# CHIYODA 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79期(2025/03/01－2026/02/28) (S100Y563)
> Page: https://vizora.meequs.com/en/company/chiyoda-8185
> Retrieved: 2026-09-30T21:55:39.197Z

## Company

Chiyoda, founded in 1948, is a company in Shoes & Bags listed on TSE Prime. It has 1,231 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | CHIYODA CO., LTD. |
| Ticker | 8185 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8185.T) |
| Listing | TSE Prime |
| Head office | 東京都杉並区荻窪四丁目30番16号 |
| Representative (per filing) | 取締役社長 町野 雅俊 |
| Founded | Jun 1948 |
| Share capital | ¥6.89B |
| Employees (consolidated) | 1,231 |
| Average salary (parent only) | ¥5.4M |
| Fiscal year end | February |
| Website | www.chiyodagrp.co.jp (https://www.chiyodagrp.co.jp/) |
| Corporate number | 1011301004381 |
| EDINET | E03077 |
| Industries (Vizora) | Shoes & Bags |

> Profile source: annual securities report (S100Y563, filed 2026-05-20). As of filing

## Five-axis industry profile

Primary industry: Shoes & Bags (2026-02-28)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 21.4 | 7 |
| Profitability | 38.9 | 9 |
| Cash conversion | 8.3 | 6 |
| Efficiency | 50 | 9 |

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)

- Chiyoda brought in ¥81.4B in revenue.
- Out of every ¥100 of sales, about ¥1 is left as operating profit.
- Revenue changed -11.4% from the prior year, operating profit -50.3%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥81.4B |  |
| Operating income | ¥1.09B | Margin 1.3% |
| Net income | ¥237M | Margin 0.3% |
| Free cash flow | -¥5.06B |  |
| Employees (consolidated) | 1,231 |  |
| EPS | ¥0.43 |  |
| Book value per share | ¥1407.66 |  |
| Equity ratio | 70.3% |  |
| Shares outstanding | 34,359,396 |  |
| Treasury shares | 410,200 |  |
| Shareholders | 31,894 |  |
| Average salary (parent only) | ¥5.4M | Filing company only |
| Cash ratio | 23.6% | Cash ÷ revenue 20.6% |
| Vs. industry median margin | -0.6 pp | Shoes & Bags |
| ROE | 0.5% | Derived from disclosed figures |
| ROA | 0.3% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Feb 2021 | FY ending Feb 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥94227000000 | ¥81377000000 | -13.6% |
| Operating income | ¥-4475000000 | ¥1090000000 | — |
| Operating margin | -4.7% | 1.3% | +6.1 pp |
| Employees | 1,692 people | 1,231 people | -27.2% |
| Cash and equivalents | ¥36468000000 | ¥16729000000 | -54.1% |

### 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 |
| --- | ---: |
| 靴事業 → 事業再編・廃止 | 79.1% |
| 衣料品事業 → 事業再編・廃止 | 20.9% |

Segment revenue source references: 2 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 81,377 | 100.0% | S100Y563 |
| Cost of revenue | 43,060 | 52.9% | S100Y563 |
| Gross profit | 38,317 | 47.1% | S100Y563 |
| SG&A | 37,226 | 45.7% | S100Y563 |
| Operating income | 1,090 | 1.3% | S100Y563 |
| Ordinary income | 1,508 | 1.9% | S100Y563 |
| Pretax income | 1,154 | 1.4% | S100Y563 |
| Income tax | 917 | 1.1% | S100Y563 |
| Net income | 237 | 0.3% | S100Y563 |
| Net income attributable to owners | 237 | 0.3% | S100Y563 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 53 |
| SG&A | 46 |
| Operating income | 1 |
| (Ref.) Net income | 0 |

