# COX CO.,LTD.: business model and financials

> Latest period: FY ending Feb 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 訂正有価証券報告書－第53期(2025/03/01－2026/02/28) (S100Y54S)
> Page: https://vizora.meequs.com/en/company/cox
> Retrieved: 2026-09-30T19:48:22.021Z

## Company

COX is a company in Apparel listed on TSE Standard. It has 288 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | COX CO.,LTD. |
| Ticker | 9876 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9876.T) |
| Listing | TSE Standard |
| Head office | 東京都中央区日本橋浜町一丁目2番1号 |
| Representative (per filing) | 代表取締役社長兼 デジタル推進本部長 三宅英木 |
| Share capital | ¥4.5B |
| Employees (consolidated) | 288 |
| Average salary (parent only) | ¥5.1M |
| Fiscal year end | February |
| Website | www.cox-online.co.jp (https://www.cox-online.co.jp/) |
| Corporate number | 9010001141445 |
| EDINET | E03163 |
| Industries (Vizora) | Apparel |

> Profile source: annual securities report (S100Y54S, filed 2026-05-20). As of filing

## Five-axis industry profile

Primary industry: Apparel (2026-02-28)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 19.1 | 55 |
| Profitability | 84.4 | 61 |
| Cash conversion | 20.2 | 47 |
| Efficiency | 53.3 | 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)

- COX brought in ¥15B in revenue.
- Out of every ¥100 of sales, about ¥9 is left as operating profit.
- Revenue changed -2.3% from the prior year, operating profit +4.8%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥14955340000 → ¥1068876000
- Net income → operating cash flow: ¥1068876000 → ¥623293000（difference ¥-445583000）
- Main uses of operating cash flow: CapEx ¥33592000 / dividends — / buybacks ¥51000
- Change in cash: ¥528835000
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 | ¥15B |  |
| Operating income | ¥1.32B | Margin 8.9% |
| Net income | ¥1.07B | Margin 7.1% |
| Free cash flow | ¥589.7M |  |
| Employees (consolidated) | 288 |  |
| EPS | ¥38.76 |  |
| Diluted EPS | ¥38.64 |  |
| Book value per share | ¥369.21 |  |
| Equity ratio | 70.5% |  |
| Shares outstanding | 27,711,028 |  |
| Treasury shares | 87,100 |  |
| Shareholders | 11,197 |  |
| Average salary (parent only) | ¥5.1M | Filing company only |
| Cash ratio | 39.7% | Cash ÷ revenue 39.6% |
| Vs. industry median margin | +5.8 pp | Apparel |
| ROE | 13.3% | Derived from disclosed figures |
| ROA | 7.6% | Derived from disclosed figures |

## Notable figures

- FY2026, parent-company salary changed +42% over five years
- FY2026, cash is 40% of total assets

## What changed in 5 years

| Metric | FY ending Feb 2021 | FY ending Feb 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥16309939000 | ¥14955340000 | -8.3% |
| Operating income | ¥-691583000 | ¥1324332000 | — |
| Operating margin | -4.2% | 8.9% | +13.1 pp |
| Employees | 389 people | 288 people | -26.0% |
| Cash and equivalents | ¥4629720000 | ¥5918226000 | +27.8% |

### 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 | 14,955 | 100.0% | S100Y54S |
| Cost of revenue | 5,658 | 37.8% | S100Y54S |
| Gross profit | 9,297 | 62.2% | S100Y54S |
| SG&A | 7,973 | 53.3% | S100Y54S |
| Operating income | 1,324 | 8.9% | S100Y54S |
| Ordinary income | 1,417 | 9.5% | S100Y54S |
| Pretax income | 1,417 | 9.5% | S100Y54S |
| Income tax | 348 | 2.3% | S100Y54S |
| Net income | 1,069 | 7.1% | S100Y54S |
| Net income attributable to owners | 1,069 | 7.1% | S100Y54S |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 38 |
| SG&A | 53 |
| Operating income | 9 |
| (Ref.) Net income | 7 |

