# Global Style Co.,Ltd.: business model and financials

> Latest period: FY ending Jul 2025, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第78期(2024/08/01－2025/07/31) (S100WVWR)
> Page: https://vizora.meequs.com/en/company/global-style
> Retrieved: 2026-09-30T21:35:05.442Z

## Company

Global Style, founded in 1949, is a company in Apparel listed on TSE Standard. It has 254 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Global Style Co.,Ltd. |
| Ticker | 7126 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7126.T) |
| Listing | TSE Standard |
| Head office | 大阪市中央区淡路町三丁目5番1号 |
| Representative (per filing) | 代表取締役社長 田城 弘志 |
| Founded | Apr 1949 |
| Share capital | ¥80M |
| Employees (consolidated) | 254 |
| Average salary (parent only) | ¥4.1M |
| Fiscal year end | July |
| Website | www.global-style.jp (https://www.global-style.jp/) |
| Corporate number | 8120001084238 |
| EDINET | E36658 |
| Industries (Vizora) | Apparel |

> Profile source: annual securities report (S100WVWR, filed 2025-10-24). As of filing

## Five-axis industry profile

Primary industry: Apparel (2025-07-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 50 | 55 |
| Profitability | 73 | 61 |
| Cash conversion | 45.7 | 47 |
| Efficiency | 74.6 | 61 |
| Financial strength | 25 | 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)

- Global Style brought in ¥11.5B in revenue.
- Out of every ¥100 of sales, about ¥7 is left as operating profit.
- Revenue changed +2.6% from the prior year, operating profit +27.3%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥11460350000 → ¥503146000
- Net income → operating cash flow: ¥503146000 → ¥725661000（difference ¥222515000）
- Main uses of operating cash flow: CapEx ¥333060000 / dividends ¥99431000 / buybacks —
- Change in cash: ¥-231561000
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 | ¥11.5B |  |
| Operating income | ¥801.7M | Margin 7.0% |
| Net income | ¥503.1M | Margin 4.4% |
| Free cash flow | ¥392.6M |  |
| Employees (consolidated) | 254 |  |
| EPS | ¥150.94 |  |
| Diluted EPS | ¥148.99 |  |
| Book value per share | ¥862.67 |  |
| Equity ratio | 39.0% |  |
| Shares outstanding | 3,502,744 |  |
| Treasury shares | 127,700 |  |
| Shareholders | 2,129 |  |
| Average salary (parent only) | ¥4.1M | Filing company only |
| Cash ratio | 9.0% | Net cash -¥1.57B · Cash ÷ revenue 5.8% |
| Vs. industry median margin | +4 pp | Apparel |
| ROE | 18.8% | Derived from disclosed figures |
| ROA | 6.7% | Derived from disclosed figures |

## Notable figures

- FY2025, employees -5% while operating income rose 27%

## What changed in 5 years

| Metric | FY ending Jul 2020 | FY ending Jul 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥9017925000 | ¥11460350000 | +27.1% |
| Operating income | ¥193567000 | ¥801738000 | +314.2% |
| Operating margin | 2.1% | 7.0% | +4.8 pp |
| Employees | 236 people | 254 people | +7.6% |
| Cash and equivalents | ¥1421969000 | ¥669793000 | -52.9% |

### Change in segment revenue mix

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

## Income statement（FY ending Jul 2025, non-consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 11,460 | 100.0% | S100WVWR |
| Cost of revenue | 5,067 | 44.2% | S100WVWR |
| Gross profit | 6,394 | 55.8% | S100WVWR |
| SG&A | 5,592 | 48.8% | S100WVWR |
| Operating income | 802 | 7.0% | S100WVWR |
| Ordinary income | 821 | 7.2% | S100WVWR |
| Pretax income | 779 | 6.8% | S100WVWR |
| Income tax | 276 | 2.4% | S100WVWR |
| Net income | 503 | 4.4% | S100WVWR |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 44 |
| SG&A | 49 |
| Operating income | 7 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 55.8% → Operating margin 7.0% → Net margin 4.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +2.6%; Core profit growth: +27.3%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 10.41×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 11,168 | 11,460 | 293 | +2.6% |
| Gross profit | 5,990 | 6,394 | 404 | +6.7% |
| Operating income | 630 | 802 | 172 | +27.3% |
| Operating cash flow | 626 | 726 | 100 | +16.0% |
| Free cash flow | 243 | 393 | 149 | +61.4% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Jul 2020 | 9,018 | 194 | 2.1% | 185 | -714 | -931 | S100MN3S |
| FY ending Jul 2021 | 8,326 | 309 | 3.7% | 244 | 783 | 694 | S100PEN1 |
| FY ending Jul 2022 | 9,094 | 549 | 6.0% | 343 | 550 | -310 | S100S2BV |
| FY ending Jul 2023 | 10,407 | 660 | 6.3% | 473 | 267 | -226 | S100UKP8 |
| FY ending Jul 2024 | 11,168 | 630 | 5.6% | 444 | 626 | 243 | S100WVWR |
| FY ending Jul 2025 | 11,460 | 802 | 7.0% | 503 | 726 | 393 | S100WVWR |