### Margin funnel

Gross margin 47.1% → Operating margin 1.3% → Net margin 0.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -11.4%; Core profit growth: -50.3%
Operating leverage (core profit growth ÷ revenue growth): 4.42×
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 | 91,835 | 81,377 | -10,458 | -11.4% |
| Gross profit | 43,744 | 38,317 | -5,427 | -12.4% |
| Operating income | 2,193 | 1,090 | -1,103 | -50.3% |
| Net income attributable to owners | 2,923 | 237 | -2,686 | -91.9% |
| Operating cash flow | 2,822 | -4,130 | -6,952 | -246.4% |
| Free cash flow | 2,033 | -5,056 | -7,089 | -348.7% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Feb 2020 | 113,530 | -1,231 | -1.1% | -1,643 | 1,771 | 440 | S100LDGX |
| FY ending Feb 2021 | 94,227 | -4,475 | -4.7% | -5,002 | -1,723 | -3,254 | S100O4Q1 |
| FY ending Feb 2022 | 88,651 | -4,387 | -4.9% | -3,980 | -3,604 | -4,307 | S100QTL8 |
| FY ending Feb 2023 | 92,119 | -2,234 | -2.4% | -2,602 | -2,980 | -4,170 | S100THJ2 |
| FY ending Feb 2024 | 93,320 | 1,071 | 1.1% | 1,851 | 2,986 | 2,340 | S100VT1N |
| FY ending Feb 2025 | 91,835 | 2,193 | 2.4% | 2,923 | 2,822 | 2,033 | S100Y563 |
| FY ending Feb 2026 | 81,377 | 1,090 | 1.3% | 237 | -4,130 | -5,056 | S100Y563 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥66.1M |
| Operating income per employee (consolidated) | ¥885.5K |
| Net income per employee (consolidated) | ¥192.5K |

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) | 1,563 | 1,519 | 1,554 | 1,171 | 1,231 |
| Average salary (parent company) | ¥4.6M | ¥4.8M | ¥4.9M | ¥5.3M | ¥5.4M |
| Average age (parent company) | 46.8 years | 47.5 years | 48.3 years | 48.2 years | 48.7 years |
| Average tenure (parent company) | 22.3 years | 23.1 years | 23.7 years | 23.7 years | 23.9 years |

Year over year: Employees (consolidated) +5.1% · Revenue (consolidated) -11.4%

## 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 | -4,130 | -5.1% | S100Y563 |
| Capital expenditure | 926 | 1.1% | S100Y563 |
| Free cash flow | -5,056 | -6.2% | 算出 |
| Investing cash flow | -335 | -0.4% | S100Y563 |
| Financing cash flow | -3,286 | -4.0% | S100Y563 |
| Dividends paid | 1,518 | 1.9% | S100Y563 |
| Share buyback | 1,500 | 1.8% | S100Y563 |
| Change in cash | -7,752 | -9.5% | S100Y563 |
| Cash and equivalents | 16,729 | 20.6% | S100Y563 |

## 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 | 31,970 | 25,231 | 26,198 | 24,481 | 16,729 | S100THJ2, S100VT1N, S100Y563 |
| Total assets | 90,676 | 87,214 | 84,762 | 79,076 | 71,016 | S100QTL8, S100THJ2, S100VT1N, S100Y563 |
| Net assets | 55,455 | 51,352 | 51,853 | 52,031 | 49,964 | S100THJ2, S100VT1N, S100Y563 |
| Share capital | 6,893 | 6,893 | 6,893 | 6,893 | 6,893 | S100QTL8, S100THJ2, S100VT1N, S100Y563 |
| Trade receivables | 2,224 | — | — | 3,043 | 3,185 | S100O4Q1, S100Y563 |
| Property, plant and equipment | 6,505 | 6,152 | 6,175 | 5,792 | 5,907 | S100QTL8, S100THJ2, S100VT1N, S100Y563 |
| Intangible assets excluding goodwill | 4,858 | 5,110 | 4,846 | 4,539 | 4,470 | S100QTL8, S100THJ2, S100VT1N, S100Y563 |
| Investment securities | 563 | 1,431 | 2,316 | 2,621 | 2,725 | S100QTL8, S100THJ2, S100VT1N, S100Y563 |
| Current assets | 62,567 | 59,075 | 56,337 | 51,090 | 43,566 | S100QTL8, S100THJ2, S100VT1N, S100Y563 |
| Current liabilities | 22,257 | 23,569 | 20,268 | 16,527 | 15,566 | S100QTL8, S100THJ2, S100VT1N, S100Y563 |
| Trade payables | 4,209 | 3,713 | — | 2,872 | 2,631 | S100QTL8, S100Y563 |
| Total liabilities | 35,220 | 35,861 | 32,909 | 27,045 | 21,051 | S100QTL8, S100THJ2, S100VT1N, S100Y563 |
| Non-controlling interests | 1,921 | 1,510 | 1,052 | — | — | S100QTL8, S100THJ2, S100VT1N |
| Equity attributable to owners of parent | 53,348 | 49,743 | 50,729 | 52,099 | 49,328 | S100QTL8, S100THJ2, S100VT1N, S100Y563 |
| Retained earnings | 46,009 | 42,375 | 43,176 | 44,484 | 35,517 | S100QTL8, S100THJ2, S100VT1N, S100Y563 |
| Treasury stock | -7,042 | -7,015 | -6,830 | -6,768 | -571 | S100QTL8, S100THJ2, S100VT1N, S100Y563 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 24% | S100Y563 |
| Receivables | 4% | S100Y563 |
| Property, plant and equipment | 8% | S100Y563 |
| Intangibles and goodwill | 6% | S100Y563 |
| Investment securities | 4% | S100Y563 |
| Other assets | 54% | S100Y563 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 4% | S100Y563 |
| Other liabilities | 26% | S100Y563 |
| Equity | 70% | S100Y563 |
| Other liabilities | 0% | S100Y563 |