### Margin funnel

Gross margin 62.2% → Operating margin 8.9% → Net margin 7.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue down, profit up
Revenue growth: -2.3%; Core profit growth: +4.8%
Operating leverage (core profit growth ÷ revenue growth): -2.13×
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 | 15,302 | 14,955 | -347 | -2.3% |
| Gross profit | 9,568 | 9,297 | -271 | -2.8% |
| Operating income | 1,263 | 1,324 | 61 | +4.8% |
| Net income attributable to owners | 1,197 | 1,069 | -128 | -10.7% |
| Operating cash flow | 990 | 623 | -367 | -37.0% |
| Free cash flow | 964 | 590 | -374 | -38.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Feb 2020 | 17,130 | -596 | -3.5% | -897 | -1,455 | -1,543 | S100LDVX |
| FY ending Feb 2021 | 16,310 | -692 | -4.2% | 549 | 716 | 623 | S100O3KS |
| FY ending Feb 2022 | 13,276 | -873 | -6.6% | -1,371 | -2,530 | -2,693 | S100QTJH |
| FY ending Feb 2023 | 14,859 | 427 | 2.9% | 208 | 1,208 | 1,050 | S100THVW |
| FY ending Feb 2024 | 14,886 | 1,199 | 8.1% | 1,142 | 1,221 | 1,179 | S100VSNL |
| FY ending Feb 2025 | 15,302 | 1,263 | 8.3% | 1,197 | 990 | 964 | S100Y54S |
| FY ending Feb 2026 | 14,955 | 1,324 | 8.9% | 1,069 | 623 | 590 | S100Y54S |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥51.9M |
| Operating income per employee (consolidated) | ¥4.6M |
| Net income per employee (consolidated) | ¥3.7M |

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) | 343 | 324 | 303 | 288 | 288 |
| Average salary (parent company) | ¥3.6M | ¥4.3M | ¥4.6M | ¥5M | ¥5.1M |
| Average age (parent company) | 44.8 years | 46.2 years | 47.4 years | 48.1 years | 48.3 years |
| Average tenure (parent company) | 15.6 years | 16.8 years | 17.3 years | 18.1 years | 18.6 years |

Year over year: Employees (consolidated) 0.0% · Revenue (consolidated) -2.3%

## 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 | 623 | 4.2% | S100Y54S |
| Capital expenditure | 34 | 0.2% | S100Y54S |
| Free cash flow | 590 | 3.9% | 算出 |
| Investing cash flow | -95 | -0.6% | S100Y54S |
| Financing cash flow | -0 | -0.0% | S100Y54S |
| Share buyback | 0 | 0.0% | S100Y54S |
| Change in cash | 529 | 3.5% | S100Y54S |
| Cash and equivalents | 5,918 | 39.6% | S100Y54S |

## 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 | 2,078 | 3,232 | 4,436 | 5,389 | 5,918 | S100THVW, S100VSNL, S100Y54S |
| Total assets | 9,455 | 10,210 | 11,833 | 13,247 | 14,922 | S100QTJH, S100THVW, S100VSNL, S100Y54S |
| Net assets | 5,933 | 6,265 | 7,613 | 8,912 | 10,543 | S100THVW, S100VSNL, S100Y54S |
| Share capital | 4,503 | 4,503 | 4,503 | 4,503 | 4,503 | S100QTJH, S100THVW, S100VSNL, S100Y54S |
| Inventories | 1,902 | 1,448 | 1,674 | 1,950 | 1,978 | S100QTJH, S100THVW, S100VSNL, S100Y54S |
| Property, plant and equipment | 175 | 221 | 198 | 198 | 186 | S100QTJH, S100THVW, S100VSNL, S100Y54S |
| Intangible assets excluding goodwill | 159 | 130 | 99 | 65 | 38 | S100QTJH, S100THVW, S100VSNL, S100Y54S |
| Investment securities | 2,656 | 2,803 | 2,915 | 2,890 | 3,703 | S100QTJH, S100THVW, S100VSNL, S100Y54S |
| Current assets | 4,680 | 5,362 | 6,789 | 8,073 | 8,783 | S100QTJH, S100THVW, S100VSNL, S100Y54S |
| Current liabilities | 2,378 | 2,817 | 3,154 | 3,391 | 3,130 | S100QTJH, S100THVW, S100VSNL, S100Y54S |
| Trade payables | 384 | 511 | 819 | 957 | — | S100QTJH, S100THVW, S100VSNL |
| Total liabilities | 3,522 | 3,945 | 4,221 | 4,335 | 4,380 | S100QTJH, S100THVW, S100VSNL, S100Y54S |
| Equity attributable to owners of parent | 4,982 | 5,190 | 6,336 | 7,532 | 8,601 | S100QTJH, S100THVW, S100VSNL, S100Y54S |
| Retained earnings | -4,833 | -4,625 | -3,483 | -2,286 | -1,217 | S100QTJH, S100THVW, S100VSNL, S100Y54S |
| Treasury stock | -43 | -42 | -37 | -37 | -37 | S100QTJH, S100THVW, S100VSNL, S100Y54S |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 40% | S100Y54S |
| Inventories | 13% | S100Y54S |
| Property, plant and equipment | 1% | S100Y54S |
| Intangibles and goodwill | 0% | S100Y54S |
| Investment securities | 25% | S100Y54S |
| Other assets | 21% | S100Y54S |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 29% | S100Y54S |
| Equity | 71% | S100Y54S |

