# CROSS PLUS INC.: business model and financials

> Latest period: FY ending Jan 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第73期(2025/02/01－2026/01/31) (S100Y0F4)
> Page: https://vizora.meequs.com/en/company/cross-plus
> Retrieved: 2026-09-30T20:58:24.650Z

## Company

Cross Plus, founded in 1953, is a company in Apparel listed on TSE Standard. It has 705 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | CROSS PLUS INC. |
| Ticker | 3320 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3320.T) |
| Listing | TSE Standard |
| Head office | 名古屋市西区花の木三丁目9番13号 |
| Representative (per filing) | 代表取締役社長 山本大寛 |
| Founded | Apr 1953 |
| Share capital | ¥1.94B |
| Employees (consolidated) | 705 |
| Average salary (parent only) | ¥5.1M |
| Fiscal year end | January |
| Website | crossplus.co.jp (https://crossplus.co.jp/) |
| Corporate number | 1180001025507 |
| EDINET | E02967 |
| Industries (Vizora) | Apparel |

> Profile source: annual securities report (S100Y0F4, filed 2026-04-23). As of filing

## Five-axis industry profile

Primary industry: Apparel (2026-01-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 22.7 | 55 |
| Profitability | 41.8 | 61 |
| Cash conversion | 33 | 47 |
| Efficiency | 91 | 61 |
| Financial strength | 75 | 6 |

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)

- Cross Plus brought in ¥59.9B in revenue.
- Out of every ¥100 of sales, about ¥2 is left as operating profit.
- Revenue changed -3.5% from the prior year, operating profit +35.6%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥59852000000 → ¥1759000000
- Net income → operating cash flow: ¥1759000000 → ¥947000000（difference ¥-812000000）
- Main uses of operating cash flow: CapEx ¥414000000 / dividends ¥281000000 / buybacks —
- Change in cash: ¥666000000
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 | ¥59.9B |  |
| Operating income | ¥1.4B | Margin 2.3% |
| Net income | ¥1.76B | Margin 2.9% |
| Free cash flow | ¥533M |  |
| Employees (consolidated) | 705 |  |
| EPS | ¥238.74 |  |
| Diluted EPS | ¥236.91 |  |
| Book value per share | ¥2588.07 |  |
| Equity ratio | 65.5% |  |
| Shares outstanding | 7,718,800 |  |
| Treasury shares | 285,800 |  |
| Shareholders | 15,103 |  |
| Average salary (parent only) | ¥5.1M | Filing company only |
| Cash ratio | 16.8% | Net cash ¥2.9B · Cash ÷ revenue 8.3% |
| Vs. industry median margin | -0.7 pp | Apparel |
| ROE | 11.5% | Derived from disclosed figures |
| ROA | 6.1% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Jan 2021 | FY ending Jan 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥64002000000 | ¥59852000000 | -6.5% |
| Operating income | ¥2148000000 | ¥1395000000 | -35.1% |
| Operating margin | 3.4% | 2.3% | -1 pp |
| Employees | 752 people | 705 people | -6.3% |
| Cash and equivalents | ¥3259000000 | ¥4973000000 | +52.6% |

### Change in segment revenue mix

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

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 59,852 | 100.0% | S100Y0F4 |
| Cost of revenue | 43,336 | 72.4% | S100Y0F4 |
| Gross profit | 16,516 | 27.6% | S100Y0F4 |
| SG&A | 15,121 | 25.3% | S100Y0F4 |
| Operating income | 1,395 | 2.3% | S100Y0F4 |
| Ordinary income | 1,636 | 2.7% | S100Y0F4 |
| Pretax income | 2,058 | 3.4% | S100Y0F4 |
| Income tax | 298 | 0.5% | S100Y0F4 |
| Net income | 1,759 | 2.9% | S100Y0F4 |
| Net income attributable to owners | 1,759 | 2.9% | S100Y0F4 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 73 |
| SG&A | 25 |
| Operating income | 2 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 27.6% → Operating margin 2.3% → Net margin 2.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue down, profit up
Revenue growth: -3.5%; Core profit growth: +35.6%
Operating leverage (core profit growth ÷ revenue growth): -10.25×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 62,004 | 59,852 | -2,152 | -3.5% |
| Gross profit | 16,310 | 16,516 | 206 | +1.3% |
| Operating income | 1,029 | 1,395 | 366 | +35.6% |
| Net income attributable to owners | 1,289 | 1,759 | 470 | +36.5% |
| Operating cash flow | -486 | 947 | 1,433 | — |
| Free cash flow | -650 | 533 | 1,183 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Jan 2020 | 58,493 | 521 | 0.9% | 622 | 753 | 649 | S100L7Z7 |
| FY ending Jan 2021 | 64,002 | 2,148 | 3.4% | 2,001 | -3,399 | -3,627 | S100NXUT |
| FY ending Jan 2022 | 59,120 | -1,560 | -2.6% | -1,666 | 1,986 | 1,663 | S100QN41 |
| FY ending Jan 2023 | 57,056 | 183 | 0.3% | 455 | 883 | 781 | S100TC67 |
| FY ending Jan 2024 | 60,190 | 1,797 | 3.0% | 2,064 | 2,940 | 2,872 | S100VOEO |
| FY ending Jan 2025 | 62,004 | 1,029 | 1.7% | 1,289 | -486 | -650 | S100Y0F4 |
| FY ending Jan 2026 | 59,852 | 1,395 | 2.3% | 1,759 | 947 | 533 | S100Y0F4 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥84.9M |
| Operating income per employee (consolidated) | ¥2M |
| Net income per employee (consolidated) | ¥2.5M |