### 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 | 90,676 | 87,214 | 84,762 | 79,076 | 71,016 |
| Equity | 55,455 | 51,352 | 51,853 | 52,031 | 49,964 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 31,970 | 25,231 | 26,198 | 24,481 | 16,729 |

## 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) | 7.3% | S100Y563 |
| Fixed assets ÷ total assets | 8.3% | S100Y563 |
| Goodwill ÷ parent equity | — | —, S100Y563 |

### 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) | 23.6% |
| Cash ÷ revenue | 20.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -378.9% |
| Cash vs. profit gap | -4,367 JPY mn (of net income -1842.6%) |
| Shareholder returns / net income | 1273.4% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 640.5% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 1.1% |
| Investing CF relative to operating CF | — |

## 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 | — | —× | -4.4% | —× | — | S100QTL8 |
| 2023 | — | —× | -2.9% | —× | — | S100THJ2 |
| 2024 | 2.0% | 1.09× | 2.2% | 1.71× | 3.7% | S100VT1N |
| 2025 | 3.2% | 1.12× | 3.6% | 1.59× | 5.7% | S100Y563 |
| 2026 | 0.3% | 1.08× | 0.3% | 1.48× | 0.5% | S100Y563 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| いちごトラスト・ピーティーイー・リミテッド（常任代理人 香港上海銀行東京支店） | Major shareholder | 19.4% | 2026-02-28 |
| 舟橋政男 | Major shareholder | 9.5% | 2026-02-28 |
| 株式会社中央商事 | Major shareholder | 8.8% | 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 | 5.0% | 2026-02-28 |
| 有限会社大知 | Major shareholder | 4.9% | 2026-02-28 |
| チヨダ共栄会 | Major shareholder | 2.9% | 2026-02-28 |
| JP JPMSE LUX RE MACQUARIE BANK LTD LONDON EQ CO（常任代理人 株式会社三菱UFJ銀行） | Major shareholder | 2.2% | 2026-02-28 |
| 丸紅株式会社 | Major shareholder | 1.8% | 2026-02-28 |
| 楽天証券株式会社 | Major shareholder | 1.5% | 2026-02-28 |
| 岡秀朋 | Major shareholder | 1.5% | 2026-02-28 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第79期(2025/03/01－2026/02/28) | S100Y563 | 2026-05-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y563,, |
| 有価証券報告書－第78期(2024/03/01－2025/02/28) | S100VT1N | 2025-05-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VT1N,, |
| 有価証券報告書－第77期(2023/03/01－2024/02/29) | S100THJ2 | 2024-05-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100THJ2,, |
| 有価証券報告書－第76期(2022/03/01－2023/02/28) | S100QTL8 | 2023-05-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QTL8,, |
| 有価証券報告書－第75期(令和3年3月1日－令和4年2月28日) | S100O4Q1 | 2022-05-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O4Q1,, |
| 有価証券報告書－第74期(令和2年3月1日－令和3年2月28日) | S100LDGX | 2021-05-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LDGX,, |

## 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).