### 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 | 9,455 | 10,210 | 11,833 | 13,247 | 14,922 |
| Equity | 5,933 | 6,265 | 7,613 | 8,912 | 10,543 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 2,078 | 3,232 | 4,436 | 5,389 | 5,918 |

## 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) | 1.2% | S100Y54S |
| Fixed assets ÷ total assets | 1.2% | S100Y54S |
| Goodwill ÷ parent equity | — | —, S100Y54S |

### 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) | 39.7% |
| Cash ÷ revenue | 39.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 47.1% |
| Cash vs. profit gap | -446 JPY mn (of net income -41.7%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.2% |
| Investing CF relative to operating CF | 15.2% |

## 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 | — | —× | -14.5% | —× | — | S100QTJH |
| 2023 | 1.4% | 1.51× | 2.1% | 1.93× | 4.1% | S100THVW |
| 2024 | 7.7% | 1.35× | 10.4% | 1.91× | 19.8% | S100VSNL |
| 2025 | 7.8% | 1.22× | 9.5% | 1.81× | 17.3% | S100Y54S |
| 2026 | 7.1% | 1.06× | 7.6% | 1.75× | 13.3% | S100Y54S |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| イオン株式会社 | Major shareholder | 67.8% | 2026-02-28 |
| 株式会社フジ | Major shareholder | 1.9% | 2026-02-28 |
| イオンフィナンシャルサービス株式会社 | Major shareholder | 1.8% | 2026-02-28 |
| ＮＯＭＵＲＡ ＰＢ ＮＯＭＩＮＥＥＳＬＩＭＩＴＥＤ ＯＭＮＩＢＵＳ－ＭＡＲＧＩＮ （ＣＡＳＨＰＢ） （常任代理人 野村證券株式会社） | Major shareholder | 1.4% | 2026-02-28 |
| コックス共栄会 | Major shareholder | 1.1% | 2026-02-28 |
| コックス社員持株会 | Major shareholder | 1.1% | 2026-02-28 |
| ＪＰモルガン証券株式会社 | Major shareholder | 0.8% | 2026-02-28 |
| 三井住友信託銀行株式会社 | Major shareholder | 0.8% | 2026-02-28 |
| 片浦政治 | Major shareholder | 0.6% | 2026-02-28 |
| ＢＮＹＭ ＳＡ／ＮＶ ＦＯＲ ＢＮＹＭ ＦＯＲ ＢＮＹＭ ＧＣＭ ＣＬＩＥＮＴ ＡＣＣＴＳＭ ＩＬＭ ＦＥ （常任代理人株式会社三菱ＵＦＪ銀行） | Major shareholder | 0.6% | 2026-02-28 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 訂正有価証券報告書－第53期(2025/03/01－2026/02/28) | S100Y54S | 2026-05-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y54S,, |
| 有価証券報告書－第52期(2024/03/01－2025/02/28) | S100VSNL | 2025-05-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VSNL,, |
| 有価証券報告書－第51期(2023/03/01－2024/02/29) | S100THVW | 2024-05-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100THVW,, |
| 有価証券報告書－第50期(2022/03/01－2023/02/28) | S100QTJH | 2023-05-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QTJH,, |
| 有価証券報告書－第49期(令和3年3月1日－令和4年2月28日) | S100O3KS | 2022-05-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O3KS,, |
| 有価証券報告書－第48期(令和2年3月1日－令和3年2月28日) | S100LDVX | 2021-05-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LDVX,, |

## 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).