# FAST RETAILING CO., LTD.: business model and financials

> Latest period: FY ending Aug 2025, consolidated, IFRS
> Unit: JPY millions
> Sources: 有価証券報告書－第64期(2024/09/01－2025/08/31) (S100X6X6)
> Page: https://vizora.meequs.com/en/company/fast-retailing
> Retrieved: 2026-09-30T20:25:10.309Z

## Company

Fast Retailing, founded in 1963, is a company in Apparel listed on TSE Prime. It has 59,522 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | FAST RETAILING CO., LTD. |
| Ticker | 9983 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9983.T) |
| Listing | TSE Prime |
| Head office | 山口県山口市佐山10717番地1 (同所は登記上の本店所在地であり、実際の業務は「最寄りの連絡場所」で行っております。) |
| Representative (per filing) | 代表取締役会長兼社長 柳井 正 |
| Founded | May 1963 |
| Share capital | ¥10.3B |
| Employees (consolidated) | 59,522 |
| Average salary (parent only) | ¥12.5M |
| Fiscal year end | August |
| Website | www.fastretailing.com (https://www.fastretailing.com/) |
| Corporate number | 9250001000684 |
| EDINET | E03217 |
| Industries (Vizora) | Apparel |

> Profile source: annual securities report (S100X6X6, filed 2025-11-28). As of filing

## Five-axis industry profile

Primary industry: Apparel (2025-08-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 88.2 | 55 |
| Profitability | 94.3 | 61 |
| Cash conversion | 56.4 | 47 |
| Efficiency | 36.9 | 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)

- About 56% of Fast Retailing's sales come from UNIQLO International, with UNIQLOJAPAN and GU making up much of the rest.
- Out of every ¥100 of sales, about ¥17 is left as operating profit.
- Revenue changed +9.6% from the prior year, operating profit +12.6%.

## Company structure

- Segment revenue mix: UNIQLO International 56.2%、UNIQLOJAPAN 30.2%、GU 9.7%、Global Brands 3.9%、Other 0.1%
- Revenue → net income: ¥3400539000000 → ¥459153000000
- Net income → operating cash flow: ¥459153000000 → ¥580618000000（difference ¥121465000000）
- Main uses of operating cash flow: CapEx ¥162864000000 / dividends ¥142630000000 / buybacks —
- Change in cash: ¥-300320000000
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 | ¥3.4T |  |
| Operating income | ¥564.3B | Margin 16.6% |
| Net income | ¥433B | Margin 12.7% |
| Free cash flow | ¥417.8B |  |
| Largest business | UNIQLO International | of segment revenue 56.2% |
| Employees (consolidated) | 59,522 |  |
| EPS | ¥1411.44 |  |
| Diluted EPS | ¥1409.32 |  |
| Book value per share | ¥4710.22 |  |
| Equity ratio | 58.9% | Derived from disclosed figures |
| Shares outstanding | 318,220,968 |  |
| Treasury shares | 11,401,700 |  |
| Shareholders | 12,174 |  |
| Average salary (parent only) | ¥12.5M | Filing company only |
| Cash ratio | 23.1% | Cash ÷ revenue 26.3% |
| Vs. industry median margin | +13.6 pp | Apparel |
| ROE | 20.2% | Derived from disclosed figures |
| ROA | 11.6% | Derived from disclosed figures |

## Notable figures

- FY2025, parent-company salary changed +30% over five years
- FY2025, employees -2% while operating income rose 13%

## What changed in 5 years

| Metric | FY ending Aug 2020 | FY ending Aug 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥2008846000000 | ¥3400539000000 | +69.3% |
| Operating income | ¥149347000000 | ¥564265000000 | +277.8% |
| Operating margin | 7.4% | 16.6% | +9.2 pp |
| Employees | 57,727 people | 59,522 people | +3.1% |
| Cash and equivalents | ¥1093531000000 | ¥893239000000 | -18.3% |

### Change in segment revenue mix

Span: FY ending Aug 2020 → FY ending Aug 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 国内ユニクロ事業 → 国内ユニクロ事業 | 30.2% |
| 国内ユニクロ事業 → 事業再編・廃止 | 10.0% |
| 海外ユニクロ事業 → 海外ユニクロ事業 | 42.0% |
| ジーユー事業 → ジーユー事業 | 9.7% |
| ジーユー事業 → 事業再編・廃止 | 2.5% |
| グローバルブランド事業 → グローバルブランド事業 | 3.9% |
| グローバルブランド事業 → 事業再編・廃止 | 1.6% |
| その他 → その他 | 0.1% |
| その他 → 事業再編・廃止 | 0.1% |
| 新設・再編 → 海外ユニクロ事業 | 14.2% |

Segment revenue source references: 10 (derived)