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

| History | FY ending Jan 2022 | FY ending Jan 2023 | FY ending Jan 2024 | FY ending Jan 2025 | FY ending Jan 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 697 | 667 | 679 | 699 | 705 |
| Average salary (parent company) | ¥5.2M | ¥4.8M | ¥4.9M | ¥5.2M | ¥5.1M |
| Average age (parent company) | 41.9 years | 42.9 years | 43.1 years | 42.7 years | 42.2 years |
| Average tenure (parent company) | 14.9 years | 15.7 years | 16.1 years | 15.4 years | 15.4 years |

Year over year: Employees (consolidated) +0.9% · Revenue (consolidated) -3.5%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 947 | 1.6% | S100Y0F4 |
| Capital expenditure | 414 | 0.7% | S100Y0F4 |
| Free cash flow | 533 | 0.9% | 算出 |
| Investing cash flow | -118 | -0.2% | S100Y0F4 |
| Financing cash flow | -166 | -0.3% | S100Y0F4 |
| Dividends paid | 281 | 0.5% | S100Y0F4 |
| Change in cash | 666 | 1.1% | S100Y0F4 |
| Cash and equivalents | 4,973 | 8.3% | S100Y0F4 |

## 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 Jan 2022 | FY ending Jan 2023 | FY ending Jan 2024 | FY ending Jan 2025 | FY ending Jan 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 3,496 | 3,895 | 5,656 | 4,307 | 4,973 | S100TC67, S100VOEO, S100Y0F4 |
| Total assets | 26,555 | 26,097 | 28,370 | 27,658 | 29,678 | S100QN41, S100TC67, S100VOEO, S100Y0F4 |
| Net assets | 12,815 | 12,464 | 15,524 | 16,942 | 19,474 | S100TC67, S100VOEO, S100Y0F4 |
| Share capital | 1,944 | 1,944 | 1,944 | 1,944 | 1,944 | S100QN41, S100TC67, S100VOEO, S100Y0F4 |
| Trade receivables | 8,694 | — | — | — | — | S100QN41 |
| Property, plant and equipment | 4,071 | 3,828 | 3,701 | 3,633 | 3,838 | S100QN41, S100TC67, S100VOEO, S100Y0F4 |
| Intangible assets excluding goodwill | 291 | 238 | 465 | 373 | 310 | S100QN41, S100TC67, S100VOEO, S100Y0F4 |
| Goodwill | — | 48 | 309 | 236 | 180 | S100TC67, S100VOEO, S100Y0F4 |
| Investment securities | 4,210 | 4,403 | 4,984 | 5,095 | 6,307 | S100QN41, S100TC67, S100VOEO, S100Y0F4 |
| Current assets | 17,456 | 17,191 | 18,716 | 18,012 | 18,561 | S100QN41, S100TC67, S100VOEO, S100Y0F4 |
| Current liabilities | 10,060 | 10,092 | 8,709 | 7,889 | 6,604 | S100QN41, S100TC67, S100VOEO, S100Y0F4 |
| Trade payables | 2,956 | 3,470 | 2,926 | 2,574 | — | S100QN41, S100TC67, S100VOEO |
| Short-term borrowings | 1,700 | 1,000 | — | 190 | 200 | S100QN41, S100TC67, S100Y0F4 |
| Long-term borrowings | 2,253 | 2,376 | 2,682 | 1,316 | 1,851 | S100QN41, S100TC67, S100VOEO, S100Y0F4 |
| Bonds | — | — | 46 | 35 | 24 | S100VOEO, S100Y0F4 |
| Interest-bearing debt | — | — | — | 1,541 | 2,075 | 算出 |
| Total liabilities | 13,740 | 13,633 | 12,845 | 10,715 | 10,204 | S100QN41, S100TC67, S100VOEO, S100Y0F4 |
| Equity attributable to owners of parent | 11,207 | 11,429 | 13,388 | 14,482 | 15,995 | S100QN41, S100TC67, S100VOEO, S100Y0F4 |
| Retained earnings | 7,767 | 7,988 | 9,897 | 10,956 | 12,422 | S100QN41, S100TC67, S100VOEO, S100Y0F4 |
| Treasury stock | -511 | -511 | -460 | -425 | -379 | S100QN41, S100TC67, S100VOEO, S100Y0F4 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 17% | S100Y0F4 |
| Property, plant and equipment | 13% | S100Y0F4 |
| Intangibles and goodwill | 2% | S100Y0F4 |
| Investment securities | 21% | S100Y0F4 |
| Other assets | 47% | S100Y0F4 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Interest-bearing debt | 7% | 算出 |
| Other liabilities | 27% | S100Y0F4 |
| Equity | 66% | S100Y0F4 |

