |
| Average salary (parent only) | ¥5.8M |
| Fiscal year end | March |
| Website | www.central.co.jp (https://www.central.co.jp/) |
| Corporate number | 5010001048124 |
| EDINET | E05145 |
| Industries (Vizora) | Sporting Goods & Fitness |

> Profile source: annual securities report (S100YEYH, filed 2026-06-26). As of filing

## Five-axis industry profile

Primary industry: Sporting Goods & Fitness (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 30.6 | 18 |
| Profitability | 47.5 | 20 |
| Cash conversion | 79.4 | 17 |
| Efficiency | 57.5 | 20 |

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)

- Central Sports brought in ¥48.9B in revenue.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed +4.9% from the prior year, operating profit +37.7%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥48865000000 → ¥1284000000
- Net income → operating cash flow: ¥1284000000 → ¥3471000000（difference ¥2187000000）
- Main uses of operating cash flow: CapEx ¥1773000000 / dividends ¥504000000 / buybacks —
- Change in cash: ¥979000000
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 | ¥48.9B |  |
| Operating income | ¥2.68B | Margin 5.5% |
| Net income | ¥1.28B | Margin 2.6% |
| Free cash flow | ¥1.7B |  |
| Employees (consolidated) | 890 |  |
| EPS | ¥116.14 |  |
| Book value per share | ¥2141.56 |  |
| Equity ratio | 62.9% |  |
| Shares outstanding | 11,466,000 |  |
| Treasury shares | 265,600 |  |
| Shareholders | 20,520 |  |
| Average salary (parent only) | ¥5.8M | Filing company only |
| Cash ratio | 15.0% | Cash ÷ revenue 13.0% |
| Vs. industry median margin | -0.1 pp | Sporting Goods & Fitness |
| ROE | 5.0% | Derived from disclosed figures |
| ROA | 3.1% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.7× net income
- FY2026, employees -5% while operating income rose 38%

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥36027000000 | ¥48865000000 | +35.6% |
| Operating income | ¥878000000 | ¥2680000000 | +205.2% |
| Operating margin | 2.4% | 5.5% | +3 pp |
| Employees | 1,176 people | 890 people | -24.3% |
| Cash and equivalents | ¥6003000000 | ¥6359000000 | +5.9% |

### Change in segment revenue mix

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

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 48,865 | 100.0% | S100YEYH |
| Cost of revenue | 42,751 | 87.5% | S100YEYH |
| Gross profit | 6,114 | 12.5% | S100YEYH |
| SG&A | 3,433 | 7.0% | S100YEYH |
| Operating income | 2,680 | 5.5% | S100YEYH |
| Ordinary income | 2,257 | 4.6% | S100YEYH |
| Pretax income | 2,000 | 4.1% | S100YEYH |
| Income tax | 715 | 1.5% | S100YEYH |
| Net income | 1,284 | 2.6% | S100YEYH |
| Net income attributable to owners | 1,284 | 2.6% | S100YEYH |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 88 |
| SG&A | 7 |
| Operating income | 5 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 12.5% → Operating margin 5.5% → Net margin 2.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +4.9%; Core profit growth: +37.7%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 7.74×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 46,595 | 48,865 | 2,270 | +4.9% |
| Gross profit | 5,442 | 6,114 | 672 | +12.3% |
| Operating income | 1,946 | 2,680 | 734 | +37.7% |
| Net income attributable to owners | 1,359 | 1,284 | -75 | -5.5% |
| Operating cash flow | 2,064 | 3,471 | 1,407 | +68.2% |
| Free cash flow | 263 | 1,698 | 1,435 | +545.6% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 53,386 | 3,814 | 7.1% | 2,138 | 3,787 | 1,222 | S100LN00 |
| FY ending Mar 2021 | 36,027 | 878 | 2.4% | -2,363 | -2,968 | -3,549 | S100ODML |
| FY ending Mar 2022 | 40,338 | 1,517 | 3.8% | 1,540 | 6,322 | 5,895 | S100R2JS |
| FY ending Mar 2023 | 43,602 | 1,850 | 4.2% | 793 | 2,097 | 1,589 | S100TPCF |
| FY ending Mar 2024 | 45,379 | 2,653 | 5.8% | 1,160 | 3,120 | 2,070 | S100W21S |
| FY ending Mar 2025 | 46,595 | 1,946 | 4.2% | 1,359 | 2,064 | 263 | S100YEYH |
| FY ending Mar 2026 | 48,865 | 2,680 | 5.5% | 1,284 | 3,471 | 1,698 | S100YEYH |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥54.9M |
| Operating income per employee (consolidated) | ¥3M |
| 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 Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 1,094 | 1,018 | 963 | 934 | 890 |
| Average salary (parent company) | ¥4.9M | ¥5.3M | ¥5.5M | ¥5.6M | ¥5.8M |
| Average age (parent company) | 39.6 years | 40.5 years | 42.6 years | 40.8 years | 41.0 years |
| Average tenure (parent company) | 15.8 years | 16.5 years | 17.9 years | 16.8 years | 17.0 years |

Year over year: Employees (consolidated) -4.7% · Revenue (consolidated) +4.9%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 3,471 | 7.1% | S100YEYH |
| Capital expenditure | 1,773 | 3.6% | S100YEYH |
| Free cash flow | 1,698 | 3.5% | 算出 |
| Investing cash flow | -1,536 | -3.1% | S100YEYH |
| Financing cash flow | -947 | -1.9% | S100YEYH |
| Dividends paid | 504 | 1.0% | S100YEYH |
| Change in cash | 979 | 2.0% | S100YEYH |
| Cash and equivalents | 6,359 | 13.0% | S100YEYH |