## Business growth × margin

X-axis: segment revenue CAGR. Y-axis: latest operating margin. Bubble size: latest revenue. CAGR requires at least two comparable years.

| Segment | CAGR span | Revenue CAGR | Latest revenue | Operating margin | Source refs |
| --- | ---: | ---: | ---: | ---: | ---: |
| UNIQLO International | 5 years | +17.7% | ¥1910289000000 | 16.2% | 2 |
| UNIQLOJAPAN | 5 years | +4.9% | ¥1026096000000 | 18.0% | 2 |
| GU | 5 years | +6.1% | ¥330701000000 | 9.2% | 2 |
| Global Brands | 5 years | +3.7% | ¥131542000000 | -0.7% | 2 |
| Other | 5 years | -3.6% | ¥1910000000 | 13.2% | 2 |

## Income statement（FY ending Aug 2025, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 3,400,539 | 100.0% | S100X6X6 |
| Cost of revenue | 1,571,681 | 46.2% | S100X6X6 |
| Gross profit | 1,828,858 | 53.8% | S100X6X6 |
| SG&A | 1,277,701 | 37.6% | S100X6X6 |
| Operating income | 564,265 | 16.6% | S100X6X6 |
| Pretax income | 650,574 | 19.1% | S100X6X6 |
| Income tax | 191,421 | 5.6% | S100X6X6 |
| Net income | 459,153 | 13.5% | S100X6X6 |
| Net income attributable to owners | 433,009 | 12.7% | S100X6X6 |

## Per ¥100 of revenue（FY ending Aug 2025）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 46 |
| SG&A | 37 |
| Operating income | 17 |
| (Ref.) Net income | 13 |

### Margin funnel

Gross margin 53.8% → Operating margin 16.6% → Net margin 12.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +9.6%; Core profit growth: +12.6%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.32×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Aug 2024 → FY ending Aug 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 3,103,836 | 3,400,539 | 296,703 | +9.6% |
| Gross profit | 1,673,071 | 1,828,858 | 155,787 | +9.3% |
| Operating income | 500,904 | 564,265 | 63,361 | +12.6% |
| Net income attributable to owners | 371,999 | 433,009 | 61,010 | +16.4% |
| Operating cash flow | 651,521 | 580,618 | -70,903 | -10.9% |
| Free cash flow | 547,533 | 417,754 | -129,779 | -23.7% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Aug 2016 | 1,786,473 | 127,292 | 7.1% | 48,052 | 98,755 | — | S100K9IP |
| FY ending Aug 2017 | 1,861,917 | 176,414 | 9.5% | 119,280 | 212,168 | — | S100MXXW |
| FY ending Aug 2018 | 2,130,060 | 236,212 | 11.1% | 154,811 | 176,403 | — | S100POPP |
| FY ending Aug 2019 | 2,290,548 | 257,636 | 11.2% | 162,578 | 300,505 | 234,761 | S100K9IP |
| FY ending Aug 2020 | 2,008,846 | 149,347 | 7.4% | 90,357 | 264,868 | 197,360 | S100MXXW |
| FY ending Aug 2021 | 2,132,992 | 249,011 | 11.7% | 169,847 | 428,968 | 352,844 | S100POPP |
| FY ending Aug 2022 | 2,301,122 | 297,325 | 12.9% | 273,335 | 430,817 | 351,211 | S100SD9V |
| FY ending Aug 2023 | 2,766,557 | 381,090 | 13.8% | 296,229 | 463,216 | 367,910 | S100UV0T |
| FY ending Aug 2024 | 3,103,836 | 500,904 | 16.1% | 371,999 | 651,521 | 547,533 | S100X6X6 |
| FY ending Aug 2025 | 3,400,539 | 564,265 | 16.6% | 433,009 | 580,618 | 417,754 | S100X6X6 |

## People and productivity（FY ending Aug 2025, consolidated, IFRS）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥57.1M |
| Operating income per employee (consolidated) | ¥9.5M |
| Net income per employee (consolidated) | ¥7.3M |

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

| History | FY ending Aug 2021 | FY ending Aug 2022 | FY ending Aug 2023 | FY ending Aug 2024 | FY ending Aug 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 55,589 | 57,576 | 59,871 | 60,454 | 59,522 |
| Average salary (parent company) | ¥9.6M | ¥9.6M | ¥11.5M | ¥11.8M | ¥12.5M |
| Average age (parent company) | 37.0 years | 38.0 years | 38.0 years | 38.0 years | 38.0 years |
| Average tenure (parent company) | 4.0 years | 4.0 years | 4.0 years | 5.0 years | 5.0 years |

