# GOLDWIN INC.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第75期(2025/04/01－2026/03/31) (S100YGJI)
> Page: https://vizora.meequs.com/en/company/goldwin
> Retrieved: 2026-09-30T20:20:49.746Z

## Company

Goldwin, founded in 1951, is a company in Sporting Goods & Fitness listed on TSE Prime. It has 1,536 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Goldwin Inc. |
| Ticker | 8111 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8111.T) |
| Listing | TSE Prime |
| Head office | 富山県小矢部市清沢210番地 |
| Representative (per filing) | 代表取締役社長CEO 渡辺 貴生 |
| Founded | Dec 1951 |
| Share capital | ¥7.08B |
| Employees (consolidated) | 1,536 |
| Average salary (parent only) | ¥6.5M |
| Fiscal year end | March |
| Website | goldwin.co.jp (https://goldwin.co.jp/) |
| Corporate number | 3230001008974 |
| EDINET | E00603 |
| Industries (Vizora) | Sporting Goods & Fitness |

> Profile source: annual securities report (S100YGJI, filed 2026-06-23). As of filing

## Five-axis industry profile

Primary industry: Sporting Goods & Fitness (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 47.2 | 18 |
| Profitability | 87.5 | 20 |
| Cash conversion | 55.9 | 17 |
| Efficiency | 22.5 | 20 |

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)

- Goldwin brought in ¥137.5B in revenue.
- Out of every ¥100 of sales, about ¥19 is left as operating profit.
- Revenue changed +3.9% from the prior year, operating profit +18.1%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥137516000000 → ¥24151000000
- Net income → operating cash flow: ¥24151000000 → ¥26257000000（difference ¥2106000000）
- Main uses of operating cash flow: CapEx ¥6046000000 / dividends ¥9665000000 / buybacks ¥3717000000
- Change in cash: ¥-827000000
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 | ¥137.5B |  |
| Operating income | ¥25.9B | Margin 18.8% |
| Net income | ¥24.1B | Margin 17.5% |
| Free cash flow | ¥20.2B |  |
| Employees (consolidated) | 1,536 |  |
| EPS | ¥179.03 |  |
| Book value per share | ¥717.93 |  |
| Equity ratio | 76.9% |  |
| Shares outstanding | 142,344,000 |  |
| Treasury shares | 5,146,700 |  |
| Shareholders | 34,230 |  |
| Average salary (parent only) | ¥6.5M | Filing company only |
| Cash ratio | 30.3% | Cash ÷ revenue 37.1% |
| Vs. industry median margin | +13.2 pp | Sporting Goods & Fitness |
| ROE | 21.1% | Derived from disclosed figures |
| ROA | 15.1% | Derived from disclosed figures |

## Notable figures

- FY2026, cash is 30% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥90479000000 | ¥137516000000 | +52.0% |
| Operating income | ¥14838000000 | ¥25859000000 | +74.3% |
| Operating margin | 16.4% | 18.8% | +2.4 pp |
| Employees | 1,424 people | 1,536 people | +7.9% |
| Cash and equivalents | ¥20287000000 | ¥50956000000 | +151.2% |

### Change in segment revenue mix

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

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 137,516 | 100.0% | S100YGJI |
| Cost of revenue | 64,569 | 47.0% | S100YGJI |
| Gross profit | 72,946 | 53.0% | S100YGJI |
| SG&A | 47,087 | 34.2% | S100YGJI |
| Operating income | 25,859 | 18.8% | S100YGJI |
| Ordinary income | 33,904 | 24.7% | S100YGJI |
| Pretax income | 32,130 | 23.4% | S100YGJI |
| Income tax | 7,979 | 5.8% | S100YGJI |
| Net income | 24,151 | 17.6% | S100YGJI |
| Net income attributable to owners | 24,094 | 17.5% | S100YGJI |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 47 |
| SG&A | 34 |
| Operating income | 19 |
| (Ref.) Net income | 18 |