## 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 Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 9,209 | 7,997 | 7,395 | 5,379 | 6,359 | S100TPCF, S100W21S, S100YEYH |
| Total assets | 44,777 | 42,565 | 41,628 | 41,153 | 42,284 | S100R2JS, S100TPCF, S100W21S, S100YEYH |
| Net assets | 23,540 | 23,901 | 24,823 | 25,840 | 26,612 | S100TPCF, S100W21S, S100YEYH |
| Share capital | 2,261 | 2,261 | 2,261 | 2,261 | 2,261 | S100R2JS, S100TPCF, S100W21S, S100YEYH |
| Property, plant and equipment | 20,737 | 19,813 | 19,521 | 19,882 | 20,363 | S100R2JS, S100TPCF, S100W21S, S100YEYH |
| Intangible assets excluding goodwill | 451 | 451 | 428 | 469 | 469 | S100R2JS, S100TPCF, S100W21S, S100YEYH |
| Investment securities | 275 | 276 | 200 | 168 | 177 | S100R2JS, S100TPCF, S100W21S, S100YEYH |
| Current assets | 11,782 | 10,815 | 10,473 | 8,774 | 9,748 | S100R2JS, S100TPCF, S100W21S, S100YEYH |
| Current liabilities | 10,328 | 9,963 | 10,163 | 8,239 | 8,908 | S100R2JS, S100TPCF, S100W21S, S100YEYH |
| Long-term borrowings | 3,865 | 2,025 | 243 | 358 | 426 | S100R2JS, S100TPCF, S100W21S, S100YEYH |
| Total liabilities | 21,237 | 18,663 | 16,804 | 15,312 | 15,671 | S100R2JS, S100TPCF, S100W21S, S100YEYH |
| Non-controlling interests | 11 | 7 | — | — | — | S100R2JS, S100TPCF |
| Equity attributable to owners of parent | 23,484 | 23,718 | 24,565 | 25,443 | 26,224 | S100R2JS, S100TPCF, S100W21S, S100YEYH |
| Retained earnings | 19,574 | 19,807 | 20,654 | 21,532 | 22,313 | S100R2JS, S100TPCF, S100W21S, S100YEYH |
| Treasury stock | -623 | -623 | -623 | -623 | -623 | S100R2JS, S100TPCF, S100W21S, S100YEYH |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 15% | S100YEYH |
| Property, plant and equipment | 48% | S100YEYH |
| Intangibles and goodwill | 1% | S100YEYH |
| Investment securities | 1% | S100YEYH |
| Other assets | 35% | S100YEYH |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 37% | S100YEYH |
| Equity | 63% | S100YEYH |
| Other liabilities | 0% | S100YEYH |

### Balance sheet history

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 44,777 | 42,565 | 41,628 | 41,153 | 42,284 |
| Equity | 23,540 | 23,901 | 24,823 | 25,840 | 26,612 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 9,209 | 7,997 | 7,395 | 5,379 | 6,359 |

## 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) | 41.7% | S100YEYH |
| Fixed assets ÷ total assets | 48.2% | S100YEYH |
| Goodwill ÷ parent equity | — | —, S100YEYH |

### 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) | 15.0% |
| Cash ÷ revenue | 13.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 129.5% |
| Cash vs. profit gap | 2,187 JPY mn (of net income 170.3%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 39.3% |
| Shareholder payments — dividends / FCF | 29.7% |
| CapEx intensity (capex ÷ revenue) | 3.6% |
| Investing CF relative to operating CF | 44.3% |

## 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 | 3.8% | 0.90× | 3.4% | 1.91× | 6.6% | S100R2JS |
| 2023 | 1.8% | 1.00× | 1.8% | 1.85× | 3.4% | S100TPCF |
| 2024 | 2.6% | 1.08× | 2.8% | 1.74× | 4.8% | S100W21S |
| 2025 | 2.9% | 1.13× | 3.3% | 1.66× | 5.4% | S100YEYH |
| 2026 | 2.6% | 1.17× | 3.1% | 1.61× | 5.0% | S100YEYH |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| セントラルトラスト株式会社 | Major shareholder | 30.7% | 2026-03-31 |
| 後藤 忠治 | Major shareholder | 5.3% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社(信託口) | Major shareholder | 5.3% | 2026-03-31 |
| 後藤 聖治 | Major shareholder | 5.1% | 2026-03-31 |
| セントラルスポーツ社員持株会 | Major shareholder | 2.8% | 2026-03-31 |
| 株式会社りそな銀行 | Major shareholder | 1.7% | 2026-03-31 |
| 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 | 0.7% | 2026-03-31 |
| JP MORGAN CHASE BANK 385781 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 0.6% | 2026-03-31 |
| 村井 良孝 | Major shareholder | 0.5% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 0.5% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第56期(2025/04/01－2026/03/31) | S100YEYH | 2026-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YEYH,, |
| 有価証券報告書－第55期(2024/04/01－2025/03/31) | S100W21S | 2025-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W21S,, |
| 有価証券報告書－第54期(2023/04/01－2024/03/31) | S100TPCF | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TPCF,, |
| 有価証券報告書－第53期(2022/04/01－2023/03/31) | S100R2JS | 2023-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R2JS,, |
| 有価証券報告書－第52期(令和3年4月1日－令和4年3月31日) | S100ODML | 2022-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100ODML,, |
| 有価証券報告書－第51期(令和2年4月1日－令和3年3月31日) | S100LN00 | 2021-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LN00,, |

## 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).