## People and productivity（FY ending Jul 2025, non-consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥45.1M |
| Operating income per employee (consolidated) | ¥3.2M |
| Net income per employee (consolidated) | ¥2M |

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

| History | FY ending Jul 2021 | FY ending Jul 2022 | FY ending Jul 2023 | FY ending Jul 2024 | FY ending Jul 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 220 | 223 | 268 | 267 | 254 |
| Average salary (parent company) | ¥3.6M | ¥3.4M | ¥3.3M | ¥3.7M | ¥4.1M |
| Average age (parent company) | 33.8 years | 32.3 years | 31.8 years | 32.1 years | 32.9 years |
| Average tenure (parent company) | 5.1 years | 4.8 years | 4.4 years | 4.3 years | 5.4 years |

Year over year: Employees (consolidated) -4.9% · Revenue (consolidated) +2.6%

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Jul 2025, non-consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 726 | 6.3% | S100WVWR |
| Capital expenditure | 333 | 2.9% | S100WVWR |
| Free cash flow | 393 | 3.4% | 算出 |
| Investing cash flow | -283 | -2.5% | S100WVWR |
| Financing cash flow | -676 | -5.9% | S100WVWR |
| Dividends paid | 99 | 0.9% | S100WVWR |
| Change in cash | -232 | -2.0% | S100WVWR |
| Cash and equivalents | 670 | 5.8% | S100WVWR |

## 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 Jul 2021 | FY ending Jul 2022 | FY ending Jul 2023 | FY ending Jul 2024 | FY ending Jul 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,335 | 1,337 | 1,107 | 901 | 670 | S100S2BV, S100UKP8, S100WVWR |
| Total assets | 5,799 | 6,681 | 7,323 | 7,512 | 7,459 | S100PEN1, S100S2BV, S100UKP8, S100WVWR |
| Net assets | 1,041 | 1,606 | 2,065 | 2,456 | 2,912 | S100S2BV, S100UKP8, S100WVWR |
| Share capital | 80 | 80 | 80 | 80 | 80 | S100PEN1, S100S2BV, S100UKP8, S100WVWR |
| Property, plant and equipment | 1,482 | 2,194 | 2,429 | 2,620 | 2,612 | S100PEN1, S100S2BV, S100UKP8, S100WVWR |
| Intangible assets excluding goodwill | 175 | 125 | 108 | 108 | 112 | S100PEN1, S100S2BV, S100UKP8, S100WVWR |
| Goodwill | 37 | 17 | — | — | — | S100PEN1, S100S2BV |
| Investment securities | 0 | 0 | 8 | 8 | 8 | S100PEN1, S100S2BV, S100UKP8, S100WVWR |
| Current assets | 3,637 | 3,689 | 3,949 | 3,810 | 3,748 | S100PEN1, S100S2BV, S100UKP8, S100WVWR |
| Current liabilities | 3,053 | 3,322 | 3,672 | 3,683 | 3,542 | S100PEN1, S100S2BV, S100UKP8, S100WVWR |
| Short-term borrowings | 1,250 | 1,500 | 1,900 | 1,850 | 1,680 | S100PEN1, S100S2BV, S100UKP8, S100WVWR |
| Long-term borrowings | 863 | 1,017 | 962 | 891 | 547 | S100PEN1, S100S2BV, S100UKP8, S100WVWR |
| Bonds | 172 | 170 | 110 | 30 | 10 | S100PEN1, S100S2BV, S100UKP8, S100WVWR |
| Interest-bearing debt | 2,285 | 2,687 | 2,972 | 2,771 | 2,237 | 算出 |
| Total liabilities | 4,758 | 5,076 | 5,258 | 5,057 | 4,548 | S100PEN1, S100S2BV, S100UKP8, S100WVWR |
| Equity attributable to owners of parent | 1,041 | 1,605 | 2,065 | 2,455 | 2,910 | S100PEN1, S100S2BV, S100UKP8, S100WVWR |
| Retained earnings | 1,281 | 1,599 | 2,008 | 2,355 | 2,759 | S100PEN1, S100S2BV, S100UKP8, S100WVWR |
| Treasury stock | -434 | -217 | -147 | -95 | -64 | S100PEN1, S100S2BV, S100UKP8, S100WVWR |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 9% | S100WVWR |
| Property, plant and equipment | 35% | S100WVWR |
| Intangibles and goodwill | 2% | S100WVWR |
| Investment securities | 0% | S100WVWR |
| Other assets | 54% | S100WVWR |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Interest-bearing debt | 30% | 算出 |
| Other liabilities | 31% | S100WVWR |
| Equity | 39% | S100WVWR |
| Other liabilities | 0% | S100WVWR |