Year over year: Employees (consolidated) -1.5% · Revenue (consolidated) +9.6%

## Segments（FY ending Aug 2025, consolidated, IFRS、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| UNIQLOJAPAN | 1,026,096 | 30.2% | 184,451 | 18.0% |
| UNIQLO International | 1,910,289 | 56.2% | 309,319 | 16.2% |
| GU | 330,701 | 9.7% | 30,506 | 9.2% |
| Global Brands | 131,542 | 3.9% | -950 | -0.7% |
| Other | 1,910 | 0.1% | 253 | 13.2% |

### segmentMix — Revenue and profit mix

Calculated from disclosed figures (DERIVED). Shares use total segment revenue and total positive segment profit respectively. Difference = profit share − revenue share (pt). Inter-segment sales may prevent reconciliation to company revenue.

| Segment | Revenue share | Profit share | Difference (pt) | Margin |
| --- | ---: | ---: | ---: | ---: |
| UNIQLOJAPAN | 30.2% | 35.2% | 5.0 | 18.0% |
| UNIQLO International | 56.2% | 59.0% | 2.8 | 16.2% |
| GU | 9.7% | 5.8% | -3.9 | 9.2% |
| Global Brands | 3.9% | — | — | -0.7% |
| Other | 0.1% | 0.0% | -0.0 | 13.2% |

Loss-making segment (excluded from profit shares): Global Brands -950 JPY mn

Segment → industry: Global Brands → Apparel / GU → Apparel / UNIQLO International → Apparel / UNIQLOJAPAN → Apparel

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Aug 2025, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 580,618 | 17.1% | S100X6X6 |
| Capital expenditure | 162,864 | 4.8% | S100X6X6 |
| Free cash flow | 417,754 | 12.3% | 算出 |
| Investing cash flow | -578,922 | -17.0% | S100X6X6 |
| Financing cash flow | -339,139 | -10.0% | S100X6X6 |
| Dividends paid | 142,630 | 4.2% | S100X6X6 |
| Change in cash | -300,320 | -8.8% | S100X6X6 |
| Cash and equivalents | 893,239 | 26.3% | S100X6X6 |

## 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 Aug 2021 | FY ending Aug 2022 | FY ending Aug 2023 | FY ending Aug 2024 | FY ending Aug 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,177,736 | 1,358,292 | 903,280 | 1,193,560 | 893,239 | S100SD9V, S100UV0T, S100X6X6 |
| Total assets | 2,509,976 | 3,183,762 | 3,303,694 | 3,587,565 | 3,859,353 | S100POPP, S100SD9V, S100UV0T, S100X6X6 |
| Net assets | 1,162,298 | 1,615,402 | 1,873,360 | 2,068,254 | 2,327,501 | S100SD9V, S100UV0T, S100X6X6 |
| Share capital | 10,273 | 10,273 | 10,273 | 10,273 | 10,273 | S100POPP, S100SD9V, S100UV0T, S100X6X6 |
| Property, plant and equipment | 168,177 | 195,226 | 221,877 | 245,742 | 332,351 | S100POPP, S100SD9V, S100UV0T, S100X6X6 |
| Goodwill | 8,092 | 8,092 | 8,092 | 8,092 | 8,092 | S100POPP, S100SD9V, S100UV0T, S100X6X6 |
| Current assets | 1,724,674 | 2,178,851 | 2,176,695 | 2,363,271 | 2,527,815 | S100POPP, S100SD9V, S100UV0T, S100X6X6 |
| Total liabilities | 1,347,678 | 1,568,360 | 1,430,333 | 1,519,310 | 1,531,852 | S100POPP, S100SD9V, S100UV0T, S100X6X6 |
| Equity attributable to owners of parent | 1,116,484 | 1,561,652 | 1,821,405 | 2,016,535 | 2,273,115 | S100POPP, S100SD9V, S100UV0T, S100X6X6 |
| Retained earnings | 1,054,791 | 1,275,102 | 1,498,348 | 1,766,073 | 2,056,437 | S100POPP, S100SD9V, S100UV0T, S100X6X6 |
| Treasury stock | -14,973 | -14,813 | -14,714 | -14,628 | -14,529 | S100POPP, S100SD9V, S100UV0T, S100X6X6 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 23% | S100X6X6 |
| Property, plant and equipment | 9% | S100X6X6 |
| Intangibles and goodwill | 0% | — |
| Other assets | 68% | S100X6X6 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 40% | S100X6X6 |
| Equity | 60% | S100X6X6 |

### Balance sheet history

| Metric | FY ending Aug 2021 | FY ending Aug 2022 | FY ending Aug 2023 | FY ending Aug 2024 | FY ending Aug 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 2,509,976 | 3,183,762 | 3,303,694 | 3,587,565 | 3,859,353 |
| Equity | 1,162,298 | 1,615,402 | 1,873,360 | 2,068,254 | 2,327,501 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,177,736 | 1,358,292 | 903,280 | 1,193,560 | 893,239 |

## 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) | 9.8% | S100X6X6 |
| Fixed assets ÷ total assets | 8.6% | S100X6X6 |
| Goodwill ÷ parent equity | 0.4% | S100X6X6 |

Goodwill over 4 years: 8,092 → 8,092 JPY; total investing cash flow: -1,530,378 JPY. This does not imply causation.