### Balance sheet history

| Metric | FY ending Jan 2022 | FY ending Jan 2023 | FY ending Jan 2024 | FY ending Jan 2025 | FY ending Jan 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 26,555 | 26,097 | 28,370 | 27,658 | 29,678 |
| Equity | 12,815 | 12,464 | 15,524 | 16,942 | 19,474 |
| Interest-bearing debt | — | — | — | 1,541 | 2,075 |
| Cash | 3,496 | 3,895 | 5,656 | 4,307 | 4,973 |

## 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) | 6.4% | S100Y0F4 |
| Fixed assets ÷ total assets | 12.9% | S100Y0F4 |
| Goodwill ÷ parent equity | 1.1% | S100Y0F4 |

### 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) | 16.8% |
| Cash ÷ revenue | 8.3% |
| Net cash (cash − interest-bearing debt) | ¥2.9B |
| Net debt ÷ operating cash flow | -3.06× |
| Cash conversion (operating CF ÷ operating income) | 67.9% |
| Cash vs. profit gap | -812 JPY mn (of net income -46.2%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 16.0% |
| Shareholder payments — dividends / FCF | 52.7% |
| CapEx intensity (capex ÷ revenue) | 0.7% |
| Investing CF relative to operating CF | 12.5% |

## 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 | — | —× | -6.3% | —× | — | S100QN41 |
| 2023 | 0.8% | 2.17× | 1.7% | 2.33× | 4.0% | S100TC67 |
| 2024 | 3.4% | 2.21× | 7.6% | 2.19× | 16.6% | S100VOEO |
| 2025 | 2.1% | 2.21× | 4.6% | 2.01× | 9.3% | S100Y0F4 |
| 2026 | 2.9% | 2.09× | 6.1% | 1.88× | 11.5% | S100Y0F4 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 辻村 隆幸 | Major shareholder | 8.1% | 2026-01-31 |
| 田村駒株式会社 | Major shareholder | 4.3% | 2026-01-31 |
| 株式会社ヤギ | Major shareholder | 3.3% | 2026-01-31 |
| INTERACTIVE BROKERS LLC （常任代理人 インタラクティブ・ブローカーズ証券株式会社） | Major shareholder | 3.0% | 2026-01-31 |
| クロスプラス社員持株会 | Major shareholder | 2.6% | 2026-01-31 |
| 有限会社シーピーモアー | Major shareholder | 2.6% | 2026-01-31 |
| 森 文夫 | Major shareholder | 2.4% | 2026-01-31 |
| 森 重文 | Major shareholder | 1.9% | 2026-01-31 |
| シーピーホールディングス株式会社 | Major shareholder | 1.9% | 2026-01-31 |
| 酒井 憲治 | Major shareholder | 1.7% | 2026-01-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第73期(2025/02/01－2026/01/31) | S100Y0F4 | 2026-04-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y0F4,, |
| 有価証券報告書－第72期(2024/02/01－2025/01/31) | S100VOEO | 2025-04-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VOEO,, |
| 有価証券報告書－第71期(2023/02/01－2024/01/31) | S100TC67 | 2024-04-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TC67,, |
| 有価証券報告書－第70期(2022/02/01－2023/01/31) | S100QN41 | 2023-04-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QN41,, |
| 有価証券報告書－第69期(令和3年2月1日－令和4年1月31日) | S100NXUT | 2022-04-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NXUT,, |
| 有価証券報告書－第68期(令和2年2月1日－令和3年1月31日) | S100L7Z7 | 2021-04-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L7Z7,, |

## 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).