### Margin funnel

Gross margin 53.0% → Operating margin 18.8% → Net margin 17.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +3.9%; Core profit growth: +18.1%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 4.58×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 132,305 | 137,516 | 5,211 | +3.9% |
| Gross profit | 68,925 | 72,946 | 4,021 | +5.8% |
| Operating income | 21,905 | 25,859 | 3,954 | +18.1% |
| Net income attributable to owners | 24,444 | 24,094 | -350 | -1.4% |
| Operating cash flow | 24,437 | 26,257 | 1,820 | +7.4% |
| Free cash flow | 22,430 | 20,211 | -2,219 | -9.9% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 97,899 | 17,480 | 17.9% | 10,770 | 13,650 | 10,678 | S100LY01 |
| FY ending Mar 2021 | 90,479 | 14,838 | 16.4% | 10,734 | 7,401 | 4,206 | S100OCH5 |
| FY ending Mar 2022 | 98,235 | 16,501 | 16.8% | 14,350 | 18,049 | 16,327 | S100R5P4 |
| FY ending Mar 2023 | 115,052 | 21,904 | 19.0% | 20,977 | 20,222 | 18,452 | S100TRXN |
| FY ending Mar 2024 | 126,907 | 23,847 | 18.8% | 24,281 | 18,551 | 16,557 | S100W20B |
| FY ending Mar 2025 | 132,305 | 21,905 | 16.6% | 24,444 | 24,437 | 22,430 | S100YGJI |
| FY ending Mar 2026 | 137,516 | 25,859 | 18.8% | 24,094 | 26,257 | 20,211 | S100YGJI |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥89.5M |
| Operating income per employee (consolidated) | ¥16.8M |
| Net income per employee (consolidated) | ¥15.7M |

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

| History | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 1,510 | 1,515 | 1,523 | 1,460 | 1,536 |
| Average salary (parent company) | ¥6.4M | ¥7.1M | ¥6.2M | ¥7.1M | ¥6.5M |
| Average age (parent company) | 44.5 years | 45.0 years | 45.1 years | 44.8 years | 44.6 years |
| Average tenure (parent company) | 16.9 years | 17.3 years | 17.1 years | 16.4 years | 15.8 years |

Year over year: Employees (consolidated) +5.2% · Revenue (consolidated) +3.9%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 26,257 | 19.1% | S100YGJI |
| Capital expenditure | 6,046 | 4.4% | S100YGJI |
| Free cash flow | 20,211 | 14.7% | 算出 |
| Investing cash flow | -13,468 | -9.8% | S100YGJI |
| Financing cash flow | -13,675 | -9.9% | S100YGJI |
| Dividends paid | 9,665 | 7.0% | S100YGJI |
| Share buyback | 3,717 | 2.7% | S100YGJI |
| Change in cash | -827 | -0.6% | S100YGJI |
| Cash and equivalents | 50,956 | 37.1% | S100YGJI |

## 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 Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 25,036 | 34,207 | 42,011 | 51,985 | 50,956 | S100TRXN, S100W20B, S100YGJI |
| Total assets | 99,085 | 118,517 | 140,977 | 150,877 | 168,227 | S100R5P4, S100TRXN, S100W20B, S100YGJI |
| Net assets | 63,411 | 80,056 | 100,170 | 111,203 | 130,499 | S100TRXN, S100W20B, S100YGJI |
| Share capital | 7,079 | 7,079 | 7,079 | 7,079 | 7,079 | S100R5P4, S100TRXN, S100W20B, S100YGJI |
| Property, plant and equipment | 8,642 | 8,844 | 9,969 | 10,824 | 16,308 | S100R5P4, S100TRXN, S100W20B, S100YGJI |
| Intangible assets excluding goodwill | 3,093 | 3,290 | 3,131 | 2,808 | 3,164 | S100R5P4, S100TRXN, S100W20B, S100YGJI |
| Goodwill | — | — | — | — | 144 | S100YGJI |
| Investment securities | 24,060 | 28,895 | 34,181 | 33,014 | 35,436 | S100R5P4, S100TRXN, S100W20B, S100YGJI |
| Current assets | 55,486 | 69,184 | 83,832 | 93,438 | 102,923 | S100R5P4, S100TRXN, S100W20B, S100YGJI |
| Current liabilities | 30,386 | 34,082 | 35,866 | 37,391 | 32,326 | S100R5P4, S100TRXN, S100W20B, S100YGJI |
| Trade payables | 4,904 | 5,116 | 4,312 | 4,294 | 4,627 | S100R5P4, S100TRXN, S100W20B, S100YGJI |
| Long-term borrowings | 2,751 | 1,645 | 432 | — | 1,063 | S100R5P4, S100TRXN, S100W20B, S100YGJI |
| Total liabilities | 35,673 | 38,461 | 40,807 | 39,674 | 37,728 | S100R5P4, S100TRXN, S100W20B, S100YGJI |
| Non-controlling interests | 132 | 141 | 162 | 820 | 1,091 | S100R5P4, S100TRXN, S100W20B, S100YGJI |
| Equity attributable to owners of parent | 63,335 | 78,379 | 95,326 | 106,289 | 122,251 | S100R5P4, S100TRXN, S100W20B, S100YGJI |
| Retained earnings | 61,356 | 78,129 | 97,061 | 113,468 | 128,016 | S100R5P4, S100TRXN, S100W20B, S100YGJI |
| Treasury stock | -5,377 | -7,127 | -10,362 | -15,838 | -14,426 | S100R5P4, S100TRXN, S100W20B, S100YGJI |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 30% | S100YGJI |
| Property, plant and equipment | 10% | S100YGJI |
| Intangibles and goodwill | 2% | S100YGJI |
| Investment securities | 21% | S100YGJI |
| Other assets | 37% | S100YGJI |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 3% | S100YGJI |
| Other liabilities | 20% | S100YGJI |
| Equity | 77% | S100YGJI |