### 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) | 23.1% |
| Cash ÷ revenue | 26.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 102.9% |
| Cash vs. profit gap | 147,609 JPY mn (of net income 34.1%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 32.9% |
| Shareholder payments — dividends / FCF | 34.1% |
| CapEx intensity (capex ÷ revenue) | 4.8% |
| Investing CF relative to operating CF | 99.7% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 8.0% | 0.85× | 6.8% | 2.25× | 15.2% | S100POPP |
| 2022 | 11.9% | 0.81× | 9.6% | 2.13× | 20.4% | S100SD9V |
| 2023 | 10.7% | 0.85× | 9.1% | 1.92× | 17.5% | S100UV0T |
| 2024 | 12.0% | 0.90× | 10.8% | 1.80× | 19.4% | S100X6X6 |
| 2025 | 12.7% | 0.91× | 11.6% | 1.74× | 20.2% | S100X6X6 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行株式会社 | Major shareholder | 19.8% | 2025-08-31 |
| 柳井 正 | Major shareholder | 17.4% | 2025-08-31 |
| 株式会社日本カストディ銀行 | Major shareholder | 9.3% | 2025-08-31 |
| TTY Management B.V. | Major shareholder | 5.2% | 2025-08-31 |
| 柳井 康治 | Major shareholder | 4.7% | 2025-08-31 |
| 柳井 一海 | Major shareholder | 4.7% | 2025-08-31 |
| 有限会社Ｆｉｇｈｔ＆Ｓｔｅｐ | Major shareholder | 4.6% | 2025-08-31 |
| STATE STREET BANK AND TRUST COMPANY （常任代理人 みずほ銀行） | Major shareholder | 4.2% | 2025-08-31 |
| 有限会社ＭＡＳＴＥＲＭＩＮＤ | Major shareholder | 3.5% | 2025-08-31 |
| JP MORGAN CHASE BANK （常任代理人 みずほ銀行） | Major shareholder | 2.9% | 2025-08-31 |

## AI commentary（text by AI; the tables above are authoritative、claude-code）

- Revenue for the FY ending Aug 2025 reached ¥3.4T, up 9.6% from ¥3.1T the year before.
- Operating income grew 12.6% to ¥564.3B and net income attributable to owners grew 16.4% to ¥433B, so profit rose faster than sales.
- Cash generation went the other way: operating cash flow fell 10.9% to ¥580.6B, and free cash flow dropped 23.7% to ¥417.8B.

### Drivers

- In Japan, UNIQLO timed its products and marketing to the weather and gave core items like sweatshirts and jeans on-trend cuts, which kept sales strong.
- In North America and Europe, new stores did very well and doubled as advertising, which also pushed up online sales.
- GU lacked hit products and ran out of popular items, so existing-store sales stalled, while higher pay and the cost of opening in the US cut its profit.
- Interest income and foreign exchange gains left net finance income positive, lifting pretax and net income.

### Risks

- Political or economic turmoil, or changes in laws and taxes, in the countries where it sources and sells could disrupt production, supply and sales.
- Because most products are imported from factories abroad, sharp currency moves could hurt each business's profit.
- Bad weather or shifts in consumer spending could lower sales or leave excess inventory.

Cited: Annual Securities Report, 64th fiscal year (Sep 2024–Aug 2025) (経営者による財政状態、経営成績及びキャッシュ・フローの状況の分析); Annual Securities Report, 64th fiscal year (Sep 2024–Aug 2025) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第64期(2024/09/01－2025/08/31) | S100X6X6 | 2025-11-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100X6X6,, |
| 有価証券報告書－第63期(2023/09/01－2024/08/31) | S100UV0T | 2024-11-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UV0T,, |
| 有価証券報告書－第62期(2022/09/01－2023/08/31) | S100SD9V | 2023-11-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SD9V,, |
| 有価証券報告書－第61期(令和3年9月1日－令和4年8月31日) | S100POPP | 2022-11-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100POPP,, |
| 有価証券報告書－第60期(令和2年9月1日－令和3年8月31日) | S100MXXW | 2021-11-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MXXW,, |
| 有価証券報告書－第59期(令和1年9月1日－令和2年8月31日) | S100K9IP | 2020-11-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100K9IP,, |

## 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).