### Balance sheet history

| Metric | FY ending Jul 2021 | FY ending Jul 2022 | FY ending Jul 2023 | FY ending Jul 2024 | FY ending Jul 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 5,799 | 6,681 | 7,323 | 7,512 | 7,459 |
| Equity | 1,041 | 1,606 | 2,065 | 2,456 | 2,912 |
| Interest-bearing debt | 2,285 | 2,687 | 2,972 | 2,771 | 2,237 |
| Cash | 1,335 | 1,337 | 1,107 | 901 | 670 |

## 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) | 22.8% | S100WVWR |
| Fixed assets ÷ total assets | 35.0% | S100WVWR |
| Goodwill ÷ parent equity | — | —, S100WVWR |

### 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) | 9.0% |
| Cash ÷ revenue | 5.8% |
| Net cash (cash − interest-bearing debt) | -¥1.57B |
| Net debt ÷ operating cash flow | 2.16× |
| Cash conversion (operating CF ÷ operating income) | 90.5% |
| Cash vs. profit gap | 223 JPY mn (of net income 44.2%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 19.8% |
| Shareholder payments — dividends / FCF | 25.3% |
| CapEx intensity (capex ÷ revenue) | 2.9% |
| Investing CF relative to operating CF | 39.0% |

## 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 | 2.9% | 1.44× | 4.2% | 5.57× | 23.5% | S100PEN1 |
| 2022 | 3.8% | 1.46× | 5.5% | 4.72× | 25.9% | S100S2BV |
| 2023 | 4.5% | 1.49× | 6.8% | 3.82× | 25.8% | S100UKP8 |
| 2024 | 4.0% | 1.51× | 6.0% | 3.28× | 19.6% | S100WVWR |
| 2025 | 4.4% | 1.53× | 6.7% | 2.79× | 18.8% | S100WVWR |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社Sマネジメント | Major shareholder | 16.3% | 2025-07-31 |
| 株式会社Yマネジメント | Major shareholder | 13.3% | 2025-07-31 |
| 株式会社GSマネジメント | Major shareholder | 6.9% | 2025-07-31 |
| 田城 弘志 | Major shareholder | 5.4% | 2025-07-31 |
| 田丸 祥一 | Major shareholder | 3.0% | 2025-07-31 |
| 鷹岡株式會社 | Major shareholder | 3.0% | 2025-07-31 |
| 吉岡 裕之 | Major shareholder | 2.1% | 2025-07-31 |
| 名本 育広 | Major shareholder | 2.0% | 2025-07-31 |
| 吉田 招代 | Major shareholder | 1.9% | 2025-07-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 1.9% | 2025-07-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第78期(2024/08/01－2025/07/31) | S100WVWR | 2025-10-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WVWR,, |
| 有価証券報告書－第77期(2023/08/01－2024/07/31) | S100UKP8 | 2024-10-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UKP8,, |
| 有価証券報告書－第76期(2022/08/01－2023/07/31) | S100S2BV | 2023-10-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100S2BV,, |
| 有価証券報告書－第75期(令和3年8月1日－令和4年7月31日) | S100PEN1 | 2022-10-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PEN1,, |
| 有価証券報告書－第74期(令和2年8月1日－令和3年7月31日) | S100MN3S | 2021-10-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MN3S,, |

## 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).