### Balance sheet history

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 99,085 | 118,517 | 140,977 | 150,877 | 168,227 |
| Equity | 63,411 | 80,056 | 100,170 | 111,203 | 130,499 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 25,036 | 34,207 | 42,011 | 51,985 | 50,956 |

## 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) | 11.9% | S100YGJI |
| Fixed assets ÷ total assets | 9.7% | S100YGJI |
| Goodwill ÷ parent equity | 0.1% | S100YGJI |

### 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) | 30.3% |
| Cash ÷ revenue | 37.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 101.5% |
| Cash vs. profit gap | 2,163 JPY mn (of net income 9.0%) |
| Shareholder returns / net income | 55.5% |
| Shareholder returns / FCF | 66.2% |
| Shareholder payments — dividends / net income | 40.1% |
| Shareholder payments — dividends / FCF | 47.8% |
| CapEx intensity (capex ÷ revenue) | 4.4% |
| Investing CF relative to operating CF | 51.3% |

## 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 | 14.6% | 0.99× | 14.5% | 1.56× | 22.7% | S100R5P4 |
| 2023 | 18.2% | 1.06× | 19.3% | 1.54× | 29.6% | S100TRXN |
| 2024 | 19.1% | 0.98× | 18.7% | 1.49× | 28.0% | S100W20B |
| 2025 | 18.5% | 0.91× | 16.8% | 1.45× | 24.2% | S100YGJI |
| 2026 | 17.5% | 0.86× | 15.1% | 1.40× | 21.1% | S100YGJI |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 11.2% | 2026-03-31 |
| 三井物産株式会社 | Major shareholder | 9.6% | 2026-03-31 |
| コリア セキュリティーズ デポジトリー サムスン （常任代理人シティバンク、エヌ・エイ東京支店） | Major shareholder | 7.4% | 2026-03-31 |
| コリア セキュリティーズ デポジトリー シンハン セキュリティーズ （常任代理人シティバンク、エヌ・エイ東京支店） | Major shareholder | 4.6% | 2026-03-31 |
| 株式会社北陸銀行 | Major shareholder | 4.3% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 4.2% | 2026-03-31 |
| 公益財団法人ゴールドウイン西田東作スポーツ振興記念財団 | Major shareholder | 3.7% | 2026-03-31 |
| 株式会社西田 | Major shareholder | 3.5% | 2026-03-31 |
| 株式会社北國銀行 | Major shareholder | 2.7% | 2026-03-31 |
| 株式会社みずほ銀行 | Major shareholder | 2.0% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第75期(2025/04/01－2026/03/31) | S100YGJI | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YGJI,, |
| 有価証券報告書－第74期(2024/04/01－2025/03/31) | S100W20B | 2025-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W20B,, |
| 有価証券報告書－第73期(2023/04/01－2024/03/31) | S100TRXN | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TRXN,, |
| 有価証券報告書－第72期(2022/04/01－2023/03/31) | S100R5P4 | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R5P4,, |
| 有価証券報告書－第71期(令和3年4月1日－令和4年3月31日) | S100OCH5 | 2022-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OCH5,, |
| 訂正有価証券報告書－第70期(令和2年4月1日－令和3年3月31日) | S100LY01 | 2021-07-06 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LY01,, |

## 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).